| Steel Forging | Manufacture of forged steel components for automotive, construction, mining, and industrial sectors. | Strong global manufacturing network, proprietary forging technology, long-term OEM contracts. | B2B in automotive OEMs, heavy vehicle makers, and industrial equipment manufacturers. | Precision forged components and customised machining lines. | 12398 | 82 | Sales of forged and machined components to OEMs worldwide. | Contract manufacturing with volume-based and long-term supply agreements. | Increasing demand for durable CV components, infrastructure investments, and expanding industrial applications. | Bharat Forge Kilsta, Bharat Forge America |
| Defence | Design and manufacture of artillery guns, armoured vehicles, precision munitions, and defence subsystems. | In-house IP, govt approvals, strategic partnerships (e.g., with Rafael Israel), and advanced defence manufacturing capabilities. | B2G – Indian Armed Forces and international defence customers. | High-tech defence subsystems and complete armoured vehicles. | 1772 | 12 | Government defence contracts and exports. | Project-based contracts with milestone payments. | Rising defence budgets, indigenization policies, and export orders. | Kalyani Strategic Systems Limited products |
| Others | Aluminium castings, electric vehicle powertrains, machining, and industrial components. | Early EV investments, specialized casting facilities, and technology collaborations. | Industrial OEMs, EV startups, and passenger vehicle manufacturers. | EV powertrain components and value-added machining. | 952 | 6 | Sales of castings, EV products, and machining services. | Product sales and strategic investments. | Growth in EV sector, industrial automation, and enhanced manufacturing capacity. | JS Auto Cast Foundry, Tork Motorcycles (EV) |
