Past 10 year’s financial track record analysis by Moneyworks4me indicates that Kalyani Forge Ltd is a below average quality company.
The key valuation ratios of Kalyani Forge Ltd's currently when compared to its past seem to suggest it is in the Overvalued zone.
The Price Trend analysis by MoneyWorks4Me indicates it is Strong which suggest that the price of Kalyani Forge Ltd is likely to Rise in the short term. However, please check the rating on Quality and Valuation before investing
Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end.
| Mar'15 | Mar'16 | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROCE % ⓘ | 2.1% | 4.9% | 5.9% | 9.4% | 10.5% | -1.9% | 0.8% | 6% | 3.8% | 8.9% | - |
| Value Creation Index ⓘ | -0.9 | -0.7 | -0.6 | -0.3 | -0.3 | -1.1 | -1.0 | -0.6 | -0.7 | -0.4 | - |
Growth Parameters ⓘGrowth Parameters Colour Code Guide ⓘ | |||||||||||
| Sales ⓘ | 241 | 231 | 227 | 259 | 286 | 201 | 181 | 247 | 266 | 237 | 236 |
| Sales YoY Gr. | - | -4.1% | -1.8% | 14% | 10.8% | -29.8% | -10% | 36.4% | 7.9% | -10.9% | - |
| Adj EPS ⓘ | -6 | 2.8 | 12.1 | 17.3 | 17.7 | -19.3 | -4.1 | 7.9 | -2.9 | 10.9 | 17.8 |
| YoY Gr. | - | NA | 337.7% | 43.1% | 2.2% | -209% | NA | NA | -137.1% | NA | - |
| BVPS (₹) ⓘ | 267.8 | 268.4 | 280.4 | 293.5 | 306.7 | 280.7 | 275.4 | 283 | 213.6 | 225.4 | 237.2 |
| Adj Net Profit ⓘ | -2.2 | 1 | 4.4 | 6.3 | 6.4 | -7 | -1.5 | 2.9 | -1.1 | 4 | 6 |
| Cash Flow from Ops. ⓘ | 25.4 | 19.2 | 15.5 | 12.3 | 30 | 24.1 | 7.4 | 11.1 | -2.5 | 10 | - |
| Debt/CF from Ops. ⓘ | 1.8 | 2.1 | 4.1 | 5.1 | 1.6 | 1.3 | 3.7 | 2.4 | -15.3 | 6.1 | - |
CAGR Colour Code Guide ⓘ
| 9 Years | 5 Years | 3 Years | 1 Years | |||||
|---|---|---|---|---|---|---|---|---|
| Sales ⓘ | -0.2% | -3.7% | 9.4% | -10.9% | ||||
| Adj EPS ⓘ | NA | -9.2% | NA | NA | ||||
| BVPSⓘ | -1.9% | -6% | -6.5% | 5.5% | ||||
| Share Price | 9.4% | 30.5% | 44.3% | 28.7% | ||||
Performance Ratio Colour Code Guide ⓘ
| Mar'15 | Mar'16 | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Return on Equity % ⓘ | -2.2 | 1 | 4.4 | 6 | 5.9 | -6.6 | -1.5 | 2.8 | -1.2 | 5 | 7.7 |
| Op. Profit Mgn % ⓘ | 5.5 | 6.8 | 7.1 | 8.3 | 9 | 4.2 | 7.1 | 7.6 | 4 | 6.1 | 6.6 |
| Net Profit Mgn % ⓘ | -0.9 | 0.4 | 1.9 | 2.4 | 2.3 | -3.5 | -0.8 | 1.2 | -0.4 | 1.7 | 2.8 |
| Debt to Equity ⓘ | 0.5 | 0.4 | 0.6 | 0.6 | 0.4 | 0.3 | 0.3 | 0.3 | 0.5 | 0.7 | 0.2 |
| Working Cap Days ⓘ | 157 | 165 | 188 | 196 | 181 | 230 | 237 | 187 | 177 | 202 | 109 |
| Cash Conv. Cycle ⓘ | 76 | 73 | 78 | 86 | 88 | 124 | 138 | 118 | 112 | 108 | 30 |
Return on Equity has increased versus last 3 years average to 7.70%
Sales growth has been subdued in last 3 years 9.41%
Net Profit has been subdued in last 3 years 0.00%
Sales growth is not so good in last 4 quarters at -6.88%
| Standalone | Consolidated | |
|---|---|---|
| TTM EPS (₹) | 17.8 | - |
| TTM Sales (₹ Cr.) | 236 | - |
| BVPS (₹.) ⓘ | 237.2 | - |
| Reserves (₹ Cr.) ⓘ | 83 | - |
| P/BV ⓘ | 2.35 | - |
| PE ⓘ | 31.30 | - |
| From the Market | |
|---|---|
| 52 Week Low / High (₹) | 371.00 / 727.95 |
| All Time Low / High (₹) | 7.00 / 727.95 |
| Market Cap (₹ Cr.) | 203 |
| Equity (₹ Cr.) | 3.6 |
| Face Value (₹) | 10 |
| Industry PE ⓘ | 38.1 |
| Pledged * | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| PARTICULARS | Mar'15 | Mar'16 | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 |
|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 241 | 231 | 227 | 259 | 286 | 201 | 181 | 247 | 266 | 237 |
