KALYANIFRG

Kalyani Forge Limited

Closed-die forgings for automotive, defence and industrial customers

Industrials›Capital Goods›Industrial Products›Castings & Forgings

kalyaniforge.com(opens the company website in a new tab)
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Key metrics

Price as of 2026-10-16

Stock price
₹803.45
Market cap
292 Cr
Stock P/E
23.6
P/B
3.06
Dividend yield
0.5%
ROE (FY26)
9.8%
ROCE (FY26)
11.0%
Operating margin (FY26)
7.9%
Debt / equity (FY26)
1.11
OCF / EBITDA (FY26)
26.6%
OCF / EBITDA (3Y)
64.8%

Full years shown; sign in free for the trailing twelve months. Learn about these metrics →

Price & valuation

Share price and valuation multiples (P/E, P/B and more) over time.

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Compare with peers

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What you need to know

Kalyani Forge makes complex forged and machined, ready-to-assemble components for the car, truck, industrial and agro markets, supplying original equipment manufacturers (OEMs) and other customers in India and exporting to Europe, the US and Japan.

Company snapshot

8thBy market cap

Ranked among 10 companies in Castings & Forgings.

Statement tables · Standalone

Switches quarterly, P&L, balance sheet, and cash flow. Key metrics and ratios stay on consolidated when available.

Standalone only

Amounts in ₹ Cr · tap + to expand rows

Quarterly results

Quarterly · ₹ Cr · tap + rows to expand

MetricSept 2023Dec 2023Mar 2024Jun 2024Sept 2024Dec 2024Mar 2025Jun 2025Sept 2025Dec 2025Mar 2026Jun 2026
Sales61 Cr60 Cr57 Cr57 Cr62 Cr59 Cr59 Cr64 Cr56 Cr58 Cr57 Cr67 Cr
Operating expenses (approx.)56 Cr57 Cr56 Cr53 Cr55 Cr53 Cr53 Cr58 Cr49 Cr49 Cr50 Cr56 Cr
EBITDA5 Cr3 Cr1 Cr4 Cr8 Cr6 Cr6 Cr6 Cr7 Cr9 Cr7 Cr11 Cr
OPM %7.7%4.8%2.1%6.7%12.5%10.4%10.8%9.3%11.8%15.1%11.8%15.9%
Other income0.59 Cr2 Cr1 Cr0.86 Cr0.52 Cr0.75 Cr0.38 Cr0.39 Cr0.56 Cr0.36 Cr2 Cr0.28 Cr
Interest1 Cr2 Cr1 Cr1 Cr2 Cr2 Cr2 Cr2 Cr2 Cr3 Cr0.24 Cr2 Cr
Depreciation3 Cr1 Cr-0.29 Cr2 Cr2 Cr2 Cr2 Cr2 Cr2 Cr2 Cr3 Cr3 Cr
Profit before tax1 Cr2 Cr1 Cr1 Cr5 Cr3 Cr3 Cr2 Cr2 Cr4 Cr6 Cr6 Cr
Tax %-17.4%8.1%40.2%74.8%18.2%34.8%15.7%30.6%5.1%103.0%4.1%27.2%
Net profit1 Cr2 Cr0.71 Cr0.35 Cr4 Cr2 Cr2 Cr1 Cr2 Cr-0.12 Cr6 Cr4 Cr
EPS (₹)₹3.58₹4.16₹1.94₹0.96₹10.78₹5.00₹6.12₹3.87₹5.91₹-0.33₹16.17₹12.31

Profit & loss (annual)

Annual · last column is TTM · ₹ Cr · tap + to expand

MetricMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales252 Cr265 Cr286 Cr201 Cr181 Cr247 Cr267 Cr237 Cr237 Cr235 CrSign in free for the trailing twelve months
Operating expenses (approx.)237 Cr244 Cr261 Cr193 Cr169 Cr228 Cr252 Cr223 Cr213 Cr207 CrSign in free for the trailing twelve months
EBITDA15 Cr21 Cr26 Cr8 Cr12 Cr19 Cr14 Cr14 Cr24 Cr28 CrSign in free for the trailing twelve months
OPM %5.9%8.1%9.0%4.2%6.7%7.6%5.4%5.9%10.1%11.9%Sign in free for the trailing twelve months
Other income5 Cr7 Cr6 Cr3 Cr1 Cr1 Cr7 Cr4 Cr3 Cr4 CrSign in free for the trailing twelve months
Interest4 Cr6 Cr8 Cr5 Cr3 Cr4 Cr3 Cr6 Cr7 Cr8 CrSign in free for the trailing twelve months
Depreciation10 Cr13 Cr15 Cr14 Cr13 Cr12 Cr11 Cr6 Cr8 Cr10 CrSign in free for the trailing twelve months
Profit before tax5 Cr9 Cr10 Cr-8 Cr-2 Cr4 Cr5 Cr6 Cr12 Cr14 CrSign in free for the trailing twelve months
Tax %33.0%28.6%27.7%14.8%15.4%22.1%28.8%19.0%28.3%35.2%Sign in free for the trailing twelve months
Net profit3 Cr7 Cr7 Cr-7 Cr-2 Cr3 Cr4 Cr5 Cr8 Cr9 CrSign in free for the trailing twelve months
EPS (₹)₹9.57₹18.04₹19.14₹-19.05₹-4.84₹8.61₹9.29₹12.51₹22.86₹25.60Sign in free for the trailing twelve months
Dividend payout %—————24.3%22.8%23.8%12.3%15.6%Sign in free for the trailing twelve months
Sign in free for the trailing twelve months

