Kalyani Powertrain Ltd

What Kalyani Powertrain Ltd does

Kalyani Powertrain Ltd (KPTL) is a Pune-based, wholly-owned subsidiary of Bharat Forge Ltd, spun off in April 2021 to consolidate e-mobility activities for commercial vehicles. The company designs and manufactures electric powertrain solutions spanning 48V, 350V, and 650V platforms for 2W, 3W, 4W, buses, and trucks (7.5T to 14T ILCV segment). Its core offerings include individual power electronics components (4.0/5.6 kW DC-DC converters, 2x17 kVA dual auxiliary inverters, traction motor controllers with >97% efficiency, vehicle control units, and on-board chargers), complete electric powertrain kits for retrofitting diesel commercial vehicles into electric drive, a patented nano-enriched lead acid battery technology, and contract electronics manufacturing (SMT, sub-assembly, conformal coating, box-building) across automotive, aerospace, defence, railway, and agriculture sectors. It also operates a data center server line (Bharat1, RD285, RD280, KS-AS-RD885G-Mi325X AI server) and AI infrastructure deployment services.

KPTL makes money primarily through B2B hardware sales: complete powertrain kits sold to fleet operators, state transport corporations (notably APSRTC), and industrial customers (PepsiCo India, Dalmia Cement via Flytta Green); individual power electronics components sold to OEMs and EV integrators; nano-enriched lead acid batteries sold across automotive, traction, and stationary segments; data center servers sold to enterprise IT/AI customers; and contract electronics manufacturing services. Commercial transactions are quote-based and negotiated directly with enterprise buyers; no public pricing exists. The company reaches global markets through joint ventures — ElectroForge Ltd. (70% with Harbinger Motors, USA) for North American Class 3-8 drivetrains, historically REFU Drive GmbH (50:50 with REFU Elektronik, Germany, divesting July 2026) for power electronics — and the 60.66%-owned Tork Motors subsidiary for the Indian electric two-wheeler market.

Strategically, KPTL operates as Bharat Forge's EV vehicle within a USD 3 billion industrial conglomerate, with headquarters and R&D co-located at Bharat Forge's Mundhwa/Keshavnagar Pune campus and manufacturing at Chakan, Kurali, and additional Pune facilities. Its go-to-market combines direct enterprise field sales (dedicated re-powering sales team), JV/OEM-embedded channels (ElectroForge, REFU Drive), and select strategic/co-development partnerships with anchor customers. The company has received ₹105 crore in capital from Bharat Forge in August 2024 and is executing a ₹500 crore FY25 capex plan targeting EV as a major vertical by 2030, even as the parent recorded a ₹450 crore impairment on the EV business in Q4 FY26 reflecting the gap between investment cadence and current revenue scale.

Name

Kalyani Powertrain Ltd

Legal name

Kalyani Powertrain Limited

Website

https://kalyanimotive.com

Company type

Private

Founded year

2021

Operating status

Operating

Headcount range

501–1,000 employees

Short description

Kalyani Powertrain Ltd is a Bharat Forge subsidiary that designs and manufactures electric powertrain kits, power electronics components, and EV retro-powertrains for Indian and global commercial vehicle fleets, OEMs, and state transport corporations, with adjacent data center server operations.

Ownership category

akta.pro rank

Product category

Commercial Vehicle Electrification

NAICS

Motor Vehicle Transmission and Power Train Parts Manufacturing (33635), Motor and Generator Manufacturing (335312), Engine, Turbine, and Power Transmission Equipment Manufacturing (33361), Speed Changer, Industrial High-Speed Drive, and Gear Manufacturing (333612)

SIC

Motors & Generators (3621), Electronic & Other Electrical Equipment (No Computer Equip) (3600)

akta.pro primary industry

Power Electronics Manufacturing (Inverters/DC-DC/Onboard Chargers) (IMACACAD)

akta.pro secondary industries

Truck & Commercial Vehicle Powertrain Manufacturing (Diesel/CNG/Hydrogen/Hybrid) (IMACABAJ), Hybrid Powertrain Integration Manufacturing (ICE-HEV/PHEV modules) (IMACAHAJ)