| Operating Expenses ⓘ | 228 | 215 | 212 | 237 | 261 | 193 | 169 | 228 | 255 | 223 |
| Manufacturing Costs | 58 | 60 | 64 | 69 | 71 | 48 | 40 | 48 | 52 | 53 |
| Material Costs | 129 | 113 | 105 | 127 | 143 | 102 | 92 | 132 | 152 | 114 |
| Employee Cost | 28 | 28 | 32 | 29 | 36 | 31 | 26 | 35 | 37 | 38 |
| Other Costs ⓘ | 14 | 13 | 12 | 12 | 10 | 11 | 10 | 13 | 15 | 18 |
| Operating Profit ⓘ | 13 | 16 | 15 | 21 | 26 | 8 | 12 | 19 | 11 | 14 |
| Operating Profit Margin (%) | 5.5% | 6.8% | 6.5% | 8.3% | 9.0% | 4.2% | 6.7% | 7.6% | 4.0% | 5.9% |
| Other Income ⓘ | 3 | 3 | 5 | 7 | 6 | 3 | 2 | 1 | 7 | 4 |
| Interest ⓘ | 6 | 5 | 4 | 6 | 8 | 5 | 3 | 4 | 3 | 6 |
| Depreciation ⓘ | 13 | 12 | 10 | 13 | 15 | 14 | 13 | 12 | 11 | 6 |
| Exceptional Items ⓘ | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -2 | 0 |
| Profit Before Tax ⓘ | -3 | 2 | 5 | 9 | 10 | -8 | -2 | 4 | 1 | 6 |
| Tax ⓘ | -1 | 1 | 2 | 3 | 3 | -1 | 0 | 1 | 1 | 1 |
| Profit After Tax | -2 | 1 | 3 | 7 | 7 | -7 | -2 | 3 | 0 | 5 |
| PAT Margin (%) | -0.9% | 0.5% | 1.5% | 2.5% | 2.4% | -3.4% | -1.0% | 1.3% | -0.1% | 1.9% |
| Adjusted EPS (₹) | -6.2 | 3.0 | 9.6 | 18.0 | 19.1 | -19.0 | -4.8 | 8.6 | -0.5 | 12.5 |
| Dividend Payout Ratio (%) | 0% | 66% | 31% | 19% | 21% | -5% | -31% | 35% | -594% | 24% |
| PARTICULARS | Mar'15 | Mar'16 | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 |
|---|---|---|---|---|---|---|---|---|---|---|
Equity and Liabilities | ||||||||||
| Shareholders Fund | 97 | 98 | 102 | 107 | 112 | 102 | 100 | 103 | 78 | 82 |
| Share Capital ⓘ | 4 | 4 | 4 | 4 | 4 | 4 | 4 | 4 | 4 | 4 |
| Reserves ⓘ | 94 | 94 | 98 | 103 | 108 | 98 | 97 | 99 | 74 | 78 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Debt | 36 | 34 | 57 | 57 | 38 | 25 | 26 | 26 | 38 | 61 |
| Long Term Debt | 12 | 5 | 16 | 18 | 6 | 1 | 0 | 0 | 1 | 19 |
| Short Term Debt | 24 | 29 | 41 | 40 | 31 | 24 | 26 | 26 | 37 | 41 |
| Trade Payables | 42 | 40 | 42 | 50 | 48 | 35 | 36 | 34 | 44 | 46 |
| Others Liabilities ⓘ | 25 | 26 | 34 | 21 | 30 | 21 | 19 | 16 | 16 | 13 |
| Total Liabilities ⓘ | 201 | 198 | 235 | 235 | 227 | 182 | 181 | 180 | 176 | 201 |
Fixed Assets | ||||||||||
| Gross Block | 202 | 215 | 71 | 108 | 117 | 118 | 115 | 114 | 119 | 142 |
| Accumulated Depreciation | 141 | 151 | 10 | 23 | 38 | 52 | 62 | 70 | 80 | 86 |
| Net Fixed Assetsⓘ | 61 | 64 | 60 | 84 | 78 | 65 | 53 | 44 | 39 | 56 |
| CWIP ⓘ | 17 | 8 | 30 | 5 | 0 | 1 | 1 | 2 | 3 | 5 |
| Investmentsⓘ | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Inventories | 34 | 37 | 45 | 48 | 48 | 40 | 45 | 49 | 47 | 56 |
| Trade Receivables | 61 | 62 | 62 | 70 | 75 | 57 | 67 | 73 | 75 | 62 |
| Cash Equivalents | 7 | 10 | 2 | 5 | 5 | 6 | 3 | 5 | 5 | 6 |
| Others Assetsⓘ | 21 | 17 | 37 | 23 | 19 | 14 | 12 | 7 | 6 | 16 |
| Total Assets ⓘ | 201 | 198 | 235 | 235 | 227 | 182 | 181 | 180 | 176 | 201 |
| PARTICULARS | Mar'15 | Mar'16 | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash Flow From Operating Activity ⓘ | 25 | 19 | 15 | 12 | 30 | 24 | 7 | 11 | -3 | 10 |
| PBT ⓘ | -3 | 2 | 7 | 9 | 10 | -9 | -2 | 4 | 1 | 6 |
| Adjustment ⓘ | 20 | 17 | 13 | 17 | 19 | 20 | 19 | 20 | 13 | 19 |
| Changes in Working Capital ⓘ | 9 | 2 | -2 | -12 | 0 | 14 | -9 | -11 | -15 | -12 |
| Tax Paid ⓘ | -1 | -1 | -2 | -2 | 1 | -1 | 0 | -2 | -2 | -2 |
| Cash Flow From Investing Activity ⓘ | -2 | -5 | -41 | -2 | -7 | -1 | -1 | -4 | -6 | -26 |
| Capex | -2 | -5 | -42 | -2 | -7 | -1 | -1 | -4 | -6 | -26 |
