Bharat Forge, one of India’s leading automotive component suppliers, has demonstrated resilience in its standalone financial performance for the fourth quarter and full fiscal year 2025, navigating global headwinds while capitalising on robust growth in its defence sector business.  The company showcased a steady performance despite challenges in certain international markets.

For Q4 FY2025, Bharat Forge recorded standalone revenues of INR 21 billion, with an EBITDA of INR 6 billion, translating to a healthy EBITDA margin of 29.1 percent. The company also reported a Profit Before Tax (PBT) of INR 4.9 billion.

For FY2025, Bharat Forge reported standalone revenues of INR 88 billion, a marginal dip of 1.4 percent compared to the INR 89 billion recorded in FY2024. Despite this slight decrease in revenue, the company managed to improve its profitability, with EBITDA at INR 25 billion (EBITDA margin of 28.5 percent) and PBT at INR 19 billion, both showing a marginal improvement compared to the previous fiscal year. The company also highlighted a strong balance sheet with cash on books of INR 26 billion.

The company stated that FY25 Revenues remained flat despite weakness in European CVs, mixed performance in export PV business. Oil & Gas recouped from the lows of FY24 while Defence displayed steady growth.

At a consolidated level, Bharat Forge reported revenues of INR 15.1 billion in FY2025, remaining relatively flat compared to the INR 15.6 billion in FY24. However, the company saw a significant improvement in consolidated EBITDA margins, rising from 16.4 percent to 18.2 percent.

A significant highlight of the year was the strong order inflow, particularly in the defence sector. During Q4 FY25, the company secured new orders worth INR 43 billion, including a substantial INR 34 billion towards the ATAGS order. As of March 2025, the defence order book stood at a robust INR 94 billion. For the entire fiscal year, the Bharat Forge group secured new orders worth INR 69 billion, with the defence sector accounting for an impressive 70 percent of these new wins.

The company also highlighted the strong performance of its ferrous castings business, which witnessed significant growth with revenues increasing by 23 percent, EBITDA by 35 percent, and a doubling of profits compared to FY2024. Key return ratios for this segment exceeded 20 percent.

Looking ahead to FY2026, Bharat Forge outlined its strategic focus on improving consolidated profitability through several internal actions. These include reducing losses in the e-mobility vertical, evaluating options for the steel business in Europe, improving operational performance in the aluminium business, leveraging North American manufacturing footprint and focusing on new business wins across traditional forgings, defence, aerospace and castings. The company also anticipates the integration of the AAM India business in FY2026, which is expected to further enhance its product portfolio and presence in the Indian market.

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Honda Motor Co., and Hitachi have signed an agreement for Hitachi to transfer a portion of its common shares in automotive component supplier Astemo to Honda.

The transaction shifts the voting rights of the joint venture. Previously held at a 40–40 percent split between Honda and Hitachi, with 20 percent held by JICC-01, the new structure grants Honda a 61 percent majority stake. Hitachi’s share will decrease to 19 percent, while JICC-01 maintains its 20 percent holding.

The capital restructure aims to position Astemo as a provider of integrated vehicle systems for the Software Defined Vehicle (SDV) era. The company intends to integrate software and hardware across in-car domains and cloud engineering.

Under the new arrangement, Astemo will increase collaboration with Honda to utilise the automaker’s development expertise. Hitachi will continue to provide support focused on digital technology to assist in AI and software development.

The company confirmed its intent to pursue an Initial Public Offering (IPO) while focusing on the electrification of mobility and AI-driven intelligence.

"Under the new capital structure, Astemo will accelerate its efforts more than ever, aiming to become a company that leads the electrification of mobility and AI-driven intelligence in the SDV age. As a system solution provider that offers not just individual components but software-defined integrated vehicle systems, Astemo aims to be a leading company that drives electrification and AI-driven intelligence of mobility in the SDV age, challenging itself to achieve further growth," said Astemo in a statement.

At present, Astemo has over 80,000 employees globally and operates across the Americas, Asia, Europe and Japan, managing divisions for electrification, vehicles and motorcycles.

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The ACMA Mobility Foundation and Spark Minda Group recently held the Spark Connect Tech Show, which aimed to increase visibility and capability development for Tier-2 and Tier-3 suppliers within the automotive supply chain.

The initiative involved 25 supplier partners representing a shift in ACMA’s technology engagement, moving from OEM-led events to Tier-1-hosted platforms. This format allowed suppliers to present solutions directly to Tier-1 and OEM functions.

Vinnie Mehta, Director General, ACMA, stated, “While ACMA organises several large exhibitions and international events, targeted technology shows such as these play a distinct role in supporting individual companies. They enable direct engagement between OEMs, Tier-1s and supplier partners, and provide valuable, specific feedback from engineering, R&D and procurement teams. This kind of engagement is critical as we work to strengthen Tier-2 capabilities and build a more competitive automotive ecosystem.”

