New Risk • Aug 10
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 7.4% 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 Earnings have declined by 55% per year over the past 5 years. Shareholders have been substantially diluted in the past year (151% increase in shares outstanding). Market cap is less than US$10m (₹741.4m market cap, or US$7.78m). Minor Risks Share price has been volatile over the past 3 months (7.4% average weekly change). Revenue is less than US$5m (₹351m revenue, or US$3.7m). New Risk • Jul 23
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 151% 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 Earnings have declined by 55% per year over the past 5 years. Shareholders have been substantially diluted in the past year (151% increase in shares outstanding). Market cap is less than US$10m (₹620.1m market cap, or US$6.42m). Minor Risk Revenue is less than US$5m (₹351m revenue, or US$3.6m). Reported Earnings • Jul 22
First quarter 2027 earnings released: EPS: ₹0.08 (vs ₹0.02 loss in 1Q 2026) First quarter 2027 results: EPS: ₹0.08 (up from ₹0.02 loss in 1Q 2026). Revenue: ₹71.9m (down 7.2% from 1Q 2026). Net income: ₹10.6m (up ₹13.5m from 1Q 2026). Profit margin: 15% (up from net loss in 1Q 2026). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 91 percentage points per year, which is a significant difference in performance. Reported Earnings • Jun 01
Full year 2026 earnings released: ₹0.27 loss per share (vs ₹0.046 profit in FY 2025) Full year 2026 results: ₹0.27 loss per share (down from ₹0.046 profit in FY 2025). Revenue: ₹357.9m (down 17% from FY 2025). Net loss: ₹36.5m (down ₹42.7m from profit in FY 2025). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 98 percentage points per year, which is a significant difference in performance. Announcement • May 23
Ganga Forging Limited to Report Q4, 2026 Results on May 29, 2026 Ganga Forging Limited announced that they will report Q4, 2026 results on May 29, 2026 Reported Earnings • Feb 17
Third quarter 2026 earnings released: EPS: ₹0.003 (vs ₹0.02 in 3Q 2025) Third quarter 2026 results: EPS: ₹0.003 (down from ₹0.02 in 3Q 2025). Revenue: ₹88.8m (down 24% from 3Q 2025). Net income: ₹394.0k (down 85% from 3Q 2025). Profit margin: 0.4% (down from 2.3% in 3Q 2025). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 78 percentage points per year, which is a significant difference in performance. Announcement • Feb 09
Ganga Forging Limited to Report Q3, 2026 Results on Feb 13, 2026 Ganga Forging Limited announced that they will report Q3, 2026 results on Feb 13, 2026 Announcement • Jan 07
Ganga Forging Limited has filed a Follow-on Equity Offering in the amount of INR 3.3 million. Ganga Forging Limited has filed a Follow-on Equity Offering in the amount of INR 3.3 million.
Security Name: Equity Shares
Security Type: Common Stock
Transaction Features: Rights Offering Reported Earnings • Nov 08
Second quarter 2026 earnings released: ₹0.22 loss per share (vs ₹0.02 profit in 2Q 2025) Second quarter 2026 results: ₹0.22 loss per share (down from ₹0.02 profit in 2Q 2025). Revenue: ₹82.8m (down 28% from 2Q 2025). Net loss: ₹29.4m (down ₹32.2m from profit in 2Q 2025). Over the last 3 years on average, earnings per share has fallen by 50% per year but the company’s share price has only fallen by 13% per year, which means it has not declined as severely as earnings. New Risk • Oct 23
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 6.8% 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 Interest payments are not well covered by earnings (0.6x net interest cover). Market cap is less than US$10m (₹508.2m market cap, or US$5.78m). Minor Risks Share price has been volatile over the past 3 months (6.8% average weekly change). Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (0.3% net profit margin). Revenue is less than US$5m (₹425m revenue, or US$4.8m). Announcement • Sep 03
Ganga Forging Limited, Annual General Meeting, Sep 27, 2025 Ganga Forging Limited, Annual General Meeting, Sep 27, 2025, at 11:00 Indian Standard Time. Location: sr. no. 55/1 p/6 p/1 p/1, near shree stamping, at: sadak, pipaliya, ta: gondal, dist: rajkot, gujarat, rajkot India Reported Earnings • Aug 15
First quarter 2026 earnings released: ₹0.02 loss per share (vs ₹0.01 profit in 1Q 2025) First quarter 2026 results: ₹0.02 loss per share (down from ₹0.01 profit in 1Q 2025). Revenue: ₹77.6m (down 8.8% from 1Q 2025). Net loss: ₹2.90m (down 247% from profit in 1Q 2025). Over the last 3 years on average, earnings per share has fallen by 5% per year but the company’s share price has fallen by 19% per year, which means it is performing significantly worse than earnings. New Risk • Jun 26
