Assuming “KV forging” refers to Krishanveer Forge Limited (KVFORGE, BSE: 513369), formerly Rajkumar Forge Limited, a listed open‑die forging company based in Pune and part of the Western India Forgings group. (kvforge.com)

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1. Company snapshot

- Name: Krishanveer Forge Limited (formerly Rajkumar Forge Limited)

- Ticker / Exchange: BSE – 513369 (often shown as KVFORGE / KRIV) (in.investing.com)

- Sector: Basic Materials – Metals & Mining (castings/forgings) (in.investing.com)

- Location: Registered office in Yerawada, Pune; plant at Kharabwadi, Chakan–Talegaon Road, Pune, Maharashtra (kvforge.com)

- Group: Subsidiary of Western India Forgings Pvt. Ltd. (in.investing.com)

- Business: Manufacturing and sale of open‑die steel forgings for domestic and export markets (kvforge.com)

- Listing history: Incorporated 1990; name change from Rajkumar Forge Ltd to Krishanveer Forge Ltd approved in FY22 and implemented in August 2022. (kvforge.com)

As of FY26, the company is a small‑cap with ~1.09 crore equity shares outstanding (face value ₹10). Equity share capital at 31 March 2025 was ₹1,093.94 lakh, implying ~1.09 crore shares. (bsmedia.business-standard.com)

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2. Business overview

2.1 Operations and products

Krishanveer Forge operates an exclusive open‑die forging plant, with capability to forge single pieces up to ~10 MT. (linkedin.com)

Key product categories include: (kvforge.com)

- Shafts:

- Diameter ~200–700 mm, length up to 6,000 mm, weight up to 9 MT

- Square sections:

- 200–560 mm, length up to 6,000 mm, weight up to 9 MT

- Rectangular sections:

- Up to ~1,000 mm, weight up to 9 MT

- Blanks / discs:

- Diameter ~500–1,900 mm, thickness ~450 mm, weight up to 7 MT

- Rings and hollow products

Material range:

- Plain carbon steels

- Alloy steels

- Stainless steels, duplex grades, 17‑4 PH, HNS and other special steels

The company focuses on low‑ to medium‑volume, high‑value forgings, rather than commoditised automotive forgings.

2.2 End‑markets and customers

According to company and third‑party profiles, Krishanveer Forge supplies to a diversified set of capital‑goods and energy‑linked segments: (linkedin.com)

- Oil & gas (critical components such as Khuff blocks, ‘Y’ blocks, studded tees, GV bodies, etc.)

- Power transmission and power equipment

- Steel plants and cement plants

- Gearbox manufacturers

- Construction & mining, infrastructure, wind mill components

- Sugar mills and other core industrial sectors

This mix gives the business exposure to global and domestic capex cycles, rather than only automotive demand.

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3. Industry context

- The Indian forging industry is a key supplier to automotive, infrastructure, power, oil & gas and general engineering sectors, with total industry revenues estimated in the tens of thousands of crores annually. (kvforge.com)

- Open‑die forging is a niche within forgings, used for large, customised parts (shafts, blocks, rings) requiring high strength and reliability.

- Demand is closely linked to industrial capex, energy projects and infrastructure spending, and indirectly to global crude/gas, steel and commodity cycles.

For Krishanveer Forge specifically, this implies:

- Higher cyclicality than pure consumer businesses.

- Opportunity when India’s and global capex cycles are strong, especially in oil & gas, power and infrastructure.

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4. Financial performance (FY24–FY26)

4.1 3‑year summary (Standalone, ₹ in crore unless stated)

(All FY24 and FY25 numbers from the FY25 Annual Report; FY26 from company’s FY26 results announcement as reported by ScanX. Values in lakhs converted to crore by ÷100.) (bsmedia.business-standard.com)

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Key observations:

1. Revenue trend

- FY24 → FY25: Revenue was broadly flat to slightly lower (~‑1% YoY), at ~₹83–83.8 crore, reflecting subdued global demand. (bsmedia.business-standard.com)

- FY25 → FY26: Revenue grew ~7–8% to ~₹89.3 crore, indicating some recovery in demand and/or improved realisations. (scanx.trade)