Aakash Minda, Executive Director, Spark Minda Group and Chairperson, Supply Chain & Raw Materials Pillar, ACMA, added, “Through our collaboration with the ACMA Mobility Foundation on initiatives such as the Spark Connect Tech Show, we are working to improve visibility and access for Tier-2 and Tier-3 supplier partners across Tier-1s and OEMs. These buyer-seller engagements provide an opportunity for suppliers to showcase their capabilities and explore potential collaboration and business opportunities within the automotive value chain.”

The Spark Connect Tech Show is part of the ACMA Mobility Foundation’s work to deepen supply-chain integration. The foundation focuses on the development of the automotive components ecosystem.

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ZF Group will present its vision for the future of construction at EXCON 2025, highlighting how localised manufacturing and intelligent technologies meet the industry's demand for rapid development and operational flexibility. This vision is anchored by the company's new state-of-the-art plant in Coimbatore, a EUR-20-million facility dedicated to producing transmissions and axles under a ‘local for local’ strategy. This investment strengthens ZF's commitment to India, enabling it to deliver world-class, innovative solutions for both domestic and international markets from within the region.

The company's exhibit will demonstrate integrated systems engineered for greater productivity and sustainability. Key among these is the ERGOPOWER powershift transmission for wheel loaders, designed to achieve up to 15 percent fuel savings and up to 40 percent gains in productivity. It is complemented by the durable MULTITRAC axles, which feature a compact design and efficient wet multi-disc brakes for heavy-duty applications. This combined driveline solution also empowers backhoe loaders, providing the robust performance needed for intense digging and loading cycles.

For mixer trucks, ZF offers the ECOMIX I hydrostatic drum drive, a compact and rugged system known for high reliability, easy installation and a long service life. Beyond driveline components, ZF is advancing vehicle control with its latest brake-by-wire technology. This system represents a significant shift by using electronic signals to manage deceleration, eliminating the need for hydraulic lines in the cab. This innovation is a foundational step towards enabling future remote and autonomous operation for off-highway machinery.

Through these targeted solutions and its strategic manufacturing footprint, ZF Group positions itself as a pivotal partner in building efficient, high-performance and increasingly automated construction equipment.

Akash Passey, President, ZF Group India, said, “At ZF Group, we’re proud to deepen our commitment to India’s dynamic construction sector by expanding local production of transmissions and axles in the recently inaugurated plant at Coimbatore. This strategic investment aligns with the Group’s ambition for the region and is aligned with the Government of India’s ambitious infrastructure push. Our advanced product portfolio is designed for unwavering reliability and is in step with the market trends towards cleaner, smarter and digitally enabled machines.”

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Marelli, a global mobility technology supplier, unveiled its new solution for Intelligent Energy Management for hybrid and electric vehicles at CTI Europe 2025 in Berlin, Germany.

The modular system is based on proprietary software that can be integrated with vehicle and zonal control units and thermal components. This holistic approach coordinates seamlessly across the vehicle’s three main energy domains: thermal, propulsion and electronics. This maximises efficiency across all vehicle systems, delivering enhanced battery range, optimised fast charging and improved longevity, all while maintaining cabin comfort and operational reliability.

Marelli's new Intelligent Energy Management system is aimed at advancing both hybrid and electric propulsion solutions, as well as Software-Defined Vehicle (SDV) technologies.

The system was developed by integrating advanced digital twin methodologies and software strategies. This approach significantly reduces development time and costs while enabling collaboration with customers.

Thermal Domain: The system manages and optimises thermal flows, ensuring precise control of heating and cooling processes within the vehicle. Algorithms intelligently manage complex thermal systems, regulating temperatures to optimise overall performance and extend battery life. These strategies reduce energy losses and promote reuse of excess thermal energy.

Electric/Hybrid Propulsion: The system continuously monitors and adjusts power delivery to optimise energy distribution. This maximises battery efficiency and vehicle performance. By recovering energy and balancing its distribution, the system extends driving range and enhances resilience.

Electronics Domain: The solution enhances the intelligence and integration of vehicle systems by facilitating seamless communication between all components and systems. Data exchanges occur over communication protocols – from CAN to Ethernet – enabling direct management of sensors and actuators.

The development of a digital twin application allows for virtual modelling of every vehicle subsystem, including electronics, electromechanics, thermodynamics, and hydraulics. By creating virtualised car models, automakers can iterate faster and test more efficiently.

Giovanni Mastrangelo, Head of R&D for Marelli's Propulsion business, said, "Intelligent energy management is the central challenge facing today’s electric and hybrid vehicle development. At Marelli, we address this by delivering solutions that not only optimise energy flow across thermal, electric and propulsion domains, but also minimise losses and recover excess thermal energy. Through our digital twin and decoupled software approach, we empower our customers to reduce development timelines, gain flexibility and accelerate adoption of cutting-edge technologies, driving the future of sustainable and efficient mobility."

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