MarketFriction

Ganga Forging Ltd

NSE GANGAFORGE · Castings & Forgings
₹1.48 -3.90%
NSE close2026-10-01
52 week range1.35 - 3.29
Market cap₹49.6 Cr.
ASM long-term Price band 5% Delivery 69.2%

Price

Drag to pan, scroll or pinch to zoom. Ruler (or Shift + drag) measures a move.Dashed lines: 52 week high and low. Prices adjusted for splits and bonuses.

Financials

Standalone, Rs crore
Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Sales8.578.5510.248.5111.5111.6711.537.758.278.8810.737.19
Expenses8.037.919.447.9210.9211.1810.957.8110.618.4810.836.52
Operating Profit0.540.640.800.590.590.490.58-0.06-2.340.40-0.100.67
OPM %6.30%7.49%7.81%6.93%5.13%4.20%5.03%-0.77%-28.30%4.50%-0.93%9.32%
Other Income0.030.010.070.190.150.31-0.010.370.010.120.040.79
Interest0.180.220.290.290.230.220.220.230.230.190.280.21
Depreciation0.220.220.340.250.270.270.290.270.280.280.350.29
Profit before tax0.170.210.240.240.240.310.06-0.19-2.840.05-0.690.96
Tax %-29.41%-9.52%108.33%-20.83%-12.50%12.90%366.67%47.37%3.52%20.00%-33.33%-10.42%
Net Profit0.220.23-0.020.290.280.27-0.15-0.29-2.940.04-0.461.06
EPS in Rs0.010.01-0.000.010.010.01-0.00-0.01-0.090.00-0.010.03
Mar 2011Mar 2012Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales8.9817.3624.8727.8823.6422.9828.8333.4137.2143.2235.6235.07
Expenses8.1516.2222.9025.5324.3921.2826.2831.4134.7140.9437.7336.44
Operating Profit0.831.141.972.35-0.751.702.552.002.502.28-2.11-1.37
OPM %9.24%6.57%7.92%8.43%-3.17%7.40%8.84%5.99%6.72%5.28%-5.92%-3.91%
Other Income0.010.020.030.170.100.101.260.570.100.640.540.96
Interest0.330.460.791.121.270.790.950.810.850.980.930.91
Depreciation0.300.410.500.740.880.870.880.881.001.071.191.20
Profit before tax0.210.290.710.66-2.800.141.980.880.750.87-3.69-2.52
Tax %42.86%72.41%35.21%21.21%-24.64%-85.71%47.47%-88.64%41.33%28.74%-0.81%
Net Profit0.110.090.460.52-2.120.251.031.660.440.61-3.65-2.30
EPS in Rs0.850.690.020.02-0.080.010.040.060.010.02-0.11-0.07
Dividend Payout %-0.00%-0.00%-0.00%-0.00%-0.00%-0.00%-0.00%-0.00%-0.00%-0.00%-0.00%
10 Years5 Years3 YearsTTM1 YearLast Year
Compounded Sales Growth%9%2%-17%
Compounded Profit Growth%%%-746%
Stock Price CAGR%-35%-34%-51%
Return on Equity%-2%-4%-13%
Mar 2011Mar 2012Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital0.350.355.577.957.9510.6010.6010.6013.4213.4813.48
Reserves0.870.963.026.174.050.121.052.7417.9918.7115.02
Borrowings4.372.847.8312.6711.5710.5411.6714.309.9816.5820.11
Other Liabilities2.705.428.758.479.489.697.737.084.929.9111.88
Total Liabilities8.299.5725.1735.2633.0530.9531.0534.7246.3158.6860.49
Fixed Assets1.951.899.3415.6815.0514.5513.9015.5516.4817.7917.55
CWIP-0.00-0.00-0.00-0.000.36-0.002.210.75-0.000.392.87
Investments-0.00-0.00-0.00-0.00-0.00-0.00-0.00-0.00-0.00-0.00-0.00
Other Assets6.347.6815.8319.5817.6416.4014.9418.4229.8340.5040.07
Total Assets8.299.5725.1735.2633.0530.9531.0534.7246.3158.6860.49
Mar 2011Mar 2012Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Cash from Operating Activity-0.00-0.00-1.832.351.981.33-1.09-10.64-4.100.36
Cash from Investing Activity-0.00-0.00-6.91-0.60-0.03-1.69-0.56-1.16-2.21-3.15
Cash from Financing Activity-0.00-0.008.81-1.76-1.830.191.8112.475.782.59
Net Cash Flow-0.00-0.000.07-0.020.12-0.170.170.68-0.53-0.20
Free Cash Flow-0.00-0.00-8.741.751.67-0.37-1.65-11.81-6.33-2.81
CFO/OP-0%-0%-69%-313%124%52%-51%-426%-180%-25%
Mar 2011Mar 2012Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days144.2997.14119.32119.79135.56114.8461.0262.3883.0867.6558.31
Inventory Days155.4687.56132.52204.65181.30182.42244.86244.26266.95
Days Payable151.16159.41162.53183.9282.4375.7129.3980.58116.32
Cash Conversion Cycle148.5925.2989.31119.79135.56135.56159.89169.09298.55231.33208.94
Working Capital Days56.500.84-0.5938.23-5.4012.3929.8825.78161.8595.9482.28
ROCE %15.40%7.50%-6.08%4.33%9.78%4.67%4.61%3.17%-6.43%
Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026Jul 2026
Promoters43.52%40.82%40.63%40.11%39.21%39.21%39.21%39.00%35.51%35.51%35.51%35.51%
FIIs0.00%0.04%0.00%0.00%3.71%3.71%2.60%2.00%0.00%0.00%0.00%12.76%
DIIs0.00%0.00%0.11%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%
Public56.48%59.14%59.26%59.89%57.08%57.08%58.19%59.00%64.49%64.49%64.49%51.73%
No. of Shareholders34,38447,33546,32846,60047,98348,53248,96349,23749,81548,87048,27348,367

