Market Cap ₹161 Cr.
Stock P/E 24.3
P/B 1.5
Current Price ₹442.1
Book Value ₹ 300.5
Face Value 10
52W High ₹567.3
Dividend Yield 0.68%
52W Low ₹ 232.8
Kalyani Forge Limited is a leader in manufacturing close tolerance precision forging since its inception in 1979. The company is an ISO TS 16949, ISO 14000, and OHSAS 18001 certified engineering company with an expertise in metal forming built over deep experience and talent of its people. It has a plant located in the automotive hub of Pune and has state-of-the-art software and machines for designing and producing its products. The company is driven by its core values of integrity, imagination, and innovation.The promoters of Kalyani Forge Limited are Mr. Rohini G. Kalyani and Mr. Viraj G. Kalyani, who hold 58.7% of the total shareholding as of December 2023. They are also the chairman and managing director of the company, respectively, which is engaged in the business of manufacturing and selling steel bright bars, wires, profiles, collated pneumatic nails, and ground bars.
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| #(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 | 56 | 63 | 61 | 66 | 59 | 74 | 70 | 59 | 61 | 60 |
| Other Income | 0 | 0 | 0 | 1 | 2 | 2 | 1 | 0 | 1 | 2 |
| Total Income | 56 | 63 | 61 | 67 | 60 | 75 | 71 | 60 | 62 | 61 |
| Total Expenditure | 52 | 57 | 56 | 62 | 56 | 72 | 64 | 54 | 56 | 57 |
| Operating Profit | 5 | 6 | 5 | 5 | 5 | 3 | 7 | 5 | 5 | 5 |
| Interest | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 2 |
| Depreciation | 3 | 3 | 3 | 3 | 3 | 3 | 3 | 3 | 3 | 1 |
| Exceptional Income / Expenses | 0 | 0 | 0 | 0 | 0 | -2 | 0 | 0 | 0 | 0 |
| Profit Before Tax | 1 | 1 | 1 | 1 | 1 | -2 | 3 | 2 | 1 | 2 |
| Provision for Tax | 0 | 0 | 0 | -0 | -0 | -1 | 1 | 1 | -0 | 0 |
| Profit After Tax | 1 | 1 | 0 | 1 | 1 | -1 | 3 | 1 | 1 | 2 |
| Adjustments | 0 | 0 | 0 | 0 | 0 | -0 | 0 | 0 | 0 | 0 |
| Profit After Adjustments | 1 | 1 | 0 | 1 | 1 | -1 | 3 | 1 | 1 | 2 |
| Adjusted Earnings Per Share | 2.2 | 3 | 1.3 | 2.1 | 3.2 | -3 | 7.6 | 2.8 | 3.6 | 4.2 |
| #(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 | 261 | 205 | 241 | 231 | 227 | 259 | 286 | 201 | 181 | 247 | 267 | 250 |
| Other Income | 2 | 2 | 3 | 3 | 5 | 7 | 6 | 3 | 2 | 1 | 7 | 4 |
| Total Income | 262 | 208 | 244 | 234 | 231 | 266 | 293 | 204 | 183 | 248 | 274 | 254 |
| Total Expenditure | 228 | 182 | 228 | 215 | 212 | 237 | 261 | 193 | 169 | 228 | 252 | 231 |
| Operating Profit | 35 | 26 | 16 | 19 | 19 | 29 | 32 | 11 | 14 | 20 | 21 | 22 |
| Interest | 8 | 5 | 6 | 5 | 4 | 6 | 8 | 5 | 3 | 4 | 3 | 5 |
| Depreciation | 13 | 13 | 13 | 12 | 10 | 13 | 15 | 14 | 13 | 12 | 11 | 10 |
| Exceptional Income / Expenses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -2 | 0 |
| Profit Before Tax | 14 | 7 | -3 | 2 | 5 | 9 | 10 | -8 | -2 | 4 | 5 | 8 |
| Provision for Tax | 5 | 2 | -1 | 1 | 2 | 3 | 3 | -1 | -0 | 1 | 1 | 2 |
| Profit After Tax | 9 | 5 | -2 | 1 | 3 | 7 | 7 | -7 | -2 | 3 | 4 | 7 |
