Kalyani Forge

What Kalyani Forge does

Kalyani Forge Limited is an India-based, publicly listed precision forging company (BSE/NSE ticker KALYANIFORGE), founded in 1979 by Dr. Neelkanth Kalyani as part of the Kalyani Group and headquartered in Pune. The company manufactures close-tolerance forged, fully machined, and sub-assembled components for global automotive OEMs and Tier-1 suppliers, organized across three core product lines — engine components (connecting rods, crankshafts, camshafts), driveline components (propeller shafts, half shafts, tulips), and axle components (wheel hubs, spindles, steering knuckles) — with an industrial business spanning power, marine, railways, construction, and agro. Operationally, the company runs vertically integrated manufacturing: hot, warm, and cold forging on presses up to 2500T, in-house die manufacturing, precision machining, heat treatment, testing and inspection, and design/prototyping/value engineering. Named customers include Daimler, Volvo Trucks, Hyundai, Maruti Suzuki, Tata, Eicher, JCB, and Mitsubishi. The company claims several India-first innovations, including the country's first Fracture Split Conrod (1990), first warm forging operations (1990), and first Euro-6/BS VI compliant conrod (2010).

The business model is straightforward B2B hardware sales: Kalyani Forge sells precision components under long-term supply agreements and purchase orders directly to OEMs and Tier-1 suppliers, with no disclosed pricing transparency and enterprise field sales as the dominant go-to-market motion. Revenue for FY26 (year ended March 2026) was Rs 234.64 crore (a marginal -0.85% YoY), with full-year net profit of Rs 9.32 crore (+12.15% YoY) and Q4 FY26 standalone net profit of Rs 5.88 crore (+163.7% YoY), indicating margin-driven rather than volume-driven growth.

The forward strategy hinges on three pillars: (i) entering EV platforms to extend the franchise beyond ICE engine components, (ii) executing an exports pipeline leveraging existing European and Japanese OEM relationships, and (iii) moving up the value chain through higher value-add processes and a Digital Shopfloor initiative under the group's Kalyani Studio tech vertical. The company is family-controlled through the Kalyani family (Rohini G. Kalyani as Executive Chairperson, Viraj G. Kalyani as Managing Director, Gaurishankar N. Kalyani as Non-Executive Director), with no disclosed private equity or venture backing. Near-term governance risk has emerged via a CFO transition — Jagdish Baheti was appointed in February 2026 and resigned effective April 30, 2026 — which warrants monitoring.

Name

Kalyani Forge

Legal name

Kalyani Forge Limited

Website

https://kalyaniforge.co.in

Company type

Public

Founded year

1979

Operating status

Operating

Headcount range

1,001–5,000 employees

Short description

Kalyani Forge Limited is a publicly listed Indian precision forging company founded in 1979, manufacturing close-tolerance engine, driveline, and axle components for global automotive OEMs and industrial customers, with marquee customers including Daimler, Volvo Trucks, Hyundai, Tata, Maruti Suzuki, JCB, and Mitsubishi.

Ownership category

akta.pro rank

Product category

Precision Forged Automotive Components

NAICS

Motor Vehicle Parts Manufacturing (3363), Other Motor Vehicle Parts Manufacturing (336390), Motor Vehicle Steering and Suspension Components (except Spring) Manufacturing (336330)

SIC

Motor Vehicle Parts & Accessories (3714)

akta.pro primary industry

Off-Highway Vehicle Cabs, Frames & Attachments Manufacturing (Cabs/Booms/Buckets/Implements) (IMACAFAL)

akta.pro secondary industry

Wheels, Tires, Brakes & Suspension Components Manufacturing (IMACAOAH)

Keywords

• Precision forging
• Automotive components
• Close tolerance forgings
• Machined subassemblies
• Metal forming services

Headquarters

HQ city

Pune

HQ country

India

HQ region

Asia

Offices2 records

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

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

Revenue model

1. Precision Forgings and Components: Kalyani Forge generates revenue through the manufacture and sale of high-precision forgings, machined components, and sub-assemblies to OEM and Tier-1 brands in automotive and industrial sectors. Revenue is generated through one-time product sales based on purchase orders and long-term supply agreements with major manufacturers.

Go-to-market motion1 record

Distribution channels2 records

Marketing channels5 records

Core offering

Kalyani Forge Limited manufactures high-precision forgings, fully machined components, and sub-assemblies for global automotive and industrial OEMs. Its core product offerings span three lines — Engine Components (connecting rods, crankshafts, camshafts), Driveline Components (propeller shafts, half shafts, tulips), and Axle Components (wheel hubs, spindles, steering knuckles) — supported by in-house manufacturing services including hot, warm, and cold forging, precision machining, heat treatment, die manufacturing, testing and inspection, and engineering design. The company serves marquee global OEMs such as Daimler, Volvo Trucks, Hyundai, Maruti Suzuki, Tata, Eicher, JCB, and Mitsubishi across passenger vehicles, commercial trucks, two-wheelers, and industrial segments.

