Ganga Forging Ltd: Intrinsic Value & Share Price Analysis

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

Ganga Forging Ltd is trading at 2.88 as of 30 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 38.8 Cr..

Q: Is Ganga Forging Ltd financially healthy?

Key indicators: ROCE of 3.13 % is on the lower side. Dividend yield is 0.00 %.

Q: 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.

Fair Value

₹0.27Overvalued by 90.63%vs CMP ₹2.88

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

Defaults: P/E=15

₹1.34Overvalued by 53.47%vs CMP ₹2.88

MoS: -114.9% (Negative)Confidence: 56/100 (Moderate)Models: 1 Under, 6 Over

Model	Category	Value	Weight	Signal
PE-ROE	Earnings	₹0.25	26%	Over (-91.3%)
Graham Number	Earnings	₹1.56	23%	Over (-45.8%)
Net Asset Value	Assets	₹2.15	10%	Over (-25.3%)
EV/EBITDA	Enterprise	₹1.72	13%	Over (-40.3%)
Earnings Yield	Earnings	₹0.50	10%	Over (-82.6%)
ROCE Capital	Returns	₹1.68	10%	Over (-41.7%)
Revenue Multiple	Revenue	₹3.21	8%	Under (+11.5%)
Consensus (7 models)		₹1.34	100%	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

Analyst Summary

Ganga Forging Ltd operates in the Forgings segment, current market price is ₹2.88, market cap is 38.8 Cr.. At a glance, ROE is 1.01 %, ROCE is 3.13 %, book value is 2.15, dividend yield is 0.00 %. The latest intrinsic value estimate is ₹1.34, around 53.5% below the current price, so expectations may already be running ahead of this modelled fair value. On operating trend, latest reported sales are about ₹43 Cr versus the prior period change of 16.2%, while latest net profit is about ₹1 Cr with a prior-period change of 38.6%. The 52-week range shown on this page is 5.55/2.25, which helps frame where the current quote sits within its recent trading band. Business context: About the Company - Qualitative AnalysisGanga 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 L28910G…

This summary is generated from the stock page data available for Ganga Forging Ltd: Intrinsic Value & Share Price Analysis and is refreshed automatically when the underlying metrics change.

Investment Snapshot

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.

Share Price and Basic Stock Data

Last Updated: April 25, 2026, 10:40 pm

Market Cap	38.8 Cr.
Current Price	2.88
Intrinsic Value	₹1.34
High / Low	5.55/2.25
Stock P/E
Book Value	2.15
Dividend Yield	0.00 %
ROCE	3.13 %
ROE	1.01 %
Face Value	1.00
PEG Ratio	0.00

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

Stock P/E Current Price Intrinsic Value

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	12,471 Cr.	1,322	1,398/753	43.6	208	0.23 %	19.2 %	15.5 %	2.00
EL Forge Ltd	31.1 Cr.	15.3	27.4/12.1	17.8	12.8	0.00 %	11.2 %	9.14 %	10.0
CIE Automotive India Ltd	17,344 Cr.	457	526/381	20.0	197	1.53 %	14.7 %	11.8 %	10.0
Amic Forging Ltd	1,766 Cr.	1,529	1,750/1,065	70.1	139	0.00 %	27.9 %	21.8 %	10.0
Amforge Industries Ltd	12.6 Cr.	8.72	10.9/6.05	33.0	9.20	0.00 %	6.53 %	3.72 %	2.00
Industry Average	13,375.80 Cr	466.47		67.46	155.02	0.27%	10.63%	10.61%	6.13

All Competitor Stocks of Ganga Forging Ltd

Quarterly Result

Metric	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025
Sales	9.21	8.13	8.44	9.86	8.57	8.55	10.24	8.51	11.51	11.67	11.53	7.75	8.27
Expenses	8.79	7.59	7.75	9.34	8.03	7.91	9.44	7.92	10.92	11.18	10.95	7.81	10.61
Operating Profit	0.42	0.54	0.69	0.52	0.54	0.64	0.80	0.59	0.59	0.49	0.58	-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	0.09	0.00	0.35	0.00	0.03	0.01	0.07	0.19	0.15	0.31	-0.01	0.37	0.01
Interest	0.23	0.22	0.26	0.16	0.18	0.22	0.29	0.29	0.23	0.22	0.22	0.23	0.23
Depreciation	0.22	0.22	0.21	0.22	0.22	0.22	0.34	0.25	0.27	0.27	0.29	0.27	0.28
Profit before tax	0.06	0.10	0.57	0.14	0.17	0.21	0.24	0.24	0.24	0.31	0.06	-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	0.09	0.07	1.37	0.12	0.22	0.23	-0.02	0.29	0.28	0.27	-0.15	-0.29	-2.94
EPS in Rs	0.01	0.01	0.13	0.01	0.02	0.02	-0.00	0.02	0.02	0.02	-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