2. Margin and profit trajectory (core trend)

- EBITDA margin improved from ~9.0% in FY24 to ~11.3% in FY25 due to efficiency measures and better cost control. (bsmedia.business-standard.com)

- PAT grew from ~₹4.0 crore (FY24) to ~₹5.6 crore (FY25), and further to ~₹11.4 crore in FY26. The FY26 jump is partly driven by a one‑time exceptional gain from land transfer (about ₹34.9 crore before tax during Q4). (scanx.trade)

3. Exceptional item in FY26

- FY26 PBT of ~₹145.6 crore (1,456.4 lakh) includes an exceptional gain of ~₹34.9 crore relating to disposal/transfer of land to Hydrolines (Bangalore) Pvt. Ltd. in Q4. (scanx.trade)

- Adjusting for this one‑time gain, underlying profitability improvement is more moderate than the headline +102% PAT growth, though still clearly better than FY25.

4. Return ratios

- ROE improved from ~10.2% in FY24 to ~13.3% in FY25 on the back of higher margins. (bsmedia.business-standard.com)

- FY26 ROE will look optically high due to the exceptional gain; investors should normalise for that when assessing sustainable returns.

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5. Balance sheet, leverage and cash flows

From the FY25 Annual Report: (bsmedia.business-standard.com)

- Net worth (equity):

- FY24: ~₹39.1 crore

- FY25: ~₹42.4 crore

- Debt and gearing:

- Total debt FY24: ~₹12.6 crore

- Total debt FY25: ~₹13.1 crore

- Debt‑equity ratio: reduced marginally from 0.32x to 0.31x, implying conservative leverage.

- Interest coverage:

- FY25 EBIT (PBT + interest + depreciation) vs interest cost suggests very high interest‑coverage (well over 30x), indicating no near‑term solvency stress. (Example: EBIT around ₹9.2 crore vs finance cost ~₹0.5 crore equivalent on a full‑year basis.) (bsmedia.business-standard.com)

- Working capital and efficiency ratios:

- Inventory turnover ~7.1x; trade receivable turnover ~4.3x in FY25, with modest movements vs FY24, indicating stable working‑capital cycle. (bsmedia.business-standard.com)

Overall, the balance sheet appears reasonably strong for a small‑cap industrial, with moderate debt, solid interest‑coverage and manageable working‑capital intensity.

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6. Recent developments and corporate actions

Key recent events (FY22–FY26): (kvforge.com)

1. Name change and re‑branding (FY22):

- Approval obtained to change name from Rajkumar Forge Limited to Krishanveer Forge Limited to align brand more closely with promoter group positioning.

2. Dividend track‑record:

- FY25: Final dividend of ₹2.50 per share (25% on ₹10 FV) recommended and paid.

- FY26: Board has recommended a final dividend of ₹3 per share (30% on ₹10 FV), subject to shareholder approval.

3. Land transaction and one‑time gain (FY26):

- The company executed a Right of Way and land disposal arrangement with Hydrolines (Bangalore) Pvt. Ltd.

- This resulted in an exceptional gain of ~₹34.9 crore, materially boosting Q4 FY26 and full‑year profits. (scanx.trade)

4. Board and governance:

- Re‑appointment of Mr. Nitin Shyam Rajore as Whole‑Time Director for another five‑year term from 1 December 2026, subject to shareholders’ approval. (scanx.trade)

- Board composition includes a non‑executive chairman and independent directors; the company reports compliance with SEBI LODR corporate governance norms. (kvforge.com)

5. Credit rating:

- India Ratings has reaffirmed the company’s credit rating in early 2026, signalling lender comfort with Krishanveer Forge’s financial risk profile. (scanx.trade)

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7. Valuation snapshot (illustrative, not a recommendation)

As an example of how the market is valuing the company currently (figures approximate):

- Share price: Around ₹170–175 per share on BSE as of 3 July 2026. (in.investing.com)

- Shares outstanding: ~1.09 crore

- Market capitalisation: ~₹185–190 crore (price × shares).

Using FY26 EPS of ₹10.4, trailing: (scanx.trade)

- Trailing P/E: roughly 16–17x.

- Dividend yield (on FY26 proposed ₹3 DPS): around 1.7–1.8% at the above price range.

