Reported Earnings • Aug 16
First quarter 2027 earnings released: EPS: ₹2.53 (vs ₹2.49 in 1Q 2026) First quarter 2027 results: EPS: ₹2.53 (up from ₹2.49 in 1Q 2026). Revenue: ₹592.9m (down 1.4% from 1Q 2026). Net income: ₹17.2m (up 38% from 1Q 2026). Profit margin: 2.9% (up from 2.1% in 1Q 2026). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 6% per year whereas the company’s share price has increased by 1% per year. New Risk • Aug 14
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 36% This is considered a major risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks High level of non-cash earnings (60% accrual ratio). Shareholders have been substantially diluted in the past year (36% increase in shares outstanding). Market cap is less than US$10m (₹911.0m market cap, or US$9.55m). Minor Risk Share price has been volatile over the past 3 months (7.7% average weekly change). New Risk • Aug 11
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 7.6% 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 (61% accrual ratio). Market cap is less than US$10m (₹700.0m market cap, or US$7.34m). Minor Risk Share price has been volatile over the past 3 months (7.6% average weekly change). Announcement • Aug 03
Garg Furnace Limited, Annual General Meeting, Aug 29, 2026 Garg Furnace Limited, Annual General Meeting, Aug 29, 2026, at 13:00 Indian Standard Time. Location: kanganwal road, v.p.o, jugiana, and g.t road, ludhiana - 141120, ludhiana India Valuation Update With 7 Day Price Move • Jul 30
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to ₹136, the stock trades at a trailing P/E ratio of 6.5x. Average trailing P/E is 20x in the Metals and Mining industry in India. Total returns to shareholders of 7.6% over the past three years. Announcement • Jul 28
Garg Furnace Limited to Report Q1, 2027 Results on Jul 31, 2026 Garg Furnace Limited announced that they will report Q1, 2027 results on Jul 31, 2026 Reported Earnings • Jun 02
Full year 2026 earnings released: EPS: ₹16.60 (vs ₹16.10 in FY 2025) Full year 2026 results: EPS: ₹16.60 (up from ₹16.10 in FY 2025). Revenue: ₹2.95b (up 13% from FY 2025). Net income: ₹104.5m (up 37% from FY 2025). Profit margin: 3.5% (up from 2.9% in FY 2025). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 7% per year but the company’s share price has increased by 13% per year, which means it is tracking significantly ahead of earnings growth. Announcement • May 26
Garg Furnace Limited to Report Fiscal Year 2026 Results on May 30, 2026 Garg Furnace Limited announced that they will report fiscal year 2026 results on May 30, 2026 New Risk • Feb 17
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 7.7% 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 Risk Market cap is less than US$10m (₹821.7m market cap, or US$9.06m). Minor Risk Share price has been volatile over the past 3 months (7.7% average weekly change). Reported Earnings • Feb 16
Third quarter 2026 earnings released: EPS: ₹6.15 (vs ₹4.21 in 3Q 2025) Third quarter 2026 results: EPS: ₹6.15 (up from ₹4.21 in 3Q 2025). Revenue: ₹943.4m (up 50% from 3Q 2025). Net income: ₹37.7m (up 84% from 3Q 2025). Profit margin: 4.0% (up from 3.3% in 3Q 2025). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 10% per year but the company’s share price has increased by 37% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Feb 11
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ₹159, the stock trades at a trailing P/E ratio of 8.5x. Average trailing P/E is 22x in the Metals and Mining industry in India. Total returns to shareholders of 158% over the past three years. Announcement • Jan 31
Garg Furnace Limited to Report Q3, 2026 Results on Feb 14, 2026 Garg Furnace Limited announced that they will report Q3, 2026 results at 12:15 PM, Indian Standard Time on Feb 14, 2026 Reported Earnings • Nov 16
Second quarter 2026 earnings released: EPS: ₹4.83 (vs ₹1.60 in 2Q 2025) Second quarter 2026 results: EPS: ₹4.83 (up from ₹1.60 in 2Q 2025). Revenue: ₹618.3m (flat on 2Q 2025). Net income: ₹27.9m (up 279% from 2Q 2025). Profit margin: 4.5% (up from 1.2% in 2Q 2025). Over the last 3 years on average, earnings per share has increased by 5% per year but the company’s share price has increased by 48% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Nov 03
Garg Furnace Limited to Report Q2, 2026 Results on Nov 14, 2025 Garg Furnace Limited announced that they will report Q2, 2026 results on Nov 14, 2025 Announcement • Sep 17
