Kalyani Forge Ltd

Kalyani Forge Ltd — Trading window closed from Thursday, October 01, 2026; shall be opened 48 hours after the declaration of unaudited financial results for the quarter ending on September 30, 2026.

AGM Details

• Date and time: 21-09-2026, 11:00–11:30 AM.
• Mode: VC/OAVM.
• Record date: 14-09-2026.
• Held as 47th AGM via VC/OAVM.

Key Resolutions

• R1 Ordinary — Adopt Audited Financial Statements for FY2026.
• R2 Ordinary — Declare final dividend on equity shares.
• R3 Ordinary — Re-appoint director by rotation: Gaurishankar N. Kalyani.
• R4 Ordinary — Ratify remuneration payable to Cost Auditor for FY2026.
• R5 Ordinary — Approve remuneration to Non-Executive/Independent Directors.

Voting Results

• R1 passed.
• R2 passed with 2 votes against.
• R3 passed.
• R4 passed.
• R5 passed.

Dividend

• Final dividend on equity shares approved.

Director Changes

• G. N. Kalyani re-appointed by rotation.

Auditor Arrangements

• Cost Auditor remuneration ratified for FY2026.

AGM Details

• AGM held Sept 21, 2026 at 11:00 a.m. via VC/OAVM.

Key Resolutions

• Adopt Audited Financial Statements for the year ended March 31, 2026.
• Declare final dividend on equity shares for FY ended March 31, 2026.
• Re-appoint Gaurishankar N. Kalyani by rotation.
• Ratify remuneration payable to Cost Auditor for 2026-27.
• Approve payment of commission to Non-Executive and Independent Directors.

Dividend

• Final dividend on equity shares to be declared.

Auditor Actions

• Cost Auditor remuneration ratified for 2026-27.

Voting Status

• Voting results pending; to be announced within two working days and posted on the website.

AGM notice and KYC updates

• 47th AGM scheduled for 21 September 2026 at 11:00 IST via VC/OAVM.
• Annual Report 2025-26 accessible at https://kalyaniforge.com/investors/annual-reports/.
• KYC mandatory for physical holders per SEBI, including PAN, bank details, email, mobile, address, and nomination.
• Non-updated KYC may restrict grievances and payments; electronic payments only from 1 April 2024.
• Cut-off date for email ID update is August 21, 2026.
• KYC/Nomination formats available on MUFG Intime downloads.

Price movement clarification

• Company states all disclosures under SEBI LODR Reg 30; no information affecting price behavior.
• Share price rise is market-driven, due to normal conditions and investor sentiment.
• Will continue to inform exchanges of major events as per SEBI regulations.

Financial performance

• Revenue from operations ₹234.64 Cr; flat versus FY25 ₹235.88 Cr.
• EBITDA ₹31.58 Cr; margin 13.3%.
• PAT ₹9.32 Cr; margin 3.9%.
• Q4 FY26 EBITDA margin 15.2%.
• ROCE 15.8%.
• Debt to EBITDA 3.3x.
• Fixed asset turnover 3.5x.
• Capex ₹23.44 Cr; PPE ₹86.5 Cr.
• New order book ₹169 Cr; OEM Q4 ₹37.3 Cr.
• EPS ₹25.60.

Portfolio and growth

• Engine ~60% of revenue; driveline 20%; axle 10%.
• Only Indian forge offering engine, driveline, axle under one roof.
• EV focus: Gen 3 wheel hubs; ₹20 Cr EV axle program.
• Five plants; 1,000+ workforce.

Operations and efficiency

• Vriddhi Council delivering 10 priority projects; yield improvements.
• Plant engineering vertical launched to unlock capacity with minimal capex.
• Inventory rationalized by ₹21.7 Cr to ₹35.5 Cr.
• ROCE improved to 18% in FY26 Q4.

Capital structure and liquidity

• Total borrowings ₹11,005.33 lakh; current ₹7,072.31 lakh; non-current ₹3,489.77 lakh.
• Debt-to-equity 1.11; up from 0.80.
• Cash and cash equivalents ₹23.25 lakh.
• Credit rating CRISIL BBB/Stable.
• Dividend: final ₹4 per equity share proposed.

Governance and leadership

• Viswanathan Swaminathan joined as Independent Director on 11 Nov 2025; approved 5 Mar 2026.
• Abhijit Sen ceased Independent Director 1 Feb 2026.
• CFO changes: Nilesh Bandale resigned; Jagdish Baheti appointed 11 Feb 2026; Sainath Bhanage 14 Jul 2026.
• Board: six members; 4 meetings in FY26.

Audit and risk flags

• Independent Auditor's Report disclaims; stock valuation incomplete; IFR not established.
• Internal financial controls not established; reliance on management representations.
• Secretarial compliance: SEBI LODR lapses; fines paid; some late filings.
• Tax and other disputes disclosed; material contingent liabilities.

CSR and ESG

• CSR spend ₹29.51 L; 2% avg profit ₹8.45 L; excess set-off ₹21.06 L.
• Road repair focused CSR; CSR committee has 3 members.
• CSR policy published on the website; no CSR assets created.

Outlook and strategy

• FY2027 capex ₹30 Cr; 60% to growth areas (driveline, axle, ramp-up).
• Aiming for 15%+ EBITDA margin floor; CCC 120-130 days.
• Balance sheet targeted 1.0–1.2x debt; equity funding planned.
• Powertrain-agnostic strategy; EV components opportunities; Phase 2 Clean Audit Roadmap.