Balu Forge Industries Ltd.

•

baluindustries.comBSE: 531112NSE: BALUFORGE

Market Cap₹ 6,473 Cr.

Current Price

High / Low₹ 697 / 341

Stock P/E24.2

Book Value₹ 137

Price to Book2.94

Dividend Yield0.03 %

ROCE23.0 %

ROE20.2 %

Face Value₹ 10

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ABOUT

AI Sector View

AI GENERATED

Capital Goods

Buy

Capital goods is supported by strong public capex and still-expansionary industrial activity. Capital expenditure rose 66% YoY (2026-06), GST collections grew 8% YoY (2026-07), and the core industries Overall Index increased 5.4% YoY (2026-07). E-way bills slowed to 6% YoY (2026-07) and sector FPI flows show INR -9697 crore net outflow over 3 months to 2026-08-31, but the investment cycle and fiscal impulse remain favorable.

Confidence

72%

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PROS

Company has delivered good profit growth of 102.4% CAGR over last 5 years
Company is almost debt free
Company has a healthy return on capital (ROCE) of 28.1%
Company has a good return on equity (ROE) track record: 3 Years ROE 24.4%
Company has delivered good sales growth of 50.8% CAGR over last 5 years
Company has consistently been profitable over the last 5 years

CONS

Promoter holding has decreased over last 2 years: -2.6pp
Poor cash conversion - profits are not backed by operating cash flow (CFO/PAT 0.27x)
Free cash flow has been persistently negative
Total debt has risen sharply - up 252.8% year on year
Equity base is being diluted - shares outstanding up 45.6%

* The pros and cons are machine generated based on quantitative rules.

Peer comparison

Capital GoodsAutomobile & AncillariesForgings

Part ofNIFTY MICROCAP250 NIFTY TOTAL MKT

S.No.	Name
1.	BHARATFORG	1940.00	131.33	92749.19	0.44	-89.89	-131.67	4639.94	18.71	12.46	15.05
2.	HAPPYFORGE	2167.15	62.47	20453.29	0.18	91.46	39.24	449.42	27.03	18.19	31.34
3.	RKFORGE	710.70	121.12	12946.91	0.14	46.88	297.76	1216.67	19.84	5.56	17.91
4.	BALUFORGE	533.25	24.16	6473.22	0.03	66.09	15.89	300.72	28.95	22.95	28.19
5.	MMFL	632.10	18.02	3051.88	0.63	90.42	371.26	420.48	18.71	9.00	17.82
6.	HILTON	18.11	18.27	93.21	0.00	18.06	11940.00	589.56	2573.74	7.92	6.93
7.	GANGAFORGE	1.58	0.00	53.25	0.00	10.58	3748.28	71.85	827.58	4.06	9.34

Detailed Comparison with:

Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	112	139	147	161	175	223	256	270	233	300	311	264	301
	90	109	114	127	132	158	188	195	161	217	227	204	224
Operating Profit	22	30	33	34	43	65	68	75	72	83	85	60	77
OPM %	19.49%	21.63%	22.25%	21.33%	24.64%	29.26%	26.47%	27.81%	30.99%	27.65%	27.17%	22.74%	25.56%
	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
Profit before Tax	19	30	30	34	42	64	74	74	70	80	81	75	81
Tax %	12.59%	22.33%	15.86%	18.41%	18.49%	24.78%	20.44%	15.37%	18.58%	18.63%	11.86%	12.83%	18.13%
Net Profit	0	0	0	0	34	48	59	63	57	65	71	66	66
	2.00	2.47	2.58	2.76	3.33	4.55	5.52	5.74	5.04	6.08	6.41	6.35	5.49

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
	142	286	327	560	924	1,107	1,175
	130	249	277	441	677	810	871
Operating Profit	12	37	50	119	246	297	304
OPM %	8.62%	12.95%	15.24%	21.28%	26.67%	26.85%	25.89%
	5	8	13	10	22	35	35
Interest	7	5	11	14	11	16	19
Depreciation	1	1	1	2	3	10	12
Profit before Tax	10	39	51	114	254	306	317
Tax %	21.77%	23.64%	23.04%	17.75%	19.72%	15.41%	15.40%
Net Profit	8	30	39	93	204	259	268
EPS	1.64	3.61	4.67	9.11	18.40	21.33	—
Dividend Payout %	0.00%	2.76%	0.00%	1.65%	0.81%	0.70%	—

