Kalyani Forge 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
- 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 0.7
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
| 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 |
| KALYANIFRG | 969.90 | 28.49 | 352.85 | 0.41 | 4.48 | 217.73 | 66.80 | 4.16 | 12.26 | 15.89 |
| HILTON | 18.48 | 18.64 | 95.11 | 0.00 | 18.06 | 12102.70 | 589.56 | 2573.62 | 7.92 | 6.93 |
| GANGAFORGE | 1.60 | 0.00 | 53.92 | 0.00 | 1.06 | 464.83 | 7.18 | -7.29 | 4.06 | 9.34 |
Quarterly Results
Consolidated Figures in Rs. Crores / View Standalone
| 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 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 59 | 61 | 60 | 57 | 57 | 62 | 59 | 59 | 64 | 56 | 58 | 57 | 67 | |
| 54 | 56 | 57 | 56 | 53 | 55 | 53 | 53 | 58 | 49 | 49 | 50 | 61 | |
| Operating Profit | 5 | 5 | 3 | 1 | 4 | 8 | 6 | 6 | 6 | 7 | 9 | 7 | 6 |
| 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% |
| 0 | 1 | 2 | 1 | 1 | 1 | 1 | 0 | 0 | 1 | 0 | 2 | 0 | |
| Interest | 1 | 1 | 2 | 1 | 1 | 2 | 2 | 2 | 2 | 2 | 3 | 0 | 2 |
| Depreciation | 3 | 3 | 1 | -0 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 3 | 3 |
| Profit before Tax | 2 | 1 | 2 | 1 | 1 | 5 | 3 | 3 | 2 | 2 | 4 | 6 | 6 |
| 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 Profit | 1 | 1 | 2 | 1 | 0 | 4 | 2 | 2 | 1 | 2 | -0 | 6 | 4 |
| 2.83 | 3.58 | 4.16 | 1.94 | 0.96 | 10.78 | 5.00 | 6.12 | 3.87 | 5.91 | -0.33 | 16.17 | 12.31 |
Profit & Loss
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 231 | 227 | 259 | 286 | 201 | 181 | 247 | 266 | 237 | 237 | 237 | |
| 215 | 212 | 237 | 261 | 193 | 169 | 228 | 255 | 223 | 213 | 209 | |
| Operating Profit | 16 | 15 | 21 | 26 | 8 | 12 | 19 | 11 | 14 | 24 | 28 |
| OPM % | 6.84% | 6.54% | 8.31% | 9.01% | 4.18% | 6.66% | 7.58% | 4.01% | 5.85% | 10.09% | 11.77% |
| 3 | 5 | 7 | 6 | 3 | 2 | 1 | 5 | 4 | 3 | 3 | |
| Interest | 5 | 4 | 6 | 8 | 5 | 3 | 4 | 3 | 6 | 7 | 7 |
| Depreciation | 12 | 10 | 13 | 15 | 14 | 13 | 12 | 11 | 6 | 8 | 11 |
| Profit before Tax | 2 | 5 | 9 | 10 | -8 | -2 | 4 | 1 | 6 | 12 | 19 |
| Tax % | 45.87% | 33.02% | 28.61% | 27.72% | 14.81% | 15.06% | 22.10% | 114.42% | 19.03% | 28.35% | 33.04% |
| Net Profit | 1 | 3 | 7 | 7 | -7 | -2 | 3 | -0 | 5 | 8 | 12 |
| EPS | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | -4.84 | 8.61 | -0.50 | 12.51 | 22.86 | — |
| 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
| Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 4 | 4 | 4 | 4 | 4 | 4 | 4 | 4 | 4 | 4 |
| 94 | 98 | 103 | 108 | 98 | 97 | 99 | 74 | 78 | 86 | |
| 40 | 57 | 62 | 42 | 29 | 32 | 31 | 45 | 61 | 72 | |
| Trade Payables | 40 | 42 | 50 | 48 | 35 | 36 | 34 | 44 | 46 | 51 |
| 21 | 34 | 17 | 25 | 16 | 13 | 11 | 10 | 13 | 16 | |
| Total Liabilities | 198 | 235 | 235 | 227 | 182 | 181 | 180 | 176 | 201 | 228 |
| 64 | 60 | 84 | 78 | 65 | 53 | 44 | 39 | 56 | 61 | |
| Capital Work in Progress | 8 | 30 | 5 | 0 | 1 | 1 | 2 | 3 | 5 | 15 |
| 37 | 45 | 48 | 48 | 40 | 45 | 49 | 47 | 56 | 57 | |
| 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 62 | 81 | |
| Cash & Bank | 10 | 2 | 5 | 5 | 6 | 3 | 5 | 5 | 6 | 3 |
| 79 | 98 | 93 | 95 | 70 | 79 | 80 | 81 | 16 | 11 | |
| Total Assets | 198 | 235 | 235 | 227 | 182 | 181 | 180 | 176 | 201 | 228 |
Cash Flows
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 20 | 17 | 15 | 29 | 26 | 7 | 13 | -1 | 10 | 22 | |
| Cash from Investing | -5 | -41 | -2 | -7 | -1 | -1 | -4 | -6 | -26 | -24 |
| Cash from Financing | -11 | 19 | -8 | -25 | -23 | -7 | -5 | 8 | 16 | 3 |
| 3 | -7 | 2 | -2 | -0 | -1 | 2 | -1 | -0 | 0 |
Ratios
Consolidated Figures in Rs. Crores / View Standalone
| 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
2026-09-02 - 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 - 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 - Kalyani Forge Limited has informed the Exchange about Copy of Newspaper Publication
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 - 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 - 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 - Kalyani Forge Limited has informed the Exchange about Transcript
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 - Kalyani Forge Limited has informed the Exchange about Copy of Newspaper Publication
News
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