---
title: "BF Industrial Technology & Solutions Ltd (SANGHVIFOR) — Share Price, Financials & Analysis"
symbol: "SANGHVIFOR"
company: "BF Industrial Technology & Solutions Ltd"
canonical: "https://tapetide.com/stocks/SANGHVIFOR"
sector: "Industrials"
industry: "Industrial Products"
generated_at: "2026-09-13T20:00:50.979Z"
---

# BF Industrial Technology & Solutions Ltd (SANGHVIFOR)

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

## Company

- **Sector:** Industrials
- **Industry:** Industrial Products
- **Macro Sector:** Industrials
- **Stock Type:** EQUITY
- **Face Value:** ₹10
- **F&O Eligible:** No
- **Website:** sanghviforge.com

## About

Sanghvi Forging & Engineering is engaged in the manufacturer of open and closed die forging products for the oil & gas, defense, ship building, power & other sectors. It also exports products to various foreign countries over the last two decades.

## Latest Price

## Key Insights

### Strengths

- Company is almost debt free.
- Stock is trading at 0.23 times its book value

### Weaknesses

- Though the company is reporting repeated profits, it is not paying out dividend
- Tax rate seems low
- Company has a low return on equity of 9.54% over last 3 years.

## Growth Rates

| Metric | 1Y | 3Y | 5Y |
| --- | --- | --- | --- |
| net income growth | 67% | -17% | 19% |
| revenue growth | 15% | 8% | 18% |

## Financial Statements

### Quarterly Results

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

| Item | Mar 2018 | Jun 2018 | Sep 2018 | Dec 2018 | Mar 2019 | Jun 2019 | Sep 2019 | Dec 2019 | Mar 2020 | Jun 2020 | Sep 2020 | Dec 2020 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Sales | 14.53 | 13.3 | 10.04 | 18.41 | 19.44 | 17.69 | 18.67 | 13.75 | 9.46 | 6.67 | 13.37 | 20.1 |
| Expenses | 14.23 | 12.99 | 11.15 | 15.3 | 17.66 | 12.88 | 13.79 | 12.95 | 14.75 | 8 | 12.82 | 20.29 |
| Operating Profit | 0.3 | 0.31 | -1.11 | 3.11 | 1.78 | 4.81 | 4.88 | 0.8 | -5.29 | -1.33 | 0.55 | -0.19 |
| OPM % | 2.06 | 2.33 | -11.06 | 16.89 | 9.16 | 27.19 | 26.14 | 5.82 | -55.92 | -19.94 | 4.11 | -0.95 |
| Other Income | 0.27 | 0.1 | 0.33 | -0.29 | 0.12 | 0.04 | 0.43 | -0.31 | 0.49 | 0.16 | -0.08 | 0.07 |
| Interest | 4.86 | 0.21 | 0.49 | 0.19 | 14.82 | 0.85 | 0.63 | 0.55 | 0.46 | 0.29 | 0.34 | -0.03 |
| Depreciation | 2.17 | 2.15 | 2.17 | 2.17 | 2.11 | 2.13 | 2.14 | 2.13 | 2.11 | 2.1 | 2.13 | 2.12 |
| Profit before tax | -6.46 | -1.95 | -3.44 | 0.46 | -15.03 | 1.87 | 2.54 | -2.19 | -7.37 | -3.56 | -2 | -2.21 |
| Tax % | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Net Profit | -6.47 | -1.95 | -3.44 | 0.47 | -15.03 | 1.87 | 2.53 | -2.2 | -7.37 | -3.56 | -2 | -2.21 |
| EPS in Rs | -4.34 | -1.31 | -2.31 | 0.32 | -10.09 | 1.26 | 1.7 | -1.48 | -4.95 | -2.39 | -1.34 | -1.48 |

