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Last Updated: April 2, 2026, 2:56 am
Author: Getaka|Social: XLinkedIn

Ganga Forging Ltd: Intrinsic Value & Share Price Analysis

Fair Value

₹0.27Overvalued by 89.81%vs CMP ₹2.65

P/E (15.0) × ROE (1.0%) × BV (₹2.15) × DY (2.00%)

Defaults: P/E=15

₹1.34Overvalued by 49.43%vs CMP ₹2.65
MoS: -97.8% (Negative)Confidence: 56/100 (Moderate)Models: 1 Under, 6 Over
ModelCategoryValueWeightSignal
PE-ROEEarnings₹0.2526%Over (-90.6%)
Graham NumberEarnings₹1.5623%Over (-41.1%)
Net Asset ValueAssets₹2.1510%Over (-18.9%)
EV/EBITDAEnterprise₹1.7213%Over (-35.1%)
Earnings YieldEarnings₹0.5010%Over (-81.1%)
ROCE CapitalReturns₹1.6810%Over (-36.6%)
Revenue MultipleRevenue₹3.218%Under (+21.1%)
Consensus (7 models)₹1.34100%Overvalued
Key Drivers: ROE 1.0% is below cost of equity. | Wide model spread (₹0–₹3) — high uncertainty.

PE-ROE · Graham · EPV · DCF · NAV · EV/EBITDA · DDM · Earnings Yield · ROCE Capital · Revenue Multiple | CoE: 12% · Terminal: 4% · EPS CAGR: -5.8% · Defaults: P/E=15

*Investments are subject to market risks

Investment Snapshot

38
Ganga Forging Ltd scores 38/100 (Weak)
Based on 5 dimensions: health, institutional flow, earnings quality, momentum, and peer comparison
Stock Health45/100 · Moderate
ROCE 3.1% WeakROE 1.0% WeakD/E 0.75 ModerateInterest Coverage 0.0x RiskyProfitable 5/5 years Consistent
Smart Money15/100 · Weak
FII holding down -3.71% (6mo) SellingPromoter decreased by 3.49% Caution
Earnings Quality50/100 · Moderate
OPM stable around 6% Steady
Quarterly Momentum30/100 · Weak
Revenue (4Q): 1% YoY FlatProfit (4Q): -499% YoY DecliningOPM: -28.3% (down 33.4% YoY) Margin pressure
Industry Rank30/100 · Weak
ROCE 3.1% vs industry 10.6% Below peersROE 1.0% vs industry 10.6% Below peers3Y sales CAGR: 14% Moderate

Weights: Health 30% · Earnings Quality 25% · Momentum 20% · Industry Rank 15% · Smart Money 10%. Scores are computed from reported financials and recalculated daily. Not investment advice.

Ganga Forging Ltd Investor Signals

Computed from valuation, cash flow, balance sheet, ownership and quarterly trend data already available in this stock page.

Value Trap Score
50/100
Moderate
Derived from: Cheapness + weak quality + weak cash support
Current data: P/E 0.0 vs Ind 63.2 | ROCE 3.1% | ROE 1.0% | CFO/NP N/A
Balance Sheet Stress
30/100
Comfortable
Derived from: Leverage + debt servicing + liquidity + debt trend
Current data: D/E 0.75x | IntCov 0.0x | Current 1.05x | Borrow/Reserve 1.09x
Cash Flow Reliability
43/100
Mixed
Derived from: Cash backing of earnings + working capital pressure
Current data: CFO ₹0 Cr | NP ₹1 Cr | CFO/NP N/A
Ownership Accumulation
-75
Distribution
Derived from: FII + DII + promoter direction, adjusted by crowding
Current data: FII -2.00 pp | DII 0.00 pp | Prom -3.49 pp
Business Momentum
-100
Early weakness
Derived from: Latest quarter sales + profit + OPM change
Current data: Q Sales +6.7% | Q NP -913.8% | Q OPM -27.5 pp
Derived FieldValueHow it is derived
Valuation Gap %-49.4%((Fair Value - CMP) / CMP) × 100
Borrowings / Reserves1.09xLatest borrowings divided by latest reserves
CFO / Net ProfitN/ALatest operating cash flow divided by latest net profit
FII Change-2.00 ppLatest FII% minus previous FII%
DII Change0.00 ppLatest DII% minus previous DII%
Promoter Change-3.49 ppLatest promoter% minus previous promoter%
Shareholder Count Change+578Latest shareholder count minus previous count
Quarterly Sales Change+6.7%Latest quarter sales vs previous quarter sales
Quarterly Profit Change-913.8%Latest quarter net profit vs previous quarter net profit
Quarterly OPM Change-27.5 ppLatest quarter OPM minus previous quarter OPM

Share Price and Basic Stock Data

Last Updated: April 2, 2026, 2:56 am

Market Cap 35.7 Cr.
Current Price 2.65
Intrinsic Value₹1.34
High / Low 5.55/2.25
Stock P/E
Book Value 2.15
Dividend Yield0.00 %
ROCE3.13 %
ROE1.01 %
Face Value 1.00
PEG Ratio0.00

Stock P/E, Current Price, and Intrinsic Value Over Time

View Share Price Target for Ganga Forging Ltd

Competitors

Stock Name ⇩Market Cap ⇩Current Price ⇩High / Low ⇩Stock P/E ⇩Book Value ⇩Dividend Yield ⇩ROCE ⇩ROE ⇩Face Value ⇩
Happy Forgings Ltd 11,181 Cr. 1,185 1,370/71639.1 2080.25 %19.2 %15.5 % 2.00
EL Forge Ltd 26.2 Cr. 12.9 27.4/12.115.0 12.80.00 %11.2 %9.14 % 10.0
CIE Automotive India Ltd 17,259 Cr. 455 526/35721.0 1971.54 %14.7 %11.7 % 10.0
Amic Forging Ltd 1,410 Cr. 1,312 1,750/1,06556.0 1390.00 %27.9 %21.8 % 10.0
Amforge Industries Ltd 10.2 Cr. 7.07 10.9/6.0526.8 9.200.00 %6.53 %3.72 % 2.00
Industry Average12,169.30 Cr418.2163.21155.020.29%10.63%10.60%6.13

All Competitor Stocks of Ganga Forging Ltd

Quarterly Result

MetricSep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025
Sales 9.218.138.449.868.578.5510.248.5111.5111.6711.537.758.27
Expenses 8.797.597.759.348.037.919.447.9210.9211.1810.957.8110.61
Operating Profit 0.420.540.690.520.540.640.800.590.590.490.58-0.06-2.34
OPM % 4.56%6.64%8.18%5.27%6.30%7.49%7.81%6.93%5.13%4.20%5.03%-0.77%-28.30%
Other Income 0.090.000.350.000.030.010.070.190.150.31-0.010.370.01
Interest 0.230.220.260.160.180.220.290.290.230.220.220.230.23
Depreciation 0.220.220.210.220.220.220.340.250.270.270.290.270.28
Profit before tax 0.060.100.570.140.170.210.240.240.240.310.06-0.19-2.84
Tax % -50.00%40.00%-142.11%14.29%-29.41%-9.52%108.33%-20.83%-12.50%12.90%366.67%47.37%3.52%
Net Profit 0.090.071.370.120.220.23-0.020.290.280.27-0.15-0.29-2.94
EPS in Rs 0.010.010.130.010.020.02-0.000.020.020.02-0.01-0.02-0.22

