Kalyani Group generates ₹15,682 Crores from Bharat Forge Limited, ₹1,959 Crores from Kalyani Steels Limited, and ₹236.79 Crores from Kalyani Forge Limited in FY 2024. Bharat Forge contributes the largest share, reflecting the group’s strong presence in the forging business.
Table of Contents
Kalyani Group’s Company Overview and History
Kalyani Group was founded in the mid-1960s by Neelakanth Kalyani. It is one of India’s leading multi-sector conglomerates with a significant presence in engineering steel, automotive components, and defense sectors. The group’s companies include Bharat Forge, known globally for its forging capabilities.
The group’s valuation and financial details are not publicly disclosed in full, but Bharat Forge, its flagship company, has a market capitalization of approximately ₹30,000 Crores as of early 2025. Kalyani Group’s businesses collectively rank among the top industrial enterprises in India.
Ownership of the Kalyani Group remains largely within the Kalyani family, with several members in key executive roles. Internationally, Bharat Forge ranks as one of the top forging companies globally, emphasizing the group’s strong market position and influence.
Kalyani Group Financials and Shareholder Returns
Kalyani Group’s major company, Bharat Forge Ltd posted revenue of ₹15,682 crore and net profit of ₹910.16 crore in FY 2024. It offers a 0.79% dividend yield. The stock delivered 2.09% 1-year return, 18.60% over 3 years, and 30.40% in 5 years.
| Metric | Value |
| Revenue (FY 2024) | ₹15,682 crore |
| Net Profit (FY 2024) | ₹910.16 crore |
| Dividend Yield | 0.79% |
| 1-Year Return | 2.09% |
| 3-Year Return | 18.60% |
| 5-Year Return | 30.40% |
How Kalyani Group Started and the Growth of Its First Business
The Kalyani Group was founded by Neelkanth Rao Kalyani, who established its first company, Bharat Forge, on June 19, 1961. Bharat Forge began as a manufacturer of automotive components, focusing on forging and machining operations to supply the automobile industry.
During the 1960s, India’s automotive sector was emerging, with increasing demand for domestically produced components. Bharat Forge capitalized on this growth, establishing itself as a key supplier in the industry.
Currently, Bharat Forge is led by Baba Kalyani, the founder’s son, who serves as the Chairman and Managing Director. Under his leadership, the company has expanded globally, becoming one of the world’s largest forging companies.
The below chart shows the revenue chart for Kalyani group companies FY 24.
How Did Kalyani Group Expand into Subsequent Business Sectors?
Kalyani Group started with Bharat Forge in 1961, expanding into steel, precision forging, axles, wheels, energy, investments, and industrial parks. Major ventures include Kalyani Steels, Kalyani Forge, Automotive Axles, BF Utilities, Kalyani Maxion Wheels, Kalyani Investments, and Khed City, showcasing diversified industrial growth.
1. Bharat Forge Limited (1961)
Founded by Neelkanth Rao Kalyani in 1961, Bharat Forge became the group’s first business. It started as a forging company focused on automotive components. Today, it is a global leader in metal forging with ₹15,682 Crores revenue (FY 2024).
2. Kalyani Steels Limited (1973)
In 1973, Kalyani Group expanded into steel manufacturing by setting up Kalyani Steels Limited. It produces forging-quality steel essential for the group’s forging businesses. It reported ₹1,959 Crores revenue in FY 2024, supplying automotive and engineering industries.
3. Kalyani Forge Limited (1979)
Kalyani Forge Limited was established in 1979, strengthening the group’s presence in precision forging. It specializes in producing critical automotive and industrial components and earned ₹236.79 Crores revenue in FY 2024, serving domestic and international clients.
4. Kalyani Technoforge Limited (1979)
Also founded in 1979, Kalyani Technoforge focused on machined components and sub-assemblies. It serves automotive and non-automotive industries, supporting the group’s integrated manufacturing capabilities in the forging sector.
5. Automotive Axles Limited (1981)
Kalyani Group entered a joint venture with Meritor in 1981, creating Automotive Axles Limited. It became India’s largest independent rear drive axle manufacturer, catering to domestic and international commercial vehicle manufacturers.
6. Kalyani Maxion Wheels Limited (1996)
In 1996, the group partnered with Maxion Wheels, forming Kalyani Maxion Wheels Limited. This venture manufactures wheels for commercial vehicles, expanding the group’s reach in the automotive sector.
7. BF Utilities Limited (2000)
Bharat Forge’s investment and wind energy businesses were demerged into BF Utilities Limited in 2000. This marked Kalyani Group’s entry into infrastructure and renewable energy, aligning with emerging green energy trends.
8. Kalyani Investment Company Limited (2009)
Kalyani Investment was created in 2009 to consolidate the group’s investment arms. It was formed by demerging Kalyani Steels’ investment business and amalgamating it with other investment undertakings.
9. Khed City (2010)
The group ventured into infrastructure development with Khed City in 2010, a large-scale industrial park near Pune. Developed with MIDC, it spans over 4,200 acres and houses multiple industries.
