🔍

Bharat Forge Limited (BHARATFORG)

₹1,835.00 -0.94% last close, 16 Oct

📊 NSE: BHARATFORG 🏢 Castings & Forgings 📢 Latest filing: 16 Oct 2026 📝 Analysis written: 13 Dec 2025

Latest quarterly results (Q1 FY27)

In its latest reported quarter, Q1 FY27, Bharat Forge's revenue was ₹4,640 Cr (+18.7% year on year, +2.5% on the previous quarter), and net profit ₹-89.9 Cr (against a profit a year earlier); the operating margin was 15.3%.

Q1 FY27 (₹ Cr)	Value	YoY vs Q1 FY26	QoQ
Revenue	₹4,640	+18.7%	+2.5%
Operating profit	₹709	+5.4%	-8.7%
Net profit	₹-89.9	to loss	to loss
EPS (₹)	-1.88	to loss	to loss
Operating margin	15.3%	—	—

Full quarterly financials → Results calendar →

BHARATFORG delivery percentage and open interest

NSE end-of-day data for Fri, 16 Oct 2026

On Fri, 16 Oct 2026, 69.05% of the BHARATFORG shares traded on NSE were taken to delivery, against the stock's own 20-session average of 52.7%. Delivery was unusually high while the price barely moved (-0.94%). In BHARATFORG futures, open interest rose 1.19% while the futures price fell 0.91%: short buildup (new short positions).

69.05%Delivery, 16 Oct

52.7%Own 20-session average

1.9×Volume vs its average

+1.19%Futures open interest

₹1,835.00NSE close · -0.94%

Delivery in the last 5 sessions: 59.0% · 54.0% · 44.6% · 52.2% · 69.0%

Delivery across the market →F&O open interest →

A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed

📢 Recent Corporate Announcements

Bharat Forge Invests ₹240 Cr in KSSL; Downstream ₹163 Cr into Agneyastra Energetics

🟢 POSITIVE ⭐ 6/10

EXPANSION 📅 16 Oct 2026, 05:06 PM

Bharat Forge has invested ₹240 crore (₹2,400 million) via rights issue into wholly owned subsidiary Kalyani Strategic Systems Limited (KSSL), funded via QIP proceeds and internal accruals. In turn, KSSL will invest up to ₹163 crore (₹1,630 million) into its wholly owned arm Agneyastra Energetics Limited (AEL) in tranches by September 30, 2027. The investment will operationalize AEL to set up a pour filling facility for ammunition shells, deepening BFL's defence capabilities. The total ₹240 crore infusion is relatively small against Bharat Forge's TTM revenue of ₹17,543 crore (~1.4%) and net worth of ₹10,989 crore (~2.2%).

Bharat Forge invested ₹2,400 million (₹240 crore) in equity of KSSL by rights issue, with share allotment by October 31, 2026.
KSSL will downstream up to ₹1,630 million (₹163 crore) into Agneyastra Energetics Limited (AEL) in tranches by September 30, 2027.
Funding source: Qualified Institutional Placement (QIP) proceeds and internal accruals.
Capex purpose: Setting up a state-of-the-art facility for pour filling of ammunition shells, high energy explosives, and propellants.
Target entity AEL had Nil turnover for FY 2025-26 and will remain a 100% step-down subsidiary.

💡 Track the commissioning progress of AEL's ammunition facility through the targeted completion timeline of September 30, 2027, alongside defence segment order execution.

Bharat Forge Submits Dematerialisation Certificate for Quarter Ended September 30, 2026

🟡 NEUTRAL ⭐ 1/10

ROUTINE 📅 08 Oct 2026, 10:20 AM

Bharat Forge Limited has submitted its quarterly compliance certificate pursuant to Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018 for the quarter ended September 30, 2026. The Registrar and Transfer Agent, MUFG Intime India Private Limited, confirmed that all dematerialisation requests received were processed within prescribed regulatory timelines. Dematerialised share certificates were verified, cancelled, and the depositories' names substituted in the register of members. This represents a standard procedural compliance filing with no impact on operations or financials.

Compliance certificate filed under Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018
Confirmation pertains to the quarter ended September 30, 2026
RTA confirmation letter dated October 3, 2026, received from MUFG Intime India Private Limited
Company filing completed on October 8, 2026

💡 No action is required for this standard quarterly secretarial compliance filing. Investors should monitor upcoming Q2 FY27 operational and financial results.

