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Krishanveer Forge Ltd (513369)

📊 BSE: 513369 🏢 Castings & Forgings 📢 Latest filing: 10 Oct 2026 📝 Analysis written: 13 Nov 2025

Latest quarterly results (Q1 FY27)

In its latest reported quarter, Q1 FY27, Krishanveer Forge's revenue was ₹22.1 Cr (-6.4% year on year, -9.1% on the previous quarter), and net profit ₹2.0 Cr (-3.6% year on year); the operating margin was 12.4%.

Q1 FY27 (₹ Cr)	Value	YoY vs Q1 FY26	QoQ
Revenue	₹22.1	-6.4%	-9.1%
Operating profit	₹2.7	+2.5%	-25.0%
Net profit	₹2.0	-3.6%	-65.3%
EPS (₹)	1.82	-3.4%	-65.3%
Operating margin	12.4%	—	—

Full quarterly financials → Results calendar →

📢 Recent Corporate Announcements

Krishanveer Forge Faces Rs 4.60 Cr Civil Suit Over Factory Land Parcel

🔵 WATCH ⭐ 5/10

LEGAL 📅 10 Oct 2026, 02:57 PM

Krishanveer Forge has been named as a defendant in Special Civil Suit No. 189/2026 before the Court of Civil Judge, Senior Division at Khed, Pune. The plaintiffs (Usha Dattatraya Khatpe and others) dispute a 1991 sale deed, claiming a 1/3rd share in a 1.60-hectare factory land parcel at Kharabwadi, Pune, with a suit claim valued at Rs 4.60 crore. This claim represents ~42% of the company's TTM net profit of Rs 11 crore and ~5.2% of TTM revenue (Rs 88 crore). The company stated it has strong grounds to defend the title and currently anticipates no operational disruption beyond legal defense costs.

Suit filed claiming Rs 4.60 crore regarding land parcel bearing Gat No. 357/105 at Kharabwadi, Pune
Plaintiffs claim 1/3rd undivided share (~0.53 Hectare out of 1.60 Hectare) challenging a Sale Deed dated 01.11.1991
Pecuniary claim of Rs 4.60 crore compares to TTM PAT of Rs 11 crore (~42%) and net worth of Rs 51 crore (~9%)
Company received the copy of the plaint on October 10, 2026, and is preparing to file its written statement

💡 Monitor upcoming court proceedings, the filing of the company's written statement, and whether any interim injunctions or status quo orders are sought that could affect factory operations.

Krishanveer Forge Releases FY26 Annual Report; Recommends ₹3.00 Dividend, FY26 PAT at ₹11.38 Cr

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 25 Aug 2026, 10:38 AM

Krishanveer Forge Limited has submitted its Annual Report for FY 2025-26 along with the Notice for its 36th Annual General Meeting scheduled for September 18, 2026. Revenue from operations for FY26 grew to ₹8,930.46 lakhs from ₹8,279.65 lakhs in FY25. Net profit surged 101.83% to ₹1,137.72 lakhs, supported by an exceptional one-time gain of ₹350 lakhs from the sale of land. The Board has recommended a dividend of ₹3.00 per equity share, and noted the operationalization of a 1MWp captive solar power plant to reduce energy costs.

Revenue from operations grew to ₹8,930.46 lakhs in FY26 vs ₹8,279.65 lakhs in FY25
Net profit increased by 101.83% to ₹1,137.72 lakhs, boosted by a ₹350 lakhs exceptional gain on land sale
Profit before exceptional items and tax rose 55.84% to ₹1,182.03 lakhs vs ₹758.48 lakhs in FY25
Recommended dividend of ₹3.00 per share; 36th AGM scheduled on September 18, 2026
Fully operationalized 1MWp captive solar power plant in Solapur to curb energy costs

💡 Track shareholder approvals at the AGM on September 18, 2026, and monitor subsequent quarterly operational performance excluding one-off land sale gains.

Krishanveer Forge Issues 36th AGM Notice; Proposes ₹3.00 Dividend & ₹33 Cr Related Party Limit

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 25 Aug 2026, 10:26 AM

Krishanveer Forge Limited has released the notice for its 36th Annual General Meeting scheduled for September 18, 2026, via video conferencing. Key resolutions include shareholder approval for a dividend of ₹3.00 per equity share for FY26. The company is also seeking omnibus approval for material Related Party Transactions up to ₹33.00 crore with group entities Western India Forgings and Western Heat and Forge, representing ~37.5% of TTM revenue (₹88 crore). Additionally, the notice proposes the re-appointment of Whole Time Director Nitin Shyam Rajore at a monthly salary of ₹6.50 lakh for a 5-year term.

