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Ganga Forging Ltd.
(GANGAFORGE)
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Rating:47Neutral
Price Target:
₹1.50
▼(-10.18% Downside)
Action:Reiterated
Date:07/09/26
The score is held down primarily by weak financial performance—especially persistent negative operating/free cash flow and the recent swing to losses. Technical indicators provide some near-term support (positive MACD and price above short-term averages), but longer-term trend signals remain weak. Valuation is also constrained by a negative P/E and no dividend yield data.
Positive Factors
Manageable leverage
Leverage remains manageable relative to earlier periods, reducing balance-sheet strain and preserving some capacity to fund operations. This stability is important while earnings are weak, although continued losses could gradually erode that financial flexibility if performance does not recover.
Negative Factors
Persistent cash burn
Persistent negative operating and free cash flow indicates weak cash conversion and ongoing funding pressure, limiting internally generated resources for investment or debt service. Even though free cash flow improved in 2026, it remained materially negative alongside the reported net loss.
Read all positive and negative factors
Positive Factors
Negative Factors
Manageable leverage
Leverage remains manageable relative to earlier periods, reducing balance-sheet strain and preserving some capacity to fund operations. This stability is important while earnings are weak, although continued losses could gradually erode that financial flexibility if performance does not recover.
Read all positive factors
Ganga Forging Ltd. (GANGAFORGE) vs. iShares MSCI India ETF (INDA)
Market Cap
₹539.21M
Dividend YieldN/A
Average Volume (3M)8.73M
Price to Earnings (P/E)―
Beta (1Y)1.34
Revenue Growth-17.43%
EPS Growth-2365.00%
CountryIN
Employees55
SectorGeneral
Sector StrengthN/A
IndustryManufacturing - Metal Fabrication
Share Statistics
EPS (TTM)-0.18
Shares Outstanding337,005,580
10 Day Avg. Volume6,585,760
30 Day Avg. Volume8,731,957
Financial Highlights & Ratios
PEG Ratio0.01
Price to Book (P/B)1.13
Price to Sales (P/S)0.90
P/FCF Ratio-7.86
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)N/A
Revenue Forecast (FY)N/A
Ganga Forging Ltd. Business Overview & Revenue Model
Company Description
Ganga Forging Limited is an Indian company dedicated to the manufacturing and distribution of steel-forged components. Its extensive product range includes various forged crankshafts (available in single and double cylinder configurations), straig...
How the Company Makes Money
Ganga Forging Ltd. primarily makes money by manufacturing and selling forged and (where applicable) machined metal components to business customers (B2B). Revenue is generated through: (1) sale of finished components produced via forging and subse...
Ganga Forging Ltd. Financial Statement Overview
Summary
Income Statement
34
Negative
Balance Sheet
52
Neutral
Cash Flow
22
Negative
| Breakdown | TTM | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 350.56M | 356.16M | 432.19M | 372.12M | 334.10M | 288.32M |
| Gross Profit | 60.85M | 60.69M | 114.31M | 34.50M | 110.40M | 104.04M |
| EBITDA | -13.23M | -15.67M | 29.02M | 26.02M | 25.66M | 38.03M |
| Net Income | -23.05M | -36.54M | 6.13M | 4.43M | 16.57M | 10.34M |
Balance Sheet | ||||||
| Total Assets | 0.00 | 604.91M | 586.83M | 463.08M | 347.29M | 310.45M |
| Cash, Cash Equivalents and Short-Term Investments | 1.24M | 1.24M | 3.24M | 8.57M | 1.80M | 158.34K |
| Total Debt | 0.00 | 201.06M | 165.82M | 99.88M | 142.97M | 116.74M |
| Total Liabilities | -285.04M | 319.79M | 264.94M | 148.95M | 213.95M | 193.95M |
| Stockholders Equity | 285.04M | 285.04M | 321.89M | 314.13M | 133.34M | 116.50M |
Cash Flow | ||||||
| Free Cash Flow | -3.29M | -40.96M | -77.10M | -118.16M | -23.60M | -11.75M |
| Operating Cash Flow | 4.61M | -5.59M | -50.64M | -106.35M | -10.89M | 13.24M |
| Investing Cash Flow | -4.25M | -31.65M | -22.14M | -11.59M | -5.60M | -16.87M |
| Financing Cash Flow | -1.88M | 35.24M | 57.94M | 124.72M | 18.15M | 1.91M |
Ganga Forging Ltd. Technical Analysis
Negative
1.67
Price Trends
1.97
Negative
2.00
Negative
2.24
Negative
Market Momentum
-0.12
Positive
36.17
Neutral
19.79
Positive
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 1.67 is below the 20-day moving average (MA) of 1.90, below the 50-day MA of 1.97, and below the 200-day MA of 2.24, indicating a bearish trend. The MACD of -0.12 indicates Positive momentum. The RSI at 36.17 is Neutral, neither overbought nor oversold. The STOCH value of 19.79 is Positive, 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
UnderperformOutperform
Sector (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
68 Neutral | ₹63.12B | 21.97 | ― | 0.03% | 30.79% | 22.38% | |
65 Neutral | ₹211.05B | 62.47 | ― | 0.18% | 15.53% | 21.46% | |
60 Neutral | ₹8.92B | 142.72 | ― | 0.11% | 42.34% | -20.35% | |
57 Neutral | ₹31.10B | 26.97 | ― | 0.89% | 9.58% | 2.00% | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% | |
50 Neutral | ₹132.45B | 120.75 | ― | 0.14% | 8.55% | -74.66% | |
47 Neutral | ₹539.21M | -8.55 | ― | ― | -17.43% | -2365.00% |
* General Sector Average
IN:GANGAFORGE
Ganga Forging Ltd.
1.58
-1.45
-47.79%
IN:BALUFORGE
Balu Forge Industries Ltd
533.25
-150.80
-22.05%
IN:HAPPYFORGE
Happy Forging Limited
2,167.15
1,226.47
130.38%
IN:MMFL
MM Forgings Limited
632.10
307.98
95.02%
IN:RKFORGE
Ramkrishna Forgings Ltd
710.70
135.03
23.46%
IN:TIRUPATIFL
Tirupati Forge Ltd.
69.12
30.46
78.79%
Ganga Forging Ltd. Corporate Events
Ganga Forging Publishes Rights Issue Details in National Dailies
Jul 25, 2026
Ganga Forging Limited has notified the National Stock Exchange of India that it has published newspaper advertisements detailing key aspects of its ongoing rights issue of equity shares. The advertisements cover subscription data, the basis of all...
Ganga Forging Files Offer Document for Major Rights Issue on NSE
Jun 27, 2026
Ganga Forging Limited, a Rajkot-based manufacturer in the metal forging industry, produces forged components for industrial clients and is listed on the National Stock Exchange of India. The company, promoted by Hiralal Mahidas Tilva and Rakesh Ch...
Ganga Forging sets terms for Rs 33 crore rights issue to bolster capital base
Jun 25, 2026
Ganga Forging Ltd.’s board has approved the detailed terms of a sizeable rights issue, offering 20.22 crore fully paid equity shares at Rs 1.63 each, raising up to about Rs 32.96 crore, with a rights entitlement of three shares for every two...
Ganga Forging Sets Terms and Timeline for Rs 33 Crore Rights Issue
Jun 25, 2026
Ganga Forging Ltd. has approved detailed terms for a rights issue of fully paid equity shares, targeting an aggregate capital raise of up to about Rs 33 crore through the issuance of 20.22 crore shares at Rs 1.63 each, including a premium componen...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.