KALYANI FORGE LIMITED (KALYANIFRG): Financials & Fundamentals History

Share price

Closing priceAdjusted for splits and bonus issues.

3M1Y3YAll

₹860.3 latest close · +39.7% over the last 90 sessions

₹860.3 month-end · +33.8% over 12 months

₹860.3 month-end · +111.5% over 3 years

₹860.3 month-end · +235.7% since Feb '19

52-week range ₹523.60 to ₹1192.25 · 1-year volatility 48.2%

Was the rally earned?

+34%share price, 1 yearEarnings-driven

Mostly yes.

Per-share earnings added 32 points to the rise, while the multiple moved less (P/E 24.9x to 25.3x).
The share count barely moved.

Net profit growth+31 ptsNet profit rose about 30%, which lifts the price.

P/E change+2 ptsThe P/E rose from 24.9x to 25.3x, which lifts the price.

Share count change+2 ptsShare count was little changed. More shares would count against the price.

What do "pts" mean?

"pts" are percentage points of the share price return. The parts add up to the total shown for each period. Because price = P/E × net profit ÷ share count, higher profit pushes the price up, a higher P/E pushes it up, and more shares push it down.

Example: if the price rose 34% and profit growth accounts for +58 pts while a lower P/E accounts for -24 pts, then 58 - 24 = 34. The +58 is not the profit growth rate itself: it is the part of the price move that profit growth explains.

Not shown for 3 years and 5 years: earnings were negative at one end, or there is not enough history.

Net profit is trailing twelve months as reported with a 60-day lag.

Compare this with SAMVARDHANA MOTHERSON INT

How rough has the ride been?

Maximum drawdown-72.6%recovered 2023-08

1-year volatility48.2%annualised

Drawdown from peak

Largest drawdowns

-72.6% (2019-03 peak to 2020-03 low, recovered 2023-08)

-39.3% (2025-01 peak to 2025-03 low, recovered 2025-05)

-37.0% (2025-05 peak to 2026-03 low, recovered 2026-08)

Is it expensive against its own past and its peers?

25.3xP/E todayWithin its usual range

Against its own history43rd percentile

CheapestMedian 27.0xDearest

Usual range 8.7x to 40.8x since 2019-02.

Against Producer Manufacturing25.3x vs 29.6x

This company

25.3x

Sector median

29.6x

15% below the Producer Manufacturing median.

P/EP/BP/S

P/E (this company)10th to 90th percentile of its own historyIts medianProducer Manufacturing median

The chart loads when you open this tab.

P/B (this company)10th to 90th percentile of its own historyIts medianProducer Manufacturing median

The chart loads when you open this tab.

P/S (this company)10th to 90th percentile of its own historyIts medianProducer Manufacturing median

How to read this

Shaded band: 10th to 90th percentile of the company's own P/E history; dotted line: its median; orange line: sector median (companies with a positive multiple, at least 5 in the sector).

Sector figures are built from today's listed companies, so they exclude companies that are no longer listed.

All terms explained in the glossary →

How Producer Manufacturing is valued

Where does it rank among Producer Manufacturing peers?

Each cell is the company's percentile rank among its Producer Manufacturing peers (non-financial companies) that month.
Darker is better-ranked.
Rows marked ↓ are inverted (lower debt, shorter cash cycle and a lower P/E rank higher).

Where it ranks today

ROCE36th▲ 4 pts vs a year ago
Op. margin73rd▲ 38 pts vs a year ago
Revenue growth12th▼ 26 pts vs a year ago
EPS growth71st▼ 25 pts vs a year ago
Debt/equity ↓8th▼ 9 pts vs a year ago
Cash cycle ↓26th▼ 11 pts vs a year ago
P/E ↓59th▼ 5 pts vs a year ago
12M momentum81st▲ 12 pts vs a year ago

Rank history

ROCE

Op. margin

Revenue growth

EPS growth

Debt/equity ↓

Cash cycle ↓

P/E ↓

12M momentum

Dec '21Jul '22Jan '23Jul '23Jan '24Jul '24Jan '25Jul '25Jan '26Jul '26Nov '26

Lower rank Higher rank Not enough data

Percentiles use today's listed companies in the sector and need at least 5 peers with a value; grey cells have too few.
ROE is computed from net profit and book value where the source does not report it.

