🔍

Kalyani Forge Limited (KALYANIFRG)

₹803.45 -2.53% last close, 16 Oct

📊 NSE: KALYANIFRG 🏢 Castings & Forgings 📢 Latest filing: 07 Oct 2026 📝 Analysis written: 14 Dec 2025

Latest quarterly results (Q1 FY27)

In its latest reported quarter, Q1 FY27, Kalyani Forge's revenue was ₹66.8 Cr (+4.2% year on year, +17.2% on the previous quarter), and net profit ₹4.5 Cr (+218.5% year on year); the operating margin was 15.9%.

Q1 FY27 (₹ Cr)	Value	YoY vs Q1 FY26	QoQ
Revenue	₹66.8	+4.2%	+17.2%
Operating profit	₹10.6	+78.5%	+57.7%
Net profit	₹4.5	+218.5%	-23.8%
EPS (₹)	12.31	+218.1%	-23.8%
Operating margin	15.9%	—	—

Full quarterly financials → Results calendar →

KALYANIFRG exchange data

NSE end-of-day data for Fri, 16 Oct 2026

It closed at a price band (circuit) on 2 sessions in about the last 20.

₹803.45NSE close · -2.53%

Circuit stocks →

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

Kalyani Forge Submits Regulation 74(5) Demat Compliance Certificate for Q2 FY27

🟡 NEUTRAL ⭐ 1/10

ROUTINE 📅 07 Oct 2026, 05:58 PM

Kalyani Forge Limited has submitted its quarterly compliance certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018 for the quarter ended September 30, 2026. The certificate issued by Registrar and Share Transfer Agent MUFG Intime India Private Limited confirms the processing, cancellation, and mutilation of physical share certificates submitted for dematerialisation within the stipulated timelines. This is a standard quarterly regulatory submission with no operational or financial impact on the company.

Compliance certificate submitted under Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018.
Pertains to the quarter ended September 30, 2026.
Issued by RTA MUFG Intime India Private Limited dated October 06, 2026.
Company filing submitted to BSE and NSE on October 07, 2026.

💡 No action is required as this is a routine procedural filing; investors should track upcoming Q2 FY27 operational and financial results.

Kalyani Forge to Close Trading Window from October 01, 2026 for Q2 Results

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 29 Sep 2026, 05:47 PM

Kalyani Forge Limited has announced the closure of its trading window for Designated Persons and their immediate relatives starting Thursday, October 01, 2026. The closure is in compliance with SEBI (Prohibition of Insider Trading) Regulations, 2015 for the quarter ending September 30, 2026. The window will reopen 48 hours after the declaration of the unaudited financial results. This is a standard regulatory procedure preceding quarterly financial reporting.

Trading window closes on Thursday, October 01, 2026
Pertains to financial results for the quarter ending September 30, 2026
Trading window to reopen 48 hours after announcement of unaudited results

💡 Watch for the announcement of the upcoming board meeting date where Q2 FY27 results will be officially considered and approved.

Kalyani Forge Schedules 47th AGM for September 21, 2026; Issues Annual Report Web-Link

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 02 Sep 2026, 05:02 PM

Kalyani Forge Limited has issued a communication to shareholders providing the web-link to access the 47th Annual General Meeting (AGM) Notice and Annual Report for FY 2025-26. The 47th AGM is scheduled to take place on September 21, 2026, at 11:00 AM IST through Video Conferencing. The communication was dispatched to physical holders not registered for e-communication based on the cut-off date of August 21, 2026, alongside mandatory KYC and dividend TDS instructions.

47th Annual General Meeting scheduled for September 21, 2026 at 11:00 AM IST via VC/OAVM
Web-link dispatch based on shareholder cut-off date of August 21, 2026
Compliance notice issued regarding mandatory PAN and KYC updates for physical shareholdings per SEBI master circular dated February 6, 2026

💡 Shareholders holding physical shares should ensure their KYC and bank mandate details are submitted to the RTA to ensure smooth dividend processing and service requests.

