Ganga Forging Limited (GANGAFORGE)
₹1.45 -2.68% last close, 16 Oct
Latest quarterly results (Q1 FY27)
In its latest reported quarter, Q1 FY27, Ganga Forging's revenue was ₹7.2 Cr (-7.3% year on year, -33.0% on the previous quarter), and net profit ₹1.1 Cr (against a loss a year earlier); the operating margin was 9.3%.
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹7.2 | -7.3% | -33.0% |
| Operating profit | ₹0.7 | from loss | from loss |
| Net profit | ₹1.1 | from loss | from loss |
| EPS (₹) | 0.08 | from loss | from loss |
| Operating margin | 9.3% | — | — |
GANGAFORGE delivery percentage and bulk deals
NSE end-of-day data for
On Fri, 16 Oct 2026, 70.26% of the GANGAFORGE shares traded on NSE were taken to delivery, against the stock's own 20-session average of 63.79%. That is close to its usual level. Turnover was only ₹25 lakh, so a handful of trades can move this figure. It closed at a price band (circuit) on 8 sessions in about the last 20. 2 bulk or block deals were reported in GANGAFORGE in the last 60 days: ₹0.27 Cr bought and ₹0.28 Cr sold.
Delivery in the last 5 sessions: 70.8% · 70.1% · 29.9% · 79.9% · 70.3%
| Date | Side | Counterparty | Value | Price | Quantity | Type |
|---|---|---|---|---|---|---|
| 14 Oct | Sell | Neel Rameshbhai Gajera | ₹0.28 Cr | ₹1.54 | 1,795,750 | Bulk |
| 14 Oct | Buy | Neel Rameshbhai Gajera | ₹0.27 Cr | ₹1.53 | 1,795,750 | Bulk |
A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed
📢 Recent Corporate Announcements
Ganga Forging Limited has submitted its quarterly compliance certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018 for the quarter ended 30th September, 2026. The certificate was issued by MUFG Intime India Private Limited, the company's Registrar and Share Transfer Agent. It confirms that share certificates received for dematerialisation were processed, confirmed, rejected, or mutilated and cancelled within prescribed timelines. This is a standard quarterly administrative filing with no financial or operational impact.
- Compliance certificate submitted under Regulation 74(5) for the quarter ended 30th September 2026
- Confirmation certificate issued by RTA MUFG Intime India Private Limited dated 3rd October 2026
- Filing officially submitted to the National Stock Exchange of India on 14th October 2026
Ganga Forging Limited announced the voting results for its 38th Annual General Meeting held on September 26, 2026. Shareholders approved an increase in authorized share capital from Rs 35.00 crore to Rs 85.00 crore, alongside the corresponding alteration to the capital clause of the Memorandum of Association. Additionally, re-appointments of directors and alterations to the Main Object Clause were passed with over 99.8% favorable votes. A total of 11.63 crore votes were polled representing 34.52% of outstanding shares.
- Increase in authorized share capital from Rs 35,00,00,000 to Rs 85,00,00,000 approved
- Total of 11,63,47,776 votes polled out of 33,70,05,575 outstanding shares (34.52% turnout)
- Re-appointment of Managing Director Rakesh Patel passed with 99.86% votes in favour
- Independent Director Nayankumar Virparia re-appointed for a second term with 99.88% approval
Ganga Forging Limited conducted its 38th Annual General Meeting on September 26, 2026. Key agenda items placed before shareholders included increasing the company's authorised share capital from ₹35 crore to ₹85 crore, alongside alterations to the capital and main object clauses. The company reported FY26 annual revenue of ₹35.63 crore with a net loss of ₹3.65 crore, compared to its current market capitalization of ₹20 crore. Official e-voting and poll results are expected within two working days.
