New Delhi: Shares of Pune-based industrial giant Bharat Forge Limited (BFL) were in the spotlight on Wednesday following reports that the company has emerged as a frontrunner for the Indian Air Force’s ambitious Fifth-Generation Fighter Jet project. The news triggered a sharp movement in the company’s equity price, leading to a formal clarification to the stock exchanges.
The excitement follows a report in The Economic Times titled “AMCA fighter jet programme: Tata, L&T, Bharat Forge in fighter jet race; HAL out,” which suggested that private players are overtaking state-run HAL in the race for the Advanced Medium Combat Aircraft (AMCA).
Bharat Forge confirmed that it had indeed entered into a Tripartite Memorandum of Understanding (MoU) on September 26, 2025, with BEML Limited and Data Patterns (India) Limited. This consortium was formed specifically to collaborate on the AMCA programme and participate in the Expression of Interest (EoI) floated by the Aeronautical Development Agency (ADA).
Regulatory Clarification
In a filing under Regulation 30(11) of SEBI Listing Regulations, Bharat Forge emphasized that while their participation in the bid is factual, the recent stock price volatility is “purely due to market conditions”.
”We are not aware of any other information and nothing is communicated to us by ADA and/or Ministry of Defence,” the company stated, seeking to temper speculative fervor.
Strategic Shift
The Kalyani Group flagship has been aggressively pivoting toward the defence sector, moving beyond its traditional strength in automotive forgings. Its involvement in the AMCA project—India’s indigenous effort to build a stealth multirole fighter—marks a significant leap in its aerospace ambitions.
While the markets have reacted enthusiastically to the prospect of a private-sector-led fighter jet programme, Bharat Forge maintained that there is currently no “undisclosed or price-sensitive information” that needs to be shared with investors.
The company’s stock movement reflects the high stakes involved in India’s defence indigenization drive, where multi-billion dollar contracts are up for grabs for domestic engineering majors.