Bharat Forge

What Bharat Forge does

Bharat Forge Limited is a publicly listed Indian metal-forming and engineering company founded in 1960 as part of the Kalyani Group conglomerate, headquartered in Pune. It manufactures critical and safety-critical forged, cast, and machined components across seven end-markets — automotive (commercial vehicles, passenger vehicles, two-wheelers), aerospace, defense, oil & gas, power, rail, marine, and construction & mining — using proprietary vertically integrated capabilities it labels the "4M's" (Metallurgy, Metal Forming, Manufacturing, Machining). The company operates 10 manufacturing locations globally (India, USA, Germany, UK, Sweden, France, Australia) and serves marquee enterprise and government customers including North American Class 8 truck OEMs, Embraer, the Indian Ministry of Defence, the Indian Navy, and the US Army.

The core technology stack combines 50+ years of metallurgical know-how housed in dedicated R&D centers (KCTI and KCMI) with end-to-end supply capability from concept and engineering through forging, machining, casting, testing, and validation. Recent product launches have extended the portfolio beyond forgings into complete defense platforms: the MArG 39/45/52 family of 155mm truck-mounted howitzers, the Simha 4x4 light armored vehicle (with Paramount), and 1.25 MW marine gas turbine generators for the Indian Navy, plus a Rs 109.61 billion defense order backlog over four years. The company also supplies aerospace-grade landing gear forgings to Embraer and is positioned in the AMCA fifth-generation fighter and DRDO Vikram VT-21 FICV consortia.

Bharat Forge operates an enterprise B2B model with quote-based pricing, multi-year supply agreements, and direct OEM sales targeting global automotive, aerospace, and defense primes; defense is additionally supplied through direct government procurement. Revenue is generated through hardware sales across four streams: automotive components, defense and aerospace, industrial/non-automotive, and castings (via JS Auto Cast). Q4FY26 consolidated revenue reached Rs 4,528 crore (up 17% YoY), with company-stated targets of Rs 250 billion in FY27 and Rs 350 billion in FY28, supported by acquisitions (AAM India, RS Aerostructures, JS Autocast, Sanghvi Forging), partnerships (Embraer, AM General, Paramount, BEML, Data Patterns, DRDO), and expansion into semiconductor capital equipment, e-mobility (Kalyani Motive, Tork Motors, Lycan Electric), and renewable-energy-aligned foundry operations.

Name

Bharat Forge

Legal name

Bharat Forge Limited

Website

http://www.bharatforge.com/

Company type

Public

Founded year

1961

Operating status

Operating

Headcount range

5,001–10,000 employees

Short description

Bharat Forge is a Pune-headquartered, publicly listed metal-forming company manufacturing critical forged, cast, and machined components for global automotive OEMs, aerospace primes, and defense customers across 10 manufacturing locations, with growing platforms in artillery, marine propulsion, and armored vehicles.

Ownership category

akta.pro rank

Product category

Forged Metal Components Manufacturing

NAICS

Forging and Stamping (3321), Aerospace Product and Parts Manufacturing (33641), Military Armored Vehicle, Tank, and Tank Component Manufacturing (336992)

SIC

Ordnance & Accessories, (No Vehicles/Guided Missiles) (3480), Guided Missiles & Space Vehicles & Parts (3760), Miscellaneous Fabricated Metal Products (3490)

akta.pro primary industry

Ordnance Components & Subassemblies (Casings, Liners, Guidance Sections) (IMABAHAL)

akta.pro secondary industries

Military Aircraft Structures, Airframes & Composites (IMABAMAH), Ammunition Manufacturing (Small-, Medium- & Large-Caliber) (IMABAHAG)

Keywords

• Forged metal components
• Automotive components manufacturing
• Aerospace landing gear forgings
• Defense artillery systems
• Industrial machinery parts

Headquarters

HQ city

Pune

HQ country

India

HQ region

Asia

Offices12 records

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Supply Chain, Operations, Personnel, Technology or R&D, Infrastructure, Marketing or Sales