The Producer Manufacturing sector page Watch it move against Producer Manufacturing in the Observatory

What is the price implying?

~28%annual earnings growth implied by the price

At a P/E of 62.6x, the price would imply about 28.3%/yr earnings growth for 10 years under the same assumptions, but it is not ranked.

Below the ₹1,000 cr market-cap floor used for the lists.

“Implied growth” is what the current price would require under our stated assumptions, not what we expect.

What prices imply across Producer Manufacturing The market-wide Expectations lists

Key figures

Share Priceclose 9 Nov: ₹860.30
P/E: 25.3x
ROCE: 12.0%
Market Cap: ₹308 cr
Revenue (TTM): ₹237 cr
P/S: 1.3x
P/B: 3.2x
ROE: 12.7%
Operating Margin: 15.9%
Debt / Equity: 1.1x
Promoter Holding: 58.8%
12M Momentum: 33.8%

52-week range

₹523.60₹1192.25

50% of the way from its 52-week low to its high

Price risk

1Y volatility

48.2%

Beta vs sector

1-year daily

0.51

Balance sheet & cash

Interest cover

operating profit ÷ interest

3.6x

Cash from profit, 3Y

operating cash flow ÷ net profit

1.77x

Share count, 1Y

unchanged

Are profits backed by cash?

4 of 7checks within range2 beyond a threshold

Other income reliance19%Near threshold

Other income as a share of pre-tax profit (trailing twelve months): 18.8%. Bands: below 15%, 15% to 35%, above 35%.

Tax rate29%Within range

Median quarterly effective tax rate over about 2.5 years: 28.8%. Bands: 15% to 35%, 5% to 15% or 35% to 50%, outside 5% to 50%.

Cash conversion1.77xWithin range

Operating cash flow divided by net profit over the last three fiscal years: 1.77x (cash from operations ₹39 cr, net profit ₹22 cr). Bands: 0.8x and above, 0.5x to 0.8x, below 0.5x.

Free cash flow1 of 5 yrsBeyond threshold

Fiscal years with positive free cash flow in the last 5: 1. Bands: at least 80% of years, 40% to 80%, below 40%.

Receivable days vs history+57 daysBeyond threshold

Debtor days are above the median of the previous three fiscal years by 57 days (160 vs 103). Bands: under 15 days, 15 to 45, over 45.

Capital work in progress11% of fixed assetsWithin range

Capital work-in-progress is 11% of fixed assets. Bands: not rising or up to 30%; rising for three years and above 30%; rising and above 60%.

Payable days-42 days / 2 yrsWithin range

Days payable changed by -42 over two years. Bands: rise of up to 30 days; more than 30 days.

Tap a check to see how it is measured

How to read this

Each check is a named rule with fixed thresholds, not a score. Annual statements are the latest restated figures, so a past year may differ from what was originally reported.

All terms explained in the glossary →

Who has been buying and selling?

Over 3 years, institutional and promoter holdings were broadly unchanged.
The number of shareholders rose from 5,530 to 7,424 (+34%) between Dec 2023 and Jun 2026.

Holdings, Jun '26

How each group changed

GroupDec '23Jun '26Change

Promoters58.7%58.8%0.0 pts

FIIs———

DIIs0.0%0.0%0.0 pts

Public and others41.3%41.2%-0.1 pts

Number of shareholders

7,424shareholders+34% since Dec '23

Quarterly shareholding as reported, labelled by the quarter it covers (it becomes visible about two months later).
Shareholder counts are only available for recent quarters.

This quarter's smart-money board

What happened next to similar setups

−6.9%typical 12-month return vs the marketNot meaningfully different from the base rate

We found 50 past situations where a non-financial company looked like KALYANI FORGE LIMITED today on valuation, return on capital, margins, debt, growth, price momentum, size and volatility.
Over the following 12 months the middle half of them returned −28% to +46% vs the market, against −2% for all non-financial companies in the same months.
The gap against the base rate (−5.0%, 80% range −14.7% to +13.1%) is within what chance and overlapping periods produce.