Bharat Forge Wins Appeal: Delhi High Court Division Bench Dismisses Tarsem Jain's Plea

🟢 POSITIVE ⭐ 4/10

LEGAL 📅 07 Oct 2026, 05:06 PM

Bharat Forge Limited announced a favorable ruling from the Delhi High Court Division Bench regarding litigation involving Mr. Tarsem Jain (T K Jain). The Division Bench, vide an order dated October 1, 2026 (received October 7, 2026), dismissed the appeal filed by Mr. Jain challenging an earlier order dated May 26, 2025. The May 26, 2025 single-judge order had set aside the arbitral award in question, thereby affirming relief for Bharat Forge. The financial quantum of the disputed award was not disclosed in the filing.

Delhi High Court Division Bench dismissed Mr. T K Jain's appeal via order dated October 1, 2026
Company received the formal order on October 7, 2026
Upholds previous Single Judge order dated May 26, 2025, which had set aside the arbitral award
Follows earlier regulatory intimations submitted on August 14, 2023 and May 27, 2025

💡 Track if the counterparty pursues a further appeal before the Supreme Court of India. No immediate operational action required.

Bharat Forge Inks Long-Term Aerospace Engine Components Contract with Pratt & Whitney Canada

🟢 POSITIVE ⭐ 6/10

OTHER 📅 05 Oct 2026, 11:36 AM

Bharat Forge Limited has secured a long-term contract with RTX's Pratt & Whitney Canada to supply mission-critical aerospace engine components. The components will be produced at Bharat Forge's specialized aerospace facility in India, supporting Pratt & Whitney Canada's global supply chain sourcing. While financial terms and contract values were not disclosed, this win aligns with the company's strategic push to expand high-margin, non-automotive aerospace and defence revenue beyond its cyclical commercial vehicle business (TTM revenue: ₹17,543 Cr).

Long-term supply contract signed with Pratt & Whitney Canada, an RTX subsidiary, announced on October 5, 2026
Production to take place at Bharat Forge's dedicated aerospace manufacturing facility in India
Scope covers mission-critical, high-performance, and high-value aero-engine components
Financial contract size and execution tenure were not disclosed in the filing

💡 Track subsequent quarterly investor calls for disclosures on order value, revenue contribution timelines, and ramp-up commentary from the Indian aerospace facility.

Bharat Forge Secures Shareholder Approval for ₹2,500 Cr Securities Issuance

🟡 NEUTRAL ⭐ 6/10

FUNDRAISE 📅 29 Sep 2026, 06:01 PM

Bharat Forge shareholders have approved an enabling special resolution to issue securities up to ₹25,000 million (₹2,500 crore) via postal ballot. The resolution was passed with 99.79% votes in favor and ended on September 11, 2026. The proposed fundraise represents approximately 2.7% of the company's current market cap of ₹94,061 crore and 22.7% of its net worth (₹10,989 crore). The capital headroom enables potential organic expansion or M&A to support growth in segments like defense and domestic manufacturing.

Shareholders approved issuance of securities up to ₹25,000 million (₹2,500 crore)
Resolution approved with 99.79% votes cast in favor (406,238,232 shares)
Only 0.2014% votes cast against (819,725 shares), with 3,975,678 votes declared invalid
Remote e-voting period ran from August 13, 2026, to September 11, 2026

💡 Monitor subsequent board or committee announcements regarding the actual mode (e.g., QIP, preferential, debt), pricing, timing, and intended deployment of the funds.

ICRA Reaffirms Bharat Forge's Long-Term Rating at [ICRA]AA+ (Stable), Assigns [ICRA]A1+

🟡 NEUTRAL ⭐ 4/10

ROUTINE 📅 23 Sep 2026, 12:43 PM

Bharat Forge Limited announced that ICRA has reaffirmed and assigned credit ratings across several debt facilities. Long-term instruments, including cash credit, term loans, bonds/NCDs, and issuer rating, were reaffirmed at [ICRA]AA+ with a Stable outlook. Short-term facilities and non-fund-based limits were reaffirmed at [ICRA]A1+, alongside a new assignment of [ICRA]AA+(Stable)/[ICRA]A1+ for additional term loan limits. This reflects the company's strong balance sheet, with total debt of Rs 4,060 Cr against a net worth of Rs 10,989 Cr (D/E of 0.37).

