Kalyani Forge Q2 FY26 showed mixed results but strong operational improvements.

Total income was 56.23 Cr, impacted by reduced US exports due to tariffs, though domestic sales maintained strong momentum.

Profitability surged sequentially: PAT jumped 53% to 2.15 Cr, and EBITDA margin improved to 12.6% (7.11 Cr), driven by cost controls and operational efficiency.

Engine components were the largest segment at 62% of sales, with rising domestic PV demand.

Exports now form 20% of total sales.

The company's strategy hinges on execution, business development, and strategic Capex.

Recent wins include a new MNC customer in axle business and SOP commencement for Europe transmission exports.

They've also capitalized 7 Cr in capex projects, with 58% of the overall Capex program underway.

Management is focused on enhancing cash flow and working capital, and streamlining low-volume legacy export businesses to fuel future growth.