Source: Bharat Forge Limited Integrated Annual Report 2025-26
Quick Facts / Company Snapshot
| Metric / Attribute | Disclosed Value / Detail |
|---|---|
| Company Name | Bharat Forge Limited |
| Corporate Identity Number (CIN) | L25209PN1961PLC012046 |
| Year of Incorporation | 1961 |
| Stock Exchange Listings & Tickers | National Stock Exchange of India (BHARATFORG) | BSE Limited (500493) |
| International Securities Identification (ISIN) | INE465A01025 (Equity Shares) | INE465A08038 (NCDs) |
| Chairman & Managing Director | Mr. B. N. Kalyani |
| Vice-Chairman & Joint Managing Director | Mr. Amit B. Kalyani |
| Chief Financial Officer | Mr. Kedar Dixit |
| Company Secretary & Compliance Officer | Ms. Tejaswini Chaudhari |
| Corporate & Registered Office | Mundhwa, Pune Cantonment, Pune – 411 036, Maharashtra, India |
| Consolidated Revenue from Operations | ₹168,116.53 million |
| Standalone Revenue from Operations | ₹83,956.78 million |
| Consolidated EBITDA & Margin | ₹29,108.37 million (17.31%) |
| Standalone EBITDA & Margin | ₹23,121.45 million (27.54%) |
| Consolidated Net Profit (PAT) | ₹10,893.98 million |
| Standalone Net Profit (PAT) | ₹8,187.41 million |
| Consolidated Total Assets | ₹222,599.55 million |
| Consolidated Total Equity | ₹95,568.24 million |
| Total Forging & Casting Global Capacity | 716,500 TPA |
| Manufacturing Footprint | 18 manufacturing plants across 5 countries |
Source: Bharat Forge Limited Integrated Annual Report 2025-26
Company Overview
Bharat Forge Limited is a global engineering and manufacturing powerhouse with six decades of industrial operations. The company delivers high-performance, safety-critical components and engineered assemblies across key sectors, including automotive, aerospace, defense, energy, rail, marine, oil and gas, construction, mining, and general industrial engineering. Headquartered in Pune, Maharashtra, the enterprise has evolved from a single-site forging facility into a multinational technology and manufacturing group.
The company operates an integrated value model encompassing concept design, metallurgy, advanced product engineering, manufacturing, precision machining, testing, and field validation. Through this framework, known as “Bharat Forge 2.0,” the enterprise continues to shift its primary identity from a component supplier to an advanced finished-product systems manufacturer. The enterprise is aligned with the national “Viksit Bharat” roadmap targeting industrial self-reliance by 2047.
- ₹168,116.53 million in consolidated operational revenue generated during FY2025-26, representing an 11.17% year-on-year growth.
- 716,500 tonnes per annum (TPA) aggregate global manufacturing capacity spanning steel forging, iron casting, and aluminum forming operations.
- ₹10,961 crore defense order backlog secured across domestic armed forces programs and allied export contracts.
- 238,355 tonnes of total finished product volume shipped from Indian manufacturing operations during the financial year.
The company maintains manufacturing, testing, and technology centres in India, North America, and Europe. In its domestic Indian operations, Bharat Forge operates 11 facilities across two states, serving commercial vehicle, passenger car, aerospace, defense, and power customers with full-service delivery capabilities.
Business Segments
Bharat Forge segments its consolidated commercial operations into three primary business units: Forgings, Defence, and Others. The business unit performance is monitored separately by the Chief Operating Decision Maker (CODM) to determine strategic resource deployment and operational review.
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| Segment Name | Consolidated Revenue (₹ Million) | % of Gross Segment Revenue | Segment Profit / EBIT (₹ Million) | Segment Assets (₹ Million) |
|---|---|---|---|---|
| Forgings | 139,285.82 | 78.01% | 19,560.91 | 147,642.44 |
| Defence | 17,571.72 | 9.84% | 814.97 | 18,896.14 |
| Others | 21,698.12 | 12.15% | 1,540.33 | 24,842.83 |
| Gross Total | 178,555.66 | 100.00% | 21,916.21 | 191,381.41 |
| Less: Intersegment Revenue / Eliminations | (10,439.13) | — | — | (4,671.21) |
| Net Consolidated Operations / Unallocated | 168,116.53 | — | 18,216.16 | 222,599.55 |
Source: Bharat Forge Limited Integrated Annual Report 2025-26, Notes to Consolidated Financial Statements, Note 49 (% of Gross Segment Revenue calculated by FirmsWorld)
Forgings Segment
The Forgings division represents the historic core of Bharat Forge, delivering safety-critical powertrain, chassis, transmission, and structural components across commercial vehicles, passenger cars, and heavy industrial machinery. During FY2025-26, external revenues reached ₹139,285.82 million compared to ₹129,612.33 million in the prior year, generating an operating segment profit of ₹19,560.91 million. The division deploys closed-die forging presses, extrusion presses, and machining centers across facilities in India, Europe, and North America.
Defence Segment
The Defence division houses land systems, artillery platforms, armored vehicle manufacturing, naval combat assemblies, and munitions. Consolidated segment revenue stood at ₹17,571.72 million for FY2025-26, producing a segment operating profit of ₹814.97 million. Supported by in-house intellectual property and proprietary engineering designs, the segment manufactures Advanced Towed Artillery Gun Systems (ATAGS), Close Quarter Battle (CQB) carbines, 8×8 wheeled armored platforms, and underwater unmanned combat platforms.
Others Segment
The Others segment comprises adjacent technology ventures, e-mobility initiatives, castings, real estate infrastructure, and newly acquired engineering businesses, including K Drive Mobility Solutions Private Limited. The segment generated external revenues of ₹21,698.12 million in FY2025-26, up sharply from ₹9,519.96 million in FY2024-25, yielding an operating profit of ₹1,540.33 million and carrying ₹24,842.83 million in segment assets.
Standalone Revenue Breakdown by Business Vertical
On a standalone basis, Bharat Forge Limited reports its ₹83,956.78 million operating turnover across three primary application sectors: Industrial Business, Commercial Vehicles, and Passenger Vehicles.
- Industrial Business: Generated 51% of standalone revenue (₹40,645 million), with domestic industrial sales contributing ₹25,228 million and industrial export revenues reaching ₹15,415 million.
- Commercial Vehicles (CV): Accounted for 30% of standalone revenue (₹39,038 million combined auto basket), including ₹10,364 million in domestic CV sales and ₹13,240 million (₹1,324 crore) in CV exports.
- Passenger Vehicles (PV): Represented 19% of standalone revenue, supported by ₹3,974 million in domestic passenger car sales and ₹11,455 million (₹1,145 crore) in passenger car exports.
History and Evolution
Bharat Forge marks 60 years of industrial operations in July 2026, tracing its origins to the installation and inauguration of its first forging hammer in Pune, Maharashtra. The company originally commenced operations as a single-location domestic forgings forge shop dedicated to supplying chassis and engine components to India’s developing automotive and industrial sectors.
Throughout the 1980s and 1990s, the enterprise developed specialized metallurgical know-how, scaling up its press capacities and pioneering large-scale exports of critical steel forgings to global commercial vehicle manufacturers in North America and Europe. The company adopted world-class quality systems and automated production lines to satisfy tier-1 OEM specifications across international markets.
The strategic roadmap expanded through a series of structural inflection points:
- 2008 Industrial Expansion: Initiated multi-sector diversification into energy, oil and gas, railways, and marine equipment, reducing portfolio reliance on cyclical automotive markets.
- 2014 Passenger Vehicle Scale: Accelerated supply of lightweight machined aluminum and steel powertrain components to global passenger vehicle original equipment manufacturers.
- 2019 Defense Platform Transition: Established defense systems development within Kalyani Strategic Systems Limited, transitioning from basic munitions forgings to sovereign defense equipment, indigenous artillery platforms, and armored protected vehicles.
- 2025 Aerospace Acceleration: Scaled up aerospace component manufacturing, securing long-term contracts for engine rotating discs, aero-structures, and landing gear assemblies with global aerospace leaders.
- FY2025-26 Acquisition Integration: Acquired K Drive Mobility Solutions Private Limited (formerly AAM India Manufacturing Corporation Private Limited) on July 1, 2025, and secured a ₹300 crore primary equity investment from Premji Invest into JS Auto Cast Foundry India Private Limited.
Products and Services
Bharat Forge manufactures an extensive portfolio of safety-critical components, high-integrity sub-assemblies, and fully integrated weapon platforms. Standalone product sales accounted for 96.43% of total enterprise turnover under the manufacturing classification of metal and metal products.
| Product / Service Classification | National Industrial Classification (NIC) Code | Operational Scope & Disclosed Applications |
|---|---|---|
| Steel Forgings | 25910 | Closed-die forged components for automotive, industrial machinery, and aerospace applications. |
| Finished Machined Crankshafts | 3099 | Fully machined engine crankshafts for commercial trucks, passenger cars, heavy locomotives, and standby power generators. |
| Front Axles Assembly & Components | 29301 | Forged and assembled front axle beams, steering knuckles, and driveline assemblies for medium and heavy commercial vehicles. |
| Road Wheels | 29301 | Structural wheel solutions engineered for heavy commercial and defense tactical vehicles. |
| Transmission Parts | 3798 | Precision transmission gears, shafts, pinions, and driveline components for industrial and automotive gearboxes. |
| Seal Rings, Clamp, Hub | 3548 | Specialized fluid ends, seal rings, hubs, and clamping elements for high-pressure oil and gas environments. |
| Automotive Lightweight Components | 29301 | High-strength aluminum forged chassis components, suspension links, and e-mobility vehicle structural parts. |
| Job Work & Machining Services | — | High-precision machining, finishing, and heat-treatment services for specialized customer components. |
Source: Bharat Forge Limited Integrated Annual Report 2025-26, Business Responsibility & Sustainability Report, Section A
Commercial & Passenger Automotive Components
The company manufactures engine crankshafts, steering knuckles, front axle beams, transmission gears, and driveline assemblies. In the passenger vehicle segment, Bharat Forge supplies lightweight aluminum suspension arms, chassis structural members, and e-scroll compressor parts, maintaining market share across internal combustion engines and hybrid configurations.
