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LGB Forge Ltd

LGBFORGE

BSE

₹4.93-1.00%19 Oct 2026

Reports

Forgings

LGB Forge Ltd

LGBFORGE

BSE

₹4.93

-1.00%

19 Oct 2026

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Forgings

Indices

Business Overview: What the company does, in plain English.Growth Catalysts: The forward growth drivers and triggers.Forensic Report: Accounting quality and red flags.

LGB Forge is a specialist metal-bender that turns steel bars into precisely shaped parts for the world’s biggest automotive and industrial brands. Incorporated in 2006 and based in Coimbatore, it grew by mastering a single, unglamorous craft - hot and cold forging - and then doubling down on the kind of small, custom orders that larger mills find uneconomical. The recurring approach is to act as a nimble extension of its customers’ own production lines, absorbing their inventory burden by delivering finished components in unusually short lead times.

Business segments

A single engine, forged and machined: one integrated operation that takes in steel and ships out ready-to-assemble parts for engines, axles, valves and electrical systems - built around the economics of custom, small-batch work.

1. Forging and machining: the custom-parts workshop for global OEMs

The company earns its keep by solving a specific headache for large manufacturers - it produces the low-volume, high-variety metal components they need but cannot efficiently make themselves, and it delivers them fast enough that the customer does not have to stockpile inventory.

Custom, not commodity - the company specialises in custom-made and small-quantity orders, which has made it the preferred supplier to its customers; it is not competing to stamp out millions of identical parts but to handle the complex, lower-volume work.
Short lead times are the real product - its expertise in making deliveries in short lead times helps customers keep low levels of inventories, so the speed of the workshop is as valuable as the part itself.
Steel risk passed through - steel is the major input, but the company has pass-through contracts that provide protection against volatility in steel prices, so its margin is insulated from raw-material swings.
Everything under one roof - the plants house the full sequence of cutting, forging, heat treatment, machining, finishing, inspection and testing, which means the company controls quality and turnaround time from raw bar to finished component without relying on outside processors.
An in-house tool room that unlocks prototyping - the tool room is supported by advanced design and analysis software, playing a key role in efficient and timely prototyping; that is how the company turns a customer’s drawing into a production-ready part quickly enough to win the order.

Group structure and partners

The company is a standalone entity with no subsidiaries or joint ventures, but it is anchored within the Coimbatore-based LGB Group and leans heavily on its promoter, L.G. Balakrishnan & Bros Limited, for everything from factory space to a Rs 60-crore related-party transaction envelope.

No corporate layers - the company does not have a subsidiary, joint venture or associate company, and it has no holding company; it is a single legal entity with its own listed stock.
The promoter as commercial backbone - material related-party transactions with L.G. Balakrishnan & Bros Limited cover the sale and purchase of goods, leasing of property and the rendering of services, all conducted on an arm’s-length basis and in the ordinary course of business, with shareholder approval for an aggregate value not exceeding Rs 60 Crores.
A factory sold within the family - the Pondicherry machining plant was sold as a going concern on a slump-sale basis to L.G. Balakrishnan & Bros Limited for Rs 15 Crores during FY 2023-24, with the proceeds earmarked for debt repayment, capital expenses and working capital.
Promoter control with a second-generation leader - as of July 2026, persons acting in concert held 69.40% of the voting capital, and the Managing Director, Rajsri Vijayakumar, is the daughter of Chairman B. Vijayakumar, who is also the Executive Chairman of L.G. Balakrishnan & Bros Limited.