Because FY26 earnings include a large one‑time land gain, a “normalised” P/E (on sustainable earnings) would be higher than the simple trailing multiple.

These numbers are for illustration only, based on latest available public data as of early July 2026; prices and valuations can change quickly and should be re‑checked on your trading platform or sites such as BSE, NSE, or major financial portals before making any decision.

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8. Key strengths / positives (analytical view)

1. Niche positioning in open‑die forgings

- Ability to produce large and complex forgings (up to ~10 MT single piece) in specialised grades gives the company entry into higher‑value segments (oil & gas, power, gearboxes, heavy industry). (linkedin.com)

2. Diversified end‑market exposure

- Not purely auto‑linked; revenue comes from oil & gas, power, wind, steel, cement, mining and infrastructure. This diversification can partly cushion slowdowns in any one sector. (linkedin.com)

3. Improving profitability and return ratios

- Steady improvement in EBITDA and PAT margins from FY24 to FY26, with ROE rising from low‑double digits to mid‑teens (on reported numbers). (bsmedia.business-standard.com)

4. Conservative leverage and strong coverage

- Debt‑equity around 0.3x and very comfortable interest‑coverage provide balance‑sheet strength, which is important in cyclical industries. (bsmedia.business-standard.com)

5. Backed by Western India Forgings group

- Being a group company can aid in customer access, technology, and procurement, though it also introduces related‑party dynamics (see risks). (linkedin.com)

6. Dividend track record and improving payouts

- Increasing dividend (₹2.5 to ₹3.0) indicates confidence in cash flows and shareholder returns policy. (bsmedia.business-standard.com)

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9. Key risks and monitorables

1. Cyclical and project‑linked demand

- End‑markets like oil & gas, power, steel and infrastructure are strongly cyclical and project‑driven. Slowdowns in capex, commodity corrections or policy delays can impact order flow and capacity utilisation.

2. One‑time gains vs sustainable earnings

- FY26 profits are significantly boosted by the land sale gain. For valuation and investment analysis, it is important to strip out this one‑off and assess sustainable EPS based on core operations. (scanx.trade)

3. Customer and segment concentration

- As a small‑cap forging supplier, exposure to a limited set of large customers or a few key industries can result in earnings volatility if any major client or segment cuts back orders.

4. Raw material and energy cost risk

- Steel prices, scrap rates, and energy/power tariffs have high volatility. Passing through these costs to customers with a lag can compress margins in adverse cycles.

5. Related‑party transactions

- Company has material related‑party transactions with Western India Forgings and possibly other group entities (purchase/sale of goods, shared resources). While disclosed and approved under SEBI LODR norms, these need monitoring for pricing at arm’s length. (kvforge.com)

6. Small‑cap, low‑liquidity characteristics

- As a relatively small listed entity, Krishanveer Forge’s stock may have limited trading liquidity, wider bid‑ask spreads and higher price volatility versus larger peers. This matters for entry/exit and risk management.

7. Execution and capacity utilisation

- The business is capital‑intensive; sustaining high utilisation of forging and heat‑treatment assets is critical to maintaining margins and returns. Any operational disruption at the single major plant in Chakan can materially impact performance.

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10. Summary

Krishanveer Forge Limited is a niche, small‑cap open‑die forging company with:

- A focused product portfolio in large, complex steel forgings.

- Exposure to structurally important but cyclical sectors like oil & gas, power and infrastructure.

- A track‑record of stabilising revenues, improving margins and strengthening balance sheet metrics in FY24–FY26.

- FY26 results flattered by a substantial one‑time land gain, so any assessment of valuation or growth needs to normalise for this factor.

For a deeper dive, you can refer to:

- The company’s own Annual Reports and financial filings under the “Investor Relations” section of its website. (kvforge.com)

- BSE corporate announcements and result filings for detailed quarterly data and notes.

This report is an analytical overview based on publicly available information and is not a buy/sell/hold recommendation. Any investment decision should factor in your risk profile, investment horizon, and updated data from primary sources.

If you have any further queries, please connect with us on 022-6290-10141 (Timings : 09.00 AM to 05.00 PM) or you can email us on info@cniinfoxchange.com