LGB 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
- Operating margins have improved to 3.2% from -3.5%
- Working capital cycle has improved - days down from 76 to 53
- Company generates healthy free cash flow
- Company converts assets efficiently - asset turnover of 1.6x
CONS
- Company is loss-making at the operating / net level
- Company has a low return on equity of -13.9% over last 3 years
- Company has a low return on capital employed of 0.6%
- Poor cash conversion - profits are not backed by operating cash flow (CFO/PAT -2.65x)
- Interest coverage is weak at 0.3x - earnings barely cover interest
- Promoter holding has decreased over last 2 years: -3.0pp
* The pros and cons are machine generated based on quantitative rules.
Peer comparison
| Name | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| BHARATFORG | 1976.60 | 133.80 | 94499.00 | 0.43 | -89.89 | -131.67 | 4639.94 | 18.71 | 12.46 | 15.05 |
| HAPPYFORGE | 2255.45 | 65.02 | 21286.65 | 0.18 | 91.46 | 39.24 | 449.42 | 27.03 | 18.19 | 31.34 |
| RKFORGE | 721.35 | 122.94 | 13140.92 | 0.14 | 46.88 | 297.76 | 1216.67 | 19.84 | 5.56 | 17.91 |
| BALUFORGE | 541.40 | 24.53 | 6572.16 | 0.03 | 66.09 | 15.89 | 300.72 | 28.95 | 22.95 | 28.19 |
| MMFL | 617.55 | 17.61 | 2981.63 | 0.65 | 90.42 | 371.26 | 420.48 | 18.71 | 9.00 | 17.82 |
| LGBFORGE | 5.77 | 19.08 | 137.44 | 0.00 | 103.03 | 11594.67 | 280.69 | 915.45 | 2.43 | 5.34 |
| HILTON | 18.61 | 18.77 | 95.78 | 0.00 | 18.06 | 11940.00 | 589.56 | 2573.74 | 7.92 | 6.93 |
| GANGAFORGE | 1.59 | 0.00 | 53.58 | 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 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 23 | 24 | 23 | 20 | 23 | 23 | 24 | 24 | 28 | 26 | 24 | 26 | 28 | |
| 23 | 23 | 22 | 21 | 23 | 23 | 24 | 23 | 26 | 26 | 24 | 25 | 28 | |
| Operating Profit | -0 | 1 | 0 | -1 | -0 | 0 | 1 | 1 | 2 | 0 | 0 | 1 | -0 |
| OPM % | -2.16% | 3.73% | 2.13% | -6.01% | -1.82% | 1.45% | 2.27% | 3.51% | 6.04% | 1.69% | 1.13% | 2.61% | -0.16% |
| 0 | 0 | 0 | 0 | 2 | 0 | 0 | 0 | 1 | 0 | -1 | 0 | -10 | |
| Interest | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 |
| Depreciation | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 |
| Profit before Tax | -2 | -1 | -1 | -2 | 0 | -1 | -0 | -0 | 1 | -1 | -2 | -1 | 10 |
| 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 | -2 | -1 | -1 | -2 | 0 | -1 | -0 | -0 | 1 | -1 | -2 | -1 | 10 |
| -0.07 | -0.02 | -0.09 | -0.10 | 0.02 | -0.04 | -0.02 | -0.02 | 0.04 | -0.03 | -0.08 | -0.02 | 0.43 |
Profit & Loss
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 83 | 100 | 132 | 101 | 92 | 130 | 92 | 89 | 94 | 103 | 104 | |
| 84 | 98 | 123 | 95 | 83 | 120 | 97 | 91 | 93 | 100 | 102 | |
| Operating Profit | -1 | 2 | 9 | 6 | 9 | 10 | -6 | -1 | 1 | 3 | 1 |
| OPM % | -1.42% | 1.61% | 6.68% | 5.71% | 10.27% | 7.54% | -6.17% | -1.50% | 1.56% | 3.23% | 1.29% |
| 4 | 0 | 1 | 1 | 1 | 1 | 2 | 2 | 3 | 1 | -10 | |
| Interest | 3 | 3 | 5 | 3 | 2 | 2 | 3 | 4 | 3 | 3 | 3 |
| Depreciation | 2 | 2 | 3 | 4 | 5 | 5 | 3 | 3 | 3 | 3 | 4 |
| Profit before Tax | -2 | -3 | 2 | -1 | 3 | 3 | -9 | -6 | -1 | -2 | 7 |
| 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 | -2 | -3 | 2 | -1 | 3 | 3 | -9 | -6 | -1 | -2 | 7 |
| EPS | 0.00 | 0.00 | 0.00 | 0.00 | 0.14 | 0.14 | -0.39 | -0.24 | -0.05 | -0.09 | — |
| 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:
- 2%
- 5 Years:
- 2%
- 3 Years:
- 4%
COMPOUNDED PROFIT GROWTH
- 10 Years:
- —
- 5 Years:
- —
- 3 Years:
- —
STOCK PRICE CAGR
- 10 Years:
- 9%
- 5 Years:
- 35%
- 3 Years:
- 13%
- 1 Year:
- 32%
RETURN ON EQUITY
- 10 Years:
- -13%
- 5 Years:
- -12%
- 3 Years:
- -14%
- Last Year:
- -13%
Balance Sheet
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 15 | 15 | 24 | 24 | 24 | 24 | 24 | 24 | 24 | 24 |
| -8 | -12 | 8 | 8 | 12 | 16 | 6 | -4 | -6 | -8 | |
| 16 | 14 | 9 | 12 | 12 | 13 | 25 | 28 | 25 | 26 | |
| Trade Payables | 16 | 20 | 33 | 20 | 27 | 27 | 22 | 22 | 9 | 11 |
| 7 | 9 | 8 | 7 | 6 | 6 | 8 | 9 | 10 | 10 | |
| Total Liabilities | 46 | 47 | 82 | 71 | 80 | 85 | 85 | 79 | 63 | 63 |
| 9 | 12 | 25 | 27 | 24 | 20 | 18 | 12 | 17 | 16 | |
| Capital Work in Progress | 0 | 0 | 0 | 0 | 1 | 0 | 0 | 0 | 0 | 1 |
| 19 | 13 | 25 | 19 | 19 | 27 | 30 | 28 | 17 | 15 | |
| 0 | 0 | 0 | 0 | 0 | 0 | 0 | 31 | 25 | 27 | |
| Cash & Bank | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1 |
| 18 | 21 | 32 | 25 | 37 | 38 | 37 | 7 | 3 | 3 | |
| Total Assets | 46 | 47 | 82 | 71 | 80 | 85 | 85 | 79 | 63 | 63 |
Cash Flows
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 4 | 11 | -0 | 6 | 4 | 2 | -9 | 3 | 16 | 5 | |
| Cash from Investing | 4 | -6 | -15 | -3 | -2 | -0 | -2 | -2 | -3 | -3 |
| Cash from Financing | -8 | -5 | 16 | -2 | -2 | -2 | 11 | -1 | -13 | -2 |
| -0 | -0 | 0 | 0 | -0 | -0 | 0 | -0 | 0 | -0 |
Ratios
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
Documents
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News
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LGB Forge Ltd.
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