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 ₹ 210 Cr.
- Current Price ₹ 87.2
- High / Low ₹ 143 / 50.2
- Stock P/E 20.8
- Book Value ₹ 52.4
- Dividend Yield 0.00 %
- ROCE 12.0 %
- ROE 10.4 %
- Face Value ₹ 10.0
Pros
Cons
- Though the company is reporting repeated profits, it is not paying out dividend
- Debtor days have increased from 60.8 to 83.2 days.
- Working capital days have increased from 65.7 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
Consolidated Figures in Rs. Crores / View Standalone
Profit & Loss
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|
| 159 | 175 | 183 | |
| 148 | 151 | 161 | |
| Operating Profit | 11 | 24 | 21 |
| OPM % | 7% | 14% | 12% |
| 2 | 4 | 1 | |
| Interest | 5 | 5 | 6 |
| Depreciation | 3 | 3 | 4 |
| Profit before tax | 6 | 20 | 13 |
| Tax % | 24% | 26% | 18% |
| 4 | 14 | 10 | |
| EPS in Rs | 45.56 | 8.15 | 4.18 |
| Dividend Payout % | 0% | 0% | 0% |
| Compounded Sales Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | % |
| TTM: | 4% |
| Compounded Profit Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | % |
| TTM: | -30% |
| Stock Price CAGR | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | % |
| 1 Year: | -28% |
| Return on Equity | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | 15% |
| Last Year: | 10% |
Balance Sheet
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|
| Equity Capital | 10 | 18 | 24 |
| Reserves | 31 | 50 | 102 |
| 47 | 61 | 57 | |
| 25 | 33 | 26 | |
| Total Liabilities | 113 | 162 | 210 |
| 22 | 37 | 40 | |
| CWIP | 5 | 0 | 0 |
| Investments | 0 | 12 | 13 |
| 87 | 113 | 157 | |
| Total Assets | 113 | 162 | 210 |
Cash Flows
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|
| 4 | 5 | -34 | |
| -5 | -10 | -6 | |
| -8 | 8 | 51 | |
| Net Cash Flow | -8 | 3 | 11 |
| Free Cash Flow | -1 | -8 | -41 |
| CFO/OP | 49% | 40% | -147% |
Ratios
Consolidated / View Standalone
| Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|
| Debtor Days | 46 | 53 | 83 |
| Inventory Days | 148 | 273 | 322 |
| Days Payable | 38 | 71 | 46 |
| Cash Conversion Cycle | 156 | 255 | 360 |
| Working Capital Days | 50 | 42 | 105 |
| ROCE % | 23% | 12% |
Insights
In beta| Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|
| Defence Revenue Share % of Revenue from Operations ・Standalone data |
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| Exports Revenue Share % of Revenue from Operations ・Standalone data |
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| Coupler (Scaffolding + General + Press Shop) Capacity Utilization % ・Standalone data |
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| Flange Forging Capacity Utilization % ・Standalone data |
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| Revenue from Repetitive Customers % of Revenue from Operations ・Standalone data |
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| Top 10 Customers Share of Revenue % of Revenue from Operations ・Standalone data |
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| Track (Defence) Capacity Utilization % ・Standalone data |
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| Order Book INR Lakhs ・Standalone data |
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Extracted by Screener AI
Documents
Announcements
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Certificate under SEBI (Depositories and Participants) Regulations, 2018
- Munish Forge Limited has informed about Certificate under SEBI (Depositories and Participants) Regulations, 2018
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Shareholders meeting
- Munish Forge's 40th AGM resolutions passed, including auditor appointments and Section 185 loan approval.
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Change in Auditors
- Shareholders approved statutory auditor and secretarial auditor appointments at the 40th AGM on September 30, 2026.
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Shareholders meeting
- 40th AGM held on 30 September 2026; all resolutions passed, including auditor appointments and borrowing approvals.
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Trading Window
- Munish Forge Limited has informed regarding the Trading Window closure pursuant to SEBI (Prohibition of Insider Trading) Regulations, 2015
Concalls
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Nov 2025Transcript
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.