MarketFriction

Kalyani Forge Ltd

NSE KALYANIFRG · BSE 513509 · Castings & Forgings
₹944.75 -4.67%
NSE close2026-10-01
52 week range523.60 - 1,192.25
Market cap₹364 Cr.
P/E29.4
ESM Price band 5%

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
Sales60.9159.7056.8256.7462.3358.6258.9564.1355.6757.8656.9866.80
Expenses56.2256.8155.6552.9354.5652.5452.5958.1849.1249.1050.2556.19
Operating Profit4.692.891.173.817.776.086.365.956.558.766.7310.61
OPM %7.70%4.84%2.06%6.71%12.47%10.37%10.79%9.28%11.77%15.14%11.81%15.88%
Other Income1.081.761.210.860.520.750.380.390.560.362.270.28
Interest1.451.751.491.451.581.962.062.272.432.710.241.73
Depreciation2.721.25-0.291.841.912.082.042.042.412.462.633.01
Profit before tax1.601.651.181.384.802.792.642.032.273.956.136.15
Tax %18.12%7.88%40.68%74.64%18.33%34.77%15.91%30.54%5.29%103.04%4.08%27.15%
Net Profit1.301.510.710.353.921.822.231.412.15-0.125.884.48
EPS in Rs3.574.151.950.9610.785.006.133.885.91-0.3316.1612.31
Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales231227259286201181246264237236235237
Expenses215212237261193168228254223213207205
Operating Profit16152226813191114232833
OPM %7%7%8%9%4.2%7%8%4.0%6%10%12%14%
Other Income357631154343
Interest546853436787
Depreciation1210131514131211681011
Profit before tax25910-8-2416121418
Tax %46%33%29%28%-15%-15%22%113%19%28%35%
Net Profit1377-7-23-058912
EPS in Rs3.029.5718.0319.13-19.05-4.848.60-0.4912.5122.8425.6234.05
Dividend Payout %66%21%19%21%-5%-31%35%-607%24%18%16%
10 Years5 Years3 YearsTTM1 YearLast Year
Compounded Sales Growth0%5%-4%-3%
Compounded Profit Growth24%55%245%32%
Stock Price CAGR14%38%26%53%
Return on Equity3%6%9%10%
Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital444444444444
Reserves94949810310898979974788692
Borrowings4741636347312726386172106
Other Liabilities576071656951565465626950
Total Liabilities201199236235227184183183181205230251
Fixed Assets616460847865534439566190
CWIP1783050112351510
Investments000000000000
Other Assets123127147146148118129137138143154152
Total Assets201199236235227184183183181205230251
Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Cash from Operating Activity251915123024711-210227
Cash from Investing Activity-2-5-41-2-7-1-1-4-6-26-24-33
Cash from Financing Activity-20-1119-8-25-23-7-5816325
Net Cash Flow33-72-2-0-12-1-00-1
Free Cash Flow2414-2610232367-8-16-3-26
CFO/OP186%128%118%68%114%304%58%68%-8%89%95%37%
Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days929899999610313510810395125160
Inventory Days96117156139123143178135114180186129
Days Payable11812814614312212314195107146166104
Cash Conversion Cycle70871099497123172148110129145185
Working Capital Days342918364253857444533852
ROCE %2%5%6%9%10%-2%1%6%4%9%12%12%
Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Promoters58.71%58.71%58.71%58.70%58.71%58.71%58.71%58.73%58.76%58.76%58.76%58.76%
Public41.28%41.29%41.29%41.30%41.30%41.29%41.29%41.26%41.24%41.24%41.23%41.23%
No. of Shareholders5,5965,5305,8786,5716,6776,5506,4767,0817,2367,2817,3427,424

