Ganga Forging Ltd. (GANGAFORGE) AI Stock Analysis

• Market Cap: ₹492.03M
• Dividend Yield: N/A
• Average Volume (3M): 342.05K
• Price to Earnings (P/E): 486.7
• Beta (1Y): 1.21
• Revenue Growth: 18.38%
• EPS Growth: -86.09%
• Country: IN
• Employees: 43
• Sector: Industrials
• Sector Strength: 72
• Industry: Manufacturing - Metal Fabrication
• EPS (TTM): -0.02
• Shares Outstanding: 134,802,230
• 10 Day Avg. Volume: 688,212
• 30 Day Avg. Volume: 342,046
• PEG Ratio: 7.17
• Price to Book (P/B): 1.88
• Price to Sales (P/S): 1.40
• P/FCF Ratio: -7.84
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: Hold
• Number of Analyst Covering: 0
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 54 Neutral
• Price Target: ₹4.00 ▲(12.36% Upside)

The overall stock score is primarily influenced by financial performance and valuation concerns. While revenue growth and a strong equity position are positives, high P/E ratio and cash flow challenges weigh heavily on the stock's attractiveness. Technical indicators suggest a lack of strong momentum, further contributing to a cautious outlook.

Ganga Forging Ltd. Business Overview & Revenue Model

Company Description

Ganga Forging Ltd. (GANGAFORGE) is a leading manufacturer specializing in the production of high-quality forged components primarily for the automotive, aerospace, and industrial sectors. The company focuses on delivering precision-engineered products that meet stringent quality standards and customer specifications. With a commitment to innovation and technological advancement, GANGAFORGE leverages state-of-the-art forging techniques and robust supply chain management to serve a diverse clientele.

How the Company Makes Money

Ganga Forging Ltd. generates revenue through multiple streams, primarily by manufacturing and selling forged components to various industries, including automotive and aerospace. The company's revenue model is centered around contract manufacturing, where it enters into agreements with clients for bulk production of custom components. Key revenue streams include direct sales of forged parts, long-term contracts with major OEMs (Original Equipment Manufacturers), and aftermarket sales for replacement parts. Additionally, strategic partnerships with suppliers and industry players enhance its market reach and enable access to new technologies, further contributing to its earnings. The company may also engage in value-added services such as design and engineering support, which can provide additional revenue opportunities.

Ganga Forging Ltd. Financial Statement Overview

Summary

Ganga Forging Ltd. shows strong revenue growth and a solid equity position. However, profitability margins are modest, and cash flow management faces challenges, indicating a need for improved operational efficiency and liquidity strategies.

Income Statement

Ganga Forging Ltd. has shown a consistent increase in total revenue over the years, with a notable revenue growth rate of 16.12% from 2024 to 2025. The gross profit margin improved significantly in 2025, reaching 26.45%, indicating efficient production processes. However, the EBIT margin has declined from previous years, and the net profit margin is modest at 1.42%, suggesting opportunities for improving operational efficiency and cost management.

Balance Sheet

The company maintains a reasonable debt-to-equity ratio of 0.51, reflecting a balanced approach to leveraging debt. The equity ratio stands at 54.86%, indicating a strong equity position relative to total assets. Return on equity (ROE) is relatively low at 1.91% in 2025, highlighting room for enhancing shareholder returns. Overall, the balance sheet reflects stability, with a solid equity base and manageable debt levels.

Cash Flow

Ganga Forging faces challenges in cash flow management, with negative operating cash flow and free cash flow in 2025. The free cash flow to net income ratio is negative, indicating that net income is not translating into free cash flow. This suggests potential liquidity issues and the need for improved cash flow management strategies. Despite these challenges, the company has managed to secure financing to support its operations.

Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	424.55M	432.19M	372.12M	334.10M	288.32M	225.81M
Gross Profit	124.99M	114.31M	34.50M	110.40M	104.04M	48.12M
EBITDA	20.47M	29.02M	26.02M	25.66M	38.03M	17.90M
Net Income	1.01M	6.13M	4.43M	16.57M	10.34M	1.07M
Balance Sheet
Total Assets	0.00	586.83M	463.08M	347.29M	310.45M	312.01M
Cash, Cash Equivalents and Short-Term Investments	3.24M	3.24M	8.57M	1.80M	158.34K	1.86M
Total Debt	0.00	165.82M	99.88M	142.97M	116.74M	105.36M
Total Liabilities	-321.89M	264.94M	148.95M	213.95M	193.95M	190.96M
Stockholders Equity	321.89M	321.89M	314.13M	133.34M	116.50M	121.05M
Cash Flow
Free Cash Flow	0.00	-77.10M	-118.16M	-23.60M	-11.75M	20.39M
Operating Cash Flow	0.00	-50.64M	-106.35M	-10.89M	13.24M	30.12M
Investing Cash Flow	0.00	-22.14M	-11.59M	-5.60M	-16.87M	-588.58K
Financing Cash Flow	0.00	57.94M	124.72M	18.15M	1.91M	-10.39M

Ganga Forging Ltd. Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 3.56
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:GANGAFORGE, the sentiment is Negative. The current price of 3.56 is below the 20-day moving average (MA) of 3.66, below the 50-day MA of 3.63, and below the 200-day MA of 4.54, indicating a bearish trend. The MACD of -0.03 indicates Positive momentum. The RSI at 44.98 is Neutral, neither overbought nor oversold. The STOCH value of 42.23 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for IN:GANGAFORGE.

Ganga Forging Ltd. Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
SONACOMS	70 Outperform	₹286.83B	48.66	―	0.66%	7.34%	2.27%
MMFL	68 Neutral	₹15.00B	13.52	―	1.31%	-4.47%	-17.62%
Sector *	63 Neutral	$10.79B	15.43	7.44%	2.01%	2.89%	-14.66%
KALYANIFRG	60 Neutral	₹2.76B	29.48	―	0.57%	4.21%	142.44%
GANGAFORGE	54 Neutral	₹492.03M	486.67	―	―	18.38%	-86.09%
RKFORGE	51 Neutral	₹98.34B	23.35	―	0.37%	0.55%	17.34%