- Proposed increase in authorised share capital from ₹35,00,00,000 to ₹85,00,00,000
- Approval sought for alteration of Clause V (Capital Clause) and Clause III [A] (Main Object Clause) of MoA
- Remote e-voting was held from September 23, 2026 to September 25, 2026
- 38th AGM concluded at 12:50 PM on September 26, 2026; voting results due within two working days
Pine Oak Global Fund disclosed a disposal of 1,00,12,899 equity shares of Ganga Forging Limited in the open market under SEBI (SAST) Regulations. Prior to this sale, the fund held 4,30,04,071 shares, representing a 12.76% stake in the company. Pine Oak Global Fund is a non-promoter public shareholder based in Mauritius.
- Sale of 1,00,12,899 equity shares via open market transactions
- Shareholding prior to disposal was 4,30,04,071 shares (12.76% of total voting capital)
- Filing made under Regulation 29(1) of SEBI (SAST) Regulations, 2011
Ganga Forging's Board of Directors has approved raising funds up to Rs 50 crore via equity shares, convertible securities, rights issue, preferential issue, QIP, or other permissible modes. This proposed fundraise is massive relative to the company's size, representing ~227% of its current market capitalization of Rs 22 crore and ~143% of its TTM revenue of Rs 35 crore. The capital raise is subject to shareholder and statutory/regulatory approvals, with specific mode and pricing terms to be determined later. The company currently carries Rs 20 crore in debt with negative TTM operating margins of -3.9%.
- Board approved fundraising for an aggregate amount not exceeding Rs 50 crore
- Permissible modes include rights issue, preferential issue, QIP, or public issue
- Proposed Rs 50 crore raise equals ~227% of current market cap of Rs 22 crore
- Board meeting commenced at 04:00 PM and concluded at 04:40 PM on September 08, 2026
Ganga Forging Limited has announced the closure of its trading window from September 4, 2026, to September 10, 2026. This administrative closure is pursuant to SEBI Insider Trading Regulations ahead of a Board of Directors meeting scheduled for September 8, 2026. The board is set to evaluate and consider various sources of fundraising. Further details on the issue size, structure, and instruments will be known after the meeting.
- Trading window closed from opening hours of 04th September, 2026 to 10th September, 2026
- Board meeting scheduled to be held on 08th September, 2026
- Agenda focuses on evaluating various sources of fund raising
- Filing made pursuant to SEBI (Prohibition of Insider Trading) Regulations, 2015
Ganga Forging Limited has released its Annual Report for FY 2025-26 along with the Notice for its 38th Annual General Meeting (AGM) scheduled for September 26, 2026. Key special business items include a proposal to increase the company's authorized share capital from Rs 35.00 crore to Rs 85.00 crore, alongside alterations to the capital and main object clauses of the Memorandum of Association. Remote e-voting is scheduled to begin on September 23, 2026, and end on September 25, 2026, with a cut-off date of September 19, 2026.
- 38th AGM scheduled for September 26, 2026, at 11:30 AM at Gondal, Rajkot
- Proposed increase in authorized share capital from Rs 35.00 crore to Rs 85.00 crore
- Cut-off date for e-voting entitlement set as September 19, 2026
- Remote e-voting window open from September 23, 2026 (09:00 AM) to September 25, 2026 (05:00 PM)
Ganga Forging Limited has successfully completed the allotment of 20.22 crore equity shares through a Rights Issue at a price of Rs 1.63 per share. The total fundraise of Rs 32.96 crore is highly material, representing approximately 127% of the company's current market capitalization of Rs 26 crore. The issue saw healthy demand, receiving applications for 24.20 crore shares against the 20.22 crore offered. This capital infusion significantly alters the capital structure, increasing the paid-up equity capital from Rs 13.48 crore to Rs 33.70 crore.
