BALU FORGE INDUSTRIES LTD

Forges and machines metal components for industrial and defence applications, with manufacturing facilities at Belgaum and Hattargi. The order book has shifted toward defence, aerospace and railways, which now account for about 50% of the order book versus 5% in FY24. Recent wins include a 5-year MoU for large-calibre ammunition supply into a NATO supply chain, a maiden aerospace order from Alpha Aircraft Systems Inc. (USA), and a 30,000-unit order for 152mm artillery shells, supported by a 360,000 shells-per-year line commissioned in Belgaum. A UAE subsidiary, Safa Otomotiv FZE-LLC, contributed to consolidated FY26 revenue of Rs 1,107.37 crore, up 19.9% YoY, while a separate subsidiary has been renamed Quantum Energetics Private Limited to enter high-energy explosive compounds. Planned capacity expansion targets 1,50,000 MTPA of forging and 80,000 MTPA of machining, funded through internal accruals. Materials are the largest input cost at 68.5% of revenue, with capex running at 18.7% of revenue in FY26.