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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BorgWarner has secured multiple business awards for eMotor in China covering range-extended vehicle, battery-electric vehicle and hybrid vehicle platforms. Production for the awarded programs is scheduled to begin between 2027 and 2028.

The projects include an agreement with a joint venture of a global original equipment manufacturer to supply high-voltage hairpin P1 eMotor stator and rotor assemblies delivering 115kW peak power for a range-extended vehicle platform. The company will also provide high-voltage hairpin main drive eMotor stator and rotor assemblies for a Chinese electric vehicle manufacturer's SUV platforms operating on a 715V architecture, delivering 300kW peak power and 495Nm peak torque. Additionally, BorgWarner will supply stator and rotor assemblies utilising its S-winding technology for a 130kW P2 eMotor integrated into hybrid propulsion systems for global markets.

Isabelle McKenzie, Vice-President of BorgWarner Inc and President and General Manager of PowerDrive Systems, said, "We are pleased to establish and expand our eMotor business with customers across China. The breadth of these programs demonstrates our ability to address diverse application requirements through strong product performance, cost optimisation and localised manufacturing. With our established engineering and production footprint in China, we are well positioned to support customers as they develop their next generation of electrified vehicles."

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Belrise Industries (formerly Badva Engineering) has signed a License and Technical Assistance Agreement with Japan-based Yamato Co, to manufacture and supply filtration and air intake solutions in India.

The partnership grants Belrise access to technical expertise for the design, development, testing and production of air filters, oil filters and resin air intake manifolds targeted at automotive and industrial original equipment manufacturers.

The arrangement combines Yamato's filtration technologies and material know-how in converting intake manifolds from metal to resin with Belrise's manufacturing operations and OEM relationships. The initiative aims to support localisation and develop a domestic supply ecosystem for advanced automotive and industrial components in India.

Sumedh Badve, President of Strategy at Belrise Industries, said, "At Belrise, we are focused on expanding our engineering capabilities, embracing advanced technologies and delivering greater value to our customers. Our collaboration with Yamato reflects this approach, combining specialised technical know-how with our established manufacturing strengths to broaden our product portfolio and support the localisation of advanced solutions. This partnership will further strengthen our ability to serve automotive and industrial OEMs while advancing our commitment to world-class manufacturing, continuous innovation and sustainable growth."

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Gulf Oil Lubricants India, part of the Hinduja Group, has initiated celebrations marking 125 years of its global brand and announced plans to increase its manufacturing capacity by 70 percent.

The company has announced its ambition to increase production output to 240 million litres by March 2027. Furthermore, the Hinduja Group company is expanding its operations beyond lubricants into electric vehicle infrastructure, software, data-centre cooling and fluid engineering.

Operating across 100 countries, the Indian unit currently functions alongside 50 original equipment manufacturers and utilises an R&D facility located in Chennai. As part of its anniversary program, the company unveiled a campaign film featuring cricketer MS Dhoni and announced an initiative launched by cricketer Smriti Mandhana aimed at training 125,000 women for roles in the mobility sector, including driving and vehicle maintenance.

Sanjay Hinduja, Chairman, Gulf Oil International, said, "Gulf’s 125-year legacy is a story of evolution, built on the strength of its values and the trust it has earned across generations. Across the more than 100 countries we operate in, India has been one of our fastest growing and most consistent markets for over 15 years. It holds significant opportunity to accelerate growth, by strengthening our leadership in lubricants while building new avenues in value-added services, e-mobility and other allied areas on the strategic fit. We intend to lead this journey with superior and cleaner technologies, bold innovation and a workforce built for tomorrow. India’s growth story will be an important part of Gulf’s next phase."

Ravi Chawla, Managing Director and Chief Executive Officer, Gulf Oil Lubricants India, said, "Our 125th anniversary is a testament to our commitment, bold decisions, relentless innovation and enduring partnerships. As we celebrate this milestone, we are also defining where we want to go next. While looking ahead to an evolving future, these partnerships will matter more than ever. ‘Born to be Behad’ reflects who we have always been, a brand that goes beyond the limits set for it. Going forward, our brand platform, ‘Kuch Behad Kar’, will carry that spirit into everything we do."

Aarthy Sridhar, Chief Marketing Officer, Gulf Oil Lubricants India, said, "Smriti has shown what happens when the field opens for women in cricket, the talent was always there; it just needed the space. Now it is time for mobility, where women continue to be under-represented. With Generation Behad, we want to create that space, helping women train for and step into roles from behind the wheel to under the bonnet."

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Mumbai-headquartered lubricant major Castrol India has reported its financial results for Q3 CY2026 and 9 months ended 30 September 2026, recording a revenue from operations of INR 17.35 billion for the quarter, representing a growth of 27 percent YoY.

For Q3 CY2026, Earnings Before Interest, Tax, Depreciation and Amortisation (EBITDA) fell 19 percent YoY to INR 2.62 billion, influenced by raw material cost inflation and currency movements.

Profit before tax for the quarter stood at INR 2.43 billion, down from INR 3.08 billion in Q3 of CY2025, while profit after tax reached INR 1.76 billion compared to INR 2.28 billion in the prior-year period.

Over the 9-month period from January to September 2026, revenue from operations grew 20 percent to INR 51.51 billion, up from INR 42.82 billion in 9-months of 2025. The EBITDA grew by 11 percent to INR 10.86 billion, with profit after tax rising to INR 7.66 billion from INR 7.05 billion in the corresponding period of 2025.

During the quarter, Castrol India expanded its distribution network to approximately 167,000 outlets, including 46,000 rural touchpoints. Its service network expanded to over 870 Castrol Auto Service centres, 37,000 independent bike workshops, 16,000 multi-brand workshops and 1,000 Rural Service Express locations.

The industrial business added 700 customers across automotive, machinery, metals, aerospace, and sugar sectors, alongside 175 additions in automotive and mining segments. Product introductions during the period included Magna CTX circulating oils and localised versions of Castrol Engine Shampoo and Hysol XBB metalworking fluids.

Saugata Basuray, Managing Director of Castrol India, said, "In a quarter marked by a sharp rise in raw material costs and adverse currency movements, Castrol delivered a resilient performance. Pricing actions taken early in the year helped moderate the impact on margins, while we continued to invest in expanding our distribution network in rural India and accelerating our industrial business, which delivered another quarter of double-digit volume growth."

Mrinalini Srinivasan, CFO, Castrol India, said, "Our EBITDA grew 11 percent over 9 months, supported by pricing action we took early in the year. As communicated in August, we expect the operating environment to remain volatile and inflationary. We will act with agility to manage margin pressures through pricing and cost actions, while remaining focused on growing market share across every segment in which we operate."

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