---
title: "Ganga Forging Ltd (GANGAFORGE) — Share Price, Financials & Analysis"
symbol: "GANGAFORGE"
company: "Ganga Forging Ltd"
canonical: "https://tapetide.com/stocks/GANGAFORGE"
isin: "INE691Z01023"
nse_symbol: "GANGAFORGE"
sector: "Castings, Forgings & Fastners"
industry: "Castings & Forgings"
market_cap_cr: 53.58
generated_at: "2026-09-13T19:41:18.951Z"
---

# Ganga Forging Ltd (GANGAFORGE)

Canonical page: https://tapetide.com/stocks/GANGAFORGE

## Company

- **NSE Symbol:** GANGAFORGE
- **ISIN:** INE691Z01023
- **Sector:** Castings, Forgings & Fastners
- **Industry:** Castings & Forgings
- **Macro Sector:** Industrials
- **Stock Type:** EQUITY
- **Listed Since:** 2021-07-06
- **CEO:** Mr. Hiralal Mahidas Tilva
- **Employees:** 51
- **Face Value:** ₹1
- **F&O Eligible:** No
- **Website:** gangaforging.com

## About

Incorporated in 1988, Ganga Forging Ltd is engaged in the business of production, sale, and job work of forging items.[1]

## Latest Price

- **Price:** ₹1.58
- **Change:** -0.02 (-1.25%)
- **Open:** ₹1.63
- **Day High:** ₹1.63
- **Day Low:** ₹1.55
- **Previous Close:** ₹1.6
- **Volume:** 4435014
- **As Of:** 2026-09-11T10:24:30+00:00

## Key Fundamentals

Observed at 2026-09-11T04:46:50.363413Z.

- **Market Cap:** ₹53.58 Cr
- **Classification:** Microcap
- **P/E (reported):** -22.9
- **EPS (TTM):** ₹-0.07
- **Book Value:** ₹1.82
- **Price to Book:** 0.88
- **Dividend Yield:** 0%
- **ROE:** 1.9%
- **ROCE:** 4.68%
- **Debt to Equity:** 0.71
- **Revenue (yearly):** ₹35.62 Cr
- **Net Income:** ₹-3.68 Cr
- **EBITDA:** ₹-2.11 Cr
- **52-Week High:** ₹3.3
- **52-Week Low:** ₹1.53
- **RSI (14):** 36.17

## Tapetide Score

- **Score:** 35 / 100
- **Score date:** 2026-09-04
- **Archetype:** Weak and Under Pressure
- **What it means:** Weak financials are the defining feature, and neither the valuation nor the trend reading is strong enough to offset them. Worth reading the risk flags and recent filings closely before anything else.
- **Pillar profile:** Quality: Weak · Valuation: Fair · Momentum: Falling
- **Percentile:** 6 (of 4473 scored stocks)
- **Confidence:** 91%
- **Data coverage:** 81%

| Pillar | Score | Weight |
| --- | --- | --- |
| financial health | 20.87 | 9% |
| growth | 14.76 | 9% |
| momentum | 6.03 | 12% |
| ownership | 66.25 | 24% |
| quality | 28.42 | 22% |
| valuation | 52.64 | 24% |

The Tapetide Score is decision-support only, not investment advice.

## Key Insights

### Strengths

- Company's working capital requirements have reduced from 113 days to 82.3 days

### Weaknesses

- Company has low interest coverage ratio.
- The company has delivered a poor sales growth of 9.16% over past five years.
- Promoter holding is low: 35.5%
- Company has a low return on equity of -3.87% over last 3 years.
- Company might be capitalizing the interest cost
- Promoter holding has decreased over last 3 years: -24.0%

## Growth Rates

| Metric | QoQ | 1Y | 3Y | 5Y |
| --- | --- | --- | --- | --- |
| cash flow growth | — | 61.37% | -277.06% | -307.58% |
| ebitda margin growth | — | -202.1% | -184.15% | -156.1% |
| net income growth | 320% | -713.33% | — | -468% |
| revenue growth | -25.93% | -17.93% | 2% | 9% |
| roce | — | -1.06% | -47.18% | 7.91% |
| roe | — | 34.75% | 5.25% | -19.49% |

## Financial Statements

### Quarterly Results

All figures in ₹ crore unless the row name says otherwise.

