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Last Updated: April 2, 2026, 3:11 am
Author: Getaka|Social: XLinkedIn

Kalyani Forge Ltd: Intrinsic Value & Share Price Analysis

Fair Value

₹732.79Undervalued by 27.66%vs CMP ₹574.00

P/E (36.8) × ROE (9.8%) × BV (₹253.00) × DY (0.70%)

₹349.73Overvalued by 39.07%vs CMP ₹574.00
MoS: -64.1% (Negative)Confidence: 63/100 (Moderate)Models: 1 Under, 8 Over
ModelCategoryValueWeightSignal
PE-ROEEarnings₹825.3824%Under (+43.8%)
Graham NumberEarnings₹297.9014%Over (-48.1%)
DCFCash Flow₹54.2314%Over (-90.6%)
Net Asset ValueAssets₹252.678%Over (-56%)
EV/EBITDAEnterprise₹453.1610%Over (-21.1%)
Dividend DiscountDividends₹82.5010%Over (-85.6%)
Earnings YieldEarnings₹155.908%Over (-72.8%)
ROCE CapitalReturns₹28.488%Over (-95%)
Revenue MultipleRevenue₹325.456%Over (-43.3%)
Consensus (9 models)₹349.73100%Overvalued
Key Drivers: Wide model spread (₹28–₹825) — high uncertainty.

PE-ROE · Graham · EPV · DCF · NAV · EV/EBITDA · DDM · Earnings Yield · ROCE Capital · Revenue Multiple | CoE: 12% · Terminal: 4% · EPS CAGR: 12.6%

*Investments are subject to market risks

Investment Snapshot

56
Kalyani Forge Ltd scores 56/100 (Average)
Based on 5 dimensions: health, institutional flow, earnings quality, momentum, and peer comparison
Stock Health60/100 · Moderate
ROCE 12.3% GoodROE 9.8% AverageD/E 0.26 Low debtInterest Coverage 0.0x RiskyProfitable 3/5 years Mixed
Smart Money50/100 · Moderate
Promoter holding at 58.8% Stable
Earnings Quality60/100 · Moderate
OPM stable around 8% SteadyWorking capital: 38 days (improving) Efficient
Quarterly Momentum50/100 · Moderate
Revenue (4Q): 1% YoY FlatProfit (4Q): -17% YoY DecliningOPM: 15.1% (up 4.8% YoY) Margin expansion
Industry Rank55/100 · Moderate
P/E 36.8 vs industry 63.2 Cheaper than peersROCE 12.3% vs industry 10.6% Average3Y sales CAGR: -1% Shrinking

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 2, 2026, 3:11 am

Market Cap 209 Cr.
Current Price 574
Intrinsic Value₹349.73
High / Low 890/495
Stock P/E36.8
Book Value 253
Dividend Yield0.70 %
ROCE12.3 %
ROE9.77 %
Face Value 10.0
PEG Ratio2.91

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

View Share Price Target for Kalyani Forge Ltd

Competitors

Stock Name ⇩Market Cap ⇩Current Price ⇩High / Low ⇩Stock P/E ⇩Book Value ⇩Dividend Yield ⇩ROCE ⇩ROE ⇩Face Value ⇩
Kalyani Forge Ltd 209 Cr. 574 890/49536.8 2530.70 %12.3 %9.77 % 10.0
LGB Forge Ltd 139 Cr. 5.83 14.0/4.80 0.770.00 %1.79 %18.2 % 1.00
Hilton Metal Forging Ltd 123 Cr. 23.8 70.8/13.415.6 22.80.00 %7.92 %5.75 % 10.0
Tirupati Forge Ltd 534 Cr. 42.5 52.0/28.287.9 9.610.00 %12.4 %9.99 % 2.00
Amic Forging Ltd 1,410 Cr. 1,312 1,750/1,06556.0 1390.00 %27.9 %21.8 % 10.0
Industry Average12,169.30 Cr418.2163.21155.020.29%10.63%10.60%6.13

All Competitor Stocks of Kalyani Forge Ltd

Quarterly Result

MetricDec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025
Sales 70.0863.5859.3560.9159.7056.8256.7462.3358.6258.9564.1355.6757.86
Expenses 64.1963.0854.2456.2256.8155.6552.9354.5652.5452.5958.1849.1249.10
Operating Profit 5.890.505.114.692.891.173.817.776.086.365.956.558.76
OPM % 8.40%0.79%8.61%7.70%4.84%2.06%6.71%12.47%10.37%10.79%9.28%11.77%15.14%
Other Income 1.361.900.321.081.761.210.860.520.750.380.390.560.36
Interest 1.100.981.211.451.751.491.451.581.962.062.272.432.71
Depreciation 2.652.502.532.721.25-0.291.841.912.082.042.042.412.46
Profit before tax 3.50-1.081.691.601.651.181.384.802.792.642.032.273.95
Tax % 20.57%181.48%39.05%18.12%7.88%40.68%74.64%18.33%34.77%15.91%30.54%5.29%103.04%
Net Profit 2.77-3.031.031.301.510.710.353.921.822.231.412.15-0.12
EPS in Rs 7.61-8.332.833.574.151.950.9610.785.006.133.885.91-0.33