- Allotted 20,22,03,345 fully paid-up equity shares at an issue price of Rs 1.63 per share
- Total fundraise amount of Rs 32.96 crore exceeds the current market capitalization of Rs 26 crore
- Issue was oversubscribed with valid applications received for 24,20,39,870 shares
- Paid-up equity share capital increased by 150% from Rs 13.48 crore to Rs 33.70 crore
- Issue price of Rs 1.63 represents a 14% discount to the current market price of Rs 1.90
Ganga Forging Limited has reported a significant turnaround in Q1 FY27, posting a net profit of Rs 1.06 Cr compared to a loss of Rs 0.29 Cr in the same quarter last year. Revenue from operations grew 19.6% YoY to Rs 9.27 Cr, driven by improved operational efficiency as total expenses were contained at Rs 8.31 Cr. The board also approved the incorporation of a wholly-owned subsidiary in the UAE, marking the company's first international expansion move. This performance is notable given the company's TTM PAT was negative Rs 4 Cr as of March 2026.
- Net Profit of Rs 1.06 Cr in Q1 FY27 vs a loss of Rs 0.29 Cr in Q1 FY26.
- Revenue from operations increased to Rs 9.27 Cr, up 19.6% from Rs 7.75 Cr in the year-ago period.
- Operating expenses reduced significantly to Rs 8.31 Cr from Rs 11.42 Cr in the preceding March 2026 quarter.
- Board approved the incorporation of a Wholly Owned Subsidiary (WOS) in the United Arab Emirates (UAE).
- Customer concentration remains a factor, with Star Techno Mech Pvt. Ltd. contributing over 10% of total revenue.
Ganga Forging Limited has reported a turnaround in Q1 FY27, posting a net profit of Rs 1.06 Cr compared to a loss of Rs 0.29 Cr in the same quarter last year. Revenue from operations grew 21.6% YoY to Rs 9.27 Cr. Alongside the results, the board approved the incorporation of a wholly-owned subsidiary in the UAE, marking an intent for international expansion. Despite the turnaround, the company remains a micro-cap with high client concentration, as one customer contributes over 10% of total revenue.
- Reported a Net Profit of Rs 1.06 Cr in Q1 FY27 against a loss of Rs 0.29 Cr in Q1 FY26.
- Revenue from operations increased to Rs 9.27 Cr, up from Rs 7.62 Cr in the year-ago period.
- Board approved the incorporation of a Wholly Owned Subsidiary in the United Arab Emirates (UAE).
- Client concentration risk noted with Star Techno Mech Pvt. Ltd. contributing over 10% of total revenue.
- Earnings Per Share (EPS) improved to Rs 0.08 from Rs -0.02 YoY.
Ganga Forging Limited has filed its quarterly compliance certificate under Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018, for the period ended June 30, 2026. The certificate, issued by MUFG Intime India Private Limited, confirms that physical share certificates received for dematerialization were processed, mutilated, and cancelled. The registrar also confirmed that the names of the depositories have been updated in the register of members as the registered owners. This is a standard administrative filing to ensure the integrity of electronic shareholding records.
- Quarterly compliance certificate submitted for the period ended June 30, 2026
- Confirmation provided by Registrar MUFG Intime India Private Limited
- Compliance maintained under Regulation 74(5) of SEBI (DP) Regulations, 2018
- Physical certificates were mutilated and cancelled within prescribed timelines
Ganga Forging Limited has announced the closure of its trading window for all designated persons starting July 1, 2026. This action is a standard regulatory requirement under SEBI (Prohibition of Insider Trading) Regulations, 2015, preceding the announcement of financial results for the quarter ended June 30, 2026. The window will remain closed until 48 hours after the results are publicly disclosed. Investors should note that the company reported a TTM PAT of Rs -4 Cr and negative operating margins, making the upcoming results critical for assessing recovery.
- Trading window closure effective from the opening hours of July 1, 2026.
- Closure applies to the reporting period for the quarter ended June 30, 2026.
- Window to reopen 48 hours after the declaration of unaudited financial results.
- The specific date for the Board Meeting to approve results will be intimated separately.
