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Prices as of 9 Oct 2026 close · Not investment advice

Ganga Forging Limited

NSE: GANGAFORGECastings & ForgingsASM stage 1

Share price

₹1.48

-1.99% close of 9 Oct 2026

Market cap ₹50 CrP/E —

Price-based ratios (P/B, dividend yield, EV/EBITDA) are as of 8 Oct 2026, the close above is 9 Oct 2026.

Business score

How strong the business is, in one number. The parts behind it are in Pro.

30

out of 100 · worked out 9 Oct 2026

How the business score works

Your ratios

The numbers you want to see first. Tap Edit to change them.

Market cap

₹50 Cr

P/E ratio

—

P/B ratio

1.7

ROCE

-6.4%

ROE

-12.0%

Dividend yield

0.0%

Price & valuation chart

How the share price and its valuation have moved. Hover over the chart to see any day. Prices as of the last close.

Prices as of 9 Oct 2026 close52-week high ₹4.0252-week low ₹1.40

Answers

Simple answers to the questions investors ask most, from the company's own numbers.

How fast it has been growing

Our sales figures for this company step down at Jun 2020 and we hold nothing that says why, so we cannot honestly quote a growth rate across it.

Whether it grew faster than its sector

Our sales figures for this company step down at Jun 2020 and we hold nothing that says why, so there is no honest growth rate of its own to set against its sector.

Room to re-rate, or risk of de-rating

It has no earnings, so there is no price-to-earnings to compare.

Whether growth justifies the valuation

It has no earnings to weigh the price against.

Profit growthPrice per ₹1 profitPer 1% growth
Ganga Forging Limited — this one———
Steelcast Limited7%/yr39.2×₹5.6
Investment & Precision Castings Limited30%/yr103.1×₹3.4
Nelcast Limited17%/yr29.5×₹1.7
Synergy Green Industries Limited———
Tirupati Forge Limited-12%/yr145.0×—

Compared with companies filed under the same label. That grouping comes from the exchange's filing category, so some of them may not be real rivals.

How it compares with its peers

Against companies the exchange files under the same label (Castings & Forgings), it ranks 12 of 12 on returns, 7 of 12 on growth, 12 of 12 on margin. That grouping comes from the exchange's filing category, so some of them may not be real rivals.

What makes it hard to beat — and is that still true?

It is losing money on the capital in the business, so there is no advantage to measure.

Whether its growth pays for itself

No — Over the last five years the business itself consumed ₹14 crore of cash before any plant spend, funded from lenders and shareholders. It has not made a profit over 10 years.

Profit reality check

Is the profit real cash? Simple checks on the accounts. Facts only, not advice.

6 of 10 checks clear · 60%

How the profit check works

Latest result

What the last results showed. Whether management kept its word is in Pro.

Results are expected soon.

Checklist before you investPRO

Points for and against, in one list.

Key numbers & peers

The main numbers grouped by topic, and how the company compares with similar ones.

Price

Market cap
₹50 Cr
Prev close
₹1.48
52w High
₹4.2
52w Low
₹1.4
Enterprise value
₹70 Cr
Beta
1.0
Price CAGR 1y
-44.0%
Price CAGR 3y
-33.0%
Price CAGR 5y
-35.0%
Price CAGR 10y
—

Ratios

Return on assets
-6.0%
PEG ratio
—
P/E ratio
—
P/B ratio
1.7
EV / EBITDA
—
Industry P/E
39.8
ROCE
-6.4%
ROCE 5y average
3.2%
ROE
-12.0%
Debt / Equity
0.7
Interest coverage
-3.0
Dividend yield
0.0%
ROE 3y average
-4.0%
ROE last year
-13.0%

Annual P&L

Annual revenue
₹36 Cr
Annual profit
-₹4 Cr
Operating margin
-5.9%
Net profit margin
-10.2%
EBITDA margin
-5.9%
Sales growth 3y
2.2%
Sales growth 5y
9.2%
Profit growth 3y
—
Profit growth 5y
—
EPS
₹-0.1
Sales growth TTM
-17.0%
Profit growth TTM
-746.0%
Dividend payout
0.0%

