---
title: "Munish Forge Ltd (MUNISH) — Share Price, Financials & Analysis"
symbol: "MUNISH"
company: "Munish Forge Ltd"
canonical: "https://tapetide.com/stocks/MUNISH"
isin: "INE1K8Y01018"
nse_symbol: "MUNISH"
sector: "Industrial Products"
industry: "Castings & Forgings"
market_cap_cr: 228.67
generated_at: "2026-09-13T18:33:50.408Z"
---

# Munish Forge Ltd (MUNISH)

Canonical page: https://tapetide.com/stocks/MUNISH

## Company

- **NSE Symbol:** MUNISH
- **ISIN:** INE1K8Y01018
- **Sector:** Industrial Products
- **Industry:** Castings & Forgings
- **Macro Sector:** Industrials
- **Stock Type:** EQUITY
- **Listed Since:** 2025-10-08
- **Face Value:** ₹10
- **F&O Eligible:** No
- **Website:** munishforge.com

## About

Incorporated in July 1986, Munish Forge Limited manufactures components, including flanges, scaffolding, auto parts, tank tracks, bomb shells, fence posts, and steel accessories.[1]

## Latest Price

- **Price:** ₹93
- **Change:** -2 (-2.11%)
- **Open:** ₹93.2
- **Day High:** ₹93.2
- **Day Low:** ₹93
- **Previous Close:** ₹95
- **Volume:** 6000
- **As Of:** 2026-09-11T09:59:39+00:00

## Key Fundamentals

Observed at 2026-09-11T04:46:16.875655Z.

- **Market Cap:** ₹228.67 Cr
- **Classification:** SME
- **P/E (reported):** 22.7
- **Book Value:** ₹52.45
- **Price to Book:** 1.81
- **Dividend Yield:** 0%
- **ROE:** 21.21%
- **ROCE:** 29.91%
- **Debt to Equity:** 0.45
- **Revenue (yearly):** ₹182.64 Cr
- **Net Income:** ₹10.53 Cr
- **EBITDA:** ₹21.43 Cr
- **52-Week High:** ₹143
- **52-Week Low:** ₹50.2
- **RSI (14):** 68.94

## Tapetide Score

- **Score:** 43 / 100
- **Score date:** 2026-09-04
- **Archetype:** Trend Ahead of Fundamentals
- **What it means:** The price trend is running ahead of what the financials currently support. Moves like this depend on the fundamentals catching up; check what would have to be true for that.
- **Pillar profile:** Quality: Weak · Valuation: Expensive · Momentum: Rising
- **Percentile:** 22.3 (of 4473 scored stocks)
- **Confidence:** 100%
- **Data coverage:** 100%

| Pillar | Score | Weight |
| --- | --- | --- |
| financial health | 60.98 | 9% |
| growth | 41.65 | 9% |
| momentum | 80.77 | 12% |
| ownership | 30.1 | 24% |
| quality | 39.43 | 22% |
| valuation | 39.96 | 24% |

The Tapetide Score is decision-support only, not investment advice.

## Key Insights

### Strengths

- Company has delivered good profit growth of 128% CAGR over last 5 years

### Weaknesses

- 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

## Growth Rates

| Metric | QoQ | 1Y | 3Y | 5Y |
| --- | --- | --- | --- | --- |
| cash flow growth | — | 28.37% | — | -13.62% |
| ebitda margin growth | 2.63% | -24.38% | 43.6% | — |
| net income growth | -2.5% | -26.36% | 75% | 128% |
| revenue growth | 7.85% | 2.26% | 4% | 20% |
| roce | -2.36% | 52.06% | 52.06% | — |
| roe | -2.98% | 95.84% | 16.02% | — |

## Financial Statements

### Quarterly Results

All figures in ₹ crore unless the row name says otherwise.

| Item | Mar 2025 | Sep 2025 | Mar 2026 |
| --- | --- | --- | --- |
| Sales | 90 | 83 | 100 |
| Expenses | 77 | 70 | 91 |
| Operating Profit | 13 | 13 | 9 |
| OPM % | 15 | 15 | 9 |
| Other Income | 2 | 1 | 1 |
| Interest | 3 | 3 | 3 |
| Depreciation | 2 | 2 | 2 |
| Profit before tax | 11 | 8 | 5 |
| Tax % | 27 | 13 | 27 |
| Net Profit | 8 | 7 | 3 |
| EPS in Rs | 4.48 | 4.02 | 1.42 |

