New Risk • May 30
New major risk - Financial position The company has less than a year of cash runway based on its current free cash flow trend. Free cash flow: -₹26m This is considered a major risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-₹26m free cash flow). Earnings have declined by 36% per year over the past 5 years. Revenue is less than US$1m (₹25m revenue, or US$267k). Market cap is less than US$10m (₹115.5m market cap, or US$1.22m). Announcement • May 20
Amforge Industries Limited to Report Q4, 2026 Results on May 28, 2026 Amforge Industries Limited announced that they will report Q4, 2026 results on May 28, 2026 Announcement • Feb 04
Amforge Industries Limited to Report Q3, 2026 Results on Feb 11, 2026 Amforge Industries Limited announced that they will report Q3, 2026 results on Feb 11, 2026 Announcement • Nov 05
Amforge Industries Limited to Report Q2, 2026 Results on Nov 11, 2025 Amforge Industries Limited announced that they will report Q2, 2026 results on Nov 11, 2025 Valuation Update With 7 Day Price Move • Sep 10
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to ₹10.13, the stock trades at a trailing P/E ratio of 47.2x. Average trailing P/E is 31x in the Trade Distributors industry in India. Total returns to shareholders of 41% over the past three years. Announcement • Aug 20
Amforge Industries Limited, Annual General Meeting, Sep 18, 2025 Amforge Industries Limited, Annual General Meeting, Sep 18, 2025, at 14:30 Indian Standard Time. Announcement • Aug 05
Amforge Industries Limited to Report Q1, 2026 Results on Aug 11, 2025 Amforge Industries Limited announced that they will report Q1, 2026 results on Aug 11, 2025 New Risk • Feb 13
New major risk - Revenue and earnings growth Earnings have declined by 12% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Earnings have declined by 12% per year over the past 5 years. Revenue is less than US$1m (₹3.9m revenue, or US$45k). Market cap is less than US$10m (₹137.1m market cap, or US$1.58m). New Risk • Feb 01
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Indian stocks, typically moving 9.1% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (9.1% average weekly change). Revenue is less than US$1m. Market cap is less than US$10m (₹145.5m market cap, or US$1.68m). New Risk • Nov 13
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Indian stocks, typically moving 8.5% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risks Revenue is less than US$1m. Market cap is less than US$10m (₹193.4m market cap, or US$2.29m). Minor Risk Share price has been volatile over the past 3 months (8.5% average weekly change). Announcement • Jun 25
Amforge Industries Limited, Annual General Meeting, Jul 23, 2024 Amforge Industries Limited, Annual General Meeting, Jul 23, 2024, at 14:30 Indian Standard Time. Announcement • May 25
Amforge Industries Limited Announces CFO Changes Amforge Industries Limited at its board meeting held on May 24, 2024 announced that Mr. Jayesh Vinodchandra Thakkar resigned as Chief Financial Officer of the Company with effect from May 24, 2024 and Mr. Balasubramanian Mayanidi Konar is appointed as Chief Financial Officer of the company with effect from May 24, 2024. Mr. Balasubramanian Mayanidi Konar has experience in the financial areas for more than 2 decades. He is extremely well-connected with the Company and has - practical experience. Mr. Jayesh Vinodchandra Thakkar has expertise in Corporate Finance, Investments, Treasury, Accounts and Taxation. He has been associated with the Company for more than 2 decades. He is extremely well-connected with the Company and has practical experience. Announcement • May 17
Amforge Industries Limited to Report Q4, 2024 Results on May 24, 2024 Amforge Industries Limited announced that they will report Q4, 2024 results on May 24, 2024 Valuation Update With 7 Day Price Move • May 02
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to ₹11.55, the stock trades at a trailing P/E ratio of 43.8x. Average trailing P/E is 33x in the Trade Distributors industry in India. Total returns to shareholders of 604% over the past three years. Valuation Update With 7 Day Price Move • Dec 11
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to ₹8.56, the stock trades at a trailing P/E ratio of 39x. Average trailing P/E is 26x in the Trade Distributors industry in India. Total returns to shareholders of 389% over the past three years. Announcement • Jul 29
Amforge Industries Limited, Annual General Meeting, Sep 14, 2023 Amforge Industries Limited, Annual General Meeting, Sep 14, 2023, at 14:30 Indian Standard Time. Valuation Update With 7 Day Price Move • Jul 20
Investor sentiment improves as stock rises 33% After last week's 33% share price gain to ₹6.29, the stock trades at a trailing P/E ratio of 48x. Average trailing P/E is 29x in the Trade Distributors industry in India. Total returns to shareholders of 407% over the past three years. New Risk • Jul 15
