Forgings · Founded 1988 · www.gangaforging.com · NSE · ISIN INE691Z01023
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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.
| #(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 |
| #(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 |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Sales CAGR | 16% | 14% | 12% | 10% |
| Operating Profit CAGR | -33% | -13% | 0% | 7% |
| PAT CAGR | 0% | 0% | 0% | 0% |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Share Price CAGR | -50% | -38% | -35% | NA% |
| ROE Average | 2% | 6% | 6% | 6% |
| ROCE Average | 4% | 5% | 7% | 8% |
| #(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 |
| #(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 |
| # | 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 |
| # | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | Sep 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 40.63 | 40.11 | 39.21 | 39.21 | 39.21 | 39.21 | 35.51 | 35.51 | 35.51 | 35.51 |
| FII | 0 | 0 | 3.71 | 3.71 | 2.6 | 2.23 | 0 | 0 | 0 | 0 |
| DII | 0.11 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Public | 59.26 | 59.89 | 57.08 | 57.08 | 58.19 | 58.57 | 64.49 | 64.49 | 64.49 | 64.49 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 |
| # | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | Sep 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 5.48 | 5.41 | 5.29 | 5.29 | 5.29 | 5.29 | 4.79 | 4.79 | 4.79 | 11.97 |
| FII | 0 | 0 | 0.5 | 0.5 | 0.35 | 0.3 | 0 | 0 | 0 | 0 |
| DII | 0.01 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Public | 7.99 | 8.07 | 7.69 | 7.69 | 7.84 | 7.89 | 8.69 | 8.69 | 8.69 | 21.73 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 13.48 | 13.48 | 13.48 | 13.48 | 13.48 | 13.48 | 13.48 | 13.48 | 13.48 | 33.7 |
| # | 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% |
| # | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | Sep 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 40.63 | 40.11 | 39.21 | 39.21 | 39.21 | 39.21 | 35.51 | 35.51 | 35.51 | 35.51 |
| FII | 0 | 0 | 3.71 | 3.71 | 2.6 | 2.23 | 0 | 0 | 0 | 0 |
| DII | 0.11 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Public | 59.26 | 59.89 | 57.08 | 57.08 | 58.19 | 58.57 | 64.49 | 64.49 | 64.49 | 64.49 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 |
| # | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | Sep 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 5.48 | 5.41 | 5.29 | 5.29 | 5.29 | 5.29 | 4.79 | 4.79 | 4.79 | 11.97 |
| FII | 0 | 0 | 0.5 | 0.5 | 0.35 | 0.3 | 0 | 0 | 0 | 0 |
| DII | 0.01 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Public | 7.99 | 8.07 | 7.69 | 7.69 | 7.84 | 7.89 | 8.69 | 8.69 | 8.69 | 21.73 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 13.48 | 13.48 | 13.48 | 13.48 | 13.48 | 13.48 | 13.48 | 13.48 | 13.48 | 33.7 |
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