New major risk - Financial position The company's interest payments are not well covered by earnings. Net interest cover: 1.5x This is considered a major risk. If the company is unable to fund interest repayments on its debt through profits, it may be forced into reducing its debt burden through selling assets, undertaking a potentially costly capital raising or even into bankruptcy in the worst case scenario. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (1.5x net interest cover). Market cap is less than US$10m (₹543.4m market cap, or US$6.33m). Minor Risks Large one-off items impacting financial results. Shareholders have been diluted in the past year (27% increase in shares outstanding). Board Change • Apr 01
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 6 experienced directors. 2 highly experienced directors. Independent & Non-Executive Director Nishith Trivedi was the last director to join the board, commencing their role in 2023. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Feb 15
Third quarter 2025 earnings released: EPS: ₹0.02 (vs ₹0.02 in 3Q 2024) Third quarter 2025 results: EPS: ₹0.02 (in line with 3Q 2024). Revenue: ₹119.8m (up 40% from 3Q 2024). Net income: ₹2.69m (up 17% from 3Q 2024). Profit margin: 2.2% (down from 2.7% in 3Q 2024). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 12% per year but the company’s share price has fallen by 30% per year, which means it is performing significantly worse than earnings. New Risk • Jan 13
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: ₹857.4m (US$9.89m) 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. Currently, the following risks have been identified for the company: Major Risks High level of non-cash earnings (27% accrual ratio). Market cap is less than US$10m (₹857.4m market cap, or US$9.89m). Minor Risks Share price has been volatile over the past 3 months (8.0% average weekly change). Profit margins are more than 30% lower than last year (1.7% net profit margin). Shareholders have been diluted in the past year (27% increase in shares outstanding). Significant insider selling over the past 3 months (₹8.2m sold). Revenue is less than US$5m (₹388m revenue, or US$4.5m). New Risk • Nov 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 7.7% 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 High level of non-cash earnings (27% accrual ratio). Minor Risks Share price has been volatile over the past 3 months (7.7% average weekly change). Profit margins are more than 30% lower than last year (1.7% net profit margin). Shareholders have been diluted in the past year (27% increase in shares outstanding). Significant insider selling over the past 3 months (₹6.3m sold). Revenue is less than US$5m (₹388m revenue, or US$4.6m). Market cap is less than US$100m (₹1.05b market cap, or US$12.4m). Reported Earnings • Oct 30
Second quarter 2025 earnings released: EPS: ₹0.02 (vs ₹0.02 in 2Q 2024) Second quarter 2025 results: EPS: ₹0.02 (in line with 2Q 2024). Revenue: ₹116.6m (up 36% from 2Q 2024). Net income: ₹2.76m (up 25% from 2Q 2024). Profit margin: 2.4% (down from 2.6% in 2Q 2024). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 11% per year but the company’s share price has fallen by 28% per year, which means it is performing significantly worse than earnings. New Risk • Sep 11
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 27% 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 Profit margins are more than 30% lower than last year (1.5% net profit margin). Shareholders have been diluted in the past year (27% increase in shares outstanding). Revenue is less than US$5m (₹359m revenue, or US$4.3m). Market cap is less than US$100m (₹1.18b market cap, or US$14.0m). Announcement • Sep 04
Ganga Forging Limited, Annual General Meeting, Sep 30, 2024 Ganga Forging Limited, Annual General Meeting, Sep 30, 2024, at 11:00 Indian Standard Time. Location: sr. no. 55/1 p/6 p/1 p/1, near shree stamping, at: sadak, pipaliya, ta: gondal, dist: rajkot, gujarat, rajkot India Reported Earnings • Aug 04
First quarter 2025 earnings released First quarter 2025 results: EPS: ₹0.01. Revenue: ₹87.0m (down 12% from 1Q 2024). Net income: ₹1.98m (up 64% from 1Q 2024). Profit margin: 2.3% (up from 1.2% in 1Q 2024). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 1% per year but the company’s share price has fallen by 15% per year, which means it is significantly lagging earnings. Board Change • Jul 01
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 5 experienced directors. 2 highly experienced directors. Additional Independent Non - Executive Director Nayankumar Virparia was the last director to join the board, commencing their role in 2022. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. New Risk • Jun 01
New minor risk - Insider selling There has been significant insider selling in the company's shares over the past 3 months. Total value of shares sold: ₹5.1m This is considered a minor risk. There are several reasons why an insider may be selling, including to cover a tax obligation or pay for some other expense. However, we generally consider it a negative if insiders have been selling, especially if they do so below the current price. It implies that they considered a lower price to be reasonable. This is a weak signal, but if there is a pattern of unexplained selling, it can be a sign the insider believes the company's stock is overpriced. Note: We only include open market transactions and private dispositions of directly owned stock by individuals, not by corporations or trusts. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (2.0x net interest cover). Market cap is less than US$10m (₹810.6m market cap, or US$9.72m). Minor Risks Large one-off items impacting financial results. Significant insider selling over the past 3 months (₹5.1m sold). Revenue is less than US$5m (₹354m revenue, or US$4.2m). Valuation Update With 7 Day Price Move • Apr 03
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to ₹10.00, the stock trades at a trailing P/E ratio of 54.6x. Average trailing P/E is 23x in the Metals and Mining industry in India. Total returns to shareholders of 142% over the past three years. Recent Insider Transactions • Mar 29
Insider recently sold ₹3.4m worth of stock On the 21st of March, Shitalben Nar sold around 400k shares on-market at roughly ₹8.55 per share. This transaction amounted to 6.9% of their direct individual holding at the time of the trade. In the last 3 months, they made an even bigger sale worth ₹17m. Insiders have been net sellers, collectively disposing of ₹115m more than they bought in the last 12 months. Valuation Update With 7 Day Price Move • Mar 13
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to ₹9.55, the stock trades at a trailing P/E ratio of 52.2x. Average trailing P/E is 21x in the Metals and Mining industry in India. Total returns to shareholders of 142% over the past three years. Reported Earnings • Feb 02
Third quarter 2024 earnings released: EPS: ₹0.02 (vs ₹0.007 in 3Q 2023) Third quarter 2024 results: EPS: ₹0.02 (up from ₹0.007 in 3Q 2023). Revenue: ₹85.6m (up 5.2% from 3Q 2023). Net income: ₹2.30m (up 247% from 3Q 2023). Profit margin: 2.7% (up from 0.8% in 3Q 2023). Over the last 3 years on average, earnings per share has increased by 46% per year but the company’s share price has increased by 83% per year, which means it is tracking significantly ahead of earnings growth. Recent Insider Transactions • Jan 15
Whole-Time Director recently sold ₹5.8m worth of stock On the 9th of January, Parulben Patel sold around 750k shares on-market at roughly ₹7.80 per share. This transaction amounted to 22% of their direct individual holding at the time of the trade. In the last 3 months, there was an even bigger sale from another insider worth ₹41m. Insiders have been net sellers, collectively disposing of ₹92m more than they bought in the last 12 months. Valuation Update With 7 Day Price Move • Jan 08
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ₹7.45, the stock trades at a trailing P/E ratio of 44.4x. Average trailing P/E is 23x 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 • Dec 04
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to ₹7.50, the stock trades at a trailing P/E ratio of 44.7x. Average trailing P/E is 21x in the Metals and Mining industry in India. Total returns to shareholders of 424% over the past three years. New Risk • Nov 08