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Indian stocks, typically moving 7.2% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risks High level of non-cash earnings (25% accrual ratio). Revenue is less than US$1m. Market cap is less than US$10m (₹76.3m market cap, or US$928.8k). Minor Risk Share price has been volatile over the past 3 months (7.2% average weekly change). Valuation Update With 7 Day Price Move • Feb 20
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to ₹6.34, the stock trades at a trailing P/E ratio of 6.9x. Average trailing P/E is 25x in the Trade Distributors industry in India. Total returns to shareholders of 757% over the past three years. Valuation Update With 7 Day Price Move • Dec 22
Investor sentiment deteriorated over the past week After last week's 19% share price decline to ₹4.85, the stock trades at a trailing P/E ratio of 5.3x. Average trailing P/E is 24x in the Trade Distributors industry in India. Total returns to shareholders of 583% over the past three years. Valuation Update With 7 Day Price Move • Oct 04
Investor sentiment improved over the past week After last week's 17% share price gain to ₹7.42, the stock trades at a trailing P/E ratio of 7x. Average trailing P/E is 27x in the Trade Distributors industry in India. Total returns to shareholders of 540% over the past three years. Announcement • Aug 06
Amforge Industries Limited Announces Board Appointments Amforge Industries Limited announced that Mr. Sanjay Rajaram Posam and Mr. Navin Chandramani Sharma has been appointed as additional directors on the board, with effect from 5 August 2022. Announcement • Jul 30
Amforge Industries Limited to Report Q1, 2023 Results on Aug 05, 2022 Amforge Industries Limited announced that they will report Q1, 2023 results on Aug 05, 2022 Valuation Update With 7 Day Price Move • Jul 04
Investor sentiment improved over the past week After last week's 19% share price gain to ₹7.93, the stock trades at a trailing P/E ratio of 7x. Average trailing P/E is 21x in the Trade Distributors industry in India. Total returns to shareholders of 762% over the past three years. Valuation Update With 7 Day Price Move • Jun 14
Investor sentiment improved over the past week After last week's 28% share price gain to ₹7.68, the stock trades at a trailing P/E ratio of 6.8x. Average trailing P/E is 22x in the Trade Distributors industry in India. Total returns to shareholders of 562% over the past three years. Announcement • May 17
Amforge Industries Limited to Report Q4, 2022 Results on May 27, 2022 Amforge Industries Limited announced that they will report Q4, 2022 results on May 27, 2022 Valuation Update With 7 Day Price Move • May 11
Investor sentiment deteriorated over the past week After last week's 15% share price decline to ₹5.92, the stock trades at a trailing P/E ratio of 17x. Average trailing P/E is 23x in the Trade Distributors industry in India. Total returns to shareholders of 348% over the past three years. Valuation Update With 7 Day Price Move • Apr 08
Investor sentiment improved over the past week After last week's 16% share price gain to ₹7.83, the stock trades at a trailing P/E ratio of 22.4x. Average trailing P/E is 21x in the Trade Distributors industry in India. Total returns to shareholders of 472% over the past three years. Valuation Update With 7 Day Price Move • Mar 23
Investor sentiment improved over the past week After last week's 15% share price gain to ₹7.15, the stock trades at a trailing P/E ratio of 20.5x. Average trailing P/E is 20x in the Trade Distributors industry in India. Total returns to shareholders of 390% over the past three years. Valuation Update With 7 Day Price Move • Feb 24
Investor sentiment deteriorated over the past week After last week's 18% share price decline to ₹6.02, the stock trades at a trailing P/E ratio of 17.2x. Average trailing P/E is 20x in the Trade Distributors industry in India. Total returns to shareholders of 393% over the past three years. Valuation Update With 7 Day Price Move • Jan 06
Investor sentiment improved over the past week After last week's 18% share price gain to ₹9.00, the stock trades at a trailing P/E ratio of 31.8x. Average trailing P/E is 23x in the Trade Distributors industry in India. Total returns to shareholders of 620% over the past three years. Valuation Update With 7 Day Price Move • Dec 13
Investor sentiment improved over the past week After last week's 27% share price gain to ₹7.32, the stock trades at a trailing P/E ratio of 25.8x. Average trailing P/E is 24x in the Trade Distributors industry in India. Total returns to shareholders of 405% over the past three years. Valuation Update With 7 Day Price Move • Nov 19