Fundamentals

Market Cap₹ 49.6 Cr.
Current Price₹ 1.47
Book Value₹ 0.85
ROCE-6.43 %
ROE-13.2 %
Dividend Yield0.00 %
Face Value₹ 1.00
Compounded Sales Growth (TTM)-17%
Compounded Profit Growth (TTM)-746%
Standalone figures.
Valuation
Market capRs 50 Cr
Enterprise valueRs 70 Cr
Price to book1.75x
Price to sales1.42x
EV / sales1.99x
Price to cash flow138.58x
Earnings yield-4.61%
P/E, 3-year average142.93x
P/B, 3-year average1.76x
P/E, 5-year average91.07x
P/B, 5-year average2.55x
Profitability
Operating margin (excl. other income)-5.92%
Operating margin (incl. other income)-4.41%
EBITDA margin-1.17%
Pre-tax margin-7.19%
Net profit margin-6.56%
Net margin, latest quarter14.74%
ROE-12.03%
ROCE-5.67%
ROA-6.13%
ROE, 3-year average-2.71%
ROCE, 3-year average1.02%
ROA, 3-year average-1.29%
ROE, 5-year average2.87%
ROCE, 5-year average4.57%
ROA, 5-year average0.90%
ROIC (approx.)-3.29%
Tax rate0.81%
Other income / net worth1.89%
Growth
Sales growth (latest year)-17.58%
Profit growth (latest year)-698.36%
Sales CAGR, 3 years2.16%
Sales CAGR, 5 years9.16%
Sales growth QoQ-32.99%
Sales growth YoY (latest quarter)-7.23%
Per share
EPS (TTM)Rs -0.07
EPS (latest year)Rs -0.27
EPS (latest quarter)Rs 0.03
EPS, 3-year averageRs -0.06
EPS, 5-year averageRs 0.01
Book value per shareRs 0.85
Sales per shareRs 1.04
Cash flow per shareRs 0.01
Free cash flow per shareRs -0.08
Efficiency
Asset turnover0.59x
Fixed asset turnover2.03x
Inventory turnover1.81x
Inventory days202 days
Debtor days58 days
Debtors turnover6.26x
Creditor days116 days
Cash conversion cycle209 days
Working capital days82 days
Leverage
Total debtRs 20 Cr
Cash and bankRs 0 Cr
Net debtRs 20 Cr
Debt to equity0.71x
Interest coverage-1.77x
Owners' fund to total sources47.12%
Debt to assets33.25%
Cash flow
Cash from Operating Activity (latest year)Rs 0 Cr
Cash from Investing Activity (latest year)Rs -3 Cr
Cash from Financing Activity (latest year)Rs 3 Cr
Net Cash Flow (latest year)Rs -0 Cr
Free cash flow (latest year)Rs -3 Cr
FCFE (approx.: FCF + change in debt)Rs 1 Cr
Cash from ops / profit, 5 years-157.11x
Sales to cash flow98.94x
Statement figures
Net sales (TTM)Rs 35 Cr
Net sales (latest year)Rs 36 Cr
Sales (latest quarter)Rs 7 Cr
Operating profit excl. other income (latest year)Rs -2 Cr
Operating profit (latest quarter)Rs 1 Cr
Other income (TTM)Rs 1 Cr
EBITDA (TTM)Rs -0 Cr
PBDT (TTM)Rs -1 Cr
Profit before tax (TTM)Rs -3 Cr
Tax (latest year)Rs -0 Cr
Net profit (TTM)Rs -2 Cr
Net profit (latest year)Rs -4 Cr
Net profit (latest quarter)Rs 1 Cr
Depreciation (TTM)Rs 1 Cr
Depreciation (latest quarter)Rs 0 Cr
Interest (TTM)Rs 1 Cr
Cost of goods sold (latest year)Rs 35 Cr
Total expenditure (latest year)Rs 38 Cr
Total income (latest year)Rs 36 Cr
Share capitalRs 13 Cr
ReservesRs 15 Cr
Shareholders' fundsRs 28 Cr
Total assetsRs 60 Cr
Net blockRs 18 Cr
Capital work in progressRs 3 Cr
ReceivablesRs 6 Cr
InventoryRs 19 Cr
Other liabilitiesRs 12 Cr
Shares outstanding (crore)33.71
Ownership
Promoter holding35.51% (-3.49 in a year)
Computed by MarketFriction from the standalone statements. Returns use average balances.
P/B 1.75 is the lowest in 7.8 years (median 8.36).
Monthly. Market cap from split-adjusted price; profit and book value as reported by that month. A low percentile means cheap versus its own history, not cheap versus peers.
PeriodGANGAFORGENifty 50Difference
1 week-2.6%-2.8% +0.1 pts
1 month-16.4%-6.8% -9.6 pts
3 months-39.8%-7.6% -32.2 pts
6 months-37.8%+0.4% -38.2 pts
1 year-60.4%-9.9% -50.5 pts
2 years-82.1%-13.6% -68.5 pts
3 years-75.7%+14.2% -89.9 pts
5 years-90.2%+27.9% -118.1 pts

