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Kalyani Forge Q2 FY27 results: net profit up 0.5% to ₹2.16 crore, revenue down 2.2%
Kalyani Forge Limited reported standalone Q2 FY27 revenue of ₹54.45 crore, down 2.2% from Q2 FY26, while EBITDA rose 15.1% to ₹7.54 crore and the EBITDA margin improved 2.1 percentage points to 13.9%. Net profit was ₹2.16 crore, up 0.5% year on year but down 51.8% from Q1 FY27; basic EPS was ₹11.88.
Key points
- Standalone Q2 FY27 revenue was ₹54.45 crore, down 2.2% from ₹55.67 crore in Q2 FY26 and down 18.5% from ₹66.80 crore in Q1 FY27.
- EBITDA rose to ₹7.54 crore from ₹6.55 crore a year ago, while the EBITDA margin increased 2.1 percentage points to 13.9% from 11.8%.
- Net profit was ₹2.16 crore, compared with ₹2.15 crore in Q2 FY26 and ₹4.48 crore in Q1 FY27; basic EPS was ₹11.88.
- In H1 FY27, revenue was ₹121.24 crore, up 1.2% from ₹119.81 crore in H1 FY26, while profit after tax rose to ₹6.64 crore from ₹3.56 crore.
- At 30 September 2026, total assets were ₹268.89 crore, total equity ₹100.73 crore, borrowings ₹122.81 crore and cash ₹0.80 crore.
How did Kalyani Forge perform in Q2 FY27?
Kalyani Forge reported standalone revenue of ₹54.45 crore for Q2 FY27, down ₹1.22 crore or 2.2% from ₹55.67 crore in Q2 FY26. Total income fell ₹1.54 crore or 2.7% to ₹54.69 crore, while EBITDA rose ₹0.99 crore or 15.1% to ₹7.54 crore. The EBITDA margin was 13.9%, up 2.1 percentage points from 11.8%.
Profit before tax rose ₹0.97 crore or 42.7% to ₹3.24 crore from ₹2.27 crore, and net profit increased ₹0.01 crore or 0.5% to ₹2.16 crore from ₹2.15 crore. Basic EPS rose ₹5.97 or 101.0% to ₹11.88 from ₹5.91; the net profit margin was 4.0%, up 0.1 percentage points.
Against Q1 FY27, revenue fell ₹12.35 crore or 18.5% from ₹66.80 crore and EBITDA fell ₹3.07 crore or 28.9% to ₹7.54 crore. PBT declined ₹2.91 crore or 47.3% to ₹3.24 crore, net profit fell ₹2.32 crore or 51.8% to ₹2.16 crore, and basic EPS fell ₹0.43 or 3.5% to ₹11.88. The results are presented on a standalone basis, with no consolidated figures provided.
| ₹ crore | Q2 FY27 | Q1 FY27 | Q2 FY26 | YoY | QoQ |
|---|---|---|---|---|---|
| Revenue from operations | 54.45 | 66.80 | 55.67 | −2.2% | −18.5% |
| Other income | 0.24 | 0.28 | 0.56 | −57.1% | −14.3% |
| Total expenses | 51.45 | 60.92 | 53.96 | −4.7% | −15.5% |
| EBITDA | 7.54 | 10.61 | 6.55 | +15.1% | −28.9% |
| EBITDA margin | 13.9% | 15.9% | 11.8% | +2.1 pp | −2.0 pp |
| Profit before tax | 3.24 | 6.15 | 2.27 | +42.7% | −47.3% |
| Tax | 1.08 | 1.67 | 0.12 | +800.0% | −35.3% |
| Net profit | 2.16 | 4.48 | 2.15 | +0.5% | −51.8% |
| EPS (₹) | 11.88 | 12.31 | 5.91 | +101.0% | −3.5% |
EBITDA here is revenue from operations less operating costs (total expenses excluding finance costs and depreciation): before other income and exceptional items. Growth is shown only when both figures are positive. Source: Company's results filing (XBRL).