Quarter P&L

Sales latest quarter
₹7 Cr
Profit latest quarter
₹1 Cr
YoY quarterly sales growth
-7.2%
YoY quarterly profit growth
—
OPM latest quarter
9.3%

Balance Sheet

Book Value
₹0.8
Face Value
₹1.0
Total debt
₹20 Cr
Total cash
₹0 Cr
Borrowings
₹20 Cr
Reserves / Equity
1.1

Cash Flow

Operating cash flow
₹0 Cr
Free cash flow
-₹3 Cr
FCF yield
-7.5%
Net cash flow
-₹0 Cr

Shareholding

Promoter holding
35.5%
FII holding
12.8%
DII holding
0.0%
Public holding
51.7%

Peer comparison

CompanyPrice ₹P/EMkt cap ₹ CrDiv yield %Profit qtr ₹ CrProfit var %Sales qtr ₹ CrSales var %ROCE %
PTC Industries24,685.00294.737,0090.0029.2465.7191.897.48.6
AIA Engineering3,858.0028.436,0030.41301.0-1.31,168.012.421.1
Happy Forgings1,934.3055.818,2600.2191.539.2449.427.018.0
Balu Forge507.5023.06,1610.0366.115.9300.728.922.7
Steelcast373.3041.73,7780.4623.719.3124.817.032.3
Amic Forging2,537.1596.12,9300.0015.923.775.230.425.2
Inv.& Prec.Cast.1,594.50106.81,5950.065.0129.953.421.114.4
Ganga Forging1.58530.001.1174.67.2-7.2-6.4
Median434.5028.49160.014.14.271.011.515.7

Competes with: AIA Engineering Limited, Balu Forge Industries Limited, Happy Forgings Limited, Investment & Precision Castings Limited, Nelcast Limited, PTC Industries Limited, Steelcast Limited, Synergy Green Industries Limited

Quarterly results

Sales and profit for each of the last 13 quarters. Newest on the right. ₹ crore.

Standalone · to 30 Jun 2026
Line itemJun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Sales9.868.578.55108.511212127.758.278.88117.19
Expenses9.348.037.919.447.921111117.81118.48116.52
Material Cost7.486.827.155.956.674.99
Change in Inventories0.08-1.740.92-0.150.54-0.47
Purchases of Stock-in-Trade000000
Employee Cost0.240.520.550.510.610.50
Other Expenses3.142.201.992.173.011.50
Operating Profit0.520.540.640.800.590.590.490.58-0.06-2.340.40-0.100.67
OPM %5.276.307.497.816.935.134.205.03-0.77-284.50-0.939.32
Other Income00.030.010.070.190.150.31-0.010.370.010.120.040.79
Exceptional items (within Other Income)0.420.36000.010.65
Interest0.160.180.220.290.290.230.220.220.230.230.190.280.21
Depreciation0.220.220.220.340.250.270.270.290.270.280.280.350.29
Profit before tax0.140.170.210.240.240.240.310.06-0.19-2.840.05-0.690.96
Tax %14-29-9.52108-21-1313367473.5220-33-10
Net Profit0.120.220.23-0.020.290.280.27-0.15-0.29-2.940.04-0.461.06
EPS in Rs00.010.01-00.010.010.01-0-0.01-0.090-0.010.03
Diluted EPS in Rs-0.01-0.02-0.220-0.030.08

Profit & loss

Yearly sales, costs and profit for 12 years, plus the last 12 months (TTM). ₹ crore.

