As of 6 Nov 2026, Ganga Forging is loss-making on a trailing 12-month basis, with a net loss of ₹2.31 Cr, so it has no P/E ratio. The share price is ₹1.33, 68% below its 52-week high. Sales grew 1.8% a year over 3 years. Debt is 0.71× equity. It is a small-cap company with a market cap of ₹45 Cr, ranked 63rd of 71 Metal Fabrication companies by market cap; the shares fell 62% over the past year.
- ₹1.35
- ₹1.36
- ₹1.32
- ₹1.35
- 18.6 L
Health check
- ReturnsBehind
−61.8% over a year, better than 0 of 7 peers.
- Price tagLoss-making
Earnings were negative over the last 12 months.
- GrowthUnder pressure
Sales +1.8% a year over 3 years, but loss-making now.
- ProfitabilityNegative
ROCE -7.2% vs peer median 15.6%.
- Balance sheetStretched
Debt 0.71× equity, operating profit doesn’t cover interest, Piotroski 3 of 9.
- Red flags5 to check
Loss-making over the last twelve months.
Small cap
Market sensitivity
Key metrics
- Market cap
- ₹45 Cr
- Small cap
- P/E
- n/a
- Industry 25.1
- Price to book
- 0.72
- Peers 7.00
- Dividend yield
- 0.00%
- ROE
- −12.0%
- Peers 11.5%
- ROCE
- −7.2%
- Peers 15.6%
- Debt to equity
- 0.71
- Debt ₹20 Cr
- EPS (TTM)
- −₹0.14
- Face value ₹1
- OPM (TTM)
- −3.9%
- Net margin −6.6%
- Sales growth
- −7.2%
- Latest quarter vs a year ago
- Profit growth
- n/a
- Year-ago quarter not reported
- Price to sales
- 1.28
- EV/EBITDA −27.6
Strengths and risks
Risks to check
- Loss-making over the last twelve months.
- Return on equity is low at −12.0%.
- Quarterly sales down 7.2% on a year ago.
- 68% below its 52-week high.
- Interest coverage of only −2.3×.
About Ganga Forging
Ganga Forging Limited manufactures and sells steel forging parts and machine components for automotive and non-automotive sectors in India. It offers forged crankshafts, crankshaft single and double cylinders, straight and inclined connecting rods, forged and big yokes, trunnion-pins, spiders/crosses, trunnion shafts, forged flanges and clamps, and blind flanges, as well as half connecting incline rod; and socket clevises, anchor shackles, and dead-end…
- Headquarters
- Rajkot
- Employees
- 55
- Sector
- Industrials
- ISIN
- INE691Z01023
- Website
- gangaforging.com
Price range
- Avg volume (3M)
- 49 L
- 1-year return
- minus 61.8%
- From 52-week high
- minus 67.6%
Peers · Metal Fabrication
| Company | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| BHARATFORGBharat Forge | 1,740.00 | minus 0.74% | 85,029 | 121.8 | 7.23 | 15.6% | 11.5% | 16.9% | 9.7% | 26.9% | 0.48% | plus 32.3% |
| INDOMIMINDO-MIM | 1,219.50 | minus 3.93% | 60,302 | 101.1 | 20.94 | 22.8% | 21.3% | 28.6% | 15.8% | 4.9% | 0.00% | plus 71.1% |
| PTCILPTC Industries | 24,335.00 | plus 0.04% | 38,564 | 290.6 | 23.73 | 7.9% | 8.6% | 24.6% | 40.7% | 57.8% | 0.00% | plus 41.4% |
| ZETWERKZetwerk Manufacturing Businesses | 164.89 | minus 1.10% | 27,937 | – | −2.47 | −13.0% | −36.0% | 0.1% | 56.9% | – | 0.00% | plus 20.6% |
