Kalyani Forge Limited
NSE: KALYANIFRG · Castings & Forgings · sector
₹756.15NSE close 2026-10-26
Key numbers
Market cap₹275 cr
Price₹756.15
52w high / low₹1,192 / ₹524
P/E22.2xSector median 25.0x
P/B2.9xSector median 3.1x
Book value₹262.6
Dividend yield0.53%Sector median 0.48%
ROE13.4%Sector median 13.4%
ROCE12.7%Sector median 15.8%
OPM13.8%Sector median 17.0%
Debt / equity1.11xSector median 0.15x
EV/EBITDA11.6xSector median 16.8x
Interest cover3.6x
Current ratio1.32x
Sales growth 3y-4.2%Sector median +3.4%
Profit growth 3y+37.2%Sector median +19.6%
PEG0.55x
Last 12 months to Jun 2026, Standalone. "Sector median" = middle value of 23 companies in Castings & Forgings (P/E median leaves out loss-making companies). Tap ? for what a number means.
Things to know
- Cash ₹2 cr vs borrowings ₹106 cr (FY26): borrowings are higher by ₹103 cr.
- Borrowings rose in each of the last 3 years (₹38 cr → ₹106 cr).
- Operating profit covered interest 3.6x in the last 12 months.
- No promoter shares are pledged.
- Operating cash flow was below net profit in 2 of the last 5 years (FY26, FY23).
- Net loss in 1 of the last 8 quarters.
- Revenue was higher than a year earlier in 1 of the last 4 quarters.
- Other income was 28% of net profit in the last 12 months.
- Debtor days went from 95 (FY24) to 160 (FY26).
- Dividend paid in 5 of the last 5 financial years.
- Price ₹756.15 on 2026-10-26: -36.6% from the 52-week high, +44.4% 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 ₹1,113.65 · low ₹454.10
RevenueNet profit
RevenueNet profit
Quarterly results
| ₹ cr | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 62 | 59 | 59 | 64 | 56 | 58 | 57 | 67 |
| EBITDA | 8 | 6 | 6 | 6 | 7 | 9 | 7 | 11 |
| OPM % | 12.5% | 10.4% | 10.8% | 9.3% | 11.8% | 15.1% | 11.8% | 15.9% |
| Other income | 1 | 1 | 0 | 0 | 1 | 0 | 2 | 0 |
| Net profit | 4 | 2 | 2 | 1 | 2 | -0 | 6 | 4 |
| EPS (₹) | 10.78 | 5.00 | 6.12 | 3.87 | 5.91 | -0.33 | 16.17 | 12.31 |
| Revenue YoY | -10.7% | -1.3% | -3.3% | +4.2% | ||||
| Profit YoY | -45.2% | -106.6% | +163.7% | +217.7% |
Standalone figures where filed. Latest quarter Jun 2026.
Profit & loss (yearly)
| ₹ cr | FY22 | FY23 | FY24 | FY25 | FY26 | TTM |
|---|---|---|---|---|---|---|
| Revenue | 246 | 267 | 237 | 237 | 235 | 237 |
| EBITDA | 19 | 13 | 14 | 24 | 28 | 33 |
| Net profit | 3 | 4 | 5 | 8 | 9 | 12 |
| EPS (₹) | 8.61 | 9.29 | 12.51 | 22.86 | 25.60 | 34.06 |
| Revenue growth | +8.2% | -11.2% | -0.1% | -0.8% | -2.8% | |
| Profit growth | +15.3% | +26.0% | +82.6% | +12.2% | +32.2% | |
| Dividend / share (₹) | 1.50 | 3.00 | 3.00 | 3.00 | 4.00 |
| Compounded growth | 3 years | 5 years | Last 12 months |
|---|---|---|---|
| Sales | -4.2% | +5.4% | -2.8% |
| Net profit | +37.2% | – | +32.2% |
| EPS | +40.2% | – | – |
| Share price | – | +27.6% (2y) | -3.8% |
Balance sheet
| ₹ cr | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Shareholders' equity | – | 105 | 82 | 90 | 96 |
| Borrowings | – | 38 | 61 | 72 | 106 |
| Cash & equivalents | – | 5 | 6 | 3 | 2 |
| Total assets | – | 206 | 205 | 230 | 251 |
| Fixed assets | – | 39 | 56 | 60 | 86 |
| Capital work in progress | – | 3 | 5 | 15 | 10 |
| Investments | – | 0 | 0 | 0 | 0 |
| Receivables | – | 76 | 62 | 81 | 103 |
| Inventory | – | 70 | 56 | 57 | 35 |
| Payables | – | 42 | 46 | 51 | 29 |
Year-end figures from the March annual filing.
Cash flow
| ₹ cr | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Cash from operations | 11 | -2 | 10 | 25 | 7 |
| Cash from investing | -4 | -6 | -26 | -24 | -33 |
| Cash from financing | -5 | 8 | 16 | 3 | 25 |
| Capex | 0 | 0 | 26 | 24 | 33 |
| Free cash flow | 11 | -2 | -16 | 1 | -26 |
Free cash flow = cash from operations − capex.