Where the 50 outcomes landed

Each dot is one past situation (hover or tap for details) · Solid dots are the closest matches, listed below · Shaded is the middle half of all companies in the same months · 2 beyond the range shown, drawn at the edge

Similar setups' median

−6.9%

All companies' median

−1.9%

Beat the market

46% vs 48%

50 past situations · 50 companies · 38 months · 2020–2025

The closest matches

Company	When	P/E	ROCE	12M mom.	Drawdown	Next 12 months
TALBROAUTO Producer Manufacturing	Feb 2021	22x	9%	+105%	−10%	+74%
VISHNU Process Industries	May 2021	19x	14%	+210%	−8%	+265%
MMFL Producer Manufacturing	May 2021	28x	9%	+201%	−10%	+56%
DYNAMATECH Producer Manufacturing	May 2021	21x	9%	+161%	−6%	+31%
EUROBOND Non-Energy Minerals	Oct 2025	24x	—	+7%	−17%	−30%

Show the other 3 matches

Company	When	P/E	ROCE	12M mom.	Drawdown	Next 12 months
MEGASTAR Process Industries	Apr 2023	42x	13%	+35%	−21%	−15%
SALASAR Producer Manufacturing	Nov 2020	12x	14%	+78%	−13%	+73%
LIBERTSHOE Consumer Non-Durables	Oct 2022	33x	9%	+80%	−33%	−1%

How reliable is this?

Matched on P/E, P/S, ROCE, operating margin, debt/equity, interest cover, revenue growth, 12-month momentum, drawdown from 12-month high, size and volatility. Closest on: interest cover, ROCE and drawdown from 12-month high. One match per company and at most 7 from any one month.

Independent periods: the matches fall in 6 distinct 12-month windows. Matches from nearby months share the same market conditions, so fewer windows means less evidence.

How this is built

This is history, not a forecast. These are past situations where other companies had broadly similar reported numbers and price trends. What happened to them does not tell you what will happen to KALYANI FORGE LIMITED. The comparison covers only 2020–2025, a single market period, and only companies still listed today. Companies that were delisted or went bankrupt are missing, which makes past outcomes look better than they were. Returns exclude dividends and are measured against an ApnaFunda-built index, not an official benchmark. Fundamentals are matched on a 60-day assumed reporting lag, not actual announcement dates. Its historical skill has not yet been measured. Past patterns may not repeat.

Methodology

How historical analogs are built

Data as of 2026-11-09. Outcome pool: Jan 2020 to Oct 2025.

For every company we look at the situation it is in today (valuation, return on capital, margins, debt, growth, 12-month price momentum, drawdown, size and volatility) and find past company-months that looked most like it. We then show what happened to those past situations over the following 12 months, measured against the ApnaFunda All index and against the base rate. It describes history. It does not predict anything.

What is compared

Feature	Weight	Non-financial	Financial
P/E	1	yes	yes
P/S	1	yes	—
P/B	1	—	yes
ROCE	1	yes	—
operating margin	1	yes	—
ROE	1	—	yes
debt/equity	0.75	yes	—
interest cover	0.5	yes	—
revenue growth	0.75	yes	yes
12-month momentum	1	yes	yes
drawdown from 12-month high	0.75	yes	yes
size	0.75	yes	yes
volatility	0.5	yes	yes

Weights were set by judgement before any outcome was looked at and are never tuned on results. Loss-making companies (negative P/E or net profit) are only matched with other loss-making companies. Banks, NBFCs and insurers are compared only with each other and use a different feature set. Every feature is converted, month by month, to its rank among companies in the same pool in that month, so a P/E of 30 in a hot market and a P/E of 22 in a cold one can match if both were equally expensive for their time. Only that month's data is used.

How closeness and the sample are defined

Distance is the weighted root-mean-square gap between the standardised features both companies have. A match needs at least 70% of the query's feature weight, a distance of at most 0.9, and 30 matches at minimum to be shown. We keep up to 50 matches with these exclusions: never the company itself, one match per company (its closest month), and at most 7 from any one calendar month so a single market episode cannot dominate.