Red flags

F-score 3 of 8
explainShare dilution Share count up 0% in a year, 27% in three
lookOn NSE surveillance On NSE surveillance: ASM long-term
Checks on the latest reported years: cash vs profit, accruals, receivables and inventory vs sales, dilution, debt, interest cover, equity, other income, losses, and auditor, top-management, insolvency and regulator filings in the last 12 months. A flag asks for an explanation; it is not a verdict.

Latest quarter

Jun 2026
Sales ₹7 Cr -7.2% vs Jun 2025. Net profit ₹1 Cr +465.5%.

Activity

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No bulk or block deals on record.
Ex-dateActionFactor
2026-07-02Rights 3:2 @ Premium Re. 0.63/-
2021-09-20 Annual General Meeting
2021-09-13 Face Value Split (Sub-Division) - From Rs 10/- Per Share To Re 1/- Per Share0.1000
DateTypeWhat it says
2026-09-29Shareholder meetingVoting results.
2026-09-26Shareholder meetingProceedings of Annual General Meeting held on September 26, 2026
2026-09-24Disclosure under SEBI TakeovPine Oak Global fund  has submitted to  the Exchange a copy of Disclosure under Regulation 29(1) of SEBI (SAST) Regulations, 2011.
2026-09-08Board meeting outcomeOutcome of Board Meeting held on September 08, 2026.
2026-09-02Shareholder meetingNotice of Annual General Meeting to be held on September 26, 2026
2026-08-07Disclosure under SEBI TakeovPine Oak Global Fund has submitted to  the Exchange a copy of Disclosures under Regulation 29(1) of SEBI (SAST) Regulations, 2011.
2026-07-21Board meeting outcomeOutcome of Board Meeting held on Tuesday, 21st July, 2026
2026-07-18Board meeting outcomeOutcome of Board Meeting held on July 18, 2026.
2026-07-18Board meeting outcomeGanga Forging Limited has submitted to the Exchange, the financial results for the period ended Jun 30, 2026.
2026-06-27UpdatesSubmission of Letter of Offer for Rights Issue .
2026-06-25Record DateRecord date for the purpose of Rights is 02-Jul-2026.
2026-06-25Rights IssueBoard of Directors at its meeting held on Jun 25, 2026, has decided to issue equity shares on rights basis in the ratio of 3 : 2, i.e 3 Equity Shares ...
2026-05-29Board meeting outcomeAppointment of Internal Auditor for the FY 2026-27
2026-05-29Board meeting outcomeGanga Forging Limited has submitted to the Exchange, the financial results for the period ended March 31, 2026.
2026-05-22Disclosure under SEBI TakeovHiralal Tilva has Submitted to the Exchange a copy of Disclosure under Regulation 31(4) of the Securities and Exchange Board of India (Substantial Acq...
2026-02-15Shareholder meetingVoting results.
2026-02-13Board meeting outcomeGanga Forging Limited has submitted to the Exchange, the financial results for the period ended December 31, 2025.
2026-02-12Shareholder meetingProceedings of Extraordinary General Meeting held on February 12, 2026
2026-01-19Shareholder meetingNotice of Extraordinary General Meeting to be held on February 12, 2026
2026-01-06Board meeting outcomeBoard meeting held on January 06, 2026.
2026-01-06Board meeting outcomeBoard meeting held on January 06, 2026.
2025-12-19UpdatesGanga Forging Limited Advances into Elastic Rail Clip Segment for Indian Railways.
2025-12-11UpdatesMachine Readable Form/Legible copy of Financial Results for the quarter and half year ended on 30th September, 2025.
2025-11-05Board meeting outcomeGanga Forging Limited has submitted to the Exchange, the financial results for the period ended September 30, 2025.
Company filings to NSE, newest first. Routine notices (trading window, newspaper copies) are left out. Click a row for the filing.
No short selling reported to NSE in our files.
Short sales disclosed by brokers to NSE, by trade date. Collected since late September 2026.
EPS in the scrip is zero (4 trailing quarters)Long Term Additional Surveillance Measure (Long Term ASM): stage 1
Data: NSE and BSE daily reports, company filings. Numbers only, not investment advice, not a SEBI-registered research service.Updated 2026-10-03