### Profit & Loss

All figures in ₹ crore unless the row name says otherwise.

| Item | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
| --- | --- | --- | --- | --- | --- | --- |
| Sales | 74 | 125 | 160 | 160 | 175 | 183 |
| Expenses | 72 | 115 | 151 | 148 | 151 | 161 |
| Operating Profit | 1 | 9 | 9 | 11 | 24 | 21 |
| OPM % | 1.8 | 7 | 6 | 7 | 14 | 12 |
| Other Income | 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 |
| Net Profit | 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 |

### Balance Sheet

All figures in ₹ crore unless the row name says otherwise.

| Item | 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 |
| Borrowings | 47 | 60 | 51 | 47 | 61 | 57 |
| Other Liabilities | 31 | 28 | 20 | 25 | 33 | 26 |
| Total Liabilities | 113 | 121 | 107 | 113 | 162 | 210 |
| Fixed Assets | 30 | 26 | 24 | 22 | 37 | 40 |
| CWIP | 0 | 0 | 0 | 5 | 0 | 0 |
| Investments | 0 | 0 | 0 | 0 | 12 | 13 |
| Other Assets | 84 | 96 | 83 | 87 | 113 | 157 |
| Total Assets | 113 | 121 | 107 | 113 | 162 | 210 |

### Cash Flow

All figures in ₹ crore unless the row name says otherwise.

| Item | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
| --- | --- | --- | --- | --- | --- | --- |
| Cash from Operating Activity | — | 6 | 20 | 4 | 5 | -30 |
| Cash from Investing Activity | — | 1 | 0 | -5 | -10 | -9 |
| Cash from Financing Activity | — | -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

| Item | 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 |

## Shareholding Pattern

### Quarterly

| Category | Sep 2025 | Mar 2026 |
| --- | --- | --- |
| Promoters | 100% | 68.01% |
| FIIs | 0% | 1.93% |
| DIIs | 0% | 3.59% |
| Government | 0% | 0% |
| Public | 0% | 9.48% |
| Others | 0% | 16.98% |
| No. of Shareholders | 8 | 527 |

## Technical Indicators

Derived from daily closing prices and recomputed each trading session; values move with the market.

- **Overall Signal:** Strong Buy
- **Buy / Neutral / Sell:** 13 / 6 / 0

### Moving Averages — summary: **Strong Buy**

| Indicator | Value | Signal |
| --- | --- | --- |
| SMA (10) | 87.1 | Buy |
| EMA (10) | 88.14 | Buy |
| SMA (20) | 83.1 | Buy |
| EMA (20) | 84.95 | Buy |
| SMA (50) | 78.27 | Buy |
| EMA (50) | 79.68 | Buy |
| SMA (100) | 72.87 | Buy |
| EMA (100) | 77.88 | Buy |
| SMA (200) | 79.46 | Buy |
| EMA (200) | 84.61 | Buy |

### Oscillators — summary: **Buy**

| Indicator | Value | Signal |
| --- | --- | --- |
| RSI (14) | 64.96 | Neutral |
| MACD (12,26,9) | 3.74 | Buy |
| Stochastic (14,3,3) | 72.49 | Neutral |
| ADX (14) | 25.62 | Buy |
| Williams %R (14) | -33.1 | Neutral |
| ATR (14) | 5.2 | High Volatility |
| ROC (12) | 18.47 | Buy |
| Stoch RSI (14) | 74.89 | Neutral |
| UO (7,14,28) | 47.52 | Neutral |