Fundamentals

Market Cap₹ 364 Cr.
Current Price₹ 1,010
Stock P/E29.4
Book Value₹ 263
ROCE12.2 %
ROE10.1 %
Dividend Yield0.40 %
Face Value₹ 10.0
Compounded Sales Growth (TTM)-3%
Compounded Profit Growth (TTM)32%
Standalone figures.
Valuation
Market capRs 344 Cr
Enterprise valueRs 447 Cr
P/E (TTM)27.77x
Price to book3.60x
Price to sales1.45x
EV / EBITDA12.39x
EV / EBIT17.47x
EV / sales1.89x
Price to cash flow46.12x
Earnings yield3.60%
Dividend yield0.42%
P/E, 3-year average25.28x
P/B, 3-year average1.97x
P/E, 5-year average24.02x
P/B, 5-year average1.52x
Profitability
Operating margin (excl. other income)11.93%
Operating margin (incl. other income)13.46%
EBITDA margin15.22%
Pre-tax margin7.80%
Net profit margin5.22%
Net margin, latest quarter6.71%
ROE10.06%
ROCE12.16%
ROA3.87%
ROE, 3-year average8.48%
ROCE, 3-year average11.11%
ROA, 3-year average3.35%
ROE, 5-year average5.66%
ROCE, 5-year average8.61%
ROA, 5-year average2.33%
ROIC (approx.)8.35%
Tax rate35.14%
Other income / net worth3.75%
Growth
Sales growth (latest year)-0.53%
Profit growth (latest year)12.15%
Sales CAGR, 3 years-3.91%
Sales CAGR, 5 years5.35%
Sales growth QoQ17.23%
Profit growth QoQ-23.81%
Sales growth YoY (latest quarter)4.16%
Profit growth YoY (latest quarter)217.73%
Per share
EPS (TTM)Rs 34.02
EPS (latest year)Rs 25.59
EPS (latest quarter)Rs 12.30
EPS, 3-year averageRs 20.30
EPS, 5-year averageRs 13.80
Book value per shareRs 262.33
Sales per shareRs 651.59
Cash flow per shareRs 20.48
Free cash flow per shareRs -71.39
Dividend per share (latest year)Rs 4.01
Dividend per share, 3-year averageRs 3.67
Dividend per share, 5-year averageRs 3.40
Dividends
Dividend payout15.67%
Dividend payout, 3-year average19.06%
Dividend payout, 5-year average23.00%
Efficiency
Asset turnover0.93x
Fixed asset turnover2.62x
Inventory turnover4.18x
Inventory days87 days
Debtor days160 days
Debtors turnover2.29x
Creditor days104 days
Cash conversion cycle185 days
Working capital days52 days
Leverage
Total debtRs 106 Cr
Cash and bankRs 2 Cr
Net debtRs 103 Cr
Debt to equity1.11x
Net debt / EBITDA2.86x
Interest coverage3.60x
Owners' fund to total sources37.99%
Debt to assets42.00%
Cash flow
Cash from Operating Activity (latest year)Rs 7 Cr
Cash from Investing Activity (latest year)Rs -33 Cr
Cash from Financing Activity (latest year)Rs 25 Cr
Net Cash Flow (latest year)Rs -1 Cr
Free cash flow (latest year)Rs -26 Cr
FCFE (approx.: FCF + change in debt)Rs 8 Cr
Cash from ops / profit, 5 years1.92x
Sales to cash flow31.45x
Statement figures
Net sales (TTM)Rs 237 Cr
Net sales (latest year)Rs 235 Cr
Sales (latest quarter)Rs 67 Cr
Operating profit excl. other income (latest year)Rs 28 Cr
Operating profit (latest quarter)Rs 11 Cr
Other income (TTM)Rs 3 Cr
EBITDA (TTM)Rs 36 Cr
PBDT (TTM)Rs 29 Cr
Profit before tax (TTM)Rs 18 Cr
Tax (latest year)Rs 5 Cr
Net profit (TTM)Rs 12 Cr
Net profit (latest year)Rs 9 Cr
Net profit (latest quarter)Rs 4 Cr
Depreciation (TTM)Rs 11 Cr
Depreciation (latest quarter)Rs 3 Cr
Interest (TTM)Rs 7 Cr
Cost of goods sold (latest year)Rs 148 Cr
Total expenditure (latest year)Rs 207 Cr
Total income (latest year)Rs 238 Cr
Share capitalRs 4 Cr
ReservesRs 92 Cr
Shareholders' fundsRs 96 Cr
Total assetsRs 251 Cr
Net blockRs 90 Cr
Capital work in progressRs 10 Cr
InvestmentsRs 0 Cr
ReceivablesRs 103 Cr
InventoryRs 35 Cr
Other liabilitiesRs 50 Cr
Shares outstanding (crore)0.36
Ownership
Promoter holding58.76% (+0.03 in a year)
Computed by MarketFriction from the standalone statements. Returns use average balances.
P/E 27.8 is at the 51th percentile of its own 6.4-year range (median 27.5, low 4.6, high 54.1).
P/B 3.60 is at the 98th percentile (median 1.03).
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.
PeriodKALYANIFRGNifty 50Difference
1 week+0.8%-2.8% +3.6 pts
1 month-12.8%-6.8% -6.0 pts
3 months+53.4%-7.6% +61.0 pts
6 months+72.9%+0.4% +72.5 pts
1 year+39.6%-9.9% +49.5 pts
2 years+90.8%-13.6% +104.4 pts
3 years+86.0%+14.2% +71.8 pts
5 years+372.5%+27.9% +344.6 pts

Red flags

F-score 5 of 8
explainReceivables outrunning sales Receivables grew 27% vs sales -1% in 2026
lookOn NSE surveillance On NSE surveillance: ESM
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 ₹67 Cr +4.2% vs Jun 2025. Net profit ₹4 Cr +217.7%.

