Balu Forge Industries Limited reported a 27% year-on-year increase in Profit After Tax (PAT) to Rs 2,589 million for the financial year ended March 31, 2026 (FY26), driven by robust operational execution and scale expansion. Revenue from Operations rose 19.9% to Rs 11,074 million, while EBITDA grew 19.3% to Rs 2,995 million, maintaining an EBITDA margin of 27.0%. The company’s Return on Capital Employed (ROCE) stood at 21.7%, and Return on Equity (ROE) was 19.6% for the year.

For the fourth quarter of FY26, Revenue from Operations was Rs 2,636 million, with EBITDA of Rs 599 million and a PAT of Rs 657 million. The quarter’s performance was impacted by geopolitical developments in the Middle East, which disrupted logistics and caused a sequential decline in volumes across the company’s India-UAE operations. Despite this, the contribution from high-value engineering segments helped support margins, with the PAT margin for Q4 FY26 recorded at 22.9%.

The company announced significant strategic advancements, including the signing of a 5-year Memorandum of Understanding (MoU) for the supply of large calibre ammunition from its greenfield manufacturing campus in Belgaum, Karnataka. Additionally, Balu Forge secured its maiden aerospace order from Alpha Aircraft Systems Inc., USA, marking its entry into the global aerospace supply chain. The combined share of Defence, Aerospace, and Railways segments in the order book has increased to approximately 50%.

Consolidated Financial Performance (FY26)

Q4 FY26 Financial Highlights

In a disclosure regarding regulatory matters, the company confirmed that the Income Tax Department conducted a search at certain offices and manufacturing facilities during the quarter. The management stated that based on information currently available, it does not foresee any material adverse impact on the company’s operations or financial position. The company’s subsidiary, Naya Energy Works Private Limited, has been renamed to Quantum Energetics Private Limited as part of a strategic expansion into advanced energetics and defence materials.

balu forge industries has initiated a postal ballot process to seek shareholder approval for the re-appointment of two Independent Directors, Mr. Radhey Shyam Soni and Mrs. Shalu Laxmanraj Bhandari, for a period of two years. The resolutions require approval through special resolution via remote e-voting, with the Board recommending the re-appointments based on the recommendations of the Nomination and Remuneration Committee.

Mr. Radhey Shyam Soni (DIN: 07962657) and Mrs. Shalu Laxmanraj Bhandari (DIN: 00012556) were initially appointed for a five-year term effective from June 30, 2021, concluding on June 29, 2026. Both directors are eligible for re-appointment and have submitted the necessary declarations confirming their independence and compliance with regulatory requirements. The proposed second term would extend from June 30, 2026, to June 29, 2028.

Voting Schedule and Process

The remote e-voting period commences on Thursday, May 28, 2026, at 09:00 a.m. IST and concludes on Friday, June 26, 2026, at 05:00 p.m. IST. Shareholders holding shares as on the cut-off date of Friday, May 22, 2026, are eligible to participate. The scrutinizer for the process is Mr. Jaymin Modi, Partner of M/s. Jaymin Modi & Co., Practicing Company Secretaries.

The results of the postal ballot will be announced on or before Tuesday, June 30, 2026, and subsequently communicated to the BSE and NSE. The notice has been dispatched to shareholders only through electronic mode in compliance with relevant MCA Circulars and SEBI Listing Regulations.

Director Profiles

The following table outlines the key details of the directors proposed for re-appointment: