# Forgings — company-by-company sector analysis > Forgings: Pradeep Metals Ltd owns the largest revenue base AND the fastest current growth. Sector Alpha — machine-written from the numbers. Data as of 2026-08-18. Not investment advice. ## Bottom line The 52-week sector comparison is unavailable. 1 of 1 covered companies currently have positive Mansfield relative strength versus NIFTY 500. Pradeep Metals Ltd leads with revenue of ₹354 crore, based on 1 of 1 comparable companies through Jun 2026. Pradeep Metals Ltd has the fastest current revenue growth at 11.4%, across 1 of 1 comparable companies. ## Sector relative strength The 52-week comparison of Forgings against NIFTY 500 is not available from the current market series. 1 of 1 covered company currently beats NIFTY on Mansfield relative strength, so leadership inside the sector is selective. Pradeep Metals Ltd is the strongest against the sector itself at 0%. Readings are as of 2026-08-09. 13-week sector return versus NIFTY 500: — 52-week sector return versus NIFTY 500: — Stocks leading NIFTY: 1/1 Stocks leading sector: 0/1 Central tension: The central tension: current leadership is concentrated, so durability matters more than rank. Companies: 1 Combined market value: ₹905 Cr ## 4-Factor Sector Score An additive sector-relative research score. The four displayed point contributions always equal the total: Growth & earnings (35), Capital efficiency (25), Valuation (20), and Relative strength (20). Missing or stale evidence is absorbed inside the affected factor, never applied as a hidden adjustment. 1. Pradeep Metals Ltd (PRADPME): 65/100 — Favorable setup; evidence 78% - Growth & earnings 24.3/35 | Capital efficiency 20.5/25 | Valuation 7.8/20 | Relative strength 12.5/20 - Price stage: BREAKING OUT — Ahead of the benchmark five weeks or more running, with its lead holding or widening. - Led NIFTY 500 by 5%+ over the prior 13 weeks in 8 of 8 weeks with a reading, within the last 12 - Exact sum: 24.3 + 20.5 + 7.8 + 12.5 = 65.1 - Decision use: Confirmed research leader: earnings, capital efficiency and relative strength agree. Move to management, catalyst and risk diligence. ## Market action Pradeep Metals Ltd has the strongest one-year price move in Forgings at +48.1%. It also leads on Mansfield relative strength against NIFTY at +61.6%. 1 of 1 covered company is above zero on that measure. Every line covers 313 weekly closes through 2026-06-05. ### Strongest one-year price performers 1. Pradeep Metals Ltd (PRADPME): 48% ### Strongest relative strength versus NIFTY 500 1. Pradeep Metals Ltd (PRADPME): 62% ## Forgings — the story behind the numbers This is the written read behind the Forgings figures above — what is actually happening in the sector, in words, with the evidence each claim rests on. It is dated 28 Jul 2026. 5 themes are live here, 1 of them rated high severity. The sector shows operational strength through margin expansion and deleveraging, but faces significant commodity headwinds. The defense capex offers long-term TAM expansion but lacks immediate revenue visibility. Investors should monitor raw material price trajectories and defense order finalization. The Forgings sector, represented by Pradeep Metals Ltd (513532), shows an IMPROVING demand environment driven by defense equipment demand from geopolitical dynamics. Total income grew 8.5% QoQ and 3.7% YoY to ₹91.73 crores in Q4FY26. Profit After Tax jumped 46.2% QoQ to ₹10.32 crores, supported by operating margin expansion. How old this read is: This read comes from our Forgings sector brief dated 28 Jul 2026, so the words here and the numbers above them cover the same few weeks. ### Live themes, worst first - HIGH | Raw material costs constitute 50% of total cost with exposure to steel and alloy price volatility. | Sharp rise in raw material prices is passed on to customers with a lag. | named for 513532 - MEDIUM | Company approved Rs 250 Crore greenfield project for defense components amid evolving geopolitical dynamics. | Europe's