Key Financials Snapshot

TTM · Standalone · ₹ in Cr
Market Cap
₹51 Cr.
Stock P/E
82.5
P/B
0.8
Current Price
₹1.5
Book Value
₹ 1.9
Face Value
1
52W High
₹3.3
52W Low
₹ 1.4
Dividend Yield
0%

Ganga Forging Overview

Business

Ganga Forging Ltd. is an Indian company engaged in the manufacturing sector, specifically in the forgings industry. The company specializes in the process of shaping metal by localized compressive forces using hammers or presses. Its core business involves producing various forged metal components, which are typically used as critical parts in a range of heavy industries. The company makes money by selling these manufactured forged products to industrial clients, likely on a B2B (business-to-business) model, catering to demand for durable and high-strength metallic components.

Revenue Mix

Specific details regarding major business segments or a detailed revenue mix are not provided in the given information. It can be inferred that the primary revenue stream is derived from the sale of its diverse portfolio of forged components, which may vary by material, size, application, or end-user industry.

Industry

The Indian forgings industry is a foundational B2B sector, providing critical components to a wide array of industries such as automotive, infrastructure, power, oil & gas, railways, and general engineering. It is typically cyclical, correlating with capital expenditure and industrial production trends. Ganga Forging Ltd. operates within this competitive landscape, likely serving both domestic demand and potentially international markets. Its positioning relative to larger, more diversified forging companies or smaller regional players would depend on its production capacity, technological capabilities, customer base, and specialization.

MOAT

For a company in the forgings industry, potential competitive advantages are likely derived from:

Cost Efficiency & Scale: Ability to produce high volumes at competitive costs due to efficient operations, modern machinery, and economies of scale.

Technical Expertise & Quality: Proficiency in specialized forging techniques, adherence to stringent quality standards, and ability to meet specific client requirements and certifications (e.g., ISO, industry-specific approvals).

Customer Relationships: Long-standing relationships with key industrial clients, built on reliability and consistent product quality, can lead to repeat business.

Strategic Location: Proximity to key raw material suppliers or major end-user manufacturing hubs can reduce logistics costs.

It is unlikely to possess strong brand or network effects typically seen in consumer or technology sectors.

Growth Drivers

Industrial Growth in India: Increased capital expenditure across manufacturing, infrastructure, and automotive sectors will drive demand for forged components.

Government Initiatives: "Make in India" and infrastructure development projects (roads, railways, power) could significantly boost demand.

Defense & Aerospace: Growing indigenization in these sectors requires high-quality forged parts.

Technological Advancements: Adoption of advanced materials and precision forging techniques for lighter, stronger, and more complex components.

Export Opportunities: Leveraging cost competitiveness and quality to serve global markets.

Risks

Cyclicality of End-User Industries: Dependence on sectors like automotive, which are prone to cyclical downturns, can impact demand.

Raw Material Price Volatility: Fluctuations in steel and other metal prices, along with energy costs, can impact profitability significantly if not managed effectively.

Intense Competition: The presence of numerous domestic and international players can lead to pricing pressure and margin erosion.

Technological Obsolescence: Failure to invest in and adopt new forging technologies or processes could lead to loss of competitiveness.

Economic Slowdown: A broader economic contraction in India or globally would reduce industrial activity and demand for forgings.

Management & Ownership

Ganga Forging Ltd. is referred to with "Promoters," which suggests a founder-led or family-controlled business, a common structure among Indian companies. Without further information, specific details regarding management quality, experience, or the precise ownership structure (e.g., promoter holding, institutional holding) cannot be elaborated upon. Generally, in such companies, promoters play a significant role in strategic direction and operational oversight.

Outlook

Ganga Forging Ltd. operates in a critical industrial sector that is poised to benefit from India's sustained economic growth and government focus on manufacturing and infrastructure development. The "Make in India" initiative and increased capital expenditure across various sectors present a supportive backdrop for demand for forged components. However, the company faces inherent challenges due to the cyclical nature of its end-user industries and the volatility of raw material and energy prices, which can impact profitability. Competitive pressures within the fragmented forgings industry also necessitate continuous focus on cost efficiency, technological upgradation, and quality control. Its future trajectory will depend on its ability to navigate these industry dynamics, expand its customer base, and strategically manage its operations amidst a competitive and commodity-sensitive environment.