36th Annual General Meeting convened for September 18, 2026, at 11:30 AM IST via VC/OAVM
Dividend recommended at ₹3.00 per equity share (face value ₹10) for FY26 subject to shareholder approval
Approval sought for material Related Party Transactions up to ₹33.00 crore with parent Western India Forgings Pvt Ltd and Western Heat and Forge Pvt Ltd
Re-appointment of Mr. Nitin Shyam Rajore as Whole Time Director for 5 years from Dec 1, 2026, at ₹6.50 lakh monthly salary
Appointment of Mr. Ravi Kapoor and Ms. Vijeta Subhash Kulkarni as Independent Directors for 5-year terms

💡 Track the AGM voting results on September 18, 2026, and the record date announcement for the ₹3.00 dividend payout.

Krishanveer Forge Sets Sept 11, 2026 as Record Date for FY26 Dividend & 36th AGM

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 17 Aug 2026, 05:07 PM

Krishanveer Forge Ltd has scheduled its 36th Annual General Meeting (AGM) for Friday, September 18, 2026, via Video Conferencing. The company has fixed Friday, September 11, 2026, as the record date for determining shareholder entitlement to the dividend for FY26 (subject to AGM approval) and eligibility for remote e-voting. Share transfer books and the register of members will remain closed from September 12 to September 18, 2026.

36th AGM scheduled for Friday, September 18, 2026 at 11:30 a.m. IST via VC/OAVM
Record date for FY26 dividend entitlement and e-voting eligibility set for September 11, 2026
Book closure period scheduled from September 12, 2026 to September 18, 2026
Remote e-voting window open from September 15, 2026 (9:00 AM) to September 17, 2026 (5:00 PM)

💡 Shareholders seeking dividend eligibility must hold shares as of the close of business on September 11, 2026, and can participate in voting between September 15 and September 17, 2026.

Krishanveer Forge Fixes Sept 11, 2026 as Record Date for Dividend and 36th AGM

🟡 NEUTRAL ⭐ 3/10

DIVIDEND 📅 17 Aug 2026, 05:02 PM

Krishanveer Forge Limited has scheduled its 36th Annual General Meeting (AGM) for Friday, September 18, 2026, via Video Conferencing. The Board has fixed Friday, September 11, 2026, as the record date to determine shareholder eligibility for the FY26 dividend and e-voting. The register of members and share transfer books will remain closed from September 12 to September 18, 2026. Remote e-voting is scheduled between September 15, 2026 (9:00 AM IST) and September 17, 2026 (5:00 PM IST).

36th AGM scheduled for Friday, September 18, 2026, at 11:30 AM IST via VC/OAVM
Record date fixed as Friday, September 11, 2026, for FY26 dividend entitlement and e-voting
Book closure period set from Saturday, September 12, 2026, to Friday, September 18, 2026
Remote e-voting window runs from September 15, 2026 (9:00 AM IST) to September 17, 2026 (5:00 PM IST)

💡 Shareholders seeking dividend eligibility must hold shares as of the record date on September 11, 2026, and track shareholder voting outcomes post-AGM on September 18, 2026.

Krishanveer Forge Fixes Sept 11, 2026 as Record Date for FY26 Dividend and AGM

🟡 NEUTRAL ⭐ 3/10

DIVIDEND 📅 17 Aug 2026, 04:56 PM

Krishanveer Forge Limited has scheduled its 36th Annual General Meeting (AGM) for Friday, September 18, 2026, via Video Conferencing. The company has fixed Friday, September 11, 2026, as the record date to determine shareholder eligibility for the FY26 dividend, subject to AGM approval. Register of Members and Share Transfer Books will remain closed from September 12, 2026, to September 18, 2026. Remote e-voting will be open from September 15, 2026 (9:00 AM) to September 17, 2026 (5:00 PM).

36th Annual General Meeting scheduled on September 18, 2026, at 11:30 a.m. IST via VC/OAVM.
Record date for FY26 dividend entitlement set as September 11, 2026.
Book closure period scheduled from September 12, 2026, to September 18, 2026.
Remote e-voting window runs from September 15, 2026 (9:00 a.m.) to September 17, 2026 (5:00 p.m.).

💡 Shareholders seeking dividend eligibility must hold shares before the ex-date preceding September 11, 2026. Track AGM voting outcomes post September 18, 2026.

