---
title: "EL Forge Ltd (ELFORGE) — Share Price, Financials & Analysis"
symbol: "ELFORGE"
company: "EL Forge Ltd"
canonical: "https://tapetide.com/stocks/ELFORGE"
bse_code: "531144"
sector: "Consumer Discretionary"
industry: "Auto Components"
generated_at: "2026-09-13T18:47:33.215Z"
---

# EL Forge Ltd (ELFORGE)

Canonical page: https://tapetide.com/stocks/ELFORGE

## Company

- **BSE Code:** 531144
- **Sector:** Consumer Discretionary
- **Industry:** Auto Components
- **Macro Sector:** Consumer Discretionary
- **Face Value:** ₹10
- **F&O Eligible:** No
- **Website:** elforge.com

## About

Incorporated in 1934, EL Forge Ltd is in the business of manufacture and sale of Steel Forgings.[1]

## Latest Price

## Key Insights

### Strengths

- Company is almost debt free.

### Weaknesses

- Though the company is reporting repeated profits, it is not paying out dividend
- Tax rate seems low

## Growth Rates

| Metric | 1Y | 3Y | 5Y |
| --- | --- | --- | --- |
| net income growth | 42% | 55% | 16% |
| revenue growth | 2% | 11% | 24% |

## Financial Statements

### Quarterly Results

All figures in ₹ crore unless the row name says otherwise.

| Item | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Sales | 17.71 | 15.05 | 17.33 | 17.02 | 20.53 | 18.98 | 19.6 | 20.61 | 17.11 | 20.17 | 22.51 | 21.83 |
| Expenses | 16.52 | 14.05 | 16.13 | 16.01 | 19.51 | 17.94 | 18.64 | 19.75 | 16.36 | 19.32 | 20.74 | 20.14 |
| Operating Profit | 1.19 | 1 | 1.2 | 1.01 | 1.02 | 1.04 | 0.96 | 0.86 | 0.75 | 0.85 | 1.77 | 1.69 |
| OPM % | 6.72 | 6.64 | 6.92 | 5.93 | 4.97 | 5.48 | 4.9 | 4.17 | 4.38 | 4.21 | 7.86 | 7.74 |
| Other Income | -0.22 | -0.14 | 69.36 | 0.04 | 0.26 | 0.09 | 0.2 | 0.14 | 0.12 | 0.06 | 0.22 | 0.09 |
| Interest | 0.12 | 0.12 | 0.12 | 0.12 | 0.12 | 0.12 | 0.12 | 0.14 | 0.12 | 0.12 | 0.12 | 0.12 |
| Depreciation | 0.46 | 0.46 | 0.47 | 0.47 | 0.43 | 0.46 | 0.48 | 0.46 | 0.45 | 0.28 | 0.63 | 0.49 |
| Profit before tax | 0.39 | 0.28 | 69.97 | 0.46 | 0.73 | 0.55 | 0.56 | 0.4 | 0.3 | 0.51 | 1.24 | 1.17 |
| Tax % | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Net Profit | 0.4 | 0.28 | 69.96 | 0.46 | 0.73 | 0.56 | 0.55 | 0.39 | 0.3 | 0.51 | 1.24 | 1.17 |
| EPS in Rs | 0.2 | 0.14 | 34.42 | 0.23 | 0.36 | 0.28 | 0.27 | 0.19 | 0.15 | 0.25 | 0.61 | 0.58 |

### Profit & Loss

All figures in ₹ crore unless the row name says otherwise.