New minor risk - Insider selling There has been significant insider selling in the company's shares over the past 3 months. Total value of shares sold: ₹45m This is considered a minor risk. There are several reasons why an insider may be selling, including to cover a tax obligation or pay for some other expense. However, we generally consider it a negative if insiders have been selling, especially if they do so below the current price. It implies that they considered a lower price to be reasonable. This is a weak signal, but if there is a pattern of unexplained selling, it can be a sign the insider believes the company's stock is overpriced. Note: We only include open market transactions and private dispositions of directly owned stock by individuals, not by corporations or trusts. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (1.8x net interest cover). High level of non-cash earnings (23% accrual ratio). Market cap is less than US$10m (₹736.5m market cap, or US$8.85m). Minor Risks Significant insider selling over the past 3 months (₹45m sold). Revenue is less than US$5m (₹350m revenue, or US$4.2m). Recent Insider Transactions • Oct 23
Insider recently sold ₹24m worth of stock On the 17th of October, Shitalben Nar sold around 3m shares on-market at roughly ₹8.10 per share. This transaction amounted to 31% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of ₹81m more than they bought in the last 12 months. Reported Earnings • Oct 18
Second quarter 2024 earnings released: EPS: ₹0.02 (vs ₹0.008 in 2Q 2023) Second quarter 2024 results: EPS: ₹0.02 (up from ₹0.008 in 2Q 2023). Revenue: ₹85.9m (down 6.7% from 2Q 2023). Net income: ₹2.20m (up 134% from 2Q 2023). Profit margin: 2.6% (up from 1.0% in 2Q 2023). Over the last 3 years on average, earnings per share has increased by 57% per year but the company’s share price has increased by 80% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Aug 22
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to ₹7.55, the stock trades at a trailing P/E ratio of 44.6x. Average trailing P/E is 17x in the Metals and Mining industry in India. Total returns to shareholders of 567% over the past three years. Reported Earnings • Aug 12
First quarter 2024 earnings released: EPS: ₹0.01 (vs ₹0.01 in 1Q 2023) First quarter 2024 results: EPS: ₹0.01 (in line with 1Q 2023). Revenue: ₹98.6m (up 29% from 1Q 2023). Net income: ₹1.21m (down 5.5% from 1Q 2023). Profit margin: 1.2% (down from 1.7% in 1Q 2023). Over the last 3 years on average, earnings per share has increased by 69% per year but the company’s share price has increased by 85% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Jul 05
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to ₹6.90, the stock trades at a trailing P/E ratio of 44.1x. Average trailing P/E is 15x in the Metals and Mining industry in India. Total returns to shareholders of 811% over the past three years. Valuation Update With 7 Day Price Move • Jun 06
Investor sentiment improves as stock rises 64% After last week's 64% share price gain to ₹6.05, the stock trades at a trailing P/E ratio of 38.7x. Average trailing P/E is 15x in the Metals and Mining industry in India. Total returns to shareholders of 608% over the past three years. Reported Earnings • Jun 01
Full year 2023 earnings released: EPS: ₹0.16 (vs ₹0.10 in FY 2022) Full year 2023 results: EPS: ₹0.16 (up from ₹0.10 in FY 2022). Revenue: ₹334.9m (up 17% from FY 2022). Net income: ₹16.6m (up 60% from FY 2022). Profit margin: 4.9% (up from 3.6% in FY 2022). Over the last 3 years on average, earnings per share has increased by 85% per year but the company’s share price has only increased by 65% per year, which means it is significantly lagging earnings growth. Reported Earnings • Feb 12
Third quarter 2023 earnings released: EPS: ₹0.01 (vs ₹0.06 in 3Q 2022) Third quarter 2023 results: EPS: ₹0.01 (down from ₹0.06 in 3Q 2022). Revenue: ₹81.3m (flat on 3Q 2022). Net income: ₹662.0k (down 90% from 3Q 2022). Profit margin: 0.8% (down from 8.2% in 3Q 2022). Recent Insider Transactions • Jan 05
Whole-Time Director recently sold ₹1.2m worth of stock On the 29th of December, Parulben Patel sold around 250k shares on-market at roughly ₹4.96 per share. This transaction amounted to 4.4% of their direct individual holding at the time of the trade. In the last 3 months, there was an even bigger sale from another insider worth ₹4.7m. Insiders have been net sellers, collectively disposing of ₹35m more than they bought in the last 12 months. Recent Insider Transactions • Dec 09
Chairman & MD recently sold ₹2.2m worth of stock On the 2nd of December, Hiralal Tilva sold around 457k shares on-market at roughly ₹4.72 per share. This transaction amounted to 11% of their direct individual holding at the time of the trade. In the last 3 months, they made an even bigger sale worth ₹4.7m. Hiralal has been a net seller over the last 12 months, reducing personal holdings by ₹11m. Recent Insider Transactions • Nov 19
