Forge Auto InternationalShare price, financial results, shareholding and management
- Market cap
- ₹101 cr
- Stock P/E
- 8.1peers 18.4
- Book value
- ₹63.8
- Price to book
- 1.44
- EV / operating profit
- 6.3
- Market cap to sales
- 0.37
- ROCE · FY26
- 20.8%
- ROE · FY26
- 19.3%
- ROE, 3-year average
- 25.0%
- Operating margin · FY26
- 10.2%peers 12.2%
- Sales growth, 3 years
- 15.8%
- Profit growth, 3 years
- 35.1%
- Debt to equity
- 1.03peers 0.58
- Borrowings
- ₹72.1 cr
- Interest cover
- 3.3×
- Cash from business / op. profit
- 88%
- Debtor days
- 50
- Pledged
- 0.00%
- Promoter holding
- 73.63%
- Change in promoter holding
- 0.00 pts
- Shareholders
- 511
- 52-week high / low
- ₹139 / ₹68
- Dividend yield
- 0.00%
- Face value
- ₹10
Tap or hover on any figure for what it means. Our arithmetic on reported figures, at the latest close.
Forge Auto International share price chart
Close on 5 Nov 2026 · +2.22% on the day · Vol 3,600
Daily prices to 5 Nov 2026, adjusted for splits and bonuses. Closing prices only: check the exchange for the live price.
Share price returns
To the close of 5 Nov 2026
- 1 month
- -7.5%
- 3 months
- -16.9%
- 6 months
- +2.2%
- 1 year
- -30.5%
- Since IPO
- -14.8%
- Traded a day, 20 days
- ₹0.04 cr
- Taken for delivery
- 94%
Business growth
Sales and net profit, from the reported results
| Sales | Profit | |
|---|---|---|
| FY26 on FY25 | +29% | +29% |
| 3 years, a year | +16% | +35% |
About Forge Auto International: business, products and customers
Forge Auto International heats steel bars and presses them into tough parts such as gear blanks, axle parts and railway rings, then machines them for makers of trucks, tractors, trains and machines. Its shares trade on NSE Emerge.
Forge Auto International makes closed die hot forgings in carbon and alloy steel, from small parts up to about twenty kilograms, plus aluminium forgings, and machines most of them to the customer's drawing at its plant at Ludhiana, Punjab. Its parts go into commercial vehicle propeller shafts and brakes, tractor steering and gears, railway bogie suspension, fifth wheel couplings for heavy trucks, hydraulic and caster wheel parts and striking tools. It began in 2001 as the partnership firm Auto International and became a company in 2023.
The company buys steel bars, forges and machines them, and sells each part to an OEM, so steel is its biggest cost: material was about three fifths of total income in FY24. That leaves a thin margin on each part, and money is tied up in steel, work in progress and money owed by customers, which is why most of the IPO money went to working capital. Commercial vehicle makers gave most of FY24 sales and off highway vehicles most of the rest, so sales follow the truck and construction cycle.
Read more about the business
Exports are small but growing, to customers in France, Germany, Poland, Brazil, Austria, Turkey and the United States. In FY26 the company bought all of Forge Mach Auto Private Limited to add machining, and its consolidated accounts show an HDFC Bank term loan for a building and machinery at Village Bhagpur near Ludhiana. Its documents name no listed rival; the offer document describes a fragmented field with larger domestic and foreign forgers.
From the offer document (2024) and the annual reports for FY25 and FY26.
Read the deeper study ↓In its favour
- It earns a high return on the money it uses: ROCE 21% in FY26.
- It brings in more cash than it shows as profit: ₹24.3 cr against ₹12.3 cr in FY26.
- The promoters own a large part of the company: 73.63%.
To watch
- The building and machinery at Village Bhagpur funded by the HDFC Bank term loan.
- How Forge Mach Auto Private Limited, bought in August 2025, adds to machining and sales.
- The share of revenue from the top ten customers, which was 85% in FY24.
- New forged parts for defence, oil and gas and electric vehicles named in the FY26 annual report.
- Its borrowings rose a lot last year: ₹72.1 cr, from ₹35.7 cr.
From the company's documents first, then the reported figures read by fixed rules, the same for every company. Facts, not a view on the shares.
Forge Auto International revenue and profit growth
Half-yearly results · Profit and lossSales have grown steadily. Last year profit grew roughly in step with sales.