Garg Furnace Limited Approves Appointment of Mehak Jain as Independent Director Garg Furnace Limited announced that at the AGM held on September 15, 2025, the company approved appointment of Mrs. Mehak Jain as an Independent Director of the Company. Board Change • Aug 15
Less than half of directors are independent Following the recent departure of a director, there are only 2 independent directors on the board. The company's board is composed of: 2 independent directors. 3 non-independent directors. Non-Executive Independent Director Shruti Gupta was the last independent director to join the board, commencing their role in 2024. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Announcement • Aug 09
Garg Furnace Limited to Report Q1, 2026 Results on Aug 14, 2025 Garg Furnace Limited announced that they will report Q1, 2026 results on Aug 14, 2025 Valuation Update With 7 Day Price Move • Aug 04
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to ₹192, the stock trades at a trailing P/E ratio of 11.6x. Average trailing P/E is 23x in the Metals and Mining industry in India. Total returns to shareholders of 338% over the past three years. New Risk • Jul 21
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 8.4% 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 Risk Share price has been highly volatile over the past 3 months (8.4% average weekly change). Minor Risk Market cap is less than US$100m (₹1.16b market cap, or US$13.5m). Valuation Update With 7 Day Price Move • Jul 11
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ₹189, the stock trades at a trailing P/E ratio of 11.4x. Average trailing P/E is 23x in the Metals and Mining industry in India. Total returns to shareholders of 372% over the past three years. Announcement • May 14
Garg Furnace Limited to Report Q4, 2025 Results on May 30, 2025 Garg Furnace Limited announced that they will report Q4, 2025 results on May 30, 2025 Valuation Update With 7 Day Price Move • Apr 16
Investor sentiment improves as stock rises 26% After last week's 26% share price gain to ₹207, the stock trades at a trailing P/E ratio of 13.3x. Average trailing P/E is 20x in the Metals and Mining industry in India. Total returns to shareholders of 347% over the past three years. New Risk • Apr 15
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 9.9% 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 Risk Share price has been highly volatile over the past 3 months (9.9% average weekly change). Minor Risk Market cap is less than US$100m (₹865.3m market cap, or US$10.1m). Valuation Update With 7 Day Price Move • Mar 31
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to ₹166, the stock trades at a trailing P/E ratio of 10.7x. Average trailing P/E is 20x in the Metals and Mining industry in India. Total returns to shareholders of 341% over the past three years. New Risk • Mar 03
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: ₹828.6m (US$9.49m) This is considered a major risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. This is currently the only risk that has been identified for the company. Valuation Update With 7 Day Price Move • Feb 28
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to ₹198, the stock trades at a trailing P/E ratio of 12.7x. Average trailing P/E is 20x in the Metals and Mining industry in India. Total returns to shareholders of 420% over the past three years. Reported Earnings • Feb 18
Third quarter 2025 earnings released: EPS: ₹4.21 (vs ₹4.25 in 3Q 2024) Third quarter 2025 results: EPS: ₹4.21. Revenue: ₹632.7m (down 3.3% from 3Q 2024). Net income: ₹20.5m (up 20% from 3Q 2024). Profit margin: 3.2% (up from 2.6% in 3Q 2024). The increase in margin was driven by lower expenses. Announcement • Feb 07
Garg Furnace Limited to Report Q3, 2025 Results on Feb 14, 2025 Garg Furnace Limited announced that they will report Q3, 2025 results on Feb 14, 2025 Valuation Update With 7 Day Price Move • Feb 03
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ₹250, the stock trades at a trailing P/E ratio of 16.8x. Average trailing P/E is 23x in the Metals and Mining industry in India. Total returns to shareholders of 1,040% over the past three years. Announcement • Nov 09
Garg Furnace Limited to Report Q2, 2025 Results on Nov 14, 2024 Garg Furnace Limited announced that they will report Q2, 2025 results on Nov 14, 2024 Valuation Update With 7 Day Price Move • Nov 01
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ₹331, the stock trades at a trailing P/E ratio of 23.1x. Average trailing P/E is 25x in the Metals and Mining industry in India. Total returns to shareholders of 1,323% over the past three years. Announcement • Sep 09