| Item | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Sales | 8.57 | 8.55 | 10.24 | 8.51 | 11.51 | 11.67 | 11.53 | 7.75 | 8.27 | 8.88 | 10.73 | 7.19 |
| Expenses | 8.03 | 7.91 | 9.44 | 7.92 | 10.92 | 11.18 | 10.95 | 7.81 | 10.61 | 8.48 | 10.83 | 6.52 |
| Operating Profit | 0.54 | 0.64 | 0.8 | 0.59 | 0.59 | 0.49 | 0.58 | -0.06 | -2.34 | 0.4 | -0.1 | 0.67 |
| OPM % | 6.3 | 7.49 | 7.81 | 6.93 | 5.13 | 4.2 | 5.03 | -0.77 | -28.3 | 4.5 | -0.93 | 9.32 |
| Other Income | 0.03 | 0.01 | 0.07 | 0.19 | 0.15 | 0.31 | -0.01 | 0.37 | 0.01 | 0.12 | 0.04 | 0.79 |
| Interest | 0.18 | 0.22 | 0.29 | 0.29 | 0.23 | 0.22 | 0.22 | 0.23 | 0.23 | 0.19 | 0.28 | 0.21 |
| Depreciation | 0.22 | 0.22 | 0.34 | 0.25 | 0.27 | 0.27 | 0.29 | 0.27 | 0.28 | 0.28 | 0.35 | 0.29 |
| Profit before tax | 0.17 | 0.21 | 0.24 | 0.24 | 0.24 | 0.31 | 0.06 | -0.19 | -2.84 | 0.05 | -0.69 | 0.96 |
| Tax % | -29.41 | -9.52 | 108.33 | -20.83 | -12.5 | 12.9 | 366.67 | 47.37 | 3.52 | 20 | -33.33 | -10.42 |
| Net Profit | 0.22 | 0.23 | -0.02 | 0.29 | 0.28 | 0.27 | -0.15 | -0.29 | -2.94 | 0.04 | -0.46 | 1.06 |
| EPS in Rs | 0.01 | 0.01 | 0 | 0.01 | 0.01 | 0.01 | 0 | -0.01 | -0.09 | 0 | -0.01 | 0.03 |

### Profit & Loss

All figures in ₹ crore unless the row name says otherwise.

| Item | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Sales | 24.87 | 27.88 | 23.64 | 22.98 | 28.83 | 33.41 | 37.21 | 43.22 | 35.62 | 35.07 |
| Expenses | 22.9 | 25.53 | 24.39 | 21.28 | 26.28 | 31.41 | 34.71 | 40.96 | 37.73 | 36.44 |
| Operating Profit | 1.97 | 2.35 | -0.75 | 1.7 | 2.55 | 2 | 2.5 | 2.26 | -2.11 | -1.37 |
| OPM % | 7.92 | 8.43 | -3.17 | 7.4 | 8.84 | 5.99 | 6.72 | 5.23 | -5.92 | -3.91 |
| Other Income | 0.03 | 0.17 | 0.1 | 0.1 | 1.26 | 0.57 | 0.1 | 0.64 | 0.54 | 0.96 |
| Interest | 0.79 | 1.12 | 1.27 | 0.79 | 0.95 | 0.81 | 0.85 | 0.96 | 0.93 | 0.91 |
| Depreciation | 0.5 | 0.74 | 0.88 | 0.87 | 0.88 | 0.88 | 1 | 1.07 | 1.19 | 1.2 |
| Profit before tax | 0.71 | 0.66 | -2.8 | 0.14 | 1.98 | 0.88 | 0.75 | 0.87 | -3.69 | -2.52 |
| Tax % | 35.21 | 21.21 | -24.64 | -85.71 | 47.47 | -88.64 | 41.33 | 28.74 | -0.81 | — |
| Net Profit | 0.46 | 0.52 | -2.12 | 0.25 | 1.03 | 1.66 | 0.44 | 0.61 | -3.65 | -2.3 |
| EPS in Rs | 0.02 | 0.02 | -0.08 | 0.01 | 0.04 | 0.06 | 0.01 | 0.02 | -0.11 | -0.07 |
| Dividend Payout % | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | — |

### Balance Sheet

All figures in ₹ crore unless the row name says otherwise.