Last Updated: February 5, 2026, 11:19 pm

Quarterly Chart

Profit & Loss - Annual Report

Last Updated: February 24, 2026, 3:46 am

MetricMar 2011Mar 2012Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025TTM
Sales 8.9817.3624.8727.8823.6422.9828.8333.4137.2143.2236.43
Expenses 8.1516.2222.9025.5324.3921.2826.2831.4134.7140.9637.85
Operating Profit 0.831.141.972.35-0.751.702.552.002.502.26-1.42
OPM % 9.24%6.57%7.92%8.43%-3.17%7.40%8.84%5.99%6.72%5.23%-3.90%
Other Income 0.010.020.030.170.100.101.260.570.100.640.49
Interest 0.330.460.791.121.270.790.950.810.850.960.87
Depreciation 0.300.410.500.740.880.870.880.881.001.071.12
Profit before tax 0.210.290.710.66-2.800.141.980.880.750.87-2.92
Tax % 42.86%72.41%35.21%21.21%-24.64%-85.71%47.47%-88.64%41.33%28.74%
Net Profit 0.110.090.460.52-2.120.251.031.660.440.61-3.34
EPS in Rs 2.201.800.060.05-0.200.020.100.160.030.05-0.25
Dividend Payout % 0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%

Profit & Loss Yearly Chart

YoY Net Profit Growth

Year2011-20122018-20192019-20202020-20212021-20222022-20232023-20242024-2025
YoY Net Profit Growth (%)-18.18%13.04%-507.69%111.79%312.00%61.17%-73.49%38.64%
Change in YoY Net Profit Growth (%)0.00%31.23%-520.74%619.48%200.21%-250.83%-134.66%112.13%

Ganga Forging Ltd has shown an inconsistent trend in YoY Net Profit Growth (%) in the last 8 years from 2011-2012 to 2024-2025.

Growth

Compounded Sales Growth
10 Years:%
5 Years:13%
3 Years:14%
TTM:18%
Compounded Profit Growth
10 Years:%
5 Years:17%
3 Years:-21%
TTM:-149%
Stock Price CAGR
10 Years:%
5 Years:23%
3 Years:-14%
1 Year:-54%
Return on Equity
10 Years:%
5 Years:3%
3 Years:3%
Last Year:1%

Last Updated: September 5, 2025, 4:25 am

Balance Sheet

Last Updated: December 4, 2025, 1:16 am

MonthMar 2011Mar 2012Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Sep 2025
Equity Capital 0.350.355.577.957.9510.6010.6010.6013.4213.4813.48
Reserves 0.870.963.026.174.050.121.052.7417.9918.7115.48
Borrowings 4.372.847.8312.6711.5710.5411.6714.309.9816.5816.85
Other Liabilities 2.705.428.758.479.489.697.737.084.929.9213.39
Total Liabilities 8.299.5725.1735.2633.0530.9531.0534.7246.3158.6959.20
Fixed Assets 1.951.899.3415.6815.0514.5513.9015.5516.4817.7917.70
CWIP 0.000.000.000.000.360.002.210.750.000.390.72
Investments 0.000.000.000.000.000.000.000.000.000.000.00
Other Assets 6.347.6815.8319.5817.6416.4014.9418.4229.8340.5140.78
Total Assets 8.299.5725.1735.2633.0530.9531.0534.7246.3158.6959.20

Reserves and Borrowings Chart

Cash Flow

MonthMar 2011Mar 2012Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Cash from Operating Activity + -0.00-0.00-1.832.351.981.33-1.09-10.64-4.11
Cash from Investing Activity + -0.00-0.00-6.91-0.60-0.03-1.69-0.56-1.16-2.21
Cash from Financing Activity + -0.00-0.008.81-1.76-1.830.191.8112.475.79
Net Cash Flow -0.00-0.000.07-0.020.12-0.170.170.68-0.53
Free Cash Flow -0.00-0.00-8.741.751.67-0.37-1.65-11.81-6.34
CFO/OP -0%-0%-69%-313%124%52%-51%-426%-182%

Free Cash Flow

MonthMar 2011Mar 2012Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Free Cash Flow-3.54-1.70-5.86-10.32-12.32-8.84-9.12-12.30-7.48-14.32

Free Cash Flow = Income Generated from Operational Activities - Borrowings - Capital Work in Progress (CWIP)

Consistent positive free cash flow is crucial for businesses as it indicates their ability to generate cash from their core operations. It provides financial flexibility, allowing companies to invest in growth opportunities, pay dividends to shareholders, reduce debt, and weather economic downturns more effectively.