Revenue model

1. Automotive Components: Sale of forged and machined components for commercial vehicles, passenger vehicles, and industrial applications. Revenue driven by OEM volumes and long-term supply agreements with global truck and automotive manufacturers.
2. Defense and Aerospace: Supply of defense equipment, artillery systems, and aerospace components to Indian defense forces and global aerospace manufacturers. Includes marine gas turbine generators, artillery platforms, and landing gear forgings.
3. Industrial and Non-Automotive: Components for oil & gas, power, construction, mining, marine, and railway sectors. Diversified revenue stream across multiple industrial verticals.
4. Castings: Through JS Auto Cast subsidiary, supplies machined ductile iron castings for industrial and automotive applications.

Pricing tiers

Go-to-market motion3 records

Distribution channels3 records

Marketing channels5 records

Core offering

Bharat Forge manufactures critical forged and machined components for global automotive, aerospace, defense, power, oil & gas, rail, marine, and construction & mining sectors. The company operates through 10 global manufacturing locations, providing end-to-end solutions from concept to product design, engineering, manufacturing, testing, and validation. Through subsidiaries including Kalyani Strategic Systems (KSSL), it produces defense systems such as the MArG 155mm artillery family, Simha 4x4 armored vehicles, and marine gas turbine generators, serving OEMs, defense forces, and industrial customers worldwide.

Product overview

Bharat Forge is a diversified critical component manufacturer offering a broad portfolio of forged, cast, and machined parts across multiple sectors including Automotive, Aerospace, Defence, Power, Oil & Gas, Rail, Marine, and Construction & Mining. The company operates through multiple business divisions and subsidiaries: its core forging business provides components for automotive and industrial applications; Kalyani Strategic Systems (KSSL) handles defence products including the MArG artillery family (MArG 39, MArG 45, MArG 52), Simha 4x4 armoured vehicles, and marine gas turbine generators; the E-Mobility division (Kalyani Motive) focuses on electric vehicle components; and JS Auto Cast supplies ductile iron castings. The company leverages metallurgical expertise, manufacturing capabilities (forging, machining, casting), and R&D to serve global OEM customers across these sectors.

Differentiator

Problem solved

Functional benefit

Brands

• Kalyani Strategic Systems (KSSL): Defence subsidiary of Bharat Forge focused on advanced defence and aerospace manufacturing, artillery systems, and strategic partnerships for global defence exports.
• Kalyani Centre for Technology & Innovation (KCTI)
• Kalyani Center for Manufacturing Innovation (KCMI)
• BF Industrial Solutions
• Kalyani Powertrain

Products and services

• Automotive Components Forged and machined critical safety components for commercial and passenger vehicles including powertrain, chassis, and structural applications, supplied to global automotive OEMs.
• Aerospace Components Aerospace-grade forged components including landing gear forgings, aero engine components, and structural parts for commercial and defence aircraft programmes.
• Defence Systems (Kalyani Strategic Systems) Through KSSL subsidiary, Bharat Forge develops and manufactures defence products including artillery systems, armoured vehicles, gas turbine generators, and missile systems for Indian and global defence markets.
• MArG 39 Artillery System 155mm/39-calibre truck-mounted self-propelled howitzer designed for rapid deployment with 1.5-minute deployment time and capability to navigate 25-degree gradients, built on common 4x4 wheeled platform with Soft Recoil Technology.
• MArG 45 Artillery System 155mm/45-calibre variant of the MArG series truck-mounted artillery gun built on common 4x4 wheeled platform with Soft Recoil Technology for rapid shoot-and-scoot operations.
• MArG 52 Artillery System 155mm/52-calibre variant of the MArG series truck-mounted artillery gun featuring extended range capabilities, built on common 4x4 wheeled platform.
• Simha 4x4 Light Armoured Multi-Purpose Vehicle Next-generation light armoured multi-purpose vehicle developed in partnership with Paramount, featuring modular architecture for reconnaissance, internal security, border protection, and troop transport applications.
• Marine Gas Turbine Generators 1.25 MW Marine Gas Turbine Generators for onboard power generation on Kolkata-class naval ships, marking Bharat Forge's entry into the marine gas turbine business.
• Power Components Critical forged and machined components for power generation equipment across renewable and non-renewable energy sources.
• Oil & Gas Components Forged and machined components for oil and gas exploration, production, and processing equipment designed for extreme environments.
• Rail Components Critical forged and machined components for locomotives and railway infrastructure applications meeting stringent safety standards.
• Marine Components Forged and machined components for marine vessels and naval applications including propulsion system components.
• Construction & Mining Components Heavy-duty forged and machined wear-resistant, high-strength components for construction equipment and mining machinery.
• E-Mobility (Kalyani Motive) Electric mobility solutions including EV components and electric powertrains for commercial vehicles, offered through Kalyani Powertrain subsidiary.
• JS Auto Cast Machined ductile iron castings for industrial and automotive applications, supplied through acquired JS Auto Cast subsidiary.