Base rate

The base rate is the distribution of 12-month returns, relative to the market, of every eligible company-month in the same pool, with each month weighted to match the months the analogs came from. It answers: how did a random company do in these same months? Because matches from nearby months share the same market conditions, we also report the number of distinct 12-month windows behind a result, and a bootstrap that resamples months decides whether the analog median differs from the base rate at all. "Not meaningfully different" is the usual outcome and the page copy is written for it.

Limits you should know

One market period. The outcome pool covers 2020–2025 only (70 months), including the 2020 crash and the 2020–21 rally.
Survivorship. Only companies listed today are included. Delisted and bankrupt companies are missing, which flatters past outcomes, particularly for distressed-looking setups.
Price return only. Dividends are excluded, and the benchmark is an ApnaFunda market-cap-weighted index of the same listed companies, not an official index.
Reporting lag. Fundamentals are matched on an assumed 60-day lag after the quarter end, not on real announcement dates.
Pools: non-financial: 98,395 company-months from 2019 companies; financial: 5,659 company-months from 108 companies. 2349 companies currently have a result; the rest are suppressed because too few comparable situations exist.

Does it work? A walk-forward check

The walk-forward check has not been run for this build, so skill is shown as not yet measured.

Disclaimer

This is history, not a forecast. These are past situations where other companies had broadly similar reported numbers and price trends. What happened to them does not tell you what will happen to any company shown. The comparison covers only 2020–2025, a single market period, and only companies still listed today. Companies that were delisted or went bankrupt are missing, which makes past outcomes look better than they were. Returns exclude dividends and are measured against an ApnaFunda-built index, not an official benchmark. Fundamentals are matched on a 60-day assumed reporting lag, not actual announcement dates. Its historical skill has not yet been measured. Past patterns may not repeat.

What changed?

30 events since Jun '20

2026
OctPriceFell 36% from the Sep 2026 peak to the Oct 2026 low.
SepPeer rankMoved into the 2nd quartile of Producer Manufacturing on operating margin (from the 3rd quartile).
AugPriceRegained the 2025-05 peak, 5 months after the low.
JunResultsYear-on-year EPS growth turned positive.
JunPeer rankSlipped to the 3rd quartile of Producer Manufacturing on operating margin (from the 2nd quartile).
JunDebtDebt / equity rose above 1.0x (1.10x).
MarResultsYear-on-year EPS growth turned negative.
MarPriceFell 37% from the May 2025 peak to the Mar 2026 low.

Show 22 earlier events

2026
MarPeer rankMoved into the 2nd quartile of Producer Manufacturing on operating margin (from the 3rd quartile).
2025
DecPeer rankSlipped to the 2nd quartile of Producer Manufacturing on EPS growth (from the top quartile).
JunPeer rankMoved into the 3rd quartile of Producer Manufacturing on ROCE (from the bottom quartile).
MayPriceRegained the 2025-01 peak, 2 months after the low.
MarPriceFell 39% from the Jan 2025 peak to the Mar 2025 low.
MarPeer rankSlipped to the 3rd quartile of Producer Manufacturing on operating margin (from the 2nd quartile).
2024
DecPriceRegained the 2024-06 peak, 2 months after the low.
DecPeer rankMoved into the 2nd quartile of Producer Manufacturing on operating margin (from the bottom quartile).
OctPriceFell 33% from the Jun 2024 peak to the Oct 2024 low.
JunResultsEPS (TTM) turned positive.
JunPriceRegained the 2023-09 peak, 7 months after the low.
JunValuationP/E crossed above the 90th percentile of its own history to date (43.0x).
JunDividendStarted paying a dividend (payout 24% of profit).
2023
NovPriceFell 34% from the Sep 2023 peak to the Nov 2023 low.
AugPriceRegained the 2019-03 peak, 41 months after the low.
JunResultsEPS (TTM) turned negative.
JunDividendDividend payout cut from 35% to -607% of profit.
AprValuationP/E crossed above the 90th percentile of its own history to date (29.2x).
2022
JunResultsEPS (TTM) turned positive.
JunDividendStarted paying a dividend (payout 35% of profit).
2020
JunResultsEPS (TTM) turned negative.
JunPeer rankSlipped to the bottom quartile of Producer Manufacturing on ROCE (from the 3rd quartile).

