Company Overview
Krishanveer Forge Limited (also referred to as Western India Forgings Ltd) reported exceptional financial performance for FY 2025-2026, with significant growth across key metrics.
Financial Performance
Net profit surged 101.83% to ₹113.77 crore (₹1,137.72 lakhs) from ₹56.37 crore in the previous year, driven primarily by a gain of ₹349.07 lakhs from land transfer, though partially offset by a ₹74.95 lakh exceptional loss due to new Wage Code impact on employee benefits. Revenue from operations grew 7.9% to ₹893.05 crore (₹8,930.46 lakhs) from ₹827.97 crore. Basic and diluted EPS stood at ₹10.40 compared to ₹5.15 in the previous year.
Dividend Declaration
The Board recommended a dividend of ₹3.00 per equity share (30% of face value), totaling ₹3.28 crore, with record date set for September 11, 2026. This represents an increase from the previous year's ₹2.00 per share dividend.
36th Annual General Meeting
The 36th AGM is scheduled for September 18, 2026, at 11:30 AM IST via video conferencing. Key agenda items include adoption of financial statements, dividend declaration, reappointment of Mr. Nitin Shyam Rajore as Whole Time Director with monthly remuneration of ₹6.5 lakh plus perquisites, appointment of two independent directors, and approval of related party transactions up to ₹33 crore with holding company Western India Forgings Private Limited.
Operational Highlights
The company operates in open die forging segment serving oil & gas, infrastructure, and power transmission sectors, with unique capabilities including 1600T Zdas Press capable of forgings up to 9 MT single weight. The company completed a 1MWp solar power plant in Solapur District and maintained ISO 9001, 14001, and 45001 certifications. Export revenue showed significant improvement, rising to ₹189.26 lakhs from just ₹7.79 lakhs in the previous year.
Capital Structure and Shareholding
Authorized share capital stands at ₹13.25 crore with paid-up capital of ₹10.94 crore. Promoter holding through Western India Forgings Pvt Ltd remains at 65.82%. The company maintained a strong balance sheet with total equity of ₹514.36 lakhs and current ratio of 3.48.
Related Party Transactions
Total transactions with related parties amounted to ₹2,072.42 lakhs, primarily with holding company WIFPL including sales of goods (₹1,004.46 lakhs), purchases (₹286.08 lakhs), and sales commission (₹73.74 lakhs). All transactions were conducted at arm's length in ordinary course of business.
Corporate Governance and Compliance
The company maintained robust internal controls with unmodified audit reports from statutory, internal, and secretarial auditors. Board composition includes 4 directors (1 Executive, 1 Non-Executive Non-Independent, 2 Independent including 1 woman director). CSR expenditure of ₹7.75 lakhs exceeded the prescribed requirement of ₹7.44 lakhs.
Investments and Assets
The company held investments in mutual funds (ICICI Prudential funds) totaling ₹192.79 lakhs and added ₹396.90 lakhs in capital work-in-progress during the year. Trade receivables stood at ₹225.26 lakhs with 91.3% being less than 6 months old.