Long-term facilities reaffirmed at [ICRA]AA+ with a Stable outlook
Short-term facilities and non-fund limits reaffirmed at [ICRA]A1+
Long-term/Short-term Fund-based Term Loan assigned [ICRA]AA+(Stable)/ [ICRA]A1+
Issuer rating and Bonds/NCD/LTD reaffirmed at [ICRA]AA+(Stable)

💡 Track the upcoming Q2 FY27 earnings for recovery in core export segments and margin trends, as ratings remain stable with no immediate balance sheet pressure.

Bharat Forge Raises ₹2,000 Cr via QIB Allotment at ₹1,890 per Share

🟢 POSITIVE ⭐ 7/10

FUNDRAISE 📅 22 Sep 2026, 11:58 PM

Bharat Forge Limited approved the allotment of 1,05,82,010 equity shares to Qualified Institutional Buyers at an issue price of ₹1,890.00 per share, raising ₹2,000 crore (₹20,000 million). The issue price reflects a 2.96% discount (₹57.70 per share) to the SEBI floor price. Following the allotment, the company's paid-up equity share capital increases from 47.81 crore shares to 48.87 crore shares, causing an equity dilution of approximately 2.17%. Key marquee allottees include the Government of Singapore (16.81% of the issue) and ICICI Prudential Mutual Fund schemes (10.00%).

Allotted 1,05,82,010 equity shares of face value ₹2 each at ₹1,890.00 per share
Total capital raised stands at ₹20,000 million (₹2,000 crore)
Issue price includes a discount of ₹57.70 per share, or 2.96% below the SEBI floor price
Paid-up equity share base expanded from 47,80,88,632 shares to 48,86,70,642 shares
Government of Singapore emerged as the largest single allottee, securing 16.8141% of the total issue

💡 Track the deployment of the ₹2,000 crore proceeds toward domestic acquisitions or capex, as well as the listing and trading approval of the newly allotted shares on the NSE and BSE.

Bharat Forge Closes ₹2,000 Cr QIP at ₹1,890 Per Share (2.96% Discount)

🟢 POSITIVE ⭐ 8/10

FUNDRAISE 📅 22 Sep 2026, 10:56 PM

Bharat Forge Limited has approved the closure of its Qualified Institutions Placement (QIP) on September 22, 2026. The company approved the allocation of 1,05,82,010 equity shares at an issue price of ₹1,890.00 per share, raising approximately ₹2,000 crore. The issue price reflects a 2.96% discount (₹57.70 per share) to the SEBI floor price of ₹1,947.70 per share. The capital raised represents approximately 2.05% of the company's market capitalization of ₹97,307 crore.

Issue closed on September 22, 2026, following opening on September 17, 2026
Allocated 1,05,82,010 equity shares of face value ₹2 each
Issue price fixed at ₹1,890.00 per share (including premium of ₹1,888.00)
Issue price set at a 2.96% discount (₹57.70 per share) to the floor price of ₹1,947.70
Total capital raised stands at approximately ₹2,000 crore

💡 Track the formal allotment and listing of the newly issued shares, as well as management's specific deployment schedule of proceeds toward defence orders, debt reduction, or Indian acquisitions.

Bharat Forge Opens QIP with Floor Price of ₹1,947.70 Per Share

🟡 NEUTRAL ⭐ 7/10

FUNDRAISE 📅 17 Sep 2026, 06:38 PM

Bharat Forge Limited has approved the opening of its Qualified Institutions Placement (QIP) on September 17, 2026. The Investment Committee set the floor price at ₹1,947.70 per share, which is slightly above the current market price of ₹1,918.70. The company may also offer an optional discount of up to 5% on the floor price as per SEBI ICDR Regulations. While the total issue size was not specified in the notice, the company previously set an enabling resolution of up to ₹2,000 Cr for domestic acquisitions and expansion.

QIP opened on September 17, 2026, following board and shareholder approvals
Floor price set at ₹1,947.70 per equity share (face value ₹2)
Discretionary discount of up to 5% permitted on the floor price under SEBI rules
Relevant Date determined as September 17, 2026

💡 Track subsequent exchange filings for the final issue price, total number of shares allocated, and the total quantum of capital raised.