Quick Ratios

Quarterly Results

Profit & Loss

Balance Sheet

Cash Flow

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Peer Comparison

Quick Ratios

Quarterly Results

Profit & Loss

Balance Sheet

Cash Flow

Ratios

Peer Comparison

Price

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Mkt Cap

Market Capitalization

₹118Cr

Close Price

₹4.97

Industry

Forgings

Price To Earnings

16.57

Price To Sales

1.14

Revenue

₹104Cr

Rev Gr TTM

Revenue Growth TTM

4.50%

PAT Gr TTM

PAT Growth TTM

967.47%

Standalone

Numbers

Percentage

Quarter	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Revenue RevenueCr	29	23	20	23	23	24	24	28	26	24	26	28
Growth YoY Revenue Growth YoY%	-3.4	-11.6	-25.6	-0.8	-18.8	5.3	20.8	22.7	11.3	-1.4	7.2	1.6
Expenses ExpensesCr	29	23	21	23	23	24	23	26	26	24	25	27
Operating Profit Operating ProfitCr	0	0	-1	0	0	1	1	2	0	0	1	2
OPM OPM%	0.5	2.1	-6.0	-1.8	1.4	2.3	3.5	6.0	1.7	1.1	2.6	5.3
Other Income Other IncomeCr	0	0	0	2	0	0	0	1	0	-1	0	10
Interest Expense Interest ExpenseCr	1	1	1	1	1	1	1	1	1	1	1	1
Depreciation DepreciationCr	1	1	1	1	1	1	1	1	1	1	1	1
PBT PBTCr	-2	-1	-2	0	-1	0	0	1	-1	-2	-1	10
Tax TaxCr	0	0	0	0	0	0	0	0	0	0	0	0
PAT PATCr	-2	-2	-3	0	-1	0	0	1	-1	-2	-1	10
Growth YoY PAT Growth YoY%	30.7	49.1	-94.0	117.9	49.4	80.7	87.6	83.3	17.1	-332.6	-27.5	1,070.5
NPM NPM%	-6.0	-9.7	-16.3	2.1	-3.8	-1.8	-1.7	3.2	-2.8	-7.8	-2.0	36.7
EPS EPS₹	-0.1	-0.1	-0.1	0.0	0.0	0.0	0.0	0.0	0.0	-0.1	0.0	0.4

Quarter	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Revenue RevenueCr	29	23	20	23	23	24	24	28	26	24	26	28
Growth YoY Revenue Growth YoY%	-3.4	-11.6	-25.6	-0.8	-18.8	5.3	20.8	22.7	11.3	-1.4	7.2	1.6
Expenses ExpensesCr	29	23	21	23	23	24	23	26	26	24	25	27
Operating Profit Operating ProfitCr	0	0	-1	0	0	1	1	2	0	0	1	2
OPM OPM%	0.5	2.1	-6.0	-1.8	1.4	2.3	3.5	6.0	1.7	1.1	2.6	5.3
Other Income Other IncomeCr	0	0	0	2	0	0	0	1	0	-1	0	10
Interest Expense Interest ExpenseCr	1	1	1	1	1	1	1	1	1	1	1	1
Depreciation DepreciationCr	1	1	1	1	1	1	1	1	1	1	1	1
PBT PBTCr	-2	-1	-2	0	-1	0	0	1	-1	-2	-1	10
Tax TaxCr	0	0	0	0	0	0	0	0	0	0	0	0
PAT PATCr	-2	-2	-3	0	-1	0	0	1	-1	-2	-1	10
Growth YoY PAT Growth YoY%	30.7	49.1	-94.0	117.9	49.4	80.7	87.6	83.3	17.1	-332.6	-27.5	1,070.5
NPM NPM%	-6.0	-9.7	-16.3	2.1	-3.8	-1.8	-1.7	3.2	-2.8	-7.8	-2.0	36.7
EPS EPS₹	-0.1	-0.1	-0.1	0.0	0.0	0.0	0.0	0.0	0.0	-0.1	0.0	0.4