This timeline showcases Kalyani Group’s structured diversification, scaling from core forging operations to steel, automotive components, renewable energy, investments, and infrastructure.
Kalyani Group Revenue Split: How Kalyani Group Earns Across Different Sectors
The below chart shows the revenue division of Kalyani Group for FY 24.
Bharat Forge Ltd
Bharat Forge Ltd is a global leader in metal forging, specializing in the automotive, defense, aerospace, and power sectors. It manufactures components like crankshafts and axles, serving major OEMs worldwide. The company is known for technological advancements and diverse engineering solutions across industries.
Kalyani Steels Ltd
Kalyani Steels Ltd manufactures high-quality carbon and alloy steels, serving automotive, engineering, and energy sectors. It operates integrated steel plants and supplies critical components like crankshafts and gear blanks, supporting industries requiring specialized steel products. The company emphasizes sustainable production and continuous technological upgrades.
Automotive Axles Ltd
Automotive Axles Ltd, a joint venture between Bharat Forge and Meritor Inc., is India’s largest independent axle manufacturer. It produces axles, brakes, and related assemblies for commercial vehicles. The company plays a key role in supporting India’s growing transportation and logistics infrastructure demands.
BF Utilities Ltd
BF Utilities Ltd focuses on infrastructure and renewable energy projects. Initially created to manage power generation assets, it expanded into road infrastructure, toll collection, and wind energy. The company supports sustainable development and enhances India’s transportation network through highway and renewable energy ventures.
BF Investment Ltd
BF Investment Ltd is a non-banking financial company (NBFC) that holds investments in Kalyani Group’s listed and unlisted entities. It manages strategic investments in sectors like steel, forging, and auto components, contributing to group growth by leveraging its financial resources and supporting key business expansions.
Hikal Ltd
Hikal Ltd operates in pharmaceuticals and crop protection, manufacturing active ingredients, intermediates, and specialty chemicals. Serving global pharmaceutical, animal health, and agrochemical companies, Hikal focuses on R&D-driven growth and sustainability. Its integrated facilities and long-term partnerships ensure consistent revenue streams and market expansion.
Kalyani Forge Limited
Kalyani Forge Limited specializes in manufacturing precision-forged components for the automotive, industrial, and agricultural sectors. It produces parts like connecting rods and crankshafts, supplying domestic and international clients. The company emphasizes innovation, precision engineering, and quality control to maintain leadership in the forging industry.
Challenges Faced by Kalyani Group Across Its Businesses
The main challenges faced by the Kalyani Group include market volatility, global economic slowdowns, regulatory changes, raw material price fluctuations, and intense competition. Managing geopolitical risks, adapting to evolving technology, and sustaining profitability in cyclical industries remain key hurdles for long-term business growth and stability.
- Global Market Volatility – Kalyani Group faces risks from global economic slowdowns, geopolitical tensions, and fluctuating demand, affecting its export-driven businesses like Bharat Forge, leading to uncertain revenues and impacting order flows across international markets.
- Raw Material Price Fluctuations – Steel and metal prices significantly influence manufacturing costs. Price volatility in raw materials directly impacts profitability, forcing Kalyani Group to constantly manage procurement and maintain operational efficiency in steel and forging segments.
- Regulatory Changes – Frequent policy changes, environmental regulations, and taxation laws create compliance challenges, especially in defense, energy, and infrastructure sectors. Adapting to evolving regulations increases costs and delays project timelines, impacting business growth prospects.
- Intense Competition – The group faces strong competition from domestic and global players in automotive, steel, and infrastructure sectors. Price wars, technological advancements, and new entrants threaten market share and pressure margins across its diverse businesses.
- Technological Disruptions – Rapid advancements in EVs, renewable energy, and smart manufacturing technologies require continuous innovation. Failure to adapt may render traditional product lines less competitive, challenging Kalyani Group’s growth and technological relevance in evolving markets.
How does Kalyani Group’s future look in Terms of Growth and Strategy?
The main focus of Kalyani Group’s future growth and strategy lies in expanding defense, aerospace, and renewable energy sectors. Leveraging government initiatives like Make in India, it aims for global collaborations, technological advancements, and infrastructure development, strengthening its diversified presence across domestic and international markets.
- Defense & Aerospace Expansion: Kalyani Group targets defense and aerospace sectors by leveraging India’s rising defense budget, manufacturing advanced components, and securing large government contracts to strengthen its strategic presence and revenue base.
- Renewable Energy Growth: In alignment with sustainability goals, the group plans investments in renewable energy projects like wind and solar power, diversifying operations and tapping emerging green energy opportunities for long-term growth and profitability.
- Innovation & R&D: In pursuit of global competitiveness, the Kalyani Group emphasizes innovation, advanced R&D, and strategic international collaborations to enhance manufacturing capabilities, boost exports, and establish a robust presence in global markets.
