Date: November 05, 2026

Financial Performance Summary

Q2 FY27 Financial Highlights (Unaudited)

Quarter-over-Quarter Performance:

  • Revenue from Operations: ₹5,444.86 lakh (Q2 FY27) vs ₹5,567.32 lakh (Q2 FY26), showing a decline of 2.20% YoY
  • EBITDA: ₹778.09 lakh (Q2 FY27) vs ₹711.20 lakh (Q2 FY26), growth of 9.41% YoY
  • EBITDA Margin: 14.23% (Q2 FY27) vs 12.65% (Q2 FY26), expansion of 158 basis points
  • Profit Before Tax: ₹323.88 lakh (Q2 FY27) vs ₹226.68 lakh (Q2 FY26), growth of 42.88% YoY
  • Profit After Tax: ₹216.14 lakh (Q2 FY27) vs ₹215.01 lakh (Q2 FY26), growth of 0.53% YoY
  • EPS: ₹5.94 (Q2 FY27) vs ₹5.91 (Q2 FY26), growth of 0.53% YoY

H1 FY27 Financial Highlights (Unaudited)

Half-Year Performance:

  • Revenue from Operations: ₹12,124.48 lakh (H1 FY27) vs ₹11,980.59 lakh (H1 FY26), growth of 1.20% YoY
  • EBITDA: ₹1,867.20 lakh (H1 FY27) vs ₹1,345.14 lakh (H1 FY26), growth of 38.81% YoY
  • EBITDA Margin: 15.34% (H1 FY27) vs 11.14% (H1 FY26), expansion of 420 basis points
  • Profit Before Tax: ₹939.21 lakh (H1 FY27) vs ₹429.25 lakh (H1 FY26), growth of 118.80% YoY
  • Profit After Tax: ₹664.11 lakh (H1 FY27) vs ₹355.66 lakh (H1 FY26), growth of 86.72% YoY
  • EPS: ₹18.25 (H1 FY27) vs ₹9.77 (H1 FY26), growth of 86.84% YoY

Funding Plan Approval

The Board of Directors has approved a comprehensive ₹45 crore Funding Plan for FY27 with the following indicative allocation:

  • Equity: Approximately ₹10 crore of equity capital to bring in long-term growth capital, subject to shareholder and regulatory approvals
  • Debt: Approximately ₹20 crore through term loans and working capital facilities from banking partners
  • Non-core asset and inventory monetisation: Up to ₹20 crore from sale of non-core assets and monetisation of inventory

The plan is designed to strengthen the balance sheet, fund working capital, and support the ramp-up of new engine and wheel hub orders.

Operational & Strategic Highlights

Capacity & Layout Upgrades:

  • Reconditioning of 2500T press undertaken during the quarter
  • Consolidation of driveline machining plant (MCD3) into MCD1 to create more compact shopfloor and free up space for future expansion

Working Capital & Banking:

  • Trade receivables stood at ₹141.21 crore at September 30, 2026, compared with ₹102.65 crore at March 31, 2026
  • Increase attributed to delayed customer remittances and export receipts during changeover to new banking partner
  • Legacy phase-out customers slower in lifting their last-time-buy volumes
  • Improving receivables efficiency remains a key priority

Strategic Focus Areas:

  • Cost optimization and operational efficiency through manufacturing productivity and OEE improvement
  • Disciplined capital allocation focusing on maximizing existing infrastructure utilization
  • Business development and growth opportunities across key automotive and industrial segments

Management Commentary

Mr. Viraj Kalyani, Managing Director & CEO, stated that the Board's approval of the ₹45 crore Funding Plan represents the most important development of the quarter. The company has conducted a structural review of funding adequacy for growth ambitions with industry benchmarking. The funding plan provides a diversified pool of capital across equity, debt, and monetisation of non-core assets and inventory, putting the company on a stronger financial footing to execute on the order pipeline.

The Q2 performance reflects meaningful improvement in earnings momentum despite planned capacity upgrades and banking partner change during the quarter. With upgraded press and consolidated machining plant in place, the Funding Plan approved, and new engine and wheel hub programs ramping up, the company is positioned to restore volumes, strengthen cash conversion, and build momentum in the second half.

Company Background

Kalyani Forge Limited is a Pune-based engineering company specializing in manufacturing of forged and machined components for diverse industries including automotive, commercial vehicles, and industrial engineering.