Ganga Forging Limited has finalized the terms for a Rights Issue to raise up to Rs 32.96 Cr, a significant amount representing approximately 91.5% of its TTM revenue. The company will issue 20.22 crore shares at Rs 1.63 each, which is a 3:2 ratio (3 new shares for every 2 held). This capital infusion is critical given the company's current financial position, featuring a TTM loss of Rs 4 Cr and a debt of Rs 20 Cr. The record date for eligibility is July 02, 2026, with the issue period spanning July 10 to July 20, 2026.
- Rights issue size of up to 20,22,03,345 equity shares aggregating to Rs 32.96 Cr
- Entitlement ratio fixed at 3 Rights Equity Shares for every 2 fully paid-up shares held
- Issue price set at Rs 1.63 per share, including a premium of Rs 0.63
- Record date for determining eligible shareholders is Thursday, July 02, 2026
- Issue opens on July 10, 2026, and is scheduled to close on July 20, 2026
Ganga Forging Limited has announced a Rights Issue to raise up to Rs 32.96 crores by issuing 20.22 crore equity shares. The issue is priced at Rs 1.63 per share, representing a premium of Rs 0.63 over the face value of Re 1. Eligible shareholders as of the record date, July 02, 2026, will receive rights in a 3:2 ratio (3 shares for every 2 held). The subscription period is scheduled from July 10 to July 20, 2026.
- Rights Issue size of Rs 32.95,91,452 involving 20,22,03,345 equity shares.
- Issue price set at Rs 1.63 per share, payable fully on application.
- Rights Entitlement Ratio of 3:2 for shareholders as of the Record Date, July 02, 2026.
- Issue opens on July 10, 2026, and closes on July 20, 2026.
- Total outstanding equity shares will increase from 13.48 crore to 33.70 crore post-issue.
Ganga Forging Limited has finalized terms for a Rights Issue to raise approximately ₹32.96 crores. The company will issue 20.22 crore new equity shares at a price of ₹1.63 per share, which is a premium of ₹0.63 over the face value. Shareholders holding shares as of the record date, July 02, 2026, will be eligible for 3 new shares for every 2 shares held. The subscription period is scheduled from July 10 to July 20, 2026.
- Rights Issue size of ₹32.95 crore involving 20,22,03,345 equity shares.
- Entitlement ratio set at 3:2 (3 new shares for every 2 held) with a record date of July 02, 2026.
- Issue price of ₹1.63 per share represents a significant expansion of the equity base.
- On-market renunciation period for Rights Entitlements (RE) is from July 10 to July 15, 2026.
- Post-issue equity capital will increase from 13.48 crore shares to 33.70 crore shares.
Financial Performance
Revenue Growth by Segment
The company operates in a single business segment: manufacturing of closed die forged products. Revenue from operations for the half-year ended September 30, 2025, was INR 16.01 Cr, representing a 20.01% decline compared to INR 20.02 Cr in the same period of the previous year. Quarter-on-quarter, revenue grew 6.75% from INR 7.75 Cr in Q1 FY26 to INR 8.27 Cr in Q2 FY26.
Geographic Revenue Split
Not disclosed in available documents, though the company reported foreign exchange earnings of INR 1.25 Cr for FY 2024-25, which is a 39.04% decrease from INR 2.05 Cr in FY 2023-24, indicating a shrinking export contribution.
Profitability Margins
Profitability has significantly deteriorated. Net Profit Margin for Q2 FY26 was -35.56%, compared to 2.40% in Q2 FY25. Operating margin for Q2 FY26 stood at -28.38%, a sharp decline from 5.07% in the same quarter of the previous year, primarily due to high raw material costs relative to revenue.
EBITDA Margin
Operating margin (EBITDA proxy) was -28.38% in Q2 FY26. This is a significant drop from the 7.15% margin reported for the full year ended March 31, 2025, indicating severe pressure on core profitability in the current fiscal year.
Capital Expenditure
Historical capital expenditure for the half-year ended September 30, 2025, included the purchase of tangible and intangible assets worth INR 0.79 Cr. Capital work-in-progress increased from INR 0.39 Cr in March 2025 to INR 0.72 Cr in September 2025, a 84.6% increase.
