### **Overview** Bharat Forge Limited, headquartered in Pune, India, is a technologically advanced, multinational leader in the manufacturing of high-performance, safety-critical mechanical components and integrated engineering solutions. As the flagship company of the $3 billion Kalyani Group, it operates across diverse sectors, including automotive, defense, aerospace, industrial, power, oil & gas, rail, and marine. With a transformation from a traditional forging supplier to a diversified engineering conglomerate, Bharat Forge is strategically positioned at the intersection of indigenous innovation, global supply chain diversification, and technological disruption. The company operates **18 manufacturing facilities across five countries**—India, the United States, Germany, Sweden, and France—and has cultivated an end-to-end service model spanning concept, design, engineering, manufacturing, testing, and validation. It possesses the **largest repository of metallurgical knowledge in its industry**, enabling unmatched capabilities in materials science, metal forming, titanium and superalloy processing, and precision manufacturing. --- ### **Core Business Segments** Bharat Forge is structured around five strategic verticals: 1. **Automotive** 2. **Industrial (Power, Oil & Gas, Construction, Mining, Rail, Marine)** 3. **Defense** 4. **Aerospace & Turbomachinery** 5. **E-Mobility** Each vertical operates as an independent business unit, enabling focused growth, faster decision-making, and alignment with global market dynamics. --- ### **Strategic Growth Initiatives (2024–2025)** #### **1. Defense: A Pillar of Strategic Expansion** - **Kalyani Strategic Systems Limited (KSSL)**, a wholly owned subsidiary, serves as the dedicated arm for all defense initiatives, enabling specialized management and value creation. - Key defense platforms developed in-house include: - **Advanced Towed Artillery Gun System (ATAGS)**: A landmark indigenous project; secured a ₹4,000 crore order for 184 ATAGS platforms in July 2025. - **MArG 45**: Mobile Artillery Gun with 36+ km range, rapid deployment (≤2 minutes), and NATO compatibility. - **RC 0912 Rolling Chassis**: A modular, mission-adaptable military platform showcased at IDEX Abu Dhabi. - **Kalyani M4 & Maverick Protected Vehicles**: Deployed for high-altitude operations and UN missions. - Strategic partnerships: - Joint development of **105mm and 155mm artillery systems** with **AM General (USA)** and **Mandus Group**, leveraging soft-recoil technology. - Collaboration with **Paramount Group (UAE)** to produce armored vehicles in India for global export. - The company acquired **25% stake in EdgeLab SpA (Italy)**, an innovator in **Autonomous Underwater Vehicles (AUVs)**. - In September 2025, **Agneyastra (a defense subsidiary)** acquired **949.65 acres in Madakasira, Andhra Pradesh**, to build a **fully integrated defense energetics complex** for explosives, ammunitions, propellants, and future missile/space systems. - A new **400,000 sq. ft. defense manufacturing facility in Jejuri, Maharashtra** is set to become operational in H1 FY2026, enhancing artillery and armored vehicle output. - Defense revenue reached **₹1,800 crore in FY24–25**, with a **projected 15–20% YoY growth in FY26**, supported by an executable order book exceeding **₹9,500 crore**. --- #### **2. Aerospace: Global Leadership in Precision Manufacturing** - Bharat Forge is the **first and only Indian company to manufacture machined blades for Rolls-Royce’s Pearl engine family**, including components for the **Pearl 700 programme**. - Key aerospace capabilities: - Aero-frames, landing gear, and rotating engine components (from superalloys like Inconel). - Landing gear machining and high-precision ring forgings. - Indigenous development of **three concentric afterburner rings and cold flaps** for a military fighter engine. - New aerospace facility (under development, scheduled 2027) will: - Double current aerospace capacity. - Handle larger, complex projects with full digital lifecycle management. - The aerospace division operates on an **Industry 4.0-ready digital