| Adjustments | 0 | 0 | 0 | 0 | 0 | -0 | -1 | 0 | 0 | 0 | 0 | 0 |
| Profit After Adjustments | 9 | 5 | -2 | 1 | 3 | 6 | 6 | -7 | -2 | 3 | 4 | 7 |
| Adjusted Earnings Per Share | 24.3 | 13.1 | -6.2 | 3 | 9.6 | 18 | 19.1 | -19 | -4.8 | 8.6 | 9.9 | 18.2 |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Sales CAGR | 8% | 10% | 1% | 0% |
| Operating Profit CAGR | 5% | 24% | -6% | -5% |
| PAT CAGR | 33% | 0% | -11% | -8% |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Share Price CAGR | 68% | 30% | 11% | 11% |
| ROE Average | 3% | 2% | 1% | 2% |
| ROCE Average | 6% | 4% | 4% | 6% |
| #(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 | 99 | 103 | 97 | 98 | 102 | 107 | 112 | 102 | 100 | 103 | 105 |
| Minority's Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Borrowings | 32 | 21 | 12 | 5 | 16 | 18 | 6 | 1 | 0 | 0 | 1 |
| Other Non-Current Liabilities | 5 | 4 | 4 | 3 | 2 | 4 | 3 | 3 | 4 | 3 | 2 |
| Total Current Liabilities | 83 | 82 | 88 | 93 | 115 | 107 | 105 | 76 | 77 | 74 | 93 |
| Total Liabilities | 219 | 210 | 201 | 198 | 235 | 235 | 227 | 182 | 181 | 180 | 202 |
| Fixed Assets | 83 | 79 | 61 | 64 | 60 | 84 | 78 | 65 | 53 | 44 | 39 |
| Other Non-Current Assets | 26 | 23 | 22 | 12 | 47 | 14 | 5 | 6 | 7 | 7 | 6 |
| Total Current Assets | 109 | 108 | 118 | 122 | 129 | 137 | 143 | 111 | 121 | 129 | 157 |
| Total Assets | 219 | 210 | 201 | 198 | 235 | 235 | 227 | 182 | 181 | 180 | 202 |
| #(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 | 8 | 4 | 2 | 5 | 9 | 1 | 4 | 1 | 1 | 0 | 2 |
| Cash Flow from Operating Activities | 30 | 19 | 25 | 19 | 15 | 12 | 30 | 24 | 7 | 11 | -3 |
| Cash Flow from Investing Activities | -24 | -6 | -2 | -5 | -41 | -2 | -7 | -1 | -1 | -4 | -6 |
| Cash Flow from Financing Activities | -11 | -15 | -20 | -11 | 19 | -8 | -25 | -23 | -7 | -5 | 8 |
| Net Cash Inflow / Outflow | -5 | -2 | 3 | 3 | -7 | 2 | -2 | -0 | -1 | 2 | -1 |
| Closing Cash & Cash Equivalent | 4 | 2 | 5 | 9 | 1 | 4 | 1 | 1 | 0 | 2 | 1 |
| # | 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) | 24.27 | 13.14 | -6.22 | 3.03 | 9.57 | 18.04 | 19.14 | -19.04 | -4.84 | 8.61 | 9.92 |
| CEPS(Rs) | 59.48 | 50.21 | 29.81 | 35.11 | 38.19 | 53.63 | 60.48 | 19.14 | 30.41 | 42.54 | 40.68 |
| DPS(Rs) | 2.5 | 2.5 | 0 | 2 | 3 | 3.5 | 4 | 1 | 1.5 | 3 | 3 |
| Book NAV/Share(Rs) | 272.32 | 282.53 | 267.79 | 268.41 | 280.4 | 293.51 | 306.66 | 280.71 | 275.4 | 282.95 | 289.93 |
| Core EBITDA Margin(%) | 11.56 | 10.37 | 4.94 | 6.16 | 5.88 | 8.1 | 9.01 | 4.18 | 6.66 | 7.58 | 5.42 |
| EBIT Margin(%) | 7.62 | 5.47 | 1.23 | 2.71 | 3.56 | 5.91 | 6.01 | -1.37 | 0.56 | 3.1 | 3.16 |
| Pre Tax Margin(%) | 4.82 | 3.15 | -1.12 | 0.79 | 2.06 | 3.46 | 3.36 | -4.05 | -1.15 | 1.63 | 1.9 |
| PAT Margin (%) | 3.1 | 2.1 | -0.85 | 0.43 | 1.38 | 2.47 | 2.43 | -3.45 | -0.97 | 1.27 | 1.35 |
| Cash Profit Margin (%) | 7.6 | 8.04 | 4.08 | 4.98 | 5.51 | 7.35 | 7.68 | 3.46 | 6.12 | 6.28 | 5.55 |
| ROA(%) | 4.05 | 2.23 | -1.1 | 0.55 | 1.61 | 2.79 | 3.02 | -3.39 | -0.97 | 1.74 | 1.89 |
