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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Minda Corporation, the flagship of Spark Minda, has signed a strategic joint venture agreement with Turntide Technologies to develop and manufacture powertrain solutions for electric and hybrid vehicles in India.

Under the terms of the agreement, which is subject to regulatory approval, Turntide will hold a 51 percent stake in the venture, while Minda Corporation will hold 49 percent through a wholly owned special purpose vehicle (SPV).

The joint venture company will focus on the development of several components for the Indian EV segment including high-voltage and high-performance electric motors; high and low-voltage motor controllers and customised units. Pumps for thermal applications in electric vehicles.

The partnership is intended to localise Turntide’s technology, providing products that meet the requirements of domestic original equipment manufacturers (OEMs). The venture aims to reduce development cycles and strengthen the local supplier ecosystem while utilising Minda Corp’s manufacturing presence in India.

Ashok Minda, Chairman and Group CEO, Minda Corporation, said, “This partnership with Turntide marks a significant milestone in our journey towards electrification. By combining Turntide’s globally proven technology with Minda Corporation Limited’s strong local presence, we aim to deliver advanced, high-quality, and cost-competitive EV powertrain solutions that support India’s transition to sustainable mobility. This will result to meet ‘Make in India’ objectives and enhance the resilience of domestic supply chain of EV ecosystem.”

Steve Hornyak, CEO, Turntide Technologies, added, “India’s electrification growth story is central to Turntide’s strategy, and this joint venture is a key step in bringing our powertrain technologies closer to customers in the market. We’re proud to partner with Minda Corporation, a fantastic team with decades of experience serving global OEMs, as we deliver localised, high-performance solutions for India’s rapidly evolving mobility ecosystem.”

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Toyoda Gosei Co., has acquired all shares of Ashimori Industry Co., effective 1 March 2026 and has now completed the process of making Ashimori Industry its wholly-owned subsidiary.

The acquisition follows a capital and business alliance agreement established in May 2021. In November 2023, Toyoda Gosei made Ashimori Industry an equity-method affiliate to integrate product development, sales, procurement and production.

Toyoda Gosei intends to operate as a supplier of safety systems by combining its airbag technologies with Ashimori Industry’s seatbelt products. The company aims to facilitate the development of protection systems that use both components to reduce traffic fatalities.

The move will enable expediting management resource allocation in the safety systems division. It will further promote integrated control systems for airbags and seatbelts to meet market demand.

The deal also focuses on the growth of Ashimori Industry’s functional products business, specifically the PALTEM (Pipeline Automatic Lining SysTEM) method. This technology is used for the rehabilitation of aging pipeline infrastructure, a sector currently experiencing rising demand.

For the unversed, established in December 1935, Ashimori Industry reported revenue of USD 537 million in March 2025. It employees 2,358 people and is involved in the manufacturing of seatbelts, airbags, synthetic rope and pipe rehabilitation systems.

Toyoda Gosei stated that the move is designed to maximise synergies and address societal challenges related to infrastructure and road safety.

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Adient, a supplier of automotive seating, has launched Sculpted Soft Trim, a manufacturing technology designed to provide new design options for vehicle interiors. The product is a breathable, formed trim solution that can be applied to large panels or components such as armrests, headrests and child seat anchor covers.

The technology uses an automated forming process to create shapes, reducing the requirement for traditional manual sewing. This method allows for the creation of concave surfaces and 3D shapes that were previously difficult to execute using standard cut-and-sew techniques.

Sculpted Soft Trim is designed to improve craftsmanship while lowering labour requirements. In applications such as rear seat child anchor locations, the system can replace up to twelve individual patterns and sew lines with a single formed component.

Key features of the technology include:

• Material Compatibility: Support for a range of fabrics and vinyl materials.
• Surface Detail: Capability to achieve 3-dimensional concavity without losing grain detail.
• Customisation: Ability to add embossed or debossed textures, graphics and badging within the same tooling process.
• Material Integration: Facility to pre-sew and form dissimilar materials together.
• Firmness Control: Variable firmness options to meet specific application requirements.

Adient has confirmed that Sculpted Soft Trim is available globally. The technology is scheduled to enter production on vehicles from several original equipment manufacturers (OEMs) during 2026. According to the company, the process reduces cycle times by approximately 50 percent compared to traditional forming methods.

Mike Maddelein, Vice-President of engineering in the Americas, Adient, said, “Sculpted Soft Trim fundamentally changes what’s possible in seat trim design by combining premium aesthetics with meaningful manufacturing efficiency. With cycle times reduced to roughly 50 percent of traditional forming methods, this technology delivers both speed and quality. In addition, decorative sewing, quilting and embossed or debossed features introduce another level of specialisation, all executed with tight tolerance control to ensure consistent, high-end craftsmanship at scale.”

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Dhoot Transmission, backed by Bain Capital, has announced a partnership and merger with Pune-based FourFront. Under the agreement, FourFront will merge with a subsidiary of Dhoot Transmission to create an integrated automotive electronics and electrical manufacturing platform.

FourFront is a Tier-1 supplier providing electro-mechanical and electronic solutions to passenger and commercial vehicle manufacturers. The merger is intended to address the increasing electronics content in vehicles and the requirements of the electric vehicle (EV) sector.

The combined entity will leverage complementary capabilities in manufacturing and engineering. FourFront’s portfolio includes:

• Power Electronics: Components for voltage conversion and management in EVs.
• Electromechanical Switches: Interface solutions for vehicle cabins and systems.
• EV Products: Specialised hardware for electric drivetrains.

The platform aims to provide end-to-end solutions for original equipment manufacturers (OEMs) across internal combustion engine and electric vehicle programmes. Bain Capital will provide global automotive expertise to support the scale of the platform and the adoption of technologies such as Advanced Driver Assistance Systems (ADAS).

Rahul Dhoot, Managing Director, Dhoot Transmission Group, said, “This partnership is closely aligned with our strategy of building a differentiated automotive platform with strong capabilities in electronics and electrical systems. FourFront has developed trusted relationships with OEM customers and built meaningful expertise in power electronics. As part of the Dhoot platform, FourFront and its team will be well positioned to continue delivering the same level of quality and service levels to customers while benefiting from our scale, manufacturing depth, and long-term investment approach.”

Saahil Bhatia, Partner, Bain Capital, said, “India continues to be an economy with a strong long-term growth trajectory, supported by favourable demographics, rising domestic consumption, and sustained investment in manufacturing and infrastructure. Against this backdrop, we see a compelling opportunity to support platforms like Dhoot, and now FourFront, as they scale capabilities, deepen OEM partnerships, and build high-quality automotive solutions aligned with evolving technologies such as ADAS and increasing electronics content across vehicle segments.”

Shrikant Neurgaonkar, Chairperson and Managing Director, FourFront, stated, “Over the last 15+ years, FourFront has built very a strong foundation and is recognised for innovative solutions, superior design capabilities, and responsiveness towards customer demands. The partnership with Dhoot Transmission and Bain Capital will put us in a strong position to further enhance our product offerings and continue to invest in manufacturing facilities, R&D and people for the next phase of growth. We’re very excited to partner with Dhoot Transmission to create an electronics platform focused on technical and operational excellence.”

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