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Balu Forge Industries

BALUFORGE NSE
₹504.05 +17.35 (+3.56%)
P/E
22.16
View as Markdown
MCP
Close 4 Nov 2026 ₹504.05 −101.50 −16.8% 1Y
Start ₹605.55

Key Fundamentals

MicrocapIndustrial ProductsCapital Goods

Price-based figures as of · EPS basis: Consolidated · TTM

ROCE
22.70%
Debt to Equity
0.10
EPS (TTM)
₹22.75
Book Value
₹131.35
Market Cap
—
P/E (TTM)
22.16
P/B
3.84
ROE
19.60%
Dividend Yield
0.03%
EBITDA
₹333 Cr
52W High
₹667.00
52W Low
₹341.05
Day Range
₹478.55 – ₹509.95
Volume
10,49,413

Peer Comparison

Industrials › Industrial Products › Castings & Forgings

Balu Forge Industries peer comparison
PTC Industries
₹24,410.00291.36₹38,271 Cr11.700.00%7.16%8.59%₹697 Cr₹125 Cr
AIA Engineering
₹3,219.8023.73₹30,370 Cr3.560.47%17.00%21.10%₹4,549 Cr₹1,264 Cr
Happy Forgings
₹1,849.7053.29₹16,973 Cr8.200.23%15.00%18.00%₹1,642 Cr₹327 Cr
Balu Forge Industries (this company)
₹504.0522.16₹6,053 Cr3.840.03%19.60%22.70%₹1,175 Cr₹268 Cr
Steelcast
₹364.5040.73₹3,696 Cr9.340.12%24.00%32.30%₹441 Cr₹91 Cr
Amic Forging
₹2,055.2531.77₹2,342 Cr8.950.00%18.10%25.20%₹104 Cr₹26 Cr
Median 6 companies₹1,952.4836.25₹11,513 Cr8.580.08%17.55%21.90%₹936 Cr₹197 Cr

Comparable companies in the same industry. Market cap, P/E and P/B use the latest price; other metrics are as reported in filings. A dash means the figure is not published for that company. 1 company is not shown because they are not listed on an exchange we cover.

Tapetide Score

Data-driven rating, 0–100, as of . How it works →

Overall score

50 Average

Data confidence 100/100

Category scores

Quality
51
Average
Returns, margins, earnings quality 22% weight
Valuation
49
Average
Cheap vs sector & own history 24% weight
Growth
56
Good
Sales & profit trajectory 9% weight
Financial Health
80
Strong
Solvency, leverage, coverage 9% weight
Momentum
36
Poor
Trend strength, vol-adjusted 12% weight
Ownership
50
Average
FII/DII/promoter flows 24% weight

The Tapetide Score is data analysis, not investment advice. Tapetide is not a SEBI-registered research analyst or investment adviser.

Key Insights

Strengths

1
  • Company has delivered good profit growth of 102% CAGR over last 5 years

Weaknesses

1
  • Promoter holding has decreased over last quarter: -0.88%

Technical Indicators

Technical signals: verdict and indicator counts
GroupSignalBearishNeutralBullish
OverallStrong Bullish5410
OscillatorsBearish342
Moving AveragesStrong Bullish208

Key readings

RSI (14)
58.37
Neutral
MACD (12,26,9)
−8.45
Bullish
SMA (50)
514.55
Bearish
SMA (200)
476.33
Bullish

As of

Growth Rate

From the financial statements below. 5Y, 3Y: compound annual growth to Mar 2026; 1Y: fiscal year to Mar 2026 against Mar 2025; TTM: four quarters to Jun 2026 against Jun 2025.

Revenue

Revenue growth by window
5Y+50.79%
3Y+50.15%
1Y+19.81%
TTM+19.76%

Net profit

Net profit growth by window
5Y+100.47%
3Y+87.97%
1Y+26.96%
TTM+18.06%

Operating cash flow

Operating cash flow growth by window
5Y+13.49%
3Y+7.17%
1Y−78.38%
TTM—

TTM: Reported once a year, so there is no trailing-twelve-month figure.

Operating margin· change in pp

Operating margin growth by window
5Y+18.65 pp
3Y+11.81 pp
1Y−0.06 pp
TTM−1.89 pp

Revenue by year

Revenue by year, ₹ crore
Mar 2021₹142 Cr
Mar 2022₹286 Cr
Mar 2023₹327 Cr
Mar 2024₹560 Cr
Mar 2025₹924 Cr
Mar 2026₹1,107 Cr

Net profit by year

Net profit by year, ₹ crore
Mar 2021₹8.00 Cr
Mar 2022₹30.00 Cr
Mar 2023₹39.00 Cr
Mar 2024₹93.00 Cr
Mar 2025₹204 Cr
Mar 2026₹259 Cr

AI Analysis — Bull vs Bear

Generated 31 Jul 2026
AI opinion · based on fundamentals
Risk medium

Balu Forge Industries is a mid-cap industrial products company with a market cap of ~₹5,254 Cr, trading at a PE of 20.3x. It has delivered exceptional profit growth (102% CAGR over 5 years) and revenue growth (51% CAGR over 5 years), with FY25 revenue reaching ₹924 Cr (up 65% YoY). However, the stock has corrected 30% over the past year and promoter holding has seen a marginal decline.