Aerospace Systems and Forgings
The aerospace division manufactures zero-defect rotating components, engine turbine blades, structural airframe forgings, and complete landing gear systems. Production takes place using advanced metallurgy including titanium, Inconel, and super-alloy grades like Haynes 282 and Haynes 188. In FY2025-26, the company inaugurated a dedicated landing gear machining facility in Pune and expanded its long-term partnership with Rolls-Royce to produce engine blades for the Pearl 10X engine program.
Defense Armament & Tactical Platforms
The company designs, engineers, and fabricates proprietary defense platforms within its subsidiary network:
- ATAGS (Advanced Towed Artillery Gun System): 155mm/52-caliber artillery system engineered in India with complete design ownership.
- Close Quarter Battle (CQB) Carbines: Contract awarded by the Ministry of Defence for the supply of over 255,000 carbines to the Indian Armed Forces.
- Vikram VT21 Armored Platform: An 8×8 wheeled armored vehicle co-developed with DRDO, equipped with an indigenous 30mm turret capable of firing 550 rounds per minute.
- Naval & Underwater Systems: Emergency procurement contract valued at ₹2,550 million for Unmanned Underwater Vehicles (UUVs) awarded to subsidiary Kalyani Strategic Systems Limited by the Indian Navy.
- Defense Energetics: High explosives, medium and large-caliber ammunition filling, and rocket propellants manufactured at the 949.65-acre Agneyastra Energetics complex in Andhra Pradesh.
Industrial Equipment & Data Centre Power Components
The industrial business delivers large-diameter forged and machined components for marine propulsion, oil and gas fracking fluid ends, thermal and nuclear power plants, locomotives, and mining equipment. As part of the global expansion in digital infrastructure, Bharat Forge supplies critical high-value engine and generator components to OEMs manufacturing heavy backup power generation units for artificial intelligence data centres.
Geographical Presence
Bharat Forge operates an international production and distribution network spanning 18 manufacturing facilities located across five countries: India, the United States, Germany, Sweden, and France. In addition, the company maintains eight dedicated national corporate and marketing offices in India and serves customers across 35 countries.
| Geographic Region / Market | Consolidated Revenue (₹ Million) | % of Consolidated Revenue | Segment Non-Current Assets (₹ Million) | Operating Facilities & Capabilities |
|---|---|---|---|---|
| India (Domestic) | 51,692.92 | 30.75% | 56,882.76 | 11 manufacturing plants across Pune, Baramati, Satara, Chakan, Vadodara, Coimbatore, Erode, and Nellore. |
| Europe | 60,402.82 | 35.93% | 39,553.71 | 5 manufacturing plants located in Germany, Sweden, and France specializing in steel forging and precision machining. |
| United States of America | 38,094.34 | 22.66% | 2 manufacturing plants in North America with 35,100 MTPA steel forging and 10,600 MTPA aluminum forging capacity. | |
| Rest of the World (Others) | 17,926.45 | 10.66% | International marketing channels serving 35 export destinations across Latin America, Middle East, and Asia. | |
| Total Consolidated | 168,116.53 | 100.00% | 96,436.47 | 18 manufacturing plants worldwide (716,500 TPA total capacity) |
Source: Bharat Forge Limited Integrated Annual Report 2025-26, Notes to Consolidated Financial Statements, Note 49 (% of Consolidated Revenue calculated by FirmsWorld)
Indian Manufacturing Footprint
India serves as the operational anchor of the Group, generating ₹51,692.92 million in consolidated domestic revenue and ₹40,114.17 million in standalone export turnover. The Indian footprint comprises 11 manufacturing plants:
- Mundhwa, Pune (Maharashtra): Primary corporate center, heavy forge shop, crankshaft machining line, and dedicated aerospace component facility.
- Baramati (Maharashtra): Precision forging operations, advanced Ring Mill facility under commissioning for aerospace rings, and machining units.
- Chakan & Satara (Maharashtra): Specialized forging, automotive machining, and utility component manufacturing.
- Vadodara (Gujarat): Heavy industrial forging and machining facilities under BF Industrial Technology & Solutions.
- Coimbatore & Erode (Tamil Nadu): Ferrous casting foundries and machining complexes operated by JS Auto Cast Foundry India Private Limited.
- Mambattu, Nellore (Andhra Pradesh): State-of-the-art aluminum high-pressure casting and forging plant.
European Operations
European facilities contributed ₹60,402.82 million to consolidated revenues, representing the company’s largest geographic sales region. Operations include Bharat Forge Aluminiumtechnik GmbH and Bharat Forge CDP GmbH in Germany, Bharat Forge Kilsta AB in Sweden, and Mécanique Générale Langroise (MGL) in France. The company has initiated a phased operational restructuring of the steel forging business at Bharat Forge CDP GmbH in Ennepetal, Germany, scheduled for completion by the end of calendar year 2027.
North American Operations
North American operations generated ₹38,094.34 million in consolidated turnover. Facilities include Bharat Forge America Inc. and Bharat Forge PMT Technologie LLC in Surgoinsville, Tennessee, alongside Bharat Forge Aluminium USA, Inc. in North Carolina. These units deliver aluminum forgings and chassis components directly to North American automotive and commercial truck manufacturers.
Board of Directors and Leadership Team
The company’s Board of Directors comprises 10 members as of March 31, 2026, maintaining an equal balance between executive and non-executive independent governance. The board composition features five Independent Directors (including two women Independent Directors), four Executive Directors, and one Non-Executive Non-Independent Director.
“The phase ahead will reward capability, technology ownership, speed and the courage to build before demand fully unfolds. Bharat Forge understands this shift. We have been through cycles, entered new domains ahead of time and built the depth required to participate in opportunities that are now beginning to scale.”
— Mr. B. N. Kalyani, Chairman and Managing Director
“When a nation can build its own carbines, its own artillery, its own armored platforms and its own mission-critical systems, it stands more securely on its own feet. That is Aatmanirbhar Bharat in action.”
— Mr. B. N. Kalyani, Chairman and Managing Director
Profiles of Board Members
- Mr. Babasaheb Neelkanth Kalyani (Chairman and Managing Director): Appointed to the Board on March 30, 1993. Promoter-Executive Director who has led Bharat Forge’s global scaling, technology modernization, and entry into defense manufacturing. Chairs the Risk Management and CSR Committees.
- Mr. Amit Babasaheb Kalyani (Vice-Chairman and Joint Managing Director): Appointed on May 11, 2009. Promoter-Executive Director spearheading enterprise digitalization, M&A strategy, strategic technology ventures, and sustainability roadmap. Chairs the ESG Committee.
- Mr. Basavraj Prabhakar Kalyani (Executive Director): Re-appointed as Whole-Time Executive Director for a five-year term effective May 23, 2026. Oversees manufacturing plant operations and industrial relations.
- Mr. Subodh Eknath Tandale (Executive Director): Re-appointed as Whole-Time Executive Director for a five-year term effective May 23, 2026. Leads overseas business expansion, international subsidiary integration, and supply chain strategies.
- Mr. Ashish Bharat Ram (Non-Executive Non-Independent Director): Re-appointed for a five-year term from September 1, 2026. Chairman and Managing Director of SRF Limited, providing expertise in operations, strategic planning, and risk management.
- Mr. Kanwar Bir Singh Anand (Independent Director): Re-appointed for a second five-year term effective June 27, 2025. Former Managing Director & CEO of Asian Paints Limited. Chairs the Audit Committee.
- Mr. Dipak Balasaheb Mane (Independent Director): Appointed on June 21, 2019. Global executive with extensive industrial management experience across international markets. Chairs the Nomination and Remuneration Committee.
- Mr. Anand S. Pathak (Independent Director): Appointed on July 12, 2024. Senior corporate lawyer and legal strategist specializing in cross-border transactions and corporate governance. Chairs the Stakeholders Relationship Committee.
- Ms. Sonia Singh (Independent Director): Re-appointed for a second five-year term effective June 27, 2025. Former senior Indian Revenue Service officer with extensive expertise in corporate tax policy and fiscal governance.
- Ms. Rashmi Satish Joshi (Independent Director): Appointed on December 30, 2024. Finance and executive leader bringing deep experience in corporate controllership, financial compliance, and operational governance.
Board Committees and Composition
| Committee Name | Committee Chairperson | Committee Members | Meetings Held in FY26 |
|---|---|---|---|
| Audit Committee | Mr. K. B. S. Anand (Independent) | Ms. Rashmi Joshi, Mr. Ashish Bharat Ram | 7 |
| Nomination and Remuneration Committee | Mr. Dipak Mane (Independent) | Mr. Ashish Bharat Ram, Ms. Sonia Singh, Ms. Rashmi Joshi | 7 |
| Corporate Social Responsibility Committee | Mr. B. N. Kalyani (Executive) | Mr. Amit Kalyani, Mr. Anand S. Pathak, Mr. K. B. S. Anand | 2 |
| Stakeholders Relationship Committee | Mr. Anand S. Pathak (Independent) | Mr. B. N. Kalyani, Mr. Amit Kalyani, Ms. Sonia Singh | 1 |
| Risk Management Committee | Mr. B. N. Kalyani (Executive) | Mr. Amit Kalyani, Mr. Ashish Bharat Ram, Ms. Rashmi Joshi | 2 |
| Environmental, Social & Governance Committee | Mr. Amit Kalyani (Executive) | Mr. Dipak Mane, Ms. Sonia Singh | 1 |
Source: Bharat Forge Limited Integrated Annual Report 2025-26, Report on Corporate Governance
Key Senior Executives
The executive operational leadership includes Mr. Kedar Dixit (Chief Financial Officer), Ms. Tejaswini Chaudhari (Company Secretary and Compliance Officer), Mr. Guru Biswal (Chief Executive Officer – Aerospace Business), Mr. Yogesh Zope (Chief Information Officer), Mr. Laxmiprasad Jahagirdar (President and COO – Manufacturing Operations), and Mr. Srinivasu Malladi (Senior Vice President and CHRO).