The latest four quarters added up, next to each full year

Balance sheet

Annual · ₹ Cr · tap + rows to expand

MetricMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity capital4 Cr4 Cr4 Cr4 Cr4 Cr4 Cr4 Cr4 Cr4 Cr4 Cr
Reserves98 Cr103 Cr108 Cr98 Cr97 Cr99 Cr102 Cr78 Cr86 Cr92 Cr
Borrowings57 Cr57 Cr38 Cr25 Cr26 Cr26 Cr38 Cr61 Cr72 Cr106 Cr
Other liabilities77 Cr71 Cr78 Cr57 Cr57 Cr54 Cr62 Cr62 Cr69 Cr50 Cr
Total liabilities236 Cr235 Cr227 Cr184 Cr183 Cr183 Cr206 Cr205 Cr230 Cr251 Cr
Fixed assets (net)60 Cr84 Cr78 Cr65 Cr53 Cr44 Cr39 Cr56 Cr60 Cr86 Cr
CWIP30 Cr5 Cr0.32 Cr0.98 Cr1 Cr2 Cr3 Cr5 Cr15 Cr10 Cr
Investments0.0050 Cr0.0050 Cr0 Cr0 Cr0.01 Cr0.0050 Cr0.0050 Cr0.0050 Cr0.0050 Cr0.0050 Cr
Inventories45 Cr48 Cr48 Cr40 Cr45 Cr49 Cr70 Cr56 Cr57 Cr35 Cr
Trade receivables62 Cr70 Cr75 Cr57 Cr67 Cr73 Cr76 Cr62 Cr81 Cr103 Cr
Cash & bank1 Cr3 Cr1 Cr1 Cr0.10 Cr2 Cr1 Cr0.92 Cr0.99 Cr0.23 Cr
Other assets39 Cr25 Cr24 Cr20 Cr17 Cr14 Cr16 Cr25 Cr16 Cr16 Cr
Total assets236 Cr235 Cr227 Cr184 Cr183 Cr183 Cr206 Cr205 Cr230 Cr251 Cr

Cash flows

Annual · ₹ Cr · tap + rows to expand · last column includes FCF

MetricMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Cash from operating activity15 Cr12 Cr30 Cr24 Cr7 Cr11 Cr-2 Cr10 Cr25 Cr7 Cr
Cash from investing-41 Cr-2 Cr-7 Cr-1 Cr-1 Cr-4 Cr-6 Cr-26 Cr-24 Cr-33 Cr
Cash from financing19 Cr-8 Cr-25 Cr-23 Cr-7 Cr-5 Cr8 Cr16 Cr3 Cr25 Cr
Net cash flow-7 Cr2 Cr-2 Cr-0.04 Cr-1 Cr2 Cr-0.84 Cr-0.11 Cr3 Cr-0.76 Cr
Free cash flow (OCF − Capex)-26 Cr10 Cr23 Cr23 Cr6 Cr11 Cr-2 Cr-16 Cr0.86 Cr-26 Cr

Ratios

MetricMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
ROCE %5.6%9.5%11.5%-2.2%0.6%5.9%5.9%8.1%11.6%11.0%
ROE %3.4%6.1%6.2%-6.8%-1.8%3.0%3.4%5.5%9.3%9.8%
Debtor days89969610313510810495124159
Inventory days143135118145177136162201177136
Days payable1341401171241419597163158109
Cash conversion cycle989197123171148169133143186
OCF / EBITDA %104.4%57.4%116.2%286.9%61.5%59.6%-17.3%72.2%105.0%26.6%
OCF / EBITDA % (3 years)——93.1%119.2%132.9%108.9%35.5%39.6%62.5%64.8%
Debt / equity0.560.540.340.250.260.250.360.740.801.11
Current ratio1.111.281.371.461.581.751.691.421.231.32
Net debt / EBITDA3.772.501.402.832.161.302.574.332.943.76