Bull Case 8
  • Exceptional 5-year profit CAGR of 102%, with FY25 net profit reaching ~₹259 Cr versus ₹29.8 Cr five years ago
  • Revenue grew at 51% CAGR over 5 years and 50% over 3 years, with FY25 revenue hitting a record ₹924 Cr (up 65% YoY)
  • Q3 FY26 revenue of ₹315.6 Cr grew 18.9% YoY with net profit of ₹71.1 Cr (up 20.5% YoY), showing continued momentum
  • ROCE improved to 30.1% in FY25 (from 25.4% prior year), indicating efficient capital deployment
  • Operating profit margins expanded from ~12.6% five years ago to 26.3% in FY25, reflecting operating leverage and scale benefits
  • Net profit margin of 22.5% in Q3 FY26 demonstrates sustained profitability at scale
  • Debt-to-equity ratio at approximately 0.10 (9.5%) indicates a near debt-free balance sheet
  • PE of 20.3x is reasonable relative to TTM profit growth of 27% and 3-year profit CAGR of 88%
Bear Case 8
  • Stock has declined 30% over the past 1 year despite strong operational performance, indicating possible valuation re-rating risk
  • Promoter holding decreased by 0.88% in the last quarter (from ~54.9% to ~54.0%), signaling potential insider caution
  • TTM revenue growth has moderated to 20% versus 50% 3-year CAGR, suggesting growth deceleration
  • TTM profit growth of 27% is sharply lower than the 88% 3-year CAGR, indicating normalization of earnings trajectory
  • Dividend yield of just 0.03% offers negligible income return to shareholders
  • Price-to-book ratio of 3.3x means significant premium over book value of ~₹131 per share
  • 10-year stock CAGR of 26% masks significant recent underperformance with the 30% 1-year drawdown
  • Industrial products sector is cyclical and susceptible to demand slowdowns in automotive and infrastructure segments

This is AI-generated analysis, not financial advice. Do your own due diligence.

AI News Digest

153d ago

TL;DR: Balu Forge is diversifying aggressively into defence and aerospace with a sizeable artillery shell order and its first US aerospace contract, signalling strong order pipeline growth. No material headwinds emerged, though CFO turnover warrants monitoring. The trend is clearly improving with new sectoral entry points likely to drive medium-term revenue visibility.

Positives 2
  • 30,000 artillery shells order Jun 1

    Secured order for 30,000 units of 152 mm artillery shells with supplies starting June 2026, scalable to over 100,000 units.

  • First US aerospace order May 26

    Secured maiden aerospace order from Alpha Aircraft Systems Inc, USA, with advance received on May 25, 2026.

Neutral 4
  • CFO resigns, interim appointed May 25

    CFO Amit Ashok Todkari resigned May 25 due to personal reasons. Sandeep Singh Chadha appointed interim CFO effective May 26, 2026.

  • Board meet for Q4/FY26 results May 25

    Board meeting scheduled May 30, 2026 to consider audited financial results for Q4 and FY26. Trading window closed until June 2.

  • Director re-appointment postal ballot May 27

    Postal ballot initiated for re-appointment of two Independent Directors for two-year terms. E-voting open May 28 to June 26, 2026.

Quarterly Results

₹ Cr
BALUFORGE quarterly results, ₹ crore
Particulars Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Sales
112
139
147
161
175
223
256
270
233
300
311
264
301
Expenses
90
109
114
127
132
158
188
195
161
217
227
204
216
Operating Profit
22
30
33
34
43
65
68
75
72
83
85
60
85
OPM %
19%
22%
22%
21%
25%
29%
26%
28%
31%
28%
27%
23%
28%
Other Income
0
4
2
4
1
2
10
4
2
3
4
23
4
Interest
2
4
4
4
2
3
2
4
2
4
5
5
5
Depreciation
0
0
1
1
1
1
1
1
2
2
3
3
3
PBT
19
30
30
35
42
64
74
74
70
80
81
75
81
Tax %
13%
22%
16%
18%
18%
25%
20%
15%
19%
19%
12%
13%
18%
Net Profit
17
23
25
28
34
48
59
63
57
65
71
66
66
EPS (₹)
2
2.32
2.46
2.76
3.33
4.39
5.39
5.73
5
5.71
6.18
5.42
5.44

