Bharat Forge Ltd reported a 2.7% sequential decline in standalone revenues to Rs 2,105 crores for Q1 FY26, largely due to a 12.7% drop in export revenues, while consolidating revenues were Rs 3,909 crores with an EBITDA margin of 17.5%. The company secured new orders worth Rs 847 crores, including Rs 269 crores in Defence, amid challenging market conditions and cautious outlook for the US export business ahead.