Ratios by year
| ₹ cr | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| ROE % | – | 3.4% | 5.5% | 9.3% | 9.8% |
| ROCE % | – | 5.9% | 8.1% | 11.6% | 11.0% |
| Debtor days | – | 105 | 95 | 125 | 160 |
| Inventory days | – | 172 | 180 | 186 | 129 |
| Payable days | – | 103 | 146 | 166 | 104 |
| Cash conversion cycle (days) | – | 174 | 129 | 145 | 185 |
| Working capital days | – | 88 | 62 | 43 | 56 |
Shareholding
| Holder | % (2026-09-30) |
|---|---|
| Promoters | 58.76% |
| DIIs | 0.56% |
| Public (non-institutions) | 40.68% |
| Quarter | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | Sep 2026 |
|---|---|---|---|---|---|---|---|---|
| Promoters % | 58.71% | 58.71% | 58.73% | 58.76% | 58.76% | 58.76% | 58.76% | 58.76% |
| Promoter group | % |
|---|---|
| Kalyani Consultants Pvt.Ltd. | 10.37% |
| Vakratund Investment Pvt Ltd | 9.41% |
| Pax Investments Pvt Ltd | 9.35% |
| Squirrel Financers And Investors Pvt Ltd | 5.13% |
| Bellona Investment Pvt Ltd | 4.76% |
| Kalyani Exports & Investments Pvt.Ltd. | 2.63% |
| Attila Investment Pvt Ltd | 2.60% |
| Monte Carlo Investment Private Limited | 2.60% |
| Vikat Investment Pvt Ltd | 1.80% |
| Dukhaharta Investment Pvt Ltd | 1.77% |
| Sukhakarta Investment Pvt Ltd | 1.77% |
| Gaurishankar Neelkanth Kalyani | 1.29% |
| Viraj Gaurishankar Kalyani | 1.06% |
| Agasti Investment & Trading Private Limited | 0.97% |
| Rohini Gaurishankar Kalyani | 0.89% |
| Public holders above 1% | % |
|---|---|
| Bf Investment Limited | 15.66% |
| Investor Education And Protection Fund | 3.66% |
7,824 shareholders. Pledged: 0.00% of promoter shares.
Peers in Castings & Forgings
| Company | Market cap | P/E | P/B | ROE | ROCE | OPM | Sales 3y | Div yield |
|---|---|---|---|---|---|---|---|---|
| PTCIL | ₹34,768 cr | 276.8x | 23.1x | 8.7% | 9.3% | 24.6% | – | – |
| AIAENG | ₹33,394 cr | 26.4x | 4.2x | 16.9% | 20.1% | 27.6% | -3.4% | 0.41% |
| HAPPYFORGE | ₹16,596 cr | 50.6x | 7.8x | 16.5% | 18.2% | 31.1% | – | 0.17% |
| BALUFORGE | ₹5,154 cr | 17.4x | 3.2x | 20.2% | 19.5% | 26.6% | – | 0.03% |
| STEELCAS | ₹3,372 cr | 37.2x | 8.5x | 25.2% | 30.9% | 26.9% | -3.9% | 0.52% |
| AMIC | ₹2,253 cr | 78.3x | 14.3x | 22.9% | 25.5% | 30.2% | – | – |
| INVPRECQ | ₹1,314 cr | 90.1x | 12.8x | 15.0% | 15.8% | 17.8% | +3.5% | 0.04% |
| NELCAST | ₹1,053 cr | 25.6x | 1.8x | 7.1% | 9.9% | 7.3% | +1.7% | 0.41% |
| SGIL | ₹878 cr | – | 7.9x | -8.1% | 4.2% | 9.0% | +8.1% | 0.30% |
| KALYANIFRG | ₹275 cr | 22.2x | 2.9x | 13.4% | 12.7% | 13.8% | -4.2% | 0.53% |
Dividends & corporate actions
| Ex-date | Action | Detail |
|---|---|---|
| 2026-08-21 | Dividend | Dividend - Rs 4 Per Share |
| 2025-08-22 | Dividend | Dividend - Rs 4 Per Share |
| 2024-09-20 | Dividend | Annual General Meeting/Dividend - Rs 3 Per Share |
| 2023-09-13 | Dividend | Annual General Meeting/Dividend - Rs 3 Per Share |
| 2022-08-10 | Dividend | Annual General Meeting/Dividend - Rs 3 Per Share |
| 2021-08-05 | Dividend | Annual General Meeting/Dividend - Rs 1.50 Per Share |
| 2020-09-17 | Dividend | Dividend - Re 1 Per Share |
| 2019-07-17 | Dividend | Annual General Meeting/Dividend Rs 4 Per Share |
| 2018-07-19 | Dividend | Dividend- Rs 3.50 Per Share |
| 2017-07-17 | Dividend | Dividend - Rs 3 Per Share |
| 2016-07-21 | Dividend | Annual General Meeting/ Dividend -Rs 2/- Per Share |
| 2015-08-27 | Other | Annual General Meeting |
| 2014-09-09 | Dividend | Annual General Meeting / Final Dividend - Rs 2.50/- Per Share |
| 2013-06-20 | Dividend | Annual General Meeting And Dividend Rs.2.50 Per Share |
| 2012-07-12 | Dividend | Annual General Meeting / Dividend Rs 2.5 Per Share |
| 2011-07-14 | Dividend | Annual General Meeting And Dividend Rs.2/- Per Share |
| 2010-07-08 | Dividend | Dividend-Re.1.80 Per Share |
| 2009-06-29 | Other | Agm/Div-Rs.1.20 Per Share |
| 2008-08-28 | Dividend | Agm/Dividend - 22% |
Documents
- Annual report FY26
- Annual report FY25
- Annual report FY24
- Annual report FY23
- Annual report FY22
- Announcements NSE filings
- Latest results (data file) XBRL
- Announcements BSE filings
Links go to the original files on the exchange website.
About the company
| Sector | Industrials |
| Industry | Castings & Forgings |
| Sub-industry | Castings & Forgings |
| Symbol | KALYANIFRG |
| BSE code | 513509 |
| ISIN | INE314G01014 |
| Face value | ₹10.0 |
| 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.