Garg Furnace Limited, Annual General Meeting, Sep 30, 2024 Garg Furnace Limited, Annual General Meeting, Sep 30, 2024, at 13:00 Indian Standard Time. Location: kanganwal road v.p.o., jugiana g t. road, ludhiana-141120 punjab, ludhiana India Valuation Update With 7 Day Price Move • Aug 22
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to ₹344, the stock trades at a trailing P/E ratio of 24x. Average trailing P/E is 26x in the Metals and Mining industry in India. Total returns to shareholders of 1,569% over the past three years. Board Change • Jul 30
Less than half of directors are independent Following the recent departure of a director, there are only 2 independent directors on the board. The company's board is composed of: 2 independent directors. 3 non-independent directors. Independent Non-Executive Director Purti Katyal was the last independent director to join the board, commencing their role in 2023. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Jul 24
First quarter 2025 earnings released: EPS: ₹3.39 (vs ₹1.28 in 1Q 2024) First quarter 2025 results: EPS: ₹3.39 (up from ₹1.28 in 1Q 2024). Revenue: ₹624.5m (up 1.1% from 1Q 2024). Net income: ₹15.6m (up 206% from 1Q 2024). Profit margin: 2.5% (up from 0.8% in 1Q 2024). Over the last 3 years on average, earnings per share has increased by 54% per year but the company’s share price has increased by 136% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Jul 23
Garg Furnace Limited Announces Resignation of Jyoti Batra as Independent Director The board of directors of Garg Furnace Limited at its meeting held on July 23, 2024, Approved and accepted the resignation of Mrs. Jyoti Batra (DIN: 10009491) as Independent Director of the Company with effect from 23 July 2024, due to Personal reasons and pre-occupancy and consequently also ceased to be a member/chairman of various committees. Announcement • Jul 17
Garg Furnace Limited to Report Q1, 2025 Results on Jul 23, 2024 Garg Furnace Limited announced that they will report Q1, 2025 results on Jul 23, 2024 Valuation Update With 7 Day Price Move • Jun 13
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ₹318, the stock trades at a trailing P/E ratio of 26.3x. Average trailing P/E is 25x in the Metals and Mining industry in India. Total returns to shareholders of 996% over the past three years. Reported Earnings • Jun 04
Full year 2024 earnings released: EPS: ₹13.84 (vs ₹14.82 in FY 2023) Full year 2024 results: EPS: ₹13.84 (down from ₹14.82 in FY 2023). Revenue: ₹2.59b (up 8.9% from FY 2023). Net income: ₹55.6m (down 6.4% from FY 2023). Profit margin: 2.1% (down from 2.5% in FY 2023). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 72% per year but the company’s share price has increased by 102% per year, which means it is tracking significantly ahead of earnings growth. Announcement • May 24
Garg Furnace Limited to Report Fiscal Year 2024 Results on May 30, 2024 Garg Furnace Limited announced that they will report fiscal year 2024 results on May 30, 2024 Valuation Update With 7 Day Price Move • Apr 22
Investor sentiment improves as stock rises 21% After last week's 21% share price gain to ₹327, the stock trades at a trailing P/E ratio of 22.9x. Average trailing P/E is 24x in the Metals and Mining industry in India. Total returns to shareholders of 1,405% over the past three years. Valuation Update With 7 Day Price Move • Apr 05
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to ₹286, the stock trades at a trailing P/E ratio of 20.1x. Average trailing P/E is 24x in the Metals and Mining industry in India. Total returns to shareholders of 1,161% over the past three years. New Risk • Mar 30
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 15% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Minor Risks Shareholders have been diluted in the past year (15% increase in shares outstanding). Market cap is less than US$100m (₹1.56b market cap, or US$18.7m). Announcement • Feb 19
Garg Furnace Limited announced that it has received INR 136.5 million in funding from BGP 11 Analytics Private Limited On February 19, 2024, Garg Furnace Limited closed the transaction. The transaction will include participation from new investor, BGP 11 Analytics Private Limited for 300,000 warrants INR 14,625,000, individual investors, Devinder Garg for 700,000 warrants INR 34,125,000, Vaneera Garg for 700,000 warrants INR 34,125,000, Toshak Garg for 400,000 warrants INR 19,500,000, Daksh Garg for 400,000 warrants INR 19,500,000, Sangeeta Pareekh for 300,000 warrants INR 14,625,000. The transaction was approved by board of directors. Reported Earnings • Feb 15