## Filings & Documents

### Other Documents

| Date | Document |
| --- | --- |
| 9 June 2026 - Munish Forge Limited has informed regarding Outcome of Board Meeting held on Jun 09, 2026. | [Outcome of Board Meeting 9 June 2026 - Munish Forge Limited has informed regarding Outcome of Board Meeting held on Jun 09, 2026.](https://nsearchives.nseindia.com/corporate/MUNISHINC_09062026173847_DisclosureunderRegulation30.pdf) |
| 9 June 2026 - Munish Forge Limited has informed about General Updates | [General Updates 9 June 2026 - Munish Forge Limited has informed about General Updates](https://nsearchives.nseindia.com/corporate/MUNISHINC_09062026174033_DisclosureunderRegulation30.pdf) |
| 8 Jul - SDD compliance certificate for quarter ended 30 June 2026; no non-compliance observed. | [Structural Digital Database 8 Jul - SDD compliance certificate for quarter ended 30 June 2026; no non-compliance observed.](https://nsearchives.nseindia.com/corporate/MUNISHINC_08072026164233_SDDCOMPLIANCECERTIFICATE.pdf) |
| 7 Sep - Munish Forge Limited has informed about Copy of Newspaper Publication | [Copy of Newspaper Publication 7 Sep - Munish Forge Limited has informed about Copy of Newspaper Publication](https://nsearchives.nseindia.com/corporate/MUNISHINC_07092026144811_Newspaper_Publication.pdf) |
| 7 Jul - Munish Forge says corporate governance provisions don't apply for quarter ended 30 June 2026 under SME listing. | [Quarterly Compliance Report on Corporate governance - within 21 days from the end of the quarter 7 Jul - Munish Forge says corporate governance provisions don't apply for quarter ended 30 June 2026 under SME listing.](https://nsearchives.nseindia.com/corporate/MUNISHINC_07072026171213_Non-ApplicabilityofCorporateGovernanceProvisions.pdf) |
| 7 April 2026 - Munish Forge Limited has informed about Certificate under SEBI (Depositories and Participants) Regulations, 2018 | [Certificate under SEBI (Depositories and Participants) Regulations, 2018 7 April 2026 - Munish Forge Limited has informed about Certificate under SEBI (Depositories and Participants) Regulations, 2018](https://nsearchives.nseindia.com/corporate/MUNISHINC_07042026112300_Certificateunderregulation74_5_.pdf) |
| 6 March 2026 - Forge Limited has informed regarding Outcome of Board Meeting held on March 06, 2026. | [Outcome of Board Meeting 6 March 2026 - Forge Limited has informed regarding Outcome of Board Meeting held on March 06, 2026.](https://nsearchives.nseindia.com/corporate/MUNISHINC_06032026164206_Appointment_of_Secretarial_Auditor.pdf) |
| 6 March 2026 - Forge Limited has informed regarding Change in Auditors of the company. | [Change in Auditors 6 March 2026 - Forge Limited has informed regarding Change in Auditors of the company.](https://nsearchives.nseindia.com/corporate/MUNISHINC_06032026164012_Appointment_of_Secretarial_Auditor.pdf) |
| 6 July 2026 - Munish Forge Limited has informed about Certificate under SEBI (Depositories and Participants) Regulations, 2018 | [Certificate under SEBI (Depositories and Participants) Regulations, 2018 6 July 2026 - Munish Forge Limited has informed about Certificate under SEBI (Depositories and Participants) Regulations, 2018](https://nsearchives.nseindia.com/corporate/MUNISHINC_06072026114822_Certificateunderregulation74_5_.pdf) |
| 5 Sep - Munish Forge AGM on 30 Sep 2026 to adopt FY26 results and approve auditor changes, loans and investments. | [Shareholders meeting 5 Sep - Munish Forge AGM on 30 Sep 2026 to adopt FY26 results and approve auditor changes, loans and investments.](https://nsearchives.nseindia.com/corporate/MUNISHINC_05092026191528_Notice_of_AGM.pdf) |

### Annual Reports

| Date | Document |
| --- | --- |
| from nse | [Annual Report 2026 from nse](https://archives.nseindia.com/annual_reports/SME_AR_31599_MUNISH_2025_2026_A_41124764_05092026192131.pdf) |

### Earnings Call Documents

| Date | Document |
| --- | --- |
| Nov 2025 | [Concall - Nov 2025](https://nsearchives.nseindia.com/corporate/MUNISHINC_24112025191115_Transcript_Investor_meet.pdf) |

---

Provenance differs by section. Financial statements, shareholding and filings are as reported in company disclosures to NSE/BSE/SEBI. Price, volume and 52-week levels are exchange market data. Technical indicators are computed by Tapetide from daily closing prices. The Tapetide Score is Tapetide's own analysis. Analyst ratings are third-party estimates, not company statements. All figures are for research and information only and are not investment advice. Generated 2026-09-13T18:33:50.408Z.