Kalyani Forge CFO Jagdish Baheti resigns effective April 30, 2026

Kalyani Forge Ltd has accepted the resignation of Mr. Jagdish Baheti from the position of Chief Financial Officer (CFO) and Key Managerial Personnel (KMP) effective April 30, 2026. The resignation was tendered due to personal reasons, as disclosed in a regulatory filing submitted to the stock exchanges on June 10, 2026. The company confirmed that the resignation is effective from the close of business hours on the specified date.

The disclosure was made pursuant to Regulation 30 read with Part A of Schedule III of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015. The filing included an annexure providing specific details regarding the change in the key managerial personnel.

Resignation Details

The following table outlines the key particulars of the resignation as disclosed by the company:

Sr. No.	Particulars	Details
1	Name	Mr. Jagdish Baheti
2	Reason for change	Resignation from the designation of Chief Financial Officer due to his personal reasons
3	Date of resignation	April 30, 2026
4	Brief Profile	NA
5	Disclosure of relationships between directors	NA

The resignation process involved correspondence between Mr. Baheti and the company's management, including Managing Director Viraj G. Kalyani, regarding the notice period and handover of responsibilities. The company required the completion of pending tasks, including quarterly closing and audit finalization, prior to the relieving date.

Mr. Baheti had initially submitted his resignation on March 16, 2026. The company subsequently requested that he serve the notice period and ensure a smooth transition of duties to his successor. The official acceptance and intimation to the exchanges were finalized on June 10, 2026.

1 Day	5 Days	1 Month	6 Months	1 Year	5 Years
-0.15%	-0.94%	-5.78%	-4.46%	-15.81%	+172.40%

Kalyani Forge achieved a record profit after tax of ₹9.32 crores for the financial year ended March 31, 2026, marking the highest profitability in approximately 14 years. The company reported an EBITDA margin of 13.3% for FY26, an increase from 11.1% in the previous year, while revenue remained flat at ₹238 crores despite phasing out non-core business worth ₹40 crores. The strong performance underscores the success of the company's strategic shift towards high-margin OEM orders and operational efficiency drives. Management stated that the 15% EBITDA margin is now a baseline floor, with a target to reach 20% margins in the coming year.

Financial Performance and Margins

The company’s EBITDA for FY26 stood at ₹31.58 crores, compared to ₹26 crores in FY25. For the fourth quarter, EBITDA was ₹9 crores with a margin of 15.2%, marking the second consecutive quarter of maintaining margins above 15%. Profit before tax for the year was ₹14.37 crores, while Q4 PAT reached ₹5.88 crores. Earnings per share for FY26 was ₹25.6, with Q4 EPS at ₹16.17. Management highlighted that the deferred tax impact, which had suppressed Q3 PAT, reversed in Q4, and advised analyzing the two quarters together for a smoother trend.

Metric	FY26	FY25
Total Revenue	₹238 crores	-
EBITDA	₹31.58 crores	₹26 crores
EBITDA Margin	13.3%	11.1%
PAT	₹9.32 crores	₹8.31 crores
EPS	₹25.6	-

Operational Efficiency and Capex

Return on capital employed (ROCE) improved from 14% in Q1 FY26 to 18% in Q4, reflecting stronger capital efficiency. The debt-to-equity ratio stood at 1.11, linked to growth capex and working capital requirements, with a target range of 1 to 1.2. The cash conversion cycle, which peaked at 176 days in Q2, is now a focus area for reduction, with a target of 120 to 130 days. The company reclassified dies and toolings inventory worth ₹10 crores into fixed assets to align with industry benchmarks, strengthening inventory policies.

Capex for FY26 totaled ₹23.44 crores, excluding the reclassification, taking the total Property, Plant, and Equipment (PPE) installed to ₹86.5 crores. The plan for FY27 is set at ₹30 crores, with 60% of the allocation directed towards future growth areas such as driveline and axle segments. Fixed asset turnover is stabilizing closer to the industry benchmark of 1.5 to 2, down from the historically stretched levels of 3.5 to 4.

Strategic Business Development

Kalyani Forge secured three major order wins in Q4, including OEM wheel hub orders from customers like SKF and Schaffler, ramping up from Q1 FY27. A new order win in the EV high-volume axle business is expected to generate annual revenue of ₹20 crores. The company continues to phase out low-margin legacy businesses, having removed approximately ₹40 crores of non-fit business in FY26, while growing core OEM revenues to ₹37.3 crores.