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Balu Forge Industries Ltd (BFIL) has secured a five-year contract to supply NATO with 155 mm artillery shells, marking its entry into the defence sector. The company is diversifying from agriculture, which contributed 40% of revenue in FY25, aiming to reduce this to 25% by FY28, while increasing defence and aerospace shares.

BFIL will supply 30,000 M107 shells and 10,000 152 mm shells monthly, starting April 2026. Revenue from shell production could exceed ₹1,000 crore. BFIL is also expanding into aerospace and railways, with total consolidated revenue rising 65% year-on-year to ₹941 crore in FY25.