Standalone

Numbers

Percentage

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
Revenue RevenueCr	88	83	100	132	101	92	130	92	89	94	103	104
Growth Revenue Growth%	10.2	-6.2	20.3	32.0	-23.2	-8.9	41.2	-29.6	-2.4	5.2	9.7	4.5
Expenses ExpensesCr	86	84	98	123	96	83	120	96	90	93	100	101
Operating Profit Operating ProfitCr	2	-1	2	9	5	9	10	-5	0	1	3	3
OPM OPM%	2.2	-1.4	1.6	6.6	5.4	10.0	7.4	-5.4	-0.3	1.4	3.0	2.8
Other Income Other IncomeCr	3	4	0	1	1	1	1	1	1	3	1	11
Interest Expense Interest ExpenseCr	4	3	3	5	3	2	2	2	3	3	3	3
Depreciation DepreciationCr	4	2	2	3	4	5	5	3	3	3	3	4
PBT PBTCr	-2	-2	-3	2	-1	3	3	-9	-6	-1	-2	7
Tax TaxCr	0	0	0	0	0	0	0	0	0	0	0	0
PAT PATCr	-2	-2	-3	2	-1	3	3	-9	-6	-1	-2	7
Growth PAT Growth%	-1,595.1	7.3	-46.8	164.7	-131.1	636.6	0.3	-357.4	36.5	78.2	-81.1	967.5
NPM NPM%	-2.6	-2.6	-3.2	1.6	-0.6	3.7	2.6	-9.7	-6.3	-1.3	-2.1	7.0
EPS EPS₹	-0.2	-0.1	-0.2	0.1	0.0	0.1	0.1	-0.4	-0.4	-0.1	-0.1	0.3

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
Revenue RevenueCr	88	83	100	132	101	92	130	92	89	94	103	104
Growth Revenue Growth%	10.2	-6.2	20.3	32.0	-23.2	-8.9	41.2	-29.6	-2.4	5.2	9.7	4.5
Expenses ExpensesCr	86	84	98	123	96	83	120	96	90	93	100	101
Operating Profit Operating ProfitCr	2	-1	2	9	5	9	10	-5	0	1	3	3
OPM OPM%	2.2	-1.4	1.6	6.6	5.4	10.0	7.4	-5.4	-0.3	1.4	3.0	2.8
Other Income Other IncomeCr	3	4	0	1	1	1	1	1	1	3	1	11
Interest Expense Interest ExpenseCr	4	3	3	5	3	2	2	2	3	3	3	3
Depreciation DepreciationCr	4	2	2	3	4	5	5	3	3	3	3	4
PBT PBTCr	-2	-2	-3	2	-1	3	3	-9	-6	-1	-2	7
Tax TaxCr	0	0	0	0	0	0	0	0	0	0	0	0
PAT PATCr	-2	-2	-3	2	-1	3	3	-9	-6	-1	-2	7
Growth PAT Growth%	-1,595.1	7.3	-46.8	164.7	-131.1	636.6	0.3	-357.4	36.5	78.2	-81.1	967.5
NPM NPM%	-2.6	-2.6	-3.2	1.6	-0.6	3.7	2.6	-9.7	-6.3	-1.3	-2.1	7.0
EPS EPS₹	-0.2	-0.1	-0.2	0.1	0.0	0.1	0.1	-0.4	-0.4	-0.1	-0.1	0.3

Standalone

Numbers

Percentage

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital Equity CapitalCr	15	15	15	24	24	24	24	24	24	24	24
Reserves ReservesCr	-6	-8	-12	8	8	12	16	6	-4	-6	-8
Current Liabilities Current LiabilitiesCr	38	33	37	45	34	41	44	51	45	24	28
Non Current Liabilities Non Current LiabilitiesCr	9	7	7	5	5	3	2	4	14	21	18
Total Liabilities Total LiabilitiesCr	56	46	47	82	71	80	85	85	79	63	63
Current Assets Current AssetsCr	43	37	33	55	42	54	63	66	62	43	44
Non Current Assets Non Current AssetsCr	13	10	14	27	29	26	22	19	17	19	19
Total Assets Total AssetsCr	56	46	47	82	71	80	85	85	79	63	63

