Bharat Forge BHARATFORG
Defence Procurement (DAC approvals): Private artillery, armoured vehicle and ammunition maker through Kalyani Strategic Systems (KSSL)
Mapped in 6 themes: Electric 4-Wheeler, Railways / Vande Bharat & Metro Rolling Stock, Naval Shipbuilding & Defence Shipyards, Aerospace Component Manufacturing & MRO, Rare-Earth Magnets (REPM) and Defence Procurement (DAC approvals).
Where Bharat Forge sits in the supply chain
Bharat Forge appears in 9 supply-chain layers across 6 themes: Electric 4-Wheeler, Railways / Vande Bharat & Metro Rolling Stock, Naval Shipbuilding & Defence Shipyards, Aerospace Component Manufacturing & MRO, Rare-Earth Magnets (REPM) and Defence Procurement (DAC approvals).
Electric 4-Wheeler › Electric motor & e-axle
Direct suppliere-Axles and EV powertrain via Kalyani Powertrain
Other companies in this layer
Railways / Vande Bharat & Metro Rolling Stock › Bogies, Wheels, Axles & Bearings
Direct supplierForged rail/loco engine & running-gear components (dedicated Rail business line)
Other companies in this layer
Naval Shipbuilding & Defence Shipyards › Marine Propulsion Systems & Engines
Emerging entrantWon a ₹425 Cr MoD contract for 12 Indian Navy turbine generators
Other companies in this layer
Aerospace Component Manufacturing & MRO › Forgings, Castings & Special Alloys
Direct supplierDedicated Aerospace division - structural and engine forgings for global OEMs
Other companies in this layer
Aerospace Component Manufacturing & MRO › Aero-Engine Components & Hot-Section Parts
Direct supplierDedicated Aerospace division - structural and engine forgings for global OEMs
Other companies in this layer
Rare-Earth Magnets (REPM) › EV traction motors
Direct supplierForgings major whose Kalyani Powertrain arm develops EV motors and inverters
Other companies in this layer
Defence Procurement (DAC approvals) › Artillery & armoured systems
OperatorPrivate artillery, armoured vehicle and ammunition maker through Kalyani Strategic Systems (KSSL)
Other companies in this layer
Defence Procurement (DAC approvals) › Ammunition, rockets & explosives
Direct supplierPrivate artillery, armoured vehicle and ammunition maker through Kalyani Strategic Systems (KSSL)
Other companies in this layer
Defence Procurement (DAC approvals) › Special alloys, forgings & castings
Direct supplierPrivate artillery, armoured vehicle and ammunition maker through Kalyani Strategic Systems (KSSL)
Other companies in this layer
Revenue and profit
| ₹ Cr | FY24 | FY25 | FY26 |
|---|---|---|---|
| Revenue | 15,682 | 15,123 | 16,812 |
| Net profit | 910 | 913 | 1,089 |
Latest-year revenue ₹16,812 Cr (FY26, company-wide). Wider screens show FY22 onwards.
Strengths · in Defence Procurement (DAC approvals)
- Defence order book ₹11,196 Cr (end Q1 FY27); defence revenue +87.5% YoY in Q1 FY27
- 60% share of the ~₹6,900 Cr ATAGS gun order
- KSSL EBITDA margin rose to 17.2% (Q1 FY27); exports of artillery and shells
Risks · in Defence Procurement (DAC approvals)
- Defence is still a minority of a mostly auto-forging business
- ATAGS revenue waits on remaining approvals
- Q1 FY27 group loss from a one-off German restructuring charge
Common questions
What does Bharat Forge do?
In Defence Procurement (DAC approvals): Private artillery, armoured vehicle and ammunition maker through Kalyani Strategic Systems (KSSL). NextResearch maps it in 6 supply chains: Defence Procurement (DAC approvals), Electric 4-Wheeler, Railways / Vande Bharat & Metro Rolling Stock, Naval Shipbuilding & Defence Shipyards, Aerospace Component Manufacturing & MRO and Rare-Earth Magnets (REPM).
Where does Bharat Forge sit in the supply chain?
Bharat Forge (NSE: BHARATFORG) is mapped in 9 supply-chain layers: Electric motor & e-axle (Electric 4-Wheeler); Bogies, Wheels, Axles & Bearings (Railways / Vande Bharat & Metro Rolling Stock); Marine Propulsion Systems & Engines (Naval Shipbuilding & Defence Shipyards); Forgings, Castings & Special Alloys (Aerospace Component Manufacturing & MRO); and 5 more.
Who are Bharat Forge's peers?
In the Artillery & armoured systems layer of Defence Procurement (DAC approvals): Larsen & Toubro, Tata Advanced Systems (not NSE-listed) and Advanced Weapons & Equipment India (not NSE-listed).
What is Bharat Forge's market cap and valuation?
As of 30 Oct 2026: market cap ₹84,230 Cr, P/E 83.4x, ROCE 12.6%, ROE 12.0%, dividend yield 0.49%.