| Item | Mar 2012 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Equity Capital | 0.35 | 5.57 | 7.95 | 7.95 | 10.6 | 10.6 | 10.6 | 13.42 | 13.48 | 13.48 |
| Reserves | 0.96 | 3.02 | 6.17 | 4.05 | 0.12 | 1.05 | 2.74 | 17.99 | 18.71 | 15.02 |
| Borrowings | 2.84 | 7.83 | 12.67 | 11.57 | 10.54 | 11.67 | 14.3 | 9.98 | 16.58 | 20.11 |
| Other Liabilities | 5.42 | 8.75 | 8.47 | 9.48 | 9.69 | 7.73 | 7.08 | 4.92 | 9.92 | 11.88 |
| Total Liabilities | 9.57 | 25.17 | 35.26 | 33.05 | 30.95 | 31.05 | 34.72 | 46.31 | 58.69 | 60.49 |
| Fixed Assets | 1.89 | 9.34 | 15.68 | 15.05 | 14.55 | 13.9 | 15.55 | 16.48 | 17.79 | 20.4 |
| CWIP | 0 | 0 | 0 | 0.36 | 0 | 2.21 | 0.75 | 0 | 0.39 | 0.02 |
| Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Assets | 7.68 | 15.83 | 19.58 | 17.64 | 16.4 | 14.94 | 18.42 | 29.83 | 40.51 | 40.07 |
| Total Assets | 9.57 | 25.17 | 35.26 | 33.05 | 30.95 | 31.05 | 34.72 | 46.31 | 58.69 | 60.49 |

### Cash Flow

All figures in ₹ crore unless the row name says otherwise.

| Item | Mar 2012 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Cash from Operating Activity | — | 0 | -1.83 | 2.35 | 1.98 | 1.33 | -1.09 | -10.64 | -4.11 | 0.36 |
| Cash from Investing Activity | — | 0 | -6.91 | -0.6 | -0.03 | -1.69 | -0.56 | -1.16 | -2.21 | -3.15 |
| Cash from Financing Activity | — | 0 | 8.81 | -1.76 | -1.83 | 0.19 | 1.81 | 12.47 | 5.79 | 2.59 |
| Net Cash Flow | — | 0 | 0.07 | -0.02 | 0.12 | -0.17 | 0.17 | 0.68 | -0.53 | -0.2 |
| Free Cash Flow | — | 0 | -8.74 | 1.75 | 1.67 | -0.37 | -1.65 | -11.81 | -6.34 | -2.81 |
| CFO/OP | — | 0 | -69 | -313 | 124 | 52 | -51 | -426 | -182 | -25 |

### Ratios

| Item | Mar 2012 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Debtor Days | 97.14 | 119.32 | 119.79 | 135.56 | 114.84 | 61.02 | 62.38 | 83.08 | 67.65 | 58.31 |
| Inventory Days | 87.56 | 132.52 | — | — | 204.65 | 181.3 | 182.42 | 244.86 | 244.26 | 266.95 |
| Days Payable | 159.41 | 162.53 | — | — | 183.92 | 82.43 | 75.71 | 29.39 | 80.58 | 116.32 |
| Cash Conversion Cycle | 25.29 | 89.31 | 119.79 | 135.56 | 135.56 | 159.89 | 169.09 | 298.55 | 231.33 | 208.94 |
| Working Capital Days | 0.84 | -0.59 | 38.23 | -5.4 | 12.39 | 29.88 | 25.78 | 161.85 | 95.94 | 82.28 |
| ROCE % | 15.4 | — | 7.5 | -6.08 | 4.33 | 9.78 | 4.67 | 4.61 | 3.13 | -6.43 |

## Shareholding Pattern

### Quarterly

| Category | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Promoters | 59.35% | 43.52% | 40.82% | 40.63% | 40.11% | 39.21% | 39.21% | 39.21% | 39.21% | 35.51% | 35.51% | 35.51% |
| FIIs | 0% | 0% | 0% | 0% | 0% | 3.71% | 3.71% | 2.6% | 2% | 0% | 0% | 0% |
| DIIs | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
| Government | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
| Public | 31.41% | 45.39% | 50.95% | 51.88% | 52.88% | 51.97% | 52.27% | 53.4% | 54.85% | 58.76% | 58.95% | 60.92% |
| Others | 9.24% | 11.09% | 8.23% | 7.49% | 7.01% | 5.11% | 4.82% | 4.79% | 3.95% | 5.72% | 5.53% | 3.57% |
| No. of Shareholders | 26696 | 34384 | 48878 | 46328 | 46600 | 47983 | 48512 | 48963 | 49237 | 49815 | 48870 | 48273 |

## Technical Indicators

Derived from daily closing prices and recomputed each trading session; values move with the market.