SME companies report every six months.
Forge Auto International half-yearly results
SME companies report every six months · ₹ crore
| H1FY25 | H2FY25 | |
|---|---|---|
| Sales | 106 | 103.76 |
| Expenses | 98 | 94.23 |
| Operating profit | 8 | 9.53 |
| OPM | 8.0% | 9.2% |
| Interest | 2 | 2.38 |
| Depreciation | 1 | 1.70 |
| Profit before tax | 6 | 7.62 |
| Net profit | 4 | 5.50 |
Forge Auto International profit and loss
Full years to March, FY21 to FY26 · ₹ crore, consolidated where reported
| FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|---|
| Sales | 109 | 133 | 174 | 169 | 209.89 | 270.19 |
| Expenses | 103 | 125 | 163 | 155 | 192.14 | 242.71 |
| Operating profit | 6 | 7 | 11 | 13 | 17.75 | 27.48 |
| OPM | 5.0% | 5.0% | 7.0% | 8.0% | 8.5% | 10.2% |
| Other income | 0 | 1 | 1 | 1 | 2.78 | 1.70 |
| Interest | 2 | 3 | 3 | 4 | 4.19 | 7.32 |
| Depreciation | 1 | 2 | 2 | 2 | 3.14 | 4.67 |
| Exceptional and other items | -1 | 1 | · | 1 | · | · |
| Profit before tax | 2 | 4 | 7 | 9 | 13.20 | 17.20 |
| Tax rate | 0.0% | 25.0% | 28.6% | 33.3% | 27.8% | 28.3% |
| Net profit | 2 | 3 | 5 | 6 | 9.53 | 12.33 |
| EPS ₹ | · | · | · | 8.03 | 10.01 | 11.29 |
| Dividend payout | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
The years to FY24 come rounded to the nearest crore in the source.
Exceptional and other items: profit before tax beyond operating profit, other income, interest and depreciation, such as one-off items or a share of associates' profit, as reported.
Forge Auto International profitability
Margins and returns on capitalLast year the company kept about as much from each rupee of sales as the year before. It earns a high return on the money it uses.
Operating margin, every year
Per cent of sales kept before interest, depreciation and tax
| FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|---|
| Operating margin | 5.0% | 5.0% | 7.0% | 8.0% | 8.5% | 10.2% |
| Tax rate | 0.0% | 25.0% | 28.6% | 33.3% | 27.8% | 28.3% |
| ROCE | · | 18.9% | 22.5% | 24.5% | 23.0% | 20.8% |
| ROE | · | 24.0% | 32.3% | 31.6% | 24.1% | 19.3% |
| Dividend payout | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
Forge Auto International debt and cash flow
Balance sheet · Cash flow · Working capitalThe company's own money, its net worth, has grown. It borrowed much more last year. Its loans are now larger than its own money. Last year the business brought in more cash than it showed as profit. Customers take about as long to pay as they did in FY24.
Bars below the line are cash going out.
Forge Auto International balance sheet
At each 31 March · ₹ crore
| FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|---|
| Equity capital | 11 | 14 | 17 | 8 | 10.92 | 10.92 |
| Reserves | 0 | 0 | 0 | 13 | 47.31 | 58.72 |
| Net worth | 11 | 14 | 17 | 21 | 58.23 | 69.64 |
| Borrowings | 23 | 26 | 32 | 36 | 35.74 | 72.05 |
| Other liabilities | 19 | 17 | 34 | 38 | 41.02 | 54.56 |
| Total liabilities | 53 | 57 | 83 | 95 | 134.99 | 196.25 |
| Fixed assets | 19 | 23 | 26 | 24 | 31.29 | 63.69 |
| Capital work in progress | 1 | 0 | 0 | 0 | 0 | 0 |
| Investments | 0 | 0 | 0 | 2 | 2.67 | 4.03 |
| Other assets | 33 | 34 | 57 | 69 | 101.03 | 128.53 |
| Receivables | · | · | · | · | 21.32 | 37.03 |
| Inventory | · | · | · | · | 55.10 | 80.36 |
| Cash | · | · | · | · | 2.02 | 0.38 |
| Trade payables | · | · | · | · | 29.23 | 40.02 |
Forge Auto International cash flow
₹ crore
| FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|---|
| Cash from operations | 5 | 5 | 4 | 8 | -7.17 | 24.26 |
| Cash from investing | -5 | -5 | -5 | -11 | -10.66 | -3.77 |
| Cash from financing | -1 | 1 | 1 | 3 | 19.32 | -22.16 |
| Net cash flow | -1 | 1 | 0 | 0 | 1.49 | -1.67 |
| Capital spending | · | · | · | · | 12.83 | 4.81 |
Working capital
Days
| FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|---|
| Debtor days | 55 | 57 | 67 | 52 | 37 | 50 |
| Inventory days | 76 | 50 | 73 | 135 | 171 | 0 |
| Days payable | 74 | 58 | 96 | 110 | 91 | · |
| Cash conversion cycle | 57 | 50 | 44 | 77 | 118 | 50 |
| Working capital days | 5 | 0 | -6 | 10 | 50 | 35 |
Forge Auto International peers and competitors
Listed SME companies in the same industryBy sales, Forge Auto International is number 5 of the 26 listed SME companies in auto components.
