KALYANIFRG
Kalyani Forge financials
- Market cap
- ₹247 Cr
- Sector
- Capital Goods
- Calls analysed
- 7
Kalyani Forge Limited Q1 FY27
What went well
- PAT for Q1 FY27 stood at ₹4.48 crore, marking an over 218% year-on-year increase from ₹1.41 crore in the previous year.
- EBITDA margin reached an all-time high of 16.2%, a 640 basis point improvement year-on-year from 9.3%.
- Return on Capital Employed (ROCE) crossed 20% for the first time, improving to 22% from 18% in the previous quarter.
What to watch
- Agro business revenue declined by 31% year-on-year due to consolidation of core businesses and phasing out of legacy low-margin businesses.
- Indirect material costs (consumables, cutting tools) increased by 15-30% due to global disturbances, with full pass-through to customers still a work in progress.
What Kalyani Forge Limited does
Kalyani Forge Ltd. is a Pune-based engineering company with over 45 years of experience in metal forming, delivering high-quality forged, machined and assembled components across automotive, construction, power generation, marine, railway and industrial goods. It combines Hot Forging, Warm/Cold Forging and Machining divisions to produce Engine (connecting rods, crankshafts), Driveline (CV-joint tulips, tripods, yokes, gear blanks) and Axle (stub axles, steering knuckles, wheel hubs) components, positioning itself as the only forging company offering all three product lines to OEMs. It serves passenger car, truck and industrial-engine end markets domestically and through exports to Europe, Japan and Italy.
Segments
- Engine
- Driveline
- Axle
- Other
- Manufacturing plants
- 5 — Hot Forging Division (HFD1, HFD2), Machined Components Division (MCD1, MCD2), Cold & Warm Forging Division (MFD), Pune
- Installed forging press capacity
- Presses up to 4,000T, including 1,600T and 2,500T mid-sized lines
- Workforce headcount
- 1,000+
- Product range
- 12 component types across Engine, Driveline & Axle (connecting rods, crankshafts, tulips, tripods, races, yokes, gear blanks, stub axles, steering knuckles, wheel hubs)
- Industries served
- Automotive, construction, power generation, marine, railway, industrial goods
- Export markets
- Europe, Japan; maiden export order from Italy
Guidance record · Q1 FY27
what the last two calls moved 16 tracked 3 delivered 3 missed 10 open- EBITDA Margin delivered said Q3 FY25 Promised: our target EBITDA is 15% Q1 FY27: 16.2%
- Employee Cost % of Sales went quiet said Q4 FY25 Promised: employee cost as a percentage of sales, would come down Q1 FY27: No specific data provided. Management mentioned 'increases in wages' as an offset to other cost savings.
- Revenue Growth at risk said Q3 FY25 Promised: doubling our revenue over the next few years Q1 FY27: Revenue grew 13.2% QoQ to ₹67.07 cr. Management now aims for 'at least 20% CAGR' over the next 5 years, which is lower than the ~26% CAGR required for doubling by 2027.
All 16 tracked — every revision, and every one management stopped mentioning.
Open the guidance ledgerQuarterly results
Q1 FY27: revenue up 4.2%, net profit up 217.7% 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 | 62 | 59 | 59 | 64 | 56 −11% | 58 −1% | 57 −3% | 67 +4% |
| EBITDA | 8 | 6 | 6 | 6 | 7 −16% | 9 +44% | 7 +6% | 11 +78% |
| Net profit | 4 | 2 | 2 | 1 | 2 −45% | -0 −107% | 6 +164% | 4 +218% |
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 +43.3% 1Y
1Y: ₹712.75 on 10 Sept 2025 → ₹1,021.65. High ₹1,179.9 (2 Sept 2026), low ₹533.9 (23 Mar 2026).
How the price took the results
close before → close after
- Q1 FY27
- +10.8%
- 12 Aug
- Q4 FY26
- −0.8%
- 9 Jun
- Q3 FY26
- +1.8%
- 12 Feb
- Q2 FY26
- −3.6%
- 13 Nov
The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.