- **Overall Signal:** Strong Sell
- **Buy / Neutral / Sell:** 4 / 3 / 12

### Moving Averages — summary: **Strong Sell**

| Indicator | Value | Signal |
| --- | --- | --- |
| SMA (10) | 1.67 | Sell |
| EMA (10) | 1.67 | Sell |
| SMA (20) | 1.85 | Sell |
| EMA (20) | 1.79 | Sell |
| SMA (50) | 1.96 | Sell |
| EMA (50) | 1.98 | Sell |
| SMA (100) | 2.24 | Sell |
| EMA (100) | 2.22 | Sell |
| SMA (200) | 2.68 | Sell |
| EMA (200) | 2.66 | Sell |

### Oscillators — summary: **Buy**

| Indicator | Value | Signal |
| --- | --- | --- |
| RSI (14) | 34.7 | Neutral |
| MACD (12,26,9) | -0.13 | Sell |
| Stochastic (14,3,3) | 12.36 | Buy |
| ADX (14) | 29.67 | Buy |
| Williams %R (14) | -89.36 | Buy |
| ATR (14) | 0.1 | High Volatility |
| ROC (12) | -10.73 | Sell |
| Stoch RSI (14) | 30.36 | Neutral |
| UO (7,14,28) | 29.79 | Buy |

## Filings & Documents

### Results & Financial Statements

| Date | Document |
| --- | --- |
| 2026-09-08 | [Outcome of Board Meeting](https://nsearchives.nseindia.com/corporate/GANGAFORGE_08092026165932_Outcome_of_BM_sept_08_ganga_forging.pdf) |
| 2026-07-21 | [Outcome of Board Meeting](https://nsearchives.nseindia.com/corporate/GANGAFORGE_21072026201226_3rd_BM_Allotment_ganga_forging.pdf) |
| 2026-07-18 | [Outcome of Board Meeting](https://nsearchives.nseindia.com/corporate/GANGAFORGE_18072026175614_Outcome_of_Board_Meeting__18072026.pdf) |
| 2026-07-18 | [Outcome of Board Meeting](https://nsearchives.nseindia.com/corporate/GANGAFORGE_18072026174441_BM_OUTCOME_FS_JUNE_2026_NSE.pdf) |
| 2026-05-29 | [Outcome of Board Meeting](https://nsearchives.nseindia.com/corporate/GANGAFORGE_29052026131251_Outcome_of_Board_Meeting__29_May_2026_NSE.pdf) |
| 2026-05-29 | [Outcome of Board Meeting](https://nsearchives.nseindia.com/corporate/GANGAFORGE_29052026192151_Outcome_of_Board_Meeting__29052026_Appt_of_Internal_Auditor.pdf) |
| 2026-02-13 | [Outcome of Board Meeting](https://nsearchives.nseindia.com/corporate/GANGAFORGE_13022026134044_OUTCOME_NSE.pdf) |
| 2026-01-06 | [Outcome of Board Meeting](https://nsearchives.nseindia.com/corporate/GANGAFORGE_06012026163854_Outcome_of_Revised_BM_Jan_06_ganga_forging.pdf) |
| 2026-01-06 | [Outcome of Board Meeting](https://nsearchives.nseindia.com/corporate/GANGAFORGE_06012026133953_Outcome_of_BM_Jan_06_ganga_forging.pdf) |
| 2025-11-05 | [Outcome of Board Meeting](https://nsearchives.nseindia.com/corporate/GANGAFORGE_05112025161341_OutcomeofBoardMeeting_05112025_Results.pdf) |