| ROE(%) | 9.27 | 4.74 | -2.26 | 1.13 | 3.49 | 6.29 | 6.38 | -6.48 | -1.74 | 3.08 | 3.46 |
| ROCE(%) | 13.13 | 7.52 | 2.13 | 4.92 | 5.9 | 9.36 | 10.49 | -1.89 | 0.77 | 5.95 | 6.18 |
| Receivable days | 78.41 | 90.74 | 78.22 | 87.13 | 89.37 | 90.68 | 92.64 | 119.74 | 124.76 | 103.53 | 102.09 |
| Inventory Days | 42.08 | 55.97 | 48.95 | 50.85 | 59.36 | 63.99 | 61.35 | 80.16 | 85.87 | 69.41 | 81.43 |
| Payable days | 82.83 | 101.05 | 93.43 | 126.89 | 143.47 | 132 | 124.62 | 146.47 | 139.02 | 96.86 | 94.41 |
| PER(x) | 4.95 | 12.25 | 0 | 77.49 | 38.44 | 16.05 | 14.63 | 0 | 0 | 21.27 | 22.38 |
| Price/Book(x) | 0.44 | 0.57 | 1.03 | 0.88 | 1.31 | 0.99 | 0.91 | 0.32 | 0.7 | 0.65 | 0.77 |
| Dividend Yield(%) | 2.08 | 1.55 | 0 | 0.85 | 0.82 | 1.21 | 1.43 | 1.11 | 0.78 | 1.64 | 1.35 |
| EV/Net Sales(x) | 0.41 | 0.56 | 0.58 | 0.5 | 0.86 | 0.63 | 0.5 | 0.29 | 0.52 | 0.36 | 0.43 |
| EV/Core EBITDA(x) | 3.08 | 4.4 | 8.55 | 6.24 | 10.06 | 5.71 | 4.46 | 5.26 | 6.85 | 4.41 | 5.29 |
| Net Sales Growth(%) | -6.23 | -21.22 | 17.22 | -4.1 | -1.77 | 13.98 | 10.75 | -29.82 | -10.03 | 36.35 | 8.18 |
| EBIT Growth(%) | -25.88 | -42.79 | -73.73 | 113.26 | 29.05 | 74.79 | 9.77 | -115.99 | 136.64 | 657.85 | 10.33 |
| PAT Growth(%) | -34.19 | -45.85 | -147.32 | 148.77 | 215.73 | 88.44 | 6.09 | -199.45 | 74.58 | 277.96 | 15.19 |
| EPS Growth(%) | -34.19 | -45.85 | -147.32 | 148.77 | 215.73 | 88.44 | 6.09 | -199.45 | 74.58 | 277.96 | 15.19 |
| Debt/Equity(x) | 0.69 | 0.58 | 0.48 | 0.42 | 0.62 | 0.59 | 0.42 | 0.31 | 0.27 | 0.26 | 0.36 |
| Current Ratio(x) | 1.32 | 1.32 | 1.33 | 1.31 | 1.11 | 1.28 | 1.36 | 1.46 | 1.58 | 1.74 | 1.69 |
| Quick Ratio(x) | 0.93 | 0.87 | 0.94 | 0.91 | 0.73 | 0.87 | 0.94 | 0.99 | 1.08 | 1.16 | 1 |
| Interest Cover(x) | 2.72 | 2.36 | 0.52 | 1.41 | 2.38 | 2.42 | 2.27 | -0.51 | 0.33 | 2.11 | 2.5 |
| Total Debt/Mcap(x) | 1.57 | 1.02 | 0.47 | 0.48 | 0.47 | 0.6 | 0.46 | 0.96 | 0.39 | 0.4 | 0.47 |
| # | Dec 2021 | Mar 2022 | Jun 2022 | Sep 2022 | Dec 2022 | Mar 2023 | Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 58.61 | 58.61 | 58.61 | 58.61 | 58.71 | 58.71 | 58.71 | 58.71 | 58.71 | 58.71 |
| FII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| DII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Public | 41.39 | 41.39 | 41.39 | 41.39 | 41.29 | 41.29 | 41.29 | 41.29 | 41.29 | 41.29 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 |
| # | Dec 2021 | Mar 2022 | Jun 2022 | Sep 2022 | Dec 2022 | Mar 2023 | Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 0.21 | 0.21 | 0.21 | 0.21 | 0.21 | 0.21 | 0.21 | 0.21 | 0.21 | 0.21 |
| FII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| DII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Public | 0.15 | 0.15 | 0.15 | 0.15 | 0.15 | 0.15 | 0.15 | 0.15 | 0.15 | 0.15 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 0.36 | 0.36 | 0.36 | 0.36 | 0.36 | 0.36 | 0.36 | 0.36 | 0.36 | 0.36 |
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