What changed in Kalyani Forge's costs and profit?
Against Q2 FY26, total expenses fell ₹2.51 crore or 4.7% to ₹51.45 crore. Cost of raw materials and components fell ₹15.06 crore or 49.6% to ₹15.31 crore, employee benefit expense declined ₹1.41 crore or 11.6% to ₹10.71 crore, finance costs fell ₹0.94 crore or 38.7% to ₹1.49 crore, and other expenses decreased ₹4.18 crore or 27.8% to ₹10.85 crore.
Depreciation and amortisation increased ₹0.64 crore or 26.6% to ₹3.05 crore, while other income fell ₹0.32 crore or 57.1% to ₹0.24 crore. There was no exceptional item. Tax expense rose ₹0.96 crore or 800.0% to ₹1.08 crore from ₹0.12 crore, which limited the improvement in profit after tax.
The filing states the quarter’s cost and income figures but does not provide a stated reason for the change in raw-material costs or the increase in tax expense. The quarter therefore shows lower reported expenses and higher EBITDA, with the tax charge reducing the conversion of higher PBT into net profit.
| ₹ crore | Q2 FY27 | Q2 FY26 | Change | Change % |
|---|---|---|---|---|
| Cost of materials | 15.31 | 30.37 | −15.06 | −49.6% |
| Employee cost | 10.71 | 12.12 | −1.41 | −11.6% |
| Finance costs | 1.49 | 2.43 | −0.94 | −38.7% |
| Depreciation | 3.05 | 2.41 | +0.64 | +26.6% |
| Other expenses | 10.85 | 15.03 | −4.18 | −27.8% |
| Total expenses | 51.45 | 53.96 | −2.51 | −4.7% |
| Other income | 0.24 | 0.56 | −0.32 | −57.1% |
| Tax | 1.08 | 0.12 | +0.96 | +800.0% |
Source: Company's results filing (XBRL).
How did the first half of FY27 go?
For the first half of FY27, standalone revenue was ₹121.24 crore, up ₹1.43 crore or 1.2% from ₹119.81 crore in H1 FY26. Total income rose ₹1.00 crore or 0.8% to ₹121.76 crore from ₹120.76 crore, while PBT increased ₹5.10 crore or 118.9% to ₹9.39 crore from ₹4.29 crore.
Profit after tax in H1 FY27 was ₹6.64 crore, up ₹3.08 crore or 86.5% from ₹3.56 crore in H1 FY26. Basic EPS rose ₹26.73 or 273.6% to ₹36.50 from ₹9.77. The filing presents the first-half results as standalone financial results approved by the board on 5 November 2026.
| ₹ crore | H1 FY27 | H1 FY26 | Change |
|---|---|---|---|
| Revenue from operations | 121.24 | 119.81 | +1.2% |
| Profit before tax | 9.39 | 4.29 | +118.9% |
| Net profit | 6.64 | 3.56 | +86.5% |
| EPS (₹) | 36.50 | 9.77 | +273.6% |
Source: Company's results filing (XBRL).
What do the balance sheet and cash flow show?
At 30 September 2026, total assets stood at ₹268.89 crore, compared with ₹251.48 crore at 31 March 2026, while total equity was ₹100.73 crore against ₹95.54 crore. Borrowings rose to ₹122.81 crore from ₹105.62 crore, and cash and cash equivalents increased to ₹0.80 crore from ₹0.23 crore.
Inventories fell to ₹14.41 crore from ₹35.49 crore, while trade receivables increased to ₹141.21 crore from ₹102.65 crore. Trade payables declined to ₹15.01 crore from ₹28.56 crore. For H1 FY27, operating cash flow was an outflow of ₹3.69 crore against an outflow of ₹2.50 crore in H1 FY26; investing cash flow was an outflow of ₹8.26 crore versus ₹11.22 crore, and financing cash flow was an inflow of ₹12.52 crore versus ₹14.12 crore.
