Ganga Forging Limited (GANGAFORGE.NS) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-1962.8%

-₹25.52

vs ₹1.37 price

Levered DCF

-₹79.05

After debt service

Piotroski score

2 / 9

Weak

Altman Z-score

—

Rating

C-

Overall 1 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
P/E	-8.81×	98.68×	227.5×	19.06×	78.89×	425.74×	-4.31×	30.48×
P/B	1.13×	1.88×	3.21×	2.42×	7×	3.76×	0.76×	1.12×
P/S	0.9×	1.4×	2.71×	0.97×	2.83×	1.98×	0.4×	0.58×
EV / EBITDA	-33.31×	26.47×	42.28×	18.09×	37.21×	31.88×	-29.79×	11.53×
Gross margin	17.0%	26.4%	9.3%	33.0%	36.1%	20.9%	10.9%	22.7%
Operating margin	-9.2%	2.7%	4.0%	3.3%	5.7%	3.6%	-7.1%	5.8%
Net margin	-10.3%	1.4%	1.2%	5.0%	3.6%	1.1%	-9.2%	1.9%
Current ratio	1.38×	1.6×	2.41×	1.16×	1.19×	1.07×	0.98×	1.19×
Debt / equity	0.71×	0.52×	0.32×	1.07×	1×	0.87×	0.96×	0.9×
Interest coverage	-3.54×	1.23×	1.76×	1.38×	1.72×	1.06×	-1.34×	1.45×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Payout ratio	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	-12.8%	1.9%	1.4%	12.4%	8.9%	2.1%	-17.6%	3.7%
Return on invested capital	-6.5%	1.7%	2.0%	3.8%	3.3%	3.6%	-5.2%	4.7%
Return on assets	-6.0%	1.0%	1.0%	4.8%	3.3%	0.8%	-6.4%	1.5%
Free cash flow yield	-12.7%	-12.8%	-11.7%	-7.3%	-1.4%	4.5%	18.8%	-58.5%
Earnings yield	-11.3%	1.0%	0.4%	5.1%	1.3%	0.6%	-23.1%	3.3%
Enterprise value	₹521.9M	₹768.3M	₹1.1B	₹464.4M	₹932.5M	₹559.1M	₹206.5M	₹284.6M
Net debt / EBITDA	-12.76×	5.65×	3.51×	5.5×	4.65×	5.9×	-16.6×	5.1×
Cash conversion cycle (days)	192	217	237	163	159	131	121	163