Kalyani Forge Schedules 47th AGM for Sep 21, 2026; Dispatches FY26 Annual Report Web Link

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 02 Sep 2026, 04:56 PM

Kalyani Forge Limited has shared a specimen copy of the communication sent to shareholders regarding the 47th Annual General Meeting (AGM) and the Annual Report for FY2025-26. The 47th AGM is scheduled to take place on September 21, 2026, at 11:00 AM IST via Video Conferencing. The communication also instructs physical share certificate holders to update KYC and nomination details in accordance with SEBI norms to receive dividend payouts and RTA services.

47th Annual General Meeting scheduled for September 21, 2026, at 11:00 AM IST via Video Conferencing.
Web link provided to access the complete FY2025-26 Annual Report for members with unregistered email addresses as of August 21, 2026.
Notified physical security holders to update PAN, KYC, and nomination details per SEBI Master Circular dated February 6, 2026.
Dividend payments for folios with non-updated KYC remain restricted until mandatory details are updated for electronic transfer.

💡 Physical shareholders should update mandatory KYC and nomination details with the RTA to ensure seamless dividend credit. Track upcoming AGM resolutions and voting outcomes on September 21, 2026.

Kalyani Forge Clarifies on Price Movement: No Undisclosed Material Information

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 02 Sep 2026, 11:41 AM

Kalyani Forge Limited has submitted a clarification to the National Stock Exchange following an inquiry letter dated September 1, 2026, regarding recent price movements. The company confirmed that it has made all required disclosures under Regulation 30 of the SEBI LODR Regulations, 2015. Management stated that there is no pending undisclosed price-sensitive information and that the recent price increase is driven entirely by market conditions and investor sentiments.

NSE surveillance letter No. NSE/CM/Surveillance/17460 dated September 1, 2026, sought price movement clarification.
Company issued its formal response on September 2, 2026.
Confirmed full compliance with Regulation 30 of SEBI LODR Regulations, 2015.
Stated share price increase is purely market-driven with no undisclosed material developments.

💡 Track fundamental earnings and scheduled official filings rather than relying on short-term speculative price volatility.

Kalyani Forge to Hold 47th AGM on September 21, 2026; E-Voting Cut-Off September 14

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 31 Aug 2026, 09:26 PM

Kalyani Forge Limited has issued the notice convening its 47th Annual General Meeting (AGM) on September 21, 2026, via video conferencing. The cut-off date for e-voting eligibility is set for September 14, 2026, with the voting window open from September 18 to September 20, 2026. Key agenda items include adoption of FY26 financials, declaration of final dividend, re-appointment of director Gaurishankar N. Kalyani, and ratification of cost auditor remuneration of ₹1,25,000. Shareholders will also vote on capping commission to Non-Executive and Independent Directors at up to 1% of net profits.

47th AGM scheduled for Monday, September 21, 2026, at 11:00 AM IST via VC/OAVM
E-voting cut-off date fixed for Monday, September 14, 2026
Remote e-voting window open from September 18 (9:00 AM) to September 20, 2026 (5:00 PM)
Proposed ratification of Cost Auditor remuneration of ₹1,25,000 for FY27
Resolution proposed for Non-Executive Director commission capped at 1% of net profits

💡 Eligible shareholders holding shares on September 14, 2026, can participate in e-voting from September 18 to September 20, 2026, on the proposed resolutions.

Kalyani Forge Q1 PAT jumps 218% YoY to ₹4.48 Cr; EBITDA margin expands to record 16.2%

🟢 POSITIVE ⭐ 6/10

EARNINGS 📅 25 Aug 2026, 03:13 PM

Kalyani Forge released the transcript for its Q1 FY27 earnings call, reporting total revenue of ₹67.07 Cr (up 3.9% YoY, 13.2% QoQ) and a 218% YoY surge in PAT to ₹4.48 Cr. EBITDA margins expanded 640 bps YoY to an all-time high of 16.2% (₹10.89 Cr), driven by operational efficiencies, price increases, and exit from low-margin legacy contracts. ROCE crossed 20% for the first time to reach 22%, while Debt-to-EBITDA improved to 2.51 from 3.53. The company is actively validating sample orders for wheel hubs representing ~₹20 Cr in annual revenue potential.

