Ganga Forging Limited
NSE: GANGAFORGE · Other · sector
₹1.37NSE close 2026-10-26
Key numbers
Market cap₹18 cr
Price₹1.37
52w high / low₹4 / ₹1
P/E–Sector median 14.4x
P/B0.7xSector median 1.7x
Book value₹2.1
Dividend yield–Sector median 0.37%
ROE-8.0%Sector median 13.8%
ROCE-3.3%Sector median 19.6%
OPM-2.0%Sector median 10.4%
Debt / equity0.71xSector median 0.29x
EV/EBITDA–Sector median 8.4x
Interest cover-1.8x
Current ratio1.38x
Sales growth 3y+7.5%Sector median +7.7%
Profit growth 3y–Sector median +16.6%
PEG–
Last 12 months to Jun 2026, Standalone. "Sector median" = middle value of 688 companies in Other (P/E median leaves out loss-making companies). Tap ? for what a number means.
Things to know
- Cash ₹0 cr vs borrowings ₹20 cr (FY26): borrowings are higher by ₹20 cr.
- Operating profit covered interest -1.8x in the last 12 months.
- Promoter holding fell by 3.70 percentage points in a year, to 35.51% (2026-09-30).
- Operating cash flow was below net profit in 2 of the last 4 years (FY24, FY23).
- Net loss in 4 of the last 8 quarters.
- Revenue was higher than a year earlier in 0 of the last 4 quarters.
- No dividend in the last 4 financial years.
- Price ₹1.37 on 2026-10-26: -66.6% from the 52-week high, +1.5% from the 52-week low.
Plain facts from the filings, built by the same fixed rules for every company. A line appears only when the data for it is available. Not a view on the stock.
Charts
Weekly close · high ₹8.26 · low ₹1.37
RevenueNet profit
RevenueNet profit
Quarterly results
| ₹ cr | Mar 2024 | Sep 2024 | Dec 2024 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 10 | 12 | 12 | 8 | 8 | 9 | 11 | 7 |
| EBITDA | 1 | 1 | 0 | 0 | -2 | 0 | -0 | 1 |
| OPM % | 7.8% | 5.0% | 4.2% | 3.7% | -28.4% | 4.5% | -0.8% | 18.4% |
| Other income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Net profit | -0 | 0 | 0 | -0 | -3 | 0 | -0 | 1 |
| EPS (₹) | 0.00 | 0.02 | 0.02 | -0.02 | -0.22 | 0.00 | -0.03 | 0.08 |
| Revenue YoY | -19.2% | -22.8% | -8.1% | -7.4% | ||||
| Profit YoY | – | -85.7% | -270.4% | – |
Standalone figures where filed. Latest quarter Jun 2026.
Profit & loss (yearly)
| ₹ cr | FY22 | FY23 | FY24 | FY26 | TTM |
|---|---|---|---|---|---|
| Revenue | 29 | 33 | 37 | 36 | 35 |
| EBITDA | 3 | 2 | 3 | -2 | -1 |
| Net profit | 1 | 2 | 0 | -4 | -2 |
| EPS (₹) | 0.10 | 0.16 | 0.04 | -0.27 | -0.17 |
| Revenue growth | +16.6% | +11.4% | -4.3% | – | |
| Profit growth | +61.2% | -73.5% | -929.5% | – | |
| Dividend / share (₹) | – | – | – | – |
| Compounded growth | 3 years | 5 years | Last 12 months |
|---|---|---|---|
| Sales | +7.5% | – | – |
| Net profit | – | – | – |
| EPS | – | – | – |
| Share price | – | -54.1% (2y) | -63.4% |
Balance sheet
| ₹ cr | FY22 | FY23 | FY24 | FY26 |
|---|---|---|---|---|
| Shareholders' equity | – | 13 | 31 | 28 |
| Borrowings | – | 14 | 10 | 20 |
| Cash & equivalents | – | 0 | 1 | 0 |
| Total assets | – | 35 | 46 | 60 |
| Fixed assets | – | 16 | 16 | 17 |
| Capital work in progress | – | 1 | 0 | 0 |
| Investments | – | 0 | 0 | 0 |
| Receivables | – | 6 | 8 | 6 |
| Inventory | – | 11 | 16 | 19 |
| Payables | – | 5 | 2 | 8 |
Year-end figures from the March annual filing.
Cash flow
| ₹ cr | FY22 | FY23 | FY24 | FY26 |
|---|---|---|---|---|
| Cash from operations | 1 | -1 | -11 | 0 |
| Cash from investing | -2 | -1 | -1 | -3 |
| Cash from financing | 0 | 2 | 12 | 3 |
| Capex | 2 | 1 | 1 | 4 |
| Free cash flow | -1 | -2 | -12 | -3 |
Free cash flow = cash from operations − capex.