Future Strategy
Bharat Forge is executing a transformation agenda defined by its “Vision 2030” and “Mission 2030” frameworks. The enterprise aims to accelerate the transition to “BFL 2.0,” scaling manufacturing competencies into finished-product ecosystems while targeting a 15% compound annual growth rate (CAGR) for its domestic Indian manufacturing operations over the next five years, with profits growing faster than revenue.
- S1: Focusing on Indian Manufacturing: Capitalizing on global OEM supply chain diversification toward India. Domestic operations currently contribute two-thirds of consolidated revenue.
- S2: Scaling High-Growth Verticals: Expanding aerospace and defense operations, expanding the defense order book through artillery, carbines, and shells, and entering components for data centre standby power plants.
- S3: Adding Product Layers to Core Forging: Moving beyond bare components into fully integrated driveline systems, naval propulsion modules, and unmanned autonomous platforms.
- S4: Scaling Indian Subsidiaries: Developing independent operational drivers, including JS Autocast for ferrous castings, K Drive Mobility for commercial vehicle axles, and Agneyastra Energetics for munitions.
- S5: Financial Prudence and Balance Sheet Focus: Maintaining low leverage (FY26 consolidated net debt to equity ratio of 0.41x) and restructuring capital-intensive European assets.
- S6: Digitalization and Advanced Capabilities: Establishing AI-driven robotic automation and autonomous dark factory environments in partnership with Agile Robots.
To support this strategy, Bharat Forge has initiated a ₹1,000 crore planned capital expenditure program for its India operations over FY2026-27, focused on a high-precision Ring Mill and closed-die forging-cum-machining facility in Baramati.
Key Strengths
The enterprise’s market positioning is supported by concrete operational and metallurgical capabilities developed over decades of precision manufacturing.
- Metallurgical Mastery and Infrastructure: Operates one of the world’s largest forging and casting facilities, with 716,500 TPA global capacity capable of processing complex alloy steels, titanium, and nickel superalloys.
- Proprietary Intellectual Property: Maintains full design and IP ownership over flagship defense platforms, including ATAGS artillery and CQB carbines, enabling unrestricted global export rights.
- Long-Standing Tier-1 OEM Integration: Deep supply relationships across leading automotive OEMs, global defense ministries, and marquee aerospace manufacturers such as Rolls-Royce, Liebherr Aerospace, Pratt & Whitney Canada, and Embraer.
- Strong Financial Flexibility: Maintained a standalone net cash position of ₹4,638 million and consolidated cash reserves of ₹2,931 million, enabling internal funding of strategic growth projects.
- Robust Quality Certifications: Operates 26 accredited quality standards across plants, including AS 9100 Rev D, IATF 16949:2016, API-20B, ISO 27001:2022, and multiple Nadcap accreditations with zero non-conformities.
Key Challenges and Risks
Bharat Forge’s operations and strategic objectives are subject to multiple external economic, operational, and industry-specific risks outlined in its enterprise risk management framework.
- Global Trade Policy and Tariff Actions: Protectionist tariff policies, including Section 232 automotive tariffs and trade policy actions in the United States, create uncertainty in major export markets. North American commercial vehicle export revenue experienced a 50% year-on-year contraction in FY26 due to truck market de-stocking.
- Slowdown in Electric Mobility Adoption: Electric vehicle adoption outside China has progressed slower than anticipated, prompting global OEMs to write down EV capital investments. Bharat Forge recorded impairment provisions of ₹4,996.50 million in standalone subsidiary investments and ₹1,517.65 million in electric bike assets.
- European Operating Environment: Higher energy costs, inflation, and structural market softness across Europe have pressured operating margins at European subsidiaries, prompting a formal wind-down and phased restructuring of Bharat Forge CDP GmbH through calendar year 2027.
- Maritime and Supply Chain Disruptions: Geopolitical volatility, including Middle East instability and Red Sea shipping lane interruptions, introduces elevated freight costs, longer transit cycles, and inventory buffer requirements.
- Raw Material and Input Price Volatility: Steel price swings and local scarcity of natural gas (experienced during Q4 FY26 in furnace operations) impact manufacturing expenses, necessitating pass-through arrangements with customers.
Conclusion and Strategic Outlook
Bharat Forge Limited completed FY2025-26 having demonstrated operational resilience against severe cyclical de-stocking in its largest overseas commercial vehicle market. Consolidated revenues expanded by 11.17% to ₹168,116.53 million, supported by double-digit growth across aerospace exports, domestic automotive demand, and industrial infrastructure equipment.
Entering its seventh decade of manufacturing operations, the enterprise is accelerating its transition into “Bharat Forge 2.0.” With an unexecuted defense order book of ₹10,961 crore, landmark small arms contracts, entry into commercial aircraft landing gear supply, and targeted capital investments in high-growth adjacencies like semiconductor equipment and AI data centre power generation, Bharat Forge is positioned to capitalize on India’s expanding industrial footprint and the global realignment of mission-critical engineering supply chains.
Official Site
Visit the Official Website of Bharat Forge Limited
Profit and loss
During the fiscal year ended March 31, 2026, Bharat Forge Limited navigated cross-currents characterized by cyclical corrections in overseas commercial vehicle freight sectors alongside expanding contributions from industrial platforms, aerospace programs, and defense contract ramp-ups. Standalone revenue contracted by 5.07% to ₹83,956.78 million, while consolidated revenue expanded by 11.17% to reach ₹168,116.53 million.
Standalone and Consolidated Statement of Profit and Loss
| Particulars | Standalone FY2026 (₹ Million) | Standalone FY2025 (₹ Million) | Consolidated FY2026 (₹ Million) | Consolidated FY2025 (₹ Million) |
|---|---|---|---|---|
| Income | ||||
| Revenue from operations | 83,956.78 | 88,437.30 | 168,116.53 | 151,228.03 |
| Other income | 1,444.57 | 1,588.53 | 1,986.83 | 2,137.64 |
| Total Income (A) | 85,401.35 | 90,025.83 | 170,103.36 | 153,365.67 |
| Expenses | ||||
| Cost of raw materials and components consumed | 34,933.31 | 35,911.27 | 77,779.31 | 64,396.23 |
| Purchase of stock in trade | – | – | 788.71 | 2,318.22 |
| Changes in inventories of finished goods, work-in-progress, dies and scrap | (2,476.82) | 10.39 | (2,672.21) | (771.05) |
| Employee benefits expense | 6,760.05 | 6,366.06 | 21,034.18 | 18,698.95 |
| Finance costs | 1,821.74 | 2,498.14 | 3,233.46 | 4,174.93 |
| Depreciation and amortisation expenses | 4,480.49 | 4,403.69 | 9,709.24 | 8,736.19 |
| Other expenses | 21,674.48 | 21,115.50 | 41,919.81 | 39,646.23 |
| Total Expenses (B) | 67,193.25 | 70,305.05 | 151,792.50 | 137,199.70 |
| Operating Profit (EBITDA before exceptional items) | 23,121.45 | 25,236.90 | 29,108.37 | 27,131.19 |
| Share of profit/(loss) of associates and joint ventures (net of tax) | – | – | (94.71) | (37.07) |
| Profit before exceptional items and tax | 18,208.10 | 19,720.78 | 18,216.15 | 16,128.90 |
| Exceptional items (loss) | (5,495.85) | (1,533.14) | (1,544.43) | (1,570.65) |
| Profit before tax | 12,712.25 | 18,187.64 | 16,671.72 | 14,558.25 |
| Tax Expense | ||||
| Current tax | 4,728.08 | 5,122.06 | 5,606.07 | 5,848.54 |
| Deferred tax (credit) / charge | (203.24) | (156.93) | 171.67 | (423.04) |
| Total Tax Expense | 4,524.84 | 4,965.13 | 5,777.74 | 5,425.50 |
| Profit for the year | 8,187.41 | 13,222.51 | 10,893.98 | 9,132.75 |
| Attributable to owners of the parent company | 8,187.41 | 13,222.51 | 10,796.61 | 9,411.53 |
| Attributable to non-controlling interests | – | – | 97.37 | (278.78) |
| Basic Earnings Per Share (₹) | 17.12 | 28.16 | 22.58 | 20.05 |
| Diluted Earnings Per Share (₹) | 17.12 | 28.16 | 22.58 | 20.05 |
Source: Bharat Forge Limited Integrated Annual Report 2025-26, Standalone Financial Statements (Page 203) and Consolidated Financial Statements (Pages 339, 340).
Operating dynamics across the Group diverged significantly between reporting entities. Standalone operations bore the direct brunt of North American commercial vehicle fleet de-stocking, which caused export revenue to drop 15.16% from ₹47,281.26 million in FY2025 to ₹40,114.17 million in FY2026. Conversely, consolidated gross scale improved following the consolidation of K Drive Mobility Solutions Private Limited from July 1, 2025, which added ₹9,578.00 million to top-line execution.
- Consolidated EBITDA margin stood at 17.31% in FY2026 compared to 17.94% in FY2025, supported by lower freight rates and reduced commodity pressures.
- Standalone EBITDA margin came in at 27.54% compared to 28.54% in FY2025, showcasing strong margin defense despite reduced scale in exports.
- Standalone finance costs reduced by 27.08% from ₹2,498.14 million to ₹1,821.74 million due to proactive debt retirements funded through prior institutional placements and operational cash flows.