Q1 FY27 PAT rose 218% YoY to ₹4.48 Cr with EPS at ₹12.31
EBITDA margin reached an all-time high of 16.2% (₹10.89 Cr), up 640 bps YoY
ROCE improved to 22% while Debt-to-EBITDA declined from 3.53 to 2.51
Cumulative cost savings via Vriddhi Council reached ₹19.1 Cr against a ₹50 Cr annual target
New business launched within the last 3 years accounted for 22% (~₹13 Cr) of quarterly revenue

💡 Track the commercialization timeline of the ₹20 Cr wheel hub program and assess margin sustainability above 15% across subsequent quarters.

Aug 21 set as Record Date for Dividend payment by Kalyani Forge

🟡 NEUTRAL ⭐ 4/10

DIVIDEND 📅 13 Aug 2026, 07:38 PM

Kalyani Forge Limited has announced August 21, 2026, as the record date for determining shareholder eligibility for a dividend. The final declaration of this dividend is scheduled for the Annual General Meeting (AGM) on September 21, 2026. The specific dividend amount per share was not disclosed in this procedural filing. The company currently operates with a debt-to-equity ratio of 1.10 and has a net worth of Rs 96 Cr.

Record date for dividend eligibility fixed for August 21, 2026.
Annual General Meeting (AGM) scheduled for September 21, 2026.
Company reports a Capital Work-in-Progress (CWIP) of Rs 15.05 Cr for ongoing expansion.
Promoter holding remains stable at 58.76% as of March 2026.

💡 Investors should ensure they hold shares before the ex-dividend date (typically one business day prior to the record date) to be eligible. Monitor the AGM on September 21 for the final dividend amount and updates on the Rs 15.05 Cr capex progress.

Kalyani Forge Releases Recording of Investor Meet Held on August 12, 2026

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 12 Aug 2026, 05:23 PM

Kalyani Forge Limited has informed the exchanges that the video and audio recordings of its Investor Meet held on August 12, 2026, are now available on the company's website. This is a procedural disclosure under SEBI Regulation 30. While the filing itself contains no new financial data, it points to management commentary regarding the company's 25% growth target and ongoing Rs 15.05 Cr capital expenditure (CWIP). Investors should review the recording for updates on export business ramp-ups and margin sustainability.

Investor Meet conducted on August 12, 2026, with recordings now publicly accessible.
Company is currently executing a capital expenditure program with CWIP of Rs 15.05 Cr.
Management maintains a long-term growth target of 25% through 'Strong Execution' and business development.
Top five customers contribute approximately 30-35% of total revenue, representing moderate concentration risk.

💡 Investors should access the recording on the company's website to understand management's strategy for offsetting US tariff-related export reductions and the progress of the Vriddhi Council project.

218% PAT Growth in Q1 FY27; ROCE Hits Record 22% as Margins Expand to 16.2%

🟢 POSITIVE ⭐ 7/10

EARNINGS 📅 12 Aug 2026, 10:12 AM

Kalyani Forge reported a strong Q1 FY27 with PAT surging 218% YoY to ₹4.48 Cr, driven by a 640 bps expansion in EBITDA margins to 16.2%. Revenue grew to ₹67.07 Cr, supported by a 31% YoY increase in OEM revenue and a 38% jump in the Engine segment. Capital efficiency improved significantly with ROCE reaching 22%, while the debt-to-EBITDA ratio fell to 2.51x. The company is pivoting towards high-margin segments, with new business now contributing 22% of revenue and a ₹30 Cr capex plan for FY27.

PAT increased 218% YoY to ₹4.48 Cr in Q1 FY27 from ₹1.41 Cr in Q1 FY26
EBITDA margins expanded by 640 bps YoY to reach an all-time high of 16.2%
ROCE improved to 22%, crossing the 20% threshold for the first time in recent history
Debt-to-EBITDA ratio reduced to 2.51x from 3.53x in Q1 FY26, indicating successful deleveraging
FY27 Capex planned at ₹30 Cr, representing approximately 31% of the company's Net Worth

💡 Monitor the execution of the ₹30 Cr capex plan and the conversion of the ₹107 Cr 'Engine' new business order book into realized revenue over the coming quarters.