Ratios by year
| ₹ cr | FY22 | FY23 | FY24 | FY26 |
|---|---|---|---|---|
| ROE % | – | 12.4% | 1.4% | -12.8% |
| ROCE % | – | 6.1% | 3.9% | -5.7% |
| Debtor days | – | 62 | 83 | 58 |
| Inventory days | – | 182 | 245 | 267 |
| Payable days | – | 76 | 29 | 116 |
| Cash conversion cycle (days) | – | 168 | 299 | 209 |
| Working capital days | – | 28 | 170 | 83 |
Shareholding
| Holder | % (2026-09-30) |
|---|---|
| Promoters | 35.51% |
| Public (non-institutions) | 64.49% |
| Quarter | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | Jul 2026 | Sep 2026 |
|---|---|---|---|---|---|---|---|---|
| Promoters % | 39.21% | 39.21% | 39.21% | 35.51% | 35.51% | 35.51% | 35.51% | 35.51% |
| Promoter group | % |
|---|---|
| Hiralal Mahidas Tilva | 10.01% |
| Rakesh Chhaganlal Patel | 4.58% |
| Harsh Manishbhai Nar | 3.87% |
| Hetal Mayurkumar Kalaria | 2.77% |
| Sheetal Sanjivkumar Chaniara | 2.77% |
| Shitalben Manishkumar Nar | 2.57% |
| Daxaben Hiralal Tilva | 2.06% |
| Avni Nileshkumar Dadhaniya | 2.03% |
| Parulben Rakeshbhai Patel | 1.95% |
| Manishkumar Chhaganbhai Nar | 1.92% |
| Sanjiv V V | 0.99% |
| Prem Rakeshbhai Patel | 0.00% |
69,215 shareholders. Pledged: – of promoter shares.
Peers in Other
| Company | Market cap | P/E | P/B | ROE | ROCE | OPM | Sales 3y | Div yield |
|---|---|---|---|---|---|---|---|---|
| TSFINV | ₹8,585 cr | 17.6x | 1.4x | 8.4% | 3.6% | 20.5% | +121.7% | 2.30% |
| KRISHANA | ₹6,339 cr | 39.9x | 11.3x | 41.6% | 23.2% | 12.6% | +95.7% | 0.05% |
| MARINE | ₹5,431 cr | 84.2x | 11.0x | 14.3% | 18.0% | 10.8% | +25.6% | 0.07% |
| ZOTA | ₹4,139 cr | – | 6.0x | -22.5% | -12.4% | -0.5% | +56.7% | 0.07% |
| AIMTRON | ₹3,319 cr | 71.7x | 17.1x | 28.0% | 31.8% | 21.8% | – | – |
| ACCORD | ₹2,984 cr | – | 261.7x | 12.4% | 12.0% | 2.4% | – | – |
| MONOLITH | ₹2,646 cr | 64.6x | 24.3x | 36.0% | 48.7% | 24.4% | – | – |
| UTSSAV | ₹2,390 cr | 40.2x | 14.1x | 43.4% | 54.7% | 7.9% | – | – |
| BETA | ₹2,200 cr | 40.6x | 5.0x | 16.4% | 17.0% | 20.8% | – | – |
| GANGAFORGE | ₹18 cr | – | 0.7x | -8.0% | -3.3% | -2.0% | +7.5% | – |
Dividends & corporate actions
| Ex-date | Action | Detail |
|---|---|---|
| 2026-07-02 | Rights | Rights 3:2 @ Premium Re. 0.63/- |
| 2021-09-20 | Other | Annual General Meeting |
| 2021-09-13 | Split | Face Value Split (Sub-Division) - From Rs 10/- Per Share To Re 1/- Per Share |
Documents
- Annual report FY26
- Annual report FY25
- Annual report FY24
- Annual report FY23
- Annual report FY22
- Announcements NSE filings
- Latest results (data file) XBRL
Links go to the original files on the exchange website.
About the company
| Sector | |
| Industry | Other |
| Sub-industry | |
| Symbol | GANGAFORGE |
| BSE code | – |
| ISIN | INE691Z01023 |
| Face value | ₹1.0 |
| Incorporated | – |
| Website | – |
| Plants (India / abroad) | – |
Data built 2026-10-23 from NSE company filings (XBRL: Integrated Filing - Financials + financial results), NSE shareholding & pledge data; price = NSE close 2026-10-26.