Investor sentiment improved over the past week After last week's 17% share price gain to ₹5.59, the stock trades at a trailing P/E ratio of 19.7x. Average trailing P/E is 24x in the Trade Distributors industry in India. Total returns to shareholders of 256% over the past three years. Valuation Update With 7 Day Price Move • Oct 25
Investor sentiment deteriorated over the past week After last week's 20% share price decline to ₹4.45, the stock trades at a trailing P/E ratio of 18.9x. Average trailing P/E is 31x in the Trade Distributors industry in India. Total returns to shareholders of 185% over the past three years. Valuation Update With 7 Day Price Move • Sep 29
Investor sentiment improved over the past week After last week's 18% share price gain to ₹4.73, the stock trades at a trailing P/E ratio of 20.1x. Average trailing P/E is 28x in the Trade Distributors industry in India. Total returns to shareholders of 103% over the past three years. Valuation Update With 7 Day Price Move • Sep 13
Investor sentiment improved over the past week After last week's 17% share price gain to ₹3.49, the stock trades at a trailing P/E ratio of 15.2x. Average trailing P/E is 26x in the Trade Distributors industry in India. Total returns to shareholders of 7.4% over the past three years. Valuation Update With 7 Day Price Move • Jul 14
Investor sentiment improved over the past week After last week's 15% share price gain to ₹3.90, the stock trades at a trailing P/E ratio of 17.7x. Average trailing P/E is 37x in the Trade Distributors industry in India. Total returns to shareholders of 6.8% over the past three years. Valuation Update With 7 Day Price Move • Jun 08
Investor sentiment improved over the past week After last week's 22% share price gain to ₹2.49, the stock trades at a trailing P/E ratio of 11.1x. Average trailing P/E is 27x in the Trade Distributors industry in India. Total loss to shareholders of 25% over the past three years. Valuation Update With 7 Day Price Move • May 21
Investor sentiment improved over the past week After last week's 24% share price gain to ₹1.98, the stock trades at a trailing P/E ratio of 8.8x. Average trailing P/E is 25x in the Trade Distributors industry in India. Total loss to shareholders of 35% over the past three years. Valuation Update With 7 Day Price Move • May 04
Investor sentiment deteriorated over the past week After last week's 15% share price decline to ₹1.64, the stock trades at a trailing P/E ratio of 7.3x. Average trailing P/E is 24x in the Trade Distributors industry in India. Total loss to shareholders of 51% over the past three years. Announcement • Jan 21
Amforge Industries Limited to Report Q3, 2021 Results on Jan 30, 2021 Amforge Industries Limited announced that they will report Q3, 2021 results on Jan 30, 2021 Is New 90 Day High Low • Jan 08
New 90-day high: ₹2.06 The company is up 16% from its price of ₹1.78 on 09 October 2020. The Indian market is up 20% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Trade Distributors industry, which is up 56% over the same period. Valuation Update With 7 Day Price Move • Jan 06
Investor sentiment improved over the past week After last week's 17% share price gain to ₹1.88, the stock is trading at a trailing P/E ratio of 5.9x, up from the previous P/E ratio of 5.1x. This compares to an average P/E of 32x in the Trade Distributors industry in India. Total return to shareholders over the past three years is a loss of 43%. Is New 90 Day High Low • Nov 26
New 90-day low: ₹1.55 The company is down 30% from its price of ₹2.20 on 28 August 2020. The Indian market is up 9.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Trade Distributors industry, which is up 27% over the same period. Announcement • Nov 20
Amforge Industries Limited Announces Resignation of Mrs. Reshma Makar as Director Amforge Industries Limited announced that Mrs. Reshma Makar resigned as director from the Board of the Company, effective 11th November, 2020. Announcement • Nov 12
Amforge Industries Limited Approves Resignation of Reshma Makar as Director Amforge Industries Limited, at the Board of Directors meeting held on November 11, 2020 approved the resignation of Mrs. Reshma Makar as Director from the Board, with effect from November 11, 2020. Announcement • Sep 29
Amforge Industries Limited Announces Resignation of Rakesh Khanna as Director Amforge Industries Limited announced resignation of Mr. Rakesh Khanna as Director, from the Board of the Company, with effect from September 2, 2020. Announcement • Sep 12
Amforge Industries Limited to Report Q4, 2020 Results on Jul 31, 2020 Amforge Industries Limited announced that they will report Q4, 2020 results on Jul 31, 2020 Announcement • Aug 19
Amforge Industries Limited to Report Q1, 2021 Results on Aug 24, 2020 Amforge Industries Limited announced that they will report Q1, 2021 results on Aug 24, 2020 