Quantifiable outcome

• Manufacturing footprint across 10 global locations with 30+ years exporting experience
• +2 more outcomes

Named customers6 records

Segments6 records

Ideal customer profiles6 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature5 records

Partnerships

Twelve partnerships are on record, tiered core, emerging and supporting.

• AM General (US)coreStrategic or Co-development Partner · 19 June 2026Kalyani Strategic Systems (KSSL), Bharat Forge's defense subsidiary, signed strategic partnership with US-based AM General at Eurosatory defense exposition in Paris to develop and produce next-generation mounted artillery gun platforms. Collaboration includes participation in US Army's Mobile Tactical Cannon (MTC) programme with delivery planned for 2027, featuring 52-calibre 155mm cannon with Soft Recoil Technology.
• Paramount (South Africa)coreStrategic or Co-development Partner · 16 June 2026Kalyani Strategic Systems (KSSL), defense subsidiary of Bharat Forge, and global aerospace and defense company Paramount unveiled Simha 4x4 Light Armoured Multi-Purpose Vehicle at Eurosatory 2026 in Paris. The vehicle combines NATO-qualified aggregates with modular architecture for rapid localisation in partner nations.
• Global Semiconductor CompaniesemergingTechnology or Integration · 11 June 2026Bharat Forge partnered with three of the world's five largest semiconductor companies to secure major orders and develop parts for lithography machines, aligning with India's India Semiconductor Mission.
• BEML (Bharat Earth Movers Limited)coreStrategic or Co-development Partner · 27 May 2026Bharat Forge consortium with BEML and Data Patterns was shortlisted by Ministry of Defence for AMCA fifth-generation stealth fighter prototype development. The consortium is competing for Rs 15,000 crore prototype phase budget to develop five flying prototypes and one structural test aircraft.
• Data PatternssupportingTechnology or Integration · 27 May 2026Part of Bharat Forge consortium for AMCA fighter jet programme, providing electronic systems and integration capabilities alongside BEML.
• Tata Advanced SystemssupportingOthers · 25 May 2026Competing alongside Bharat Forge in Future Infantry Combat Vehicle (FICV) programme worth Rs 60,000 crore. Both companies are developing next-generation armored platforms for Indian Army.
• Andhra Pradesh GovernmentcoreStrategic or Co-development Partner · 22 May 2026Bharat Forge signed MoU with Government of Andhra Pradesh to establish India's first private-sector Marine Gas Turbine repair, overhaul and indigenous development complex at Visakhapatnam. The facility spanning 80 acres in Andhra Pradesh Defence Manufacturing Corridor will provide critical propulsion sustainment capabilities with 72-hour turnaround capability.
• DRDO (Defence Research and Development Organisation)coreStrategic or Co-development Partner · 20 May 2026Bharat Forge partnered with DRDO for Vikram VT-21 Advanced Armored Platform development under Future Infantry Combat Vehicle (FICV) programme. The platform features indigenous unmanned 30mm turret, AI-driven targeting systems, and STANAG Level 4/5 protection.
• Naval Dockyard (Indian Navy)coreOthers · 19 May 2026Bharat Forge's marine gas turbine facility in Visakhapatnam is co-located with Naval Dockyard INS Eksila and Eastern Naval Command headquarters to provide propulsion maintenance capabilities for Indian Navy.
• Agneyastra EnergeticscoreOthers · 15 May 2026Wholly-owned subsidiary of Kalyani Strategic Systems (defense business of Bharat Forge) that broke ground on Rs 1,500 crore strategic defense manufacturing facility near Madakasira in Sri Sathya Sai District, Andhra Pradesh, spanning over 1,000 acres for advanced energetics and ammunition systems.
• Andhra Pradesh GovernmentcoreStrategic or Co-development Partner · 15 May 2026Groundbreaking ceremony for Rs 1,500 crore Agneyastra Energetics facility in Andhra Pradesh with support from state government for defense manufacturing corridor development.
• EmbraercoreStrategic or Co-development Partner · 11 May 2026Bharat Forge signed long-term contract with Embraer to manufacture and supply critical landing gear forgings for commercial and defense aircraft programmes. This makes Bharat Forge the first Indian supplier to join Embraer's global aerospace supply chain for forged components, supporting Embraer's supply chain diversification strategy.