Last Updated: March 4, 2026, 5:16 am

Quarterly Chart

Profit & Loss - Annual Report

Last Updated: February 24, 2026, 5:16 pm

MetricMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025TTM
Sales 205241231227259286201181246264237237237
Expenses 182226215212237261193168228254223213209
Operating Profit 2414161522268131911142428
OPM % 11%6%7%7%8%9%4%7%8%4%6%10%12%
Other Income 2235763115432
Interest 5654685343679
Depreciation 13131210131514131211689
Profit before tax 7-325910-8-24161211
Tax % 33%-24%46%33%29%28%-15%-15%22%113%19%28%
Net Profit 5-21377-7-23-0586
EPS in Rs 13.14-6.213.029.5718.0319.13-19.05-4.848.60-0.4912.5122.8415.59
Dividend Payout % 19%0%66%21%19%21%-5%-31%35%-607%24%18%

Profit & Loss Yearly Chart

YoY Net Profit Growth

Year2014-20152015-20162016-20172017-20182018-20192019-20202020-20212021-20222022-20232024-2025
YoY Net Profit Growth (%)-140.00%150.00%200.00%133.33%0.00%-200.00%71.43%250.00%-100.00%60.00%
Change in YoY Net Profit Growth (%)0.00%290.00%50.00%-66.67%-133.33%-200.00%271.43%178.57%-350.00%160.00%

Kalyani Forge Ltd has shown an inconsistent trend in YoY Net Profit Growth (%) in the last 10 years from 2014-2015 to 2024-2025.

Growth

Compounded Sales Growth
10 Years:0%
5 Years:3%
3 Years:-1%
TTM:4%
Compounded Profit Growth
10 Years:19%
5 Years:26%
3 Years:42%
TTM:142%
Stock Price CAGR
10 Years:11%
5 Years:36%
3 Years:55%
1 Year:31%
Return on Equity
10 Years:3%
5 Years:3%
3 Years:5%
Last Year:10%

Last Updated: September 5, 2025, 8:45 am

Balance Sheet

Last Updated: December 4, 2025, 1:30 am

MonthMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Sep 2025
Equity Capital 4444444444444
Reserves 9994949810310898979974788688
Borrowings 60474163634731272638617291
Other Liabilities 48576071656951565465626976
Total Liabilities 210201199236235227184183183181205230259
Fixed Assets 79616460847865534439566171
CWIP 141783050112351512
Investments 0000000000000
Other Assets 117123127147146148118129137138143154176
Total Assets 210201199236235227184183183181205230259

Reserves and Borrowings Chart

Cash Flow

MonthMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Cash from Operating Activity + 19251915123024711-21022
Cash from Investing Activity + -6-2-5-41-2-7-1-1-4-6-26-24
Cash from Financing Activity + -15-20-1119-8-25-23-7-58163
Net Cash Flow -233-72-2-0-12-1-00
Free Cash Flow 142414-2610232367-8-16-3
CFO/OP 100%186%128%118%68%114%304%58%68%-8%89%92%

Free Cash Flow

MonthMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Free Cash Flow-36.00-33.00-25.00-48.00-41.00-21.00-23.00-14.00-7.00-27.00-47.00-48.00

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 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Debtor Days 94929899999610313510810395125
Inventory Days 13096117156139123143178135114180186
Days Payable 10611812814614312212314195107146166
Cash Conversion Cycle 11870871099497123172148110129144
Working Capital Days 393429183642538574445338
ROCE %8%2%5%6%9%10%-2%1%6%4%9%12%

Financial Efficiency Indicators Chart

Share Holding Pattern

MonthMar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025
Promoters 58.71%58.71%58.71%58.71%58.71%58.70%58.71%58.71%58.71%58.73%58.76%58.76%
Public 41.29%41.28%41.28%41.29%41.29%41.30%41.30%41.29%41.29%41.26%41.24%41.24%
No. of Shareholders 5,0074,9495,5965,5305,8786,5716,6776,5506,4767,0817,2367,281