Credit Rating & Borrowing
The company's Debt-Equity ratio was 0.58 as of September 30, 2025. Total borrowings stood at INR 16.99 Cr (INR 7.41 Cr non-current and INR 9.58 Cr current). Specific credit ratings and interest rate percentages were not disclosed.
Operational Drivers
Raw Materials
Steel and metal alloys for closed die forging represent the primary raw materials. Cost of materials consumed in Q2 FY26 was INR 7.15 Cr, which accounts for 86.5% of the total revenue from operations.
Key Suppliers
The company engages in transactions with Prem Trading & Co. for the purchase of materials, as disclosed in related party transactions.
Capacity Expansion
Current installed capacity is not specified in MT. However, the company reported Property, Plant, and Equipment (PPE) of INR 17.54 Cr as of September 30, 2025, with a slight decrease from INR 17.67 Cr in March 2025 due to depreciation.
Raw Material Costs
Raw material costs are the dominant expense, totaling INR 13.98 Cr for H1 FY26 (87.3% of revenue). This is a high concentration, making the company extremely vulnerable to fluctuations in steel prices.
Manufacturing Efficiency
Manufacturing efficiency appears to be declining as the operating margin turned negative (-28.38%) in Q2 FY26 despite a slight increase in revenue compared to the preceding quarter.
Strategic Growth
Growth Strategy
The company focuses on manufacturing 'all kinds of close die forging' products. Strategy involves maintaining ISO 9001-2015 and IATF certifications to ensure quality for automotive and industrial clients. They are also utilizing information technology to promote paperless operations and efficiency.
Products & Services
Closed die forged products used in various industrial and automotive applications.
Brand Portfolio
Ganga Forge
Market Expansion
The company is targeting growth through its existing manufacturing facility in Rajkot, Gujarat, but specific regional expansion timelines are not provided.
External Factors
Industry Trends
The forging industry is shifting toward higher precision and IATF-certified quality standards. Ganga Forge is positioned with these certifications, but current financial results show the industry is facing margin pressure from high input costs.
Competitive Landscape
The industry is fragmented with several players in the Rajkot forging cluster, leading to intense price competition.
Competitive Moat
The company's moat is based on its specialized manufacturing capability for closed die forging and its IATF certification. However, this moat is currently weak as evidenced by negative profitability and high raw material cost sensitivity.
Macro Economic Sensitivity
Highly sensitive to industrial production cycles and automotive demand in India, as these sectors are the primary consumers of forged products.
Consumer Behavior
Not applicable as the company is a B2B industrial manufacturer.
Regulatory & Governance
Industry Regulations
The company must comply with IATF 16949 standards for automotive components and ISO 9001-2015 for quality management.
Taxation Policy Impact
The company reported a deferred tax liability of INR 1.80 Cr as of September 30, 2025.
Legal Contingencies
The Secretarial Audit Report for FY 2024-25 did not report any major non-compliances or pending litigations with significant financial impact, though it noted the company is not required to spend on CSR as it does not meet the Section 135 criteria.
Risk Analysis
Key Uncertainties
The primary uncertainty is the volatility of raw material prices, which constitute over 86% of revenue. A 5% increase in steel prices without a corresponding price hike to customers could increase losses by approximately INR 0.35 Cr per quarter.
Geographic Concentration Risk
Manufacturing is concentrated in a single location at Sadak Pipaliya, Rajkot, Gujarat.
Third Party Dependencies
High dependency on Prem Trading & Co. for material procurement and job work.
Technology Obsolescence Risk
The company is upgrading its IT systems to stay current, but the core forging technology requires continuous maintenance of PPE (INR 17.54 Cr).
Credit & Counterparty Risk
Trade receivables stood at INR 6.56 Cr as of September 30, 2025. The debtors turnover ratio of 1.26 (quarterly) suggests a collection period of approximately 71 days.