Events are generated from the data by fixed rules.
The month shown is when the change became visible in the reported figures, assuming a 60-day lag after each quarter end; it is not an announcement date.

Where price and fundamentals disagree, market-wide Rewind the whole market to any month

Monthly history94 months · 2019-02 to 2026-11

Month	P/E	Revenue (TTM)	ROE	ROCE	Debt / Equity
2026-11	25.3x	₹237 cr	12.7%	12.0%	1.1x
2026-10	23.9x	₹237 cr	12.7%	12.0%	1.1x
2026-09	29.1x	₹237 cr	12.9%	12.0%	1.1x
2026-08	35.7x	₹235 cr	9.7%	12.0%	1.1x
2026-07	23.5x	₹235 cr	9.7%	12.0%	1.1x
2026-06	23.9x	₹235 cr	9.7%	12.0%	1.1x
2026-05	38.9x	₹237 cr	6.3%	12.0%	0.8x
2026-04	38.7x	₹237 cr	6.3%	12.0%	0.8x
2026-03	35.1x	₹237 cr	6.3%	12.0%	0.8x
2026-02	29.6x	₹237 cr	8.5%	12.0%	0.8x
2026-01	28.8x	₹237 cr	8.5%	12.0%	0.8x
2025-12	30.2x	₹237 cr	8.5%	12.0%	0.8x
2025-11	24.9x	₹244 cr	10.4%	12.0%	0.8x
2025-10	27.2x	₹244 cr	10.4%	12.0%	0.8x
2025-09	25.6x	₹244 cr	10.4%	12.0%	0.8x
2025-08	29.4x	₹237 cr	9.2%	12.0%	0.8x
2025-07	30.8x	₹237 cr	9.2%	12.0%	0.8x
2025-06	32.6x	₹237 cr	9.2%	12.0%	0.8x
2025-05	39.9x	₹235 cr	8.3%	9.0%	0.7x
2025-04	33.9x	₹235 cr	8.3%	9.0%	0.7x
2025-03	26.6x	₹235 cr	8.3%	9.0%	0.7x
2025-02	28.8x	₹236 cr	7.9%	9.0%	0.7x
2025-01	35.3x	₹236 cr	7.9%	9.0%	0.7x
2024-12	37.9x	₹236 cr	7.9%	9.0%	0.7x
2024-11	59.2x	₹234 cr	4.6%	9.0%	0.7x
2024-10	43.5x	₹234 cr	4.6%	9.0%	0.7x
2024-09	46.1x	₹234 cr	4.6%	9.0%	0.7x
2024-08	43.0x	₹237 cr	5.5%	9.0%	0.7x
2024-07	44.5x	₹237 cr	5.5%	9.0%	0.7x
2024-06	43.0x	₹237 cr	5.5%	9.0%	0.7x
2024-05	—	₹264 cr	-0.2%	4.0%	0.5x
2024-04	—	₹264 cr	-0.2%	4.0%	0.5x
2024-03	—	₹264 cr	-0.2%	4.0%	0.5x
2024-02	—	₹264 cr	-0.2%	4.0%	0.5x
2024-01	—	₹264 cr	-0.2%	4.0%	0.5x
2023-12	—	₹264 cr	-0.2%	4.0%	0.5x
2023-11	—	₹264 cr	-0.2%	4.0%	0.5x
2023-10	—	₹264 cr	-0.2%	4.0%	0.5x
2023-09	—	₹264 cr	-0.2%	4.0%	0.5x
2023-08	—	₹264 cr	-0.2%	4.0%	0.5x
2023-07	—	₹264 cr	-0.2%	4.0%	0.5x
