Bharat Forge is fundamentally a metallurgy company - it takes steel, aluminium, titanium and exotic alloys and forges, casts and machines them into the safety-critical parts that go into trucks, artillery guns, jet engines and wind turbines. It began in 1961 with a single forging plant in Pune and, over six decades, transformed itself through two deliberate bets: a massive press investment in the 1990s that dwarfed its own revenue, and a wave of outbound acquisitions around 2002-03 that gave it a manufacturing footprint across five countries. The recurring approach is to own the hardest part of the manufacturing chain - the metallurgy and the intellectual property - and then use the cash flows from one engine to build the next, moving from auto components into defence systems, aerospace parts and industrial castings. # Business segments Five engines at different stages - a forging cash cow that feeds two national-scale industrial platforms, a defence systems house with an eleven-thousand-crore order book, and an aerospace business on the cusp of take-off - each built with the cash flows of the one before. ## 1. Traditional forgings and machining: the cash engine that funds everything else **A 2.4-lakh-tonne-per-year forging operation that supplies the parts global truck and car makers cannot do without, earning premium pricing because the components are safety-critical.** - **The world’s largest single-site forge** - the Pune plant, started in 1961, anchors 18 manufacturing facilities across India, North America and Europe with a combined steel and aluminium forging capacity of over 7,16,000 tonnes per annum. - **Paid for safety, not just volume** - the company focuses on components where failure would mean loss of life, so customers accept pass-through clauses for raw-material price swings and pay a premium for zero-defect delivery. - **One customer, many parts** - it supplies both forged and cast components, and increasingly combines them into machined assemblies and sub-systems, which raises the revenue it earns per vehicle without needing to find new customers. - **Steel supply locked in** - raw material comes from group companies at competitive rates, and secondary materials make up 40% of the mix, so input costs are partly insulated from market spikes. - **Long-term contracts outlast engine debates** - most passenger-vehicle export clients have signed supply agreements that run until 2035, meaning the company gets paid regardless of how fast electric cars replace internal-combustion engines. ## 2. Defence: an artillery and vehicle systems house with 100% in-house IP **An order book of close to eleven thousand crores, built on indigenously designed guns and armoured vehicles that the company can sell to friendly foreign governments because it owns every patent.** - **Guns, vehicles and now explosives** - the portfolio spans nine artillery platforms including the ATAGS 155mm howitzer, the Kalyani M4 armoured vehicle for high-altitude terrain, unmanned sea and air platforms, and, through a newly incorporated subsidiary, an end-to-end energetics complex for high explosives and propellants. - **IP is the export licence** - because all intellectual property sits inside the group, the company is not bound by another country’s export controls, which is why more than 80% of defence revenue already comes from exports. - **Government demand is structural** - India’s positive indigenisation list bars imports of many defence items, so the Indian Army’s order for 184 ATAGS platforms and the Army and Navy’s emergency procurement of unmanned systems flow directly to domestic manufacturers with proven capability. ## 3. Aerospace: the industrial export engine that just got airborne **A business supplying rotating engine parts and landing-gear forgings to the world’s most demanding customers - and it is already the second-largest contributor to the company’s non-auto exports.** - **Zero-defect rotating parts** - the company was recognised by a major global aero-engine OEM for delivering critical rotating engine components with zero defects. - **Landing gear, from ring to finished part** - a collaboration with Liebherr-Aerospace is building a ring-mill facility in Pune that will produce high-precision landing-gear components, making Bharat Forge one of the few sources for these forgings outside the traditional Western supply chain. - **Recurring revenue from overhauls** - the division also maintains and overhauls turbomachinery for the Indian aerospace sector, so it earns money across the entire life of the products it supplies. - **Certified for the air** - the business holds AS 9100 Rev D and multiple Nadcap certifications for heat treating, measurement and non-destructive testing, which are the non-negotiable tickets to sell into commercial and military aviation. ## 4. Industrial castings and the axle business: two platforms built on the forging cash flows **A ferrous casting business scaling from forty thousand to over one-lakh-twenty-thousand tonnes, and a recently acquired commercial-vehicle axle unit that is already winning electric-vehicle orders - both funded by the core forging engine.** - **JS Auto Cast: doubling capacity with outside capital** - acquired in 2022, this Coimbatore-based foundry supplies high-performance castings up to 400 kg for wind turbines, hydraulics and earth-moving equipment; Premji Invest took a 23% stake to fund the expansion, and the agreement prevents Bharat Forge from doing ferrous casting in India outside this entity. - **Cross-selling castings to auto customers** - the business is now expanding beyond its traditional wind and off-highway clients into the automotive and commercial-vehicle customer base that the forging side already serves, so growth comes from existing relationships. - **K-Drive Mobility: axles for diesel and electric** - acquired from AAM India in mid-2025, this business brought in nine hundred and fifty-seven point eight crores of revenue in nine months and has already won orders for four electric light-commercial-vehicle platforms, reorienting a portfolio that was once entirely medium-and-heavy diesel trucks. # Group structure and partners **The company operates through a federation of subsidiaries, each ring-fenced around a distinct industrial bet - defence in KSSL, e-mobility in KPTL, castings in JS Auto, axles in K-Drive - while the parent balance sheet stays lean at 0.18x net debt-to-equity.** - **Three reporting segments, many legal entities** - consolidated results are split into Indian Operations (the standalone forging business plus KSSL, K-Drive and BF Industrial Solutions), Overseas Operations (manufacturing in Germany, Sweden, France and the US), and E-Mobility (KPTL). - **Overseas manufacturing is held through a German holding company** - Bharat Forge Global Holding GmbH owns the European steel and aluminium forging plants, while Bharat Forge America Inc. holds the US operations; both received capital infusions in FY26 to repay debt and strengthen balance sheets.