Kalyani Forge
Kalyani Forge
Industrial ProductsKey Fundamentals
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Key Insights
Strengths
2- Company has delivered good profit growth of 55.5% CAGR over last 5 years
- Company has been maintaining a healthy dividend payout of 19.0%
Weaknesses
4- Stock is trading at 3.89 times its book value
- The company has delivered a poor sales growth of 5.35% over past five years.
- Company has a low return on equity of 8.61% over last 3 years.
- Company has high debtors of 160 days.
Growth Rate
Quarterly Results
| Particulars | Jun 2023 | 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 | 59.35 | 60.91 | 59.7 | 56.82 | 56.74 | 62.33 | 58.62 | 58.95 | 64.13 | 55.67 | 57.86 | 56.98 | 66.8 |
| Expenses | 54.24 | 56.22 | 56.81 | 55.65 | 52.93 | 54.56 | 52.54 | 52.59 | 58.18 | 49.12 | 49.1 | 50.25 | 56.19 |
| Operating Profit | 5.11 | 4.69 | 2.89 | 1.17 | 3.81 | 7.77 | 6.08 | 6.36 | 5.95 | 6.55 | 8.76 | 6.73 | 10.61 |
| OPM % | 8.61% | 7.7% | 4.84% | 2.06% | 6.71% | 12.47% | 10.37% | 10.79% | 9.28% | 11.77% | 15.14% | 11.81% | 15.88% |
| Other Income | 0.32 | 1.08 | 1.76 | 1.21 | 0.86 | 0.52 | 0.75 | 0.38 | 0.39 | 0.56 | 0.36 | 2.27 | 0.28 |
| Interest | 1.21 | 1.45 | 1.75 | 1.49 | 1.45 | 1.58 | 1.96 | 2.06 | 2.27 | 2.43 | 2.71 | 0.24 | 1.73 |
| Depreciation | 2.53 | 2.72 | 1.25 | -0.29 | 1.84 | 1.91 | 2.08 | 2.04 | 2.04 | 2.41 | 2.46 | 2.63 | 3.01 |
| PBT | 1.69 | 1.6 | 1.65 | 1.18 | 1.38 | 4.8 | 2.79 | 2.64 | 2.03 | 2.27 | 3.95 | 6.13 | 6.15 |
| Tax % | 39.05% | 18.12% | 7.88% | 40.68% | 74.64% | 18.33% | 34.77% | 15.91% | 30.54% | 5.29% | 103.04% | 4.08% | 27.15% |
| Net Profit | 1.03 | 1.3 | 1.51 | 0.71 | 0.35 | 3.92 | 1.82 | 2.23 | 1.41 | 2.15 | -0.12 | 5.88 | 4.48 |
| EPS in Rs | 2.83 | 3.57 | 4.15 | 1.95 | 0.96 | 10.78 | 5 | 6.13 | 3.88 | 5.91 | -0.33 | 16.16 | 12.31 |
Profit & Loss
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 241 | 231 | 227 | 259 | 286 | 201 | 181 | 246 | 264 | 237 | 236 | 235 | 237 |
| Expenses | 226 | 215 | 212 | 237 | 261 | 193 | 168 | 228 | 254 | 223 | 213 | 207 | 205 |
| Operating Profit | 14 | 16 | 15 | 22 | 26 | 8 | 13 | 19 | 11 | 14 | 23 | 28 | 33 |
| OPM % | 6% | 7% | 7% | 8% | 9% | 4.2% | 7% | 8% | 4% | 6% | 10% | 12% | 14% |
| Other Income | 2 | 3 | 5 | 7 | 6 | 3 | 1 | 1 | 5 | 4 | 3 | 4 | 3 |
| Interest | 6 | 5 | 4 | 6 | 8 | 5 | 3 | 4 | 3 | 6 | 7 | 8 | 7 |
| Depreciation | 13 | 12 | 10 | 13 | 15 | 14 | 13 | 12 | 11 | 6 | 8 | 10 | 11 |
| PBT | -3 | 2 | 5 | 9 | 10 | -8 | -2 | 4 | 1 | 6 | 12 | 14 | 18 |
| Tax % | -24% | 46% | 33% | 29% | 28% | -15% | -15% | 22% | 113% | 19% | 28% | 35% | — |
| Net Profit | -2 | 1 | 3 | 7 | 7 | -7 | -2 | 3 | 0 | 5 | 8 | 9 | 12 |