| HAPPYFORGEHappy Forgings | 1,694.50 | minus 10.00% | 15,996 | 49.0 | 7.00 | 18.9% | 15.2% | 30.6% | 9.8% | 13.1% | 0.21% | plus 85.8% |
| RKFORGERamkrishna Forgings | 693.85 | minus 4.25% | 13,087 | 68.4 | 3.51 | 4.7% | 5.6% | 17.1% | 10.5% | −33.9% | 0.55% | plus 35.6% |
| GRAVITAGravita India | 1,493.90 | minus 0.07% | 10,883 | 27.3 | 4.11 | 18.1% | 16.2% | 9.3% | 14.9% | 23.5% | 0.52% | minus 15.4% |
| GANGAFORGEGanga Forging | 1.33 | minus 1.48% | 45 | – | 0.72 | −7.2% | −12.0% | −3.9% | 1.8% | – | 0.00% | minus 61.8% |
| Median of 7 peers | – | −1.10% | 27,937 | 84.7 | 7.00 | 15.6% | 11.5% | 17.1% | 14.9% | 18.3% | 0.21% | 35.6% |
Quarterly results
| ₹ Cr | Jun 25 | Sep 25 | Dec 25 | Mar 26 | Jun 26 |
|---|---|---|---|---|---|
| 7.7 | 8.3 | 8.9 | 10.7 | 7.2 | |
| 7.8 | 10.6 | 8.5 | 10.8 | 6.5 | |
| −0.1 | −2.3 | 0.4 | −0.1 | 0.7 | |
| −0.8% | −28.4% | 4.5% | −0.9% | 9.3% | |
| 0 | 0 | 0.1 | 0 | 0.1 | |
| 0.2 | 0.2 | 0.2 | 0.3 | 0.2 | |
| 0.3 | 0.3 | 0.3 | 0.3 | 0.3 | |
| 0.4 | – | – | 0 | 0.7 | |
| −0.2 | −2.8 | 0 | −0.7 | 1 | |
| −47.2% | −3.5% | 13.2% | 32.9% | −10.1% | |
| −0.3 | −2.9 | 0 | −0.5 | 1.1 | |
| -0.02 | -0.17 | – | -0.02 | 0.06 |
Profit & loss
- Sales CAGR 3Y
- +1.8%
- ROE
- −12.0%
| ₹ Cr | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|
| 33 | 36.7 | 42.8 | 34.8 | |
| – | +11.4% | +16.4% | minus 18.7% | |
| 31 | 34.2 | 40.5 | 36.8 | |
| 2 | 2.5 | 2.3 | −2.1 | |
| 6.1% | 6.9% | 5.3% | −5.9% | |
| −0.1 | −0 | 0.1 | 0.1 | |
| 0.8 | 0.8 | 0.8 | 0.9 | |
| 0.9 | 1 | 1.1 | 1.2 | |
| 0.6 | 0 | 0.4 | 0.4 | |
| 0.9 | 0.8 | 0.9 | −3.7 | |
| −88.0% | 41.2% | 29.2% | 0.8% | |
| 1.7 | 0.4 | 0.6 | −3.7 | |
| – | minus 73.2% | +38.3% | minus 696.0% | |
| 0.13 | 0.02 | 0.04 | -0.21 |
Forecast
Balance sheet
| ₹ Cr | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|
| 10.6 | 13.4 | 13.5 | 13.5 | |
| 2.7 | 18 | 18.7 | 15 | |
| 14.3 | 10 | 16.6 | 20.1 | |
| 7.1 | 4.9 | 9.9 | 11.9 | |
| 34.7 | 46.3 | 58.7 | 60.5 | |
| 16.4 | 16.5 | 27.1 | 30.3 | |
| 0.9 | – | 9.3 | 12.8 | |
| 0.1 | 0.1 | 0.2 | 0.2 | |
| 0.2 | 0.9 | 0.3 | 0.1 | |
| 17.2 | 28.8 | 21.7 | 17.1 | |
| 34.7 | 46.3 | 58.7 | 60.5 |
Cash flow
| ₹ Cr | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|
| −1.1 | −10.6 | −4.1 | 0.4 | |
| −0.6 | −1.2 | −2.2 | −3.2 | |
| 1.8 | 12.5 | 5.8 | 2.6 | |
| 0.2 | 0.7 | −0.5 | −0.2 | |
| −1.3 | −1.2 | −2.6 | −3.5 | |
| −2.4 | −11.8 | −6.7 | −3.2 |
Shareholding pattern
- Promoters35.51%
- Public64.49%
| Quarter | Split | Promoters | Public | Promoter change |
|---|---|---|---|---|
| 30 Sep 2026 | 35.51% | 64.49% | 0.00 | |
| 21 Jul 2026 | 35.51% | 64.49% | 0.00 | |
| 30 Jun 2026 | 35.51% | 64.49% | 0.00 | |
| 31 Mar 2026 | 35.51% | 64.49% | 0.00 | |
| 31 Dec 2025 | 35.51% | 64.49% | – |
Major shareholders
Filings & events
News
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