### Profit & Loss

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

| Item | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Sales | 55 | 55 | 61 | 60 | 55 | 63 | 100 | 112 | 109 | 125 |
| Expenses | 52 | 53 | 57 | 54 | 73 | 71 | 88 | 98 | 102 | 112 |
| Operating Profit | 3 | 2 | 4 | 5 | -17 | -8 | 11 | 14 | 7 | 13 |
| OPM % | 5 | 2.9 | 7 | 9 | -31 | -13 | 11 | 12 | 6 | 10 |
| Other Income | 0 | 1 | 0 | 1 | 1 | 38 | 8 | 1 | 3 | 2 |
| Interest | 17 | 17 | 16 | 2 | 0 | 0 | 0 | 0 | 0 | 0 |
| Depreciation | 9 | 9 | 9 | 9 | 8 | 5 | 3 | 3 | 4 | 5 |
| Profit before tax | -23 | -23 | -20 | -5 | -25 | 25 | 16 | 12 | 6 | 9 |
| Tax % | 0 | 0 | 0 | 0 | 0 | 3 | 0 | 0 | 0 | 0 |
| Net Profit | -23 | -23 | -20 | -5 | -25 | 24 | 16 | 12 | 6 | 9 |
| EPS in Rs | -15.12 | -15.51 | -13.4 | -3.46 | -16.55 | 16.23 | 10.97 | 8.06 | 3.71 | 6.21 |
| Dividend Payout % | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |

### Balance Sheet

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

| Item | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Equity Capital | 15 | 15 | 15 | 15 | 15 | 90 | 90 | 90 | 90 | 90 |
| Reserves | 7 | -17 | -37 | -42 | -66 | -27 | -11 | 1 | 7 | 16 |
| Borrowings | 127 | 112 | 97 | 145 | 136 | 0 | 0 | 0 | 4 | 3 |
| Other Liabilities | 48 | 78 | 106 | 61 | 61 | 29 | 28 | 35 | 27 | 27 |
| Total Liabilities | 196 | 188 | 181 | 178 | 146 | 92 | 107 | 127 | 127 | 136 |
| Fixed Assets | 148 | 140 | 132 | 125 | 116 | 49 | 47 | 47 | 49 | 46 |
| CWIP | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | 0 | 0 | 0 | 0 | 0 | 1 | 0 | 0 | 0 | 0 |
| Other Assets | 47 | 48 | 49 | 54 | 29 | 42 | 60 | 80 | 78 | 90 |
| Total Assets | 196 | 188 | 181 | 178 | 146 | 92 | 107 | 127 | 127 | 136 |

### Cash Flow

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

| Item | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Cash from Operating Activity | 15 | 35 | 26 | -58 | 8 | -12 | 7 | 3 | 9 | 3 |
| Cash from Investing Activity | 0 | -1 | 0 | -1 | 0 | 1 | 0 | -2 | -2 | -1 |
| Cash from Financing Activity | -15 | -34 | -26 | 60 | -9 | 11 | 0 | 0 | -1 | -1 |
| Net Cash Flow | 0 | 0 | 0 | 1 | -1 | 1 | 7 | 1 | 6 | 1 |
| Free Cash Flow | 14 | 34 | 25 | -59 | 8 | -12 | 6 | 0 | 6 | 1 |
| CFO/OP | 523 | 2168 | 645 | -1115 | -49 | 142 | 64 | 21 | 130 | 26 |

### Ratios

| Item | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Debtor Days | 138 | 130 | 117 | 90 | 60 | 106 | 112 | 79 | 107 | 118 |
| Inventory Days | 248 | 275 | 246 | 241 | 80 | 210 | 128 | 257 | 163 | 148 |
| Days Payable | 237 | 298 | 260 | 213 | 197 | 282 | 174 | 192 | 132 | 124 |
| Cash Conversion Cycle | 149 | 107 | 103 | 118 | -57 | 34 | 66 | 144 | 138 | 142 |
| Working Capital Days | -21 | -218 | -360 | -71 | -1082 | 44 | 76 | 105 | 113 | 128 |
| ROCE % | -4 | -5 | -5 | -3 | -24 | -17 | 22 | 14 | 6 | 9 |

## Shareholding Pattern

### annual

| Category | Jan 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 |
| --- | --- | --- | --- | --- | --- | --- |
| Promoters | 67.73% | 67.71% | 67.64% | 67.66% | 67.7% | 61.06% |
| Public | 32.27% | 32.29% | 32.36% | 32.34% | 32.3% | 38.94% |
| No. of Shareholders | 4699 | 4822 | 4948 | 4580 | 4311 | 4051 |