Metric	Mar 2011	Mar 2012	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
Sales	8.98	17.36	24.87	27.88	23.64	22.98	28.83	33.41	37.21	43.22	36.43
Expenses	8.15	16.22	22.90	25.53	24.39	21.28	26.28	31.41	34.71	40.96	37.85
Operating Profit	0.83	1.14	1.97	2.35	-0.75	1.70	2.55	2.00	2.50	2.26	-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	0.01	0.02	0.03	0.17	0.10	0.10	1.26	0.57	0.10	0.64	0.49
Interest	0.33	0.46	0.79	1.12	1.27	0.79	0.95	0.81	0.85	0.96	0.87
Depreciation	0.30	0.41	0.50	0.74	0.88	0.87	0.88	0.88	1.00	1.07	1.12
Profit before tax	0.21	0.29	0.71	0.66	-2.80	0.14	1.98	0.88	0.75	0.87	-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	0.11	0.09	0.46	0.52	-2.12	0.25	1.03	1.66	0.44	0.61	-3.34
EPS in Rs	2.20	1.80	0.06	0.05	-0.20	0.02	0.10	0.16	0.03	0.05	-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

Year	2011-2012	2018-2019	2019-2020	2020-2021	2021-2022	2022-2023	2023-2024	2024-2025
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

Month	Mar 2011	Mar 2012	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Sep 2025
Equity Capital	0.35	0.35	5.57	7.95	7.95	10.60	10.60	10.60	13.42	13.48	13.48
Reserves	0.87	0.96	3.02	6.17	4.05	0.12	1.05	2.74	17.99	18.71	15.48
Borrowings	4.37	2.84	7.83	12.67	11.57	10.54	11.67	14.30	9.98	16.58	16.85
Other Liabilities	2.70	5.42	8.75	8.47	9.48	9.69	7.73	7.08	4.92	9.92	13.39
Total Liabilities	8.29	9.57	25.17	35.26	33.05	30.95	31.05	34.72	46.31	58.69	59.20
Fixed Assets	1.95	1.89	9.34	15.68	15.05	14.55	13.90	15.55	16.48	17.79	17.70
CWIP	0.00	0.00	0.00	0.00	0.36	0.00	2.21	0.75	0.00	0.39	0.72
Investments	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Other Assets	6.34	7.68	15.83	19.58	17.64	16.40	14.94	18.42	29.83	40.51	40.78
Total Assets	8.29	9.57	25.17	35.26	33.05	30.95	31.05	34.72	46.31	58.69	59.20

Reserves and Borrowings Chart

Cash Flow

Month	Mar 2011	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Cash from Operating Activity +	0.00	0.00	-1.83	2.35	1.98	1.33	-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	0.00	8.81	-1.76	-1.83	0.19	1.81	12.47	5.79
Net Cash Flow	0.00	0.00	0.07	-0.02	0.12	-0.17	0.17	0.68	-0.53
Free Cash Flow	0.00	0.00	-8.74	1.75	1.67	-0.37	-1.65	-11.81	-6.34
CFO/OP	0%	0%	-69%	-313%	124%	52%	-51%	-426%	-182%

Free Cash Flow

Month	Mar 2011	Mar 2012	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 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

Month	Mar 2011	Mar 2012	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Debtor Days	144.29	97.14	119.32	119.79	135.56	114.84	61.02	62.38	83.08	67.65
Inventory Days	155.46	87.56	132.52			204.65	181.30	182.42	244.86	244.26
Days Payable	151.16	159.41	162.53			183.92	82.43	75.71	29.39	80.58
Cash Conversion Cycle	148.59	25.29	89.31	119.79	135.56	135.56	159.89	169.09	298.55	231.33
Working Capital Days	56.50	0.84	-0.59	38.23	-5.40	12.39	29.88	25.78	161.85	95.94
ROCE %		15.40%		7.50%	-6.08%	4.33%	9.78%	4.67%	4.61%	3.13%

