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Kalyani Forge Q3 FY26: Record 15.7% EBITDA Margin Amid Strategic Business Re-alignment
Kalyani Forge reported a record-high EBITDA margin of 15.7% in Q3 FY26, driven by a deliberate exit from low-margin legacy businesses and improved cost discipline. While revenue stood at ₹58.22 crore, the company achieved a Profit Before Tax (PBT) of ₹3.95 crore, its strongest in four quarters. The reported PAT of -₹0.12 crore was primarily due to non-cash deferred tax adjustments rather than operational weakness. The company is pivoting towards high-value segments like Driveline and Axle, supported by a ₹162 crore new business order book.
Key Highlights
Achieved highest-ever EBITDA margin of 15.7% through operational stabilization and pruning low-margin accounts.
New business order book reached a peak annual value of ₹162 crore, with ₹107 crore from the Engine segment.
Export mix strengthened to 20% of total sales (₹10.64 crore) with a focus on European transmission programs.
FY26 Capex budget set at ₹25 crore, with 60% allocated to future growth areas in Driveline and Axle segments.
Maintained a high Fixed Asset Turnover of 3.5x, significantly exceeding the industry benchmark of 1.5-2.0x.
💼 Action for Investors
Investors should view the margin expansion as a sign of successful structural turnaround and focus on the execution of the ₹162 crore order book. The shift from volume-led to margin-led growth suggests improved earnings quality for long-term holders.
Kalyani Forge Q3 FY26: Record 15.7% EBITDA Margin; Revenue at ₹58.22 Crore
Kalyani Forge reported a strong operational turnaround in Q3 FY26, achieving its highest-ever EBITDA margin of 15.7% through cost optimization and exiting low-margin businesses. Revenue grew slightly to ₹58.22 crore, and Profit Before Tax (PBT) reached a four-quarter high of ₹3.95 crore. However, the company reported a marginal Net Loss (PAT) of ₹0.12 crore due to deferred tax adjustments. Management is actively pursuing a 'Clean Audit' roadmap and evaluating fundraise options via equity or loans to support FY27 expansion plans.
Key Highlights
Achieved an all-time high EBITDA margin of 15.7% through disciplined cost management.
Revenue stood at ₹58.22 crore, reflecting a quarter-on-quarter increase of ₹1.99 crore.
Profit Before Tax (PBT) of ₹3.95 crore is the strongest performance in the last four quarters.
Net Loss (PAT) of ₹0.12 crore was primarily impacted by deferred tax adjustments.
Company is evaluating long-term loans and equity raises to fund upcoming FY27 capital expenditures.
💼 Action for Investors
Investors should monitor the company's ability to translate high operating margins into consistent bottom-line PAT and watch for details on the proposed equity dilution. The progress on the 'Clean Audit' roadmap is a positive governance signal that warrants attention.
Kalyani Forge Approves Q3 Results and Appoints Jagdish Baheti as New CFO
Kalyani Forge Limited approved its standalone financial results for the quarter ended December 31, 2025, during its board meeting on February 11, 2026. The company announced the appointment of Mr. Jagdish Baheti as the new Chief Financial Officer, who brings over 15 years of experience in the automotive manufacturing sector. Concurrently, Mr. Abhijit Sen stepped down from the board after completing two full terms of five years each. The board also reconstituted its key committees, including Audit and CSR, to reflect these leadership changes.
Key Highlights
Board approved unaudited standalone financial results for the quarter ended December 31, 2025.
Mr. Jagdish Baheti appointed as CFO effective February 11, 2026, with 15+ years of experience in manufacturing.
Cessation of Mr. Abhijit Sen as Independent Director following the completion of a 10-year tenure.
Reconstitution of Audit, Nomination & Remuneration, Stakeholders Relationship, and CSR committees.
Trading window for designated persons to remain closed until 48 hours after public results announcement on February 13, 2026.
💼 Action for Investors
Investors should examine the detailed Q3 financial statements once fully released to assess the company's operational performance. The appointment of a CFO with extensive automotive group experience is a positive step for financial leadership.
Kalyani Forge Appoints Mr. Jagdish Baheti as Chief Financial Officer
Kalyani Forge Limited has announced the appointment of Mr. Jagdish Baheti as the Chief Financial Officer and Key Managerial Personnel, effective February 11, 2026. Mr. Baheti is a Chartered Accountant and MBA with over 15 years of post-qualification experience specifically within the manufacturing and automotive sectors. He previously held leadership roles at Delfingen and Hirschvogel Components, bringing expertise in project finance, treasury, and ERP systems. This appointment aims to strengthen the company's financial leadership and operational oversight.
Key Highlights
Mr. Jagdish Baheti appointed as CFO effective February 11, 2026
Over 15 years of post-qualification experience in manufacturing and automotive industries
Previous experience includes CFO India role at Delfingen and tenure at Hirschvogel Components
Expertise in budgeting, forecasting, taxation, treasury, project finance, and SAP systems
💼 Action for Investors
Investors should view this as a positive step towards professional management; however, no immediate action is required. Monitor future financial reports for improvements in cost management or capital allocation under the new leadership.
Kalyani Forge Approves Q3 Results and Appoints Jagdish Baheti as New CFO
Kalyani Forge Limited has approved its standalone financial results for the quarter ended December 31, 2025. A key highlight is the appointment of Mr. Jagdish Baheti as the Chief Financial Officer, who brings over 15 years of experience in the manufacturing and automotive sectors. The company also noted the departure of Independent Director Mr. Abhijit Sen after a 10-year tenure. Consequently, the board has reconstituted its Audit, CSR, and other key committees to reflect these leadership changes.
Key Highlights
Approved unaudited standalone financial results for the quarter ended December 31, 2025.
Appointed Mr. Jagdish Baheti as CFO and Key Managerial Personnel effective February 11, 2026.
New CFO Jagdish Baheti has 15+ years of experience with automotive groups like Delfingen and Hirschvogel.
Mr. Abhijit Sen ceased to be a director effective February 2, 2026, after completing two five-year terms.
Reconstituted four major board committees including Audit and Nomination and Remuneration Committees.
💼 Action for Investors
Investors should review the detailed financial performance once the full report is released to gauge operational growth. The appointment of a CFO with deep automotive industry experience is a positive sign for the company's financial management and strategic planning.