Bharat Forge · Annual Report · FY 2025-26 Download Full Report

Our strategy is guided by engineering depth, disciplined execution and focused expansion into higher-value opportunities. We are strengthening core businesses while scaling defense, aerospace, industrials, subsidiaries and digital capabilities, aligned with India’s manufacturing ambition and global innovation leadership.

Efficiency levers

Portfolio synergy

Strategic capacity expansion

Inorganic acceleration

Key updates

  • Doubling down on India manufacturing driven by exports and domestic demand
  • Global OEMs keen to diversify their supply chain are looking at India positively
  • Reliability reinforced with longtrack-record for manufacturing safety critical products
  • Indian manufacturing operations now contribute two-thirds of consolidated revenues

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UN SDGs linked

S1 UN SDGs linked

Efficiency levers

IP ownership in defense

Global partnerships

Specialized infrastructure development

Key updates

  • Scaling up aerospace and Defense as the fastest-growing businesses, with growth outpacing company average by wide margin
  • Driving aerospace growth through long-term contracts with global OEMs such as Rolls-Royce, Liebherr, Pratt & Whitney Canada and Embraer for engine, landing gear and aerostructure components
  • Establishing new Ring mill in Baramati for aerospace
  • Aim to grow Defense orderbook via introduction of new products/ platforms
  • Scaling up Defense components manufacturing – Shells, Barrels and Turrets
  • Expanding into components for data centre stand-by power equipment and energy systems, a high-growth global opportunity

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UN SDGs linked

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Efficiency levers

Vertical integration

In-house technology stacks

R&D capabilities

Key updates

  • Transitioning from component manufacturing to combination of components high-value products and systems
  • Designing and developing defense products through proprietary technology and in-house IP, enabling unrestricted global exports
  • Producing artillery guns, small arms, vehicles
  • Developed indigenous unmanned platforms for under water applications
  • Developing naval propulsion systems, creating MRO infrastructure for marine gas turbines to address domestic needs
  • Axle Design & Assembly added to the mix via K Drive Mobility to deliver proprietary solutions for automobiles

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UN SDGs linked

S3 UN SDGs linked

Efficiency levers

External equity infusion

Product reorientation

Market share growth

Key updates

  • Empowering Indian subsidiaries as independent growth drivers through targeted capital and specialized focus
  • Secured ₹300 crore primary equity investment from Premji Invest to fund capacity expansion with minimal leverage at JS Autocast
  • Reorienting K Drive Mobility towards LCV, SUV and Bus axles, won new orders for E-LCV platforms
  • Developing Agneyastra Energetics as an ammunition and propellants manufacturer for Defense

Material topics linked

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UN SDGs linked

S4 UN SDGs linked

Efficiency levers

Asset restructuring

Strategic write-offs

Cost optimization

Key updates

  • Focus on improving returns metrics for all businesses
  • Maintaining a robust balance sheet while restructuring underperforming assets
  • Restructuring at CDP Bharat Forge, Germany, to re-orient focus towards high growth businesses in India
  • Maintain optimum Balance sheet leverage, FY2026 Consolidated net debt to equity ratio was 0.41x
  • Consolidated Cash generated from operations to support new investments

Material topics linked

M1M8M10M13M14

UN SDGs linked

S5 UN SDGs linked

Efficiency levers

AI Centre of Excellence

Automation

Upskilling programs

Key updates

  • Integrating advanced technologies and building a talent pipeline for future-ready manufacturing
  • Partnering with Agile Robots to deploy AI-driven robotic solutions and progress towards autonomous dark factories
  • Instituted Training and degree programs with BITS Pilani, IIT Bombay and Warwick University to build high-skilled engineering talent

Material topics linked

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UN SDGs linked

S6 UN SDGs linked