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Kalyani Forge Ltd.

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kalyaniforge.co.inBSE: 513509NSE: KALYANIFRG
Market Cap₹ 370 Cr.
Current Price
High / Low₹ 1,192 / 524
Stock P/E29.9
Book Value₹ 278
Price to Book2.01
Dividend Yield0.39 %
ROCE12.3 %
ROE9.7 %
Face Value₹ 10

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ABOUT

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%
View full sector analysis →

PROS

  • Latest quarter profit grew 217.7% YoY, showing strong momentum
  • Strong cash generation - operating cash flow backs reported profits (CFO/PAT 2.31x)
  • Working capital cycle has improved - days down from 62 to 43
  • Company has a consistent dividend-paying track record
  • Attractively priced for its growth - PEG of 0.8

CONS

  • Receivables are growing faster than sales - a possible quality concern
  • Company has a low return on equity of 5.1% over last 3 years
  • Company has a low return on capital employed of 8.3%
  • Free cash flow has been persistently negative
  • Company has delivered a poor sales growth of 3.3% over past five years

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

Peer comparison

Automobile and Auto ComponentsAutomobile & AncillariesForgings
Part ofNIFTY 50NIFTY 500NIFTY LARGEMIDCAP 250NIFTY 100NIFTY 200
S.No.Name
1.BHARATFORG1940.00131.3392749.190.44-89.89-131.674639.9418.7112.4615.05
2.HAPPYFORGE2167.1562.4720453.290.1891.4639.24449.4227.0318.1931.34
3.RKFORGE710.70121.1212946.910.1446.88297.761216.6719.845.5617.91
4.BALUFORGE533.2524.166473.220.0366.0915.89300.7228.9522.9528.19
5.MMFL632.1018.023051.880.6390.42371.26420.4818.719.0017.82
6.KALYANIFRG1018.0029.90370.350.394.48217.7366.804.1612.2615.89
7.HILTON18.1118.2793.210.0018.0612102.70589.562573.627.926.93
8.GANGAFORGE1.580.0053.250.001.06464.837.18-7.294.069.34
Detailed Comparison with:

Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
59616057576259596456585767
54565756535553535849495061
Operating Profit5531486667976
OPM %8.63%7.68%4.84%2.06%6.70%12.45%10.35%10.77%9.26%11.77%15.14%11.83%8.80%
0121111001020
Interest1121122222302
Depreciation331-0222222233
Profit before Tax2121153322466
Tax %39.05%-17.12%7.88%39.83%74.64%18.33%34.77%15.91%30.54%5.29%103.04%4.08%27.21%
Net Profit1121042212-064
2.833.584.161.940.9610.785.006.123.875.91-0.3316.1712.31

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025TTM
231227259286201181247266237237237
215212237261193169228255223213209
Operating Profit161521268121911142428
OPM %6.84%6.54%8.31%9.01%4.18%6.66%7.58%4.01%5.85%10.09%11.77%
35763215433
Interest54685343677
Depreciation12101315141312116811
Profit before Tax25910-8-24161219
Tax %45.87%33.02%28.61%27.72%14.81%15.06%22.10%114.42%19.03%28.35%33.04%
Net Profit1377-7-23-05812
EPS0.000.000.000.000.00-4.848.61-0.5012.5122.86—
Dividend Payout %65.95%31.33%19.40%20.90%-5.25%-31.00%34.84%-594.12%23.99%17.50%—

