- CIN
- U28910MH1992PLC067421
- ISIN
- —
- Incorporated
- 16 Jul 1992
- Registered state
- Maharashtra
Prices shown are indicative, dealer-quoted and updated periodically — they are not exchange-traded prices and may differ from the price at which a transaction is finally executed.
Business overview
Kalyani Precision Forgings Limited makes forged and machined crankshafts, axle components and transmission parts for commercial vehicles, from three plants in Maharashtra and one in Tamil Nadu, supplying 11 vehicle makers with an installed forging capacity of 186,000 tonnes a year. About 38% of revenue is now exported, which has partially decoupled earnings from the domestic commercial-vehicle cycle that used to drive the whole business. The company is currently unlisted with no publicly announced listing timeline, and shares change hands only through negotiated off-market transfers.
Key highlights
- Export share up from 22% in FY2023 to 38% in FY2026
- EV-agnostic parts now 19% of order book
- Debt reduced by ₹140 crore over two years
- Capacity utilisation at 74%
Financial snapshot
FY2026 · Audited · Source: Audited annual report
- Revenue FY2026
- ₹3,180.00 Cr
- EBITDA
- ₹486.00 Cr
- PAT
- ₹248.00 Cr
- Net worth
- ₹2,140.00 Cr
- Total debt
- ₹940.00 Cr
- Cash & equivalents
- ₹186.00 Cr
- Operating cash flow
- ₹362.00 Cr
- EPS
- ₹5.54
Management & board
- GRSince 2019
Girish Reddy
Managing Director & CEO
Has led Kalyani Forgings since 2019 and previously held senior operating roles in the same sector.
- ADSince 2016
Arjun Deshpande
Chief Financial Officer
- NDSince 2012
Nilesh Deshpande
Executive Director — Operations
- KNSince 2011
Kavita Nair
Company Secretary & Compliance Officer
- MKSince 2010
Meera Kulkarni
Independent Director
Reported financials · FY2024–FY2026
Figures in ₹ crore unless stated. Every column carries its own source and audit status.
| Particulars | FY2026Audited | FY2025Audited | FY2024Audited | YoY |
|---|---|---|---|---|
| Profit & loss | ||||
| Revenue | ₹3,180 Cr | ₹2,960 Cr | ₹2,640 Cr | +7.4% |
| EBITDA | ₹486 Cr | ₹442 Cr | ₹368 Cr | +10.0% |
| Profit after tax | ₹248 Cr | ₹214 Cr | ₹168 Cr | +15.9% |
| Earnings per share | ₹5.54 | ₹4.78 | ₹3.75 | — |
| Balance sheet | ||||
| Net worth | ₹2,140 Cr | ₹1,920 Cr | ₹1,740 Cr | +11.5% |
| Total debt | ₹940 Cr | ₹1,010 Cr | ₹1,080 Cr | — |
| Cash & equivalents | ₹186 Cr | ₹162 Cr | ₹148 Cr | — |
| Total assets | ₹4,180 Cr | ₹3,980 Cr | ₹3,720 Cr | — |
| Book value per share | ₹47.77 | ₹42.86 | ₹38.84 | — |
| Cash flow | ||||
| Operating cash flow | ₹362 Cr | ₹318 Cr | ₹284 Cr | — |
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- FY2026 · Audited annual report · period ended 31 Mar 2026 · last updated in the back office 15 Sep 2026
- FY2025 · Audited annual report · period ended 31 Mar 2025
- FY2024 · Audited annual report · period ended 31 Mar 2024
Revenue, EBITDA and PAT
₹ crore. A year with no reported figure is left out rather than drawn as zero.
- Revenue
- EBITDA
- PAT
Every ratio on this tab is derived from the reported figures in the Financials tab and the indicative price in the header — nothing here is a stored value. A ratio that cannot be justified is shown as — with the reason, rather than as a negative or a zero. Ratios move when the indicative price moves.