| Item | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Sales | 42.46 | 49.77 | 32.8 | 27.3 | 40.34 | 58.46 | 68.32 | 76.13 | 80.41 | 81.62 |
| Expenses | 45.04 | 48.99 | 34.95 | 38 | 39.31 | 54.6 | 63.32 | 72.1 | 76.18 | 76.56 |
| Operating Profit | -2.58 | 0.78 | -2.15 | -10.7 | 1.03 | 3.86 | 5 | 4.03 | 4.23 | 5.06 |
| OPM % | -6.08 | 1.57 | -6.55 | -39.19 | 2.55 | 6.6 | 7.32 | 5.29 | 5.26 | 6.2 |
| Other Income | 1.2 | 29.7 | 9.55 | 14.99 | 1.6 | -0.88 | 68.44 | 0.59 | 0.53 | 0.49 |
| Interest | 3.4 | 0.61 | 0.2 | 0.46 | 0.43 | 0.4 | 0.48 | 0.48 | 0.5 | 0.48 |
| Depreciation | 6.85 | 6.61 | 6.59 | 6.12 | 6.17 | 4.89 | 1.84 | 1.84 | 1.83 | 1.85 |
| Profit before tax | -11.63 | 23.26 | 0.61 | -2.29 | -3.97 | -2.31 | 71.12 | 2.3 | 2.43 | 3.22 |
| Tax % | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | — |
| Net Profit | -11.63 | 23.26 | 0.61 | -2.28 | -3.97 | -2.31 | 71.12 | 2.3 | 2.44 | 3.22 |
| EPS in Rs | -5.72 | 11.44 | 0.3 | -1.12 | -1.95 | -1.14 | 34.99 | 1.13 | 1.2 | 1.59 |
| Dividend Payout % | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | — |

### Balance Sheet

All figures in ₹ crore unless the row name says otherwise.

| Item | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Equity Capital | 20.32 | 20.32 | 20.32 | 20.32 | 20.32 | 20.32 | 20.32 | 20.32 | 20.32 | 20.32 |
| Reserves | -84.81 | -96.44 | -73.18 | -72.57 | -74.85 | -78.82 | -81.13 | 2.16 | 4.45 | 6.89 |
| Borrowings | 139.77 | 133.13 | 42.45 | 21.66 | 12.11 | 12.11 | 12.11 | 0 | 0 | 0 |
| Other Liabilities | 44.42 | 36.08 | 94.06 | 92.07 | 82.89 | 83.29 | 85.82 | 15.48 | 14.45 | 13.57 |
| Total Liabilities | 119.7 | 93.09 | 83.65 | 61.48 | 40.47 | 36.9 | 37.12 | 37.96 | 39.22 | 40.78 |
| Fixed Assets | 55.8 | 47.09 | 41.02 | 34.57 | 31.99 | 26.56 | 23.47 | 22.01 | 21.43 | 21.26 |
| CWIP | 3.02 | 3.02 | 3.02 | 3.07 | 0 | 0 | 0 | 0 | 0 | 0.01 |
| Investments | 3.85 | 3.74 | 3.74 | 3.74 | 0 | 0 | 0 | 0 | 0 | 0.04 |
| Other Assets | 57.03 | 39.24 | 35.87 | 20.1 | 8.48 | 10.34 | 13.65 | 15.95 | 17.79 | 19.47 |
| Total Assets | 119.7 | 93.09 | 83.65 | 61.48 | 40.47 | 36.9 | 37.12 | 37.96 | 39.22 | 40.78 |

### Cash Flow

All figures in ₹ crore unless the row name says otherwise.

| Item | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Cash from Operating Activity | 15.25 | -11.32 | 36.31 | 21.03 | 6.24 | 0.02 | 3.34 | 1.22 | 2.4 | 3.14 |
| Cash from Investing Activity | 2.52 | 1.99 | -1.03 | -0.21 | -0.28 | 1.01 | -2.04 | -0.08 | -0.89 | -1.37 |
| Cash from Financing Activity | -17.78 | 9.51 | -35.14 | -21 | -5.32 | -0.43 | -0.4 | -0.48 | -0.48 | -0.5 |
| Net Cash Flow | 0 | 0.17 | 0.14 | -0.19 | 0.64 | 0.59 | 0.9 | 0.66 | 1.04 | 1.28 |
| Free Cash Flow | 17.44 | -9.42 | 35.77 | 20.84 | 5.78 | -0.79 | 1.56 | 1 | 1.28 | 1.48 |
| CFO/OP | -541 | 439 | 4655 | -978 | -58 | 2 | 87 | 24 | 60 | 74 |

