Ganga Forging Ltd.
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ABOUT
AI Sector View
AI GENERATEDAutomobile and Auto Components
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.
PROS
- Working capital cycle has improved - days down from 170 to 99
CONS
- Operating cash flow has been negative in recent years
- Company has a low return on capital employed of 5.1%
- Poor cash conversion - profits are not backed by operating cash flow (CFO/PAT -5.84x)
- Company has a low return on equity of 5.8% over last 3 years
- Promoter holding has decreased over last 2 years: -5.1pp
- A large part of profit comes from other income (26.5% of PBT)
* The pros and cons are machine generated based on quantitative rules.
Peer comparison
| Name | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| BHARATFORG | 1950.00 | 132.00 | 93227.28 | 0.44 | -89.89 | -131.67 | 4639.94 | 18.71 | 12.46 | 15.05 |
| HAPPYFORGE | 2236.25 | 64.46 | 21105.44 | 0.18 | 91.46 | 39.24 | 449.42 | 27.03 | 18.19 | 31.34 |
| RKFORGE | 727.05 | 123.91 | 13244.76 | 0.14 | 46.88 | 297.76 | 1216.67 | 19.84 | 5.56 | 17.91 |
| BALUFORGE | 536.65 | 24.31 | 6514.50 | 0.03 | 66.09 | 15.89 | 300.72 | 28.95 | 22.95 | 28.19 |
| MMFL | 644.15 | 18.36 | 3110.06 | 0.62 | 90.42 | 371.26 | 420.48 | 18.71 | 9.00 | 17.82 |
| HILTON | 18.48 | 18.64 | 95.11 | 0.00 | 18.06 | 11940.00 | 589.56 | 2573.74 | 7.92 | 6.93 |
| GANGAFORGE | 1.60 | 0.00 | 53.92 | 0.00 | 10.58 | 3748.28 | 71.85 | 827.58 | 4.06 | 9.34 |
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 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 10 | 9 | 9 | 10 | 9 | 12 | 12 | 12 | 8 | 8 | 9 | 11 | 7 | |
| 9 | 8 | 8 | 9 | 8 | 11 | 11 | 11 | 8 | 11 | 8 | 11 | 7 | |
| Operating Profit | 1 | 1 | 1 | 1 | 1 | 1 | 0 | 1 | -0 | -2 | 0 | -0 | 0 |
| OPM % | 5.27% | 6.30% | 7.60% | 7.81% | 6.93% | 5.04% | 4.28% | 5.03% | -0.77% | -28.42% | 4.50% | -0.93% | 2.39% |
| 0 | 0 | 0 | 0 | 0 | 0 | 0 | -0 | 0 | 0 | 0 | 0 | -1 | |
| 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 | 0 | 0 |
| Profit before Tax | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -0 | -3 | 0 | -1 | 1 |
| Tax % | 14.29% | -29.41% | -9.09% | 108.33% | 20.00% | -12.00% | 12.90% | 366.67% | -45.00% | -3.52% | 25.00% | 33.33% | -10.09% |
| Net Profit | 0 | 0 | 0 | -0 | 0 | 0 | 0 | -0 | -0 | -3 | 0 | -0 | 1 |
| 0.01 | 0.02 | 0.02 | 0.00 | 0.01 | 0.02 | 0.02 | -0.01 | -0.02 | -0.22 | 0.00 | -0.03 | 0.08 |
Profit & Loss
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 18 | 19 | 25 | 28 | 24 | 23 | 29 | 33 | 37 | 43 | 35 | |
| 17 | 17 | 23 | 25 | 24 | 21 | 26 | 31 | 35 | 41 | 37 | |
| Operating Profit | 1 | 2 | 2 | 2 | -1 | 2 | 3 | 2 | 2 | 2 | -2 |
| OPM % | 6.47% | 8.81% | 7.95% | 8.42% | -3.21% | 7.40% | 8.81% | 5.96% | 6.71% | 5.22% | -5.36% |
| 0 | 0 | 0 | 0 | 0 | 0 | 1 | 1 | 0 | 1 | -0 | |
| Interest | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 |
| Depreciation | 0 | 0 | 0 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 |
| Profit before Tax | 0 | 1 | 1 | 1 | -3 | 0 | 2 | 1 | 1 | 1 | -3 |
