Krishanveer Forge Ltd

KVFORGE

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Market Cap

₹ 149 Cr

P/E

22.87

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Performance

MARKET LEADER

Valuation

REASONABLE

Growth

STABLE

Profitability

HIGH MARGIN

Technicals

Bullish

Risk

MODERATE RISK

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Price

PE Ratio

Price

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Overview

Detailed Summary

Krishanveer Forge Limited specializes in manufacturing steel open die forgings for diverse industries like oil, gas, power, and engineering, both domestically and internationally.

Originally Rajkumar Forge Limited, the company rebranded in August 2022 to Krishanveer Forge Limited, signaling a strategic move in identity.

It has extensive capabilities in producing finished machined parts and critical components for industries such as sugar, steel, and cement, highlighting its diverse manufacturing portfolio.

The company's export focus is strong, especially in Southeast Asian markets, underlining its global footprint in high-demand forging solutions.

Krishanveer Forge operates a plant in Pune, Maharashtra, reinforcing its manufacturing strengths and geographic strategic positioning.

Sector

Castings, Forgings & Fastners

Industry

Forgings - Medium / Small

Market Cap

149 Cr

Volatility

Moderate Risk

P/E Ratio

22.9

Industry P/E

25.2

PEG Ratio

1.6

P/B Ratio

3.4

52W High

153.90

52W Low

64.30

Sales CAGR

-0.98%

7.19%

10.23%

10Y

23.42%

Profit CAGR

41.35%

14.49%

4.28%

10Y

—

ROE

TTM

15.00%

9.66%

10.33%

10Y

7.14%

ROCE

TTM

21.40%

13.45%

14.44%

10Y

11.75%

Technicals

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Forecasts

Peers

Symbol	Price	Market Cap	P/E	P/B	Div Yield (%)	ROE (%)	ROCE (%)	ROA (%)
KALYANIFRG	660.00	240 Cr	31.61	2.61	0.61	8.26	10.09	2.94
LGBFORGE	7.98	190 Cr	—	10.31	0.00	-3.67	4.58	-1.00
KVFORGE	134.05	149 Cr	22.87	3.43	1.83	15.00	21.40	10.38
FORGEAUTO	124.00	135 Cr	13.78	2.33	0.00	16.68	18.67	7.13
SAMRATFORG	248.20	124 Cr	33.14	3.21	0.00	9.68	9.84	2.05
PATTECH	115.75	109 Cr	89.04	3.27	0.00	2.94	6.01	1.91
HILTON	40.57	95 Cr	13.80	0.81	0.00	5.85	7.18	2.93

Financial Statements

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Standalone Quarterly Results (in ₹ Crores)

Total Figures

QoQ Changes

Total Figures

	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025
Sales	19	18	23	24	25	20	18	20	24	21
Expenses	17	18	21	21	22	18	16	18	21	18
Operating Profit	1.95	0.86	2.17	2.52	2.67	2.03	2.22	2.00	2.66	3.11
OPM %	10.12	4.65	9.43	10.72	10.74	10.02	12.05	10.09	11.25	14.82
Other Income	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.40	0.33	0.23
Interest	0.10	0.03	0.07	0.27	0.03	0.07	0.04	-0.02	0.00	0.00
Depreciation	0.38	0.39	0.39	0.39	0.39	0.39	0.39	0.45	0.39	0.41
Profit Before Tax	1.47	0.44	1.70	1.85	2.25	1.58	1.79	1.96	2.60	2.93
Tax %	21.77	27.27	13.53	43.78	22.22	22.15	32.40	26.53	20.38	38.57
Net Profit	1.15	0.33	1.47	1.04	1.75	1.23	1.21	1.45	2.07	1.79
EPS in Rs	1.05	0.30	1.35	0.96	1.60	1.12	1.11	1.32	1.89	1.64

