🔍

KALYANIFRG - Kalyani Forge

📊 NSE: KALYANIFRG 🏢 Castings & Forgings 📅 Last Updated: 12/14/2025 8:47

📢 Recent Corporate Announcements

Kalyani Forge Releases Video Recording of February 12 Investor Conference Call

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 12 Feb 2026, 03:59 PM

Kalyani Forge Limited has officially released the video recording of its Analyst and Investor Conference Call held on February 12, 2026. This disclosure is made in compliance with Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The recording is accessible to the public via the company's official website under the 'Investors' section. Such recordings are crucial for shareholders to understand management's perspective on recent performance and future guidance.

Video recording of the Investor Conference Call held on February 12, 2026, is now live.
Compliance filing submitted under Regulation 30 of SEBI (LODR) Regulations, 2015.
Recording is hosted on the official website www.kalyaniforge.com under the Investor/Analyst Call path.
The announcement pertains to both BSE (513509) and NSE (KALYANIFRG) listings.

💡 Investors should review the video recording to gain insights into management's commentary on operational performance and strategic outlook. This is a standard transparency measure following quarterly or annual results.

Kalyani Forge Q3 FY26: Record 15.7% EBITDA Margin Amid Strategic Business Re-alignment

🟢 POSITIVE ⭐ 7/10

EARNINGS 📅 12 Feb 2026, 11:10 AM

Kalyani Forge reported a record-high EBITDA margin of 15.7% in Q3 FY26, driven by a deliberate exit from low-margin legacy businesses and improved cost discipline. While revenue stood at ₹58.22 crore, the company achieved a Profit Before Tax (PBT) of ₹3.95 crore, its strongest in four quarters. The reported PAT of -₹0.12 crore was primarily due to non-cash deferred tax adjustments rather than operational weakness. The company is pivoting towards high-value segments like Driveline and Axle, supported by a ₹162 crore new business order book.

Achieved highest-ever EBITDA margin of 15.7% through operational stabilization and pruning low-margin accounts.
New business order book reached a peak annual value of ₹162 crore, with ₹107 crore from the Engine segment.
Export mix strengthened to 20% of total sales (₹10.64 crore) with a focus on European transmission programs.
FY26 Capex budget set at ₹25 crore, with 60% allocated to future growth areas in Driveline and Axle segments.
Maintained a high Fixed Asset Turnover of 3.5x, significantly exceeding the industry benchmark of 1.5-2.0x.

💡 Investors should view the margin expansion as a sign of successful structural turnaround and focus on the execution of the ₹162 crore order book. The shift from volume-led to margin-led growth suggests improved earnings quality for long-term holders.

Kalyani Forge Q3 FY26: Record 15.7% EBITDA Margin; Revenue at ₹58.22 Crore

🔵 WATCH ⭐ 7/10

EARNINGS 📅 11 Feb 2026, 06:21 PM

Kalyani Forge reported a strong operational turnaround in Q3 FY26, achieving its highest-ever EBITDA margin of 15.7% through cost optimization and exiting low-margin businesses. Revenue grew slightly to ₹58.22 crore, and Profit Before Tax (PBT) reached a four-quarter high of ₹3.95 crore. However, the company reported a marginal Net Loss (PAT) of ₹0.12 crore due to deferred tax adjustments. Management is actively pursuing a 'Clean Audit' roadmap and evaluating fundraise options via equity or loans to support FY27 expansion plans.

Achieved an all-time high EBITDA margin of 15.7% through disciplined cost management.
Revenue stood at ₹58.22 crore, reflecting a quarter-on-quarter increase of ₹1.99 crore.
Profit Before Tax (PBT) of ₹3.95 crore is the strongest performance in the last four quarters.
Net Loss (PAT) of ₹0.12 crore was primarily impacted by deferred tax adjustments.
Company is evaluating long-term loans and equity raises to fund upcoming FY27 capital expenditures.

💡 Investors should monitor the company's ability to translate high operating margins into consistent bottom-line PAT and watch for details on the proposed equity dilution. The progress on the 'Clean Audit' roadmap is a positive governance signal that warrants attention.