Krishanveer Forge Issues Shareholder Notice to Update PAN, Bank and Contact Details

🟡 NEUTRAL ⭐ 1/10

ROUTINE 📅 17 Aug 2026, 04:49 PM

Krishanveer Forge Limited has notified stock exchanges that it hosted a communication on its website advising shareholders to update and register their Email address, PAN, address, and bank details. The updates are to be filed with their respective Depository Participants or the Registrar and Transfer Agent (MUFG Intime India Pvt Ltd). This is a standard administrative KYC update notification and carries no financial or operational impact on the company's business.

Advises shareholders to update or register Email address, PAN, Address, and Bank details
Filing directed to Depository Participants and RTA MUFG Intime India Pvt Ltd (formerly Link Intime)
Communication hosted on company website as of August 17, 2026

💡 Shareholders should verify that their KYC details, PAN, and bank accounts are properly mapped with their DP or RTA to ensure smooth receipt of corporate communications and any future dividend payouts.

Krishanveer Forge Fixes Sept 11, 2026 Record Date for ₹3.00/Share FY26 Dividend

🟢 POSITIVE ⭐ 5/10

DIVIDEND 📅 17 Aug 2026, 04:45 PM

Krishanveer Forge Limited has fixed Friday, September 11, 2026, as the record date for determining shareholder eligibility for a dividend of ₹3.00 per equity share (face value ₹10) for FY 2025-26. The dividend was previously recommended by the Board on May 27, 2026, and is subject to shareholder approval at the upcoming Annual General Meeting. Upon approval, payment will be completed on or before October 17, 2026. At the current market price of ₹140.0, the dividend offers a yield of approximately 2.14% and represents a payout ratio of ~28.8% against FY26 EPS of ₹10.4.

Dividend recommended at ₹3.00 per equity share of face value ₹10 for FY 2025-26
Record date fixed as Friday, September 11, 2026
Payment to be credited on or before Saturday, October 17, 2026, post AGM approval
Translates to a dividend yield of ~2.14% on the current market price of ₹140.0

💡 Investors seeking dividend eligibility must hold shares before the ex-dividend date preceding September 11, 2026, and track voting results from the upcoming AGM.

Krishanveer Forge Sets 36th AGM on Sept 18, 2026; Dividend Record Date on Sept 11

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 17 Aug 2026, 04:34 PM

Krishanveer Forge Limited has scheduled its 36th Annual General Meeting (AGM) for Friday, September 18, 2026, via Video Conferencing. The company has fixed Friday, September 11, 2026, as the record date for determining shareholder eligibility for the FY26 dividend, subject to AGM approval. The register of members will remain closed from September 12 to September 18, 2026. Remote e-voting will be accessible from September 15 to September 17, 2026.

36th Annual General Meeting scheduled for September 18, 2026, at 11:30 AM IST via VC/OAVM
Record date for FY26 dividend entitlement fixed as September 11, 2026
Book closure period set from September 12, 2026, to September 18, 2026 (both days inclusive)
Remote e-voting window runs from September 15, 2026 (9:00 AM) to September 17, 2026 (5:00 PM)

💡 Shareholders should monitor the dispatch of the FY26 Annual Report and AGM Notice for details on the dividend per share amount and business resolutions.

Krishanveer Forge Appoints Two Independent Directors for 5-Year Terms Starting Dec 2026

🟡 NEUTRAL ⭐ 4/10

MANAGEMENT 📅 05 Aug 2026, 06:09 PM

Krishanveer Forge has recommended the appointment of Mr. Ravi Kapoor and Ms. Vijeta Subhash Kulkarni as Independent Directors for a five-year term starting December 1, 2026. Mr. Kapoor brings over 36 years of experience in finance and strategic leadership, while Ms. Kulkarni has 21 years of experience in HR and corporate governance. These appointments are subject to shareholder approval at the upcoming Annual General Meeting. The company, with a market cap of Rs 171 Cr, maintains a debt-free balance sheet and reported a TTM PAT of Rs 11 Cr.

Appointment of 2 new Independent Directors for a 5-year term starting December 1, 2026.
Mr. Ravi Kapoor brings 36+ years of experience in finance, strategic leadership, and risk management.
Ms. Vijeta Subhash Kulkarni brings 21+ years of experience in HR, ESG, and corporate governance.
The appointments are subject to shareholder approval at the ensuing Annual General Meeting.

💡 Investors should monitor the upcoming Annual General Meeting for the formal approval of these appointments and observe if the new board members influence future strategic shifts.

