Munish Forge Ltd
Incorporated in July 1986, Munish Forge Limited manufactures components, including flanges, scaffolding, auto parts, tank tracks, bomb shells, fence posts, and steel accessories.[1]
- Market Cap ₹ 264 Cr.
- Current Price ₹ 110
- High / Low ₹ 143 / 100
- Stock P/E 18.3
- Book Value ₹
- Dividend Yield 0.00 %
- ROCE 28.0 %
- ROE 35.6 %
- Face Value ₹ 10.0
Pros
Cons
* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.
Peer comparison
Industrials Capital Goods Industrial Products Castings & Forgings
Half Yearly Results
Standalone Figures in Rs. Crores / View Consolidated
Profit & Loss
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|
| 74 | 125 | 160 | 160 | 175 | |
| 72 | 115 | 151 | 148 | 151 | |
| Operating Profit | 1 | 9 | 9 | 11 | 24 |
| OPM % | 2% | 7% | 6% | 7% | 14% |
| 6 | 1 | 1 | 2 | 4 | |
| Interest | 4 | 5 | 5 | 5 | 5 |
| Depreciation | 4 | 4 | 3 | 3 | 3 |
| Profit before tax | 0 | 1 | 2 | 6 | 20 |
| Tax % | -143% | -21% | 19% | 24% | 26% |
| 0 | 1 | 2 | 4 | 14 | |
| EPS in Rs | 1.76 | 14.84 | 20.44 | 45.56 | 8.15 |
| Dividend Payout % | 0% | 0% | 0% | 0% | 0% |
| Compounded Sales Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | 12% |
| TTM: | 10% |
| Compounded Profit Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | 116% |
| TTM: | 229% |
| Stock Price CAGR | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | % |
| 1 Year: | % |
| Return on Equity | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | 18% |
| Last Year: | 36% |
Balance Sheet
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Sep 2025 | |
|---|---|---|---|---|---|
| Equity Capital | 10 | 10 | 10 | 10 | 18 |
| Reserves | 26 | 24 | 26 | 31 | 56 |
| 47 | 60 | 51 | 47 | 64 | |
| 31 | 28 | 20 | 25 | 37 | |
| Total Liabilities | 113 | 121 | 107 | 113 | 174 |
| 30 | 26 | 24 | 22 | 36 | |
| CWIP | 0 | 0 | 0 | 5 | 0 |
| Investments | 0 | 0 | 0 | 0 | 13 |
| 84 | 96 | 83 | 87 | 125 | |
| Total Assets | 113 | 121 | 107 | 113 | 174 |
Cash Flows
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|
| 6 | 20 | 4 | 5 | ||
| 1 | -0 | -5 | -10 | ||
| -5 | -14 | -8 | 8 | ||
| Net Cash Flow | 2 | 6 | -8 | 3 |
Ratios
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|
| Debtor Days | 104 | 68 | 48 | 46 | |
| Inventory Days | 415 | 202 | 119 | 148 | |
| Days Payable | 198 | 52 | 24 | 38 | |
| Cash Conversion Cycle | 320 | 218 | 143 | 155 | |
| Working Capital Days | 110 | 67 | 49 | 69 | |
| ROCE % | 7% | 8% | 12% |
Documents
Announcements
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General Updates
28 November 2025 - Forge Limited has informed about General Updates on IPO Filing of Form PAS-3
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Analysts/Institutional Investor Meet/Con. Call Updates
24 November 2025 - H1 FY26 call: revenue ₹82 Cr, EBITDA ₹13 Cr, PAT ₹7 Cr; order book ₹113 Cr; FY26 guidance ₹205 Cr.
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Copy of Newspaper Publication
24 November 2025 - Munish Forge published unaudited standalone and consolidated results for quarter and half-year ended Sept 30, 2025; ad Nov 22, 2025.
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Analysts/Institutional Investor Meet/Con. Call Updates
21 November 2025 - Virtual investor call on 24-Nov-2025 at 12:00 IST; no price-sensitive disclosures.
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Outcome of Board Meeting
20 November 2025 - Board approved unaudited standalone & consolidated results for half-year ended 30 Sep 2025: Revenue Rs8,253.48L, PAT Rs711.64L, EPS 4.02.
Concalls
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Nov 2025TranscriptPPT
Business Profile[1]
The company manufactures forged and cast components with 40+ years of experience, supplying to Defence, Oil & Gas, Automobiles, Construction, and Infrastructure sectors, while also expanding into Railways.