### Quarterly

| Category | Jun 2018 | Sep 2018 | Dec 2018 | Mar 2019 | Jun 2019 | Sep 2019 | Dec 2019 | Mar 2020 | Jun 2020 | Sep 2020 | Dec 2020 | Mar 2021 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Promoters | 67.64% | 67.64% | 67.64% | 67.66% | 67.66% | 67.68% | 67.68% | 67.7% | 67.7% | 67.69% | 67.77% | 61.06% |
| Public | 32.36% | 32.36% | 32.36% | 32.34% | 32.34% | 32.32% | 32.32% | 32.3% | 32.3% | 32.31% | 32.23% | 38.94% |
| No. of Shareholders | 4951 | 4767 | 4652 | 4580 | 4524 | 4419 | 4357 | 4311 | 4302 | 4203 | 4057 | 4051 |

## Technical Indicators

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

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

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

| Indicator | Value | Signal |
| --- | --- | --- |
| SMA (10) | 190.95 | Buy |
| EMA (10) | 191.97 | Buy |
| SMA (20) | 179.82 | Buy |
| EMA (20) | 184.11 | Buy |
| SMA (50) | 167.86 | Buy |
| EMA (50) | 172.26 | Buy |
| SMA (100) | 161.47 | Buy |
| EMA (100) | 162.35 | Buy |
| SMA (200) | 145.63 | Buy |
| EMA (200) | 149.88 | Buy |

### Oscillators — summary: **Sell**

| Indicator | Value | Signal |
| --- | --- | --- |
| RSI (14) | 68.8 | Neutral |
| MACD (12,26,9) | 9.22 | Buy |
| Stochastic (14,3,3) | 93.51 | Sell |
| ADX (14) | 25 | Neutral |
| Williams %R (14) | -7.51 | Sell |
| ATR (14) | 13.27 | High Volatility |
| ROC (12) | 14.66 | Buy |
| Stoch RSI (14) | 100 | Sell |
| UO (7,14,28) | 71.71 | Sell |

## Filings & Documents

### Annual Reports

| Date | Document |
| --- | --- |
| from nse | [Annual Report 2013 from nse](https://archives.nseindia.com/annual_reports/AR_1732_SANGHVIFOR_2012_2013_13092013133556.zip) |
| from nse | [Annual Report 2012 from nse](https://archives.nseindia.com/annual_reports/AR_SANGHVIFOR_2011_2012_17092012124901.zip) |
| from nse | [Annual Report 2011 from nse](https://archives.nseindia.com/annual_reports/AR_SANGHVIFOR_2010_2011_21092011102222.zip) |
| from bse | [Annual Report 2020 from bse](https://www.bseindia.com/bseplus/AnnualReport/533411/67834533411_16_12_20.pdf) |
| from bse | [Annual Report 2019 from bse](https://www.bseindia.com/bseplus/AnnualReport/533411/5334110319.pdf) |
| from bse | [Annual Report 2018 from bse](https://www.bseindia.com/bseplus/AnnualReport/533411/5334110318.pdf) |
| from bse | [Annual Report 2017 from bse](https://www.bseindia.com/bseplus/AnnualReport/533411/5334110317.pdf) |
| from bse | [Annual Report 2016 from bse](https://www.bseindia.com/bseplus/AnnualReport/533411/5334110316.pdf) |
| from bse | [Annual Report 2015 from bse](https://www.bseindia.com/bseplus/AnnualReport/533411/5334110315.pdf) |
| from bse | [Annual Report 2014 from bse](https://www.bseindia.com/bseplus/AnnualReport/533411/5334110314.pdf) |

### Earnings Call Documents

| Date | Document |
| --- | --- |
| Nov 2016 | [Concall - Nov 2016](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=D30CE35A_11E6_4AA1_A5EA_C0659F3DA699_101530.pdf) |

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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 2026-09-13T20:00:50.979Z.