Kalyani Forge Approves Q3 Results and Appoints Jagdish Baheti as New CFO

🟡 NEUTRAL ⭐ 6/10

MANAGEMENT 📅 11 Feb 2026, 06:16 PM

Kalyani Forge Limited approved its standalone financial results for the quarter ended December 31, 2025, during its board meeting on February 11, 2026. The company announced the appointment of Mr. Jagdish Baheti as the new Chief Financial Officer, who brings over 15 years of experience in the automotive manufacturing sector. Concurrently, Mr. Abhijit Sen stepped down from the board after completing two full terms of five years each. The board also reconstituted its key committees, including Audit and CSR, to reflect these leadership changes.

Board approved unaudited standalone financial results for the quarter ended December 31, 2025.
Mr. Jagdish Baheti appointed as CFO effective February 11, 2026, with 15+ years of experience in manufacturing.
Cessation of Mr. Abhijit Sen as Independent Director following the completion of a 10-year tenure.
Reconstitution of Audit, Nomination & Remuneration, Stakeholders Relationship, and CSR committees.
Trading window for designated persons to remain closed until 48 hours after public results announcement on February 13, 2026.

💡 Investors should examine the detailed Q3 financial statements once fully released to assess the company's operational performance. The appointment of a CFO with extensive automotive group experience is a positive step for financial leadership.

Kalyani Forge Appoints Mr. Jagdish Baheti as Chief Financial Officer

🟢 POSITIVE ⭐ 6/10

MANAGEMENT 📅 11 Feb 2026, 06:10 PM

Kalyani Forge Limited has announced the appointment of Mr. Jagdish Baheti as the Chief Financial Officer and Key Managerial Personnel, effective February 11, 2026. Mr. Baheti is a Chartered Accountant and MBA with over 15 years of post-qualification experience specifically within the manufacturing and automotive sectors. He previously held leadership roles at Delfingen and Hirschvogel Components, bringing expertise in project finance, treasury, and ERP systems. This appointment aims to strengthen the company's financial leadership and operational oversight.

Mr. Jagdish Baheti appointed as CFO effective February 11, 2026
Over 15 years of post-qualification experience in manufacturing and automotive industries
Previous experience includes CFO India role at Delfingen and tenure at Hirschvogel Components
Expertise in budgeting, forecasting, taxation, treasury, project finance, and SAP systems

💡 Investors should view this as a positive step towards professional management; however, no immediate action is required. Monitor future financial reports for improvements in cost management or capital allocation under the new leadership.

Kalyani Forge Approves Q3 Results and Appoints Jagdish Baheti as New CFO

🟢 POSITIVE ⭐ 7/10

MANAGEMENT 📅 11 Feb 2026, 06:06 PM

Kalyani Forge Limited has approved its standalone financial results for the quarter ended December 31, 2025. A key highlight is the appointment of Mr. Jagdish Baheti as the Chief Financial Officer, who brings over 15 years of experience in the manufacturing and automotive sectors. The company also noted the departure of Independent Director Mr. Abhijit Sen after a 10-year tenure. Consequently, the board has reconstituted its Audit, CSR, and other key committees to reflect these leadership changes.

Approved unaudited standalone financial results for the quarter ended December 31, 2025.
Appointed Mr. Jagdish Baheti as CFO and Key Managerial Personnel effective February 11, 2026.
New CFO Jagdish Baheti has 15+ years of experience with automotive groups like Delfingen and Hirschvogel.
Mr. Abhijit Sen ceased to be a director effective February 2, 2026, after completing two five-year terms.
Reconstituted four major board committees including Audit and Nomination and Remuneration Committees.

💡 Investors should review the detailed financial performance once the full report is released to gauge operational growth. The appointment of a CFO with deep automotive industry experience is a positive sign for the company's financial management and strategic planning.

Kalyani Forge to Host Q3 FY2025-26 Earnings Conference Call on February 12

🟡 NEUTRAL ⭐ 4/10

ROUTINE 📅 06 Feb 2026, 06:14 PM

Kalyani Forge Limited has scheduled an analyst and investor conference call for February 12, 2026, at 11:00 AM IST. The call is intended to discuss the company's financial performance for the quarter ended December 31, 2025. The management team will be represented by Managing Director Mr. Viraj G. Kalyani. This interaction provides a platform for investors to gain clarity on the company's operational performance and future growth strategy.