Bharat Forge Partners with RTX's Pratt & Whitney Canada for DRDO's HALE UAV Programme

🟢 POSITIVE ⭐ 6/10

OTHER 📅 15 Sep 2026, 06:01 PM

Bharat Forge has announced a collaboration with Pratt & Whitney Canada (an RTX business) to evaluate integrating turboprop engines into DRDO's High-Altitude, Long-Endurance (HALE) unmanned aerial vehicle program. Under the agreement, Bharat Forge will lead engine-airframe integration and systems interfaces, while Pratt & Whitney Canada handles engine compatibility and performance evaluation. Financial details, order sizes, and binding commercial commitments were not disclosed in the announcement. This development aligns with the company's expanding defence vertical, which had an order book of ₹9,467 Cr as of H1 FY26 against TTM revenue of ₹17,543 Cr.

Collaboration announced on September 15, 2026, targeting DRDO's indigenous HALE UAV program
Pratt & Whitney Canada to assess turboprop engine compatibility, performance, and installation requirements
Bharat Forge to lead engine-airframe integration and systems interfaces
Commercial contract value and capital outlay were not disclosed in the press release

💡 Track subsequent DRDO tender announcements, formal contract awards, and conversion of this evaluation into commercial manufacturing orders.

Bharat Forge Secures Shareholder Nod to Raise up to ₹2,500 Cr via Securities Issuance

🟢 POSITIVE ⭐ 6/10

FUNDRAISE 📅 11 Sep 2026, 09:07 PM

Bharat Forge shareholders have approved an enabling special resolution to issue securities for up to ₹25,000 million (₹2,500 crore) via postal ballot. The resolution received overwhelming support, with 99.80% of valid votes cast in favour out of 40.71 crore total votes polled. The proposed fundraise represents approximately 2.6% of the company's market cap (₹95,248 crore) and 22.7% of its net worth (₹10,989 crore). This capital headroom aligns with the company's stated strategy of organic expansion and acquisitions.

Shareholders approved issuance of securities up to ₹25,000 million (₹2,500 crore)
Resolution passed with 99.7986% votes cast in favour (406,238,232 votes)
Only 0.2014% of votes (819,725 votes) were cast against the resolution
E-voting was open from August 13, 2026 to September 11, 2026 across 238,438 shareholders on record

💡 Track subsequent board notifications regarding the exact structure (QIP, preferential allotment, or debt), pricing, and timeline for the capital raise.

Bharat Forge Completes Internal Merger of German Holding Subsidiaries to Simplify Corporate Structure

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 10 Sep 2026, 07:39 PM

Bharat Forge Limited announced the merger of its step-down subsidiary Bharat Forge Holding GmbH (BFH) into its direct holding company, Bharat Forge Global Holding GmbH (BFGH). The merger was registered in the German commercial registry on August 25, 2026, and BFH has ceased to exist. For the year ended December 31, 2025, target BFH had nil turnover, while BFGH reported revenue of Euro 6,086,504.36. The company stated that the internal restructuring has zero financial impact on either standalone or consolidated financial statements and involves no cash consideration or share issuance.

Bharat Forge Holding GmbH (BFH) merged into parent Bharat Forge Global Holding GmbH (BFGH) effective August 25, 2026
BFH had Nil turnover for the year ended December 31, 2025; BFGH had turnover of Euro 6,086,504.36
No cash consideration paid and no shares issued since BFH was 100% owned by BFGH
Zero financial impact on standalone or consolidated financial statements of Bharat Forge Limited

💡 Track operational execution in the core business, especially defence segment order book execution (INR 9,467 Cr) and North American recovery, rather than this procedural internal restructuring.

Bharat Forge Unit Signs MoU with FN Herstal for Small Arms and Counter-UAS in India

🔵 WATCH ⭐ 5/10

EXPANSION 📅 03 Sep 2026, 04:54 PM

Bharat Forge's wholly owned subsidiary, Kalyani Strategic Systems Ltd. (KSSL), has signed a Memorandum of Understanding (MoU) with Belgium-based FN Herstal on September 3, 2026. The agreement explores setting up a dedicated production facility and a potential Joint Venture in India for small arms, integrated weapon systems, and counter-unmanned aerial systems (C-UAS). FN Herstal's parent company, FN Browning Group, reported revenue exceeding EUR 1 billion in 2025. The initiative aligns with 'Make in India' to serve domestic armed forces and potential export markets, though specific financial commitments remain undisclosed.