₹3.00 Dividend: Krishanveer Forge Sets September 11, 2026, as Record Date

🟢 POSITIVE ⭐ 5/10

DIVIDEND 📅 05 Aug 2026, 05:46 PM

Krishanveer Forge has finalized Friday, September 11, 2026, as the record date for its recommended final dividend of ₹3.00 per equity share for FY 2025-26. This dividend represents a 30% payout on the face value of ₹10 and an approximate yield of 1.9% based on the current market price of ₹156.6. The payout follows a strong financial year where net profit grew from ₹6 Cr in FY25 to ₹11 Cr in FY26. Shareholders as of the record date will receive payment by October 17, 2026, subject to AGM approval.

Dividend of ₹3.00 per equity share of ₹10 face value recommended for FY 2025-26.
Record date for determining eligibility fixed as Friday, September 11, 2026.
Dividend payment to be completed on or before Saturday, October 17, 2026.
Dividend yield stands at approximately 1.9% relative to the current share price of ₹156.6.

💡 Investors interested in the dividend must hold the shares before the ex-dividend date (typically one working day prior to the record date). Monitor the upcoming Annual General Meeting (AGM) for the formal declaration of this dividend.

Krishanveer Forge Q1 FY27: Revenue Down 6.4% YoY to ₹22.14 Cr, PAT at ₹2.00 Cr

🟡 NEUTRAL ⭐ 6/10

EARNINGS 📅 05 Aug 2026, 05:26 PM

Krishanveer Forge reported a slight contraction in its Q1 FY27 performance, with revenue from operations declining 6.4% YoY to ₹22.14 Cr. Net profit followed a similar trend, decreasing 3.4% YoY to ₹2.00 Cr from ₹2.07 Cr. A significant factor in the margin profile was gas consumption costs, which rose to ₹4.88 Cr, accounting for approximately 22% of total revenue. Despite the slight dip in top-line, the company maintains a strong balance sheet with negligible finance costs of ₹0.05 Cr.

Revenue from operations fell to ₹22.14 Cr in Q1 FY27 compared to ₹23.64 Cr in the same quarter last year.
Net profit for the quarter stood at ₹2.00 Cr, a marginal decline from ₹2.07 Cr YoY.
Gas consumption expenses increased to ₹4.88 Cr from ₹4.32 Cr in the year-ago period.
Finance costs remained extremely low at ₹5.29 Lakhs, consistent with the company's zero-debt status.
Earnings Per Share (EPS) for the quarter was ₹1.83, down from ₹1.89 YoY.

💡 Monitor the trend in energy costs (gas consumption) as they represent a major portion of operating expenses. Investors should also watch for a recovery in revenue growth to see if the company can maintain its high ROCE of 26%.

Rs 2.00 Cr PAT: Krishanveer Forge Reports 6.4% YoY Revenue Decline in Q1 FY27

🟡 NEUTRAL ⭐ 6/10

EARNINGS 📅 05 Aug 2026, 05:16 PM

Krishanveer Forge reported a slight contraction in its Q1 FY27 performance, with revenue from operations falling 6.4% YoY to Rs 22.14 Cr. Net profit also saw a marginal decline of 3.4% YoY, coming in at Rs 2.00 Cr compared to Rs 2.07 Cr in the year-ago period. The company has fixed September 11, 2026, as the record date for its FY26 dividend. Additionally, the board recommended the appointment of two new Independent Directors for five-year terms starting December 2026.

Revenue from operations decreased to Rs 22.14 Cr in Q1 FY27 from Rs 23.64 Cr in Q1 FY26.
Net profit for the quarter stood at Rs 2.00 Cr, down from Rs 2.07 Cr in the corresponding quarter last year.
Record date for FY25-26 dividend entitlement is fixed as September 11, 2026.
Total expenses for the quarter were reduced to Rs 19.84 Cr from Rs 21.37 Cr YoY, primarily due to lower inventory changes.
Proposed appointment of Mr. Ravi Kapoor and Ms. Vijeta Subhash Kulkarni as Independent Directors for 5-year terms.

💡 Investors should monitor if the revenue contraction is a one-off quarterly dip or a trend, and track the final dividend approval at the AGM scheduled for September 18, 2026.

Krishanveer Forge to meet Aug 5 for Q1 results and FY26 dividend record date

🟡 NEUTRAL ⭐ 4/10

BOARD_MEETING 📅 30 Jul 2026, 11:25 AM

Krishanveer Forge Ltd has scheduled a board meeting on August 5, 2026, to approve its unaudited financial results for the quarter ended June 30, 2026. The board will also fix the record date for the dividend entitlement for the financial year 2025-26. This follows a strong FY26 where the company reported a net profit of ₹11.0 Cr on revenue of ₹89.0 Cr. The company remains debt-free with a high ROCE of 26.0%.