218% PAT Surge: Kalyani Forge Q1 FY27 EBITDA Margins Hit 16.2%, ROCE Crosses 20% Target

🟢 POSITIVE ⭐ 8/10

EARNINGS 📅 12 Aug 2026, 09:50 AM

Kalyani Forge reported a strong Q1 FY27 with Profit After Tax (PAT) surging 218% YoY to ₹4.48 Cr, despite modest revenue growth of 3.9% YoY to ₹67.07 Cr. The performance was driven by a 640 bps expansion in EBITDA margins to 16.2% and a record ROCE of 22%, surpassing the company's 20% target. Management secured new orders worth ₹20 Cr in annual revenue potential and improved the cash conversion cycle from 168 to 148 days. A disciplined capex approach was evident as the wheel hub line expansion cost was reduced from ₹10 Cr to ₹2 Cr through asset redeployment.

Profit After Tax (PAT) increased by 218% YoY to ₹4.48 Cr from ₹1.41 Cr in Q1 FY26.
EBITDA margins expanded significantly to 16.2%, up 640 basis points compared to the previous year.
Return on Capital Employed (ROCE) reached 22%, crossing the company's long-term 20% target for the first time.
Secured new global orders for engine and wheel hub components with ₹20 Cr annual revenue potential.
Internal 'Vriddhi Council' cost-saving initiatives have realized ₹19.1 Cr in gains toward a ₹50 Cr annual target.

💡 Monitor the sustainability of the 16%+ EBITDA margins in upcoming quarters and the execution of the ₹20 Cr new order pipeline. Investors should also track the company's progress in reducing the cash conversion cycle toward its 120-day target.

Kalyani Forge Q1 Results: Dividend Record Date Aug 21; Auditor Issues Disclaimer of Opinion

🔵 WATCH ⭐ 7/10

BOARD_MEETING 📅 11 Aug 2026, 07:59 PM

Kalyani Forge approved its unaudited standalone financial results for the quarter ended June 30, 2026, during its board meeting on August 11, 2026. A critical development is the Statutory Auditor's Limited Review Report, which was submitted with a 'disclaimer of opinion,' suggesting potential limitations in the audit evidence provided. The company has fixed August 21, 2026, as the record date for its dividend and scheduled the 47th Annual General Meeting for September 21, 2026. While the company continues its expansion strategy with a reported CWIP of ₹15.05 Cr, the audit disclaimer introduces significant reporting uncertainty.

Statutory Auditors issued a Limited Review Report with a disclaimer of opinion for the Q1 FY27 results.
Record date for the upcoming dividend is set for Friday, August 21, 2026.
47th Annual General Meeting (AGM) is scheduled for Monday, September 21, 2026.
Board meeting concluded at 4:20 P.M. following a 2:00 P.M. start on August 11, 2026.
Company maintains a Debt-to-Equity ratio of 1.10 with ₹106 Cr in total debt as per latest context.

💡 Investors must review the detailed financial notes to identify the specific reasons for the auditor's 'disclaimer of opinion,' as this often signals internal control or data verification issues. Monitor the AGM on September 21, 2026, for management's clarification on these audit concerns.

Kalyani Forge to host Q1 FY27 earnings call on August 12, 2026

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 08 Aug 2026, 01:07 PM

Kalyani Forge Limited has scheduled an investor meet for August 12, 2026, to discuss its financial performance for the first quarter ended June 30, 2026. The meeting will be led by Managing Director Mr. Viraj G. Kalyani. This interaction follows the company's stated target of 25% growth and its ongoing capital expenditure, with current Capital Work-in-Progress (CWIP) at Rs 15.05 Cr. Investors will be looking for updates on the ramp-up of new export business SOPs which commenced in Q2 FY26.