| Net Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Others ⓘ | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash Flow From Financing Activityⓘ | -20 | -11 | 19 | -8 | -25 | -23 | -7 | -5 | 8 | 16 |
| Net Proceeds from Shares ⓘ | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Net Proceeds from Borrowing ⓘ | 0 | 0 | 0 | 2 | -8 | -8 | -7 | -1 | 0 | 19 |
| Interest Paid ⓘ | -6 | -5 | -3 | -7 | -8 | -5 | -3 | -4 | -3 | -6 |
| Dividend Paid ⓘ | -1 | 0 | -1 | -1 | -2 | -2 | 0 | -1 | -1 | -1 |
| Others ⓘ | -13 | -6 | 23 | -2 | -8 | -8 | 2 | 0 | 11 | 4 |
| Net Cash Flow ⓘ | 3 | 3 | -7 | 2 | -2 | 0 | -1 | 2 | -1 | 0 |
| PARTICULARS | Mar'15 | Mar'16 | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 |
|---|---|---|---|---|---|---|---|---|---|---|
| Ratios | ||||||||||
| ROE (%) | -2.26 | 1.13 | 3.49 | 6.29 | 6.38 | -6.48 | -1.74 | 3.08 | -0.2 | 5.7 |
| ROCE (%) | 2.13 | 4.92 | 5.9 | 9.36 | 10.49 | -1.89 | 0.77 | 5.95 | 3.79 | 8.9 |
| Asset Turnover Ratio | 1.29 | 1.28 | 1.16 | 1.13 | 1.24 | 0.98 | 1 | 1.37 | 1.49 | 1.25 |
| PAT to CFO Conversion(x) | N/A | 19 | 5 | 1.71 | 4.29 | N/A | N/A | 3.67 | N/A | 2 | Working Capital Days |
| Receivable Days | 78 | 87 | 89 | 91 | 93 | 120 | 125 | 104 | 101 | 105 |
| Inventory Days | 49 | 51 | 59 | 64 | 61 | 80 | 86 | 69 | 66 | 80 |
| Payable Days | 93 | 127 | 143 | 132 | 125 | 146 | 139 | 97 | 95 | 144 |
Kalyani Forge was established on January 29, 1979, as a private limited company by the name of Ellora Engineering Company Private Limited. later in 1992 was converted into a public limited company and also changed its name to the present one. The company is a part of the well reputed Kalyani group and has been promoted by U A Tahale and P S Kalyani.
The company is engaged in the manufacturing of Forgings, Precision Machined Components and Sub-assemblies.
The company was formed at a time when the engineering industry, and particularly the automotive sector, was experiencing a change in the demand pattern. This compelled forging units to consider new ways and means to meet the buyers requirements on qualitative and quantitative terms. Kalyani Forge, the first and perhaps the only forge shop in India to exclusively use press technology for small forgings, successfully bridged the gap with consistent high quality and timely delivery.
Kalyani Forge is TS 16949 & QS 9000 certified company that manufactures closed die press forgings using HOT, WARM & COLD forging technologies in the weight range - 50 gms to 12 kgs. Kalyani Forge specializes in the manufacture of connecting rods for two & four wheelers.
Kalyani Forge is well located at Koregaon Bhima, 30 Km from Pune which is known as 'The Detroit of India' & 'The Oxford of the East'. It is around 160 Kms from Mumbai i.e. approximately 30 minutes by air & 3 hours by road. Pune is well connected to other metropolitan cities like Delhi, Bangalore, Chennai, Kolkatta.
Product range of the company includes:
Hot forgings
Cold forgings
Warm forgings
Machine components
Different divisions of the company are:
Milestones :
Achievements/ recognition:
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Funds ranking in screeners: Performance Consistency and Quality are two parameters used for ranking funds for SIP. The ranking as follows GG, GO, GR, OG, OO, OR, RG, RO and RR.
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Here is the summary:
The third tag Upside Potential is not relevant for SIP. It is relevant for lumpsum investments in Mutual Funds.
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