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Kalyani Group Company Overview and Revenue Split – Quick Summary
- Kalyani Group generated ₹15,682 Crores from Bharat Forge, ₹1,959 Crores from Kalyani Steels, and ₹236.79 Crores from Kalyani Forge in FY 2024, with Bharat Forge contributing the largest share due to its forging leadership.
- Kalyani Group, founded in the mid-1960s by Neelakanth Kalyani, is a diversified conglomerate operating in engineering steel, automotive components, and defense sectors, with Bharat Forge globally recognized for its world-class forging capabilities and technological strength.
- Bharat Forge reported ₹15,682 Crores revenue in FY 2024. As of December 2024, promoters held 44.07%, FIIs 17.87%, DIIs 28.5%, and retail investors 9.55%, showcasing strong institutional confidence and robust leadership in the global forging sector.
- Kalyani Steels generated ₹1,959 Crores revenue in FY 2024, supported by steady demand. December 2024 shareholding showed promoters holding 64.7%, FIIs 2.66%, DIIs 10.83%, and retail 21.8%, reflecting balanced institutional and retail investor participation.
- Kalyani Forge achieved ₹236.79 Crores revenue in FY 2024, driven by growth in precision forging. As of December 2024, promoters held 58.71% while 41.29% was held by retail and other investors, indicating steady promoter confidence.
- Kalyani Group was founded by Neelkanth Rao Kalyani, starting Bharat Forge on June 19, 1961. It began operations as a manufacturer of automotive components, focusing on forging and machining, establishing a strong base in the automobile industry.
- The main challenges faced by Kalyani Group include market volatility, economic slowdowns, raw material price changes, regulatory hurdles, and intense competition. Managing geopolitical risks, technological adaptation, and ensuring long-term profitability remain critical for sustained business growth.
- Kalyani Group plans expansion into defense, aerospace, and renewable energy sectors. Leveraging India’s rising defense budget and focus on self-reliance, the group targets large contracts while global collaborations will support diversified international market expansion and growth.
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Kalyani Group Stock And Its Revenue Across Business Segments – FAQs
Kalyani Group’s core revenue in FY2024 includes ₹15,682 Crores from Bharat Forge Limited, ₹1,959 Crores from Kalyani Steels Limited, and ₹236.79 Crores from Kalyani Forge Limited. Bharat Forge dominates the group’s revenue, contributing the largest share among all its key businesses.
Kalyani Group is a diversified industrial conglomerate specializing in engineering, manufacturing, and technology services. Its core businesses span forging, steel, automotive components, defense, aerospace, energy, and infrastructure. The group delivers advanced solutions in critical sectors, maintaining leadership through innovation, global presence, and high-quality manufacturing.
The Kalyani Group is owned and led by Baba Kalyani, a prominent industrialist and Chairman of Bharat Forge. The Kalyani family holds significant ownership across group companies, maintaining strong control over operations, strategy, and expansion plans while contributing substantially to India’s industrial growth.
Kalyani Group’s key businesses include Bharat Forge (forging and auto components), Kalyani Steels (steel manufacturing), Kalyani Forge (precision forgings), Kalyani Rafael Advanced Systems (defense), and Renewable Energy. These businesses serve sectors like automotive, defense, aerospace, railways, oil and gas, and renewable energy globally.
Kalyani Group’s major listed entities reported FY2024 revenues of ₹15,682 Crores from Bharat Forge, ₹1,959 Crores from Kalyani Steels, and ₹236.79 Crores from Kalyani Forge. Combined, these generate over ₹17,877 Crores annually, with additional unlisted businesses contributing further to the overall group revenue.
The forging and automotive component segment, led by Bharat Forge, contributes the highest revenue. Bharat Forge generated ₹15,682 Crores in FY2024, driven by global automotive, industrial, defense, and aerospace demand. Its diversified portfolio makes it the group’s primary revenue contributor consistently.
Kalyani Group’s listed stocks like Bharat Forge and Kalyani Steels have shown steady long-term growth, supported by strong financials and market expansion. Bharat Forge, being the flagship, attracts investor confidence due to its leadership in forgings and entry into defense and aerospace.
Kalyani Group companies, particularly Bharat Forge, have rewarded shareholders with occasional bonus issues historically. Such bonuses reflect the company’s robust financial health and shareholder-friendly policies, though they depend on profits and management decisions in alignment with market conditions and performance.
The Kalyani family, led by Baba Kalyani, holds significant promoter stakes across group companies. Institutions, mutual funds, and retail investors also hold shares. Bharat Forge, the flagship, features prominent domestic and foreign institutional investors, reflecting strong market trust and long-term investor interest.
Kalyani Group has expanded through strategic acquisitions, especially via Bharat Forge. Recent moves include acquiring JS Auto Cast Foundry, and diversifying into electric mobility and defense. These acquisitions strengthen capabilities in new-age technologies, advanced manufacturing, and global market reach across various industrial sectors.
Disclaimer: The above article is written for educational purposes, and the companies’ data mentioned in the article may change with respect to time The securities quoted are exemplary and are not recommendatory.