Financials, as filed
Revenue fell 4.1% a year over 3 years, FY23 to FY26. Operating margin widened to 11.9%.
| Year ending | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Revenue | ₹266 Cr | ₹237 Cr | ₹237 Cr | ₹235 Cr |
| Operating profit | ₹11 Cr | ₹14 Cr | ₹24 Cr | ₹28 Cr |
| Operating margin | 4.0% | 5.9% | 10.2% | 11.9% |
| Interest | ₹3 Cr | ₹6 Cr | ₹7 Cr | ₹8 Cr |
| Depreciation | ₹11 Cr | ₹6 Cr | ₹8 Cr | ₹10 Cr |
| Net profit | ₹-0 Cr | ₹5 Cr | ₹8 Cr | ₹9 Cr |
| Net margin | -0.1% | 1.9% | 3.5% | 4.0% |
| Cash from operations | ₹-2 Cr | ₹10 Cr | ₹22 Cr | ₹7 Cr |
| Free cash flow | ₹-8 Cr | ₹-16 Cr | ₹-3 Cr | ₹-26 Cr |
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 | ₹4 Cr | ₹4 Cr | ₹4 Cr | ₹4 Cr | ₹4 Cr | ₹4 Cr |
| Reserves | ₹97 Cr | ₹99 Cr | ₹74 Cr | ₹78 Cr | ₹88 Cr | ₹92 Cr |
| Borrowings | ₹27 Cr | ₹26 Cr | ₹38 Cr | ₹61 Cr | ₹91 Cr | ₹106 Cr |
| Other liabilities | ₹56 Cr | ₹54 Cr | ₹65 Cr | ₹62 Cr | ₹76 Cr | ₹50 Cr |
| Total liabilities | ₹183 Cr | ₹183 Cr | ₹181 Cr | ₹205 Cr | ₹259 Cr | ₹251 Cr |
| Fixed assets | ₹53 Cr | ₹44 Cr | ₹39 Cr | ₹56 Cr | ₹71 Cr | ₹90 Cr |
| Capital work in progress | ₹1 Cr | ₹2 Cr | ₹3 Cr | ₹5 Cr | ₹12 Cr | ₹10 Cr |
| Investments | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr |
| Other assets | ₹129 Cr | ₹137 Cr | ₹138 Cr | ₹143 Cr | ₹176 Cr | ₹152 Cr |
| Total assets | ₹183 Cr | ₹183 Cr | ₹181 Cr | ₹205 Cr | ₹259 Cr | ₹251 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 Jun 2026
The ownership split has held steady since Jun 2025. The shareholder count grew 5% to 7,424.
- Promoters
- 58.8%
- Public
- 41.2%
Since Jun 2025
- Promoters +0.03 pp
- Public −0.03 pp
How it drifted, 12 quarters
Ownership split by quarter, oldest first. Sep '23: Promoters 58.7%, Public 41.3%.Dec '23: Promoters 58.7%, Public 41.3%.Mar '24: Promoters 58.7%, Public 41.3%.Jun '24: Promoters 58.7%, Public 41.3%.Sep '24: Promoters 58.7%, Public 41.3%.Dec '24: Promoters 58.7%, Public 41.3%.Mar '25: Promoters 58.7%, Public 41.3%.Jun '25: Promoters 58.7%, Public 41.3%.Sep '25: Promoters 58.8%, Public 41.2%.Dec '25: Promoters 58.8%, Public 41.2%.Mar '26: Promoters 58.8%, Public 41.2%.Jun '26: Promoters 58.8%, Public 41.2%.
Who is on the register
Named in the Jun 2026 filing
Every holder of Kalyani Forge Limited above SEBI's 1% disclosure line, and what changed since Mar 2026.
| Holder | Stake | Change |
|---|---|---|
| Bf Investment Limited | 15.66% | unchanged |
| Kalyani Consultants Private Limited | 10.37% | unchanged |
| Vakratund Investment Pvt Ltd | 9.41% | unchanged |
| Pax Investments Pvt Ltd | 9.35% | unchanged |
| Squirrel Financers And Investors Pvt Ltd | 5.13% | unchanged |
| Bellona Investment Pvt Ltd | 4.76% | unchanged |
| Investor Education And Protection Fund Authority Ministry Of Corporate Affairs | 3.66% | unchanged |
| Kalyani Exports & Investments Pvt.Ltd. | 2.63% | unchanged |
| Monte Carlo Investment Private Limited | 2.60% | unchanged |
| Attila Investment Pvt Ltd | 2.60% | unchanged |
| Vikat Investment Pvt Ltd | 1.80% | unchanged |
| Sukhakarta Investment Pvt Ltd | 1.77% | unchanged |
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.
All earnings calls (7)
Read the Q1 FY27 call →Learn to analyse Kalyani Forge Limited
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