Kalyani Forge Ltd

About [ edit ]

Kalyani Forge is an engineering company with an expertise in metal forming built over deep experience and talent of our people. We make forged, machined and assembled products for a variety of customers in industries like automotive, construction, power generation, marine, railway, and industrial goods.

  • Market Cap 72.0 Cr.
  • Current Price 200
  • High / Low 228 / 123
  • Stock P/E
  • Book Value 269
  • Dividend Yield 0.50 %
  • ROCE -1.89 %
  • ROE -6.49 %
  • Face Value 10.0

Pros

  • Company has reduced debt.
  • Stock is trading at 0.75 times its book value

Cons

  • Company has low interest coverage ratio.
  • The company has delivered a poor sales growth of -3.55% over past five years.
  • Company has a low return on equity of 2.04% for last 3 years.
  • Company's cost of borrowing seems high
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Quarterly Results

Figures in Rs. Crores

Mar 2018 Jun 2018 Sep 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020
69.24 70.09 78.15 72.17 65.94 66.56 53.77 34.06 46.56 17.79 40.02 56.09
61.67 62.66 70.85 64.92 62.12 61.34 49.02 33.58 48.63 16.49 39.31 50.69
Operating Profit 7.57 7.43 7.30 7.25 3.82 5.22 4.75 0.48 -2.07 1.30 0.71 5.40
OPM % 10.93% 10.60% 9.34% 10.05% 5.79% 7.84% 8.83% 1.41% -4.45% 7.31% 1.77% 9.63%
Other Income 2.98 0.10 1.64 0.99 3.75 1.06 0.75 0.62 0.31 0.34 0.36 0.68
Interest 1.64 1.84 2.18 1.13 2.44 1.89 1.31 1.09 1.08 0.54 0.57 1.17
Depreciation 3.58 3.66 3.80 3.83 3.75 3.60 3.58 3.40 3.31 3.27 3.23 3.17
Profit before tax 5.33 2.03 2.96 3.28 1.38 0.79 0.61 -3.39 -6.15 -2.17 -2.73 1.74
Tax % 24.95% 31.03% 21.62% 41.46% 2.90% 36.71% 36.07% 21.83% 15.93% 22.58% 16.12% -47.70%
Net Profit 4.00 1.40 2.32 1.92 1.34 0.50 0.39 -2.65 -5.17 -1.68 -2.29 2.57
EPS in Rs 11.00 3.85 6.38 5.28 3.68 1.37 1.07 -7.28 -14.21 -4.62 -6.29 7.06

Profit & Loss

Figures in Rs. Crores

Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 TTM
163 164 236 278 261 205 241 231 227 259 286 201 160
151 147 210 238 228 182 226 215 212 237 261 193 155
Operating Profit 12 17 26 40 33 24 14 16 15 22 26 8 5
OPM % 7% 10% 11% 14% 13% 11% 6% 7% 7% 8% 9% 4% 3%
Other Income 4 5 2 1 2 2 2 3 5 7 6 3 2
Interest 5 5 7 9 8 5 6 5 4 6 8 5 3
Depreciation 9 11 11 12 13 13 13 12 10 13 15 14 13
Profit before tax 2 6 10 20 14 7 -3 2 5 9 10 -8 -9
Tax % 58% 34% 36% 32% 36% 33% 24% 46% 33% 29% 28% 15%
Net Profit 1 4 6 13 9 5 -2 1 3 7 7 -7 -7
EPS in Rs 2.31 10.75 17.73 36.86 24.27 13.14 -6.21 3.02 9.57 18.03 19.13 -19.05 -18.06
Dividend Payout % 52% 17% 11% 7% 10% 19% 0% 66% 21% 19% 21% -5%
Compounded Sales Growth
10 Years:2%
5 Years:-4%
3 Years:-4%
TTM:-27%
Compounded Profit Growth
10 Years:%
5 Years:%
3 Years:%
TTM:-1464%
Stock Price CAGR
10 Years:4%
5 Years:-5%
3 Years:-19%
1 Year:51%
Return on Equity
10 Years:4%
5 Years:2%
3 Years:2%
Last Year:-6%

Balance Sheet

Figures in Rs. Crores

Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Sep 2020
4 4 4 4 4 4 4 4 4 4 4 4 4
Reserves 67 70 75 88 95 99 94 94 98 103 108 98 94
Borrowings 61 59 73 72 69 60 47 41 63 63 47 31 26
47 49 60 54 51 48 57 60 71 65 69 51 56
Total Liabilities 179 181 212 217 219 210 201 199 236 235 227 184 179
72 81 82 82 83 79 61 64 60 84 78 65 59
CWIP 20 6 7 5 7 14 17 8 30 5 0 1 1
Investments 0 0 0 0 0 0 0 0 0 0 0 0 0
86 94 122 130 128 117 123 127 147 146 148 118 119
Total Assets 179 181 212 217 219 210 201 199 236 235 227 184 179

Cash Flows

Figures in Rs. Crores

Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020
31 15 12 33 30 19 25 19 15 12 30 24
-22 -5 -20 -15 -24 -6 -2 -5 -41 -2 -7 -1
-22 -8 6 -12 -11 -15 -20 -11 19 -8 -25 -23
Net Cash Flow -13 2 -2 7 -5 -2 3 3 -7 2 -2 -0

Ratios

Figures in Rs. Crores

Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020
ROCE % 5% 9% 13% 19% 13% 8% 2% 5% 6% 9% 10% -2%
Debtor Days 96 101 96 82 84 94 92 98 99 99 96 103
Inventory Turnover 3.85 4.02 4.96 5.13 4.67 3.55 4.28 3.83 3.11 3.29 3.53 2.79

Shareholding Pattern

Numbers in percentages

Jun 2018 Sep 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021
58.61 58.61 58.61 58.61 58.61 58.59 58.61 58.61 58.61 58.61 58.61 58.61
41.39 41.39 41.39 41.39 41.39 41.41 41.39 41.39 41.39 41.39 41.39 41.39

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