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Consolidated Standalone

Ganga Forging

₹8.3 0 | 0%

WEBSITE BSE:0 NSE : 17 May, 00:00

Market Cap ₹111 Cr.

Stock P/E 143.2

P/B 3.9

Current Price ₹8.3

Book Value ₹ 2.1

Face Value 1

52W High ₹17.5

Dividend Yield 0%

52W Low ₹ 3.5

Edit Ratio

Ganga Forging Research see more...

Overview Inc. Year: 1988Industry: Forgings

Ganga Forging Limited is a steel forging manufacturer based in Rajkot, Gujarat, India, that was incorporated in 1988 by Hiralal Mahidas Tilva, Rakesh Chhaganlal Patel, Manishkumar Chhaganbhai Nar, and Shitalben Manishkumar Nar, who are the promoters and directors of the company. Various forged components and parts used in the automotive, railway, construction, and agricultural sectors, such as forged yokes, sockets, connecting rods, crank shafts, electrical power transmission parts, and accessories. It serves domestic and international customers in over 70 countries, including Honda Motorcycle, Scooter India, MG Motors, Mahindra & Mahindra, and various foreign buyers. It has a state-of-the-art infrastructure, a dedicated R&D team, a quality management system, and a customer support service. It is listed on the National Stock Exchange of India Limited and the Calcutta Stock Exchange Limited, and has a turnover of over Rs. 200 crore and employs more than 500 people.

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Ganga Forging Share Price

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Peer Comparison

Ganga Forging Quarterly Results

#(Fig in Cr.) Jun 2021 Sep 2021 Dec 2021 Mar 2022 Jun 2022 Sep 2022 Dec 2022 Jun 2023 Sep 2023 Dec 2023
Net Sales 5 8 8 7 8 9 8 10 9 9
Other Income 0 1 0 -0 0 0 0 0 0 0
Total Income 6 8 8 7 8 9 8 10 9 9
Total Expenditure 5 7 7 7 7 9 8 9 8 8
Operating Profit 1 1 1 1 0 0 1 1 1 1
Interest 0 0 0 0 0 0 0 0 0 0
Depreciation 0 0 0 0 0 0 0 0 0 0
Exceptional Income / Expenses 0 0 0 -0 0 0 0 0 0 0
Profit Before Tax 0 1 1 0 0 0 0 0 0 0
Provision for Tax 0 0 -0 1 0 -0 0 0 -0 -0
Profit After Tax 0 1 1 -1 -0 0 0 0 0 0
Adjustments 0 -0 -0 -0 0 0 0 0 -0 -0
Profit After Adjustments 0 1 1 -1 -0 0 0 0 0 0
Adjusted Earnings Per Share 0 0.1 0.1 -0.1 -0 0 0 0 0 0

Ganga Forging Profit & Loss

#(Fig in Cr.) Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 TTM
Net Sales 17 18 16 18 19 25 28 24 23 29 33 36
Other Income 0 0 0 0 0 0 0 0 0 1 0 0
Total Income 17 18 16 19 19 25 28 24 23 29 33 36
Total Expenditure 16 17 15 17 17 23 25 24 21 26 31 33
Operating Profit 1 1 1 1 2 2 3 -1 2 3 2 4
Interest 0 0 1 1 1 1 1 1 1 1 1 0
Depreciation 0 0 0 0 0 0 1 1 1 1 1 0
Exceptional Income / Expenses 0 0 0 0 0 0 0 0 -0 1 0 0
Profit Before Tax 0 1 1 0 1 1 1 -3 0 2 1 0
Provision for Tax 0 0 0 0 0 0 0 -1 -0 1 -1 0
Profit After Tax 0 1 0 0 0 0 1 -2 0 1 2 0
Adjustments 0 0 0 0 0 0 0 0 0 0 0 0
Profit After Adjustments 0 1 0 0 0 0 1 -2 0 1 2 0
Adjusted Earnings Per Share 0 0 0 0 0 0 0 -0.2 0 0.1 0.2 0

Growth Rates

# 1 Year 3 Year 5 Year 10 Year
Sales CAGR 14% 11% 6% 7%
Operating Profit CAGR -33% 0% 0% 7%
PAT CAGR 100% 0% 0% 0%
# 1 Year 3 Year 5 Year 10 Year
Share Price CAGR 120% 9% 38% NA%
ROE Average 13% 8% 3% 9%
ROCE Average 7% 8% 5% 11%

Ganga Forging Balance Sheet

#(Fig in Cr.) Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023
Shareholder's Funds 2 3 3 3 4 9 14 12 11 12 13
Minority's Interest 0 0 0 0 0 0 0 0 0 0 0
Borrowings 0 1 1 1 3 2 5 4 4 5 4
Other Non-Current Liabilities 2 3 0 0 -0 0 0 -0 1 2 1
Total Current Liabilities 4 4 8 9 8 15 16 17 15 12 16
Total Liabilities 9 11 12 13 15 25 35 33 31 31 35
Fixed Assets 2 3 4 5 6 9 16 15 15 14 16
Other Non-Current Assets 0 0 0 0 0 1 0 1 1 2 1
Total Current Assets 6 7 8 8 9 15 19 17 16 15 18
Total Assets 9 11 12 13 15 25 35 33 31 31 35