### Ratios

| Item | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Debtor Days | 170.89 | 38.51 | 34.18 | 36.5 | 18.18 | 18.01 | 23.6 | 29.06 | 29.34 | 30.14 |
| Inventory Days | 356.86 | 213.58 | 190.35 | 277.38 | 90.87 | 71.73 | 48.28 | 35.97 | 27.63 | 30.63 |
| Days Payable | 584.53 | 355.13 | 1049.62 | 1647.01 | 79.99 | 40.7 | 86.51 | 80.08 | 70.32 | 59.05 |
| Cash Conversion Cycle | -56.78 | -103.04 | -825.1 | -1333.13 | 29.07 | 49.03 | -14.63 | -15.05 | -13.35 | 1.72 |
| Working Capital Days | -520.87 | -776.85 | -556.34 | -920.18 | -12.7 | 1.81 | -0.69 | 2.83 | 11.12 | 18.52 |
| ROCE % | -12.49 | -14.23 | -24.68 | — | — | — | — | — | 11.17 | 11.08 |

## Shareholding Pattern

### annual

| Category | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | Jun 2026 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Promoters | 41.26% | 41.26% | 41.26% | 40.71% | 40.71% | 40.71% | 40.71% | 40.71% | 40.81% | 40.81% | 40.77% | 40.77% |
| DIIs | 0.01% | 0.01% | 0.01% | 0.01% | 0.01% | 0.01% | 0.01% | 0.01% | 0.01% | 0.01% | 0.01% | 0.01% |
| Public | 58.73% | 58.73% | 58.73% | 59.28% | 59.28% | 59.28% | 59.28% | 59.28% | 59.17% | 59.16% | 59.21% | 59.21% |
| No. of Shareholders | 9877 | 9893 | 9554 | 9552 | 9552 | 9545 | 9531 | 9539 | 9529 | 11318 | 11015 | 10981 |

### Quarterly

| Category | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Promoters | 40.71% | 40.81% | 40.81% | 40.81% | 40.81% | 40.81% | 40.81% | 40.81% | 40.81% | 40.77% | 40.77% | 40.77% |
| DIIs | 0.01% | 0.01% | 0.01% | 0.01% | 0.01% | 0.01% | 0.01% | 0.01% | 0.01% | 0.01% | 0.01% | 0.01% |
| Public | 59.28% | 59.18% | 59.17% | 59.16% | 59.17% | 59.18% | 59.16% | 59.17% | 59.18% | 59.21% | 59.21% | 59.21% |
| No. of Shareholders | 9450 | 9461 | 9529 | 9592 | 10174 | 11324 | 11318 | 11238 | 11199 | 11096 | 11015 | 10981 |

## Technical Indicators

Derived from daily closing prices and recomputed each trading session; values move with the market.

- **Overall Signal:** Strong Sell
- **Buy / Neutral / Sell:** 2 / 6 / 11

### Moving Averages — summary: **Strong Sell**

| Indicator | Value | Signal |
| --- | --- | --- |
| SMA (10) | 18.06 | Sell |
| EMA (10) | 18.01 | Sell |
| SMA (20) | 18.08 | Sell |
| EMA (20) | 18.11 | Sell |
| SMA (50) | 18.43 | Sell |
| EMA (50) | 18.15 | Sell |
| SMA (100) | 17.74 | Sell |
| EMA (100) | 17.75 | Sell |
| SMA (200) | 16.43 | Buy |
| EMA (200) | 17.73 | Sell |

### Oscillators — summary: **Sell**

| Indicator | Value | Signal |
| --- | --- | --- |
| RSI (14) | 41.48 | Neutral |
| MACD (12,26,9) | -0.12 | Sell |
| Stochastic (14,3,3) | 48.84 | Neutral |
| ADX (14) | 20.53 | Neutral |
| Williams %R (14) | -54.76 | Neutral |
| ATR (14) | 0.79 | High Volatility |
| ROC (12) | -2.55 | Sell |
| Stoch RSI (14) | 0 | Buy |
| UO (7,14,28) | 46.86 | Neutral |

