Skip to main content
Swing Capital

Kalyani Forge Ltd

NSE: KALYANIFRG BSE: 513509

Incorporated in 1979, Kalyani Forge Ltd manufactures high-quality, hot-warm and cold-forged products[1]

₹620
52W: ₹504 — ₹890
PE 39.8 · Book ₹253 · +145% vs book
Market Cap₹226 Cr
Stock P/E39.8Price to Earnings
ROCE12.3%Return on Capital
ROE9.77%Return on Equity
Div. Yield0.64%Face Value ₹10

Strengths

  • +Company has delivered good profit growth of 26.3% CAGR over last 5 years

Weaknesses

  • −The company has delivered a poor sales growth of 3.32% over past five years.
  • −Company has a low return on equity of 4.94% over last 3 years.

Shareholding Pattern

Promoters58.76%
FIIs0%
DIIs0%
Public41.23%
CategoryJun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Promoters58.7%58.71%▲0.058.71%58.71%58.73%▲0.058.76%▲0.058.76%58.76%
FIIs0%0%0%0%0%0%0%0%
DIIs0%0%0%0%0%0%0%0%
Public41.3%41.3%41.29%▼0.041.29%41.26%▼0.041.24%▼0.041.24%41.23%▼0.0

Financial Statements

MetricSep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025
Sales60.9159.756.8256.7462.3358.6258.9564.1355.6757.86
Expenses56.2256.8155.6552.9354.5652.5452.5958.1849.1249.1
Operating Profit4.692.891.173.817.776.086.365.956.558.76
OPM %7.7%4.84%2.06%6.71%12.47%10.37%10.79%9.28%11.77%15.14%
Net Profit1.31.510.710.353.921.822.231.412.15-0.12
EPS ₹3.574.151.950.9610.7856.133.885.91-0.33

AI Insights

Revenue Trend

TTM revenue at ₹237Cr, up 0% YoY. OPM at 12%.

Debt Position

Borrowings at ₹91Cr. Debt-to-equity ratio: 1.03x. High leverage — monitor closely.

Capex Cycle

CWIP at ₹12Cr (17% of fixed assets). Moderate ongoing capital expenditure.

Institutional Flow

DIIs: 0% (+0.00pp change). FIIs: 0% (+0.00pp change). Promoters hold 58.76%.

Margin & Efficiency

ROCE improving from 8% (Mar 2014) to 12% (Mar 2025). Working capital days: 38.

Valuation

PE 39.8x with 12.3% ROCE. Price is 145% above book value of ₹253. Dividend yield: 0.64%.

Recent Announcements