Keywords

• Electric powertrain systems
• Commercial vehicle electrification
• Power electronics components
• Vehicle re-powering kits
• Advanced lead acid batteries

Headquarters

HQ city

Pune

HQ country

India

HQ region

Asia

Offices9 records

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

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

Revenue model

1. Electric Powertrain Systems and Kits: Sale of complete electric powertrain kits for retrofitting diesel commercial vehicles (trucks and buses) into electric vehicles, and sale of new OEM electric powertrain systems. Revenue generated from direct B2B sales to fleet operators, transport corporations, and industrial companies.
2. Power Electronics Components: Sale of individual power electronics components including DC-DC converters, motor controllers, vehicle control units, auxiliary inverters, and on-board chargers. Sold as individual sub-systems or integrated into complete powertrain solutions.
3. Data Center Servers and Engineering Services: Sale of general purpose servers (RD285, RD280 series) and AI/HPC servers (KS-AS-RD885G-Mi325X), along with AI infrastructure deployment and specialty engineering services including server deployment, virtualization platform setup, and 24/7 technical support.
4. Advanced Lead Acid Batteries: Sale of nano-enriched lead acid batteries for automotive traction, auxiliary, utility vehicle, and stationary applications.
5. Contract Manufacturing for Electronics: SMT, sub-assembly, conformal coating, and box-building services for automotive, aerospace, defence, industrial, railway, and agriculture electronics sectors.

Go-to-market motion2 records

Distribution channels5 records

Marketing channels4 records

Core offering

Kalyani Powertrain Ltd. manufactures and sells electric powertrain solutions for commercial vehicle electrification, spanning power electronics components (DC-DC converters, traction motor controllers, vehicle control units, dual auxiliary inverters), complete electric powertrain kits for ICE-to-EV re-powering on 48V/350V/650V platforms, patented nano-enriched lead acid batteries, and contract manufacturing services for electronics. The company also operates a data center server division offering general purpose and AI/HPC servers.

Product overview

Kalyani Powertrain Ltd offers a comprehensive portfolio of electric vehicle electrification solutions and data center products. The EV portfolio includes individual components (DC-DC converters, traction controllers, motor controllers, VCUs, auxiliary inverters, on-board chargers), sub-systems combining motor+controller+gearbox units, and complete electric powertrain kits for retrofitting commercial vehicles across 48V, 350V, and 650V platforms serving 2W, 3W, 4W, bus and truck segments. The company also provides nano-enriched lead acid batteries and contract manufacturing for electronics. Separately, Kalyani Powertrain operates a data center division offering general purpose servers (RD285, RD280), AI/HPC servers (KS-AS-RD885G with AMD Instinct MI325X), and specialized dense platforms, complemented by engineering and deployment services. The product ecosystem is enabled through technology partnerships with REFU Drive GmbH (power electronics) and Harbinger Motors Inc. (drivetrains), and includes subsidiaries Tork Motors (electric 2-wheelers) and ElectroForge Ltd. (commercial vehicle drivetrains).

