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Prices as of 8 Oct 2026 close · Not investment advice

Kalyani Forge Limited

NSE: KALYANIFRGCastings & ForgingsTrade-to-trade true

Share price

₹887.40

-3.00% close of 8 Oct 2026

Market cap ₹355 CrP/E 28.6

Business score

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

51

out of 100 · worked out 8 Oct 2026

Your ratios

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

Market cap

₹355 Cr

P/E ratio

28.6

P/B ratio

3.4

ROCE

12.2%

ROE

9.7%

Dividend yield

0.4%

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 8 Oct 2026 close52-week high ₹1,125.2552-week low ₹533.90

Answers

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

How fast it has been growing

Sales fell 2.8% over the past year. Meanwhile what it keeps of every 100 rupees of sales improved from 6.8% to 13.6% over the last four years.

Whether it grew faster than its sector

It grew 1.6% a year against a sector median of 10.6% — 9.0 percentage points slower.

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

At 28.6× earnings against a market that pays 23.9× across 2199 companies we can price. Its own industry sits at 39.6×, across 5 companies. It is against its own five-year median of 35.9×, the 23rd percentile of its own range.

Whether growth justifies the valuation

Priced at 0.1 times its growth rate, on earnings growth of 245%.

Profit growthPrice per ₹1 profitPer 1% growth
Kalyani Forge Limited — this one245%/yr28.6×—
Happy Forgings Limited13%/yr56.4×₹4.3
Balu Forge Industries Limited88%/yr22.1×₹0.25
Steelcast Limited7%/yr39.6×₹5.7
Investment & Precision Castings Limited30%/yr101.9×₹3.4
Nelcast Limited17%/yr29.3×₹1.7

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 6 of 12 on returns, 12 of 12 on growth, 7 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?

A narrow advantage: it earns 12.2% on capital, ahead of 50% of companies filed under the same label. That grouping comes from the exchange's filing category, so some of them may not be real rivals.

Whether its growth pays for itself

No — Over the last five years it made ₹48 crore of cash from the business but spent ₹93 crore on plant and equipment, ₹45 crore more than it made; the gap was mostly borrowed — borrowings rose from ₹26 crore to ₹106 crore. And the profit is real: of every 100 rupees it reported over 12 years, about 563 arrived as cash — well above the profit; depreciation and interest are the reason, not a windfall. Its cash comes back faster than it used to: it went from being waiting 74 days for its cash to waiting 52 days for its cash.

Profit reality check

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

8 of 9 checks clear · 89%

Latest result · Q1 FY27

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

Announced 11 Aug 2026 · Standalone · Unaudited

Revenue

₹67 Cr

Revenue vs last year

+4.2%

Revenue vs last quarter

+17.2%

Net profit

₹4 Cr

Profit vs last year

+217.7%

Profit vs last quarter

-23.8%

Net margin

6.7%

EPS

₹12.31

Earnings call transcript · 12 Aug 2026

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
₹355 Cr
Prev close
₹887.40
52w High
₹1,192
52w Low
₹524
Enterprise value
₹459 Cr
Beta
0.6
Price CAGR 1y
16.0%
Price CAGR 3y
26.0%
Price CAGR 5y
36.0%
Price CAGR 10y
13.0%

Ratios

Return on assets
3.6%
PEG ratio
0.1
P/E ratio
28.6
P/B ratio
3.4
EV / EBITDA
14.0
Industry P/E
40.2
ROCE
12.2%
ROCE 5y average
8.6%
ROE
9.7%
Debt / Equity
1.1
Interest coverage
2.8
Dividend yield
0.4%
ROE 3y average
9.0%
ROE last year
10.0%

Annual P&L

Annual revenue
₹235 Cr
Annual profit
₹9 Cr
Operating margin
12.0%
Net profit margin
3.8%
EBITDA margin
11.9%
Sales growth 3y
-3.8%
Sales growth 5y
5.4%
Profit growth 3y
245.0%
Profit growth 5y
55.0%
EPS
₹25.6
Sales growth TTM
-3.0%
Profit growth TTM
32.0%
Dividend payout
16.0%

Quarter P&L

Sales latest quarter
₹67 Cr
Profit latest quarter
₹4 Cr
YoY quarterly sales growth
4.2%
YoY quarterly profit growth
217.7%
OPM latest quarter
15.9%

Balance Sheet

Book Value
₹240
Face Value
₹10.0
Total debt
₹106 Cr
Total cash
₹2 Cr
Borrowings
₹106 Cr
Reserves / Equity
23.0

Cash Flow

Operating cash flow
₹7 Cr
Free cash flow
-₹26 Cr
FCF yield
-9.4%
Net cash flow
-₹1 Cr

