Kalyani Forge Limited (KALYANIFRG.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

-14.9%

₹717.00

vs ₹842.90 price

Levered DCF

-₹1,592.60

After debt service

Piotroski score

2 / 9

Weak

Altman Z-score

—

Rating

B-

Overall 3 / 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	21.35×	22.08×	33.43×	-445.8×	20.2×	-40.55×	-4.62×	14.92×
P/B	2.08×	2.05×	1.85×	1.04×	0.61×	0.71×	0.31×	0.93×
P/S	0.85×	0.78×	0.64×	0.31×	0.26×	0.4×	0.16×	0.36×
EV / EBITDA	9.57×	9.52×	11.96×	7.75×	4.54×	7.38×	6.36×	4.93×
Gross margin	33.4%	32.4%	29.5%	24.9%	7.5%	4.6%	24.7%	7.3%
Operating margin	7.9%	6.8%	6.7%	1.1%	4.5%	-0.2%	-2.2%	4.9%
Net margin	4.0%	3.5%	1.9%	-0.1%	1.3%	-1.0%	-3.5%	2.4%
Current ratio	1.32×	1.23×	1.42×	1.39×	1.74×	1.58×	1.46×	1.36×
Debt / equity	1.11×	0.8×	0.74×	0.49×	0.26×	0.27×	0.31×	0.42×
Interest coverage	2.41×	2.29×	2.69×	0.89×	3.03×	-0.13×	-0.9×	1.96×
Dividend yield	0.7%	0.6%	0.7%	1.0%	1.2%	0.5%	5.5%	1.5%
Payout ratio	15.6%	12.3%	23.8%	-447.1%	24.3%	-20.7%	-25.3%	23.1%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	9.8%	9.3%	5.5%	-0.2%	3.0%	-1.8%	-6.8%	6.2%
Return on invested capital	5.7%	6.8%	8.5%	-0.4%	6.3%	-0.2%	-2.6%	6.2%
Return on assets	3.7%	3.6%	2.2%	-0.1%	1.7%	-1.0%	-3.8%	3.1%
Free cash flow yield	-16.7%	-5.2%	-10.5%	-12.5%	10.2%	8.4%	71.5%	22.3%
Earnings yield	4.7%	4.5%	3.0%	-0.2%	5.0%	-2.5%	-21.6%	6.7%
Enterprise value	₹3B	₹2.5B	₹2.1B	₹1.2B	₹879.1M	₹986.1M	₹620.2M	₹1.5B
Net debt / EBITDA	3.27×	2.59×	3.17×	2.43×	1.27×	2.04×	3.08×	1.49×
Cash conversion cycle (days)	176	139	119	111	128	153	117	97