Board meeting scheduled for August 05, 2026, to approve Q1 FY27 results
Record date for FY 2025-26 dividend to be finalized during the meeting
Trading window remains closed from July 01, 2026, until August 07, 2026
Company reported a TTM PAT of ₹11 Cr as of March 2026
Promoter holding remains stable at 72.46% as of June 2026

💡 Investors should monitor the August 5 results to assess if the company can sustain its 13.6% OPM and track the specific dividend amount and record date once announced.

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💰 Financial Performance

Revenue Growth by Segment

Total revenue decreased by 0.59% YoY to INR 8,375.65 Lakhs from INR 8,425.45 Lakhs. Domestic sales contributed INR 8,271.86 Lakhs (98.7% of total), while export sales contributed INR 7.79 Lakhs (0.09% of total).

Geographic Revenue Split

The company is heavily domestic-focused with 98.7% of sales (INR 8,271.86 Lakhs) coming from India. Export sales represent a minimal 0.09% at INR 7.79 Lakhs, despite serving global oil and gas clients.

Profitability Margins

Operating Profit Margin improved from 7.12% to 9.31% (up 219 bps). Net Profit Margin increased from 4.74% to 6.73% (up 199 bps) due to cost optimization and internal accrual-based financing.

EBITDA Margin

EBIDTA grew 24.31% YoY to INR 932.11 Lakhs from INR 749.79 Lakhs, reflecting improved core operational efficiency despite a slight dip in total revenue.

Capital Expenditure

Historical and planned capex values are not disclosed in absolute INR, but the company maintains a 'prudent capex investment policy' and utilizes internal accruals for funding.

Credit Rating & Borrowing

The company did not utilize its borrowing limit during FY 2024-25 due to sufficient internal accruals. The Debt-Equity Ratio remained stable at 0.31 compared to 0.32 in the previous year.

⚙️ Operational Drivers

Raw Materials

Specific raw material names like steel grades are not explicitly listed, but the company processes 'metal forging' materials. Procurement costs are managed through a strategy of passing price increases to customers.

Capacity Expansion

Current installed capacity in MT is not disclosed; however, the company operates a 'state-of-the-art facility' with advanced in-house processes.

Raw Material Costs

Raw material costs are managed via a procurement strategy that encourages customers to share long-term production plans to allow for timely sourcing at competitive prices.

Manufacturing Efficiency

Inventory Turnover Ratio improved by 6.6% from 6.65 to 7.09, indicating better movement of stock and manufacturing efficiency.

📈 Strategic Growth

Expected Growth Rate

9.8%

Growth Strategy

Growth will be driven by the 'Make in India' initiative and the Production Linked Incentive (PLI) scheme. The company aims to leverage rising demand in the automotive and power sectors and utilize technological advancements in advanced materials.

Products & Services

Open die forgings serving oil and gas, infrastructure, power transmission, mining, and construction industries.

Brand Portfolio

Krishanveer Forge Limited.

Market Expansion

Targeting growth in the international market as a key global supplier and expanding domestic presence in the automotive and power sectors.

🌍 External Factors

Industry Trends

The Indian metal forging market is projected to grow from USD 5.08 billion in 2023 to USD 9.75 billion by 2030 at a CAGR of 9.8%, driven by automotive and construction demand.

Competitive Landscape

The industry is seeing growth in both India and the U.S. (projected USD 2.66 billion by 2032), with competition driven by technological adoption and cost efficiency.

Competitive Moat

Moat is built on a state-of-the-art facility with advanced in-house processes and ISO certification, ensuring high manufacturing standards and safety compliance.

Macro Economic Sensitivity

Highly sensitive to global trade policies and macroeconomic ripple effects from US trade redirection.

Consumer Behavior

Rising demand for forged products in mechanical equipment and aerospace is driving market growth.

Geopolitical Risks

Persistent instability in the Middle East and the Ukraine-Russia conflict, along with May 2025 India-Pakistan tensions, threaten supply chain continuity.

⚖️ Regulatory & Governance

Industry Regulations

Strict compliance with ISO certifications and safety standards; subject to evolving ESG compliance burdens in the manufacturing industry.

Environmental Compliance

The company complies with environmental standards and monitors emissions to meet stricter norms and waste management regulations.

Legal Contingencies

The company reported 6 shareholder complaints during FY 2024-25, all of which were resolved, with 0 pending as of March 31, 2025.

⚠️ Risk Analysis

Key Uncertainties

US tariff policy shifts and geopolitical conflicts (Middle East/Ukraine/Pakistan) could impact margins and supply chain stability by up to significant macroeconomic levels.