Guidance ledger · Q4 FY26

Bharat Forge Ltd BHARATFORG

3 revisions on record · 1 lowered · 1 raised — the strikethrough is what management used to say

mixed guidance posture · shifted across quarters

Holding view → · latest concall · The pulse

→ narrowed Defense FY26 growth target Q1 FY26 → Q4 FY26

~~15% to 20% growth (Q4FY25 ask)~~ → INR 1,562 crores actual (vs INR 1,550cr FY25 base)

“INR1,300 -- sorry, full year revenue for defense, sorry, INR1,562 crores”

↑ raised Aerospace growth ambition (FY26 → 3-year) Q1 FY26 → Q4 FY26

~~20%+ YoY (Q1FY26)~~ → INR400cr FY26 base; INR1,000cr 3-year target

“the first goal is to get to INR 500, INR600 crores, INR 700 crores and then get to INR1,000 crores”

↓ lowered E-mobility / KPTL trajectory Q1 FY26 → Q4 FY26

~~Black numbers by H2FY26 (Q4FY25 ask)~~ → Write-off of investments where no immediate revenue

“we have decided to take a write -off of those investments where we don't see any immediate revenue and business ramp up”

Method. Revisions come from management's own stated numbers, compared quarter over quarter across the covered concalls; each carries the verbatim quote. “No revisions” can also mean guidance too vague to pin down — see the posture chip above. Not investment advice.