Differentiator

Problem solved

Functional benefit

Products and services

• Electric Powertrain Kits (Re-Powering) Complete electric powertrain kits designed to convert existing diesel-powered commercial vehicles (7.5T to 14T ILCV, buses) into fully electric vehicles. Kits are configured based on duty cycle requirements and platform study with sub-system modularity enabling fast installation. Suitable for e-commerce, FMCG, retail, and cement logistics with TCO benefits for hub-and-spoke models and FAME incentive eligibility.
• DC-DC Converters (4.0 kW and 5.6 kW) Power electronics converters that change DC power from an on-board 200-800V high voltage battery into lower DC voltages (48V, 24V, 12V) to power headlights, interior lights, wipers, window motors, fans, pumps and other EV and HEV auxiliary systems. The 4.0 kW unit weighs 7.75 kg; the 5.6 kW unit delivers up to 6.0 kW peak and weighs 7.90 kg. Efficiency above 92%.
• Traction Motor Controller Motor controller designed to convert DC current from the traction battery into 3-phase alternating current and control traction motor performance based on requirements for speed, torque, power, regeneration, and safe driving. Features Field Oriented Control (FOC) algorithm, Eco/Sport drive modes, peak power up to 9 kW, efficiency greater than 97%, and 48V DC operation.
• Vehicle Control Unit (VCU) Core system running software that controls vehicle functions including charging, energy storage, powertrain, and energy flow management. Interfaces with BMS, OBC/Charger, TM Controller, Display, Diagnostic Port, ABS, and ESC systems to enable integrated vehicle control for EVs and HEVs.
• 2x 17 kVA Dual Auxiliary Inverter Dual auxiliary inverter in the 2x17 kVA power class that enables running of auxiliary AC systems while simultaneously generating 24V DC on-board voltage. Features highest IP rating IP6K9K and plug-type connectors, saving space and minimizing cabling effort in commercial vehicle applications.
• Nano-enriched Lead Acid Battery Patented lead acid battery technology using a nano-additive that increases surface area to enhance charge and discharge performance. Increases HRPSOC by more than 80 percent, reserve capacity by 10-12 percent, cold cranking duration at -18°C by 8-10 percent, and reduces water loss per cycle by 20-22 percent. Applications in automotive traction, auxiliary, utility vehicles, and stationary segments.
• Contract Manufacturing Services for Electronics Electronics manufacturing services including Surface Mount Technology (SMT), sub-assembly, conformal coating, and final box-building for printed circuit boards and electronic assemblies. Serves automotive, aerospace, defence, industrial, railway, and agriculture electronics sectors with high-quality, traceable manufacturing and safety compliance.
• General Purpose Servers (RD285, RD280) General purpose server products including RD285 (Gen1 and Gen2) and RD280 (Gen2) platforms featuring AMD EPYC and Intel Xeon processors for enterprise computing workloads.
• AI/HPC Server (KS-AS-RD885G-Mi325X) 8U AI/HPC Rackmount Server based on AMD EPYC 9575F processor and AMD Instinct MI325X GPU platform, designed for AI training/inference and high-performance computing workloads.
• Bharat1 Server Server platform featuring dual AMD EPYC 9005 Series processors with dual DW-GPU support and high TDP capacity up to 500W, designed for demanding AI and compute workloads.
• Specialized Dense Platforms (DP285, DP185, DP180) High-density server platforms (DP285, DP185, DP180) for specialized computing needs, featuring AMD EPYC and Intel Xeon processors.
• Data Center Support and Engineering Services Comprehensive support and engineering services for data center customers including 24/7 technical support, warranty claims, reporting, AI infrastructure deployment, server deployment, virtualization platform setup, and specialty engineering services from Level 2 to Level 10.

Quantifiable outcome

• Total distance travelled: 420K+ km by deployed electric vehicles
• +9 more outcomes

Named customers4 records

Segments7 records

Ideal customer profiles5 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature9 records

Partnerships

Eight partnerships are on record, tiered core and minor.