decision to enhance defense spending coupled with India's expanding defense cooperation arrangements expected to create sustained export opportunities. | named for 513532 - MEDIUM | Export-oriented business with sizeable revenue from North America and Europe faces currency volatility risk. | Company manages through tight inventory control and hedging strategies. | named for 513532 - LOW | Compliance with ESG norms and local content requirements may add to costs. | Compliance may add to costs but also open doors for preferred supplier status. | named for 513532 - LOW | Employee costs represented 14.15% of sales in FY25, up marginally from 14.13% in FY24. | Employee costs remained relatively stable demonstrating operational efficiency. | named for 513532 Sources: our Forgings sector brief, 28 Jul 2026. ## Revenue Scale & Growth Durability What the numbers say: Pradeep Metals Ltd is the scale leader at ₹354 crore, Pradeep Metals Ltd's growth is 11.4% from a ₹354 crore base, with 15 reported observations in the 20-quarter window. Treat the growth leader as an acceleration candidate, not as equally proven scale. Investor read: Pradeep Metals Ltd is the scale benchmark; Pradeep Metals Ltd is the acceleration watch. Promote the challenger only if growth persists and converts into margin and returns. This conclusion weakens if: Pradeep Metals Ltd's growth falls below Pradeep Metals Ltd's for two consecutive comparable reports while operating margin also compresses. Evidence: Pradeep Metals Ltd · ₹354 crore | Not enough peers | 8/8 recent comparable periods | 1/1 companies · 15 observations Definition: Revenue is compared on a common reported-currency basis. Growth is year-on-year, so seasonality does not masquerade as progress. ### Revenue — largest 1. Pradeep Metals Ltd (PRADPME): ₹354 Cr ### Revenue growth — fastest growers 1. Pradeep Metals Ltd (PRADPME): 11% ### 20-quarter Revenue history - PRADPME: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹67 Cr | Mar 2023 ₹63 Cr | Jun 2023 ₹59 Cr | Sep 2023 ₹70 Cr | Dec 2023 ₹68 Cr | Mar 2024 ₹79 Cr | Jun 2024 ₹72 Cr | Sep 2024 ₹74 Cr | Dec 2024 ₹79 Cr | Mar 2025 ₹87 Cr | Jun 2025 ₹78 Cr | Sep 2025 ₹86 Cr | Dec 2025 ₹84 Cr | Mar 2026 ₹91 Cr | Jun 2026 ₹94 Cr ### 20-quarter Revenue growth history - PRADPME: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 0.9% | Mar 2024 26% | Jun 2024 20% | Sep 2024 6.0% | Dec 2024 17% | Mar 2025 9.5% | Jun 2025 8.4% | Sep 2025 15% | Dec 2025 6.0% | Mar 2026 4.5% | Jun 2026 21% ## Operating Economics & Margin Trend What the numbers say: Pradeep Metals Ltd leads both opm at 14.7% and margin change at +1.5 percentage points. Investor read: Pradeep Metals Ltd sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it. This conclusion weakens if: The next two comparable reports reverse the current margin change signal. Evidence: Pradeep Metals Ltd · 14.7% | Not enough peers | 5/8 recent comparable periods | 1/1 companies · 20 observations Definition: Operating margin compares operating profit with revenue. Improvement is measured in percentage points, not percentage growth. ### OPM — highest 1. Pradeep Metals Ltd (PRADPME): 15% ### Margin change — fastest expanders 1. Pradeep Metals Ltd (PRADPME): +1.5 pp ### 20-quarter OPM history - PRADPME: Sep 2021 16% | Dec 2021 14% | Mar 2022 15% | Jun 2022 17% | Sep 2022 18% | Dec 2022 19% | Mar 2023 14% | Jun 2023 9.9% | Sep 2023 15% | Dec 2023 18% | Mar 2024 17% | Jun 2024 15% | Sep 2024 16% | Dec 2024 15% | Mar 2025 15% | Jun 2025 13% | Sep 2025 17% | Dec 2025 15% | Mar 2026 18% | Jun 2026 15% ### 20-quarter Margin change history - PRADPME: Sep 2021 +3.3 pp | Dec 2021 −0.5 pp | Mar 2022 −3.5 pp | Jun 2022 −0.8 pp | Sep 2022 +1.8 pp | Dec 2022 +4.8 pp | Mar 2023 −0.8 pp | Jun 2023 −7.4 pp | Sep 2023 −2.9 pp | Dec 2023 −1.2 pp | Mar 2024 +2.7 pp | Jun 2024 +5.2 pp | Sep 2024 +1.0 pp | Dec 2024 −3.0 pp | Mar 2025 −1.7 pp | Jun 2025 −1.9 pp | Sep 2025 +0.9 pp | Dec 2025 +0.4 pp | Mar 2026 +3.5 pp | Jun 2026 +1.5 pp ## Profit Scale & Acceleration