Him Teknoforge Ltd is a specialist manufacturer of the precision-forged and machined parts-gears, shafts, axles, and assemblies-that transmit power inside vehicles, tractors, and armoured defence vehicles. Born in 1971 as Gujarat Automotive Gears and reshaped by a 2018 reverse merger that gave it its current name and BSE listing, the company is the flagship of the family-run HIM Group and has been machining finished gears since 1995. Its recurring approach is vertical integration: it makes its own forgings, cuts its own gears, and runs its own heat-treatment, painting, and plating lines in-house, which it says gives it control over cost, quality, and delivery-what management calls being “a safe pair of hands” for its customers’ supply chains.
Business segments
A single integrated engine-a forging division that feeds a gear and machining division-serving tractor, commercial-vehicle, defence, and export customers from one manufacturing chain.
1. Precision-forged and machined components: a vertically integrated supplier to India’s vehicle and defence industries
The company makes the raw forging, cuts the finished gear, and applies every surface treatment itself-no middlemen-so it controls the three things its OEM customers care about most: cost, quality, and delivery.
- Makes its own raw material - the Forging Division produces alloy-steel forgings using hot forging, warm forging, and cold coining, which become the precision-shaped blanks for the company’s own gear-cutting operations as well as direct sales to outside customers. It operates forging plants in Manpura, Himachal Pradesh, and Pithampur, Madhya Pradesh, with an aggregate capacity of roughly 3,000 metric tonnes of forgings per month as of FY21.
- One of the few with warm-forging technology in India - in FY20 it developed a complete spider kit (a universal-joint component) through the warm-forging route, and subsequently installed two CNC screw presses of 1,600-tonne and 1,000-tonne capacity plus a 1,000-tonne cold-coining press, giving it a technology edge that saves material and labour while improving precision.
- Converts forgings into finished gears and assemblies - the Gear Division and machining operations take the forgings and turn them into transmission gears, pins, axles, shafts, crown wheels and pinions, and complete assemblies such as PTO shaft assemblies, rotavator gearboxes, and spider kits, across plants in Baddi, Pithampur, and Vadodara. Finished-component capacity exceeded 350,000 pieces per month as of FY21.
- Every surface treatment is in-house - heat treatment, painting, electroplating, powder-coating, and hot-dip galvanising are all done under the company’s own roof, which it says mitigates the risk of delays when customers have urgent requirements. The division has added sealed quench furnaces and converted conventional machines to CNC, with gear-testing equipment and VMC machines strengthening its toolroom.
- Serves tractors, trucks, and the army - roughly 45-50% of revenue comes from tractors and agricultural implements, 20-25% from commercial vehicles, and 15-20% from exports to markets including Europe, the US, Southeast Asia, and Australia. It also supplies track-chain assemblies for BMP II armoured vehicles to the Indian Defence Services, a relationship sustained for over 15 years, making it one of the few enterprises in India approved for that work.
Group structure and partners
A family-run, publicly listed company with no subsidiaries or joint ventures after exiting two recent initiatives, and a promoter group that holds key executive roles across the forging and machining divisions.
- The company is the flagship of the HIM Group, listed on BSE, and as of the latest filings has no subsidiary, joint venture, or associate companies. It previously incorporated a forging LLP and a joint venture with an Italian axle-maker, but exited both before making any capital contribution.
- The promoters are the Aggarwal family: brothers Vijay Aggarwal (Managing Director) and Rajiv Aggarwal (Joint Managing Director), with the next generation holding vice-president roles in finance and strategy, marketing, machining operations, and the forging division.
- Two venture-capital investors-IFCI Venture Capital Fund and Canbank Venture Capital Fund-held significant stakes and board seats under a 2016 shareholders’ agreement, but both withdrew their nominee directors by December 2023, ending that agreement. A dispute remains between IFCI Venture and the promoters over the invocation of roughly 1.44 million pledged promoter shares.
- In January 2026 the board approved amending the company’s charter to permit electricity generation and supply, including solar and wind, though its existing solar installations are modest captive plants of 500 KW at Pithampur and 175 KW at Vadodara.