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital Equity CapitalCr	15	15	15	24	24	24	24	24	24	24	24
Reserves ReservesCr	-6	-8	-12	8	8	12	16	6	-4	-6	-8
Current Liabilities Current LiabilitiesCr	38	33	37	45	34	41	44	51	45	24	28
Non Current Liabilities Non Current LiabilitiesCr	9	7	7	5	5	3	2	4	14	21	18
Total Liabilities Total LiabilitiesCr	56	46	47	82	71	80	85	85	79	63	63
Current Assets Current AssetsCr	43	37	33	55	42	54	63	66	62	43	44
Non Current Assets Non Current AssetsCr	13	10	14	27	29	26	22	19	17	19	19
Total Assets Total AssetsCr	56	46	47	82	71	80	85	85	79	63	63

Standalone

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Operating Cash Flow Operating Cash FlowCr	2	4	11	0	5	4	2	-9	4	16	5
Investing Cash Flow Investing Cash FlowCr	2	4	-6	-15	-3	-2	0	-2	-2	-3	-3
Financing Cash Flow Financing Cash FlowCr	-4	-8	-5	16	-2	-2	-2	11	-1	-13	-2
Net Cash Flow Net Cash FlowCr	0	0	0	0	0	0	0	0	0	0	0
Free Cash Flow Free Cash FlowCr	4	8	5	-16	2	2	2	-11	2	7	2
CFO To PAT CFO To PAT%	-99.2	-174.3	-338.6	-20.2	-835.1	115.0	65.3	102.3	-62.2	-1,273.6	-223.0
CFO To EBITDA CFO To EBITDA%	121.1	-315.8	686.9	-4.8	97.3	42.9	23.5	184.8	-1,156.3	1,180.3	161.7

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Operating Cash Flow Operating Cash FlowCr	2	4	11	0	5	4	2	-9	4	16	5
Investing Cash Flow Investing Cash FlowCr	2	4	-6	-15	-3	-2	0	-2	-2	-3	-3
Financing Cash Flow Financing Cash FlowCr	-4	-8	-5	16	-2	-2	-2	11	-1	-13	-2
Net Cash Flow Net Cash FlowCr	0	0	0	0	0	0	0	0	0	0	0
Free Cash Flow Free Cash FlowCr	4	8	5	-16	2	2	2	-11	2	7	2
CFO To PAT CFO To PAT%	-99.2	-174.3	-338.6	-20.2	-835.1	115.0	65.3	102.3	-62.2	-1,273.6	-223.0
CFO To EBITDA CFO To EBITDA%	121.1	-315.8	686.9	-4.8	97.3	42.9	23.5	184.8	-1,156.3	1,180.3	161.7

Standalone

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	Current
Valuation Ratios Valuation Ratios
Market Cap Market CapitalizationCr	84	104	49	76	38	90	256	198	214	215	120	118
Price To Earnings Price To Earnings				35.4		26.9	76.9					16.6
Price To Sales Price To Sales	0.9	1.3	0.5	0.6	0.4	1.0	2.0	2.2	2.4	2.3	1.2	1.1
Price To Book Price To Book	9.1	15.4	14.2	2.4	1.2	2.5	6.5	6.6	10.6	11.7	7.4	7.3
EV To EBITDA EV To EBITDA	54.8	-100.2	40.3	9.7	9.1	11.1	28.1	-45.9	-803.6	182.7	48.2	50.6
Profitability Ratios Profitability Ratios
GPM GPM%	23.3	21.2	22.0	29.1	29.9	33.5	30.6	26.6	30.1	30.7	32.4	32.4
OPM OPM%	2.2	-1.4	1.6	6.6	5.4	10.0	7.4	-5.4	-0.3	1.4	3.0	2.8
NPM NPM%	-2.6	-2.6	-3.2	1.6	-0.6	3.7	2.6	-9.7	-6.3	-1.3	-2.1	7.0
ROCE ROCE%	4.6	3.4	-0.3	17.2	4.3	10.9	10.8	-11.7	-4.9	2.9	1.4	1.4
ROE ROE%	-25.6	-32.1	-93.8	6.5	-2.0	9.6	8.8	-29.4	-27.9	-6.7	-13.6	-13.6
ROA ROA%	-4.2	-4.7	-6.8	2.5	-0.9	4.3	4.0	-10.4	-7.1	-2.0	-3.5	-3.5
Operational Ratios Operational Ratios
Solvency Ratios Solvency Ratios
Liquidity Ratios Liquidity Ratios