| EPS in Rs | -6.21 | 3.02 | 9.57 | 18.03 | 19.13 | -19.05 | -4.84 | 8.6 | -0.49 | 12.51 | 22.84 | 25.62 | 34.05 |
| Div. Payout % | 0% | 66% | 21% | 19% | 21% | -5% | -31% | 35% | -607% | 24% | 18% | 16% | — |
Balance Sheet
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 4 | 4 | 4 | 4 | 4 | 4 | 4 | 4 | 4 | 4 | 4 | 4 |
| Reserves | 94 | 94 | 98 | 103 | 108 | 98 | 97 | 99 | 74 | 78 | 86 | 92 |
| Borrowings | 47 | 41 | 63 | 63 | 47 | 31 | 27 | 26 | 38 | 61 | 72 | 106 |
| Other Liabilities | 57 | 60 | 71 | 65 | 69 | 51 | 56 | 54 | 65 | 62 | 69 | 50 |
| Total Liabilities | 201 | 199 | 236 | 235 | 227 | 184 | 183 | 183 | 181 | 205 | 230 | 251 |
| Fixed Assets | 61 | 64 | 60 | 84 | 78 | 65 | 53 | 44 | 39 | 56 | 61 | 90 |
| CWIP | 17 | 8 | 30 | 5 | 0 | 1 | 1 | 2 | 3 | 5 | 15 | 10 |
| Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Assets | 123 | 127 | 147 | 146 | 148 | 118 | 129 | 137 | 138 | 143 | 154 | 152 |
| Total Assets | 201 | 199 | 236 | 235 | 227 | 184 | 183 | 183 | 181 | 205 | 230 | 251 |
Cash Flow
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating | 25 | 19 | 15 | 12 | 30 | 24 | 7 | 11 | -2 | 10 | 22 | 7 |
| Investing | -2 | -5 | -41 | -2 | -7 | -1 | -1 | -4 | -6 | -26 | -24 | -33 |
| Financing | -20 | -11 | 19 | -8 | -25 | -23 | -7 | -5 | 8 | 16 | 3 | 25 |
| Net Cash Flow | 3 | 3 | -7 | 2 | -2 | 0 | -1 | 2 | -1 | 0 | 0 | -1 |
| Free Cash Flow | 24 | 14 | -26 | 10 | 23 | 23 | 6 | 7 | -8 | -16 | -3 | -26 |
| CFO/OP | 186 | 128 | 118 | 68 | 114 | 304 | 58 | 68 | -8 | 89 | 95 | 37 |
Ratios
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debtor Days | 92 | 98 | 99 | 99 | 96 | 103 | 135 | 108 | 103 | 95 | 125 | 160 |
| Inventory Days | 96 | 117 | 156 | 139 | 123 | 143 | 178 | 135 | 114 | 180 | 186 | 129 |
| Days Payable | 118 | 128 | 146 | 143 | 122 | 123 | 141 | 95 | 107 | 146 | 166 | 104 |
| Cash Conversion Cycle | 70 | 87 | 109 | 94 | 97 | 123 | 172 | 148 | 110 | 129 | 145 | 185 |
| Working Capital Days | 34 | 29 | 18 | 36 | 42 | 53 | 85 | 74 | 44 | 53 | 38 | 52 |
| ROCE % | 2% | 5% | 6% | 9% | 10% | -2% | 1% | 6% | 4% | 9% | 12% | 12% |
Insights
BetaAI-extracted from concalls & annual reports · figures as reported, with sources
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Documents
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Company Information
Kalyani Forge Ltd is a Pune- based precision-engineering company manufacturing hot, warm, and cold-forged, machined and assembled components. Its engine, driveline and axle products serve passenger /commercial vehicles, agriculture, industrial, power, off-highway, marine and EV applications. Its capabilities include heat treatment, die/tool making, testing and finishing.[1][2]
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