Conference call scheduled for February 12, 2026, from 11:00 AM to 12:00 PM IST
Discussion will focus on financial results for the quarter ended December 31, 2025
Management representation by Managing Director Mr. Viraj G. Kalyani
The meeting will be held virtually via Zoom for broad accessibility

💡 Investors should attend or review the transcript of the call to understand management's outlook on the forging industry and specific margin trends. Particular attention should be paid to commentary regarding order book growth and raw material cost management.

Kalyani Forge Seeks Shareholder Approval for Appointment of Independent Director

🟡 NEUTRAL ⭐ 4/10

MANAGEMENT 📅 03 Feb 2026, 05:11 PM

Kalyani Forge Limited has issued a Postal Ballot notice to seek shareholder approval for the appointment of Mr. Viswanathan Swaminathan as an Independent Director. The appointment is proposed for a five-year term starting from November 12, 2025, until November 12, 2030. Shareholders can cast their votes electronically between February 04, 2026, and March 05, 2026. The cut-off date for determining voting eligibility is January 30, 2026.

Proposed appointment of Mr. Viswanathan Swaminathan as an Independent Director for a 5-year tenure.
The term is effective from November 12, 2025, through November 12, 2030.
E-voting period is scheduled from February 04, 2026, to March 05, 2026.
Cut-off date for determining shareholder voting eligibility is January 30, 2026.

💡 This is a routine governance matter regarding board composition. Investors should review the director's profile in the explanatory statement and exercise their voting rights during the specified window.

Kalyani Forge Submits SEBI Compliance Certificate for Quarter Ended December 31, 2025

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 05 Jan 2026, 01:01 PM

Kalyani Forge Limited has filed its quarterly compliance certificate under Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018. The filing confirms that share certificates received for dematerialization during the quarter ended December 31, 2025, were processed within the mandated timelines. The company's Registrar and Share Transfer Agent, MUFG Intime India Private Limited, verified and cancelled the physical certificates after dematerialization. This is a standard administrative procedure for listed companies to ensure the integrity of shareholding records.

Quarterly compliance certificate submitted for the period ending December 31, 2025.
Confirmation of dematerialization processing within SEBI prescribed timelines.
Verification and cancellation of physical share certificates completed by the RTA.
MUFG Intime India Private Limited acted as the Registrar and Share Transfer Agent.

💡 This is a routine regulatory filing with no impact on the company's fundamentals. Investors should continue to monitor the company's operational performance and upcoming earnings reports.

Kalyani Forge Announces Trading Window Closure from January 1, 2026

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 29 Dec 2025, 12:56 PM

Kalyani Forge Limited has announced the closure of its trading window effective January 1, 2026, in compliance with SEBI insider trading regulations. This closure is a standard procedure ahead of the declaration of the company's unaudited financial results for the quarter ending December 31, 2025. The restriction applies to all designated persons and their immediate relatives. The trading window will reopen 48 hours after the financial results are officially disclosed to the stock exchanges.

Trading window for dealing in securities will be closed starting Thursday, January 1, 2026.
The closure is in anticipation of the unaudited financial results for the quarter ending December 31, 2025.
The window will remain closed for all designated persons and their immediate relatives.
Trading will resume 48 hours after the official declaration of the quarterly financial results.
The announcement is made pursuant to SEBI (Prohibition of Insider Trading) Regulations, 2015.

💡 This is a routine regulatory filing with no direct impact on the company's valuation. Investors should monitor the upcoming quarterly results for actual performance indicators.

View All KALYANIFRG Announcements on Live Market Tracking →

💰 Financial Performance

Revenue Growth by Segment

In Q2 FY26, the Engine segment accounted for 62% of revenue, Driveline for 19%, and Axel for 10%. While Engine and Driveline revenues saw slight reductions due to lower US exports, the Axel business has grown over the last two quarters. Overall operating income for 9M FY25 was INR 177.6 Cr, flattish compared to INR 236.9 Cr in full fiscal 2024.

Geographic Revenue Split

The company serves both domestic and global markets. Domestic sales have maintained momentum post-GST cut, while export revenue has been adversely impacted by US tariff-related reductions, particularly in the engine product group.

Profitability Margins

PAT margin improved by 53% in Q2 FY26 compared to the previous quarter. Operating margin rose to 9.93% in 9M FY25 from 6.5% in FY24, driven by cost control, clean audit actions, and a shift toward a more profitable product mix.

