Promoter shareholding in Kalyani Forge Ltd. increased marginally by 0.03% YoY and QoQ, while institutional shareholding remained unchanged, indicating a lack of strong conviction from smart money.

In contrast, the public's shareholding saw a slight increase YoY but a decrease QoQ, suggesting a potential exit by retail investors.

Overall, shareholding trends are stagnant compared to the sector averages, where both Promoter and Institutional categories show no change, reinforcing a phase of broad-based selling in the sector.