• Andhra Pradesh State Road Transport Corporation (APSRTC)coreStrategic or Co-development Partner · 15 May 2026Partnership with APSRTC to retrofit a diesel-powered bus into a fully electric Super Luxury AC coach with 230+ km range and 240 kW fast-charging (20% to full in ~2 hours). Operational trials to begin on APSRTC routes as part of Kalyani Powertrain's commercial vehicle electrification strategy.
• PepsiCo IndiacoreStrategic or Co-development Partner · 18 March 2026Partnership with PepsiCo India for EV Green Corridor on the Kosi-Pataudi route, deploying 8 electric container trucks covering ~4.8 lakh electric km annually. PepsiCo expanding EV corridor targeting 30% of plant-to-warehouse shuttles to go green by year-end. Also includes conversion of 400+ distributor vehicles to electric.
• Flytta GreencoreStrategic or Co-development Partner · 1 October 2025Collaboration with Flytta Green to deploy India's first 13-ton payload capacity electric truck for cement freight on the Yadwad-Goa corridor. Flytta Green operates as a fully integrated medium and heavy-duty EV trucking platform across 120+ cities, powered by Kalyani Powertrain's electric powertrain technology.
• Dalmia CementminorStrategic or Co-development Partner · 1 October 2025Dalmia Cement collaborating with Flytta Green and Kalyani Powertrain for commercial cement freight operations using electric trucks on the Yadwad-Goa corridor.
• RevfinminorStrategic or Co-development Partner · 9 February 2024Revfin partnered with Bluwheelz and Kalyani Powertrain to introduce retrofitted e-trucks, announced June 2024.
• BluwheelzminorStrategic or Co-development Partner · 9 February 2024Bluwheelz partnered with Revfin and Kalyani Powertrain to introduce retrofitted e-trucks, announced June 2024.
• REFU Elektronik GmbHcoreTechnology or Integration50:50 joint venture (REFU Drive GmbH) between Kalyani Powertrain and REFU Elektronik GmbH for development and global marketing of power electronics including drives, inverters, converters, and battery management systems for electric and hybrid vehicles. Kalyani Powertrain divesting its 50% stake via definitive agreement dated July 22, 2026 for EUR 12,500.
• Harbinger Motors Inc.coreStrategic or Co-development Partner70:30 joint venture (ElectroForge Ltd.) between Kalyani Powertrain and Harbinger Motors Inc. to develop and manufacture best-in-class EV drivetrains for medium-duty commercial vehicles (Class 3-8 truck markets). Kalyani Powertrain holds 70% as strategic investor.

Scale indicators12 records

Recent moves9 records

Expansion highlights7 records

Direct peers

• Greaves Cotton: Diversified powertrain and mobility company with growing EV exposure (Ampere electric 2W, electric 3W, last-mile mobility). Comparable to KPTL's multi-segment powertrain positioning across 2W/3W/LCV.
• Olectra Greentech: Indian electric bus manufacturer and one of the largest e-bus fleet operators in India. Directly competes with KPTL's commercial vehicle electrification offering in the bus segment through partnerships with BYD and others.
• Switch Mobility: Electric vehicle arm of Ashok Leyland focused on buses and light commercial vehicles in India, UK, and globally. Competes in the same commercial vehicle electrification space as KPTL, particularly for STUs and fleet operators.
• PMI Electro Mobility: Electric bus manufacturer focused on intra-city and intercity bus operations in India. Comparable to KPTL's bus electrification and state transport corporation (e.g., APSRTC) engagement model.

Broad incumbents

• Ashok Leyland: Second-largest Indian commercial vehicle OEM with growing EV portfolio via Switch Mobility. Competes with KPTL's commercial vehicle electrification, particularly in buses and LCV segments.
• Mahindra Electric: Mahindra's EV subsidiary (formerly Reva) producing electric 3W, 4W, and small commercial vehicles. KPTL's MD Pankaj Sonalkar previously developed the electric powertrain for Mahindra's XUV 400, illustrating direct technical overlap.
• Tata Motors: Largest Indian commercial vehicle manufacturer with aggressive EV strategy (Tata Electric, Ace EV, Starbus EV). Represents the dominant new-built OEM threat to KPTL's re-powering business and is a strategic partner/customer consideration.
• Eicher Motors (VE Commercial Vehicles): Owner of VECV joint venture with Volvo for trucks and buses, with growing EV and alternative fuel portfolio. Adjacent incumbent in commercial vehicle electrification relevant to KPTL's powertrain target market.

Emerging players

• Exide Industries: India's largest lead-acid battery manufacturer and lithium-ion entrant. Comparable to KPTL's nano-enriched lead acid battery technology and broader energy storage positioning.
• Lohia Auto / Kinetic Green: Indian electric 2W/3W manufacturers in the same micro-mobility commercial electrification space. Provide indirect competitive benchmarks for KPTL's smaller vehicle EV powertrain offerings.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

Revenue estimate

Valuation estimate

Number of profiles

Profiles2 records

Subsidiaries4 records

Funding overview

Funding rounds

Investors

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

M&A1 record

Investments

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

Frequently asked questions about Kalyani Powertrain Ltd