EBITDA Margin

EBITDA margin grew to 13% in Q2 FY26, up from 9.93% in 9M FY25 and 6.5% in FY24. This improvement was achieved despite a reduction in export business through operational efficiency and strategic project gains.

Capital Expenditure

Capital work-in-progress (CWIP) stood at INR 15.05 Cr as of March 31, 2025, a significant increase from INR 5.28 Cr in the previous year. Total Property, Plant, and Equipment was valued at INR 60.37 Cr.

Credit Rating & Borrowing

Crisil Ratings reaffirmed 'Crisil BBB/Stable/Crisil A3+' on bank loan facilities totaling INR 100 Cr. Gearing was moderate at 0.75 times as of March 31, 2024.

⚙️ Operational Drivers

Raw Materials

Forging grade steel and machining materials are the primary inputs, though specific alloy names are not disclosed. Raw material price volatility is cited as a key risk factor affecting margins.

Capacity Expansion

The company is undergoing ongoing capital expenditure to improve operating performance. Current CWIP of INR 15.05 Cr indicates active expansion or modernization at existing units.

Raw Material Costs

Raw material costs are a significant portion of the cost structure; volatility in these prices is partially offset by cost-control measures and improved operational efficiency which helped raise EBITDA margins to 13%.

Manufacturing Efficiency

Average capacity utilization rose to 91-98% for the five months through January 2025. Efficiency is being further driven by the Vriddhi Council, which delivered INR 17 Cr in value gains.

📈 Strategic Growth

Expected Growth Rate

25%

Growth Strategy

Growth will be achieved through 'Strong Execution' (cost control and clean audit actions), 'Business Development' (ramping up new export business SOPs), and 'Capex Growth' (INR 15.05 Cr in CWIP). The Vriddhi Council project is a key driver, having already delivered INR 17 Cr in savings.

Products & Services

Hot-warm and cold-forged products including Stub Axle, Connecting rod, Crankshaft, Steering Knuckle, Wheel Hub, Double Yoke, Yoke Shaft, Tulip, Outer Race, Tripod, Inner Race, and Gear Blanks.

Brand Portfolio

Kalyani Forge Limited (KFL).

New Products/Services

New export business has ramped up with SOPs commenced in Q2 FY26, expected to offset temporary global top-line reductions.

Market Expansion

The company is targeting growth in the Driveline and Axel product groups and is ramping up new export business to diversify its geographic footprint.

Strategic Alliances

The company engaged the Vriddhi Council for strategic project execution, resulting in INR 17 Cr of value gains.

🌍 External Factors

Industry Trends

The forging industry is evolving with a focus on high-performance critical components. KFL is positioning itself by increasing its Internal Financial Control (IFC) scores and implementing compliance software to meet higher governance standards.

Competitive Landscape

KFL faces intense competition in the domestic forging and machining industry, which partially offsets its established market position.

Competitive Moat

The moat is built on four decades of promoter experience, established market position, and healthy relationships with reputed OEMs. This is sustainable due to the high technical expertise required for hot-warm and cold-forged products.

Macro Economic Sensitivity

The company is sensitive to the cyclicality of the automotive sector and global trade policies, such as US tariffs which reduced export momentum.

Consumer Behavior

Demand is shifting toward more complex driveline and axle components, which KFL is addressing through its product mix strategy.

Geopolitical Risks

US tariffs have directly led to a reduction in export sales for the engine product group, representing a significant geopolitical trade barrier.

⚖️ Regulatory & Governance

Industry Regulations

The company must comply with SEBI (LODR) Regulations and the Companies Act, 2013. It faced a delay in transferring unclaimed dividends to the Investor Education and Protection Fund (IEPF).

Taxation Policy Impact

Deferred tax assets (net) stood at INR 1.86 Cr as of March 31, 2025.

Legal Contingencies

The company has pending litigations; however, the auditor noted that in the absence of sufficient information, they were unable to state the impact of these litigations on the financial position (Refer Note 32.1).

⚠️ Risk Analysis

Key Uncertainties

The primary uncertainty is the 'Disclaimer of Opinion' issued by auditors regarding internal financial controls and managerial remuneration for FY25. Additionally, the resignation of CFO Nilesh Bandale in November 2025 adds managerial uncertainty.