Capital Goods / Forgings

Hook: Key supplier to auto & defence sectors — benefits from localisation and defence orders. Explainer: Bharat Forge supplies critical forgings & components for autos, defence and aerospace. Latest (05-Nov-2025): Announced a board meeting (11 Nov) to consider fundraising (debt options) and corporate updates; media coverage of JV/defence product (ULTRA UAV) deals exists. Takeaway: Consider for cyclical recovery + defense localisation theme. Risk: capital raising dilution (if any) & order volatility.