NSE: KALYANIFRG · BSE: 513509
KALYANI FORGE LIMITED
Manufactures forged components for automotive and industrial customers, organised around the Castings & Forgings business. FY26 revenue stood at ₹234.64 crore, with FY26 EBITDA of ₹31.58 crore at a 13.3% margin and Q4 FY26 EBITDA margin of 15.2%, the second consecutive quarter above 15%. Growth has been driven by orders in wheel hubs, driveline and axle products for OEMs, with new business wins in Q4 FY26 including an OEM Wheel Hub order of about ₹20 crore annually plus orders from SKF and Schaeffler, all ramping from Q1 FY27. The company has also moved into high-volume xEV (electric vehicle) products. Operations are structured around Driveline and Axle, which together account for 60% of the FY27 capex plan of ₹30 crore, with the balance going to forging modernisation. ROCE improved from 14% to 18% in FY26 and inventory was reduced by ₹21.7 crore as part of working-capital discipline. FY26 profit after tax was ₹9.32 crore, described by management as the highest annual PAT in approximately 14 years. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Forged automotive and industrial components, xEV (electric vehicle) forged products. Asset-heavy forging and machined components for automotive and industrial use.
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · standalone | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 247 | 267 | 237 | 237 | 235 |
| EBITDA (ex other income) | 19 | 13 | 14 | 24 | 28 |
| margin % | 7.6 | 4.7 | 5.9 | 10.1 | 11.9 |
| Owners' profit | 3 | 4 | 5 | 8 | 9 |
| EPS, as reported (₹) | 8.61 | 9.29 | 12.51 | 22.86 | 25.60 |
| ROE % · ROCE % | 3.0 · 7.0 | 3.4 · 7.5 | 5.5 · 10.6 | 9.3 · 17.0 | 9.8 · 15.8 |
| Debt / equity (x) | 0.25 | 0.36 | 0.74 | 0.80 | 1.11 |
| Cash from operations | 11 | (3) | 10 | 25 | 7 |
| Capex | 0 | 0 | (26) | (24) | (33) |
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 | 62 | 59 | 59 | 64 | 56 | 58 | 57 | 67 |
| Profit before tax | 5 | 3 | 3 | 2 | 2 | 4 | 6 | 6 |
| 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 |
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. % |
|---|---|---|---|---|---|---|---|---|
| PTC INDUSTRIES LIMITED | 35,906 | 285.9 | 23.82 | 209.7 | 6.7 | 7.5 | 29.8 | 28.3 |
| AIA ENGINEERING LIMITED | 33,643 | 26.6 | 4.19 | 19.4 | 15.8 | 19.3 | 8.9 | 35.8 |
| HAPPY FORGINGS LIMITED | 16,966 | 51.8 | 7.97 | 34.4 | 14.2 | 18.5 | — | 33.8 |
| BALU FORGE INDUSTRIES LTD | 5,387 | 18.2 | 3.38 | 16.3 | 16.2 | 18.8 | — | 29.5 |
| STEELCAST LIMITED | 3,516 | 38.8 | 8.90 | — | 22.0 | 28.5 | — | 28.2 |
| Amic Forging Limited | 2,327 | 27.1 | — | — | — | 18.4 | — | — |
| INVESTMENT & PREC CAST L | 1,290 | 109.7 | 12.57 | 43.0 | 11.5 | 13.0 | 12.5 | 18.6 |
| NELCAST LIMITED | 1,148 | 27.9 | 1.92 | 10.6 | 8.1 | 9.4 | 16.8 | 5.9 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 24.3 | 26.7 | 10 of 22 | 57% |
| P/B | 3.2 | 3.6 | 9 of 20 | 58% |
| ROCE | 10.3 | 13.7 | 16 of 24 | 35% |
| ROE | 9.8 | 11.5 | 13 of 20 | 37% |
| Debt / Equity | 1.1 | 0.1 | 18 of 20 | 11% |
| EBITDA margin | 16.3 | 18.5 | 13 of 20 | 37% |
| Revenue growth | 4.2 | 12.2 | 12 of 18 | 35% |
| Profit growth | 218.5 | 19.3 | 4 of 17 | 81% |
| Market cap | 302 | 425 | 13 of 24 | 48% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 7 Oct 2026 · Kalyani Forge files Reg 74(5) demat compliance certificate for Q2 FY26 | compliance | minimal | — | — |
| 1 Oct 2026 · Company Secretary Mr. Anup Sancheti ceases at Kalyani Forge | management changes | high | — | — |
| 29 Sept 2026 · Trading window closure for Q2 FY27 starting October 1, 2026 | compliance | minimal | — | — |
| 23 Sept 2026 · Kalyani Forge AGM: All 5 resolutions passed, final dividend declared | board shareholder meetings | medium | — | — |
| 22 Sept 2026 · 47th AGM of Kalyani Forge held via video conference | board shareholder meetings | low | — | — |
| 2 Sept 2026 · Kalyani Forge 47th AGM on Sept 21, 2026 via video conferencing; web link shared | board shareholder meetings | low | — | — |
| 2 Sept 2026 · 47th AGM notice and 2025-26 annual report link sent to shareholders | board shareholder meetings | low | — | — |
| 2 Sept 2026 · Newspaper Publication of 47th AGM Notice | compliance | minimal | — | — |
| 2 Sept 2026 · Kalyani Forge clarifies no undisclosed info behind price rise | regulatory legal | low | — | — |
| 1 Sept 2026 · Exchange queries Kalyani Forge on unusual price movement | compliance | low | — | — |
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.