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	6.44	31	55	51	40	67	81	84	83	82
Expenses	8.41	26	48	43	34	61	77	77	74	73
Operating Profit	-1.97	4.24	7.34	7.45	6.39	6.60	3.99	6.86	8.36	8.91
OPM %	-30.65	13.80	13.32	14.64	15.81	9.82	4.93	8.21	10.10	10.85
Other Income	0.36	0.15	-1.14	0.12	0.18	0.91	0.61	0.64	0.96	NaN
Interest	0.82	0.94	1.08	0.62	0.62	0.62	0.94	0.48	0.12	0.09
Depreciation	1.33	1.16	1.22	1.35	1.56	1.53	1.62	1.55	1.61	1.62
Profit Before Tax	-4.18	0.76	3.90	5.59	4.39	5.36	2.04	5.47	7.58	7.93
Tax %	11.45	44.25	46.64	18.17	18.43	29.95	19.43	27.09	25.68	24.84
Net Profit	-3.70	0.43	2.08	4.57	3.58	3.76	1.64	3.99	5.64	5.96
EPS in Rs	-3.38	0.26	1.87	4.18	3.26	3.43	1.50	3.66	5.15	5.96
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	11	11	11	11	11	11	11	11	11	11
Reserves	12	8.79	9.15	11	16	19	23	24	28	31
Borrowings	6.60	3.10	4.10	4.36	4.22	-0.26	5.33	-1.55	-1.14	-3.42
Other Liabilities	3.58	4.59	8.63	13	12	12	13	11	14	17
Total Liabilities	34	27	33	40	43	42	52	45	52	56
Fixed Assets	14	13	12	13	18	16	18	17	16	15
CWIP	5.37	5.36	5.55	5.70	2.55	2.67	0.00	0.39	0.13	0.00
Investments	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	12
Other Assets	14	9.04	15	21	23	23	34	28	36	29
Total Assets	34	27	33	40	43	42	52	45	52	56

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	-0.51	4.22	0.11	4.19	3.91	5.58	-4.70	7.40	0.52	5.35
Cash from Investing Activity	-1.20	0.05	-0.34	-3.41	-2.97	-0.03	-0.32	-0.79	-0.43	-0.68
Cash from Financing Activity	-0.80	0.16	-1.36	-1.00	0.78	-1.78	-0.41	-0.53	-0.11	-2.19
Net Cash Flow	-2.51	4.43	-1.59	-0.22	1.72	3.76	-5.43	6.07	-0.03	2.48

Shareholdings

Shareholding History

Quarterly

Yearly

Quarterly

	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025
Promoters	72.47%	72.47%	72.47%	72.47%	72.47%	72.47%	72.47%	72.47%	72.47%	72.47%	72.47%	72.47%
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	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Public	27.53%	27.53%	27.53%	27.53%	27.53%	27.53%	27.53%	27.53%	27.53%	27.53%	27.53%	27.53%
Total Shareholders	6,661	6,625	6,595	6,636	6,779	7,064	7,113	7,413	7,530	7,569	7,682	7,587

Projection

Actions

Action Type

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Announcements

Last 7 days

Newest

Sentiment

Regulatory Filing

6 days ago

Report on Special Window for Re-lodgment of Transfer Requests - November 2025

The report outlines actions taken regarding the re-lodgment of share transfer requests for November 2025, in compliance with SEBI regulations.

Documents

Presentations

Concalls

Reports

Presentations

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Overall

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Financial Statements

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Standalone Quarterly Results (in ₹ Crores)

Total Figures

QoQ Changes

Total Figures

	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025
Sales	19	18	23	24	25	20	18	20	24	21
Expenses	17	18	21	21	22	18	16	18	21	18
Operating Profit	1.95	0.86	2.17	2.52	2.67	2.03	2.22	2.00	2.66	3.11
OPM %	10.12	4.65	9.43	10.72	10.74	10.02	12.05	10.09	11.25	14.82
Other Income	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.40	0.33	0.23
Interest	0.10	0.03	0.07	0.27	0.03	0.07	0.04	-0.02	0.00	0.00
Depreciation	0.38	0.39	0.39	0.39	0.39	0.39	0.39	0.45	0.39	0.41
Profit Before Tax	1.47	0.44	1.70	1.85	2.25	1.58	1.79	1.96	2.60	2.93
Tax %	21.77	27.27	13.53	43.78	22.22	22.15	32.40	26.53	20.38	38.57
Net Profit	1.15	0.33	1.47	1.04	1.75	1.23	1.21	1.45	2.07	1.79
EPS in Rs	1.05	0.30	1.35	0.96	1.60	1.12	1.11	1.32	1.89	1.64