## Filings & Documents

### Other Documents

| Date | Document |
| --- | --- |
| 28 Aug - We attach herewith copies of newspaper advertisement of the Postal Ballot Notice Published on 28th August 2026 in Financial Express and Malai Malar(Tamil) | [Announcement under Regulation 30 (LODR)-Newspaper Publication 28 Aug - We attach herewith copies of newspaper advertisement of the Postal Ballot Notice Published on 28th August 2026 in Financial Express and Malai Malar(Tamil)](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=1c0570e4-ddba-44d7-aaf1-81ff96a295fe.pdf) |
| 27 Aug - Postal ballot for reappointing Shubha Ganesh and appointing M.S. Sivakaminathan as independent directors. | [Shareholder Meeting / Postal Ballot-Notice of Postal Ballot 27 Aug - Postal ballot for reappointing Shubha Ganesh and appointing M.S. Sivakaminathan as independent directors.](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=1fb9a49e-6485-473c-8861-ab87d6c342a3.pdf) |
| 13 Aug - We are submitting published advertisement in English and Tamil in newspaper relating to extract of results for quarter ended 30/06/2026 | [Announcement under Regulation 30 (LODR)-Newspaper Publication 13 Aug - We are submitting published advertisement in English and Tamil in newspaper relating to extract of results for quarter ended 30/06/2026](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=c126276c-2cdf-4220-92b4-b34fb7b3aa32.pdf) |
| 12 Aug - Q1 FY2026-27 unaudited results approved; internal auditor reappointed for 3 years, postal ballot for independent directors. | [Board Meeting Outcome for Outcome Of Board Meeting Quarter Ended 30062026 12 Aug - Q1 FY2026-27 unaudited results approved; internal auditor reappointed for 3 years, postal ballot for independent directors.](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=1a48d10e-88fc-43c1-a448-fcb85b9660dd.pdf) |
| 12 Aug - Board approved Q1 FY2026-27 unaudited results, reappointed internal auditors, and sought director approvals. | [Announcement under Regulation 30 (LODR)-Change in Management 12 Aug - Board approved Q1 FY2026-27 unaudited results, reappointed internal auditors, and sought director approvals.](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=256cd8c8-a947-405c-9be2-d04e85f8bedb.pdf) |

### Annual Reports

| Date | Document |
| --- | --- |
| from bse | [Annual Report 2026 from bse](https://www.bseindia.com/xml-data/corpfiling/AttachHis/9d1746d5-af7a-47f8-a4e8-30548ae1a9fe.pdf) |
| from bse | [Annual Report 2025 from bse](https://www.bseindia.com/xml-data/corpfiling/AttachHis/f98bf86f-26fa-44a1-a6d2-e457741385fd.pdf) |
| from bse | [Annual Report 2024 from bse](https://www.bseindia.com/xml-data/corpfiling/AttachHis/9e04ac7c-5a17-4984-a3b0-33fc59643385.pdf) |
| from bse | [Annual Report 2023 from bse](https://www.bseindia.com/xml-data/corpfiling/AttachHis/a6e4da71-41d8-4cae-a5e7-6f2ff05c37e7.pdf) |
| from bse | [Annual Report 2022 from bse](https://www.bseindia.com/xml-data/corpfiling/AttachHis/faf5f048-9336-4d5f-8ac2-033d71ed762d.pdf) |
| from bse | [Annual Report 2021 from bse](https://www.bseindia.com/bseplus/AnnualReport/531144/72583531144.pdf) |
| from bse | [Annual Report 2020 from bse](https://www.bseindia.com/bseplus/AnnualReport/531144/68411531144.pdf) |
| from bse | [Annual Report 2018 from bse](https://www.bseindia.com/bseplus/AnnualReport/531144/5311440318.pdf) |
| from bse | [Annual Report 2017 from bse](https://www.bseindia.com/bseplus/AnnualReport/531144/5311440317.pdf) |
| from bse | [Annual Report 2016 from bse](https://www.bseindia.com/bseplus/AnnualReport/531144/5311440316.pdf) |

---

Provenance differs by section. Financial statements, shareholding and filings are as reported in company disclosures to NSE/BSE/SEBI. Price, volume and 52-week levels are exchange market data. Technical indicators are computed by Tapetide from daily closing prices. The Tapetide Score is Tapetide's own analysis. Analyst ratings are third-party estimates, not company statements. All figures are for research and information only and are not investment advice. Generated 2026-09-13T18:47:33.215Z.