Ganga Forging Ltd. (GANGAFORGE) AI Stock Analysis

Ganga Forging Ltd.

(NSE:GANGAFORGE)

Select Model

Rating:40Underperform

Price Target:INR 1.50▲(7.14% Upside)

Action:downgraded

Date:09/26/26

Weak financial performance from 2026 losses, margin inconsistency, and negative cash flows is the dominant factor; bearish technical signals and poor valuation metrics further pressure the score.

Positive Factors

Manageable LeverageLeverage has improved from earlier elevated levels and remains relatively manageable at about 0.71 debt-to-equity. This provides more balance-sheet resilience than a highly indebted profile and may preserve some flexibility to support operations through the next several quarters.

Negative Factors

Revenue and Profitability DeteriorationThe latest annual results show a material deterioration in operating performance, with declining revenue and a swing from modest profitability to a meaningful net loss. If sustained, weaker earnings can reduce reinvestment capacity, pressure equity returns, and make recovery more dependent on improved demand or cost control.

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

Market Cap: INR 184.99M
Dividend Yield: ―
Average Volume (3M): 5.42M
Price to Earnings (P/E): -7.6
Beta (1Y): 1.29
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...

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 subseque...

Ganga Forging Ltd. Financial Statement Overview

Summary

Revenue growth through 2025 reversed with a 9% decline and net loss of 37 million in 2026; inconsistent margins, rising debt to equity of 0.71, negative ROE of -13%, and persistent negative cash flows highlight operational and liquidity risks despite asset expansion.

Income Statement

40Negative

Balance Sheet

55Neutral

Cash Flow

35Negative

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 Price1.40

Price Trends

50DMA1.59Negative

100DMA1.82Negative

200DMA2.05Negative

Market Momentum

MACD-0.06Negative

RSI41.33Neutral

STOCH26.11Neutral

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 1.40 is below the 20-day moving average (MA) of 1.45, below the 50-day MA of 1.59, and below the 200-day MA of 2.05, indicating a bearish trend. The MACD of -0.06 indicates Negative momentum. The RSI at 41.33 is Neutral, neither overbought nor oversold. The STOCH value of 26.11 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

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:HAPPYFORGE	75Outperform	INR 164.81B	50.35	―	0.23%	15.53%	21.46%
IN:BALUFORGE	66Neutral	INR 52.02B	18.22	―	0.03%	30.79%	22.38%
IN:MMFL	62Neutral	INR 23.18B	20.62	―	0.83%	9.58%	2.00%
Sector *	55Neutral	$6.65B	3.83	-15.92%	6.20%	10.91%	7.18%
IN:RKFORGE	54Neutral	INR 117.71B	109.83	―	0.15%	25.19%	-38.28%
IN:TIRUPATIFL	50Neutral	INR 8.96B	142.33	―	―	42.34%	-20.35%
IN:GANGAFORGE	40Underperform	INR 471.81M	-7.58	―	―	-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.	1.40	-1.43	-50.48%
IN:BALUFORGE	Balu Forge Industries Ltd	442.30	-194.61	-30.56%
IN:HAPPYFORGE	Happy Forging Limited	1745.80	739.09	73.42%
IN:MMFL	MM Forgings Limited	480.10	169.66	54.65%
IN:RKFORGE	Ramkrishna Forgings Ltd	646.15	104.87	19.37%
IN:TIRUPATIFL	Tirupati Forge Ltd.	68.93	29.76	75.98%

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 allotm...

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 Chhag...

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