| Tax % | 22.75% | 14.27% | 35.31% | 21.14% | 24.51% | -88.19% | 47.58% | -87.99% | 41.20% | 29.16% | 8.58% |
| Net Profit | 0 | 0 | 0 | 1 | -2 | 0 | 1 | 2 | 0 | 1 | -2 |
| EPS | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.02 | 0.10 | 0.16 | 0.03 | 0.05 | — |
| 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:
- 10%
- 5 Years:
- 13%
- 3 Years:
- 14%
COMPOUNDED PROFIT GROWTH
- 10 Years:
- 3%
- 5 Years:
- —
- 3 Years:
- -16%
STOCK PRICE CAGR
- 10 Years:
- —
- 5 Years:
- -33%
- 3 Years:
- -34%
- 1 Year:
- -48%
RETURN ON EQUITY
- 10 Years:
- 5%
- 5 Years:
- 6%
- 3 Years:
- 6%
- Last Year:
- 2%
Balance Sheet
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 0 | 0 | 6 | 8 | 8 | 11 | 11 | 11 | 13 | 13 |
| 3 | 4 | 3 | 6 | 4 | 0 | 1 | 3 | 15 | 19 | |
| 5 | 6 | 7 | 12 | 12 | 11 | 12 | 14 | 10 | 14 | |
| Trade Payables | 4 | 4 | 7 | 6 | 8 | 7 | 4 | 5 | 2 | 6 |
| 1 | 1 | 2 | 2 | 1 | 3 | 4 | 2 | 6 | 6 | |
| Total Liabilities | 13 | 15 | 25 | 35 | 33 | 31 | 31 | 35 | 46 | 59 |
| 5 | 6 | 9 | 16 | 15 | 15 | 14 | 16 | 16 | 18 | |
| Capital Work in Progress | 0 | 0 | 0 | 0 | 0 | 0 | 2 | 1 | 0 | 0 |
| 3 | 3 | 6 | 9 | 7 | 8 | 9 | 11 | 16 | 19 | |
| 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 8 | 8 | |
| Cash & Bank | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1 | 0 |
| 5 | 6 | 10 | 11 | 10 | 8 | 6 | 7 | 4 | 13 | |
| Total Assets | 13 | 15 | 25 | 35 | 33 | 31 | 31 | 35 | 46 | 59 |
Cash Flows
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 2 | 1 | 0 | -2 | 2 | 2 | 1 | -1 | -11 | -4 | |
| Cash from Investing | -1 | -2 | 0 | -7 | -1 | -0 | -2 | -1 | -1 | -2 |
| Cash from Financing | -0 | 1 | 0 | 9 | -2 | -2 | 0 | 2 | 12 | 6 |
| -0 | 0 | 0 | 0 | -0 | 0 | -0 | 0 | 1 | -1 |
Ratios
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|
Documents
Corporate disclosures, annual reports, credit ratings, and concall transcripts
2026-09-08 - Ganga Forging Limited has informed the Exchange regarding Outcome of Board Meeting held on September 08, 2026.
2026-09-03 - Ganga Forging Limited has informed the Exchange about Copy of Newspaper Publication
2026-09-03 - Ganga Forging Limited has informed the Exchange regarding the Trading Window closure pursuant to SEBI (Prohibition of Insider Trading) Regulations, 2015
2026-09-02 - Ganga Forging Limited has informed the Exchange regarding Notice of Annual General Meeting to be held on September 26, 2026
2026-08-07 - Pine Oak Global Fund has submitted to the Exchange a copy of Disclosures under Regulation 29(1) of SEBI (SAST) Regulations, 2011.
2026-07-25 - Ganga Forging Limited has informed the Exchange about Copy of Newspaper Publication
2026-07-21 - Outcome of Board Meeting held on Tuesday, 21st July, 2026
2026-07-20 - Ganga Forging Limited has informed the Exchange about Copy of Newspaper Publication
2026-07-18 - Ganga Forging Limited has informed the Exchange regarding Outcome of Board Meeting held on July 18, 2026.
News
Recent coverage and analyst commentary for GANGAFORGE
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Ganga Forging Ltd.
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