Shareholding

Promoter holding
58.8%
FII holding
—
DII holding
—
Public holding
41.2%

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
Kalyani Forge914.8026.93330.444.5217.766.84.212.2
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
Sales59616057576259596456585767
Expenses54565756535553535849495056
Material Cost303230221120
Change in Inventories-4.38-2.84-8.403.751210
Purchases of Stock-in-Trade000000
Employee Cost111212121111
Other Expenses161715121614
Operating Profit5.114.692.891.173.817.776.086.365.956.558.766.7311
OPM %8.617.704.842.066.711210119.2812151216
Other Income0.321.081.761.210.860.520.750.380.390.560.362.270.28
Exceptional items (within Other Income)000000
Interest1.211.451.751.491.451.581.962.062.272.432.710.241.73
Depreciation2.532.721.25-0.291.841.912.082.042.042.412.462.633.01
Profit before tax1.691.601.651.181.384.802.792.642.032.273.956.136.15
Tax %39187.884175183516315.291034.0827
Net Profit1.031.301.510.710.353.921.822.231.412.15-0.125.884.48
EPS in Rs2.833.574.151.950.961156.133.885.91-0.331612
Diluted EPS in Rs6.123.875.91-0.331612

Profit & loss

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

Standalone · to 31 Mar 2026
Line itemMar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales241231227259286201181246264237236235237
Expenses226215212237261193168228254223213207205
Material Cost11895
Change in Inventories-5.494.98
Purchases of Stock-in-Trade00
Employee Cost4047
Other Expenses6160
Operating Profit1416152226813191114232833
OPM %677894.207846101214
Other Income2357631154343
Exceptional items (within Other Income)00
Interest65468534367.047.667
Depreciation1312101315141312116.227.879.5511
Profit before tax-325910-8-2415.62121418
Tax %-2446332928-15-1522113192835
Net Profit-21377-7-23-04.558.319.3212
EPS in Rs-6.213.029.571819-19-4.848.60-0.4913232634
Diluted EPS in Rs2326
Dividend Payout %066211921-5-3135-607241816

Compounded growth

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

Compounded sales growth

10 years
0%
5 years
5%
3 years
-4%
TTM
-3%

Compounded profit growth

10 years
24%
5 years
55%
3 years
245%
TTM
32%

Stock price CAGR

10 years
13%
5 years
36%
3 years
26%
1 year
16%

Return on equity

10 years
3%
5 years
6%
3 years
9%
Last year
10%

Balance sheet

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

Standalone
Line itemMar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital4444444443.643.643.64
Reserves94949810310898979974788692
Borrowings4741636347312726386172106
Other Liabilities576071656951565465626950
Total Liabilities201199236235227184183183181205230251
Fixed Assets616460847865534439566190
CWIP1783050112351510
Investments000000000000
Other Assets123127147146148118129137138143154152
Total Assets201199236235227184183183181205230251

Cash flows

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

Standalone
Line itemMar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Cash from Operating Activity251915123024711-210227.46
Cash from Investing Activity-2-5-41-2-7-1-1-4-6-26-24-33
Cash from Financing Activity-20-1119-8-25-23-7-5816325
Net Cash Flow33-72-2-0-12-1-00-1
Free Cash Flow2414-2610232367-8-16-2.35-26

Ratios

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

Standalone
Line itemMar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days929899999610313510810395125160
Inventory Days96117156139123143178135114180186129
Days Payable11812814614312212314195107146166104
Cash Conversion Cycle70871099497123172148110129145185
Working Capital Days342918364253857444533852
ROCE %256910-216491212

Shareholding pattern

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

Standalone · to 30 Jun 2026
Line itemSep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Promoters595959595959595959595959
Public414141414141414141414141
No. of Shareholders5,5965,5305,8786,5716,6776,5506,4767,0817,2367,2817,3427,424

Price trend

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

Change over 1 year +12.9% (₹785.85 → ₹887.40)Brick size ₹54.04 (fixed)Bricks 16
₹600₹800₹1,000₹887Nov '25Aug '26
Price moved up one brickPrice moved down one brickLast close ₹887.40 on 8 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

1.00flag

2026-03-31

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

0.00cr

2026-06-30

exports as % of revenue

16.00pct

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

104inr_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 Kalyani Forge Limited. Open one to see why it matters.

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, plain carbon steel, stainless steel and micro-alloyed steel bar / billet
  • dies and die steel (Note 26 is 'Raw materials consumed including dies')
  • power and fuel for forging furnaces and heat treatment
  • stores, spares and tools - FY25 Rs 1,094.68 L = 4.63% of revenue (Note 31). The prior pass wrote this expense line as its own Commodity node; it is not a commodity

Depends on the price of

  • fuel
  • steel

Sells to

Buys from

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
INE314G01014

Plants

  • Hot Forging Division (HFD), Koregaon Bhima
  • Metal Forms Division (MFD), Koregaon Bhima

News impact

Big market events that reach Kalyani Forge 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

21 Aug 2026unspecified₹4
22 Aug 2025unspecified₹4
20 Sep 2024unspecified₹3
13 Sep 2023unspecified₹3
10 Aug 2022unspecified₹3
5 Aug 2021unspecified₹1.5
17 Sep 2020unspecified₹1
17 Jul 2019unspecified₹4

Splits, bonuses & buybacks

  • daily-prices repair: 11 rows from NSE's archive (replace 3, delete 1, insert 7), 2016-10-30..2026-02-01 (docs/flat_day_repair.md)1× · 30 Oct 2016

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.