What the numbers say: Pradeep Metals Ltd leads with ₹33 crore of TTM profit, Pradeep Metals Ltd shows 28.6% growth from a ₹33 crore profit base. Compare the size of the base and persistence before ranking acceleration above profit scale. Investor read: Pradeep Metals Ltd sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it. This conclusion weakens if: The next two comparable reports reverse the current profit growth signal. Evidence: Pradeep Metals Ltd · ₹33 crore | Not enough peers | 5/8 recent comparable periods | 1/1 companies · 15 observations Definition: Net profit is the residual after operating costs, interest and tax. Growth off a loss or near-zero base is excluded from the fastest-grower rank. ### Net profit — largest 1. Pradeep Metals Ltd (PRADPME): ₹33 Cr ### Profit growth — fastest growers 1. Pradeep Metals Ltd (PRADPME): 29% ### 20-quarter Net profit history - PRADPME: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹7 Cr | Mar 2023 ₹4 Cr | Jun 2023 ₹2 Cr | Sep 2023 ₹6 Cr | Dec 2023 ₹7 Cr | Mar 2024 ₹8 Cr | Jun 2024 ₹7 Cr | Sep 2024 ₹6 Cr | Dec 2024 ₹7 Cr | Mar 2025 ₹7 Cr | Jun 2025 ₹6 Cr | Sep 2025 ₹7 Cr | Dec 2025 ₹7 Cr | Mar 2026 ₹10 Cr | Jun 2026 ₹8 Cr ### 20-quarter Profit growth history - PRADPME: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 -5.7% | Mar 2024 96% | Jun 2024 244% | Sep 2024 16% | Dec 2024 -3.2% | Mar 2025 -9.5% | Jun 2025 -20% | Sep 2025 14% | Dec 2025 6.7% | Mar 2026 46% | Jun 2026 50% ## Return On Capital Employed What the numbers say: Pradeep Metals Ltd leads ROCE at 21.2%. Pradeep Metals Ltd has the strongest latest improvement at +0.3 percentage points. Read the leader beside the density of its reported history: a sparse high return is a candidate; a repeated high return is evidence of durability. Investor read: Pradeep Metals Ltd sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it. This conclusion weakens if: The next two comparable reports reverse the current roce change signal. Evidence: Pradeep Metals Ltd · 21.2% | Not enough peers | 4/8 recent comparable periods | 1/1 companies · 15 observations Definition: ROCE asks how much operating return the business earns on the capital employed. Direction matters, but a single exceptional year should not be mistaken for durability. ### ROCE — highest 1. Pradeep Metals Ltd (PRADPME): 21% ### ROCE change — fastest improvers 1. Pradeep Metals Ltd (PRADPME): +0.3 pp ### 20-quarter ROCE history - PRADPME: Sep 2021 27% | Dec 2021 — | Mar 2022 26% | Jun 2022 — | Sep 2022 30% | Dec 2022 — | Mar 2023 32% | Jun 2023 — | Sep 2023 23% | Dec 2023 25% | Mar 2024 23% | Jun 2024 33% | Sep 2024 26% | Dec 2024 31% | Mar 2025 24% | Jun 2025 27% | Sep 2025 23% | Dec 2025 28% | Mar 2026 24% | Jun 2026 — ### 20-quarter ROCE change history - PRADPME: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +2.6 pp | Dec 2022 — | Mar 2023 +5.8 pp | Jun 2023 — | Sep 2023 −7.0 pp | Dec 2023 — | Mar 2024 −8.7 pp | Jun 2024 — | Sep 2024 +3.5 pp | Dec 2024 +5.8 pp | Mar 2025 +0.3 pp | Jun 2025 −5.3 pp | Sep 2025 −3.2 pp | Dec 2025 −3.4 pp | Mar 2026 +0.3 pp | Jun 2026 — ## Valuation Against Growth & Quality What the numbers say: There is not enough comparable evidence to name a reliable peg leader. Investor read: Treat valuation as permission to investigate, never as a standalone reason to buy. This conclusion weakens if: The next two comparable reports reverse the current p/e signal. Evidence: No comparable leader | Not enough peers | Not enough history | 0/1 companies · 0 observations Definition: PEG is shown only when earnings are positive and three-year EPS growth is between 5% and 60%. It is recomputed consistently as the trailing P/E divided by that growth rate — reported earnings, never an expected-earnings multiple. On Indian companies it is shown only where the two data feeds agreed. Where any of that fails the ratio is left out rather than printed: a P/E divided by a loss, or by growth measured off a tiny base, is a number that looks precise and means nothing. ### PEG — lowest PEG ### P/E — lowest P/E 1. Pradeep Metals Ltd (PRADPME): 27.3 ### 20-quarter PEG history ### 20-quarter P/E history - PRADPME: Sep 2021 10.3 | Dec 2021 12.1 | Mar 2022 8.2 | Jun 2022 7.0 | Sep 2022 8.8 | Dec 2022 9.1 | Mar 2023 10.1 | Jun 2023 10.3 | Sep 2023 12.0 | Dec 2023 18.2 | Mar 2024 19.7 | Jun 2024 18.5 | Sep 2024 18.4 | Dec 2024 16.0 | Mar 2025 14.6 | Jun 2025 17.8 | Sep 2025 14.9 | Dec 2025 18.3 | Mar 2026 23.2 | Jun 2026 31.9 ## What can make this comparison misleading? - A high growth rate can be a low-base artefact. The page keeps level and change separate for that reason. - A high ROCE can be temporary or flattered by a small capital base. Read it beside margin, cash conversion and reinvestment. - The 4-Factor Sector Score ranks research priority, not portfolio action. Management quality, catalysts and risks need equally fresh evidence before capital is deployed. - An “all companies” line chart preserves completeness, but rank changes should be checked against reporting dates before drawing a conclusion. - 1 company draws at least one figure from a second data feed with too little overlapping history to cross-check against the primary source; it is marked unverified wherever that figure appears. - Thin comparisons: Valuation have fewer than three usable current readings. ## Every company - Pradeep Metals Ltd (PRADPME) — market value ₹905 Cr; latest fundamentals Jun 2026; includes UNVERIFIED second-feed figures ## Source standing of each company Cross-checked: 0. Unverified: 1. Withheld: 0. Graded companies: 1. 1 of 1 company draws at least one figure from a second data feed that could not be cross-checked against the primary source, because the two do not share enough reported history to compare. Those figures are marked unverified wherever they appear. - UNVERIFIED | PRADPME | Pradeep Metals Ltd | too little overlapping reported history to cross-check the second feed ## Methodology and freshness Fundamentals through Jun 2026; prices through 2026-08-14. Up to 20 quarters per company. Reported history is normalized to Indian rupees crore. Missing values are not interpolated. Derived metrics are calculated only when their inputs are comparable. ## Frequently asked questions ### Is the Forgings sector outperforming NIFTY 500? The 52-week sector comparison is unavailable. 1 of 1 covered companies currently have positive Mansfield relative strength versus NIFTY 500. ### Which Forgings company is largest by revenue? Pradeep Metals Ltd leads with revenue of ₹354 crore, based on 1 of 1 comparable companies through Jun 2026. ### Which Forgings company is growing fastest? Pradeep Metals Ltd has the fastest current revenue growth at 11.4%, across 1 of 1 comparable companies. ### Which Forgings company has the strongest 4-Factor Sector Score? Pradeep Metals Ltd ranks first at 65.1/100 with 78% evidence confidence. The score prioritizes research; it is not a buy recommendation. ### How much history does this Forgings comparison include? The page compares up to 20 reported quarters per company for fundamentals, returns and valuation, ending Jun 2026. Missing observations remain blank rather than being estimated. ### How is the 4-Factor Sector Score calculated? The four visible contributions add directly: growth and earnings up to 35 points, capital efficiency up to 25, valuation up to 20, and relative strength up to 20. Missing or stale evidence moves only the affected contribution toward neutral. ### Is there a Nifty Forgings index? NSE India maintains Nifty indices for several broad sector categories — Nifty Bank, Nifty IT, Nifty Pharma and others — but not for every sub-sector grouping on this site. Whether or not an official Nifty index covers Forgings, this page builds its own equal-weight basket of 1 listed Forgings companies — one company, one vote, regardless of market value — so no single large company dominates the reading. Figures are as of Jun 2026. ### Which are the best Forgings stocks in India? Ranked by this page's four-factor