Size
Balance-sheet items as at FY2026
- Market cap
- ₹21,773 Cr
- Enterprise value
- ₹22,527 Cr
- Indicative price
- ₹486
- Shares outstanding
- 44,80,00,000
Indicative price × shares outstanding
Market cap + debt − cash
Valuation multiples
- P/E
- 87.8x
- P/B
- 10.2x
- EV / EBITDA
- 46.4x
- EPS
- ₹5.54
- Book value / share
- ₹47.77
- Debt / equity
- 0.4x
On FY2026 PAT
Returns & margins
- ROE
- 11.6%
- ROCE (EBITDA basis)
- 15.8%
- EBITDA margin
- 15.3%
- PAT margin
- 7.8%
- Revenue growth
- 7.4%
- Cash / market cap
- 0.9%
EBITDA ÷ (net worth + debt)
Indicative price snapshots
Each point is a dated dealer-quote average. There is no continuous trading behind these numbers, so no daily series is drawn.
Prices shown are indicative, dealer-quoted and updated periodically — they are not exchange-traded prices and may differ from the price at which a transaction is finally executed.
Snapshot log
| Date | Indicative price | Change | Source |
|---|---|---|---|
| 20 Sep 2026 | ₹486 | -3.35% | Dealer desk average, 3 quotes |
| 20 Aug 2026 | ₹503 | -0.20% | Dealer desk average |
| 20 Jul 2026 | ₹504 | +3.39% | Dealer desk average |
| 20 Jun 2026 | ₹487 | +0.50% | Dealer desk average |
| 20 May 2026 | ₹485 | +2.05% | Dealer desk average |
| 20 Apr 2026 | ₹475 | +0.09% | Dealer desk average |
| 20 Mar 2026 | ₹475 | +2.33% | Dealer desk average |
| 20 Feb 2026 | ₹464 | +1.31% | Dealer desk average |
| 20 Jan 2026 | ₹458 | +0.83% | Dealer desk average |
| 20 Dec 2025 | ₹454 | +0.43% | Dealer desk average |
| 20 Nov 2025 | ₹452 | +1.71% | Dealer desk average |
| 20 Oct 2025 | ₹445 | +0.95% | Dealer desk average |
| 20 Sep 2025 | ₹440 | — | Dealer desk average |
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Change is measured against the previous snapshot, not against a calendar period, because snapshots are not collected on a fixed schedule. The header percentages use fixed windows and may not tie exactly to this column.
Corporate actions & events
Dated events sourced from company filings and registrar records.
- Bonus2 Jun 2025
Bonus issue in the ratio 1:2
Board approved a bonus issue; record date notified to shareholders on file.
Company filing / RoC
- Rights13 Aug 2024
Rights issue to existing shareholders
Rights entitlement offered to shareholders on record in the stated ratio.
Company filing / RoC
- Buyback3 Aug 2024
Buyback of equity shares from employees
Liquidity window offered to option holders at a board-determined price.
Company filing / RoC
- Filing2 Jan 2024
Annual return filed with the registrar
Statutory filing completed within the prescribed timeline.
Company filing / RoC
IPO / listing status
- Current stage
- Unlisted
- DRHP filed
- —
- RHP filed
- —
- Expected window
- —
- Registrar
- —
- Book-running managers
- —
No listing application has been made. Any exit before a listing depends on finding a counterparty in the off-market.
Research
Information currently unavailable
No research has been published on Kalyani Forgings yet. Sector notes that mention it will appear here when they are.
Documents
Public documents open directly. Private documents are released to verified clients on request.
| Document | Type | FY / date | Source | Access |
|---|---|---|---|---|
| Annual Report FY20264.2 MB | Annual report | FY2026 | Company | Download |
| Annual Report FY20253.8 MB | Annual report | FY2025 | Company | Download |
| Audited financial statements — three-year summary620 KB | Financials | FY2024–FY2026 | Statutory filings | Download |
| Investor presentation9.1 MB | Presentation | 2026-07-15 | Company | On request |
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Risk assessment
Our own reading of the disclosed information. Treat the levels as judgement, not as fact.
Cycle exposure
HighCommercial-vehicle volumes swing sharply with freight demand.
Powertrain transition
MediumA faster EV shift would shrink part of the addressable content.
Steel prices
MediumPass-through to customers lags by a quarter.
Risks common to every unlisted holding. You may not find a buyer when you want one, at any price. A listing may be delayed indefinitely or may never happen, and shares can list below the price at which they changed hands in the unlisted market. Disclosure by unlisted companies is thinner than by listed ones, and the indicative price is based on infrequent dealer quotes rather than continuous trading.