Investor meet scheduled for Wednesday, August 12, 2026, from 11:00 AM to 12:00 Noon IST
Discussion will focus on financial results for the quarter ended June 30, 2026 (Q1 FY27)
Management representation by Managing Director Mr. Viraj G. Kalyani
Company is currently managing a Capital Work-in-Progress (CWIP) of Rs 15.05 Cr
Previous efficiency initiatives via the Vriddhi Council delivered Rs 17 Cr in value gains

💡 Investors should monitor the post-call transcript for management commentary on the 25% growth target and the impact of US tariff-related export reductions on the Engine division.

Kalyani Forge Submits Quarterly Compliance Certificate for Quarter Ended June 30, 2026

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 21 Jul 2026, 10:45 AM

Kalyani Forge Limited has submitted its quarterly compliance certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018. The filing confirms that for the quarter ended June 30, 2026, all share certificates received for dematerialization were processed, cancelled, and the register of members was updated accordingly. This certificate was issued by the company's Registrar and Share Transfer Agent (RTA), MUFG Intime India Private Limited. This is a standard procedural filing required for all listed entities and has no impact on business operations or financials.

Compliance certificate for the quarter ended June 30, 2026
Certificate issued by RTA MUFG Intime India Private Limited on July 13, 2026
Confirmation that dematerialized securities are listed on relevant stock exchanges
Verification that physical certificates were mutilated and cancelled within prescribed timelines

💡 This is a routine administrative filing. Investors should focus on the company's upcoming quarterly financial results for fundamental performance updates.

Kalyani Forge Appoints Mr. Sainath Bhanage as CFO with 12+ Years of Experience

🟡 NEUTRAL ⭐ 7/10

MANAGEMENT 📅 14 Jul 2026, 02:14 PM

Kalyani Forge Limited has appointed Mr. Sainath Bhanage as Chief Financial Officer (CFO) and Key Managerial Personnel, effective July 14, 2026. Mr. Bhanage brings over 12 years of experience in financial strategy, treasury, and M&A across sectors including automotive and infrastructure. This leadership change is significant as the company manages a debt of ₹106 Cr and a Debt-to-Equity ratio of 1.10. His expertise in business transformation will be relevant to the company's ongoing ₹15.05 Cr capital expenditure and its 12% ROCE profile.

Appointment of Mr. Sainath Bhanage as CFO effective July 14, 2026
New CFO brings over 12 years of experience in finance, accounts, and M&A
Company currently manages a debt of ₹106 Cr against a net worth of ₹96 Cr
Ongoing capital expenditure (CWIP) stands at ₹15.05 Cr as per latest context
CFO expertise includes treasury and taxation, critical for managing the 1.10 D/E ratio

💡 Watch for any shifts in financial strategy or capital allocation in the upcoming quarterly briefings, particularly regarding the management of the ₹106 Cr debt and the execution of the Vriddhi Council project.

View All KALYANIFRG Announcements on Live Market Tracking →

💰 Financial Performance

Revenue Growth by Segment

In Q2 FY26, the Engine segment accounted for 62% of revenue, Driveline for 19%, and Axel for 10%. While Engine and Driveline revenues saw slight reductions due to lower US exports, the Axel business has grown over the last two quarters. Overall operating income for 9M FY25 was INR 177.6 Cr, flattish compared to INR 236.9 Cr in full fiscal 2024.

Geographic Revenue Split

The company serves both domestic and global markets. Domestic sales have maintained momentum post-GST cut, while export revenue has been adversely impacted by US tariff-related reductions, particularly in the engine product group.

Profitability Margins

PAT margin improved by 53% in Q2 FY26 compared to the previous quarter. Operating margin rose to 9.93% in 9M FY25 from 6.5% in FY24, driven by cost control, clean audit actions, and a shift toward a more profitable product mix.

EBITDA Margin

EBITDA margin grew to 13% in Q2 FY26, up from 9.93% in 9M FY25 and 6.5% in FY24. This improvement was achieved despite a reduction in export business through operational efficiency and strategic project gains.