Scale indicators12 records

Recent moves6 records

Expansion highlights6 records

Direct peers

• Mahindra CIE Automotive: Indian-listed forging and auto-components manufacturer within the Mahindra group and partly owned by Spain's CIE Automotive. Highly comparable to Bharat Forge in metal forming, machined components for automotive OEMs, and Indian manufacturing scale.
• Endurance Technologies: Indian auto-component manufacturer specializing in aluminum die-castings, suspensions, and driveline components for two-wheelers and passenger vehicles. Directly comparable to Bharat Forge's automotive components business and listed Indian mid-cap peer.
• Sundaram Fasteners: Indian manufacturer of high-tensile fasteners, powder metallurgy parts, and automotive components, part of the TVS Group. Closely comparable to Bharat Forge's machined/fastener product lines and Indian OEM customer base.
• Motherson Sumi Systems (Samvardhana Motherson): India's largest auto-components manufacturer supplying wiring harnesses, modules, and polymer products to global OEMs. Comparable in scale, global manufacturing footprint, and B2B OEM-centric business model.
• Tata Advanced Systems: Defence and aerospace arm of the Tata Group, competing head-to-head with Bharat Forge in Indian defence platforms including the FICV programme. Closely comparable in Indian defence manufacturing, indigenous platform development, and Tier-1 supplier relationships.

Broad incumbents

• American Axle & Manufacturing: US-headquartered Tier-1 driveline and forged components supplier to global OEMs; Bharat Forge acquired AAM's India business in 2024. Comparable in automotive forging technology and OEM supply chain integration, and a global incumbent rather than niche player.
• Larsen & Toubro (Defence & Aerospace): Indian engineering and construction conglomerate with a significant defence and aerospace business spanning naval platforms, missiles, and aerospace components. Comparable to Bharat Forge's defense vertical in indigenous defence manufacturing, though L&T is a much broader conglomerate.
• Hindustan Aeronautics (HAL): India's state-owned aerospace and defence prime manufacturer of military aircraft, helicopters, and aero-engines. Comparable to Bharat Forge's aerospace landing gear forgings business and participation in AMCA and other indigenous aircraft programmes.

Regional players

• Texmaco Rail & Engineering: Indian manufacturer of railway freight cars, wagon components, and bridges. Comparable to Bharat Forge's rail and heavy industrial components segment in Indian rail infrastructure and infrastructure-grade forgings.

Others

• Kalyani Steels: Listed entity within the same Kalyani Group producing specialty steel used as raw material for forging. Closely linked to Bharat Forge through group ownership and upstream supply chain, providing insight into parent-group economics and raw-material dynamics.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

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Compliance4 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles7 records

Subsidiaries30 records

Funding overview

Funding rounds2 records

Investors8 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A4 records

Investments6 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Bharat Forge