Ganga Forging Share Price

Live · NSE · Inception: 1988
₹ | |
Volume
Price

Key Financials — Profit & Loss

₹ in Cr · Standalone · annual

Ganga Forging Quarterly Results

#(Fig in Cr.) Mar 2024 Jun 2024 Sep 2024 Dec 2024 Mar 2025 Jun 2025 Sep 2025 Dec 2025 Mar 2026 Jun 2026
Net Sales 10 9 12 12 12 8 8 9 11 7
Other Income 0 0 0 0 -0 0 0 0 0 0
Total Income 10 9 12 12 11 8 8 9 11 7
Total Expenditure 9 8 11 11 11 8 11 8 11 7
Operating Profit 1 1 1 1 0 -0 -2 1 -0 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 1
Profit Before Tax 0 0 0 0 0 -0 -3 0 -1 1
Provision for Tax 0 0 -0 0 0 0 0 0 -0 -0
Profit After Tax -0 0 0 0 -0 -0 -3 0 -0 1
Adjustments 0 0 -0 0 0 0 0 0 0 0
Profit After Adjustments -0 0 0 0 -0 -0 -3 0 -0 1
Adjusted Earnings Per Share -0 0 0 0 -0 -0 -0.2 0 -0 0.1

Ganga Forging Profit & Loss

#(Fig in Cr.) Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 TTM
Net Sales 16 18 19 25 28 24 23 29 33 37 43 35
Other Income 0 0 0 0 0 0 0 1 0 0 0 0
Total Income 16 19 19 25 28 24 23 29 33 37 43 35
Total Expenditure 15 17 17 23 25 24 21 26 31 35 41 37
Operating Profit 1 1 2 2 3 -1 2 3 2 3 2 0
Interest 1 1 1 1 1 1 1 1 1 1 1 0
Depreciation 0 0 0 0 1 1 1 1 1 1 1 0
Exceptional Income / Expenses 0 0 0 0 0 0 -0 1 0 0 0 1
Profit Before Tax 1 0 1 1 1 -3 0 2 1 1 1 -3
Provision for Tax 0 0 0 0 0 -1 -0 1 -1 0 0 0
Profit After Tax 0 0 0 0 1 -2 0 1 2 0 1 -2
Adjustments 0 0 0 0 0 0 0 0 0 0 0 0
Profit After Adjustments 0 0 0 0 1 -2 0 1 2 0 1 -2
Adjusted Earnings Per Share 0 0 0 0 0 -0.2 0 0.1 0.2 0 0 -0.1

Ganga Forging Balance Sheet

#(Fig in Cr.) Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025
Shareholder's Funds 3 3 4 9 14 12 11 12 13 31 32
Minority's Interest 0 0 0 0 0 0 0 0 0 0 0
Borrowings 1 1 3 2 5 4 4 5 4 1 5
Other Non-Current Liabilities 0 0 -0 0 0 -0 1 2 1 2 2
Total Current Liabilities 8 9 8 15 16 17 15 12 16 12 20
Total Liabilities 12 13 15 25 35 33 31 31 35 46 59
Fixed Assets 4 5 6 9 16 15 15 14 16 16 18
Other Non-Current Assets 0 0 0 1 0 1 1 2 1 0 10
Total Current Assets 8 8 9 15 19 17 16 15 18 30 31
Total Assets 12 13 15 25 35 33 31 31 35 46 59

Ganga Forging Cash Flow

#(Fig in Cr.) Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025
Opening Cash & Cash Equivalents 0 0 0 0 0 0 0 0 0 0 1
Cash Flow from Operating Activities 3 2 0 0 -2 2 2 1 -1 -11 -4
Cash Flow from Investing Activities -1 -1 -2 0 -7 -1 -0 -2 -1 -1 -2
Cash Flow from Financing Activities -2 -0 1 0 9 -2 -2 0 2 12 6
Net Cash Inflow / Outflow 0 -0 0 0 0 -0 0 -0 0 1 -1
Closing Cash & Cash Equivalent 0 0 0 0 0 0 0 0 0 1 0