Standalone · to 31 Mar 2026
Line itemMar 2011Mar 2012Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales8.981725282423293337433635
Expenses8.151623262421263135413836
Material Cost3327
Change in Inventories-4.12-0.42
Purchases of Stock-in-Trade00
Employee Cost1.822.19
Other Expenses109.36
Operating Profit0.831.141.972.35-0.751.702.5522.502.28-2.11-1.37
OPM %9.246.577.928.43-3.177.408.845.996.725.28-5.92-3.91
Other Income0.010.020.030.170.100.101.260.570.100.640.540.96
Exceptional items (within Other Income)0.420.37
Interest0.330.460.791.121.270.790.950.810.850.980.930.91
Depreciation0.300.410.500.740.880.870.880.8811.071.191.20
Profit before tax0.210.290.710.66-2.800.141.980.880.750.87-3.68-2.52
Tax %43723521-25-8647-894129-0.81
Net Profit0.110.090.460.52-2.120.251.031.660.440.61-3.65-2.30
EPS in Rs0.850.690.020.02-0.080.010.040.060.010.02-0.11-0.07
Diluted EPS in Rs0.05-0.27
Dividend Payout %00000000000

Compounded growth

Average yearly growth over different spans, as stored. A span can cross a demerger or an acquisition.

Compounded sales growth

10 years
15%
5 years
9%
3 years
2%
TTM
-17%

Compounded profit growth

10 years
—
5 years
—
3 years
—
TTM
-746%

Stock price CAGR

10 years
—
5 years
-35%
3 years
-33%
1 year
-44%

Return on equity

10 years
—
5 years
-2%
3 years
-4%
Last year
-13%

Balance sheet

What the company owns and what it owes, at the end of each year. ₹ crore.

Standalone
Line itemMar 2011Mar 2012Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital0.350.355.577.957.95111111131313
Reserves0.870.963.026.174.050.121.052.74181915
Borrowings4.372.847.8313121112149.981720
Other Liabilities2.705.428.758.479.489.697.737.084.929.9112
Total Liabilities8.299.57253533313135465960
Fixed Assets1.951.899.341615151416161818
CWIP00000.3602.210.7500.392.87
Investments00000000000
Other Assets6.347.68162018161518304140
Total Assets8.299.57253533313135465960

Cash flows

Real money coming in and going out each year — from the business, from investments and from loans. ₹ crore.

Standalone
Line itemMar 2011Mar 2012Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Cash from Operating Activity00-1.832.351.981.33-1.09-11-4.100.36
Cash from Investing Activity00-6.91-0.60-0.03-1.69-0.56-1.16-2.21-3.15
Cash from Financing Activity008.81-1.76-1.830.191.81125.782.59
Net Cash Flow000.07-0.020.12-0.170.170.68-0.53-0.20
Free Cash Flow00-8.741.751.67-0.37-1.65-12-6.33-2.81

Ratios

How fast customers pay, how long stock sits, and how well capital earns — year by year.

Standalone
Line itemMar 2011Mar 2012Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days144971191201361156162836858
Inventory Days15588133205181182245244267
Days Payable15115916318482762981116
Cash Conversion Cycle1492589120136136160169299231209
Working Capital Days570.84-0.5938-5.401230261629682
ROCE %157.50-6.084.339.784.674.613.17-6.43

Shareholding pattern

Who owns the company — founders (promoters), foreign funds, Indian funds and the public. In %.

Standalone · to 31 Jul 2026
Line itemDec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026Jul 2026
Promoters444141403939393936363636
FIIs00.04003.713.712.60200013
DIIs000.11000000000
Public565959605757585964646452
No. of Shareholders34,38447,33546,32846,60047,98348,53248,96349,23749,81548,87048,27348,367

Price trend

The price as a Renko brick chart: small moves drop out so the bigger path stands out.

Change over 1 year -59.3% (₹3.64 → ₹1.48)Brick size ₹0.09 (fixed)Bricks 92
₹2.00₹3.00₹4.00₹1.48Nov '25Jan '26Mar '26May '26Jul '26Sep '26
Price moved up one brickPrice moved down one brickLast close ₹1.48 on 9 Oct 2026

Every brick is the same size, about one typical day's move. A new brick needs a full brick's move; turning the other way needs two. Bricks show where the price went, not where it will go.