Whole-Time Director recently sold ₹2.6m worth of stock On the 14th of November, Parulben Patel sold around 520k shares on-market at roughly ₹4.95 per share. This transaction amounted to 7.0% of their direct individual holding at the time of the trade. In the last 3 months, there was an even bigger sale from another insider worth ₹2.7m. Insiders have been net sellers, collectively disposing of ₹18m more than they bought in the last 12 months. Recent Insider Transactions • Nov 16
Whole-Time Director recently sold ₹2.6m worth of stock On the 10th of November, Parulben Patel sold around 480k shares on-market at roughly ₹5.35 per share. This transaction amounted to 6.1% of their direct individual holding at the time of the trade. In the last 3 months, they made an even bigger sale worth ₹3.2m. Insiders have been net sellers, collectively disposing of ₹21m more than they bought in the last 12 months. Recent Insider Transactions • Nov 03
Chief Financial Officer recently sold ₹2.2m worth of stock On the 25th of October, Avni Dadhaniya sold around 400k shares on-market at roughly ₹5.45 per share. This transaction amounted to 11% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. This was Avni's only on-market trade for the last 12 months. Reported Earnings • Oct 23
Second quarter 2023 earnings released: EPS: ₹0.01 (vs ₹0.08 in 2Q 2022) Second quarter 2023 results: EPS: ₹0.01 (down from ₹0.08 in 2Q 2022). Revenue: ₹92.8m (up 20% from 2Q 2022). Net income: ₹941.0k (down 89% from 2Q 2022). Profit margin: 1.0% (down from 11% in 2Q 2022). Over the last 3 years on average, earnings per share has increased by 101% per year but the company’s share price has only increased by 65% per year, which means it is significantly lagging earnings growth. Announcement • Sep 08
Ganga Forging Limited, Annual General Meeting, Sep 30, 2022 Ganga Forging Limited, Annual General Meeting, Sep 30, 2022, at 11:00 Indian Standard Time. Location: Sr. No. 55/1 P/6 P/1 P/1, Near Shree Stamping, At: Sadak Pipaliya, Ta: Gondal, Rajkot Gujarat India Agenda: To receive, consider and adopt the audited financial statements of the Company for the financial year ended on 31st March, 2022 and reports of Board of Directors and Auditors thereon; to appoint a Director in place of Shri Rakesh Patel, Managing Director [DIN: 00510990], who retires by rotation as a Director and being eligible, offers himself for re- appointment; to consider re-appointment Mr. Hiralal Tilva [DIN: 00022539] as Chairman & Managing Director of the Company; and to consider other matters. Reported Earnings • Aug 05
First quarter 2023 earnings released: EPS: ₹0.01 (vs ₹0.035 in 1Q 2022) First quarter 2023 results: EPS: ₹0.01 (down from ₹0.035 in 1Q 2022). Revenue: ₹76.3m (up 44% from 1Q 2022). Net income: ₹1.28m (down 66% from 1Q 2022). Profit margin: 1.7% (down from 7.1% in 1Q 2022). Over the last 3 years on average, earnings per share has increased by 97% per year but the company’s share price has only increased by 68% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Jul 25
Investor sentiment improved over the past week After last week's 17% share price gain to ₹6.75, the stock trades at a trailing P/E ratio of 69.2x. Average trailing P/E is 13x in the Metals and Mining industry in India. Total returns to shareholders of 374% over the past three years. Reported Earnings • May 29
Full year 2022 earnings released: EPS: ₹0.10 (vs ₹0.01 in FY 2021) Full year 2022 results: EPS: ₹0.10 (up from ₹0.01 in FY 2021). Revenue: ₹286.6m (up 25% from FY 2021). Net income: ₹10.3m (up ₹9.27m from FY 2021). Profit margin: 3.6% (up from 0.5% in FY 2021). Over the last 3 years on average, earnings per share has increased by 74% per year but the company’s share price has only increased by 63% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • May 19
Investor sentiment improved over the past week After last week's 21% share price gain to ₹7.20, the stock trades at a trailing P/E ratio of 41.4x. Average trailing P/E is 13x in the Metals and Mining industry in India. Total returns to shareholders of 342% over the past three years. Valuation Update With 7 Day Price Move • Mar 28