COMPOUNDED SALES GROWTH

10 Years:
0%
5 Years:
3%
3 Years:
-1%

COMPOUNDED PROFIT GROWTH

10 Years:
—
5 Years:
—
3 Years:
38%

STOCK PRICE CAGR

10 Years:
15%
5 Years:
38%
3 Years:
30%
1 Year:
46%

RETURN ON EQUITY

10 Years:
3%
5 Years:
3%
3 Years:
5%
Last Year:
10%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

Corporate actions

2026

Aug 21

₹ 0.40

Rs.4.0000 per share(40%)Final Dividend

2025

Aug 22

₹ 0.40

Rs.4.0000 per share(40%)Dividend

2024

Sep 20

₹ 0.30

Rs.3.0000 per share(30%)Final Dividend

2023

Sep 13

₹ 0.30

Rs.3.0000 per share(30%)Final Dividend

2022

Aug 10

₹ 0.30

Rs.3.0000 per share(30%)Final Dividend

2021

Aug 5

₹ 0.15

Rs.1.5000 per share(15%)Final Dividend

2018

Jul 19

₹ 0.35

Rs.3.5000 per share(35%)Dividend

2017

Jul 17

₹ 0.30

Rs.3.0000 per share(30%)Dividend

2016

Jul 21

₹ 0.20

Rs.2.0000 per share(20%)Dividend

2020

Aug 17

₹ 0.10

Rs.1.0000 per share(10%)Final Dividend

2026

Aug 17

₹ 0.40

Rs.4.0000 per share(40%)Final Dividend

Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Equity Capital4444444444
9498103108989799747886
40576242293231456172
Trade Payables40425048353634444651
21341725161311101316
Total Liabilities198235235227182181180176201228
64608478655344395661
Capital Work in Progress830501123515
37454848404549475657
000000006281
Cash & Bank10255635563
79989395707980811611
Total Assets198235235227182181180176201228

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
2017152926713-11022
Cash from Investing-5-41-2-7-1-1-4-6-26-24
Cash from Financing-1119-8-25-23-7-58163
3-72-2-0-12-1-00

Ratios

Consolidated Figures in Rs. Crores / View Standalone

Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025

Shareholding Pattern

Numbers in percentages

Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
58.7058.7158.7158.7158.7358.7658.7658.7658.76
FIIs0.000.000.000.000.000.000.000.000.00
DIIs0.000.000.000.000.000.000.000.000.00
Government0.000.000.000.000.000.000.000.000.00
41.3041.2941.2941.2941.2641.2441.2441.2441.24

Documents

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

2026-09-02
General Updates

2026-09-02 - Kalyani Forge Limited has informed the Exchange about Communication to the Shareholders providing web-link to access the 47th AGM Notice and Annual Report

2026-09-02
Updates

2026-09-02 - Kalyani Forge Limited has informed the Exchange regarding 'Communication to Shareholders providing web link to access the 47th AGM notice and annual report'.

2026-09-02
Copy of Newspaper Publication

2026-09-02 - Kalyani Forge Limited has informed the Exchange about Copy of Newspaper Publication

2026-09-02
Price movement

2026-09-02 - Significant movement in price has been observed in Kalyani Forge Limited. The Exchange, in order to ensure that investors have latest relevant information about the company and to inform the market place so that the interest of the investors is safeguarded, had written to the company. Kalyani Forge Limited has submitted their response.

2026-09-01
Price movement

2026-09-01 - Significant movement in price has been observed in Kalyani Forge Limited. The Exchange, in order to ensure that investors have latest relevant information about the company and to inform the market place so that the interest of the investors is safeguarded, has written to the company. The response from the company is awaited.

2026-08-31
Shareholders meeting

2026-08-31 - Kalyani Forge Limited has informed the Exchange about Notice of 47th Annual General Meeting to be held on 21st September, 2026 at 11:00 a.m.

2026-08-25
Analysts/Institutional Investor Meet/Con. Call Updates

2026-08-25 - Kalyani Forge Limited has informed the Exchange about Transcript

2026-08-13
Record Date

2026-08-13 - Kalyani Forge Limited has informed the Exchange that Record date for the purpose of Dividend is 21-Aug-2026.

2026-08-13
Copy of Newspaper Publication

2026-08-13 - Kalyani Forge Limited has informed the Exchange about Copy of Newspaper Publication

News

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