EL Forge Ltd.

•

elforge.comBSE: -NSE: ELFORGE

Market Cap₹ 37 Cr.

Current Price

High / Low₹ 7 / 7

Stock P/E11.5

Book Value₹ 14

Price to Book0.92

Dividend Yield0.00 %

ROCE11.3 %

ROE9.4 %

Face Value₹ 10

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ABOUT

KEY POINTS

Revenue Breakup Mar 2026 • Forgings: 100.0%

AI Sector View

AI GENERATED

Automobile and Auto Components

Buy

Domestic auto demand remains strong across categories, with total vehicles registered up 27% YoY (2026-07), passenger vehicle sales up 14% YoY (2026-06), 2-wheelers up 23% YoY (2026-06), and tractor sales up 18% YoY (2026-07). Core demand is reinforced by vehicle sales of 395199 units (Jul/26) and car registrations of 457810 units (Jul/26), outweighing FPI outflows of INR -11826 crore over 3 months to 2026-08-31. The stance stays positive because fundamentals are stronger than positioning.

Confidence

74%

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PROS

Company is almost debt free
Company has delivered good sales growth of 15.9% CAGR over last 5 years
Company generates healthy free cash flow
Company converts assets efficiently - asset turnover of 2.0x

CONS

Company has a low return on capital employed of 7.7%
Company has a low return on equity of 6.4% over last 3 years
Poor cash conversion - profits are not backed by operating cash flow (CFO/PAT 0.09x)
Effective tax rate is unusually low at 0.0% - earnings may be flattered
Recurring exceptional / one-off items are inflating headline profit

* The pros and cons are machine generated based on quantitative rules.

Peer comparison

Automobile and Auto ComponentsAutomobile & AncillariesForgings

Part ofNIFTY 50 NIFTY 500 NIFTY LARGEMIDCAP 250 NIFTY 100 NIFTY 200

S.No.	Name
1.	BHARATFORG	1950.00	132.00	93227.28	0.44	-89.89	-131.67	4639.94	18.71	12.46	15.05
2.	HAPPYFORGE	2236.25	64.46	21105.44	0.18	91.46	39.24	449.42	27.03	18.19	31.34
3.	RKFORGE	727.05	123.91	13244.76	0.14	46.88	297.76	1216.67	19.84	5.56	17.91
4.	BALUFORGE	536.65	24.31	6514.50	0.03	66.09	15.89	300.72	28.95	22.95	28.19
5.	MMFL	644.15	18.36	3110.06	0.62	90.42	371.26	420.48	18.71	9.00	17.82
6.	HILTON	18.48	18.64	95.11	0.00	18.06	12102.70	589.56	2573.62	7.92	6.93
7.	GANGAFORGE	1.60	0.00	53.92	0.00	1.06	464.83	7.18	-7.29	4.06	9.34
8.	ELFORGE	18.22	11.53	37.03	0.00	1.17	200.26	21.83	5.90	11.28	7.76

Detailed Comparison with:

Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	18	18	15	17	17	21	19	20	21	17	20	23	22
	17	17	14	16	16	20	18	19	20	16	19	21	21
Operating Profit	2	1	1	1	1	1	1	1	1	1	1	2	1
OPM %	8.72%	6.72%	6.64%	6.92%	5.88%	4.92%	5.53%	4.90%	4.17%	4.32%	4.21%	7.86%	4.95%
	-1	-0	-0	69	0	0	0	0	0	0	0	0	0
Interest	0	0	0	0	0	0	0	0	0	0	0	0	0
Depreciation	0	0	0	0	0	0	0	0	0	0	0	1	0
Profit before Tax	0	0	0	70	0	1	1	1	0	0	1	1	1
Tax %	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Net Profit	0	0	0	70	0	1	1	1	0	0	1	1	1
	0.24	0.19	0.14	34.42	0.23	0.36	0.27	0.27	0.19	0.15	0.25	0.61	0.58

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
	33	42	50	33	38	40	58	68	76	80	82
	35	45	49	35	38	39	55	63	72	76	77
Operating Profit	-3	-3	1	-2	0	1	4	5	4	4	4
OPM %	-8.67%	-6.08%	1.57%	-6.56%	1.18%	2.57%	6.60%	7.29%	5.29%	5.25%	5.44%
	-2	1	30	10	4	2	-1	68	1	1	0
Interest	3	3	1	0	0	0	0	0	0	0	0
Depreciation	8	7	7	7	6	6	5	2	2	2	2
Profit before Tax	-16	-12	23	1	-2	-4	-2	71	2	2	3
Tax %	-0.00%	-0.00%	0.00%	0.00%	-0.00%	-0.00%	-0.00%	0.00%	0.00%	0.00%	0.00%
Net Profit	-16	-12	23	1	-2	-4	-2	71	2	2	3
EPS	0.00	0.00	0.00	0.30	-1.12	-1.95	-1.13	34.99	1.13	1.20	—
Dividend Payout %	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	—

COMPOUNDED SALES GROWTH

10 Years:: 8%
5 Years:: 16%
3 Years:: 11%

COMPOUNDED PROFIT GROWTH

10 Years:: —
5 Years:: —
3 Years:: —

STOCK PRICE CAGR

10 Years:: —
5 Years:: —
3 Years:: —
1 Year:: 71%

RETURN ON EQUITY

10 Years:: 2%
5 Years:: 4%
3 Years:: 6%
Last Year:: 9%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital	20	20	20	20	20	20	20	20	20	20
	-85	-96	-73	-73	-75	-79	-81	2	4	7
	120	133	42	22	87	87	87	5	5	5
Trade Payables	31	26	86	84	3	2	7	8	8	7
	33	11	8	8	5	6	3	2	1	1
Total Liabilities	120	93	84	61	40	37	37	38	39	41
	56	47	41	35	32	27	23	22	21	21
Capital Work in Progress	3	3	3	3	0	0	0	0	0	0
	4	4	4	4	0	0	0	0	0	0
	19	15	16	14	4	4	4	4	3	4
	0	0	0	0	0	0	0	5	6	7
Cash & Bank	0	0	0	0	1	1	2	3	4	5
	38	24	20	6	4	5	7	4	4	4
Total Assets	120	93	84	61	40	37	37	38	39	41

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	15	-11	30	21	6	0	3	1	2	3
Cash from Investing	3	2	-1	-0	-0	1	-2	-0	-1	-1
Cash from Financing	-18	10	-29	-21	-5	-0	-0	-0	-0	-0
	-0	0	0	-0	1	1	1	1	1	1

Ratios

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026

Shareholding Pattern

Numbers in percentages

	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	40.82	40.82	40.82	40.82	40.82	40.82	40.78	40.78	40.78
FIIs	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
	0.01	0.01	0.01	0.01	0.01	0.01	0.01	0.01	0.01
Government	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
	59.17	59.17	59.17	59.17	59.17	59.17	59.21	59.21	59.21

Documents

Corporate disclosures, annual reports, credit ratings, and concall transcripts

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