Shareholding Pattern Chart

No. of Shareholders

Kalyani Forge 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 10.0010.0010.0010.0010.00
Basic EPS (Rs.) 22.8612.519.928.61-4.84
Diluted EPS (Rs.) 22.8612.519.928.61-4.84
Cash EPS (Rs.) 44.4829.5940.6742.5230.40
Book Value[Excl.RevalReserv]/Share (Rs.) 246.46225.36289.86282.88275.33
Book Value[Incl.RevalReserv]/Share (Rs.) 246.46225.36289.86282.88275.33
Dividend / Share (Rs.) 4.003.003.003.001.50
Revenue From Operations / Share (Rs.) 650.30650.69732.82677.39496.79
PBDIT / Share (Rs.) 72.8648.7358.9454.9337.24
PBIT / Share (Rs.) 51.2331.6528.1921.022.00
PBT / Share (Rs.) 31.8915.4413.9211.05-5.69
Net Profit / Share (Rs.) 22.8512.509.918.61-4.84
PBDIT Margin (%) 11.207.488.048.107.49
PBIT Margin (%) 7.874.863.843.100.40
PBT Margin (%) 4.902.371.891.63-1.14
Net Profit Margin (%) 3.511.921.351.27-0.97
Return on Networth / Equity (%) 9.275.543.423.04-1.75
Return on Capital Employeed (%) 16.9910.549.076.980.68
Return On Assets (%) 3.612.221.751.70-0.96
Long Term Debt / Equity (X) 0.130.230.010.000.00
Total Debt / Equity (X) 0.790.740.360.250.26
Asset Turnover Ratio (%) 1.091.151.371.340.98
Current Ratio (X) 1.231.421.691.741.58
Quick Ratio (X) 0.750.830.931.080.99
Inventory Turnover Ratio (X) 4.183.752.652.802.17
Dividend Payout Ratio (NP) (%) 13.1223.9830.2417.42-20.66
Dividend Payout Ratio (CP) (%) 6.7410.137.373.523.28
Earning Retention Ratio (%) 86.8876.0269.7682.58120.66
Cash Earning Retention Ratio (%) 93.2689.8792.6396.4896.72
Interest Coverage Ratio (X) 3.773.016.365.514.84
Interest Coverage Ratio (Post Tax) (X) 2.181.772.611.860.37
Enterprise Value (Cr.) 249.15202.85113.5187.8193.61
EV / Net Operating Revenue (X) 1.050.850.420.350.51
EV / EBITDA (X) 9.4011.445.294.396.91
MarketCap / Net Operating Revenue (X) 0.760.620.300.270.38
Retention Ratios (%) 86.8776.0169.7582.57120.66
Price / BV (X) 2.011.800.760.640.70
Price / Net Operating Revenue (X) 0.760.620.300.270.38
EarningsYield 0.040.030.040.04-0.02

Profitability Ratios (%)

Liquidity Ratios

Liquidity Ratios (%)

Interest Coverage Ratios (%)

Valuation Ratios

About the Company - Qualitative Analysis

Kalyani Forge Ltd. is a Public Limited Listed company incorporated on 29/01/1979 and has its registered office in the State of Maharashtra, India. Company's Corporate Identification Number(CIN) is L28910MH1979PLC020959 and registration number is 020959. 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. 236.64 Cr. and Equity Capital is Rs. 3.64 Cr. for the Year ended 31/03/2025.
INDUSTRYADDRESSCONTACT
ForgingsShangrila Gardens, �C� Wing, 1st Floor, Pune Maharashtra 411001Contact not found
Management
NamePosition Held
Mrs. Rohini G KalyaniExecutive Chairperson
Mr. Viraj G KalyaniManaging Director & CFO
Mr. Abhijit SenNon Exe. & Ind. Director
Mr. Gaurishankar N KalyaniNon Exe.Non Ind.Director
Mr. Ajay TandonIndependent Director
Mr. Jeevan MahaldarIndependent Director

FAQ

What is the intrinsic value of Kalyani Forge Ltd and is it undervalued?

As of 03 April 2026, Kalyani Forge Ltd's intrinsic value is ₹349.73, which is 39.07% lower than the current market price of ₹574.00, suggesting the stock is overvalued. This is calculated using the PE ratio method factoring in ROE (9.77 %), book value (₹253), dividend yield (0.70 %), and 5-year EPS CAGR.

What is the current share price and 52-week range of Kalyani Forge Ltd?

Kalyani Forge Ltd is trading at ₹574.00 as of 03 April 2026, with a FY2026-2027 high of ₹890 and low of ₹495. The stock is currently near its 52-week low. Market cap stands at ₹209 Cr..

How does Kalyani Forge Ltd's P/E ratio compare to its industry?

Kalyani Forge Ltd has a P/E ratio of 36.8, which is below the industry average of 63.21. This is broadly in line with or below the industry average.

Is Kalyani Forge Ltd financially healthy?

Key indicators for Kalyani Forge Ltd: ROCE of 12.3 % is moderate. Dividend yield is 0.70 %.

Is Kalyani Forge Ltd profitable and how is the profit trend?

Kalyani Forge Ltd reported a net profit of ₹8 Cr in Mar 2025 on revenue of ₹237 Cr. Compared to ₹3 Cr in Mar 2022, the net profit shows an improving trend.

Does Kalyani Forge Ltd pay dividends?

Kalyani Forge Ltd has a dividend yield of 0.70 % at the current price of ₹574.00. The company pays dividends, though the yield is modest.

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 Kalyani Forge 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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