Capital Expenditure

Capital work-in-progress (CWIP) stood at INR 15.05 Cr as of March 31, 2025, a significant increase from INR 5.28 Cr in the previous year. Total Property, Plant, and Equipment was valued at INR 60.37 Cr.

Credit Rating & Borrowing

Crisil Ratings reaffirmed 'Crisil BBB/Stable/Crisil A3+' on bank loan facilities totaling INR 100 Cr. Gearing was moderate at 0.75 times as of March 31, 2024.

⚙️ Operational Drivers

Raw Materials

Forging grade steel and machining materials are the primary inputs, though specific alloy names are not disclosed. Raw material price volatility is cited as a key risk factor affecting margins.

Capacity Expansion

The company is undergoing ongoing capital expenditure to improve operating performance. Current CWIP of INR 15.05 Cr indicates active expansion or modernization at existing units.

Raw Material Costs

Raw material costs are a significant portion of the cost structure; volatility in these prices is partially offset by cost-control measures and improved operational efficiency which helped raise EBITDA margins to 13%.

Manufacturing Efficiency

Average capacity utilization rose to 91-98% for the five months through January 2025. Efficiency is being further driven by the Vriddhi Council, which delivered INR 17 Cr in value gains.

📈 Strategic Growth

Expected Growth Rate

25%

Growth Strategy

Growth will be achieved through 'Strong Execution' (cost control and clean audit actions), 'Business Development' (ramping up new export business SOPs), and 'Capex Growth' (INR 15.05 Cr in CWIP). The Vriddhi Council project is a key driver, having already delivered INR 17 Cr in savings.

Products & Services

Hot-warm and cold-forged products including Stub Axle, Connecting rod, Crankshaft, Steering Knuckle, Wheel Hub, Double Yoke, Yoke Shaft, Tulip, Outer Race, Tripod, Inner Race, and Gear Blanks.

Brand Portfolio

Kalyani Forge Limited (KFL).

New Products/Services

New export business has ramped up with SOPs commenced in Q2 FY26, expected to offset temporary global top-line reductions.

Market Expansion

The company is targeting growth in the Driveline and Axel product groups and is ramping up new export business to diversify its geographic footprint.

Strategic Alliances

The company engaged the Vriddhi Council for strategic project execution, resulting in INR 17 Cr of value gains.

🌍 External Factors

Industry Trends

The forging industry is evolving with a focus on high-performance critical components. KFL is positioning itself by increasing its Internal Financial Control (IFC) scores and implementing compliance software to meet higher governance standards.

Competitive Landscape

KFL faces intense competition in the domestic forging and machining industry, which partially offsets its established market position.

Competitive Moat

The moat is built on four decades of promoter experience, established market position, and healthy relationships with reputed OEMs. This is sustainable due to the high technical expertise required for hot-warm and cold-forged products.

Macro Economic Sensitivity

The company is sensitive to the cyclicality of the automotive sector and global trade policies, such as US tariffs which reduced export momentum.

Consumer Behavior

Demand is shifting toward more complex driveline and axle components, which KFL is addressing through its product mix strategy.

Geopolitical Risks

US tariffs have directly led to a reduction in export sales for the engine product group, representing a significant geopolitical trade barrier.

⚖️ Regulatory & Governance

Industry Regulations

The company must comply with SEBI (LODR) Regulations and the Companies Act, 2013. It faced a delay in transferring unclaimed dividends to the Investor Education and Protection Fund (IEPF).

Taxation Policy Impact

Deferred tax assets (net) stood at INR 1.86 Cr as of March 31, 2025.

Legal Contingencies

The company has pending litigations; however, the auditor noted that in the absence of sufficient information, they were unable to state the impact of these litigations on the financial position (Refer Note 32.1).

⚠️ Risk Analysis

Key Uncertainties

The primary uncertainty is the 'Disclaimer of Opinion' issued by auditors regarding internal financial controls and managerial remuneration for FY25. Additionally, the resignation of CFO Nilesh Bandale in November 2025 adds managerial uncertainty.