score, Pradeep Metals Ltd places first among 1 listed Forgings companies. That is a ranking of published data — earnings, quality, valuation and market behaviour as of Jun 2026 — and not a recommendation; Sector Alpha is not registered with SEBI as an investment adviser. ### How many Forgings stocks are listed in India? This comparison covers 1 listed Forgings companies in India, each above the size floor the site applies, with 20 quarters of reported figures per company where the filings exist. The full ranked list is on this page, as of Jun 2026. ### Which Forgings company is the biggest? Pradeep Metals Ltd is the largest, with trailing-twelve-month revenue of ₹354 crore. That covers 1 of 1 companies with comparable reporting through Jun 2026. ### Which Forgings company has the best profit margins? Pradeep Metals Ltd has the highest operating margin at 14.7%, from 1 of 1 comparable companies. Pradeep Metals Ltd shows the biggest recent improvement, at +1.5 percentage points. A high margin matters most when it is holding or rising, not when it is peaking. ### Which Forgings company makes the most profit? Pradeep Metals Ltd earns the most, at ₹33 crore of trailing-twelve-month net profit, from 1 of 1 comparable companies. Pradeep Metals Ltd has the fastest profit growth at 28.6%, though growth off a small or recovering profit base overstates how much has actually changed. ### Which Forgings company earns the highest return on capital? Pradeep Metals Ltd leads on return on capital employed at 21.2%, across 1 of 1 companies. Read it beside the length of its reported history: a high return that repeats for years is evidence of a durable business, while a single high reading can be a small capital base or one good year. ### Which Forgings stock has the strongest price momentum? Pradeep Metals Ltd has the strongest relative strength against NIFTY 500. Relative strength answers last, after growth, quality and valuation: price can move well before the fundamentals confirm it, and sometimes without them confirming at all. ### Which Forgings company scores highest for research priority? Pradeep Metals Ltd scores 65.1 out of 100 with 78% evidence confidence, from 24.3 points on growth and earnings, 20.5 on capital efficiency, 7.8 on valuation and 12.5 on relative strength. This ranks what deserves work next. It is not a buy recommendation, and management quality, catalysts and risk still need separate research. ### How many Forgings companies does this comparison cover, and over what period? It compares 1 listed companies over up to 20 reported quarters of fundamentals, ending Jun 2026, plus weekly price and relative-strength history. Membership is the full sector list — nothing is dropped for having thin data. ### What is the total market cap of the Forgings sector? The 1 Forgings companies on this page carry ₹905 crore of combined market value. Pradeep Metals Ltd is the largest at ₹905 crore, about 100% of the sector's total on its own. Market value moves with price, so this reading is dated 2026-08-18. ### How is the Forgings sector performing? 1 of the 1 covered Forgings companies are beating NIFTY 500 on Mansfield relative strength. A 52-week sector-versus-index comparison is not available from the current market series for this sector, so it is not quoted. Readings are as of 2026-08-18. ### Why are some values on this page blank? A blank means that company did not report a comparable figure for that period, so nothing is shown. Missing observations are never interpolated, carried forward, or replaced with a similar-looking accounting line, and a company with missing evidence has its research score pulled toward neutral rather than being scored as bad. ### Is this investment advice? No. Every figure here is a deterministic calculation from reported company filings and market data, published for research. It contains no recommendation to buy or sell any security, does not account for your circumstances, and is not a substitute for advice from a licensed adviser.