Activity

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No bulk or block deals on record.
Ex-dateActionFactor
2026-08-21Dividend - Rs 4 Per Share
2025-08-22Dividend - Rs 4 Per Share
2024-09-20Annual General Meeting/Dividend - Rs 3 Per Share
2023-09-13Annual General Meeting/Dividend - Rs 3 Per Share
2022-08-10Annual General Meeting/Dividend - Rs 3 Per Share
2021-08-05 Annual General Meeting/Dividend - Rs 1.50 Per Share
2020-09-17 Dividend - Re 1 Per Share
2019-07-17 Annual General Meeting/Dividend Rs 4 Per Share
2018-07-19 Dividend- Rs 3.50 Per Share
2017-07-17 Dividend - Rs 3 Per Share
2016-07-21 Annual General Meeting/ Dividend -Rs 2/- Per Share
2015-08-27 Annual General Meeting
2014-09-09Annual General Meeting / Final Dividend - Rs 2.50/- Per Share
2013-06-20Annual General Meeting And Dividend Rs.2.50 Per Share
2012-07-12Annual General Meeting / Dividend Rs 2.5 Per Share
2011-07-14Annual General Meeting And Dividend Rs.2/- Per Share
2010-07-08Dividend-Re.1.80 Per Share
2009-06-29Agm/Div-Rs.1.20 Per Share
2008-08-28Agm/Dividend - 22%
DateTypeWhat it says
2026-10-01ResignationResignation of Mr. Anup Dilip Sancheti as Company Secretary & Compliance Officer of the company w.e.f. September 30, 2026.
2026-09-23Shareholder meetingKalyani Forge Limited has informed the stock exchange about the voting results and scrutiniser report
2026-09-22Shareholder meetingProceedings of 47th Annual General Meeting of Kalyani Forge Limited held on 21st September, 2026
2026-09-02General UpdatesCommunication to the Shareholders providing web-link to access the 47th AGM Notice and Annual Report
2026-09-02UpdatesCommunication to Shareholders providing web link to access the 47th AGM notice and annual report.
2026-09-02Price movementSignificant movement in price has been observed in Kalyani Forge Limited. The Exchange, in order to ensure that investors have latest relevant informa...
2026-09-01Price movementSignificant movement in price has been observed in Kalyani Forge Limited. The Exchange, in order to ensure that investors have latest relevant informa...
2026-08-31Shareholder meetingNotice of 47th Annual General Meeting to be held on 21st September, 2026 at 11:00 a.m.
2026-08-25Concall / analyst meetTranscript
2026-08-13Record DateRecord date for the purpose of Dividend is 21-Aug-2026.
2026-08-12Concall / analyst meetLink of Recording
2026-08-12Investor PresentationInvestor Presentation
2026-08-12Press ReleaseA press release dated August 11, 2026, titled "Kalyani Forge Limited Press Release titled "Kalyani Forge Reports Q1 FY27 Results: PAT Surges Over 200%...
2026-08-11Board meeting outcomeKalyani Forge Limited has submitted to the Exchange, the financial results for the period ended Jun 30, 2026.
2026-08-08Concall / analyst meetSchedule of meet
2026-07-14Change in ManagementChange in Management
2026-07-14Board meeting outcomeOutcome of Board Meeting held on July 14, 2026.
2026-07-10Reply to Clarification- FinaThe Exchange had sought clarification from Kalyani Forge Limited for the quarter ended 31-Mar-2026 with respect to Regulation 33 of the SEBI (Listing ...
2026-06-18Clarification - Financial ReThe Exchange has sought clarification from Kalyani Forge Limited for the quarter ended 31-Mar-2026 with respect to Regulation 33 of the SEBI (Listing ...
2026-06-12Disclosure under SEBI TakeovKalyani Consultants Pvt. Ltd has Submitted to the Exchange a copy of Disclosure under Regulation 31(4) of the Securities and Exchange Board of India (...
2026-06-11ResignationResignation of Mr Jagdish Baheti as Chief Financial Officer of the company w.e.f. April 30, 2026.
2026-06-09Concall / analyst meetTranscript
2026-05-27Concall / analyst meetThe Video and Audio Recordings of Investor Meet held on May 26, 2026
2026-05-26Board meeting outcomeRevised outcome of the Board Meeting held on 25th May 2026. Audit Report is enclosed to the revised outcome.
2026-05-26Investor PresentationInvestor Presentation
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.
ESM: 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