Free Cash Flow Chart

Financial Efficiency Indicators

MonthMar 2011Mar 2012Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Debtor Days 144.2997.14119.32119.79135.56114.8461.0262.3883.0867.65
Inventory Days 155.4687.56132.52204.65181.30182.42244.86244.26
Days Payable 151.16159.41162.53183.9282.4375.7129.3980.58
Cash Conversion Cycle 148.5925.2989.31119.79135.56135.56159.89169.09298.55231.33
Working Capital Days 56.500.84-0.5938.23-5.4012.3929.8825.78161.8595.94
ROCE %15.40%7.50%-6.08%4.33%9.78%4.67%4.61%3.13%

Financial Efficiency Indicators Chart

Share Holding Pattern

MonthMar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025
Promoters 59.53%59.53%59.35%43.52%40.82%40.63%40.11%39.21%39.21%39.21%39.00%35.51%
FIIs 0.00%0.00%0.00%0.00%0.04%0.00%0.00%3.71%3.71%2.60%2.00%0.00%
DIIs 0.00%0.00%0.00%0.00%0.00%0.11%0.00%0.00%0.00%0.00%0.00%0.00%
Public 40.47%40.47%40.65%56.48%59.14%59.26%59.89%57.08%57.08%58.19%59.00%64.49%
No. of Shareholders 28,31929,38126,69634,38447,33546,32846,60047,98348,53248,96349,23749,815

Shareholding Pattern Chart

No. of Shareholders

Ganga Forging Ltd: Intrinsic Value & Share Price Analysis - Shareholder trend analysis

This stock is not held by any mutual fund.

ROCE Trend

EPS Trend

Key Financial Ratios

MonthMar 25Mar 24Mar 23Mar 22Mar 21
FaceValue 1.001.001.001.0010.00
Basic EPS (Rs.) 0.050.040.160.100.10
Diluted EPS (Rs.) 0.050.030.160.100.10
Cash EPS (Rs.) 0.120.100.230.180.92
Book Value[Excl.RevalReserv]/Share (Rs.) 2.392.341.261.1011.42
Book Value[Incl.RevalReserv]/Share (Rs.) 2.392.341.261.1011.42
Revenue From Operations / Share (Rs.) 3.212.773.152.7021.69
PBDIT / Share (Rs.) 0.180.190.190.281.74
PBIT / Share (Rs.) 0.100.110.110.200.91
PBT / Share (Rs.) 0.060.050.080.180.16
Net Profit / Share (Rs.) 0.040.030.150.090.10
PBDIT Margin (%) 5.756.966.1910.658.00
PBIT Margin (%) 3.264.283.567.584.20
PBT Margin (%) 2.002.022.636.880.75
Net Profit Margin (%) 1.411.194.953.600.46
Return on Networth / Equity (%) 1.901.4112.428.870.88
Return on Capital Employeed (%) 3.614.696.2411.585.92
Return On Assets (%) 1.040.954.773.330.34
Long Term Debt / Equity (X) 0.150.020.320.410.34
Total Debt / Equity (X) 0.510.311.071.000.75
Asset Turnover Ratio (%) 0.820.911.020.920.71
Current Ratio (X) 1.602.411.161.191.05
Quick Ratio (X) 0.601.100.440.450.52
Inventory Turnover Ratio (X) 2.441.952.312.381.93
Interest Coverage Ratio (X) 2.583.042.563.232.32
Interest Coverage Ratio (Post Tax) (X) 1.211.512.431.301.14
Enterprise Value (Cr.) 73.95125.8746.4493.2554.49
EV / Net Operating Revenue (X) 1.713.381.393.252.37
EV / EBITDA (X) 29.7448.6022.4530.5329.60
MarketCap / Net Operating Revenue (X) 1.333.140.962.851.98
Price / BV (X) 1.793.722.427.003.76
Price / Net Operating Revenue (X) 1.333.140.962.851.98
EarningsYield 0.010.000.050.010.00

