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 ₹ 149 Cr.
- Current Price ₹ 61.8
- High / Low ₹ 143 / 50.2
- Stock P/E 14.1
- Book Value ₹ 52.6
- Dividend Yield 0.00 %
- ROCE 12.0 %
- ROE 10.8 %
- Face Value ₹ 10.0
Pros
- Stock is trading at 1.17 times its book value
- Company has delivered good profit growth of 128% CAGR over last 5 years
Cons
- Though the company is reporting repeated profits, it is not paying out dividend
- Debtor days have increased from 60.5 to 83.2 days.
- Working capital days have increased from 72.0 days to 105 days
* 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
Part of Nifty SME Emerge
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 | Mar 2026 | |
|---|---|---|---|---|---|---|
| 74 | 125 | 160 | 160 | 175 | 183 | |
| 72 | 115 | 151 | 148 | 151 | 161 | |
| Operating Profit | 1 | 9 | 9 | 11 | 24 | 21 |
| OPM % | 2% | 7% | 6% | 7% | 14% | 12% |
| 6 | 1 | 1 | 2 | 4 | 1 | |
| Interest | 4 | 5 | 5 | 5 | 5 | 6 |
| Depreciation | 4 | 4 | 3 | 3 | 3 | 4 |
| Profit before tax | 0 | 1 | 2 | 6 | 20 | 13 |
| Tax % | -143% | -21% | 19% | 24% | 26% | 18% |
| 0 | 1 | 2 | 4 | 14 | 11 | |
| EPS in Rs | 1.76 | 14.84 | 20.44 | 45.56 | 8.15 | 4.37 |
| Dividend Payout % | 0% | 0% | 0% | 0% | 0% | 0% |
| Compounded Sales Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | 20% |
| 3 Years: | 4% |
| TTM: | 4% |
| Compounded Profit Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | 128% |
| 3 Years: | 75% |
| TTM: | -27% |
| Stock Price CAGR | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | % |
| 1 Year: | % |
| Return on Equity | |
|---|---|
| 10 Years: | % |
| 5 Years: | 13% |
| 3 Years: | 16% |
| Last Year: | 11% |
Balance Sheet
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|
| Equity Capital | 10 | 10 | 10 | 10 | 18 | 24 |
| Reserves | 26 | 24 | 26 | 31 | 50 | 103 |
| 47 | 60 | 51 | 47 | 61 | 57 | |
| 31 | 28 | 20 | 25 | 33 | 26 | |
| Total Liabilities | 113 | 121 | 107 | 113 | 162 | 210 |
| 30 | 26 | 24 | 22 | 37 | 40 | |
| CWIP | 0 | 0 | 0 | 5 | 0 | 0 |
| Investments | 0 | 0 | 0 | 0 | 12 | 13 |
| 84 | 96 | 83 | 87 | 113 | 157 | |
| Total Assets | 113 | 121 | 107 | 113 | 162 | 210 |
Cash Flows
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|
| 6 | 20 | 4 | 5 | -30 | ||
| 1 | -0 | -5 | -10 | -9 | ||
| -5 | -14 | -8 | 8 | -7 | ||
| Net Cash Flow | 2 | 6 | -8 | 3 | -47 | |
| Free Cash Flow | 7 | 19 | -1 | -8 | -37 | |
| CFO/OP | 62% | 226% | 49% | 40% | -130% |
Ratios
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|
| Debtor Days | 104 | 68 | 48 | 46 | 53 | 83 |
| Inventory Days | 415 | 202 | 119 | 148 | 192 | 222 |
| Days Payable | 198 | 52 | 24 | 38 | 50 | 31 |
| Cash Conversion Cycle | 320 | 218 | 143 | 155 | 195 | 273 |
| Working Capital Days | 110 | 67 | 49 | 69 | 42 | 105 |
| ROCE % | 7% | 8% | 12% | 23% | 12% |
Insights
In beta| Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|
| Capacity Utilization - Track (Defense) % |
|
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| Installed Capacity - Flange Forging Metric Tons |
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| Number of Customers Number |
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| Total Annual Manpower Number |
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| Total Production Volume Metric Tons |
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Extracted by Screener AI
Documents
Announcements
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Disclosure under SEBI Takeover Regulations
5 June 2026 - Davinder Bhasin has Submitted to the Exchange a copy of Disclosure under Regulation 31(4) of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011.
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General Updates
3 June 2026 - Munish Forge Limited has informed about General Updates
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Copy of Newspaper Publication
30 May 2026 - Nomura Fixed Income Securities reported FY26 results, with audited board approval on May 29, 2026.
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Appointment
29 May 2026 - Munish Forge Limited has informed regarding Appointment of M/s. P.S. Bathla & Associates as Other of the company w.e.f. May 29, 2026.
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General Updates
29 May 2026 - Munish Forge Limited has informed about General Updates
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.