Overview

Detailed Summary

Garg Furnace Ltd is engaged in the manufacturing and dealing of iron and steel products, specifically M.S. Round, Ingot, Wire Rod. It operates manufacturing plants in Ludhiana, Punjab.
The company commenced operations with a one-tonne arc furnace but shifted to induction melting technology due to technological challenges with the arc furnace.
In 1995, Garg Furnace undertook an expansion and forward integration to enhance capacity and set up a wire rod mill, financed through tapping the capital market.
With a history of over four decades, the company has steadily increased its melting capacity over the years, indicating a focus on growth and adaptation.
Operationalizes a strategic power infrastructure project with a 66KV Sub Station Project in 2011, showcasing long-term sustainability planning.

Sector: Steel
Industry: Steel - Medium / Small
Market Cap: 102 Cr
Volatility: High Risk
P/E Ratio: 8.1
Industry P/E: 24.2
PEG Ratio: 1.2
P/B Ratio: 1.1
52W High: 265.80
52W Low: 120.10

Sales CAGR

1Y: 1.39%
3Y: 13.57%
5Y: 21.57%
10Y: 11.61%

Profit CAGR

1Y: 37.41%
3Y: 6.49%
5Y: 16.34%
10Y: —

ROE

TTM: 10.07%
3Y: 14.53%
5Y: 13.40%
10Y: 1.24%

ROCE

TTM: 10.03%
3Y: 14.08%
5Y: 12.24%
10Y: 5.01%

Technicals

‌

Forecasts

Peers

Symbol	Price	Market Cap	P/E	P/B	Div Yield (%)	ROE (%)	ROCE (%)	ROA (%)
SHAHALLOYS	68.00	123 Cr	3.21	0.00	0.00	143.08	-11.38	23.09
MAIDEN	83.50	119 Cr	19.60	1.55	0.00	5.22	8.35	2.44
GARGFUR	154.00	102 Cr	8.05	1.10	0.00	10.07	10.03	9.75
SURANI	59.85	93 Cr	157.50	0.76	0.00	2.41	2.39	1.14
HISARMETAL	160.85	87 Cr	28.98	1.36	0.62	3.85	9.06	2.02
SMLT	62.62	86 Cr	22.53	0.70	0.80	3.09	4.95	3.01
MAL	40.50	82 Cr	48.80	0.72	0.00	2.40	6.74	0.00

Financial Statements

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Consolidated Quarterly Results (in ₹ Crores)

View Standalone

Total Figures

QoQ Changes

Total Figures

	Sep 2025	Dec 2025
Sales	62	94
Expenses	58	90
Operating Profit	3.24	4.33
OPM %	5.25	4.59
Other Income	0.10	0.10
Interest	0.02	0.03
Depreciation	0.45	0.47
Profit Before Tax	2.87	3.93
Tax %	1.39	1.78
Net Profit	2.83	3.86
EPS in Rs	4.83	6.15

Standalone Profit Loss (in ₹ Crores)

Total Figures

YoY Changes

Total Figures

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
Sales	60	66	112	99	119	179	238	258	262	259
Expenses	65	70	118	105	119	171	231	252	254	252
Operating Profit	-5.38	-4.40	-6.15	-6.62	0.09	7.46	7.31	5.78	7.69	7.31
OPM %	-9.02	-6.71	-5.50	-6.72	0.08	4.18	3.07	2.24	2.94	2.82
Other Income	0.21	5.00	13	13	-2.91	0.42	0.20	1.33	1.70	1.80
Interest	0.95	0.68	0.68	1.09	0.35	0.22	0.16	0.18	0.11	0.10
Depreciation	1.36	1.31	1.27	1.32	1.48	1.34	1.41	1.57	1.64	1.68
Profit Before Tax	-14	-1.40	5.12	3.58	-4.64	6.32	5.94	5.36	7.64	7.32
Tax %	0.00	90.70	0.32	0.00	-1.34	0.00	0.00	0.00	0.00	0.00
Net Profit	-14	-0.13	5.11	3.58	-4.71	6.32	5.94	5.36	7.64	7.32
EPS in Rs	-27.06	2.30	10.12	7.70	-9.39	12.61	11.85	9.86	14.13	19.12
Dividend Payout %	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	—

Standalone Balance Sheet (in ₹ Crores)

Total Figures

YoY Changes

Total Figures

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Equity Capital	4.01	4.01	4.01	4.01	4.01	4.01	4.01	4.01	4.61	5.01
Reserves	14	0.37	0.26	5.35	9.21	4.47	11	17	44	57
Borrowings	70	66	65	30	8.25	7.77	10	4.76	1.50	1.40
Other Liabilities	24	21	13	19	26	28	25	33	11	14
Total Liabilities	112	92	82	58	48	44	50	59	61	78
Fixed Assets	23	22	21	20	19	14	15	15	14	14
CWIP	0.00	0.00	0.29	0.00	0.00	0.00	0.00	0.27	0.00	0.12
Investments	2.61	2.32	2.32	0.21	0.47	0.45	0.38	0.38	0.39	4.03
Other Assets	86	67	59	38	29	29	35	43	46	59
Total Assets	112	92	82	58	48	44	50	59	61	78

Standalone Cash Flows (in ₹ Crores)

Total Figures

YoY Changes

Total Figures

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Cash from Operating Activity	-18	-1.19	2.82	31	23	2.98	0.25	8.45	-13	3.80
Cash from Investing Activity	2.21	0.47	-0.22	2.53	-0.03	-0.05	-1.74	-4.01	-0.41	-5.42
Cash from Financing Activity	15	-1.06	-0.68	-35	-23	-1.84	2.27	-5.67	19	5.62
Net Cash Flow	-1.68	-1.78	1.92	-1.81	-0.34	1.09	0.79	-1.23	5.17	4.00

Shareholdings

Shareholding History

Quarterly

Yearly

Quarterly

	Sep 2023	Dec 2023	Feb 2024	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Jul 2025	Sep 2025	Dec 2025
Promoters	64.23%	64.23%	64.23%	68.86%	68.89%	49.36%	56.85%	53.41%	53.41%	56.91%	53.41%	53.41%
FIIs	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
DIIs	0.01%	0.01%	0.01%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Public	35.76%	35.76%	35.76%	31.14%	31.11%	50.63%	43.15%	46.59%	46.59%	43.09%	46.59%	46.59%
Total Shareholders	1,903	1,928	1,928	2,025	2,062	2,752	3,043	3,133	3,171	3,173	3,216	3,207

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