Each company's latest full year and its latest close; companies the exchange puts in the same industry, whose businesses can differ a good deal. A list, not a comparison of their shares.
| Company | Market cap ₹ cr | P/E | Sales ₹ cr | Profit ₹ cr | Op. margin | Debt/equity |
|---|---|---|---|---|---|---|
| CLN Energy | 526 | 25.0 | 347 | 21 | 11.0% | 0.81 |
| Maxvolt Energy Industries | 438 | 18.0 | 297 | 24.4 | 12.0% | 0.82 |
| Poojaa Precision Engg. | 1,696 | 54.7 | 293 | 31 | 18.0% | 0.31 |
| Forge Auto International | 101 | 8.1 | 270 | 12.3 | 10.2% | 1.03 |
| OBSC Perfection | 2,263 | 83.8 | 220 | 27 | 18.0% | 0.40 |
| Shigan Quantum Technologies | 127 | 18.8 | 218 | 6.8 | 8.6% | 0.67 |
| Emerald Tyre Manufacturers | 140 | 13.6 | 218 | 10.3 | 12.6% | 1.18 |
| Sellowrap Industries | 85 | 8.4 | 201 | 10.1 | 12.4% | 0.50 |
| New Swan Multitech | 76 | 7.6 | 177 | 10 | 12.0% | 0.42 |
| Pritika Engineering Components | 210 | 28.8 | 162 | 7.3 | 13.3% | 1.85 |
| Sumax Engineering | 192 | 14.8 | 147 | 13 | 12.0% | 0.21 |
| Median of the 10 others | 201 | 18.4 | 218 | 11.7 | 12.2% | 0.58 |
Forge Auto International shareholding pattern
Promoters, FIIs, DIIs, HNIs and small holdersThe promoters own more than half the company. Foreign and Indian funds own a noticeable share. The number of shareholders has come down.
Forge Auto International shareholding pattern
Per cent of shares, from the patterns filed with the exchange. Tap + to see everyone holding 1% or more in that group. HNIs and small holders show only where the pattern was filed in full.
| Oct 24 | Mar 25 | Sep 25 | Mar 26 | |
|---|---|---|---|---|
| Promoters | 73.63% | 73.63% | 73.63% | 73.63% |
| Foreign investors (FIIs) | 0.88% | 0.00% | - | - |
| Indian institutions (DIIs) | 10.34% | 6.49% | 5.37% | 5.66% |
| HNIs (over ₹2 lakh each) | 0.00% | 4.97% | 9.04% | 9.55% |
| Small holders (up to ₹2 lakh) | 11.24% | 9.12% | 8.56% | 8.00% |
| Companies and others | 3.91% | 5.79% | 3.40% | 3.16% |
| Number of shareholders | 1,131 | 730 | 543 | 511 |
The named holders are at 31 March 2026, beside 30 Sept 2025, each under the group the pattern files them in.
