Kalyani Forge Q1 FY27 Share Price & Earnings Call Analysis
- Market cap
- ₹297 Cr
- P/E
- 23.92
- ROE
- 10.10%
- PEG
- 0.11
- Price to sales
- 1.24
- Debt to equity
- 1.11
- 52W high / low
- ₹1,125 / ₹534
- Sales growth (5Y)
- 5.35%
- EBITDA margin
- 13.76%
- Net profit margin
- 3.98%
- Promoter holding
- 58.76%
- Sales (last year)
- ₹237 Cr
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]
Guidance scorecard · Q1 FY27 call
What Kalyani Forge Ltd's management guided
and where it ranks in Industrial Products
Industrial Products
RevenueQ1 FY27 call
20–40%- The company targets at least 20% CAGR in sales over the next five years, based on its growth strategy.
- Revenue growth focus is on scaling up, with Q1 revenue at ₹67 crore being one of the highest in recent quarters.
- Growth will be driven by strategic realignment towards high-volume, scalable businesses and phasing out non-core legacy businesses.
- New business wins, like wheel hubs (~₹20 crore annual potential) and increased share in connecting rod products, will contribute to revenue growth over FY27.
2 more points from Kalyani Forge Ltd's call on revenue
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MarginsQ1 FY27 call
FlatSee what Kalyani Forge Ltd said on margins — free account, 30 seconds.
CapexQ1 FY27 call
Planned- FY27 capex plan is ₹30 crore, aimed at capacity increase and improving overall equipment efficiency.
- Capex funding: 75% debt and 25% internal accruals.
- Expansion of machining capacity from 1.8 lakh to 3 lakh pieces per month by FY27 end, involving debottlenecking and new machines.
- New wheel hub line installation expected by end of Q2 FY27 by shifting and retooling existing machinery plus some new special purpose machinery.
- Capex focused 60% on future growth areas: driveline and axle, ramp-up, and new businesses.
2 more points from Kalyani Forge Ltd's call on capex
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FundraisingQ1 FY27 call
PlannedSee what Kalyani Forge Ltd said on fundraising — free account, 30 seconds.
Order bookQ1 FY27 call
Rising- New order wins primarily focus on wheel hubs with approximately ₹20 crore annual business potential.
- Existing connecting rod businesses are seeing increased share of business and revenue from about three customers, expected to play out over FY27.
- Exports business for gear blanks continues scaling up, transitioning from as-forged to 100% machined condition this year, adding value.
- The company tracks revenue from new business launched within the last three years as a percentage of total business to measure conversion and sustain long-term growth.
- Inquiries for forging business remain robust with several RFQs received monthly; some are regretted if outside core portfolio.
2 more points from Kalyani Forge Ltd's call on the order book
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Ranges are what management guided for revenue growth and margins on the latest earnings call. Not investment advice, and not a forecast of returns.
Potential multibaggers · Q2 FY27
Potential multibaggers in Industrial Products
on management's own guidance
- Strong growth2
- Strong growth1
- Strong growth3
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Ranks describe management commentary on revenue and margin from the latest earnings call. Not investment advice.
Peers
Industrial Products companies ranked on guidance
| # | Company | Revenue guided | Margin guided | Market cap | P/E |
|---|---|---|---|---|---|
| 1 | 40%+ | Up 2%+ | ₹532 Cr | 21.2 | |
| 2 | 40%+ | Up 2%+ | ₹450 Cr | 13.2 | |
| 3 | 40%+ | Up 2%+ | ₹371 Cr | 26.1 | |
| 4 | 40%+ | Up 0–2% | ₹1,340 Cr | 32.9 | |
| 5 | 40%+ | Up 0–2% | ₹1,196 Cr | 14.1 | |
| 6 | 40%+ | Flat | ₹966 Cr | 25.0 |
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Pro shows every company guiding 40%+ revenue growth →Full Industrial Products rankingFinancials of Kalyani Forge Ltd
Quarterly Results, Profit & Loss, Balance Sheet, Cash Flows, and Ratios are shown below as separate sections.
