BSE: 531144
EL FORGE LTD.
Manufactures forged metal components for the auto components industry from a single operating unit near Chennai (Chengalpattu, Tamil Nadu). Forgings account for 100% of segment revenue in FY26 at Rs. 80.89 crore, with a small line item for Land Income that has generated no revenue across the periods shown. The company sells into India's automotive supply chain; quarterly forgings revenue ran Rs. 20.75 crore in Q1 FY26, Rs. 17.23 crore in Q2, Rs. 20.23 crore in Q3 and Rs. 22.68 crore in Q4. The full-year topline of Rs. 80.41 crore was up 5.62% over FY25. Raw materials are the dominant cost at Rs. 46.50 crore (57.8% of revenue), followed by employee costs of Rs. 12.37 crore (15.4%) and other operating expenses of Rs. 17.71 crore (22.0%). The business carries no bank borrowings (debt-to-equity of 0.0), capex was Rs. 1.68 crore (2.1% of revenue) and depreciation Rs. 1.83 crore (2.3% of revenue). EBITDA margin came in at 5.92% and net profit margin at 3.03%, with net profit of Rs. 2.44 crore for the year. Operating scale is modest — total assets stood at Rs. 40.78 crore — and the company does not pay a dividend. AR · MarketPing reader · 2026-08-03
Revenue streams, as the annual report describes them. Forgings (100%), Land Income (0%). Small, single-product auto components forging company with no debt, low margins and tight dependence on raw material costs
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · standalone | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 40 | 58 | 68 | 76 | 80 |
| EBITDA (ex other income) | 2 | 3 | 73 | 4 | 4 |
| margin % | 6.1 | 5.0 | 106.9 | 5.3 | 5.3 |
| Owners' profit | (4) | (2) | 71 | 2 | 2 |
| EPS, as reported (₹) | (1.95) | (0.68) | 34.99 | 1.13 | 1.20 |
| ROE % · ROCE % | 6.8 · 7.6 | 3.8 · (8.7) | 316.4 · 263.5 | 9.3 · 9.4 | 8.9 · 9.2 |
| Debt / equity (x) | (0.29) | (0.08) | 0.00 | 0.00 | 0.00 |
| Cash from operations | 0 | 3 | 2 | 2 | 3 |
| Capex | (1) | (2) | (0) | (1) | (2) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 21 | 19 | 20 | 21 | 17 | 20 | 23 | 22 |
| Profit before tax | 1 | 1 | 1 | 0 | 0 | 1 | 1 | 1 |
| Net profit | 1 | 1 | 1 | 0 | 0 | 1 | 1 | 1 |
| EPS (₹) | 0.36 | 0.27 | 0.27 | 0.19 | 0.15 | 0.25 | 0.61 | 0.58 |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| SAMVRDHNA MTHRSN INTL LTD | 1,66,707 | 38.1 | 3.82 | 14.8 | 9.4 | 8.2 | 17.1 | 9.0 |
| BOSCH LIMITED | 1,34,520 | 56.9 | 9.06 | 33.0 | 18.7 | 24.1 | 15.6 | 17.9 |
| BHARAT FORGE LTD | 84,295 | 119.4 | 8.82 | 30.4 | 11.4 | 13.2 | 21.6 | 8.8 |
| UNO MINDA LIMITED | 62,653 | 52.0 | 8.63 | 28.8 | 17.7 | 15.7 | 25.3 | 10.4 |
| SCHAEFFLER INDIA LIMITED | 57,518 | 45.9 | 9.36 | — | 10.4 | 14.1 | — | 19.4 |
| SONA BLW PRECISION FRGS L | 52,988 | 76.1 | 8.64 | 46.0 | 10.3 | 12.9 | — | 25.1 |
| TUBE INVEST OF INDIA LTD | 40,753 | 67.2 | 2.87 | 15.8 | 7.9 | 12.4 | 30.3 | 10.6 |
| ENDURANCE TECHNO. LTD. | 32,042 | 33.0 | 4.68 | 15.7 | 13.9 | 15.6 | 17.4 | 13.2 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 13.4 | 25.0 | 17 of 119 | 86% |
| P/B | 1.6 | 3.3 | 24 of 117 | 80% |
| ROCE | 7.6 | 12.6 | 90 of 125 | 28% |
| ROE | 8.9 | 11.7 | 76 of 117 | 35% |
| Debt / Equity | 0.0 | 0.3 | 1 of 117 | 85% |
| EBITDA margin | 8.2 | 12.2 | 96 of 118 | 19% |
| Revenue growth | 5.9 | 20.2 | 93 of 113 | 18% |
| Profit growth | 198.1 | 24.4 | 10 of 115 | 92% |
| Market cap | 43 | 1455 | 118 of 126 | 6% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 13 Oct 2026 · Independent Director completes 5-year term | management changes | low | — | — |
| 6 Oct 2026 · Certificate under SEBI Regulation 74(5) for quarter ended September 2026 | compliance | minimal | — | — |
| 28 Sept 2026 · BSE seeks clarification from El Forge on sharp price movement | regulatory legal | high | — | — |
| 28 Sept 2026 · Postal ballot results: independent directors re-appointed and appointed | management changes | medium | — | — |
| 25 Sept 2026 · Trading window closed ahead of Q2 FY26 results | compliance | minimal | — | — |
| 28 Aug 2026 · Postal Ballot notice published in newspapers | compliance | minimal | — | — |
| 27 Aug 2026 · Postal Ballot notice for reappointment and appointment of independent directors | board shareholder meetings | low | — | — |
| 13 Aug 2026 · EL Forge June 2026 profit nearly triples as revenue rises 5.6 percent | compliance | minimal | — | — |
| 12 Aug 2026 · Q1 FY27 results: Net profit jumps to Rs 117 lakh; internal auditor reappointed | management changes | medium | — | — |
| 12 Aug 2026 · EL Forge Q1 FY27 net profit nearly triples to Rs 117 lakh YoY | results | medium | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.