### Exchange Filings & Announcements

| Date | Document |
| --- | --- |
| 2026-09-03 | [Trading Window](https://nsearchives.nseindia.com/corporate/GANGAFORGE_03092026194555_CLOSURE_OF_TRADING_WINDOW_Fund_Raising.pdf) |
| 2026-09-03 | [Copy of Newspaper Publication](https://nsearchives.nseindia.com/corporate/GANGAFORGE_03092026194809_NSE_Intimation_of_Newspaper_Advertisement.pdf) |
| 2026-09-02 | [Shareholders meeting](https://nsearchives.nseindia.com/corporate/GANGAFORGE_02092026120747_Intimation_Notice_of_AGM_NSE_Annual_Report.pdf) |
| 2026-08-07 | [Disclosure under SEBI Takeover Regulations](https://nsearchives.nseindia.com/corporate/team_bbodade_07082026155213_GANGAFORGE.pdf) |
| 2026-07-25 | [Copy of Newspaper Publication](https://nsearchives.nseindia.com/corporate/GANGAFORGE_25072026141628_POST_ISSUE_NEWSPAPER_INTIMATION.pdf) |
| 2026-07-20 | [Copy of Newspaper Publication](https://nsearchives.nseindia.com/corporate/GANGAFORGE_20072026125924_NEWSPAPER_PUBLICATION_JUNE_2026.pdf) |
| 2026-07-08 | [Certificate under SEBI (Depositories and Participants) Regulations, 2018](https://nsearchives.nseindia.com/corporate/GANGAFORGE_08072026160928_74_5_DP_Regulation_June_2026_NSE.pdf) |
| 2026-07-07 | [Copy of Newspaper Publication](https://nsearchives.nseindia.com/corporate/GANGAFORGE_07072026122349_Pre_issue_Newspaper_Intimation_NSE.pdf) |
| 2026-06-30 | [Trading Window](https://nsearchives.nseindia.com/corporate/GANGAFORGE_30062026130448_CLOSURE_OF_TRADING_WINDOW_June_2026.pdf) |
| 2026-06-27 | [Updates](https://nsearchives.nseindia.com/corporate/GANGAFORGE_27062026222903_NSE_INTIMATION_LOF_GFL.pdf) |

### Other Documents

| Date | Document |
| --- | --- |
| 3 Sep - GANGA FORGING LIMITED has informed about Board Meeting to be held on 08-Sep-2026 to consider Fund raising. | [Board Meeting - Intimation 3 Sep - GANGA FORGING LIMITED has informed about Board Meeting to be held on 08-Sep-2026 to consider Fund raising.](https://nsearchives.nseindia.com/corporate/ixbrl/PRIOR_INTIMATION_16424_20260903_200017925_WEB.html) |
| 3 Sep - Board meets September 8, 2026 to consider fund raising via equity or convertible securities. | [Board Meeting - Fund Raising/Other business matters 3 Sep - Board meets September 8, 2026 to consider fund raising via equity or convertible securities.](https://nsearchives.nseindia.com/corporate/GANGAFORGE_03092026194359_Board_meeting_intimation_September_03_ganga_forging.pdf) |

### Annual Reports

| Date | Document |
| --- | --- |
| from nse | [Annual Report 2026 from nse](https://archives.nseindia.com/annual_reports/AR_31068_GANGAFORGE_2025_2026_A_10361357_02092026121112.pdf) |
| from nse | [Annual Report 2025 from nse](https://archives.nseindia.com/annual_reports/AR_28259_GANGAFORGE_2024_2025_A_15728613_03092025135636.pdf) |
| from nse | [Annual Report 2024 from nse](https://archives.nseindia.com/annual_reports/AR_25528_GANGAFORGE_2023_2024_03092024145039.pdf) |
| from nse | [Annual Report 2023 from nse](https://archives.nseindia.com/annual_reports/AR_23377_GANGAFORGE_2022_2023_04092023164807_09042023170028.zip) |
| from nse | [Annual Report 2022 from nse](https://archives.nseindia.com/annual_reports/AR_21569_GANGAFORGE_2021_2022_07092022111929_09072022120001.zip) |
| from nse | [Annual Report 2021 from nse](https://archives.nseindia.com/annual_reports/AR_19662_GANGAFORGE_2020_2021_07092021200709_09072021210009.zip) |

---

Provenance differs by section. Financial statements, shareholding and filings are as reported in company disclosures to NSE/BSE/SEBI. Price, volume and 52-week levels are exchange market data. Technical indicators are computed by Tapetide from daily closing prices. The Tapetide Score is Tapetide's own analysis. Analyst ratings are third-party estimates, not company statements. All figures are for research and information only and are not investment advice. Generated 2026-09-13T19:41:18.951Z.