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	6.44	31	55	51	40	67	81	84	83	82
Expenses	8.41	26	48	43	34	61	77	77	74	73
Operating Profit	-1.97	4.24	7.34	7.45	6.39	6.60	3.99	6.86	8.36	8.91
OPM %	-30.65	13.80	13.32	14.64	15.81	9.82	4.93	8.21	10.10	10.85
Other Income	0.36	0.15	-1.14	0.12	0.18	0.91	0.61	0.64	0.96	NaN
Interest	0.82	0.94	1.08	0.62	0.62	0.62	0.94	0.48	0.12	0.09
Depreciation	1.33	1.16	1.22	1.35	1.56	1.53	1.62	1.55	1.61	1.62
Profit Before Tax	-4.18	0.76	3.90	5.59	4.39	5.36	2.04	5.47	7.58	7.93
Tax %	11.45	44.25	46.64	18.17	18.43	29.95	19.43	27.09	25.68	24.84
Net Profit	-3.70	0.43	2.08	4.57	3.58	3.76	1.64	3.99	5.64	5.96
EPS in Rs	-3.38	0.26	1.87	4.18	3.26	3.43	1.50	3.66	5.15	5.96
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	11	11	11	11	11	11	11	11	11	11
Reserves	12	8.79	9.15	11	16	19	23	24	28	31
Borrowings	6.60	3.10	4.10	4.36	4.22	-0.26	5.33	-1.55	-1.14	-3.42
Other Liabilities	3.58	4.59	8.63	13	12	12	13	11	14	17
Total Liabilities	34	27	33	40	43	42	52	45	52	56
Fixed Assets	14	13	12	13	18	16	18	17	16	15
CWIP	5.37	5.36	5.55	5.70	2.55	2.67	0.00	0.39	0.13	0.00
Investments	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	12
Other Assets	14	9.04	15	21	23	23	34	28	36	29
Total Assets	34	27	33	40	43	42	52	45	52	56

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	-0.51	4.22	0.11	4.19	3.91	5.58	-4.70	7.40	0.52	5.35
Cash from Investing Activity	-1.20	0.05	-0.34	-3.41	-2.97	-0.03	-0.32	-0.79	-0.43	-0.68
Cash from Financing Activity	-0.80	0.16	-1.36	-1.00	0.78	-1.78	-0.41	-0.53	-0.11	-2.19
Net Cash Flow	-2.51	4.43	-1.59	-0.22	1.72	3.76	-5.43	6.07	-0.03	2.48

Overview

Detailed Summary

Krishanveer Forge Limited specializes in manufacturing steel open die forgings for diverse industries like oil, gas, power, and engineering, both domestically and internationally.

Originally Rajkumar Forge Limited, the company rebranded in August 2022 to Krishanveer Forge Limited, signaling a strategic move in identity.

It has extensive capabilities in producing finished machined parts and critical components for industries such as sugar, steel, and cement, highlighting its diverse manufacturing portfolio.

The company's export focus is strong, especially in Southeast Asian markets, underlining its global footprint in high-demand forging solutions.

Krishanveer Forge operates a plant in Pune, Maharashtra, reinforcing its manufacturing strengths and geographic strategic positioning.

Sector

Castings, Forgings & Fastners

Industry

Forgings - Medium / Small

Market Cap

149 Cr

Volatility

Moderate Risk

P/E Ratio

22.9

Industry P/E

25.2

PEG Ratio

1.6

P/B Ratio

3.4

52W High

153.90

52W Low

64.30

Sales CAGR

-0.98%

7.19%

10.23%

10Y

23.42%

Profit CAGR

41.35%

14.49%

4.28%

10Y

—

ROE

TTM

15.00%

9.66%

10.33%

10Y

7.14%

ROCE

TTM

21.40%

13.45%

14.44%

10Y

11.75%

Peers

Symbol	Price	Market Cap	P/E	P/B	Div Yield (%)	ROE (%)	ROCE (%)	ROA (%)
KALYANIFRG	660.00	240 Cr	31.61	2.61	0.61	8.26	10.09	2.94
LGBFORGE	7.98	190 Cr	—	10.31	0.00	-3.67	4.58	-1.00
KVFORGE	134.05	149 Cr	22.87	3.43	1.83	15.00	21.40	10.38
FORGEAUTO	124.00	135 Cr	13.78	2.33	0.00	16.68	18.67	7.13
SAMRATFORG	248.20	124 Cr	33.14	3.21	0.00	9.68	9.84	2.05
PATTECH	115.75	109 Cr	89.04	3.27	0.00	2.94	6.01	1.91
HILTON	40.57	95 Cr	13.80	0.81	0.00	5.85	7.18	2.93