Third quarter 2024 earnings released: EPS: ₹4.25 (vs ₹1.33 in 3Q 2023) Third quarter 2024 results: EPS: ₹4.25 (up from ₹1.33 in 3Q 2023). Revenue: ₹654.0m (up 23% from 3Q 2023). Net income: ₹17.0m (up 220% from 3Q 2023). Profit margin: 2.6% (up from 1.0% in 3Q 2023). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 76% per year but the company’s share price has increased by 198% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Feb 12
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to ₹301, the stock trades at a trailing P/E ratio of 22.3x. Average trailing P/E is 24x in the Metals and Mining industry in India. Total returns to shareholders of 2,694% over the past three years. Announcement • Feb 06
Garg Furnace Limited to Report Q3, 2024 Results on Feb 14, 2024 Garg Furnace Limited announced that they will report Q3, 2024 results on Feb 14, 2024 Announcement • Dec 21
Garg Furnace Limited announced that it expects to receive INR 136.5 million in funding from Bgp 11 Analytics Private Limited Garg Furnace Limited announced a private placement to issue up to 2,800,000 warrants at a price of INR 48.75 per warrant for the gross proceeds of INR 136,500,000 on December 19, 2023. The warrants will be exercisable at an exercise price of INR 146.25. The transaction will include participation from new investor, Bgp 11 Analytics Private Limited for 300,000 warrants, individual investors, Devinder Garg for 700,000 warrants, Vaneera Garg for 700,000 warrants, Toshak Garg for 400,000 warrants, Daksh Garg for 400,000 warrants, Sangeeta Pareekh for 300,000 warrants. The transaction has been approved by the shareholders of the company. Valuation Update With 7 Day Price Move • Dec 05
Investor sentiment improves as stock rises 21% After last week's 21% share price gain to ₹182, the stock trades at a trailing P/E ratio of 13.5x. Average trailing P/E is 21x in the Metals and Mining industry in India. Total returns to shareholders of 1,644% over the past three years. Announcement • Nov 30
Garg Furnace Limited, Annual General Meeting, Dec 22, 2023 Garg Furnace Limited, Annual General Meeting, Dec 22, 2023, at 13:00 Indian Standard Time. Location: Kanganwal Road, V.P.O Jugiana, and G.T Road Ludhiana India Agenda: To consider Adoption of Articles of Association of the Company; to consider Adoption of Memorandum of Association of the Company; and to consider other matters. Reported Earnings • Nov 20
Second quarter 2024 earnings released: EPS: ₹1.28 (vs ₹2.95 in 2Q 2023) Second quarter 2024 results: EPS: ₹1.28 (down from ₹2.95 in 2Q 2023). Revenue: ₹598.6m (down 1.4% from 2Q 2023). Net income: ₹5.13m (down 57% from 2Q 2023). Profit margin: 0.9% (down from 1.9% in 2Q 2023). Over the last 3 years on average, earnings per share has increased by 52% per year but the company’s share price has increased by 139% per year, which means it is tracking significantly ahead of earnings growth. Buying Opportunity • Nov 15
Now 23% undervalued Over the last 90 days, the stock is up 16%. The fair value is estimated to be ₹202, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 36% over the last 3 years. Earnings per share has grown by 43%. Announcement • Nov 07
Garg Furnace Limited to Report Q2, 2024 Results on Nov 14, 2023 Garg Furnace Limited announced that they will report Q2, 2024 results on Nov 14, 2023 Buying Opportunity • Sep 25
Now 21% undervalued Over the last 90 days, the stock is up 68%. The fair value is estimated to be ₹192, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 36% over the last 3 years. Earnings per share has grown by 43%. Valuation Update With 7 Day Price Move • Sep 22
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to ₹160, the stock trades at a trailing P/E ratio of 10.5x. Average trailing P/E is 19x in the Metals and Mining industry in India. Total returns to shareholders of 937% over the past three years. Buying Opportunity • Sep 07
Now 20% undervalued Over the last 90 days, the stock is up 62%. The fair value is estimated to be ₹189, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 36% over the last 3 years. Earnings per share has grown by 43%. Reported Earnings • Aug 16