Financials of Kalyani Forge Ltd
Quarterly Results
Quarter-by-quarter operating performance
| Mar 2023 | Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales + | 63.58 | 59.35 | 60.91 | 59.70 | 56.82 | 56.74 | 62.33 | 58.62 | 58.95 | 64.13 | 55.67 | 57.86 | 56.98 |
| Expenses + | 63.08 | 54.24 | 56.22 | 56.81 | 55.65 | 52.93 | 54.56 | 52.54 | 52.59 | 58.18 | 49.12 | 49.10 | 50.25 |
| Operating Profit | 0.50 | 5.11 | 4.69 | 2.89 | 1.17 | 3.81 | 7.77 | 6.08 | 6.36 | 5.95 | 6.55 | 8.76 | 6.73 |
| OPM % | 0.79% | 8.61% | 7.70% | 4.84% | 2.06% | 6.71% | 12.47% | 10.37% | 10.79% | 9.28% | 11.77% | 15.14% | 11.81% |
| Other Income + | 1.90 | 0.32 | 1.08 | 1.76 | 1.21 | 0.86 | 0.52 | 0.75 | 0.38 | 0.39 | 0.56 | 0.36 | 2.27 |
| Interest | 0.98 | 1.21 | 1.45 | 1.75 | 1.49 | 1.45 | 1.58 | 1.96 | 2.06 | 2.27 | 2.43 | 2.71 | 0.24 |
| Depreciation | 2.50 | 2.53 | 2.72 | 1.25 | -0.29 | 1.84 | 1.91 | 2.08 | 2.04 | 2.04 | 2.41 | 2.46 | 2.63 |
| Profit before tax | -1.08 | 1.69 | 1.60 | 1.65 | 1.18 | 1.38 | 4.80 | 2.79 | 2.64 | 2.03 | 2.27 | 3.95 | 6.13 |
| Tax % | 181.48% | 39.05% | 18.12% | 7.88% | 40.68% | 74.64% | 18.33% | 34.77% | 15.91% | 30.54% | 5.29% | 103.04% | 4.08% |
| Net Profit + | -3.03 | 1.03 | 1.30 | 1.51 | 0.71 | 0.35 | 3.92 | 1.82 | 2.23 | 1.41 | 2.15 | -0.12 | 5.88 |
| EPS in Rs | -8.33 | 2.83 | 3.57 | 4.15 | 1.95 | 0.96 | 10.78 | 5.00 | 6.13 | 3.88 | 5.91 | -0.33 | 16.16 |
Financials of Kalyani Forge Ltd
Profit & Loss
Annual income statement trend
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales + | 241 | 231 | 227 | 259 | 286 | 201 | 181 | 246 | 264 | 237 | 237 | 235 |
| Expenses + | 226 | 215 | 212 | 237 | 261 | 193 | 168 | 228 | 254 | 223 | 213 | 207 |
| Operating Profit | 14 | 16 | 15 | 22 | 26 | 8 | 13 | 19 | 11 | 14 | 24 | 28 |
| OPM % | 6% | 7% | 7% | 8% | 9% | 4% | 7% | 8% | 4% | 6% | 10% | 12% |
| Other Income + | 2 | 3 | 5 | 7 | 6 | 3 | 1 | 1 | 5 | 4 | 3 | 4 |
| Interest | 6 | 5 | 4 | 6 | 8 | 5 | 3 | 4 | 3 | 6 | 7 | 8 |
| Depreciation | 13 | 12 | 10 | 13 | 15 | 14 | 13 | 12 | 11 | 6 | 8 | 10 |
| Profit before tax | -3 | 2 | 5 | 9 | 10 | -8 | -2 | 4 | 1 | 6 | 12 | 14 |
| 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 |
| EPS in Rs | -6.21 | 3.02 | 9.57 | 18.03 | 19.13 | -19.05 | -4.84 | 8.60 | -0.49 | 12.51 | 22.84 | 25.62 |
| Dividend Payout % | 0% | 66% | 21% | 19% | 21% | -5% | -31% | 35% | -607% | 24% | 18% | 16% |
Financials of Kalyani Forge Ltd
Balance Sheet
Capital structure and asset base
| 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 |
Financials of Kalyani Forge Ltd
Cash Flows
Operating, investing and financing cash movement
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash from Operating Activity + | 25 | 19 | 15 | 12 | 30 | 24 | 7 | 11 | -2 | 10 | 22 | 7 |
| Cash from Investing Activity + | -2 | -5 | -41 | -2 | -7 | -1 | -1 | -4 | -6 | -26 | -24 | -33 |
| Cash from Financing Activity + | -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% | 92% | 37% |
Financials of Kalyani Forge Ltd
Ratios
Working capital efficiency and return ratios
| 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 | 144 | 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% |
Guidance history
How Kalyani Forge Ltd's guidance has moved, call by call
| Call | Revenue | Margins | Capex | Fundraising | Order book |
|---|---|---|---|---|---|
| Q1 FY27 call → | 20–40% | Flat | Planned | Planned | Rising |
| Q4 FY26 call → | 10–20% | Up 2%+ | Planned | Planned | Flat |
| Q3 FY26 call → | 0–10% | Up 0–2% | Planned | Planned | Rising |
| Q2 FY26 call → | 10–20% | Flat | Planned | Planned | Rising |
What management guided on each call, newest first. Not investment advice, and not a forecast of returns.
Continue your research
What Kalyani Forge Ltd's management said in earlier quarters
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