- Consolidated finance costs declined 22.55% from ₹4,174.93 million to ₹3,233.46 million.
Exceptional Items Breakdown
| Particulars | Standalone FY2026 (₹ Million) | Standalone FY2025 (₹ Million) | Consolidated FY2026 (₹ Million) | Consolidated FY2025 (₹ Million) |
|---|---|---|---|---|
| Statutory impact of new Labour Codes | (487.26) | – | (557.15) | – |
| Gain on transfer of shares of REFU Drive GmbH to KPL | – | 135.36 | – | – |
| Loss on transfer of shares of Tevva to BFIL UK | – | (9.18) | – | – |
| Provision for impairment in value of investment in Kalyani Powertrain Limited (KPL) | (4,996.50) | (1,456.63) | – | – |
| Provision for impairment in value of investment in BF Elbit Advanced Systems | – | (10.10) | – | – |
| Provision for impairment in carrying cost of loan to BF Elbit Advanced Systems | – | (192.59) | – | – |
| Expenses incurred for restructuring of steel forging operations in Germany (BF CDP) | (425.64) | – | (425.64) | – |
| Manpower optimisation cost (cost redundancy at BF CDP GmbH) | – | – | (156.65) | – |
| Impairment of assets related to electric mobility business (CWIP & inventory at KPL) | – | – | (404.99) | – |
| Impairment of goodwill (Kalyani Strategic Systems embedded systems acquisition) | – | – | – | (53.00) |
| Provision for impairment of electric bike CGU (Tork Motors) | – | – | – | (1,517.65) |
| Gain on transfer of identified assets/liabilities of Defence Business to KSSL | 413.55 | – | – | – |
| Total Exceptional Items | (5,495.85) | (1,533.14) | (1,544.43) | (1,570.65) |
Source: Bharat Forge Limited Integrated Annual Report 2025-26, Standalone Note 32 (Page 264) and Consolidated Note 32 (Page 411).
Operating Ratios and Financial Indicators
| Ratio | Formula / Denominator Base | FY2026 | FY2025 | % Change |
|---|---|---|---|---|
| Current ratio | Current Assets / Current Liabilities | 1.52 | 1.58 | -4% |
| Debt-Equity Ratio | Total Debt / Shareholder’s Equity | 0.34 | 0.36 | -6% |
| Debt Service Coverage Ratio | Earnings for debt service / Debt service | 2.37 | 2.99 | -21% |
| Return on Equity ratio (%) | (Net Profit after taxes – Pref. Div.) / Avg. Net Worth | 7.46% | 13.54% | -45% |
| Inventory Turnover ratio | Cost of goods sold / Average Inventory | 2.09 | 2.50 | -17% |
| Trade Receivable Turnover Ratio | Net credit sales / Average Trade Receivable | 2.11 | 2.37 | -11% |
| Trade Payable Turnover Ratio | Net credit purchases / Average Trade Payables | 3.94 | 4.45 | -12% |
| Net Capital Turnover Ratio | Net sales / Working capital | 3.31 | 2.98 | 11% |
| Net Profit ratio (%) | Net Profit / Net sales | 9.75% | 14.95% | -35% |
| Return on Capital Employed (%) | EBIT / Capital Employed | 13.58% | 14.76% | -8% |
| Return on Investment (%) | EBIT / Average Shareholder’s Equity | 18.25% | 22.75% | -20% |
Source: Bharat Forge Limited Integrated Annual Report 2025-26, Note 51 (Page 313).
Exceptional provisions altered reported equity metrics, with standalone net profit declining by 38.08% to ₹8,187.41 million following a non-cash investment impairment charge of ₹4,996.50 million in Kalyani Powertrain Limited. Net profit ratio on a standalone basis normalized from 14.95% to 9.75%, whereas consolidated profit attributable to owners reached ₹10,796.61 million, rising 14.72% over FY2025.
Balance sheet
Bharat Forge consolidated its balance sheet footing, navigating high capital investment cycles and structural asset reorganizations across domestic and European manufacturing subsidiaries. Standalone net worth closed at ₹109,882.35 million, maintaining stable capital reserves.
Standalone and Consolidated Balance Sheet
| Particulars | Standalone 31-Mar-2026 (₹ Million) | Standalone 31-Mar-2025 (₹ Million) | Consolidated 31-Mar-2026 (₹ Million) | Consolidated 31-Mar-2025 (₹ Million) |
|---|---|---|---|---|
| Non-Current Assets | ||||
| Property, plant and equipment | 28,301.04 | 28,183.43 | 72,575.52 | 58,473.77 |
| Capital work-in-progress | 7,275.20 | 8,381.31 | 12,513.26 | 17,253.49 |
| Investment property | 281.63 | 281.63 | 281.63 | 281.63 |
| Goodwill | – | – | 3,902.53 | 2,627.83 |
| Intangible assets / Other intangibles | 37.10 | 27.74 | 605.97 | 413.00 |
| Intangible assets under development | – | – | 470.45 | 63.70 |
| Right-of-use assets | 2,538.70 | 2,800.58 | 4,784.26 | 4,472.93 |
| Investments in subsidiaries, JVs and associates | 54,411.31 | 43,648.37 | 614.14 | 905.08 |
| Other non-current investments | 4,267.51 | 4,152.44 | 5,031.65 | 6,192.36 |
| Trade receivables (non-current) | 117.98 | 118.03 | 168.68 | 135.48 |
| Loans (non-current) | 37.67 | 58.54 | 37.67 | 58.54 |
| Derivative instruments (non-current) | – | 289.02 | – | 289.02 |
| Other financial assets (non-current) | 1,527.60 | 1,452.31 | 3,040.67 | 1,616.22 |
| Income tax assets (net) | 255.08 | 278.36 | 505.35 | 408.37 |
| Deferred tax assets (net) | 467.69 | – | 2,121.99 | 1,901.43 |
| Other non-current assets | 1,776.88 | 1,983.25 | 3,917.22 | 3,466.92 |
| Total Non-Current Assets | 101,295.39 | 91,655.01 | 110,570.99 | 98,559.77 |
| Current Assets | ||||
| Inventories | 15,700.93 | 15,401.74 | 40,527.83 | 35,784.36 |
| Current investments | 9,502.65 | 12,647.62 | 11,739.22 | 13,529.59 |
| Trade receivables (current) | 41,295.10 | 38,199.59 | 39,097.99 | 28,996.06 |
| Cash and cash equivalents | 3,590.59 | 3,589.24 | 8,478.85 | 6,210.35 |
| Other bank balances | 114.26 | 5,696.13 | 1,420.57 | 6,703.41 |
| Loans (current) | 20.44 | 151.28 | 176.32 | 166.14 |
| Derivative instruments (current) | – | 600.57 | – | 600.57 |
| Other financial assets (current) | 1,125.82 | 724.45 | 3,780.92 | 1,036.38 |
| Other current assets | 2,633.84 | 3,936.86 | 6,806.86 | 9,296.58 |
| Total Current Assets | 73,983.63 | 80,947.48 | 112,028.56 | 102,323.44 |
| Total Assets | 175,279.02 | 172,602.49 | 222,599.55 | 200,883.21 |
| Equity | ||||
| Equity share capital | 956.27 | 956.27 | 956.27 | 956.27 |
| Other equity | 108,926.08 | 108,686.42 | 94,842.13 | 91,577.07 |
| Equity attributable to owners of the parent | 109,882.35 | 109,642.69 | 95,798.40 | 92,533.34 |
| Non-controlling interests | – | – | (230.16) | (327.53) |
| Total Equity | 109,882.35 | 109,642.69 | 95,568.24 | 92,205.81 |
| Non-Current Liabilities | ||||
| Borrowings (non-current) | 10,515.98 | 6,594.19 | 18,123.55 | 13,193.66 |
| Lease liabilities (non-current) | 2,756.28 | 2,951.44 | 3,699.19 | 3,623.98 |
| Derivative instruments (non-current) | 1,582.36 | 67.45 | 1,582.36 | 67.45 |
| Other financial liabilities (non-current) | 30.02 | 54.04 | 3,357.24 | 195.38 |
| Provisions (non-current) | 1,283.36 | 909.81 | 2,906.62 | 2,192.25 |
| Deferred tax liabilities (net) | – | 1,066.54 | 215.24 | 1,198.28 |
| Other non-current liabilities | 585.55 | – | 1,332.71 | 1,176.32 |
| Total Non-Current Liabilities | 16,753.55 | 11,643.47 | 31,216.91 | 21,647.32 |
| Current Liabilities | ||||
| Borrowings (current) | 27,128.97 | 33,222.58 | 50,622.63 | 49,690.21 |
| Lease liabilities (current) | 196.32 | 188.38 | 640.78 | 474.74 |
| Trade payables: Micro and small enterprises | 324.00 | 136.25 | 839.98 | 770.13 |
| Trade payables: Other than micro and small | 13,686.83 | 13,727.07 | 29,116.63 | 22,671.99 |
| Derivative instruments (current) | 2,971.06 | 135.66 | 3,102.11 | 137.57 |
| Other financial liabilities (current) | 1,344.48 | 1,064.29 | 2,124.13 | 1,654.03 |
| Other current liabilities | 1,398.24 | 1,174.29 | 6,871.51 | 9,289.48 |
| Provisions (current) | 1,413.28 | 1,408.36 | 2,103.47 | 1,945.86 |
| Current tax liabilities (net) | 179.94 | 259.45 | 393.16 | 396.07 |
| Total Current Liabilities | 48,643.12 | 51,316.33 | 95,814.40 | 87,030.08 |
| Total Liabilities | 65,396.67 | 62,959.80 | 127,031.31 | 108,677.40 |
| Total Equity and Liabilities | 175,279.02 | 172,602.49 | 222,599.55 | 200,883.21 |
Source: Bharat Forge Limited Integrated Annual Report 2025-26, Standalone Balance Sheet (Page 202) and Consolidated Balance Sheet (Page 338).