First quarter 2024 earnings released: EPS: ₹1.28 (vs ₹0.93 in 1Q 2023) First quarter 2024 results: EPS: ₹1.28 (up from ₹0.93 in 1Q 2023). Revenue: ₹617.8m (flat on 1Q 2023). Net income: ₹5.12m (up 37% from 1Q 2023). Profit margin: 0.8% (up from 0.6% in 1Q 2023). Over the last 3 years on average, earnings per share has increased by 43% per year but the company’s share price has increased by 113% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Aug 05
Garg Furnace Limited to Report Q1, 2024 Results on Aug 14, 2023 Garg Furnace Limited announced that they will report Q1, 2024 results on Aug 14, 2023 Valuation Update With 7 Day Price Move • Jul 17
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ₹96.22, the stock trades at a trailing P/E ratio of 6.5x. Average trailing P/E is 16x in the Metals and Mining industry in India. Total returns to shareholders of 535% over the past three years. Valuation Update With 7 Day Price Move • Jun 06
Investor sentiment improves as stock rises 28% After last week's 28% share price gain to ₹83.13, the stock trades at a trailing P/E ratio of 5.6x. Average trailing P/E is 15x in the Metals and Mining industry in India. Total returns to shareholders of 507% over the past three years. Reported Earnings • Jun 04
Full year 2023 earnings released: EPS: ₹14.82 (vs ₹15.77 in FY 2022) Full year 2023 results: EPS: ₹14.82 (down from ₹15.77 in FY 2022). Revenue: ₹2.38b (up 34% from FY 2022). Net income: ₹59.4m (down 6.1% from FY 2022). Profit margin: 2.5% (down from 3.5% in FY 2022). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 26% per year but the company’s share price has increased by 77% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Jun 01
Garg Furnace Limited Announces Resignation of Dharam Chand as Non-Executive Independent Director Garg Furnace Limited announced that Mr. Dharam Chand (DIN: 08592773), Non-Executive Independent Director of the Company has tendered his resignation from the said position on the Board of the Company with effect from May 30, 2023. Reason for Change: Due to occupancy in other affairs and there is no other material reason for resignation. Announcement • May 20
Garg Furnace Limited to Report Q4, 2023 Results on May 30, 2023 Garg Furnace Limited announced that they will report Q4, 2023 results on May 30, 2023 Valuation Update With 7 Day Price Move • May 17
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ₹53.85, the stock trades at a trailing P/E ratio of 4.7x. Average trailing P/E is 15x in the Metals and Mining industry in India. Total returns to shareholders of 293% over the past three years. Valuation Update With 7 Day Price Move • Apr 17
Investor sentiment improves as stock rises 25% After last week's 25% share price gain to ₹52.93, the stock trades at a trailing P/E ratio of 4.6x. Average trailing P/E is 15x in the Metals and Mining industry in India. Total returns to shareholders of 285% over the past three years. Valuation Update With 7 Day Price Move • Mar 15
Investor sentiment deteriorates as stock falls 18% After last week's 18% share price decline to ₹45.27, the stock trades at a trailing P/E ratio of 4x. Average trailing P/E is 13x in the Metals and Mining industry in India. Total returns to shareholders of 245% over the past three years. Valuation Update With 7 Day Price Move • Feb 21
Investor sentiment deteriorates as stock falls 19% After last week's 19% share price decline to ₹52.80, the stock trades at a trailing P/E ratio of 4.6x. Average trailing P/E is 14x in the Metals and Mining industry in India. Total returns to shareholders of 323% over the past three years. Reported Earnings • Feb 16
Third quarter 2023 earnings released: EPS: ₹1.33 (vs ₹6.58 in 3Q 2022) Third quarter 2023 results: EPS: ₹1.33 (down from ₹6.58 in 3Q 2022). Revenue: ₹533.8m (up 2.3% from 3Q 2022). Net income: ₹5.33m (down 80% from 3Q 2022). Profit margin: 1.0% (down from 5.1% in 3Q 2022). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 32% per year but the company’s share price has increased by 68% per year, which means it is well ahead of earnings. Announcement • Feb 04
Garg Furnace Limited to Report Q3, 2023 Results on Feb 14, 2023 Garg Furnace Limited announced that they will report Q3, 2023 results on Feb 14, 2023 Valuation Update With 7 Day Price Move • Dec 30
Investor sentiment improved over the past week After last week's 23% share price gain to ₹71.65, the stock trades at a trailing P/E ratio of 4.9x. Average trailing P/E is 14x in the Metals and Mining industry in India. Total returns to shareholders of 308% over the past year. Valuation Update With 7 Day Price Move • Nov 28