Open interestPRO

Where option traders are positioned on this stock.

Industry numbers

The numbers that matter most in this industry, from the company's own filings.

1 when an audit qualification is filed as repetitive

0.00flag

2026-03-31

the company's own unlisted debt securities in default at period end

0.00cr

2026-06-30

the company's own loans / revolving facilities in default at period end (standalone filing)

0.00cr

2026-06-30

net debt from the filed balance sheet at the newest year end: Borrowings − Cash Equivalents − Investments (Current); negative = net cash

19.99inr_cr

2026-03-31

guarantees / comfort given for promoter, promoter group, directors and KMP

0.00cr

2026-03-31

loans outstanding to promoter, promoter group, directors and KMP (governance filing)

0.00cr

2026-03-31

security given for the borrowing of promoter, promoter group, directors and KMP

0.00cr

2026-03-31

News

News and filings about Ganga Forging Limited. Open one to see why it matters.

No recent news for this company.

Supply chain

Who it buys from, sells to and competes with — as recorded in our map of company links.

Competes with

Uses as raw material

  • Alloy steel
  • Low carbon steel
  • Medium carbon steel
  • Stainless steel

Depends on the price of

  • steel

Sells to

  • Amul Industries Pvt. Ltd. · closed-die forged components (automotive)
  • Avdhoot Technocrats Private Limited · closed-die forged and machined components
  • Mosdorfer India Pvt. Ltd. · closed-die forged components (electric power transmission hardware)
  • Nashik Forge Pvt. Ltd. · closed-die forged components
  • Synnova Gears and Transmission Pvt. Ltd. · closed-die forged components (gears and transmission)
  • Topland Engines Pvt. Ltd. · closed-die forged components (engine/automotive)

About

What the company is, from our own records: where it sits, where it makes things, and what it is made of.

Sector
Capital Goods
Industry
Castings & Forgings
Classification
Capital Goods › Castings & Forgings
ISIN
INE691Z01023

Plants

  • Ganga Forging - Sadak Pipaliya closed-die forging plant

News impact

Big market events that reach Ganga Forging Limited, and how the effect spreads.

No recent market events reach this company.

Dividends, splits & big trades

Money paid out, share splits and buybacks, and big buys or sells by funds and insiders.

Dividends

13 Sep 2021split₹0

Splits, bonuses & buybacks

  • daily-prices repair: 11 rows from NSE's archive (replace 6, delete 0, insert 5), 2019-01-02..2026-02-01 (docs/flat_day_repair.md)1× · 2 Jan 2019

Bulk & block deals

DateWhoBought / soldSharesPrice
3 Sep 2026NEO APEX SHARE BROKING SERVICES LLPBUY17,00,000₹1.76
3 Sep 2026NEO APEX SHARE BROKING SERVICES LLPSELL17,00,000₹1.76
31 Aug 2026MULTIPLIER SHARE & STOCK ADVISORS PRIVATE LIMITEDSELL25,00,000₹1.69
31 Aug 2026MULTIPLIER SHARE & STOCK ADVISORS PRIVATE LIMITEDBUY25,00,000₹1.53
31 Aug 2026NEO APEX SHARE BROKING SERVICES LLPSELL23,45,905₹1.53
31 Aug 2026NEO APEX SHARE BROKING SERVICES LLPBUY22,978₹1.66
28 Aug 2026NEO APEX SHARE BROKING SERVICES LLPSELL26,20,038₹1.61
27 Aug 2026NEO APEX SHARE BROKING SERVICES LLPSELL19,53,251₹1.69
25 Aug 2026NEO APEX SHARE BROKING SERVICES LLPBUY1,04,48,169₹1.86
25 Aug 2026NEO APEX SHARE BROKING SERVICES LLPSELL21,10,950₹1.87

Documents

Annual reports, results presentations and earnings calls, straight from the source.

Facts from company filings and exchange data. Not investment advice: nothing here tells you to buy or sell.