What does E L Forge Limited do?

E L Forge Limited is an automotive forgings manufacturer based in Kancheepuram, Tamil Nadu. Incorporated in 1934, it produces forged components for the automotive sector. It is one of India's oldest manufacturing companies with over nine decades of history.

What is the market cap of E L Forge Limited?

E L Forge Limited has a market capitalization of approximately ₹2.03 Cr with shares trading at ₹1 — equal to the lifetime high and low. The book value per share is ₹12.19 but shares trade at a P/BV of only 0.08x, a steep discount to book value.

Is E L Forge Limited profitable?

E L Forge Limited reports an EPS of ₹1.13 with a face value of ₹10, suggesting the company is profitable. However, at a share price of ₹1, the implied P/E is approximately 0.88x — an unusually low multiple that may reflect market skepticism about earnings sustainability.

What is E L Forge's ISIN?

E L Forge Limited's ISIN is INE227C01019.

Is E L Forge planning an IPO?

No IPO announcement has been made by E L Forge Limited as of mid-2025. Given its very small scale and market cap of ₹2.03 Cr, an IPO appears unlikely in the near term.

How do I buy EL Forge unlisted shares here?

Raise an enquiry on any company with the quantity you want. Our desk sources the shares and comes back with a firm price and allocation. You accept the allocation, transfer the funds to the desk's published bank account, and once we verify payment the shares are transferred into your demat.

Who am I actually transacting with?

You transact with the desk, not with an anonymous counterparty. When you buy, you buy from the desk; when you sell, you sell to the desk. Shares always route through the desk's own demat account, so there's one accountable party for the whole trade.

How do I pay, and is there a payment gateway?

Payment is by direct bank transfer to Prospire Network Private Limited's published account (CIN U82300UP2025PTC233622), shown to you in-app at the payment step. There is no card gateway and no escrow. Never pay to a personal account or to any account shared over phone, WhatsApp or email — even if the person claims to be from our team.

How long does settlement take?

After you accept an allocation, you have a short window to pay (typically 2 days). Once payment is verified, shares are usually credited to your demat within 2–3 business days, subject to depository timelines and any company-level restrictions. Timeframes are typical, not guaranteed.

There are no separate platform fee lines and no GST on the transfer — the desk's margin is built into the buy/sell price you're quoted. The only statutory add-on on a purchase is stamp duty on the consideration, shown transparently in your cost breakdown.

Is there a minimum ticket size for EL Forge?

Minimums vary by company and depend on the lot the desk can source. Raise an enquiry and the desk will confirm the available quantity and the minimum for that name.

What KYC do I need, and do I need a demat account?

You'll share your demat details when you enquire so we can settle directly. Full KYC — PAN and a client-master / demat statement — is required before the transfer step, when shares actually change hands. Yes, you need an active demat account to hold unlisted shares.

Are there lock-ins on unlisted or pre-IPO shares?

Some shares carry statutory or company-imposed lock-ins — for example, a post-listing lock-in on pre-IPO stock — and transfers can be subject to the company's articles or approvals. Where a lock-in applies, we'll flag it before you commit.

How do I sell EL Forge shares I already hold?

Raise a sell enquiry with the company, quantity and your target price. The desk confirms a buying price, you transfer your shares into the desk's demat, and once the credit is verified we pay you out by bank transfer to your registered account. The desk never pays out before your shares are received.

Unlisted shares are illiquid, may be hard or impossible to sell, and are not covered by exchange settlement guarantees or investor-protection funds. Pricing is indicative, not live. Read the full Risk Disclosure before you enquire, and invest only what you can afford to lock away.

EL Forge Unlisted Share Price | Buy EL Forge Pre-IPO Shares — wisefolio

Investment Thesis

E L Forge Limited is one of India's oldest manufacturing companies, incorporated in 1934, producing automotive forgings from Kancheepuram, Tamil Nadu. Despite reporting positive EPS, shares trade at just ₹1 — a 90% discount to face value and 92% discount to book value — signaling deep structural concerns. While the company continues operations, its microscopic market cap of ₹2.03 Cr and lack of growth catalysts make it a highly speculative and illiquid investment.

Pros

E L Forge Limited was incorporated in 1934, making it one of India's oldest manufacturing companies with over 90 years of operational history in Tamil Nadu.
Operates in the automotive forgings segment, which benefits from India's large and growing automotive industry — both domestic and export-oriented.
Reports positive EPS of ₹1.13 at face value ₹10, indicating profitability despite extremely small market capitalization.
Trades at a steep discount to book value (P/BV of 0.08x), meaning shares are available at approximately 8% of book value — potentially deeply undervalued on asset basis.
Very low P/S ratio of 0.03 at ₹2.03 Cr market cap implies significant revenue relative to market valuation, suggesting a high-revenue, low-margin manufacturing operation.

Cons

Extremely small market capitalization of just ₹2.03 Cr with shares trading at ₹1 (face value ₹10) — a 90% discount to face value — indicates the market has very low confidence in the company's future prospects.
The combination of positive EPS (₹1.13) but share price at ₹1 (P/E of 0.88x) is unusual and may reflect serious concerns about sustainability of earnings or structural decline.
As an unlisted company, exit options for investors are virtually non-existent given its microscopic market cap and lack of market maker.
No disclosed growth plans, capex programs, or strategic initiatives; the very low P/BV suggests potential impairment of assets or obsolete manufacturing capacity.
Lifetime high of ₹1.00 suggests the company has traded at penny stock levels throughout its recent history, with no price appreciation.

