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Kalyani Forge Limited
(KALYANIFRG)
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Rating:53Neutral
Price Target:
₹967.00
▲(61.54% Upside)
Action:Reiterated
Date:09/06/26
The score is held back primarily by weak cash flow (negative operating cash flow and sharply negative free cash flow in 2026) alongside rising leverage, despite a clear recovery in profitability. Technicals are supportive due to a strong uptrend, but very overbought readings raise pullback risk. Valuation provides limited support given the high P/E and low dividend yield.
Positive Factors
Profitability recovery
Profitability has recovered from earlier loss-making periods, with 2026 net margin around 4.0% and EBIT/EBITDA margins of about 7.9% and 11.9%. This provides a stronger earnings base for operations and investment, although continued execution is needed to sustain it.
Negative Factors
Weak cash conversion
Recent cash generation is materially weaker than reported profitability: operating cash flow turned negative in 2026 and free cash flow was deeply negative. Persistent weak conversion can increase reliance on external financing, limit reinvestment capacity, and reduce flexibility during operating volatility.
Read all positive and negative factors
Positive Factors
Negative Factors
Profitability recovery
Profitability has recovered from earlier loss-making periods, with 2026 net margin around 4.0% and EBIT/EBITDA margins of about 7.9% and 11.9%. This provides a stronger earnings base for operations and investment, although continued execution is needed to sustain it.
Read all positive factors
Kalyani Forge Limited (KALYANIFRG) vs. iShares MSCI India ETF (INDA)
Market Cap
₹3.47B
Dividend Yield0.42%
Average Volume (3M)2.27K
Price to Earnings (P/E)27.7
Beta (1Y)0.74
Revenue Growth-2.76%
EPS Growth32.15%
CountryIN
Employees723
SectorGeneral
Sector StrengthN/A
IndustryAuto - Parts
Share Statistics
EPS (TTM)34.06
Shares Outstanding3,638,000
10 Day Avg. Volume440
30 Day Avg. Volume2,268
Financial Highlights & Ratios
PEG Ratio1.79
Price to Book (P/B)2.08
Price to Sales (P/S)0.85
P/FCF Ratio-5.98
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
Kalyani Forge Limited Business Overview & Revenue Model
Company Description
Kalyani Forge Limited, an engineering company, manufactures and sells forged, machined, and assembled products in India. The company offers engine components, including connecting rod, crank and cam shafts, retainer and cross head valves, injector...
How the Company Makes Money
Kalyani Forge Limited primarily makes money by manufacturing and selling forged (and often machined) metal components to customers, typically under business-to-business supply arrangements.
Key revenue streams:
1) Sale of forged components: The c...
Kalyani Forge Limited Financial Statement Overview
Summary
Income Statement
62
Positive
Balance Sheet
52
Neutral
Cash Flow
28
Negative
| Breakdown | TTM | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 2.37B | 2.35B | 2.37B | 2.36B | 2.65B | 2.46B |
| Gross Profit | 937.05M | 784.62M | 767.77M | 696.85M | 658.91M | 185.55M |
| EBITDA | 354.94M | 315.79M | 265.12M | 173.17M | 152.62M | 193.79M |
| Net Income | 123.91M | 93.17M | 83.15M | 45.50M | -1.84M | 31.33M |
Balance Sheet | ||||||
| Total Assets | 0.00 | 2.51B | 2.30B | 2.05B | 1.81B | 1.83B |
| Cash, Cash Equivalents and Short-Term Investments | 22.61M | 22.61M | 29.09M | 59.34M | 10.29M | 18.66M |
| Total Debt | 0.00 | 1.06B | 715.68M | 609.12M | 381.93M | 264.88M |
| Total Liabilities | -955.44M | 1.56B | 1.41B | 1.23B | 1.03B | 805.15M |
| Stockholders Equity | 955.44M | 955.44M | 896.87M | 820.07M | 777.02M | 1.03B |
Cash Flow | ||||||
| Free Cash Flow | -137.42M | -332.51M | -95.58M | -159.55M | -101.45M | 64.52M |
| Operating Cash Flow | -24.96M | -1.35M | 147.92M | 100.04M | -25.00M | 111.22M |
| Investing Cash Flow | -112.17M | -332.29M | -243.50M | -258.49M | -58.45M | -41.37M |
| Financing Cash Flow | 141.23M | 326.03M | 96.34M | 157.34M | 75.08M | -52.21M |
Kalyani Forge Limited Technical Analysis
Positive
598.60
Price Trends
806.45
Positive
707.81
Positive
656.92
Positive
Market Momentum
41.94
Positive
52.77
Neutral
67.01
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:KALYANIFRG, the sentiment is Positive. The current price of 598.6 is below the 20-day moving average (MA) of 991.38, below the 50-day MA of 806.45, and below the 200-day MA of 656.92, indicating a neutral trend. The MACD of 41.94 indicates Positive momentum. The RSI at 52.77 is Neutral, neither overbought nor oversold. The STOCH value of 67.01 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for IN:KALYANIFRG.
Kalyani Forge Limited Peers Comparison
UnderperformOutperform
Sector (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
83 Outperform | ₹503.02B | 71.88 | ― | 0.42% | 39.56% | 17.82% | |
74 Outperform | ₹24.98B | 18.83 | ― | 0.52% | 8.11% | 29.23% | |
72 Outperform | ₹52.69B | 36.11 | ― | 2.26% | 14.37% | 70.31% | |
67 Neutral | ₹25.44B | 14.57 | ― | 1.89% | 6.30% | 10.84% | |
63 Neutral | ₹911.91B | 126.95 | ― | 0.46% | 17.54% | -31.63% | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% | |
53 Neutral | ₹3.47B | 27.66 | ― | 0.42% | -2.76% | 32.15% |
* General Sector Average
IN:KALYANIFRG
Kalyani Forge Limited
952.95
283.44
42.34%
IN:AUTOAXLES
Automotive Axles Limited
1,683.60
-45.36
-2.62%
IN:BHARATFORG
Bharat Forge Ltd
1,866.10
638.48
52.01%
IN:GNA
GNA Axles Ltd
581.80
275.70
90.07%
IN:NRBBEARING
NRB Bearings Ltd.
543.65
267.89
97.15%
IN:SONACOMS
Sona BLW Precision Forgings Ltd.
805.95
394.04
95.66%
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.