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	Current
Valuation Ratios Valuation Ratios
Market Cap Market CapitalizationCr	84	104	49	76	38	90	256	198	214	215	120	118
Price To Earnings Price To Earnings				35.4		26.9	76.9					16.6
Price To Sales Price To Sales	0.9	1.3	0.5	0.6	0.4	1.0	2.0	2.2	2.4	2.3	1.2	1.1
Price To Book Price To Book	9.1	15.4	14.2	2.4	1.2	2.5	6.5	6.6	10.6	11.7	7.4	7.3
EV To EBITDA EV To EBITDA	54.8	-100.2	40.3	9.7	9.1	11.1	28.1	-45.9	-803.6	182.7	48.2	50.6
Profitability Ratios Profitability Ratios
GPM GPM%	23.3	21.2	22.0	29.1	29.9	33.5	30.6	26.6	30.1	30.7	32.4	32.4
OPM OPM%	2.2	-1.4	1.6	6.6	5.4	10.0	7.4	-5.4	-0.3	1.4	3.0	2.8
NPM NPM%	-2.6	-2.6	-3.2	1.6	-0.6	3.7	2.6	-9.7	-6.3	-1.3	-2.1	7.0
ROCE ROCE%	4.6	3.4	-0.3	17.2	4.3	10.9	10.8	-11.7	-4.9	2.9	1.4	1.4
ROE ROE%	-25.6	-32.1	-93.8	6.5	-2.0	9.6	8.8	-29.4	-27.9	-6.7	-13.6	-13.6
ROA ROA%	-4.2	-4.7	-6.8	2.5	-0.9	4.3	4.0	-10.4	-7.1	-2.0	-3.5	-3.5
Operational Ratios Operational Ratios
Solvency Ratios Solvency Ratios
Liquidity Ratios Liquidity Ratios

	MUNISH	GALAGEX	KVFORGE	LGBFORGE	FORGEAUTO	SAMRATFORG	PATTECH
Market CapitalizationMkt CapCr	207	161	160	118	105	105	103
Close PriceClose₹	86.05	101.00	145.95	4.97	96.30	209.00	109.15
IndustryIndustry	Forgings	Forgings	Forgings	Forgings	Forgings	Forgings	Forgings
Price To EarningsPE	47.54	7.57	14.12	16.57	8.89	22.82	54.58
Price To SalesPS	1.13	30.57	1.82	1.14	0.39	0.52	1.72
RevenueRevenueCr	183	5	88	104	270	201	60
Revenue Growth TTMRev Gr TTM%	4.1%	49.6%	7.2%	4.5%		2.1%	24.2%
PAT Growth TTMPAT Gr TTM%	-27.1%	5,011.1%	89.6%	967.5%		-4.8%	53.9%

	MUNISH	GALAGEX	KVFORGE	LGBFORGE	FORGEAUTO	SAMRATFORG	PATTECH
Market CapitalizationMkt CapCr	207	161	160	118	105	105	103
Close PriceClose₹	86.05	101.00	145.95	4.97	96.30	209.00	109.15
IndustryIndustry	Forgings	Forgings	Forgings	Forgings	Forgings	Forgings	Forgings
Price To EarningsPE	47.54	7.57	14.12	16.57	8.89	22.82	54.58
Price To SalesPS	1.13	30.57	1.82	1.14	0.39	0.52	1.72
RevenueRevenueCr	183	5	88	104	270	201	60
Revenue Growth TTMRev Gr TTM%	4.1%	49.6%	7.2%	4.5%		2.1%	24.2%
PAT Growth TTMPAT Gr TTM%	-27.1%	5,011.1%	89.6%	967.5%		-4.8%	53.9%

FY2026

FY2025

FY2024

FY2023

FY2022

FY2021

FY2020

FY2026

Jun 26