LGB Forge Ltd

About [ edit ]

LGB Forge is into manufacturing of Cold and Hot forged components and has its manufacturing unit at Tamilnadu, Karnataka and Pondicherry. The company concentrates in manufacturing high volume Auto, Electrical & Transmission forged components for automobiles, non automotive segments like Valve Industry and infrastructure equipment industry including machining for customers in automotive, offroad and non-automotive segments.(Source : 201903 Annual Report Page No: 62)

  • Market Cap 116 Cr.
  • Current Price 4.90
  • High / Low 5.40 / 1.80
  • Stock P/E 123
  • Book Value 1.32
  • Dividend Yield 0.00 %
  • ROCE 4.81 %
  • ROE -2.10 %
  • Face Value 1.00

Pros

Cons

  • Stock is trading at 3.70 times its book value
  • Company has low interest coverage ratio.
  • The company has delivered a poor sales growth of 4.76% over past five years.
  • Company has a low return on equity of -3.48% 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
26.74 28.28 35.43 35.94 31.99 31.93 25.57 25.05 18.60 8.06 23.91 31.25
25.79 27.02 33.40 33.43 29.09 30.00 24.19 23.70 17.77 8.49 20.99 27.24
Operating Profit 0.95 1.26 2.03 2.51 2.90 1.93 1.38 1.35 0.83 -0.43 2.92 4.01
OPM % 3.55% 4.46% 5.73% 6.98% 9.07% 6.04% 5.40% 5.39% 4.46% -5.33% 12.21% 12.83%
Other Income 0.23 0.45 0.62 0.29 0.09 0.10 0.04 0.15 0.54 0.43 0.05 0.09
Interest 1.11 0.81 1.06 1.18 1.84 0.61 0.52 0.50 0.91 0.40 0.56 0.46
Depreciation 0.55 0.61 1.06 1.02 0.51 0.87 0.90 1.00 1.66 1.17 1.17 1.16
Profit before tax -0.48 0.29 0.53 0.60 0.64 0.55 0.00 0.00 -1.20 -1.57 1.24 2.48
Tax % 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Net Profit -0.48 0.28 0.52 0.61 0.64 0.55 0.00 0.01 -1.20 -1.57 1.24 2.48
EPS in Rs -0.02 0.01 0.02 0.03 0.03 0.02 0.00 0.00 -0.05 -0.07 0.05 0.10

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
94.29 102.67 127.55 127.13 108.01 86.54 80.16 88.30 82.85 99.69 131.64 101.14 81.82
86.33 97.37 121.12 114.15 97.53 79.89 76.13 86.07 84.02 98.09 122.85 95.36 74.49
Operating Profit 7.96 5.30 6.43 12.98 10.48 6.65 4.03 2.23 -1.17 1.60 8.79 5.78 7.33
OPM % 8.44% 5.16% 5.04% 10.21% 9.70% 7.68% 5.03% 2.53% -1.41% 1.60% 6.68% 5.71% 8.96%
Other Income 1.69 1.48 5.79 2.11 3.16 10.77 4.34 2.99 4.25 0.40 1.45 0.82 1.11
Interest 10.10 9.64 10.32 10.23 8.32 6.34 4.60 4.06 2.96 3.16 4.98 2.82 2.33
Depreciation 10.66 10.73 10.52 10.16 9.68 8.01 3.90 3.50 2.28 2.02 3.20 4.42 5.16
Profit before tax -11.11 -13.59 -8.62 -5.30 -4.36 3.07 -0.13 -2.34 -2.16 -3.18 2.06 -0.64 0.95
Tax % -0.72% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Net Profit -11.19 -13.59 -8.62 -5.30 -4.36 3.07 -0.14 -2.34 -2.17 -3.18 2.06 -0.64 0.95
EPS in Rs -0.47 -0.57 -0.36 -0.22 -0.18 0.13 -0.01 -0.10 -0.09 -0.13 0.09 -0.03 0.03
Dividend Payout % 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Compounded Sales Growth
10 Years:-0%
5 Years:5%
3 Years:7%
TTM:-29%
Compounded Profit Growth
10 Years:7%
5 Years:12%
3 Years:24%
TTM:-21%
Stock Price CAGR
10 Years:7%
5 Years:1%
3 Years:22%
1 Year:165%
Return on Equity
10 Years:-40%
5 Years:-17%
3 Years:-3%
Last Year:-2%

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
10.00 10.00 10.00 10.00 15.00 15.00 15.00 15.00 15.00 15.00 23.82 23.82 23.82
Reserves 18.20 4.21 -4.42 -9.72 -5.33 -2.26 -3.55 -5.89 -8.24 -11.61 8.03 8.03 7.71
Borrowings 75.45 76.02 71.06 70.30 52.45 35.75 31.76 22.86 17.90 16.54 10.94 14.76 12.00
21.69 24.66 22.10 18.92 17.63 15.40 21.38 23.58 21.51 26.73 39.44 24.47 28.73
Total Liabilities 125.34 114.89 98.74 89.50 79.75 63.89 64.59 55.55 46.17 46.66 82.23 71.08 72.26
68.13 62.80 50.60 42.57 31.96 19.42 14.72 11.65 8.76 12.48 24.95 27.12 25.58
CWIP 4.66 0.11 0.00 0.12 0.37 0.00 0.00 0.00 0.00 0.38 0.07 0.14 0.12
Investments 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
52.55 51.98 48.14 46.81 47.42 44.47 49.87 43.90 37.41 33.80 57.21 43.82 46.56
Total Assets 125.34 114.89 98.74 89.50 79.75 63.89 64.59 55.55 46.17 46.66 82.23 71.08 72.26

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
18.71 9.76 8.28 11.98 10.25 17.56 5.45 2.32 3.78 10.77 -0.41 4.79
-4.17 -0.46 7.09 -2.12 2.00 5.22 2.80 1.78 4.45 -5.97 -15.41 -3.08
-14.52 -9.06 -15.28 -10.08 -12.43 -22.79 -8.20 -4.16 -8.23 -4.80 15.85 -1.64
Net Cash Flow 0.02 0.24 0.09 -0.22 -0.18 -0.01 0.06 -0.05 -0.01 0.00 0.03 0.06

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 % -1.87% -4.78% -4.34% 6.62% 5.15% 0.96% 3.01% -1.12% -10.98% -0.54% 22.42% 4.81%
Debtor Days 107.81 105.44 71.68 74.19 87.49 100.97 144.34 112.68 68.64 66.12 70.70 77.48
Inventory Turnover 6.80 3.75 4.51 4.14 3.43 2.81 2.67 3.25 2.84 3.89 4.05 2.61

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
64.17 64.17 64.17 74.90 74.90 74.90 74.90 74.90 74.90 74.90 74.39 74.17
0.01 0.01 0.01 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.01 0.01 0.01 0.02 0.01 0.01 0.01 0.01 0.01
35.83 35.83 35.83 25.09 25.09 25.09 25.08 25.09 25.09 25.09 25.60 25.82

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