Ganga Forging Ltd. (GANGAFORGE) AI Stock Analysis

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Ganga Forging Ltd.

(NSE:GANGAFORGE)

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Rating:43Neutral

Price Target:INR 1.50▲(15.38% Upside)

Action:reiterated

Date:09/26/26

The overall score is primarily constrained by weak financial performance, including recent revenue decline, negative margins, and chronically negative operating and free cash flows. Secondary pressure comes from a clearly bearish technical setup, with the price below all key moving averages and momentum indicators in oversold territory. Valuation adds limited support, as losses and the lack of a dividend make the negative P/E difficult to interpret and reduce conviction in any perceived cheapness.

Positive Factors

Industrial Forging NicheThe company serves industrial applications where forged and machined components must meet demanding strength and durability requirements. This specialized product role can support customer relevance and repeat demand over the medium term, provided operating execution and end-market conditions improve.

Negative Factors

Revenue and Profitability DeclineThe latest annual period shows a material deterioration in both demand and profitability, with lower revenue accompanied by a swing into meaningful losses. If this trajectory persists, it can weaken reinvestment capacity, reduce resilience, and undermine the earnings base over the next several quarters.

Ganga Forging Ltd. (GANGAFORGE) vs. iShares MSCI India ETF (INDA)

Market Cap: INR 174.42M
Dividend Yield: ―
Average Volume (3M): 3.64M
Price to Earnings (P/E): -7.0
Beta (1Y): 0.98
Revenue Growth: -17.43%
EPS Growth: -2365.00%
Country: India
Employees: 55
Sector: General
Sector Strength: 55
Industry: Manufacturing - Metal Fabrication

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), straight...

Ganga Forging Ltd. Financial Statement Overview

Summary

Score reflects declining revenue, negative profitability and margins, and persistently weak operating and free cash flows, partially offset by moderate leverage and a reasonably capitalized balance sheet.

Income Statement

32Negative

Balance Sheet

55Neutral

Cash Flow

20Very Negative

Financial statement breakdown
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	25.06M
Net Income	-23.05M	-36.54M	6.13M	4.43M	16.57M	10.34M
Balance Sheet
Total Assets	0	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	201.06M	167.15M	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

Technical Analysis SentimentNegative

Last Price1.30

Price Trends

50DMA1.50Negative

100DMA1.77Negative

200DMA2.00Negative

Market Momentum

MACD-0.06Positive

RSI33.32Neutral

STOCH7.94Positive

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 1.30 is below the 20-day moving average (MA) of 1.39, below the 50-day MA of 1.50, and below the 200-day MA of 2.00, indicating a bearish trend. The MACD of -0.06 indicates Positive momentum. The RSI at 33.32 is Neutral, neither overbought nor oversold. The STOCH value of 7.94 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

Overall Rating

UnderperformOutperform

Sector (55)

Financial Indicators

IN:GANGAFORGE against its peers
Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
IN:BALUFORGE	74Outperform	INR 62.83B	22.68	―	0.03%	30.79%	22.38%
IN:HAPPYFORGE	62Neutral	INR 170.94B	50.48	―	0.21%	22.81%	29.40%
IN:MMFL	62Neutral	INR 30.05B	22.30	―	0.63%	21.52%	44.72%
IN:RKFORGE	62Neutral	INR 139.28B	76.27	―	0.38%	25.19%	-38.28%
Sector *	55Neutral	$6.65B	3.83	-15.92%	6.20%	10.91%	7.18%
IN:TIRUPATIFL	50Neutral	INR 8.78B	95.88	―	―	48.01%	48.82%
IN:GANGAFORGE	43Neutral	INR 441.48M	-7.04	―	―	-17.43%	-2365.00%

* General Sector Average

Performance Comparison

IN:GANGAFORGE and its peers over the selected period
Ticker	Company Name	Price	Change	% Change
IN:GANGAFORGE	Ganga Forging Ltd.	1.30	-1.38	-51.56%
IN:BALUFORGE	Balu Forge Industries Ltd	551.10	-70.21	-11.30%
IN:HAPPYFORGE	Happy Forging Limited	1881.75	849.25	82.25%
IN:MMFL	MM Forgings Limited	637.85	338.61	113.16%
IN:RKFORGE	Ramkrishna Forgings Ltd	785.70	235.46	42.79%
IN:TIRUPATIFL	Tirupati Forge Ltd.	66.57	32.51	95.45%

Ganga Forging Ltd. Corporate Events

Ganga Forging Announces Leadership Transition

Nov 5, 2026

Ganga Forging Ltd. announced changes to its senior leadership following its November 5, 2026 board meeting. Chairman and Managing Director Hiralal Tilva resigned from both roles and as a director at the close of business, citing retirement upon reach...

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.

Date of analysis: Sep 26, 2026

Ganga Forging Ltd. AI Stock Analysis