Product overview

Kalyani Forge Ltd is a manufacturer of high-precision forgings, machined components, and sub-assemblies serving automotive and industrial sectors. The company's product portfolio comprises three core product lines—Engine Components (connecting rods, crankshafts, camshafts), Driveline Components (propeller shafts, half shafts, tulips), and Axle Components (wheel hubs, spindles, steering knuckles)—which are supported by integrated manufacturing services including Hot Forging, Warm and Cold Forging, Precision Machining and Finishing, Heat Treatment, Die Manufacturing, Testing and Inspection, and Engineering (Design, Prototyping, Value Engineering). The company operates across multiple business divisions covering Cars, Trucks, Industrial (Power, Marine, Railways, Construction, Agro) segments, serving global OEM and Tier-1 brands.

Differentiator

Problem solved

Functional benefit

Products and services

• Engine Components Precision-forged engine components including connecting rods, crankshafts, and camshafts for highway, off-highway, and stationary engine applications. Sold to global automotive and industrial OEMs as safety-critical components meeting close-tolerance specifications and Euro-6/BS VI emission requirements.
• Driveline Components Cold or warm forged fully-finished parts for propeller shafts and half shafts, including high-precision and safety-critical machined parts such as tulips. Sold to global automotive OEMs for drivetrain applications.
• Axle Components Wheel hubs and spindles capable of withstanding high impact and fatigue loads for chassis systems, including idler arms, control arms, and steering knuckles. Sold to global automotive and construction equipment OEMs.
• Hot Forging Services Hot forging manufacturing services with over three decades of experience, utilizing presses up to 2500T capacity. Offered as a contracted manufacturing service to OEMs that require hot forged components.
• Warm and Cold Forging Services Warm and cold forged component manufacturing, with Kalyani Forge being the first in India to offer warm forging capabilities. Provided as a contracted service for OEMs needing specialized forging applications.
• Precision Machining and Finishing In-house machining facilities supporting multiple product lines, providing fully machined components as a contracted manufacturing service.
• Heat Treatment Services Heat treatment services that guarantee exceptional material properties in forged components, supporting OEM customers' quality and durability requirements.
• Die Manufacturing In-house die and tool manufacturing capability supported by solid modelling, providing precision tooling for Kalyani Forge's own forging operations and as a contracted tooling service.
• Testing and Inspection Services State-of-the-art laboratory testing and inspection services to maintain high quality standards for forged components supplied to OEM customers.
• Engineering Services Design, prototyping, and value engineering services to support product development and optimization for OEM customers, enabling higher value-add processes and supporting EV and new program development.

Quantifiable outcome

• 163.68% year-on-year increase in standalone net profit for Q4 FY26
• +1 more outcomes

Named customers8 records

Segments1 record

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature6 records

Scale indicators7 records

Recent moves7 records

Expansion highlights5 records

Broad incumbents

• Magna International: Global tier-1 automotive supplier with broad powertrain, driveline, and metal-forming capabilities serving major OEMs. Comparable on the contract-manufacturing business model and on overlapping customers such as Daimler.
• American Axle & Manufacturing: Global tier-1 supplier of driveline, powertrain, and metal-forming components to automotive OEMs. Comparable in driveline and forged axle product lines serving the same global OEMs (including Daimler, Volvo) that Kalyani Forge supplies.
• CIE Automotive: Spanish-listed global supplier of automotive components through forging, machining, and assembly operations across multiple geographies. Comparable to Kalyani Forge on the integrated forging-to-machining model and global OEM exposure.
• Gestamp Automocion: Global tier-1 supplier of metal automotive components including chassis and body-in-white parts. Overlaps with Kalyani Forge in metal forming technology and OEM supply relationships for chassis and structural components.

Regional players

• Sanghvi Forging & Engineering: Indian manufacturer of closed-die forged components for automotive, oil & gas, and industrial applications. Comparable on Indian forging capabilities and customer base, though more focused on industrial than automotive OEMs.

Emerging players

• Sona Comstar: Indian automotive technology company supplying differential assemblies, driveline, and EV components to global OEMs. Comparable on the Indian auto-ancillary model serving global passenger vehicle and EV platforms, with adjacent product overlap in driveline.

Direct peers

• Hirschvogel Holding: German precision forging specialist serving automotive powertrain and driveline applications globally. Closely comparable to Kalyani Forge on close-tolerance forged steel components for engine and driveline systems.
• Bharat Forge: India's largest precision forging company, serving global automotive and industrial OEMs across powertrain, driveline, and chassis components. Directly comparable to Kalyani Forge on product lines, customer overlap (Tata, Daimler), and precision forging technology.
• Ramkrishna Forgings: Indian precision forging supplier of crankshafts, axles, and transmission components to commercial vehicle and passenger car OEMs. Directly comparable on forging technology, customer base, and product mix including axle and driveline parts.
• Endurance Technologies: Indian automotive component manufacturer with aluminium die-casting, suspension, and driveline offerings to two-wheeler and four-wheeler OEMs. Overlaps with Kalyani Forge on driveline and suspension components serving Indian passenger and commercial vehicle manufacturers.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights7 records

Customer concentration

• Facebookfacebook.com/kalyaniforge
• LinkedInlinkedin.com/company/kalyani-forge

Revenue estimate

Valuation estimate

Number of profiles

Profiles6 records

Funding overview

Funding rounds

Investors

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

M&A

Investments

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

Frequently asked questions about Kalyani Forge