Business Segments

Automotive Forgings

Manufacturing of forged metal components for automotive applications including engines, drivetrain, and suspension systems.

Revenue Model

E L Forge Limited generates revenue from manufacturing and supplying forged components to automotive OEMs and Tier-1 suppliers. Its very low P/S ratio of 0.03 at a market cap of ₹2.03 Cr implies annual revenue potentially in the range of ₹65-70 Cr, suggesting it is a contract manufacturer with thin margins operating at low profitability relative to turnover.

Detailed Analysis

Growth outlookExpansion plans, industry tailwinds & headwinds8

Growth Plans

India's automotive sector growth, particularly in commercial vehicles and exports, could sustain demand for forged components in the near term

Asset monetization or consolidation with a larger forging group could unlock hidden value given P/BV of 0.08x

Industry Tailwinds

India's automotive sector growth, particularly in commercial vehicles and exports, could sustain demand for forged components in the near term

Recent Developments

Q3 FY2026 net profit declines 8.93% to ₹0.51 crore (December 2025 quarter)

E L Forge reported quarterly net profit of ₹0.51 crore for Q3 FY2026, down 8.93% from ₹0.56 crore in Q3 FY2025. The nine-month cumulative profit for April–December 2025 was ₹119.96 lakh.

Feb 2026

Q2 FY2026 results showed revenue decline but profit growth

EL Forge reported mixed Q2 FY2026 results with revenue declining year-on-year but profit recovering, as exceptional items from FY2024 did not recur.

Nov 2025

Revenue grew 11.43% to ₹76.13 crore; net profit fell 96.77% to ₹2.30 crore

FY2025 revenue increased to ₹76.13 crore from ₹68.32 crore, but net profit fell sharply from ₹71.12 crore to ₹2.30 crore. The FY2024 profit was inflated by exceptional items (likely a one-time gain), making FY2025 the more representative profitability baseline.

FY2025

Comparable Companies

CompanyTypeTickerMkt Cap

Bharat Forge LimitedPE: ~50xxListedBHARATFORG~₹45,000 Cr

Ramkrishna Forgings LimitedPE: ~25xxListedRKFORGE~₹8,000 Cr

Bharat Forge LimitedListed

BHARATFORG · ~₹45,000 Cr

PE: ~50xx

Ramkrishna Forgings LimitedListed

Frequently Asked Questions

About EL Forge

E L Forge Limited is one of South India's oldest and most established closed-die forging companies, incorporated on 18 July 1934 — making it a 90+ year enterprise with roots in the pre-Independence industrial era. The company is listed on both the Bombay Stock Exchange (BSE: 531144) and National Stock Exchange (NSE: ELFORGE), and is classified as a Non-government company registered at the Registrar of Companies, Chennai. Its manufacturing facility is located at 1A Sriperumbudur High Road (via Singaperumal Koil), Appur Village, Kattangulathur, Kancheepuram District, Tamil Nadu — strategically situated in the Chennai-Sriperumbudur automotive belt, one of India's largest automotive manufacturing clusters. E L Forge specialises in the manufacture and sale of steel forgings for the automobile industry. Its product portfolio includes fuel injection components, steering rods and tie rods, engine and gearbox parts, common and hot forged rails, gear control forks, levers, closed die forgings, light-duty crankshafts, connecting rods, rocker arms, transmission parts, wheel hubs, valve parts, claw poles, brake components, and ball joint sockets. The company serves major vehicle and automotive component manufacturers both in India and overseas, establishing itself as a reliable supplier in the highly demanding automotive forging value chain. E L Forge was originally incorporated as Ellore Electric Supply Company Limited and pivoted to forging operations in 1963, marking the beginning of its core automotive manufacturing journey. Over six decades of forging experience have allowed it to develop deep technical expertise in metal forming, serving OEMs and Tier-1 suppliers in India's automotive ecosystem. The company's revenue reached ₹76.13 crore in FY2025 (year ended March 2025), up 11.43% from ₹68.32 crore in FY2024. However, FY2025 was marked by a dramatic profitability decline. Net profit fell 96.77% to ₹2.30 crore in FY2025 from ₹71.12 crore in FY2024 — a decline largely attributed to exceptional items in the prior year. Q2 FY2026 results showed mixed trends with revenue decline but profit growth, while Q3 FY2026 (December 2025 quarter) saw net profit of ₹0.51 crore. The company's authorised share capital is ₹3.9 crore with paid-up capital of ₹3.24 crore, and its most recent share price was ₹16.68 as of January 2026, implying a relatively small market capitalisation for this near-century-old entity.

Key Milestones

Common questions about unlisted shares

How do I buy EL Forge unlisted shares here?
Raise an enquiry on any company with the quantity you want. Our desk sources the shares and comes back with a firm price and allocation. You accept the allocation, transfer the funds to the desk's published bank account, and once we verify payment the shares are transferred into your demat.
Who am I actually transacting with?
You transact with the desk, not with an anonymous counterparty. When you buy, you buy from the desk; when you sell, you sell to the desk. Shares always route through the desk's own demat account, so there's one accountable party for the whole trade.
How do I pay, and is there a payment gateway?
Payment is by direct bank transfer to Prospire Network Private Limited's published account (CIN U82300UP2025PTC233622), shown to you in-app at the payment step. There is no card gateway and no escrow. Never pay to a personal account or to any account shared over phone, WhatsApp or email — even if the person claims to be from our team.

E L Forge Limited

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