Capital Structure and Liquidity Position
The company maintains capital deployment discipline, utilizing liquidity generated from operational cash flows and structured equity rounds in operating subsidiaries. Total debt and net leverage parameters remained well within stated management boundaries across reporting periods.
| Metric | Standalone 31-Mar-2026 | Standalone 31-Mar-2025 | Consolidated 31-Mar-2026 | Consolidated 31-Mar-2025 |
|---|---|---|---|---|
| Total Borrowings (₹ Million) | 37,644.95 | 39,816.77 | 68,746.18 | 62,883.87 |
| Cash and liquid assets (₹ Million) | 15,435.39 | 18,078.77 | 24,087.88 | 22,589.20 |
| Net Debt (₹ Million) | 22,193.84 | 21,546.86 | 44,637.51 | 39,925.32 |
| Net Debt to Equity (Management Capital Policy) | 0.20x | 0.20x | 0.47x | 0.43x |
| Consolidated Net Debt to Equity (CMD Desk Reported) | – | – | 0.41x | – |
Source: Bharat Forge Limited Integrated Annual Report 2025-26, Standalone Note 41 (Page 299), Consolidated Note 44 (Page 452), Strategy Overview (Page 31).
Cash flow
Operating cash generations proved resilient against supply-chain destocking cycles, delivering ₹15,439.71 million on a standalone basis and ₹14,866.42 million on a consolidated basis. Free cash deployment supported substantial capex outlays and subsidiary funding.
Standalone and Consolidated Statement of Cash Flows
| Particulars | Standalone FY2026 (₹ Million) | Standalone FY2025 (₹ Million) | Consolidated FY2026 (₹ Million) | Consolidated FY2025 (₹ Million) |
|---|---|---|---|---|
| Operating Activities | ||||
| Profit after exceptional items and before tax | 12,712.25 | 18,187.64 | 16,671.72 | 14,558.25 |
| Less: Share of (loss) of associates and joint ventures | – | – | (94.71) | (37.07) |
| Operating profit before working capital changes | 24,117.01 | 25,674.42 | 29,549.98 | 27,470.85 |
| Working capital adjustments | (3,899.75) | (3,404.84) | (9,037.31) | (3,457.35) |
| Cash generated from operations | 20,217.26 | 22,269.58 | 20,512.67 | 24,013.50 |
| Income taxes paid (net of refunds) | (4,777.55) | (5,257.97) | (5,646.25) | (6,050.07) |
| Net cash flows from operating activities (A) | 15,439.71 | 17,011.61 | 14,866.42 | 17,963.43 |
| Investing Activities | ||||
| Purchase of PPE, investment property, and intangibles | (3,233.46) | (6,170.90) | (11,404.96) | (14,504.59) |
| Proceeds from sale of PPE and intangible assets | 225.90 | 10.50 | 274.32 | 65.40 |
| Investment in subsidiaries, associates, and joint ventures | (11,226.44) | (16,249.11) | – | (303.49) |
| Acquisition of a subsidiary (net of cash acquired) | – | – | (4,986.23) | – |
| Proceeds from sale of investment in joint ventures | – | 1,054.50 | – | – |
| Proceeds / (loans) to subsidiaries and associates (net) | 114.05 | – | – | 42.47 |
| Purchase of mutual funds, fixed deposits, other deposits | (120,197.02) | (133,824.24) | (125,407.36) | (142,382.36) |
| Proceeds from sale of financial instruments & deposits | 128,466.52 | 126,374.60 | 130,905.57 | 136,896.77 |
| Interest received | 295.17 | 389.19 | 279.32 | 534.13 |
| Dividends received | 9.04 | 8.34 | 9.04 | 8.34 |
| Net cash flows (used in) investing activities (B) | (5,546.24) | (28,407.12) | (10,330.30) | (19,643.33) |
| Financing Activities | ||||
| Dividend paid on equity shares | (3,796.55) | (4,220.93) | (3,796.55) | (4,220.93) |
| Proceeds from issue of CCPS by subsidiary company | – | – | 3,000.00 | – |
| Interest on lease liabilities | (275.16) | (291.21) | (341.87) | (330.76) |
| Interest paid on borrowings and other liabilities | (1,495.02) | (2,332.83) | (3,410.41) | (4,398.40) |
| Proceeds from QIP fresh equity issue | – | 16,500.00 | – | 16,500.00 |
| Transaction costs related to QIP | – | (302.67) | – | (302.67) |
| Payment of principal portion of lease liabilities | (188.52) | (170.26) | (654.56) | (515.71) |
| Proceeds from borrowings including bill discounting | 136,765.25 | 81,370.67 | 142,833.45 | 88,513.79 |
| Repayment of borrowings including bill discounting | (140,849.01) | (85,982.40) | (142,049.91) | (100,942.28) |
| Net cash flows (used in) / from financing activities (C) | (9,839.01) | 4,570.37 | (4,419.85) | (5,696.96) |
| Net increase / (decrease) in cash and cash equivalents | 54.46 | (6,825.14) | 116.27 | (7,376.86) |
| Effect of exchange differences on translation | (53.11) | 1.51 | (53.11) | 1.51 |
| Cash and cash equivalents at the beginning of the year | 3,589.24 | 10,412.87 | 6,210.35 | 13,153.10 |
| Foreign currency translation reserve movement | – | – | 2,205.34 | 432.60 |
| Cash and cash equivalents at the end of the year | 3,590.59 | 3,589.24 | 8,478.85 | 6,210.35 |
Source: Bharat Forge Limited Integrated Annual Report 2025-26, Standalone Cash Flow Statement (Pages 204-205) and Consolidated Cash Flow Statement (Pages 343-344).
Free Cash Flow Metrics
| Free Cash Flow Parameter | Standalone FY2026 (₹ Million) | Consolidated FY2026 (₹ Million) |
|---|---|---|
| Net Cash Flows from Operating Activities | 15,439.71 | 14,866.42 |
| Less: Purchase of PPE and intangible assets (Capex) | (3,233.46) | (11,404.96) |
| Reported Free Cash Flow (Calculated by FirmsWorld) | 12,206.25 | 3,461.46 |
Source: Bharat Forge Limited Integrated Annual Report 2025-26, Standalone and Consolidated Cash Flow Statements (Pages 204-205, 343-344).
Subsidiaries, associates, joint ventures
As of March 31, 2026, the Group comprised 34 subsidiaries (including step-down operating units), 1 associate company, and 2 joint ventures included under statutory consolidation disclosures.
Disclosed Financial Record of Subsidiaries, Associates, and Joint Ventures (Form AOC-I)
Ranked in descending order by disclosed turnover for FY2026:
| Entity Name | Relationship | Equity Holding (%) | Turnover (₹ Million) | PBT (₹ Million) | PAT (₹ Million) | Net Assets (₹ Million) | % of Cons. Revenue (Calculated by FirmsWorld) |
|---|---|---|---|---|---|---|---|
| Bharat Forge International Limited | Subsidiary | 100% | 29,996.17 | 1,072.18 | 749.12 | 4,147.74 | 17.84% |
| Bharat Forge CDP GmbH | Step-down Subsidiary | 100% | 17,289.08 | (455.30) | (455.30) | 3,995.83 | 10.28% |
| Bharat Forge Aluminiumtechnik GmbH | Step-down Subsidiary | 100% | 14,062.17 | (1,467.04) | (1,467.04) | 1,128.62 | 8.36% |
| Kalyani Strategic Systems Limited | Subsidiary | 100% | 12,244.71 | 1,070.76 | 698.80 | 7,387.85 | 7.28% |
| Bharat Forge Aluminium USA, Inc. | Step-down Subsidiary | 100% | 10,758.35 | (970.85) | (970.85) | 6,329.88 | 6.40% |
| K Drive Mobility Solutions Private Limited | Subsidiary | 100% | 9,578.00 | 289.27 | 220.25 | 5,419.08 | 5.70% |
| J S Auto Cast Foundry India Pvt. Ltd. | Step-down Subsidiary | 100%^ | 7,570.63 | 671.98 | 505.40 | 5,956.42 | 4.50% |
| Bharat Forge PMT Technologie LLC | Step-down Subsidiary | 100% | 5,328.74 | (568.78) | (568.78) | 1,658.83 | 3.17% |
| Kalyani Rafael Advanced Systems Pvt. Ltd. | Step-down Subsidiary | 50% | 3,354.98 | 286.54 | 215.51 | 790.81 | 2.00% |
| Bharat Forge Daun GmbH | Step-down Subsidiary | 100% | 1,536.90 | 152.84 | 152.84 | 531.50 | 0.91% |
| Kalyani Centre for Precision Technology Ltd. | Subsidiary | 100% | 1,313.16 | 85.94 | 65.68 | 932.19 | 0.78% |
| BF Industrial Technology & Solutions Ltd. | Step-down Subsidiary | 100% | 1,245.46 | 92.45 | 92.45 | 1,060.67 | 0.74% |
| Kalyani Powertrain Limited | Subsidiary | 100% | 1,052.10 | (2,542.56) | (2,542.56) | 2,514.58 | 0.63% |
| Mecanique Generale Langroise | Step-down Subsidiary | 100% | 810.15 | 117.65 | 88.26 | 601.94 | 0.48% |
| Aeron Systems Private Limited | Associate | 37.14% | 798.63 | 86.50 | 44.40 | 365.95 | 0.48% |
| Bharat Forge America Inc. | Subsidiary | 100% | 355.66 | (22.82) | (22.82) | 21,591.82 | 0.21% |
| Refu Drive GmbH | Joint Venture | 50.00% | 201.28 | (47.20) | (48.21) | (155.75) | 0.12% |
| Avaada MHVidarbha Private Limited | Associate | 26.00% | 162.99 | 12.34 | 10.23 | 455.22 | 0.10% |
| BF Industrial Solutions Limited | Subsidiary | 100% | 39.89 | (293.20) | (293.20) | 5,173.90 | 0.02% |
| Bharat Forge Tennessee Inc. | Step-down Subsidiary | 100% | 34.08 | 17.89 | 17.89 | 660.88 | 0.02% |
| Eternus Performance Materials Pvt. Ltd. | Subsidiary | 51% | 32.50 | 4.07 | 4.07 | 1.79 | 0.02% |
| Edgelab S.p.A. | Associate | 25.00% | 16.00 | (69.76) | (69.76) | 381.32 | 0.01% |
