GANGAFORGE
Ganga Forging financials
- Market cap
- ₹54 Cr
- Sector
- Capital Goods
What Ganga Forging Limited does
Ganga Forging Limited manufactures forged and machined steel components to customer specifications for original equipment manufacturers (OEMs) and parts-manufacturing units, using fully automated forging and machining lines at its ISO 9001:2015 certified unit. Its product range includes crankshafts, connecting rods, forged yokes, trunnion pins, flanges, clamps and shackles, used in the automotive, railway, construction equipment, agricultural machinery and earth-moving equipment industries. The company also exports forged components in raw, semi-finished or finished stages depending on buyer requirements.
- Manufacturing unit
- 1 (Sadak Pipaliya, Gondal, Rajkot, Gujarat)
- Forged product lines
- 17+
- Quality certification
- ISO 9001:2015
Quarterly results
Q1 FY27: revenue down 7.2%, net profit up 465.5% against the same quarter last year.
| Line item | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 12 | 12 | 12 | 8 | 8 −28% | 9 −24% | 11 −7% | 7 −7% |
| EBITDA | 1 | 0 | 1 | -0 | -2 −497% | 0 −18% | -0 −117% | 1 +1217% |
| Net profit | 0 | 0 | -0 | -0 | -3 −1150% | 0 −85% | -0 −207% | 1 +466% |
How to read this
₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.
Performance −58.6% 1Y
1Y: ₹3.82 on 10 Sept 2025 → ₹1.58. High ₹4.02 (14 Oct 2025), low ₹1.58 (11 Sept 2026).
Financials, as filed
Revenue fell 2.2% a year over 2 years, FY24 to FY26. Operating margin narrowed to -5.9%.
| Year ending | FY24 | FY25 | FY26 |
|---|---|---|---|
| Revenue | ₹37 Cr | ₹43 Cr | ₹36 Cr |
| Operating profit | ₹3 Cr | ₹2 Cr | ₹-2 Cr |
| Operating margin | 6.7% | 5.2% | -5.9% |
| Interest | ₹1 Cr | ₹1 Cr | ₹1 Cr |
| Depreciation | ₹1 Cr | ₹1 Cr | ₹1 Cr |
| Net profit | ₹1 Cr | ₹1 Cr | ₹-4 Cr |
| Net margin | 1.5% | 1.6% | -10.2% |
| Cash from operations | ₹-11 Cr | ₹-4 Cr | ₹0 Cr |
| Free cash flow | ₹-12 Cr | ₹-6 Cr | ₹-3 Cr |
| ROCE | 4.6% | 3.1% | -6.4% |
How to read this
From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.
Balance sheet
| Year ending | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|
| Equity capital | ₹11 Cr | ₹11 Cr | ₹11 Cr | ₹13 Cr | ₹13 Cr | ₹13 Cr |
| Reserves | ₹0 Cr | ₹1 Cr | ₹3 Cr | ₹18 Cr | ₹15 Cr | ₹15 Cr |
| Borrowings | ₹11 Cr | ₹12 Cr | ₹14 Cr | ₹10 Cr | ₹17 Cr | ₹20 Cr |
| Other liabilities | ₹10 Cr | ₹8 Cr | ₹7 Cr | ₹5 Cr | ₹13 Cr | ₹12 Cr |
| Total liabilities | ₹31 Cr | ₹31 Cr | ₹35 Cr | ₹46 Cr | ₹59 Cr | ₹60 Cr |
| Fixed assets | ₹15 Cr | ₹14 Cr | ₹16 Cr | ₹16 Cr | ₹18 Cr | ₹20 Cr |
| Capital work in progress | ₹0 Cr | ₹2 Cr | ₹1 Cr | ₹0 Cr | ₹1 Cr | ₹0 Cr |
| Investments | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr |
| Other assets | ₹16 Cr | ₹15 Cr | ₹18 Cr | ₹30 Cr | ₹41 Cr | ₹40 Cr |
| Total assets | ₹31 Cr | ₹31 Cr | ₹35 Cr | ₹46 Cr | ₹59 Cr | ₹60 Cr |
How to read this
As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.
Who owns it
As disclosed at Jul 2026
Since Jun 2025, FIIs added +10.16 pp while the public trimmed −6.46 pp. The shareholder count shrank 1% to 48,367.
- Promoters
- 35.5%
- FIIs
- 12.8%
- Public
- 51.7%
Since Jun 2025
- FIIs +10.16 pp
- Public −6.46 pp
- Promoters −3.70 pp
How it drifted, 12 quarters
Over this window FIIs went from 0.0% to 12.8% — +12.8 pp.
Ownership split by quarter, oldest first. Dec '23: Promoters 43.5%, Public 56.5%.Mar '24: Promoters 40.8%, FIIs 0.0%, Public 59.1%.Jun '24: Promoters 40.6%, DIIs 0.1%, Public 59.3%.Sep '24: Promoters 40.1%, Public 59.9%.Dec '24: Promoters 39.2%, FIIs 3.7%, Public 57.1%.Mar '25: Promoters 39.2%, FIIs 3.7%, Public 57.1%.Jun '25: Promoters 39.2%, FIIs 2.6%, Public 58.2%.Sep '25: Promoters 39.0%, FIIs 2.0%, Public 59.0%.Dec '25: Promoters 35.5%, Public 64.5%.Mar '26: Promoters 35.5%, Public 64.5%.Jun '26: Promoters 35.5%, Public 64.5%.Jul '26: Promoters 35.5%, FIIs 12.8%, Public 51.7%.
Who bought this quarter
since Jun 2026
Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.
- Pine Oak Global Fund FPI fund newly disclosed 12.76% held
- Setu Securities Private Limited newly disclosed 1.34% held
The same filing shows 0 holders trimming and 0 off the list — both are in the register beside this.
Who is on the register
Named in the Jul 2026 filing
Every holder of Ganga Forging Limited above SEBI's 1% disclosure line, and what changed since Jun 2026.
| Holder | Stake | Change |
|---|---|---|
| Pine Oak Global Fund FPI fund | 12.76% | newly disclosed |
| Hiralal Mahidas Tilva | 10.01% | unchanged |
| Rakesh Chhaganlal Patel | 4.58% | unchanged |
| Harsh Manishbhai Nar | 3.87% | unchanged |
| Sheetal Sanjivkumar Chaniara | 2.77% | unchanged |
| Hetal Mayurkumar Kalaria | 2.77% | unchanged |
| Shitalben Manishkumar Nar | 2.57% | unchanged |
| Daxaben Hiralal Tilva | 2.06% | unchanged |
| Avni Nileshkumar Dadhaniya | 2.03% | unchanged |
| Parulben Rakeshbhai Patel | 1.95% | unchanged |
| Manishkumar Chhaganbhai Nar | 1.92% | unchanged |
| Setu Securities Private Limited | 1.34% | newly disclosed |
A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.
Learn to analyse Ganga Forging Limited
Guides on how to read this kind of business and the numbers that matter.