KSSL and FN Herstal signed an MoU on September 3, 2026, to evaluate local manufacturing and a potential Joint Venture.
Scope covers small arms, integrated weapon systems, and Counter-Unmanned Aerial System (C-UAS) solutions.
Partner FN Browning Group operates production across NATO/EU countries with 2025 revenue exceeding EUR 1 billion.
Financial commitments, capital outlay, and definitive joint venture equity structure are not disclosed at this stage.

💡 Track progress from the preliminary MoU to definitive agreements, including announced capex outlays, equity structure of the proposed JV, and formal procurement bids under Indian defence tenders.

Bharat Forge Unit KSSL Signs Strategic Alliance with Thales for 70-mm Rocket Systems

🟢 POSITIVE ⭐ 6/10

EXPANSION 📅 03 Sep 2026, 04:47 PM

Kalyani Strategic Systems Limited (KSSL), a wholly owned defence subsidiary of Bharat Forge, has signed a Strategic Alliance Agreement with Thales to establish local manufacturing capability for 70-mm rocket systems in India. The alliance covers technology transfer, local production, and distribution for both unguided and laser-guided rocket variants, targeting early 2027 for the first fully assembled rocket. Production will leverage KSSL's upcoming Energetics facility in Andhra Pradesh along with Thales' combat-proven Belgian technology. Specific contract values or revenue commitments were not disclosed in the filing.

First fully assembled 70-mm rocket produced in India is targeted for early 2027
Partnership covers both unguided and laser-guided 70-mm rocket variants trusted by 70 armed forces across 55 countries
Integrates KSSL manufacturing, including its upcoming Energetics facility in Andhra Pradesh, with Thales technology transfer
Contract financial value and minimum quantity commitments: not disclosed

💡 Track progress on the establishment of the Andhra Pradesh Energetics facility and any subsequent firm order wins from Indian or export defence clients.

Bharat Forge Schedules Institutional Investor Meetings in Singapore on Sep 8-9, 2026

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 03 Sep 2026, 12:08 PM

Bharat Forge Limited has informed the exchanges of an upcoming institutional investor meeting scheduled for September 8-9, 2026, in Singapore. Management will meet with a group of prospective institutional investors. The company confirmed that no unpublished price sensitive information (UPSI) will be shared during the interactions.

Meeting scheduled for September 8-9, 2026
Location: Singapore
Format: Group basis meetings with certain prospective institutional investors
Company confirmed zero sharing of unpublished price sensitive information (UPSI)

💡 Track subsequent post-meet presentation filings or commentary on investor relations platforms for any strategic color shared.

View All BHARATFORG Announcements on Live Market Tracking →

💰 Financial Performance

Revenue Growth by Segment

In FY24, Industrial revenue grew 30.8%, Passenger Vehicles (PV) grew 20.1%, and Commercial Vehicles (CV) grew 7.6%. However, H1FY25 saw a slowdown with Industrial growing 17%, while PV declined 4.3% and CV declined 4.7% due to global market challenges. Standalone revenue for Q2 FY26 was INR 1,946.9 Cr, a 13.3% YoY decrease.

Geographic Revenue Split

As of FY24, the consolidated revenue split was 35.3% from Europe, 25.1% from the USA, and 24.4% from India. Indian operations are highly export-oriented, with 55-60% of revenue derived from international markets.

Profitability Margins

Consolidated PBILDT margins stabilized between 12-15% from FY20-24. Standalone PBILDT margins for FY24 were 27.63% compared to 25.24% in FY23. Q2 FY26 standalone EBITDA margin stood at 28.0%, showing resilience despite revenue drops.

EBITDA Margin

Consolidated EBITDA margin for H1 FY26 was 17.6%. Standalone EBITDA for Q2 FY26 was INR 544.6 Cr (28.0% margin), which is a 15.9% YoY decrease from INR 647.7 Cr in Q2 FY25.

Capital Expenditure

The company completed greenfield capex in the USA for aluminum forgings in 2022. It has an enabling approval to raise up to INR 2,000 Cr via debt and NCDs for organic and inorganic growth in India.

