Bharat Forge 's wholly owned defence subsidiary, Agneyastra Energetics Limited, has officially broken ground on its strategic defence manufacturing facility near Madakasira in Sri Sathya Sai District, Andhra Pradesh. The groundbreaking marks a significant milestone in India's push for indigenous energetics and ammunition manufacturing capabilities, with the facility being developed under the aegis of Kalyani Strategic Systems Limited (KSSL), the defence business arm of Bharat Forge.

Facility Overview and Investment

Spread across more than 1,000 acres, the integrated manufacturing campus is designed with advanced manufacturing technologies, high-safety testing infrastructure, and specialised logistics capabilities. The key parameters of the project are outlined below:

The facility is expected to generate approximately 800 direct jobs and around 2,500 indirect employment opportunities, contributing to regional economic growth and reinforcing Andhra Pradesh's emergence as a preferred hub for aerospace and defence manufacturing.

Strategic Significance and Aatmanirbhar Bharat Alignment

Agneyastra Energetics has been established to address India's continued reliance on imported energetics materials by delivering indigenously designed, manufactured, and globally compliant solutions. The initiative aligns with the Government of India's Aatmanirbhar Bharat vision, driving import substitution, local value creation, and technological self-reliance in strategically critical materials. The facility will focus on advanced ammunition, propellants, rockets, and pyrotechnic systems for defence, aerospace, and space applications.

Backed by the Kalyani Group's six decades of expertise in strategic defence manufacturing, metallurgy, and systems integration, Agneyastra Energetics is positioned to play a pivotal role in strengthening India's defence industrial ecosystem and contributing to the country's long-term vision of Viksit Bharat 2047.

Leadership Statement

Mr. Baba Kalyani, Chairman & Managing Director, Bharat Forge Limited, commented on the development: "India has a significant opportunity to emerge as a globally trusted source for advanced defence systems and critical materials. Agneyastra Energetics is a strategic step towards building a strong indigenous energetics ecosystem and globally competitive capabilities from India for both domestic and international markets."

About the Entities

Kalyani Strategic Systems Limited (KSSL) is a wholly owned subsidiary of Bharat Forge Limited, set up as a flagship company to drive defence business initiatives. The Group's legacy in design, engineering, metallurgy, and manufacturing expertise spanning over five decades has positioned it as one of the leading defence players in India.

Agneyastra Energetics Limited is a specialised ammunitions, propellants, and high energy materials manufacturing company and a wholly owned subsidiary of KSSL. The company is focused on building safe, high-performance, indigenous energetic capabilities aligned with India's long-term national security and self-reliance objectives.

Bharat Forge Limited has successfully concluded its postal ballot exercise, with shareholders approving the re-appointment of two Whole-Time Directors designated as Executive Directors. The resolutions were deemed passed on Wednesday, April 22, 2026 — the last date specified for e-voting — and the certified true copy of proceedings was submitted to stock exchanges on May 14, 2026 by Company Secretary and Compliance Officer Tejaswini Chaudhari.

Postal Ballot Process and Timeline

The Board of Directors, vide Board Resolution dated February 12, 2026, approved the conduct of the postal ballot through a remote e-voting process. The company availed the services of National Securities Depository Limited (NSDL) as the e-voting agency. Ms. Ashwini Inamdar (Membership No. FCS 9409, CP No. 11226), failing her, Mr. Atul Mehta (Membership No. FCS 5782, CP No. 2486), Partners of M/s. Mehta & Mehta, Practicing Company Secretaries, Pune, were appointed as scrutinizer to conduct the process in a fair and transparent manner.

Key dates in the postal ballot process were as follows:

The notice dated February 12, 2026 was circulated via electronic mode to members whose names appeared on the Register of Members as on the cut-off date of March 13, 2026. A newspaper advertisement was published on March 24, 2026 in the English and Marathi editions of Financial Express and Loksatta respectively.

Re-appointment of Mr. B. P. Kalyani as Executive Director

Shareholders approved the re-appointment of Mr. B. P. Kalyani (DIN: 00267202) as Whole-Time Director designated as Executive Director for five consecutive years with effect from May 23, 2026 (i.e., from May 23, 2026 to May 22, 2031, inclusive of both days). The key terms of his appointment are detailed below:

The e-voting result for this resolution was as follows:

Note: Scrutinizer declared 1,11,239 votes as Invalid Votes.

Re-appointment of Mr. S. E. Tandale as Executive Director

Shareholders also approved the re-appointment of Mr. S. E. Tandale (DIN: 00266833) as Whole-Time Director designated as Executive Director for five consecutive years with effect from May 23, 2026 (i.e., from May 23, 2026 to May 22, 2031, inclusive of both days). The key terms of his appointment are as follows:

The e-voting result for this resolution was as follows:

Note: Scrutinizer declared 1,11,239 votes as Invalid Votes.

Common Terms Applicable to Both Appointments

Both appointments carry identical conditions with respect to duties, conduct, and certain remuneration components:

• Each Executive Director is required to devote full time and attention to the company's operations, acting in the best interest of the company and its subsidiaries, joint ventures, and associate companies.
• Both are liable to retire by rotation.
• Adherence to the company's Code of Conduct and maintenance of confidentiality are mandatory conditions.
• All company policies and associated rules applicable to other employees shall also apply to the Whole-Time Directors, except where expressly stated otherwise.
• Contribution to provident fund, superannuation fund, or national pension fund is included in the computation of the ceiling on fixed remuneration.
• Gratuity is payable as per company policy; encashment of leave is permitted at the end of tenure.
• Provision of car for use on company's business and telephone at residence shall not be considered as perquisites.
• In any financial year where the company has no profits or its profits are inadequate, remuneration by way of salary and perquisites shall be paid subject to requisite approvals under the Companies Act, 2013.
• The Board of Directors is authorised to revise salary and remuneration from time to time, provided total remuneration does not exceed limits prescribed under Section 197 read with Schedule V of the Companies Act, 2013.

The results were simultaneously intimated to stock exchanges and uploaded on the websites of the company and NSDL upon declaration on April 24, 2026.