| Bharat Forge Kilsta AB | Step-down Subsidiary | 100% | 9.45 | (0.27) | (0.27) | 0.26 | 0.01% |
| Bharat Forge Global Holding GmbH | Subsidiary | 100% | – | (263.89) | (266.90) | 3,178.58 | – |
| Bharat Forge Holding GmbH | Step-down Subsidiary | 100% | – | (6.39) | (6.39) | 1,350.03 | – |
| Kalyani Mobility Inc. | Step-down Subsidiary | 100% | – | 14.83 | 11.05 | 660.29 | – |
| BF Infrastructure Limited | Subsidiary | 100% | – | (3.34) | (3.34) | 155.00 | – |
| BF Elbit Advanced Systems Private Limited | Subsidiary | 51% | – | (24.32) | (24.32) | (214.92) | – |
| Zorya Mashproekt India Private Limited | Step-down Subsidiary | 64.94% | – | – | – | 2.61 | – |
| BFIL-CEC JV | Step-down Subsidiary | 74% | – | 2.84 | 2.84 | 0.19 | – |
| Tork Motors Private Limited (including Lycan) | Step-down Subsidiary | 64.29% | – | – | – | (1,619.55) | – |
| Electroforge Limited | Step-down Subsidiary | 100% | – | (32.25) | (32.25) | (33.46) | – |
| Ferrovia Transrail Solutions Private Limited | Step-down Subsidiary | 100% | – | (0.76) | (0.71) | (39.91) | – |
| Kalyani Lightweighting Technology Solutions | Subsidiary | 100% | – | (0.13) | (0.13) | (0.38) | – |
| Sagar Manas Technologies Limited | Step-down Subsidiary | 51% | – | (0.96) | (0.96) | (1.83) | – |
| Agneyastra Energetics Limited | Step-down Subsidiary | 100% | – | (16.84) | (16.84) | 752.83 | – |
| Aegis Advanced Systems SL | Step-down Subsidiary | 90% | – | – | – | 0.29 | – |
| Sanghvi Europe B.V. | Step-down Subsidiary | 100% | – | – | – | 11.67 | – |
| BF NTPC Energy Systems Limited | Joint Venture | 51.00% | – | – | – | – | – |
Source: Bharat Forge Limited Integrated Annual Report 2025-26, Form AOC-I Statement (Pages 501-502). ^Note: The allotment of CCPS to PI Opportunities Fund I Scheme II dilutes holding to 77.00% without ceding operating control; equity interest is treated as 100% for reporting control.
Profiles of Top Disclosed Subsidiaries
Bharat Forge International Limited (BFIL UK)
Bharat Forge International Limited is a wholly-owned subsidiary incorporated in England, United Kingdom. It acts as the Group’s prime international trading and distribution arm for forged and machined components across European and global markets. For the year ended March 31, 2026, BFIL recorded a turnover of ₹29,996.17 million (USD 316.90 million) and a profit after taxation of ₹749.12 million, representing the largest operating subsidiary turnover in the consolidated group.
Bharat Forge CDP GmbH
Bharat Forge CDP GmbH is a step-down subsidiary situated in Ennepetal, Germany, engaged in manufacturing forged and machined steel components for commercial vehicles, passenger cars, and industrial machinery. Due to enduring cost pressures in Europe, the Group initiated a phased operational restructuring during FY2026 targeted for completion by CY2027. The company generated a turnover of ₹17,289.08 million (Euro 155.69 million) and registered a net loss of ₹455.30 million.
Bharat Forge Aluminiumtechnik GmbH
Based in Brand-Erbisdorf, Germany, Bharat Forge Aluminiumtechnik specializes in precision forged aluminium components for automotive chassis and suspension lightweighting. Operating within tough continental automotive environments, the entity recorded a turnover of ₹14,062.17 million and a loss after taxation of ₹1,467.04 million in FY2026.
Kalyani Strategic Systems Limited (KSSL)
KSSL serves as the flagship defense platform vehicle of the Group. Centered on indigenous IP design, KSSL manufactures artillery systems, protected combat vehicles, small arms, and naval systems. In FY2026, KSSL executed revenue of ₹12,244.71 million, generating profit before taxation of ₹1,070.76 million and net profit after tax of ₹698.80 million. The entity houses an unexecuted defense order book pipeline of ₹10,961 crore.
Bharat Forge Aluminium USA, Inc.
Located in North Carolina, USA, this manufacturing facility supplies high-strength forged aluminium suspension arms and safety-critical mobility assemblies. The entity produced a turnover of ₹10,758.35 million in FY2026, recording a net loss of ₹970.85 million amid operational ramp-up.
K Drive Mobility Solutions Private Limited
Acquired on July 1, 2025, K Drive Mobility Solutions (formerly AAM India Manufacturing Corporation Private Limited) manufactures and trades drive heads, front axles, and driveline assemblies for commercial and light vehicles. Across its 9-month consolidation period, it contributed ₹9,578.00 million in turnover and ₹220.25 million in net profit.
JS Auto Cast Foundry India Private Limited
JS Auto Cast is the Group’s specialized ferrous ductile iron casting platform situated in Tamil Nadu, with an installed liquid metal capacity of 130,000 MTPA. In FY2026, JSA produced a turnover of ₹7,570.63 million and a net profit after tax of ₹505.40 million.
Other Investments (Including Minority / Portfolio Holdings)
Bharat Forge manages a strategic portfolio of quoted and unquoted equity holdings, debt mutual funds, and renewable utility assets designed to hedge power requirements, advance technology access, and generate capital returns.
Non-Current Portfolio Investments (Standalone and Consolidated)
| Investment / Investee Entity | Classification / Accounting Category | Country of Incorporation | Ownership % | Fair / Carrying Value Standalone (₹ Million) | Fair / Carrying Value Consolidated (₹ Million) | Business Activity / Nature |
|---|---|---|---|---|---|---|
| Khed Economic Infrastructure Private Limited | Unquoted Equity (FVTOCI) | India | ≥ 5% | 1,116.98 | 1,116.98 | Industrial SEZ & Infrastructure Development |
| KPIT Technologies Limited | Quoted Equity (FVTOCI) | India | < 5% | 389.10 | 389.10 | Automotive Software & Engineering Tech |
| Birlasoft Limited | Quoted Equity (FVTOCI) | India | < 5% | 203.85 | 203.85 | Enterprise Information Technology |
| Avaada SataraMH Private Limited | Unquoted Equity (FVTOCI) | India | ≥ 5% | 180.63 | 180.63 | Solar Power Generation (Captive Energy) |
| Harbinger Motors Inc. | Unquoted Preferred Stock (FVTOCI) | USA | < 20% | – | 635.29 | Electric Commercial Vehicle Platforms |
| Sunsure Solarpark Twenty Three Private Limited | Unquoted Equity (FVTOCI) | India | < 20% | – | 102.90 | Renewable Solar Energy Infrastructure |
| Avaada MHBuldhana Private Limited | Unquoted Equity (FVTOCI) | India | ≥ 5% | 26.03 | 26.03 | Solar Power Generation (Captive Energy) |
| Sunsure Solarpark Twenty Eight Private Limited | Unquoted Equity (FVTOCI) | India | < 20% | 12.94 | 25.88 | Renewable Solar Energy Infrastructure |
| Ratnakar Energy Private Limited | Unquoted Equity (FVTPL) | India | < 20% | – | 13.00 | Clean Energy Procurement |
| SPI Power LLP | LLP Contribution (FVTOCI) | India | 14.00% | – | 0.01 | Power Supply Partnership |
| TMJ Electric Vehicles Limited (Tevva Motors) | Unquoted Equity (FVTOCI) | Jersey / UK | < 20% | – | 0.00 | Modular Electrification for Commercial Trucks |
| Gupta Energy Private Limited | Unquoted Equity (FVTPL) | India | ≥ 5% | 0.00 | 0.00 | Energy Infrastructure (Fully Impaired) |
| Debt Mutual Funds (Unquoted) | Amortised Cost | India | – | 1,254.52 | 1,254.52 | Debt Mutual Fund Schemes |
| Non-Convertible Perpetual Bonds (Quoted) | Amortised Cost | India | – | 1,083.46 | 1,083.46 | Rated Perpetual Debt Instruments |
| Total Non-Current Other Investments | 4,267.51 | 5,031.65 |
Source: Bharat Forge Limited Integrated Annual Report 2025-26, Standalone Note 7 (Pages 237-238) and Consolidated Note 7 (Pages 381-383).
Profiles of Major Strategic Portfolio Holdings
Khed Economic Infrastructure Private Limited (KEIPL)
Bharat Forge holds 38,384,202 unquoted equity shares of ₹10 each in KEIPL, with a carrying fair value of ₹1,116.98 million as of March 31, 2026. Valued via the cost method based on realization rates of developed land ranging between ₹13.70 million and ₹14.70 million per acre, the investment supports industrial development in Maharashtra.
Harbinger Motors Inc.
Harbinger Motors is a US-based commercial electric vehicle company. The Group holds 13,982,725 Class A Common Stock shares (par value $0.00001), designated at fair value through OCI, recorded at ₹635.29 million as of March 31, 2026, following a negative fair value adjustment of ₹1,485.43 million recognized in OCI during the financial year.
KPIT Technologies Limited & Birlasoft Limited
Holding 613,000 equity shares each in KPIT Technologies Limited and Birlasoft Limited, Bharat Forge marked their carrying fair values at ₹389.10 million and ₹203.85 million respectively based on active NSE closing market quotations (Level 1 hierarchy). In FY2026, these equity instruments yielded dividend inflows of ₹9.04 million.
Physical properties (offices, plants, factories, etc.)
Bharat Forge operates an expansive, transcontinental manufacturing footprint comprising 18 production locations spanning five countries: India, Germany, the United States, Sweden, and France. Total global forging and casting capacity reaches 716,500 metric tonnes per annum (TPA).
Global Manufacturing Footprint and Installed Capacities
- India Footprint (11 Plants across 5 Key Regions):
- Pune (Mundhwa): Mundhwa, Pune Cantonment, Pune – 411 036, Maharashtra. Hub for steel forging, precision machining, landing gear assembly, and metallurgical research laboratories.
- Chakan: Gat No. 635, Kuruli Village, Chakan, Taluka Khed, District Pune – 410 501, Maharashtra. Focused on machined automotive components and drivelines.
- Satara: Opposite Jarandeshwar Railway Station, Post Vadhuth, District Satara – 415 011, Maharashtra. Forging and machining operations.
- Baramati: Tandulwadi & Wanjarwadi, Taluka Baramati, District Pune – 413 206, Maharashtra. Specialised heavy crankshaft machining, new ring mill installation, and high-value aerospace forging.
- Nellore (Mambattu): Industrial Park, Village Mambattu, Phase-II, Tada Mandal, SPSR Nellore District, Andhra Pradesh. Specialised aluminium castings facility.
- Coimbatore & Erode: JS Autocast iron casting foundries and machining complexes, providing 77,700 MTPA iron casting output.
- Jejuri: Specialized swaging machine lines for defence hollow shafts.
- Vadodara: Heavy forging and industrial machining assets.
- Capacity Breakdown (India): Bharat Forge Steel Forging Capacity: 370,400 MTPA; Aluminium Casting: 2,400 MTPA; JS Autocast Iron Casting: 77,700 MTPA; BF Industrial Solutions: 12,500 MTPA. Total Standalone Indian Sale Tonnage shipped in FY2026: 238,355 tons.
- North America Footprint (2 Manufacturing Plants):
- Steel Forging Capacity: 35,100 MTPA.
- Aluminium Forging Capacity: 10,600 MTPA located across Surgoinsville, Tennessee (PMT Technologie LLC and Bharat Forge Aluminium USA).
- Europe Footprint (5 Manufacturing Plants):
- Steel Forging Capacity: 180,400 MTPA located in Ennepetal, Germany (BF CDP GmbH) and Karlskoga, Sweden (BF Kilsta AB).
- Aluminium Forging Capacity: 27,400 MTPA in Brand-Erbisdorf, Germany (BF Aluminiumtechnik GmbH) and specialized tooling facilities in Daun, Germany and Langres, France (MGL).
- Corporate, Marketing, and Administrative Locations:
- Registered & Corporate Office: Mundhwa, Pune Cantonment, Pune – 411 036, Maharashtra, India.
- 8 regional domestic marketing and shared workspace offices across India.
Tangible Property, Plant, and Equipment Asset Base
| Asset Class | Standalone Gross Block (₹ Million) | Standalone Net Block (₹ Million) | Consolidated Gross Block (₹ Million) | Consolidated Net Block (₹ Million) |
|---|---|---|---|---|
| Freehold land | 1,384.97 | 1,384.97 | 3,339.06 | 3,332.68 |
| Buildings | 6,773.54 | 4,827.56 | 23,491.64 | 17,522.48 |
| Plant and machinery | 51,391.96 | 19,526.43 | 105,033.74 | 47,396.86 |
| Railway sidings | 0.02 | 0.02 | 0.02 | 0.02 |
| Office equipment | 284.52 | 102.85 | 544.75 | 177.39 |
| Electrical installations | 259.73 | 84.06 | 617.84 | 240.37 |
| Factory equipment | 1,814.45 | 971.47 | 6,230.54 | 2,081.54 |
| Furniture and fixtures | 357.65 | 128.06 | 618.83 | 260.87 |
| Vehicles and aircraft | 2,842.12 | 1,275.62 | 2,673.06 | 1,560.94 |
| Power lines | 6.17 | – | 16.17 | 2.38 |
| Total Property, Plant & Equipment | 65,115.13 | 28,301.04 | 142,565.66 | 72,575.52 |
| Capital work-in-progress (CWIP) | – | 7,275.20 | – | 12,513.26 |
| Investment Property (Freehold Land) | 281.63 | 281.63 | 281.63 | 281.63 |
| Right-of-use assets (Leaseholds) | – | 2,538.70 | – | 4,784.26 |
Source: Bharat Forge Limited Integrated Annual Report 2025-26, Standalone Note 3 (Page 230), Consolidated Note 3 (Pages 374-375), and Note 4 (Pages 232, 376).
Investment Properties Breakdown
The Group holds three unencumbered parcels of freehold investment land totaling 57.53 acres across Maharashtra, leased out under cancellable operating agreements:
- Pune: 25.00 acres.
- Satara: 24.13 acres.
- Chakan: 8.40 acres.
- Book cost of investment land: ₹281.63 million. Disclosed fair value as of March 31, 2026: ₹1,185.84 million (Level 2 ready-reckoner valuation). Annual lease rental income generated in FY2026: ₹74.95 million.
Investments and capital expenditure plans
Capital expenditure execution in FY2026 supported advanced machining lines, high-pressure ring rolling assets, and specialized defense infrastructure, positioning the business to capture higher content per vehicle and platform.
Capital Allocation Framework
| Planned Initiative / Project Target | Operating Facility / Unit | Timeline / Operational Status | Committed / Budgeted Outlay (₹ Million) |
|---|---|---|---|
| Planned capex for India operations (Management target) | Forging, Casting, Products platforms & Explosives | Over 12–15 months (FY2027) | 10,000.00 |
| Ring mill and closed-die forging-cum-machining complex | Baramati Facility | Commissioning H1 CY2027 / Fully Operational FY2028 | Committed in CWIP |
| Integrated Defense Energetics Campus (949.65 acres) | Agneyastra Energetics, Madakasira, Anantapur, AP | Groundbreaking commenced FY2026 | Committed in CWIP |
| Foundry & Machining Capacity Expansion (Funded by Premji Invest) | JS Autocast, Coimbatore / Erode | Active deployment | 3,000.00 |
| Landing Gear High-Precision Machining Facility | Pune Facility | Inaugurated FY2026 | Fully Capitalised |
| Capital commitments remaining on capital account (Contracted) | Bharat Forge Standalone | As of March 31, 2026 | 5,685.58 |
| Capital commitments remaining on capital account (Contracted) | Bharat Forge Consolidated Group | As of March 31, 2026 | 6,991.09 |
Source: Bharat Forge Limited Integrated Annual Report 2025-26, Board’s Report (Pages 85, 91), Standalone Note 40 (Page 298), Consolidated Note 42 (Page 449).
Capital Work-in-Progress (CWIP) Aging Schedule
| CWIP Status as of March 31, 2026 | < 1 Year (₹ Million) | 1–2 Years (₹ Million) | 2–3 Years (₹ Million) | > 3 Years (₹ Million) | Total Carrying CWIP (₹ Million) |
|---|---|---|---|---|---|
| Standalone Projects in progress | 2,933.97 | 3,521.20 | 379.49 | 440.54 | 7,275.20 |
| Consolidated Projects in progress | 8,367.68 | 3,584.92 | 500.32 | 457.60 | 12,910.53 |
| Consolidated Projects temporarily suspended | – | – | – | 73.19 | 73.19 |
| Total Consolidated CWIP & Assets under dev. | 8,367.68 | 3,584.92 | 500.32 | 530.79 | 12,983.71 |
Source: Bharat Forge Limited Integrated Annual Report 2025-26, Standalone Note 3(e) (Page 231) and Consolidated Note 3(h) (Page 376).
Research and Development (R&D) Expenditures
Technology absorption and product development accelerated across turbine architectures, small jet engine platforms, unmanned autonomous systems, and advanced metallurgical alloys.
| R&D Expenditure Component | FY2026 (₹ Million) | FY2025 (₹ Million) | % Growth (Calculated by FirmsWorld) |
|---|---|---|---|
| Capital R&D Outlay | 25.77 | 16.66 | 54.68% |
| Recurring / Revenue R&D Expense | 495.09 | 504.20 | -1.81% |
| Total Standalone R&D Expenditure | 520.86 | 520.86 | 0.00% |
| Total Company Income (Standalone Base) | 85,401.35 | 90,025.83 | -5.14% |
| R&D Spend as % of Total Income | 0.61% | 0.58% | – |
Source: Bharat Forge Limited Integrated Annual Report 2025-26, Directors’ Report Annexure E (Page 111). Note: Total Standalone R&D spend is disclosed at ₹521 million on Page 18.
- Intellectual property portfolio: 154 filed patents (126 patent families), 84 patents granted across jurisdictions, and 36 design applications filed (25 designs registered). During FY2026 alone, the company filed 15 patents, secured 3 grants, filed 7 design applications, and registered 15 designs.
- New propulsion and defense platforms: Indigenously developed small jet engines in the 40 kgf to 45 kgf thrust range for unmanned aerial systems and cruise missiles; developed the Vikram VT21 8×8 armored combat platform mounting a 30mm turret capable of 550 rounds per minute.
- Turbine and data centre energy: Built dedicated specialized gas turbine research facilities in Bengaluru and established high-value engine component supplies supporting data centre backup power generation.