Ganga Forging Cash Flow

#(Fig in Cr.) Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023
Opening Cash & Cash Equivalents 0 0 0 0 0 0 0 0 0 0 0
Cash Flow from Operating Activities -1 -1 3 2 0 0 -2 2 2 1 -1
Cash Flow from Investing Activities -0 -1 -1 -1 -2 0 -7 -1 -0 -2 -1
Cash Flow from Financing Activities 1 2 -2 -0 1 0 9 -2 -2 0 2
Net Cash Inflow / Outflow 0 -0 0 -0 0 0 0 -0 0 -0 0
Closing Cash & Cash Equivalent 0 0 0 0 0 0 0 0 0 0 0

Ganga Forging Ratios

# Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023
Earnings Per Share (Rs) 0 0 0 0 0 0 0.05 -0.2 0.02 0.1 0.16
CEPS(Rs) 0.11 0.19 0.17 0.14 0.21 0.13 0.12 -0.12 0.11 0.18 0.24
DPS(Rs) 0 0 0 0 0 0 0 0 0 0 0
Book NAV/Share(Rs) 0 0 0 0 0 0 1.31 1.12 1 1.1 1.26
Core EBITDA Margin(%) 6.4 7.96 8.49 6.47 8.81 7.82 8.33 -3.15 7.4 8.81 5.96
EBIT Margin(%) 5.31 6.58 6.8 5.03 6.22 5.95 6.32 -6.39 4.04 10.13 5.06
Pre Tax Margin(%) 2.92 4.32 3.28 1.77 3.02 2.83 2.35 -11.67 0.59 6.84 2.64
PAT Margin (%) 1.93 3.36 2.84 1.37 2.59 1.83 1.85 -8.81 1.1 3.59 4.96
Cash Profit Margin (%) 3.1 4.84 4.74 3.53 5.26 3.8 4.47 -5.15 4.9 6.65 7.58
ROA(%) 3.74 6.27 4.08 1.98 3.4 2.3 1.73 -6.22 0.8 3.34 5.04
ROE(%) 15.16 25.07 15.74 7.61 13.15 7.48 4.66 -16.4 2.25 9.31 13.29
ROCE(%) 19.1 21.9 15.85 11.33 12.01 11.07 8.3 -6.13 4.16 13.14 6.64
Receivable days 85.68 92.72 113.44 100.83 103.41 97.45 112.06 136.33 127.09 76.28 57.54
Inventory Days 44.14 39.56 51.93 56.77 60.5 64.91 94.03 122.23 120.84 107.22 110.45
Payable days 52.18 37.02 62.77 93.19 96.48 123.85 143.42 158.37 200.06 112.44 71.45
PER(x) 0 0 0 0 0 0 33.09 0 179.92 78.89 19.5
Price/Book(x) 0 0 0 0 0 0 1.24 0.77 4.29 7.03 2.42
Dividend Yield(%) 0 0 0 0 0 0 0 0 0 0 0
EV/Net Sales(x) 0.16 0.21 0.3 0.29 0.38 0.54 1.07 0.88 2.43 3.23 1.39
EV/Core EBITDA(x) 2.47 2.57 3.44 4.01 4.28 6.68 11.86 -31.59 30.37 30.53 22.45
Net Sales Growth(%) 0 8.19 -9.01 12.32 1.48 32.8 11.95 -15.26 -2.56 25.46 15.88
EBIT Growth(%) 0 33.98 -5.87 -16.89 25.41 29.15 18.25 -186.22 160.53 214.55 -42.13
PAT Growth(%) 0 89.1 -23.31 -45.77 91.96 -4.44 12.47 -505.91 111.97 308.41 60.2
EPS Growth(%) 0 0 0 0 0 0 -21.24 -505.91 111.97 308.37 60.25
Debt/Equity(x) 1.19 1.28 1.47 1.47 1.77 0.93 0.91 0.98 0.99 1.01 1.07
Current Ratio(x) 1.4 1.82 0.99 0.94 1.08 1 1.19 0.98 1.07 1.19 1.16
Quick Ratio(x) 0.95 1.35 0.65 0.61 0.69 0.61 0.64 0.55 0.53 0.46 0.45
Interest Cover(x) 2.23 2.92 1.93 1.54 1.94 1.91 1.59 -1.21 1.17 3.08 2.09
Total Debt/Mcap(x) 0 0 0 0 0 0 0.73 1.27 0.23 0.14 0.44

Ganga Forging Shareholding Pattern

# Dec 2021 Mar 2022 Jun 2022 Sep 2022 Dec 2022 Mar 2023 Jun 2023 Sep 2023 Dec 2023 Mar 2024
Promoter 67.63 67.63 67.63 67.63 59.53 59.53 59.53 59.35 43.52 40.82
FII 0 0 0 0 0.01 0 0 0 0 0.04
DII 0 0 0 0 0 0 0 0 0 0
Public 32.37 32.37 32.37 32.37 40.47 40.47 40.47 40.65 56.48 59.14
Others 0 0 0 0 0 0 0 0 0 0
Total 100 100 100 100 100 100 100 100 100 100

Pros

  • Debtor days have improved from 112.44 to 71.45days.
  • Company has reduced debt.

Cons

  • Promoter holding is low: 40.82%.
  • Company has a low return on equity of 8% over the last 3 years.
  • Stock is trading at 3.9 times its book value.

* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.

Ganga Forging News

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