platform** (IoT-integrated, AS9100D-certified), ensuring zero-defect delivery. - A **state-of-the-art SMT (Surface Mount Technology) line** was launched under **Kalyani Powertrain Limited (KPTL)** to manufacture electronic components for aerospace and telecom. - Aerospace revenue is projected to grow **over 20% YoY**, with expectations of **triple-digit quarterly revenue in FY2026**. - Contracts with **Pratt & Whitney Canada** and **Rolls-Royce** underscore growing global trust. --- #### **3. E-Mobility & Electronics: Building India’s EV Ecosystem** - Strategic pivot under **Kalyani Powertrain Limited (KPTL)**, a 100% owned subsidiary. - Key initiatives: - **Re-powering Program**: Retrofitting diesel trucks and buses (>7 years) with electric powertrains, targeting State Transport Undertakings. - **DC-DC Converters & Motor Controllers**: First global orders secured in FY25. - **EV Servers & Computing**: Entry into domestic data server manufacturing, targeting AI, Make-in-India, and domestic security needs. - Strategic investments and partnerships: - 50:50 joint venture **REFU Drive GmbH** (with Prettl, Germany) for power electronics. - Investment in **Tevva Motors (UK)** and **Tork Motors (India)** for e-motorcycles and electric trucks. - **ElectroForge JV** with **Harbinger Motors** for electric drivetrains (Class 3–8 vehicles). - KPTL micro-factories operational in **Chakan, Pune**, for e-bikes and re-powering. - Recognized under **India’s PLI Scheme for Automotive Advanced Technology Components**. - The e-mobility segment is on track to achieve **profitability by the end of H2 FY26**. --- #### **4. Strategic Partnerships in Unmanned Systems** - Partnership with **Windracers (UK)** to co-develop and deploy the **ULTRA UAV** platform in India. - Dual-use (civil and military) UAV with 150 kg payload, 1,000 km range, and 6–7 hours endurance. - Capable of operations in Himalayas, Northeast, and oceanic regions. - Designed for **geological survey, logistics, medical delivery, and defense reconnaissance**. - Supported by **UK-India Free Trade Agreement**, the initiative enhances India’s sovereign UAV capabilities. - ULTRA integrates **proprietary autopilot, mission control systems, and AI-driven navigation**. - Aligns with the Indian MoD’s 15-year roadmap for **unmanned logistics and dual-use platforms**. --- #### **5. Manufacturing & Global Footprint** - **Global Capacity (As of July 2025)**: - **Steel Forging**: 716,500 MTPA (India: 180,400, Europe: 370,400, US: 35,100) - **Aluminum Forging**: 38,000 MTPA (India: 10,600, Europe: 27,400) - **Aluminum Casting**: 2,400 MTPA (Europe) - **Iron Casting**: 130,000 MTPA via **JSA (JS Auto Cast)** - **India Facilities**: 11 plants across Pune, Baramati, Satara, Chakan, Vadodara, Lonikand, Coimbatore, Erode, and Nellore. - Notable acquisitions: - **JS Auto Cast (JSA)**: Entry into ferrous castings; now contributes **₹697 crore in revenue (FY25)** with **14.9% EBITDA margin**. - **AAM India CV Assets**: Strengthened driveline capabilities, adds **₹1,000 crore to annual consolidated revenue** starting Q2 FY26. - **BF Industrial & Technology Solutions (ex-Sanghvi Forgings)**: Expanded industrial footprint. - **R&D Infrastructure**: - **Kalyani Centre for Technology and Innovation (KCTI)** - **Kalyani Centre for Manufacturing Innovation (KCMI)** - **Kalyani Mobility**: Focus on lightweighting and e-mobility. - **Artificial Intelligence & Tech Center**: For AI, robotics, and smart manufacturing. - **R&D Centers in USA and Germany** to serve global customers. --- ### **Strategic Vision: “Make in India, Sell to the World”** Bharat Forge is actively repositioning **India as its central hub** for engineering, leadership, and capital allocation. Key focus areas: - **Capital Allocation**: Prioritizing high-return verticals—defense, aerospace, advanced castings, and electronics. - **Divestment Review**: Assessing European steel forging assets for potential monetization. - **Technology Integration**: Full-scale adoption of **AI, generative AI, AR/VR, IoT, and Industry 4.0** across operations. - **Talent Development**: Aggressive reskilling and upskilling programs to build future-ready workforce.