BHARAT FORGE LTD

Makes steel forgings and engineered components, primarily supplying automotive and commercial vehicle OEMs in India, the US and Europe. In FY26, consolidated revenue was ₹16,811.653 crore, with the Forgings segment contributing 78.0% of segment revenue (₹13,928.582 crore), Others 12.2% (₹2,169.812 crore) and Defence 9.8% (₹1,757.172 crore). On a standalone basis, turnover was ₹8,396 crore, EU operations ₹3,865 crore, and US operations ₹1,534 crore; exports were 47.78% of standalone turnover and steel forgings made up 96.43% of standalone turnover. The Defence segment carries an order book of about ₹11,000 crore and supplies products including artillery systems (ATAGS, the MArG 155mm 4x4 gun series), the CQB carbine, marine gas turbine generators under a ₹425 crore five-year contract with the Ministry of Defence, and the Simha 4x4 light armoured multi-purpose vehicle. Aerospace is described as 26% of Q4 non-auto exports, with the company selected as the first Indian supplier for critical aerospace OEM components. The Others segment covers newer businesses including aerospace, K-mobility (via the K-Drive acquisition), JSA casting, a 30% stake in Fortuna Engineering (₹130 crore, ₹380 crore revenue) and an explosives facility coming up in Andhra Pradesh. Net new business wins in FY26 totalled ₹4,814 crore, including ₹2,816 crore in defence. The biggest cost is materials at 46.3% of revenue, with employees 12.5%, other operating expenses 24.9%, depreciation 5.8% and capex 6.8% (guided at ₹800-850 crore over 15-18 months).