Ganga Forging Ratios

# Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025
Earnings Per Share (Rs) 0 0 0 0 0.05 -0.2 0.02 0.1 0.16 0.03 0.05
CEPS(Rs) 0.17 0.14 0.21 0.13 0.12 -0.12 0.11 0.18 0.24 0.11 0.13
DPS(Rs) 0 0 0 0 0 0 0 0 0 0 0
Book NAV/Share(Rs) 0 0 0 0 1.31 1.12 1 1.1 1.26 2.12 2.39
Core EBITDA Margin(%) 8.49 6.47 8.81 7.82 8.33 -3.15 7.4 8.81 5.96 6.71 5.22
EBIT Margin(%) 6.8 5.03 6.22 5.95 6.32 -6.39 4.04 10.13 5.06 4.31 4.23
Pre Tax Margin(%) 3.28 1.77 3.02 2.83 2.35 -11.67 0.59 6.84 2.64 2.03 2
PAT Margin (%) 2.84 1.37 2.59 1.83 1.85 -8.81 1.1 3.59 4.96 1.19 1.42
Cash Profit Margin (%) 4.74 3.53 5.26 3.8 4.47 -5.15 4.9 6.65 7.58 3.87 3.9
ROA(%) 4.08 1.98 3.4 2.3 1.73 -6.22 0.8 3.34 5.04 1.09 1.17
ROE(%) 15.74 7.61 13.15 7.48 4.66 -16.4 2.25 9.31 13.29 2.12 2.02
ROCE(%) 15.85 11.33 12.01 11.07 8.3 -6.13 4.16 13.14 6.64 4.65 4.06
Receivable days 113.44 100.83 103.41 97.45 112.06 136.33 127.09 76.28 57.54 69.57 69.6
Inventory Days 51.93 56.77 60.5 64.91 94.03 122.23 120.84 107.22 110.45 133.66 149.53
Payable days 62.77 93.19 96.48 123.85 143.42 158.37 200.06 112.44 71.45 50.08 52.51
PER(x) 0 0 0 0 26.29 0 142.92 62.67 15.49 209.42 74.72
Price/Book(x) 0 0 0 0 0.98 0.61 3.41 5.59 1.93 3.26 1.42
Dividend Yield(%) 0 0 0 0 0 0 0 0 0 0 0
EV/Net Sales(x) 0.3 0.29 0.38 0.54 1.07 0.88 2.43 3.23 1.39 3.38 1.71
EV/Core EBITDA(x) 3.44 4.01 4.28 6.68 11.86 -31.59 30.37 30.53 22.45 48.6 29.74
Net Sales Growth(%) -9.01 12.32 1.48 32.8 11.95 -15.26 -2.56 25.46 15.88 11.38 16.14
EBIT Growth(%) -5.87 -16.89 25.41 29.15 18.25 -186.22 160.53 214.55 -42.13 -5.04 13.93
PAT Growth(%) -23.31 -45.77 91.96 -4.44 12.47 -505.91 111.97 308.41 60.2 -73.24 38.26
EPS Growth(%) 0 0 0 0 -21.24 -505.91 111.97 308.37 60.25 -78.9 37.88
Debt/Equity(x) 1.47 1.47 1.77 0.93 0.91 0.98 0.99 1.01 1.07 0.35 0.52
Current Ratio(x) 0.99 0.94 1.08 1 1.19 0.98 1.07 1.19 1.16 2.41 1.6
Quick Ratio(x) 0.65 0.61 0.69 0.61 0.64 0.55 0.53 0.46 0.45 1.1 0.61
Interest Cover(x) 1.93 1.54 1.94 1.91 1.59 -1.21 1.17 3.08 2.09 1.89 1.9
Total Debt/Mcap(x) 0 0 0 0 0.73 1.27 0.23 0.14 0.44 0.09 0.29

Growth Rates

Compounded annual
# 1 Year 3 Year 5 Year 10 Year
Sales CAGR +16% +14% +12% +10%
Operating Profit CAGR -33% -13% — +7%
PAT CAGR — 0% — —
Share Price CAGR -50% -38% -35% —
ROE Average +2% +6% +6% +6%
ROCE Average +4% +5% +7% +8%

Ganga Forging Shareholding Pattern

Latest · Sep 2026
100% held
Promoters 35.51 %
FII 0 %
DII (MF + Insurance) 0 %
Public (retail) 64.49 %
# Jun 2024 Sep 2024 Dec 2024 Mar 2025 Jun 2025 Sep 2025 Dec 2025 Mar 2026 Jun 2026 Sep 2026
Promoter 40.6340.1139.2139.2139.2139.2135.5135.5135.5135.51
FII 003.713.712.62.230000
DII 0.11000000000
Public 59.2659.8957.0857.0858.1958.5764.4964.4964.4964.49
Others 0000000000
Total 100100100100100100100100100100

Ganga Forging Peer Comparison

Ganga Forging Quarterly Price

10-year quarterly close · BSE
Show Value Show %

News & Updates

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Ganga Forging Pros & Cons

Pros

  • Stock is trading at 0.8 times its book value

Cons

  • Promoter holding is low: 35.51%.
  • Company has a low return on equity of 6% over the last 3 years.
  • Debtor days have increased from 50.08 to 52.51days.
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