Kalyani Forge Ltd(KALYANIFRG)

NSE: KALYANIFRGBSE: 513509

₹ 802.4+5.00%refreshed 27 Oct, 11:05 am ISTMarket cap: ₹ 292 crWebsite: www.kalyaniforge.co.inUpdated: 27 Oct 2026

About

Kalyani Forge is a Pune-based engineering company founded in 1979 by Dr. Neelkanth Kalyani of the Kalyani Group. It makes forged, machined and assembled products for the automotive, construction, power generation, marine, railway and industrial goods industries. It uses hot, warm and cold forging, and it reported revenue of 234.64 crore for FY26.^[1][2]

Product groups

Revenue mix in Q2 FY26: engine 62%, driveline 19%, axle 10%.^[3]
Products include engine components, chassis systems, turbocharger parts, transmission elements, axle components and steering parts, with heat treatment and machining done in-house (FY25).^[1]
More than 50% of revenue came from value-added machining as of FY25.^[1]
Its warm-forged driveline parts such as tulips and tripods serve both conventional and EV platforms (FY25).^[1]
Gear blank exports move from as-forged supply in FY26 to 100% machined supply in FY27.^[4]
It entered marine forgings, backed by ABS and BV certifications (FY25).^[1]

End markets

Its key markets are trucks, cars, industrial and agro engines (FY25).^[1]
In Q1 FY27, year-on-year: trucks grew 48%, industrial 67% and cars 35%, while agro fell 31% as legacy low-margin business was phased out.^[4]

Capacity and utilisation

Machining capacity was 1.8 lakh pieces per month in Q1 FY27, running at 90-95% utilisation.^[4]
Forging capacity utilisation was 50-60% in Q1 FY27.^[4]
Management put the maximum revenue potential at current installed capacity close to Rs. 500 cr, with reliable available capacity at Rs. 200 cr (Q3 FY26).^[5]
The company has more than 1,000 employees (FY25).^[1]

Order book and new business

The new business order book (peak annual value) was ₹169 Cr in Q1 FY27 and Rs. 169 cr in Q4 FY26, up from Rs. 162 cr in Q3 FY26.^[4][6][5]
Of the Rs. 162 cr order book in Q3 FY26: connecting rods Rs. 107 cr, driveline Rs. 45 cr, axle Rs. 10 cr.^[5]
Businesses launched in the last three years made up 22% of revenue in Q1 FY27 (about ₹13 crore).^[4]
Q4 FY26 order wins: an OEM wheel hub business worth about Rs. 20 crores a year, including xEV high-volume axle work from a new customer, plus wheel hub and axle programmes from SKF and Schaeffler. All ramp up from Q1 FY27.^[6]
Wheel hub samples worth about ₹20 crore of annual revenue were in validation in Q1 FY27.^[4]

Customers and exports

OEM revenue was ₹40.7 Cr in Q1 FY27, up 31% YoY, the fourth consecutive quarter of growth.^[4]
Export share was 16% in Q1 FY27, up from 11% in Q4 FY26. It was 20% in Q3 FY26.^[4][5]
About ₹40 crore of non-fit, low-margin business was phased out in FY26.^[4][6]
A European transmission export programme started production in Q2 FY26 and was scaling up in Q3 FY26.^[5]
Mahindra gave the company a Collaboration Excellence award for fast development of connecting rods (FY25).^[1]

Expansion and capex

Machining capacity is to expand to 3 lakh pieces per month by the end of FY27.^[4]
A wheel hub machining line is targeted to be running by the end of Q2 FY27 (September 2026).^[4]
The FY27 capex plan is ₹30 crore: 75% funded by debt and 25% by internal accruals, with 60% going to driveline, axle, ramp-up and new business.^[4]
Rs. 23.44 crores of new capex was spent in FY26.^[6]

Recent developments

Anup Sancheti resigned as Company Secretary and Compliance Officer effective 30 September 2026.^[7]
An equity fundraise is in progress with promoters co-investing. No size or timeline has been disclosed, and part of the proceeds is for debt repayment (Q1 FY27).^[4]
Vriddhi Council cost savings realised to date were ₹19.1 Cr against a ₹50 Cr annual target (Q1 FY27).^[4]
In Q4 FY26, Rs. 10 crores of dies and tooling were reclassified from inventory to fixed assets.^[6]

Market Cap

₹292 Cr

High / Low

₹1,193 / 504

Stock P/E

21.4

Price / Book

2.8

Book Value

₹263

EPS

₹25.6

No. of Shares

0.36 Cr

ROCE

12.2%

ROE

10.1%

OPM

9.3%

Debt / Equity

1.11

Sales

₹235 Cr

Net Profit

₹9 Cr

Promoter holding

58.8%

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