Profitability Ratios (%)

Liquidity Ratios

Liquidity Ratios (%)

Interest Coverage Ratios (%)

Valuation Ratios

About the Company - Qualitative Analysis

Ganga Forging Ltd. is a Public Limited Listed company incorporated on 29/12/1988 and has its registered office in the State of Gujarat, India. Company's Corporate Identification Number(CIN) is L28910GJ1988PLC011694 and registration number is 011694. Currently Company is involved in the business activities of Forging, pressing, stamping and roll-forming of metal; powder metallurgy. Company's Total Operating Revenue is Rs. 43.22 Cr. and Equity Capital is Rs. 13.48 Cr. for the Year ended 31/03/2025.
INDUSTRYADDRESSCONTACT
ForgingsSr. No 55/1 P6/P1/P1, Near Shree Stamping, Rajkot Dist. Gujarat 360311Contact not found
Management
NamePosition Held
Mr. Hiralal TilvaChairman & Managing Director
Mr. Rakesh PatelManaging Director
Mrs. Parulben PatelWhole Time Director
Mrs. Sheetal ChaniaraWhole Time Director
Mr. Rameshbhai DhinganiInd. Non-Executive Director
Mr. Jasubhai PatelInd. Non-Executive Director
Mr. Sagar GovaniInd. Non-Executive Director
Mr. Nayankumar VirpariaInd. Non-Executive Director

FAQ

What is the intrinsic value of Ganga Forging Ltd and is it undervalued?

As of 07 April 2026, Ganga Forging Ltd's intrinsic value is ₹1.34, which is 49.43% lower than the current market price of ₹2.65, suggesting the stock is overvalued. This is calculated using the PE ratio method factoring in ROE (1.01 %), book value (₹2.15), dividend yield (0.00 %), and 5-year EPS CAGR.

What is the current share price and 52-week range of Ganga Forging Ltd?

Ganga Forging Ltd is trading at ₹2.65 as of 07 April 2026, with a FY2026-2027 high of ₹5.55 and low of ₹2.25. The stock is currently near its 52-week low. Market cap stands at ₹35.7 Cr..

How does Ganga Forging Ltd's P/E ratio compare to its industry?

Ganga Forging Ltd has a P/E ratio of , which is below the industry average of 63.21. This is broadly in line with or below the industry average.

Is Ganga Forging Ltd financially healthy?

Key indicators for Ganga Forging Ltd: ROCE of 3.13 % is on the lower side compared to the industry average of 10.63%; ROE of 1.01 % is below ideal levels (industry average: 10.60%). Dividend yield is 0.00 %.

Is Ganga Forging Ltd profitable and how is the profit trend?

Ganga Forging Ltd reported a net profit of ₹1 Cr in Mar 2025 on revenue of ₹43 Cr. Compared to ₹1 Cr in Mar 2022, the net profit shows a declining trend.

Does Ganga Forging Ltd pay dividends?

Ganga Forging Ltd has a dividend yield of 0.00 % at the current price of ₹2.65. The company is currently not paying meaningful dividends.

Disclaimer: This article is for informational purposes only and should not be construed as financial advice. The author is not a SEBI registered financial advisor and does not have any vested interest in Ganga Forging Ltd. Investors are advised to conduct their own due diligence and consult with a financial professional before making any investment decisions. The information provided in this article is based on publicly available data and the author's analysis, but it may not be comprehensive or up-to-date. The author and getaka.co.in are not responsible for any errors or omissions in the content. This article is not intended to promote any particular investment strategy or recommendation, and readers should consult with their own financial advisors before making any investment decisions. Data Source: NSE
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