Financial Efficiency Indicators Chart

Share Holding Pattern

Month	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 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	28,319	29,381	26,696	34,384	47,335	46,328	46,600	47,983	48,532	48,963	49,237	49,815

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

Month	Mar 25	Mar 24	Mar 23	Mar 22	Mar 21
FaceValue	1.00	1.00	1.00	1.00	10.00
Basic EPS (Rs.)	0.05	0.04	0.16	0.10	0.10
Diluted EPS (Rs.)	0.05	0.03	0.16	0.10	0.10
Cash EPS (Rs.)	0.12	0.10	0.23	0.18	0.92
Book Value[Excl.RevalReserv]/Share (Rs.)	2.39	2.34	1.26	1.10	11.42
Book Value[Incl.RevalReserv]/Share (Rs.)	2.39	2.34	1.26	1.10	11.42
Revenue From Operations / Share (Rs.)	3.21	2.77	3.15	2.70	21.69
PBDIT / Share (Rs.)	0.18	0.19	0.19	0.28	1.74
PBIT / Share (Rs.)	0.10	0.11	0.11	0.20	0.91
PBT / Share (Rs.)	0.06	0.05	0.08	0.18	0.16
Net Profit / Share (Rs.)	0.04	0.03	0.15	0.09	0.10
PBDIT Margin (%)	5.75	6.96	6.19	10.65	8.00
PBIT Margin (%)	3.26	4.28	3.56	7.58	4.20
PBT Margin (%)	2.00	2.02	2.63	6.88	0.75
Net Profit Margin (%)	1.41	1.19	4.95	3.60	0.46
Return on Networth / Equity (%)	1.90	1.41	12.42	8.87	0.88
Return on Capital Employeed (%)	3.61	4.69	6.24	11.58	5.92
Return On Assets (%)	1.04	0.95	4.77	3.33	0.34
Long Term Debt / Equity (X)	0.15	0.02	0.32	0.41	0.34
Total Debt / Equity (X)	0.51	0.31	1.07	1.00	0.75
Asset Turnover Ratio (%)	0.82	0.91	1.02	0.92	0.71
Current Ratio (X)	1.60	2.41	1.16	1.19	1.05
Quick Ratio (X)	0.60	1.10	0.44	0.45	0.52
Inventory Turnover Ratio (X)	2.44	1.95	2.31	2.38	1.93
Interest Coverage Ratio (X)	2.58	3.04	2.56	3.23	2.32
Interest Coverage Ratio (Post Tax) (X)	1.21	1.51	2.43	1.30	1.14
Enterprise Value (Cr.)	73.95	125.87	46.44	93.25	54.49
EV / Net Operating Revenue (X)	1.71	3.38	1.39	3.25	2.37
EV / EBITDA (X)	29.74	48.60	22.45	30.53	29.60
MarketCap / Net Operating Revenue (X)	1.33	3.14	0.96	2.85	1.98
Price / BV (X)	1.79	3.72	2.42	7.00	3.76
Price / Net Operating Revenue (X)	1.33	3.14	0.96	2.85	1.98
EarningsYield	0.01	0.00	0.05	0.01	0.00

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.

INDUSTRY	ADDRESS	CONTACT
Forgings	Sr. No 55/1 P6/P1/P1, Near Shree Stamping, Rajkot Dist. Gujarat 360311	Contact not found

Management
Name	Position Held
Mr. Hiralal Tilva	Chairman & Managing Director
Mr. Rakesh Patel	Managing Director
Mrs. Parulben Patel	Whole Time Director
Mrs. Sheetal Chaniara	Whole Time Director
Mr. Rameshbhai Dhingani	Ind. Non-Executive Director
Mr. Jasubhai Patel	Ind. Non-Executive Director
Mr. Sagar Govani	Ind. Non-Executive Director
Mr. Nayankumar Virparia	Ind. Non-Executive Director

FAQ

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

As of 30 April 2026, Ganga Forging Ltd's intrinsic value is ₹1.34, which is 53.47% lower than the current market price of ₹2.88, 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 ₹2.88 as of 30 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 ₹38.8 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 67.46. 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: 10.61%). 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 ₹2.88. The company is currently not paying meaningful dividends.