Capital expenditure was ₹11.51 crore in H1 FY27, compared with ₹11.25 crore in H1 FY26. The company’s cash-flow statement also records net cash generated from operations of an outflow of ₹268.51 lakh in H1 FY27 and an outflow of ₹249.57 lakh in H1 FY26.
| ₹ crore | As of 30 September 2026 | As of 31 March 2026 |
|---|---|---|
| Total assets | 268.89 | 251.48 |
| Total equity | 100.73 | 95.54 |
| Borrowings | 122.81 | 105.62 |
| Cash and equivalents | 0.80 | 0.23 |
| Inventories | 14.41 | 35.49 |
| Trade receivables | 141.21 | 102.65 |
Source: Company's results filing (XBRL).
| ₹ crore | H1 FY27 | H1 FY26 |
|---|---|---|
| Cash from operations | −3.69 | −2.50 |
| Cash from investing | −8.26 | −11.22 |
| Cash from financing | 12.52 | 14.12 |
| Capital expenditure | 11.51 | 11.25 |
Source: Company's results filing (XBRL).
How has Kalyani Forge done over the last 8 quarters?
Revenue in the last eight quarters peaked at ₹66.80 crore in Q1 FY27 and was lowest at ₹54.45 crore in Q2 FY27. Q2 FY27 revenue was lower than ₹55.67 crore in Q2 FY26 and ₹57.86 crore in Q3 FY26, while it was above ₹56.98 crore in Q4 FY26 and ₹57.86 crore in Q3 FY26.
Profit after tax bottomed at a loss of ₹0.12 crore in Q3 FY26 and later reached ₹5.88 crore in Q4 FY26. It was ₹4.48 crore in Q1 FY27 and fell to ₹2.16 crore in Q2 FY27, remaining above the ₹2.15 crore reported in Q2 FY26. The EBITDA margin peaked at 15.9% in Q1 FY27, bottomed at 9.3% in Q1 FY26, and was 13.9% in Q2 FY27. Profit rose year on year in each of the last three quarters.
How did other Castings & Forgings companies do?
Eight other Castings & Forgings companies that filed this quarter were compared with Kalyani Forge. Their median revenue growth was 25.9%, and 8 peers grew faster than the company while 0 peers grew slower than the company. Six of the peers reported higher profit.
| Kalyani Forge revenue growth (YoY) | −2.2% |
|---|---|
| Median of 8 other Castings & Forgings companies | +25.9% |
| Companies with slower revenue growth than Kalyani Forge | 0 of 8 |
| Companies with faster revenue growth than Kalyani Forge | 8 of 8 |
| Companies whose net profit rose | 6 of 8 |
Source: Filed results (XBRL) of the industry's companies.
Quick answers
What was Kalyani Forge's revenue in Q2 FY27?
Revenue from operations was ₹54.45 crore, down 2.2% from ₹55.67 crore in Q2 FY26 (standalone).
Did Kalyani Forge make a profit in Q2 FY27?
Yes. Net profit was ₹2.16 crore, against a net profit of ₹2.15 crore in Q2 FY26.
What was Kalyani Forge's EPS in Q2 FY27?
Basic earnings per share were ₹11.88, against ₹5.91 in Q2 FY26.
When did Kalyani Forge announce its Q2 FY27 results?
On 5 November 2026, in a filing to the BSE.
Sources
- Board Meeting Intimation for Consideration Of The Unaudited Financial Results For The Quarter Ended September 30, 2026 And Obtain The In- Principle Approval Of Board For Exploring Various Fund Raising Options (BSE, 2 November 2026) · PDF
- Board Meeting Outcome for Board Meeting Outcome For Quarterly Results For 30 September, 2026 (BSE, 5 November 2026) · PDF
- Board Meeting Outcome for Board Meeting Outcome For Quarterly Results For 30 September, 2026 (BSE, 5 November 2026) · PDF
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