- Capital investment in energy efficiency: Invested close to ₹670 million during FY2026 in energy conservation projects, including high-velocity burners, hydraulic press replacements, and rotary furnaces.
Shareholding pattern
The authorized share capital of Bharat Forge Limited as of March 31, 2026, stood at ₹2,400.00 million comprising 975,000,000 equity shares of ₹2 each, 43,000,000 cumulative non-convertible preference shares of ₹10 each, and 2,000,000 unclassified shares of ₹10 each. Subscribed and paid-up share capital stood at ₹956.27 million (comprising 478,088,632 equity shares of ₹2 each fully paid and ₹0.09 million in forfeited shares).
Ownership Pattern by Investor Category (as of March 31, 2026)
| Category of Shareholder | Number of Shareholders | Number of Equity Shares Held (Face Value ₹2) | Shareholding Percentage (%) |
|---|---|---|---|
| Promoters and Promoter Group | 27 | 210,703,624 | 44.07% |
| Public: Institutions | |||
| Mutual Funds (including Unit Trust of India) | 33 | 100,649,646 | 21.05% |
| Foreign Portfolio Investors (FPIs) | 515 | 67,667,198 | 14.15% |
| Insurance Companies | 27 | 40,233,508 | 8.42% |
| Provident Funds / Pension Funds | 1 | 14,100,561 | 2.95% |
| Sovereign Wealth Funds | 2 | 725,436 | 0.15% |
| Alternate Investment Funds (AIFs) | 17 | 553,218 | 0.12% |
| Financial Institutions / Banks | 8 | 374,712 | 0.08% |
| NBFCs registered with RBI | 3 | 7,215 | 0.00% |
| Central / State Government / President of India | 0 | 0 | 0.00% |
| Subtotal: Institutional Investors (Calculated by FirmsWorld) | 606 | 224,311,494 | 46.92% |
| Public: Non-Institutions | |||
| Individuals (Resident, Non-Resident, Foreign Nationals) | 223,311 | 37,487,911 | 7.84% |
| Other Bodies Corporate and Trusts | 4,205 | 4,725,715 | 0.99% |
| Investor Education and Protection Fund (IEPF) | 1 | 841,850 | 0.18% |
| Directors and their relatives | 5 | 18,018 | 0.00% |
| Key Managerial Personnel | 1 | 20 | 0.00% |
| Non-Promoter-Non-Public Shareholder | 0 | 0 | 0.00% |
| Subtotal: Non-Institutional Public (Calculated by FirmsWorld) | 227,523 | 43,073,514 | 9.01% |
| Total Public Shareholding | 228,129 | 267,385,008 | 55.93% |
| Total Paid-Up Equity Shares | 228,156 | 478,088,632 | 100.00% |
Source: Bharat Forge Limited Integrated Annual Report 2025-26, Report on Corporate Governance, Table 17 (Page 132).
Shareholding Distribution Schedule (as of March 31, 2026)
| Shareholding Range (Shares) | Number of Shareholders | Number of Equity Shares Held | % of Total Equity |
|---|---|---|---|
| 1 to 500 | 222,951 | 10,304,980 | 2.16% |
| 501 to 1000 | 4,417 | 3,387,322 | 0.70% |
| 1001 to 2000 | 2,412 | 3,568,055 | 0.74% |
| 2001 to 3000 | 954 | 2,412,847 | 0.50% |
| 3001 to 4000 | 523 | 1,847,523 | 0.39% |
| 4001 to 5000 | 376 | 1,719,920 | 0.36% |
| 5001 to 10000 | 786 | 5,691,146 | 1.20% |
| 10001 and above | 1,059 | 449,156,839 | 93.95% |
| Total | 233,478* | 478,088,632 | 100.00% |
Source: Bharat Forge Limited Integrated Annual Report 2025-26, Report on Corporate Governance, Table 18 (Page 133). *Note: Reflects shareholder accounts without clubbing PAN for public shareholding.
Promoter Group & Shareholders Holding Greater Than 5%
| Shareholder Name | Category | Shares Held (31-Mar-2026) | % Equity (31-Mar-2026) | Shares Held (31-Mar-2025) | % Equity (31-Mar-2025) |
|---|---|---|---|---|---|
| Kalyani Investment Company Limited | Promoter Group | 63,312,190 | 13.24% | 63,312,190 | 13.24% |
| Sundaram Trading and Investment Private Limited | Promoter Group | 55,252,924 | 11.56% | 55,252,924 | 11.56% |
| KSL Holdings Private Limited | Promoter Group | 46,285,740 | 9.68% | 46,285,740 | 9.68% |
| BF Investments Limited | Promoter Group | 15,614,676 | 3.27% | 15,614,676 | 3.27% |
| Ajinkya Investment & Trading Company | Promoter Group | 14,981,850 | 3.13% | 14,981,850 | 3.13% |
| Jannhavi Investment Private Limited | Promoter Group | 4,686,640 | 0.98% | 4,686,640 | 0.98% |
| Yusmarg Trading and Investment Private Limited | Promoter Group | 1,847,000 | 0.39% | 1,847,000 | 0.39% |
| Rajgad Trading Company Private Limited | Promoter Group | 1,360,260 | 0.28% | 1,360,260 | 0.28% |
| Dandkaranya Trading and Investment Private Limited | Promoter Group | 1,107,350 | 0.23% | 1,107,350 | 0.23% |
| Kalyani Export & Investment Private Limited | Promoter Group | 1,003,240 | 0.21% | 1,003,240 | 0.21% |
| Kalyani Consultants Private Limited | Promoter Group | 936,472 | 0.20% | 936,472 | 0.20% |
| Tangmarg Trading and Investment Private Limited | Promoter Group | 904,200 | 0.19% | 904,200 | 0.19% |
| Campanula Investment & Finance Limited | Promoter Group | 739,980 | 0.15% | 739,980 | 0.15% |
| Cornflower Investment & Finance Limited | Promoter Group | 533,900 | 0.11% | 533,900 | 0.11% |
| Hastinapur Trading and Investment Private Limited | Promoter Group | 178,800 | 0.04% | 178,800 | 0.04% |
| Dronacharya Trading and Investment Private Limited | Promoter Group | 152,980 | 0.03% | 152,980 | 0.03% |
| Aboli Investment Private Limited | Promoter Group | 127,872 | 0.03% | 127,872 | 0.03% |
| Wathar Investment & Trading Co. Private Limited | Promoter Group | 61,320 | 0.01% | 61,320 | 0.01% |
| Babasaheb Neelkanth Kalyani | Promoter | 78,150 | 0.02% | 78,150 | 0.02% |
| Amit Babasaheb Kalyani | Promoter Group | 700,350 | 0.15% | 700,350 | 0.15% |
| Gaurishankar Neelkanth Kalyani | Promoter Group | 690,440 | 0.14% | 690,440 | 0.14% |
| Rohini Gaurishankar Kalyani | Promoter Group | 101,460 | 0.02% | 101,460 | 0.02% |
| Sheetal Gaurishankar Kalyani | Promoter Group | 22,980 | 0.00% | 22,980 | 0.00% |
| Viraj Gaurishankar Kalyani | Promoter Group | 22,800 | 0.00% | 22,800 | 0.00% |
| Deeksha Amit Kalyani | Promoter Group | 50 | 0.00% | 50 | 0.00% |
| Total Promoter and Promoter Group | 210,703,624 | 44.07% | 210,703,624 | 44.07% |
Source: Bharat Forge Limited Integrated Annual Report 2025-26, Report on Corporate Governance, Table 17 & Note 15(e), (g) (Pages 132, 246-247).
- Dematerialisation of shares: As of March 31, 2026, 97.39% of the total equity capital was held in dematerialised form (93.48% in NSDL and 3.91% in CDSL), with 12,496,438 shares (2.61%) remaining in physical form.
- Director holdings: Mr. B. N. Kalyani holds 78,150 shares; Mr. Amit Kalyani holds 700,350 shares; Mr. B. P. Kalyani holds 6,510 shares; and Mr. S. E. Tandale holds 208 shares.
- Dividend payouts: The Board declared an interim dividend of ₹2.00 per share (100%) aggregating to ₹956.18 million and recommended a final dividend of ₹6.50 per share (325%) involving a cash outflow of ₹3,107.58 million, bringing cumulative dividends declared per share over the past five years to ₹40.00.
Frequently Asked Questions
What are the primary businesses of Bharat Forge Limited?
Bharat Forge operates across three reportable segments: Forgings (automotive and industrial components), Defence (artillery systems, small arms, armored vehicles, and munitions), and Others (e-mobility, ferrous castings, and precision driveline systems).
What were the consolidated financial results of Bharat Forge in FY2025-26?
In FY2025-26, Bharat Forge recorded consolidated revenue from operations of ₹168,116.53 million, consolidated EBITDA of ₹29,108.37 million (17.31% margin), and a consolidated profit after tax (PAT) of ₹10,893.98 million.
What major orders did Bharat Forge’s defense division secure recently?
The company concluded a landmark contract with the Indian Ministry of Defence for the supply of 255,000 Close Quarter Battle (CQB) Carbines and secured a ₹2,550 million emergency order from the Indian Navy for Unmanned Underwater Vehicles (UUVs), bringing its total defense order backlog to ₹10,961 crore.
Where are Bharat Forge’s manufacturing plants located?
The company operates 18 manufacturing facilities across five countries: 11 plants in India (including Pune, Baramati, Chakan, Satara, Vadodara, Coimbatore, Erode, and Nellore), 5 plants across Europe (Germany, Sweden, and France), and 2 plants in North America.
What is Bharat Forge 2.0?
Bharat Forge 2.0 represents the company’s strategic transition from a component forging supplier into an advanced manufacturing and engineering systems group that designs, develops, and produces proprietary, intellectual-property-driven finished products across aerospace, defense, and mobility.