Investor sentiment improved over the past week After last week's 40% share price gain to ₹72.35, the stock trades at a trailing P/E ratio of 5x. Average trailing P/E is 13x in the Metals and Mining industry in India. Total returns to shareholders of 282% over the past year. Board Change • Nov 16
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 2 experienced directors. 1 highly experienced director. 1 independent director (2 non-independent directors). Non-Executive Independent Director Dharam Chand was the last independent director to join the board, commencing their role in 2019. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Announcement • Nov 06
Garg Furnace Limited to Report Q2, 2023 Results on Nov 14, 2022 Garg Furnace Limited announced that they will report Q2, 2023 results on Nov 14, 2022 Board Change • Oct 18
Less than half of directors are independent Following the recent departure of a director, there is only 1 independent director on the board. The company's board is composed of: 1 independent director. 2 non-independent directors. Non-Executive Independent Director Dharam Chand was the last independent director to join the board, commencing their role in 2019. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Announcement • Oct 17
Garg Furnace Limited Approves the Resignation of Manjeet Singh as Non-Executive Independent Director Garg Furnace Limited at its board meeting held on October 15, 2022, approved the resignation of Mr. Manjeet Singh as Non-Executive Independent Director of the company with effect from October 15, 2022 due to occupancy in other affairs and request. Valuation Update With 7 Day Price Move • Oct 13
Investor sentiment deteriorated over the past week After last week's 16% share price decline to ₹39.20, the stock trades at a trailing P/E ratio of 2.7x. Average trailing P/E is 13x in the Metals and Mining industry in India. Total returns to shareholders of 214% over the past three years. Valuation Update With 7 Day Price Move • Sep 23
Investor sentiment improved over the past week After last week's 18% share price gain to ₹46.20, the stock trades at a trailing P/E ratio of 3.2x. Average trailing P/E is 13x in the Metals and Mining industry in India. Total returns to shareholders of 288% over the past three years. Announcement • Sep 08
Garg Furnace Limited, Annual General Meeting, Sep 30, 2022 Garg Furnace Limited, Annual General Meeting, Sep 30, 2022, at 10:30 Indian Standard Time. Location: at the Registered office at Kanganwal Road V.P.O. Jugiana G T. Road Ludhiana India Agenda: To receive, consider and adopt the Audited Statement of Profit and Loss for the year ended March 31, 2022 and the Balance Sheet as at that date together with the Reports of the Board of Directors and the Auditors thereon; to appoint a Director in place of Mr. Devinder Garg, who retires from office by rotation and being eligible, offers himself for re-appointment; and to consider other matters. Valuation Update With 7 Day Price Move • Aug 25
Investor sentiment improved over the past week After last week's 17% share price gain to ₹41.75, the stock trades at a trailing P/E ratio of 2.9x. Average trailing P/E is 13x in the Metals and Mining industry in India. Total returns to shareholders of 250% over the past three years. Valuation Update With 7 Day Price Move • Aug 25
Investor sentiment improved over the past week After last week's 17% share price gain to ₹41.75, the stock trades at a trailing P/E ratio of 2.9x. Average trailing P/E is 13x in the Metals and Mining industry in India. Total returns to shareholders of 250% over the past three years. Reported Earnings • Aug 18
First quarter 2023 earnings released: EPS: ₹0.93 (vs ₹2.11 in 1Q 2022) First quarter 2023 results: EPS: ₹0.93 (down from ₹2.11 in 1Q 2022). Revenue: ₹618.2m (up 72% from 1Q 2022). Net income: ₹3.75m (down 56% from 1Q 2022). Profit margin: 0.6% (down from 2.4% in 1Q 2022). The decrease in margin was driven by higher expenses. Announcement • Aug 07
Garg Furnace Limited to Report Q1, 2023 Results on Aug 13, 2022 Garg Furnace Limited announced that they will report Q1, 2023 results on Aug 13, 2022 Valuation Update With 7 Day Price Move • Jun 22
Investor sentiment deteriorated over the past week After last week's 22% share price decline to ₹39.85, the stock trades at a trailing P/E ratio of 2.5x. Average trailing P/E is 12x in the Metals and Mining industry in India. Total returns to shareholders of 218% over the past three years. Valuation Update With 7 Day Price Move • Jun 07