Credit Rating & Borrowing

The company maintains a Stable outlook from CARE Ratings. It raised INR 1,650 Cr through a Qualified Institutional Placement (QIP) to repay/pre-pay debt. A total debt/OPBITDA above 2.5x would trigger a downgrade.

⚙️ Operational Drivers

Raw Materials

Steel and Aluminum are the primary raw materials. Steel forgings account for 56% of overseas manufacturing revenue (INR 1,500.2 Cr in H1 FY26), while Aluminum forgings account for 44% (INR 1,197.2 Cr in H1 FY26).

Import Sources

Not explicitly disclosed, but overseas operations in North America and Europe suggest localized sourcing for those regions to mitigate logistics risks.

Capacity Expansion

The company has ramped up greenfield aluminum forging capacity in North America to target the lightweighting market. It is also integrating the recently acquired AAM India (K Drive Mobility) business.

Raw Material Costs

Input costs for overseas operations saw a sharp jump in FY23, leading to a 552 bps drop in operating margins. The company uses price hikes and cost optimization to manage these fluctuations.

Manufacturing Efficiency

Standalone sale tonnage for Q2 FY26 was 56,457 tons, an 11.9% YoY decline. The company is focusing on engineering transformation and digital enablement to improve efficiency.

Logistics & Distribution

The global nature of the business makes it susceptible to logistics disruptions; the company is optimizing its supply chain to ensure transparency and movement of goods.

📈 Strategic Growth

Expected Growth Rate

20%

Growth Strategy

Growth will be driven by the Defence segment, which has an order book of INR 9,467 Cr as of H1 FY26. The company is also 'doubling down' on India through an INR 2,000 Cr fund for acquisitions and organic expansion, and ramping up aluminum forging for the global EV/lightweighting market.

Products & Services

Artillery systems (indigenous), steel and aluminum forgings, crankshafts, front axle beams, steering knuckles, and components for CV, PV, and Industrial segments (Oil & Gas, Aerospace, Rail).

Brand Portfolio

KSSL (Kalyani Strategic Systems Ltd), K Drive Mobility (formerly AAM India), KPTL.

New Products/Services

Indigenously designed artillery systems for export (first exported in August 2023). Defence revenue rose from INR 410 Cr in FY23 to INR 1,561 Cr in FY24.

Market Expansion

Targeting untapped sectors through OEM supply chain future-proofing and expanding the Indian manufacturing footprint which registered INR 2,746 Cr revenue in Q2 FY26.

Strategic Alliances

Acquisition of AAM India (American Axle India Manufacturing) to form K Drive Mobility; transfer of defence assets to wholly-owned subsidiary KSSL.

🌍 External Factors

Industry Trends

The industry is shifting toward lightweighting (aluminum) and supply chain de-risking. Bharat Forge is positioning itself by expanding aluminum forging capacity and diversifying into Defence and Aerospace.

Competitive Landscape

Competes with global forging players and domestic auto-component manufacturers; diversifying into Defence to reduce reliance on the cyclical CV segment.

Competitive Moat

Moat is built on advanced forging technology, a massive executable defence order book (INR 5,905 Cr), and deep integration with global OEMs, making it difficult for competitors to displace them in critical supply chains.

Macro Economic Sensitivity

Highly sensitive to the US Class 8 truck cycle and global automotive demand. A 16% drop in North American revenues significantly impacted Q2 FY26 performance.

Consumer Behavior

Shift toward EVs and lightweight vehicles is driving demand for aluminum components, where the company has invested in greenfield capacity.

Geopolitical Risks

Global operations are exposed to trade disruptions and exigencies in the movement of goods across borders.

⚖️ Regulatory & Governance

Industry Regulations

Operations are subject to the Companies Act 2013, SEBI (PIT) Regulations 2015, and various manufacturing standards. Defence operations are governed by specific indigenization and export norms.

Environmental Compliance

The company obtained limited assurance on BRSR Core Indicators from KPMG on a standalone basis.

Taxation Policy Impact

Consolidated taxation for the period was INR 5,425.50 Cr against a PBT of INR 14,558.25 Cr.

Legal Contingencies

There are no significant or material orders passed by regulators or courts impacting the going concern status. No proceedings are pending under the Insolvency and Bankruptcy Code, 2016.