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 18.4
- Book Value ₹
- Dividend Yield 0.00 %
- ROCE 22.4 %
- ROE 26.5 %
- 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
Consolidated Figures in Rs. Crores / View Standalone
Profit & Loss
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2024 | Mar 2025 | |
|---|---|---|
| 159 | 175 | |
| 148 | 151 | |
| Operating Profit | 11 | 24 |
| OPM % | 7% | 14% |
| 2 | 3 | |
| Interest | 5 | 5 |
| Depreciation | 3 | 3 |
| Profit before tax | 6 | 19 |
| Tax % | 24% | 26% |
| 4 | 14 | |
| EPS in Rs | 45.56 | 8.07 |
| Dividend Payout % | 0% | 0% |
| Compounded Sales Growth | |
|---|---|
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| TTM: | 10% |
| Compounded Profit Growth | |
|---|---|
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| 3 Years: | % |
| TTM: | 238% |
| Stock Price CAGR | |
|---|---|
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| Return on Equity | |
|---|---|
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| Last Year: | 27% |
Balance Sheet
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2024 | Mar 2025 | Sep 2025 | |
|---|---|---|---|
| Equity Capital | 10 | 18 | 18 |
| Reserves | 31 | 50 | 56 |
| 47 | 61 | 64 | |
| 25 | 33 | 37 | |
| Total Liabilities | 113 | 162 | 174 |
| 22 | 37 | 36 | |
| CWIP | 5 | 0 | 0 |
| Investments | 0 | 12 | 13 |
| 87 | 113 | 125 | |
| Total Assets | 113 | 162 | 174 |
Cash Flows
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2024 | Mar 2025 | |
|---|---|---|
| 4 | 6 | |
| -5 | -10 | |
| -8 | 8 | |
| Net Cash Flow | -8 | 3 |
Ratios
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2024 | Mar 2025 | |
|---|---|---|
| Debtor Days | 46 | 53 |
| Inventory Days | 148 | 192 |
| Days Payable | 38 | 50 |
| Cash Conversion Cycle | 156 | 195 |
| Working Capital Days | 50 | 42 |
| ROCE % | 22% |
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.