Investor sentiment improved over the past week After last week's 27% share price gain to ₹44.20, the stock trades at a trailing P/E ratio of 2.8x. Average trailing P/E is 13x in the Metals and Mining industry in India. Total returns to shareholders of 235% over the past three years. Announcement • May 23
Garg Furnace Limited to Report Q4, 2022 Results on May 30, 2022 Garg Furnace Limited announced that they will report Q4, 2022 results on May 30, 2022 Reported Earnings • Feb 17
Third quarter 2022 earnings: Revenues and EPS in line with analyst expectations Third quarter 2022 results: EPS: ₹6.58 (up from ₹4.41 in 3Q 2021). Revenue: ₹522.0m (up 42% from 3Q 2021). Net income: ₹26.4m (up 49% from 3Q 2021). Profit margin: 5.1% (up from 4.8% in 3Q 2021). Revenue was in line with analyst estimates. Over the last 3 years on average, earnings per share has fallen by 59% per year but the company’s share price has increased by 21% per year, which means it is well ahead of earnings. Announcement • Feb 09
Garg Furnace Limited to Report Q3, 2022 Results on Feb 14, 2022 Garg Furnace Limited announced that they will report Q3, 2022 results on Feb 14, 2022 Reported Earnings • Jul 03
Full year 2021 earnings released: ₹11.74 loss per share (vs ₹8.94 profit in FY 2020) The company reported a soft full year result with weaker earnings and weaker control over costs, although revenues improved. Full year 2021 results: Revenue: ₹1.20b (up 21% from FY 2020). Net loss: ₹47.1m (down 231% from profit in FY 2020). Over the last 3 years on average, earnings per share has increased by 17% per year but the company’s share price has increased by 36% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Jul 01
Investor sentiment improved over the past week After last week's 25% share price gain to ₹33.60, the stock trades at a trailing P/E ratio of 15.9x. Average trailing P/E is 15x in the Metals and Mining industry in India. Total returns to shareholders of 180% over the past three years. Valuation Update With 7 Day Price Move • May 19
Investor sentiment improved over the past week After last week's 15% share price gain to ₹29.15, the stock trades at a trailing P/E ratio of 13.8x. Average trailing P/E is 17x in the Metals and Mining industry in India. Total returns to shareholders of 171% over the past three years. Valuation Update With 7 Day Price Move • Feb 20
Investor sentiment improved over the past week After last week's 27% share price gain to ₹13.07, the stock is trading at a trailing P/E ratio of 6.2x, up from the previous P/E ratio of 4.9x. This compares to an average P/E of 15x in the Metals and Mining industry in India. Total returns to shareholders over the past three years are 23%. Is New 90 Day High Low • Feb 20
New 90-day high: ₹13.07 The company is up 24% from its price of ₹10.55 on 20 November 2020. The Indian market is up 20% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Metals and Mining industry, which is up 35% over the same period. Reported Earnings • Feb 15
Third quarter 2021 earnings released: EPS ₹4.41 (vs ₹18.98 in 3Q 2020) The company reported a mediocre third quarter result with weaker earnings and profit margins, although revenues improved. Third quarter 2021 results: Revenue: ₹366.9m (up 71% from 3Q 2020). Net income: ₹17.7m (down 77% from 3Q 2020). Profit margin: 4.8% (down from 36% in 3Q 2020). Over the last 3 years on average, earnings per share has increased by 66% per year but the company’s share price has only increased by 1% per year, which means it is significantly lagging earnings growth. Announcement • Feb 06
Garg Furnace Limited to Report Q3, 2021 Results on Feb 13, 2021 Garg Furnace Limited announced that they will report Q3, 2021 results on Feb 13, 2021 Is New 90 Day High Low • Jan 28
New 90-day high: ₹12.34 The company is up 11% from its price of ₹11.10 on 30 October 2020. The Indian market is up 20% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Metals and Mining industry, which is up 38% over the same period. Is New 90 Day High Low • Dec 23
New 90-day low: ₹8.64 The company is down 44% from its price of ₹15.40 on 17 September 2020. The Indian market is up 19% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Metals and Mining industry, which is up 31% over the same period. Is New 90 Day High Low • Dec 08
New 90-day low: ₹10.45 The company is down 28% from its price of ₹14.50 on 07 September 2020. The Indian market is up 18% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Metals and Mining industry, which is up 27% over the same period. 