Profit & Loss

₹ Cr
BALUFORGE profit and loss, annual, ₹ crore
Particulars Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales
142
286
327
560
924
1,107
1,175
Expenses
130
249
277
441
673
808
863
Operating Profit
12
37
50
119
251
300
312
OPM %
9%
13%
15%
21%
27%
27%
27%
Other Income
5
8
13
10
17
33
35
Interest
7
5
11
14
11
16
19
Depreciation
1
1
1
2
3
10
12
PBT
10
39
51
114
254
306
317
Tax %
22%
24%
23%
18%
20%
15%
—
Net Profit
8
30
39
93
204
259
268
EPS (₹)
1.11
3.63
4.67
9.11
18.63
21.33
22.75
Div. Payout %
0%
3%
0%
2%
1%
1%
—

Balance Sheet

₹ Cr
BALUFORGE balance sheet, annual, ₹ crore
Particulars Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital
69
82
83
103
111
121
Reserves
9
76
114
450
942
1,473
Borrowings
26
47
52
49
40
152
Other Liabilities
68
78
121
111
159
104
Total Liabilities
171
284
371
712
1,252
1,851
Fixed Assets
42
42
48
57
183
547
CWIP
0
7
7
130
417
277
Investments
0
0
0
0
0
0
Other Assets
129
235
316
525
652
1,027
Total Assets
171
284
371
712
1,252
1,851

Cash Flow

₹ Cr
BALUFORGE cash flow, annual, ₹ crore
Particulars Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Operating
17
−58
26
−32
148
32
Investing
−3
−8
−21
−134
−416
−354
Financing
−12
69
−6
249
273
315
Net Cash Flow
2
4
−1
83
5
−7
Free Cash Flow
14
−65
5
−166
−268
−322
CFO/OP
159
−161
52
−12
73
15

Ratios

BALUFORGE financial ratios, annual
Particulars Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days
156
165
235
142
129
140
Inventory Days
66
70
56
87
59
75
Days Payable
157
75
105
78
71
32
Cash Conversion Cycle
65
160
186
151
117
182
Working Capital Days
113
141
146
175
116
158
ROCE %
—
29%
27%
30%
31%
23%

Insights

Beta

AI-extracted from concalls & annual reports · figures as reported, with sources

Log in to view Balu Forge Industries insights

64 extracted metrics across FY11–FY27.

Shareholding Pattern

As of Sep 2026

  • Promoters 53.99%
  • Public 22.83%
  • Others 13.32%
  • FIIs 5.13%
  • Government 3.81%
  • DIIs 0.92%

2.86% of promoter holding pledged as of Sep 2026

Change vs previous quarter

Not shown for some quarters: Others. Not available separately for this quarter: the shareholding filing gives Public and Others as one figure, shown under Public, so Others is left blank rather than estimated.

Documents

  • Concall · Jun 2026
    PPT
  • Q4 FY26 concall · May 2026
    PPT
  • Q3 FY26 concall · Feb 2026
    PPT
  • Q2 FY26 concall · Nov 2025
    PPT
  • Q1 FY26 concall · Aug 2025
    PPT

Frequently Asked Questions about Balu Forge Industries

What does Balu Forge Industries Ltd do?
Balu Forge Industries Ltd is engaged in the manufacturing of fully finished and semi-finished forged crankshafts and Forged Components. It has the capability to manufacture components conforming to the New Emission Regulations & the New Energy Vehicles
Where is Balu Forge Industries Ltd (BALUFORGE) listed?
Balu Forge Industries Ltd trades as BALUFORGE on the NSE and under code 531112 on the BSE.
Which sector does Balu Forge Industries Ltd belong to?
Balu Forge Industries Ltd is classified under the Industrial Products sector, in the Castings & Forgings industry.
What is the PE ratio of Balu Forge Industries Ltd?
Balu Forge Industries Ltd trades at a PE ratio of 22.16 as of 4 Nov 2026, on earnings per share of ₹22.75, against a book value of ₹131.35 per share.
What is the 52-week high and low of Balu Forge Industries Ltd?
Over the last 52 weeks Balu Forge Industries Ltd has traded between ₹341.05 and ₹667 as of 4 Nov 2026.
Does Balu Forge Industries Ltd pay dividends?
Balu Forge Industries Ltd has a dividend yield of 0.03%.
What is the Return on Equity (ROE) of Balu Forge Industries Ltd?
Balu Forge Industries Ltd reported a return on equity of 19.60%. Its debt-to-equity ratio is 0.10.

Company Information

Balu Forge Industries Ltd is engaged in the manufacturing of fully finished and semi-finished forged crankshafts and Forged Components. It has the capability to manufacture components conforming to the New Emission Regulations & the New Energy Vehicles

Website baluindustries.com
CEO Mr. Jaspalsingh Prehladsingh Chandock
Employees 150
Listed 29 Apr 2024
Face Value ₹10

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