2023-06	—	₹264 cr	-0.2%	4.0%	0.5x
2023-05	29.4x	₹246 cr	3.0%	6.0%	0.3x
2023-04	29.2x	₹246 cr	3.0%	6.0%	0.3x
2023-03	25.9x	₹246 cr	3.0%	6.0%	0.3x
2023-02	28.2x	₹246 cr	3.0%	6.0%	0.3x
2023-01	26.8x	₹246 cr	3.0%	6.0%	0.3x
2022-12	28.9x	₹246 cr	3.0%	6.0%	0.3x
2022-11	28.9x	₹246 cr	3.0%	6.0%	0.3x
2022-10	30.8x	₹246 cr	3.0%	6.0%	0.3x
2022-09	23.0x	₹246 cr	3.0%	6.0%	0.3x
2022-08	22.2x	₹246 cr	3.0%	6.0%	0.3x
2022-07	20.9x	₹246 cr	3.0%	6.0%	0.3x
2022-06	20.4x	₹246 cr	3.0%	6.0%	0.3x
2022-05	—	₹181 cr	-1.7%	1.0%	0.3x
2022-04	—	₹181 cr	-1.7%	1.0%	0.3x
2022-03	—	₹181 cr	-1.7%	1.0%	0.3x
2022-02	—	₹181 cr	-1.7%	1.0%	0.3x
2022-01	—	₹181 cr	-1.7%	1.0%	0.3x
2021-12	—	₹181 cr	-1.7%	1.0%	0.3x
2021-11	—	₹181 cr	-1.7%	1.0%	0.3x
2021-10	—	₹181 cr	-1.7%	1.0%	0.3x
2021-09	—	₹181 cr	-1.7%	1.0%	0.3x
2021-08	—	₹181 cr	-1.7%	1.0%	0.3x
2021-07	—	₹181 cr	-1.7%	1.0%	0.3x
2021-06	—	₹181 cr	-1.7%	1.0%	0.3x
2021-05	—	₹201 cr	-6.9%	-2.0%	0.3x
2021-04	—	₹201 cr	-6.9%	-2.0%	0.3x
2021-03	—	₹201 cr	-6.9%	-2.0%	0.3x
2021-02	—	₹201 cr	-6.9%	-2.0%	0.3x
2021-01	—	₹201 cr	-6.9%	-2.0%	0.3x
2020-12	—	₹201 cr	-6.9%	-2.0%	0.3x
2020-11	—	₹201 cr	-6.9%	-2.0%	0.3x
2020-10	—	₹201 cr	-6.9%	-2.0%	0.3x
2020-09	—	₹201 cr	-6.9%	-2.0%	0.3x
2020-08	—	₹201 cr	-6.9%	-2.0%	0.3x
2020-07	—	₹201 cr	-6.9%	-2.0%	0.3x
2020-06	—	₹201 cr	-6.9%	-2.0%	0.3x
2020-05	6.8x	₹286 cr	6.3%	10.0%	0.4x
2020-04	6.0x	₹286 cr	6.3%	10.0%	0.4x
2020-03	4.6x	₹286 cr	6.3%	10.0%	0.4x
2020-02	6.6x	₹286 cr	6.3%	10.0%	0.4x
2020-01	8.8x	₹286 cr	6.3%	10.0%	0.4x
2019-12	8.6x	₹286 cr	6.3%	10.0%	0.4x
2019-11	8.3x	₹286 cr	6.3%	10.0%	0.4x
2019-10	8.7x	₹286 cr	6.3%	10.0%	0.4x
2019-09	8.8x	₹286 cr	6.3%	10.0%	0.4x
2019-08	8.8x	₹286 cr	6.3%	10.0%	0.4x
2019-07	9.1x	₹286 cr	6.3%	10.0%	0.4x
2019-06	13.1x	₹286 cr	6.3%	10.0%	0.4x
2019-05	14.9x	₹259 cr	6.5%	9.0%	0.6x
2019-04	15.9x	₹259 cr	6.5%	9.0%	0.6x
2019-03	15.5x	₹259 cr	6.5%	9.0%	0.6x
2019-02	14.2x	₹259 cr	6.5%	9.0%	0.6x

Methodology and data notes