Forge Auto International study: the business from its own documents
Read from 3 of the company's own documentsForge Auto International so far
From the company's own record
- 4 Oct 2024Listed on NSE Emerge at ₹108
- 31 March 2026Promoters at 73.63%
- 12 Sept 2025Highest close since listing, ₹142.99
Forge Auto International key facts from the filings
Each figure with the document it comes from
- Forging capacity
- 20,000 MT
- Installed forging capacity a year at June 2024, with 25 lakh units a year of machining.Offer document, p.98
- Capacity added
- 6,132 MT
- Extra forging capacity a year planned from September 2024, part funded by a ₹7.4 cr SIDBI loan; two new screw presses and a ring rolling machine were installed in FY25.Offer document, p.100; Annual report FY26, p.7
- Forging use
- 78%
- Share of forging capacity used in the nine months to December 2023, up from 60% in FY22.Offer document, p.33
- Top ten customers
- 85%
- Share of FY24 revenue from the ten biggest customers; the top five gave about 70%.Offer document, p.27 and p.98
- Commercial vehicles
- 58%
- Share of FY24 revenue from commercial vehicle parts; off highway vehicles gave another 28%.Offer document, p.29
Show 5 more facts
- Exports
- 5.75%
- Share of FY24 revenue sold abroad, up from 3.24% in FY22; export customers rose from three in FY21 to eleven in FY24.Offer document, p.31 and p.99
- IPO
- ₹31.1 cr
- Raised at ₹108 a share in October 2024; the board says the money was used as the offer document set out.Annual report FY26, p.39
- Subsidiary bought
- ₹2.4 cr
- Paid for all of Forge Mach Auto Private Limited, a subsidiary from 27 August 2025, to add machining.Annual report FY26, p.39 and p.73
- New site loan
- ₹20 cr
- HDFC Bank term loan for a building and machinery at Village Bhagpur, repaid over seven years from April 2025.Annual report FY26, p.82
- Employees
- 293
- Permanent employees on the rolls at March 2026.Annual report FY26, p.53
Is it a good business? Six questions
Each answer is about that one question, read from the documents; tap one for the evidence. Not a view on the shares.
Forge Auto International earns a thin margin turning steel bars into forged and machined parts for vehicle and machine makers.
Its weak spots are a handful of big customers, heavy dependence on the truck cycle and a lot of money tied up in stock and dues.
WatchCan it set its own prices?Not much. Parts are made to the customer's drawing and large customers can ask for price cuts.
AverageHow strong is it against rivals?It forges and machines under one roof and holds the usual quality approvals, but the field is crowded and some rivals are much larger.
WatchWho are its customers?Vehicle and machine makers in India and abroad, but a few of them give most of the sales.
WatchDoes it need a lot of money?Yes, mostly for stock and money owed by customers, plus presses and machines as it grows.
AverageCan it keep finding new work?It has added new kinds of parts and export customers over the years, without a disclosed order book.
WatchDo good and bad years swing a lot?Sales follow the commercial vehicle and off highway cycle, and growth has moved from strong years to flat ones.
Who runs Forge Auto International?
Promoters, directors and officers; tap a name for the background
RMRajan MittalPromoter and Managing Director · holds 30.79%
Bachelor of Science from Guru Nanak Dev University (1988), with about 32 years in business development and financial management. A partner in the earlier firm Auto International and runs day to day operations. The offer document states that Parmod Gupta is the maternal uncle of Rajan Mittal.
Offer document, p.118 to p.120PGParmod GuptaPromoter, Chairman and Whole Time Director · holds 33.81%
Bachelor of Arts, with about 48 years in running the forging business; a partner in the earlier firm Auto International since 2001.
Offer document, p.118 and p.119GKGautam KanchanChief Financial Officer
Commerce graduate from Punjab University with about eleven years in accounts, finance and tax; earlier an associate manager in finance at Arora Iron & Steel Rolling Mills. CFO since June 2024.
Offer document, p.127MSMedhavi SharmaCompany Secretary and Compliance Officer
Member of the Institute of Company Secretaries of India since January 2021; with the company since March 2024.
Offer document, p.127NKNavneet KaurIndependent Director
Qualified company secretary with more than seven years in corporate advisory and compliance, including Majestic Hotels Limited and Fleming Laboratories Limited.
Offer document, p.119AJAnsh JainIndependent Director
Qualified company secretary; earlier company secretary of Alchemist Capital Limited and of Eco Spin Yarns Private Limited from September 2023.
Offer document, p.119Forge Auto International latest news and announcements
Announcements · Documents · Corporate actionsWhat changed recently
Each half-year is set against the same half a year earlier
- Shareholding, 31 March 2026: promoters unchanged at 73.63%.
