Ganga Forging Ltd

NSE: GANGAFORGE

Incorporated in 1988, Ganga Forging Ltd is engaged in the business of production, sale, and job work of forging items.[1]

₹2.42

52W: ₹2.25 — ₹5.22

PE 0 · Book ₹2.15 · +13% vs book

Market Cap₹32.6 Cr

Stock P/E—Price to Earnings

ROCE3.13%Return on Capital

ROE1.01%Return on Equity

Div. Yield0%Face Value ₹1

Strengths

−Though the company is reporting repeated profits, it is not paying out dividend
−Company has low interest coverage ratio.
−Promoter holding is low: 35.5%
−Company has a low return on equity of 2.86% over last 3 years.
−Company might be capitalizing the interest cost
−Promoter holding has decreased over last 3 years: -24.0%

Promoters35.51%

FIIs0%

DIIs0%

Public64.49%

Category	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026
Promoters	40.63%	40.11%▼0.5	39.21%▼0.9	39.21%	39.21%	39%▼0.2	35.51%▼3.5	35.51%
FIIs	0%	0%	3.71%▲3.7	3.71%	2.6%▼1.1	2%▼0.6	0%▼2.0	0%
DIIs	0.11%	0%▼0.1	0%	0%	0%	0%	0%	0%
Public	59.26%	59.89%▲0.6	57.08%▼2.8	57.08%	58.19%▲1.1	59%▲0.8	64.49%▲5.5	64.49%

Metric	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025
Sales	8.57	8.55	10.24	8.51	11.51	11.67	11.53	7.75	8.27	8.88
Expenses	8.03	7.91	9.44	7.92	10.92	11.18	10.95	7.81	10.61	8.48
Operating Profit	0.54	0.64	0.8	0.59	0.59	0.49	0.58	-0.06	-2.34	0.4
OPM %	6.3%	7.49%	7.81%	6.93%	5.13%	4.2%	5.03%	-0.77%	-28.3%	4.5%
Net Profit	0.22	0.23	-0.02	0.29	0.28	0.27	-0.15	-0.29	-2.94	0.04
EPS ₹	0.02	0.02	0	0.02	0.02	0.02	-0.01	-0.02	-0.22	0

Revenue Trend

TTM revenue at ₹36.43Cr, down 15.7% YoY. OPM at -3.9%.

Debt Position

Borrowings at ₹16.85Cr. Debt-to-equity ratio: 1.09x. High leverage — monitor closely.

Capex Cycle

CWIP at ₹0.72Cr (4% of fixed assets). Moderate ongoing capital expenditure.

Institutional Flow

DIIs: 0% (+0.00pp change). FIIs: 0% (+0.00pp change). Promoters hold 35.51%.

Margin & Efficiency

ROCE improving from 0% (Mar 2011) to 3.13% (Mar 2025). Working capital days: 95.94.