Investor sentiment deteriorated over the past week After last week's 21% share price decline to ₹8.10, the stock trades at a trailing P/E ratio of 46.6x. Average trailing P/E is 13x in the Metals and Mining industry in India. Total returns to shareholders of 398% over the past three years. Valuation Update With 7 Day Price Move • Mar 08
Investor sentiment deteriorated over the past week After last week's 18% share price decline to ₹11.35, the stock trades at a trailing P/E ratio of 65.2x. Average trailing P/E is 12x in the Metals and Mining industry in India. Total returns to shareholders of 621% over the past three years. Reported Earnings • Feb 13
Third quarter 2022 earnings: Revenues and EPS in line with analyst expectations Third quarter 2022 results: EPS: ₹0.06 (up from ₹0.007 loss in 3Q 2021). Revenue: ₹81.2m (up 35% from 3Q 2021). Net income: ₹6.65m (up ₹7.33m from 3Q 2021). Profit margin: 8.2% (up from net loss in 3Q 2021). The move to profitability was driven by higher revenue. Revenue was in line with analyst estimates. Over the last 3 years on average, earnings per share has increased by 45% per year but the company’s share price has increased by 127% per year, which means it is tracking significantly ahead of earnings growth. Reported Earnings • Oct 23
Second quarter 2022 earnings released: EPS ₹0.08 (vs ₹0.01 in 2Q 2021) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2022 results: Revenue: ₹82.3m (up 14% from 2Q 2021). Net income: ₹8.86m (up 458% from 2Q 2021). Profit margin: 11% (up from 2.2% in 2Q 2021). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 21% per year but the company’s share price has increased by 124% per year, which means it is tracking significantly ahead of earnings growth. Reported Earnings • Oct 23
Second quarter 2022 earnings released: EPS ₹0.08 (vs ₹0.01 in 2Q 2021) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2022 results: Revenue: ₹82.3m (up 14% from 2Q 2021). Net income: ₹8.86m (up 458% from 2Q 2021). Profit margin: 11% (up from 2.2% in 2Q 2021). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 21% per year but the company’s share price has increased by 124% per year, which means it is tracking significantly ahead of earnings growth. Reported Earnings • Aug 09
First quarter 2021 earnings released: EPS ₹0.09 (vs ₹0.51 loss in 1Q 2020) The company reported a decent first quarter result with improved earnings and profit margins, although revenues were weaker. First quarter 2021 results: Revenue: ₹30.5m (down 48% from 1Q 2020). Net income: ₹986.0k (up ₹6.34m from 1Q 2020). Profit margin: 3.2% (up from net loss in 1Q 2020). The move to profitability was driven by lower expenses. Is New 90 Day High Low • Feb 09
New 90-day high: ₹29.05 The company is up 91% from its price of ₹15.23 on 11 November 2020. The Indian market is up 22% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Metals and Mining industry, which is up 43% over the same period. Is New 90 Day High Low • Jan 01
New 90-day high: ₹30.95 The company is up 60% from its price of ₹19.30 on 01 October 2020. The Indian market is up 20% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Metals and Mining industry, which is up 36% over the same period. Is New 90 Day High Low • Dec 15
New 90-day high: ₹20.90 The company is up 17% from its price of ₹17.85 on 15 September 2020. The Indian market is up 16% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Metals and Mining industry, which is up 26% over the same period. Is New 90 Day High Low • Nov 09
New 90-day high: ₹19.85 The company is up 58% from its price of ₹12.60 on 11 August 2020. The Indian market is up 7.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Metals and Mining industry, which is up 3.0% over the same period. Announcement • Jul 17
Ganga Forging Limited Temporarily Suspends Operations At Various Locations Till 14Th April, 2020 Ganga Forging Limited announced that the Company has temporarily suspended its operations at various locations till 14th April, 2020. The company is monitoring the situation closely arising out of the COVID 19 and will take a call on resumption of operations based on further directives from the Government. Further, the company has constituted the Business Resilience Teams (BRT) to respond to the spread of COVID -19. In terms of the directions issued by various State Governments and local bodies, the Company has also given `Work From Home' to its employees until further instructions. Announcement • Jul 10
Ganga Forging Limited to Report First Half, 2020 Results on Jun 29, 2020 Ganga Forging Limited announced that they will report first half, 2020 results on Jun 29, 2020