Forge Auto International announcements
16 on record, latest first; each opens the filing on the exchange
- Certificate under SEBI (Depositories and Participants) Regulations, 2018Certificate under SEBI (Depositories and Participants) Regulations, 2018PDF ↗
- General UpdatesIncorporation of Stepdown Associate CompanyPDF ↗
- Trading WindowClosure pursuant to SEBI (Prohibition of Insider Trading) Regulations, 2015PDF ↗
- Shareholders meetingSrutinizers report of Annual General Meeting held on September 21, 2026. Further, the company has informed the Exchange regarding voting resultsPDF ↗
- Shareholders meetingProceedings of Annual General Meeting held on September 21, 2026PDF ↗
- Shareholders meetingNotice of Annual General Meeting to be held on September 21, 2026PDF ↗
- General UpdatesGeneral UpdatesPDF ↗
- General UpdatesGeneral UpdatesPDF ↗
- Price movementSignificant movement in price has been observed in Forge Auto International Limited. The Exchange, in order to ensure that investors have latest relevant informPDF ↗
- Certificate under SEBI (Depositories and Participants) Regulations, 2018Certificate under SEBI (Depositories and Participants) Regulations, 2018PDF ↗
- Integrated Filing- GovernanceInvestor complaints for the quarter ended 30th June, 2026PDF ↗
- Clarification - Financial ResultsThe Exchange has sought clarification from Forge Auto International Limited for the quarter ended 31-Mar-2026 with respect to Regulation 33 of the SEBI (ListingPDF ↗
Forge Auto International annual reports, earnings calls and documents
Every document links to its source; “read” marks those this page is built from
- Offer document ↗read
Forge Auto International share split, bonus and dividends
From the corporate actions the company announces on the exchange
No share split, bonus issue or dividend is on record since listing.
Checks we ran on Forge Auto International's data · 10
Before any number shows, it goes through the same checks. A figure that fails is held back, never shown as if it were right.
- iThe halves of FY26 are shown standalone and the full year consolidated, as the company files them, so the two need not add up.
- ✓Balance sheet totals add up for FY25 and FY26.
- ✓Market cap uses the share count in the latest shareholding pattern (1,09,20,000 shares).
- ✓The share capital in the FY26 results matches the share count in the shareholding pattern.
- ✓Promoter pledge figures are within possible limits in every shareholding pattern shown.
- ✓Promoter and public holdings add up to 100% in every shareholding pattern shown.
- !The two half-years of FY26 add up to ₹226.1 cr of sales against ₹270.2 cr for the full year, so the half-years of FY26 are held back.
- ✓Earnings per share moves in line with profit across the years shown.
- ✓Revenue and profit are reported for every year shown, FY21 to FY26.
- iPrices run to the close on 14 Oct 2026, from the exchange's daily figures.
Questions people ask about Forge Auto International
What does Forge Auto International do?
Forge Auto International heats steel bars and presses them into tough parts such as gear blanks, axle parts and railway rings, then machines them for makers of trucks, tractors, trains and machines. Its shares trade on NSE Emerge.
What is the share price of Forge Auto International?
₹92 at the close on 5 Nov 2026, from the exchange's daily figures.
What is the market cap of Forge Auto International?
₹101 cr at the close on 5 Nov 2026, on 1,09,20,000 shares.
What is the P/E of Forge Auto International?
8.1 times FY26 profit at the close on 5 Nov 2026 (our arithmetic).
What are Forge Auto International's revenue and profit?
Revenue ₹270 cr and profit after tax ₹12 cr in FY26.
Who are the promoters of Forge Auto International?
Rajan Mittal, Parmod Gupta; promoters held 73.63% at 31 March 2026.
What was the IPO price of Forge Auto International?
₹108 a share; it listed on 4 Oct 2024.
What is Forge Auto International's website?
www.failtd.com
More SME companies like Forge Auto International
Other listed SME companies in auto components, the closest in size first, each read from its own documents.
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- Sellowrap IndustriesSELLOWRAP · NSE Emerge · Auto Components · listed 2025Market cap ₹79 cr
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Every listed SME company in Auto Components → · SME companies listed in 2024 →
Built from 2 annual reports, 1 offer document, 16 exchange announcements, 4 shareholding patterns and 6 years of reported results. Every figure carries its source; where the documents are silent, the page says so.