COMPOUNDED SALES GROWTH

10 Years:: —
5 Years:: 51%
3 Years:: 50%

COMPOUNDED PROFIT GROWTH

10 Years:: —
5 Years:: 102%
3 Years:: 88%

STOCK PRICE CAGR

10 Years:: —
5 Years:: —
3 Years:: —
1 Year:: -21%

RETURN ON EQUITY

10 Years:: —
5 Years:: 24%
3 Years:: 24%
Last Year:: 20%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital	69	82	83	103	111	121
	7	75	114	427	853	1,473
	25	47	45	40	31	139
Trade Payables	48	45	66	81	118	63
	23	35	60	58	138	52
Total Liabilities	171	284	369	709	1,250	1,849
	42	42	48	57	183	547
Capital Work in Progress	0	7	7	130	417	277
	20	42	35	89	98	145
	0	0	211	218	327	425
Cash & Bank	3	7	8	91	96	89
	105	186	60	123	129	365
Total Assets	171	284	369	709	1,250	1,849

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	19	-69	14	-32	148	32
Cash from Investing	-3	-8	-21	-134	-416	-354
Cash from Financing	-12	69	-6	249	273	315
	2	4	-1	83	5	-7

Ratios

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026

Shareholding Pattern

Numbers in percentages

Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
56.07	54.71	54.71	55.25	54.85	54.85	54.87	54.39	53.51
8.51	10.43	6.93	7.07	8.20	8.33	7.94	6.03	5.04
1.43	0.93	0.97	1.07	0.86	0.83	0.80	0.89	0.95
0.00	0.00	4.23	4.17	4.06	4.06	4.06	4.02	3.86
33.99	33.93	33.16	32.43	32.03	31.93	32.34	34.67	36.64

Documents

Corporate disclosures, annual reports, credit ratings, and concall transcripts

2026-09-08

Copy of Newspaper Publication

2026-09-08 - Balu Forge Industries Limited has informed the Exchange about Copy of Newspaper Publication

2026-09-08

Analysts/Institutional Investor Meet/Con. Call Updates

2026-09-08 - Balu Forge Industries Limited has informed the Exchange about Schedule of meet

2026-09-07

Updates

2026-09-07 - Balu Forge Industries Limited has informed the Exchange regarding 'dispatch of Web-Link letters to shareholders who have not registered their email ID pursuant to Regulation 36(1)(b) of SEBI (LODR) Regulations, 2015'.'.

2026-09-07

Shareholders meeting

2026-09-07 - Balu Forge Industries Limited has informed the Exchange regarding Notice of Annual General Meeting to be held on September 30, 2026

2026-09-07

Analysts/Institutional Investor Meet/Con. Call Updates

2026-09-07 - Balu Forge Industries Limited has informed the Exchange about Schedule of meet

2026-09-07

General Updates

2026-09-07 - Balu Forge Industries Limited has informed the Exchange about Intimation of Book Closure for the purpose of Dividend.

2026-09-07

Outcome of Board Meeting

2026-09-07 - Balu Forge Industries Limited has informed the Exchange regarding Outcome of Board Meeting held on September 07, 2026.

2026-09-07

Record Date

2026-09-07 - Balu Forge Industries Limited has informed the Exchange that Record date for the purpose of Dividend is 18-Sep-2026.

2026-09-07

Dividend

2026-09-07 - Balu Forge Industries Limited has informed the Exchange that Board of Directors at its meeting held on September 07, 2026, recommended Final Dividend of Rs. 0.15 per equity share.

News

Recent coverage and analyst commentary for BALUFORGE

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Balu Forge Industries Ltd.

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Free 5nance Account

Name

BHARATFORG

1940.00

131.33

92749.19

0.44

-89.89

-131.67

4639.94

18.71

12.46

15.05

HAPPYFORGE

2167.15

62.47

20453.29

0.18

91.46

39.24

449.42

27.03

18.19

31.34

RKFORGE

710.70

121.12

12946.91

0.14

46.88

297.76

1216.67

19.84

5.56

17.91

BALUFORGE

533.25

24.16

6473.22

0.03

66.09

15.89

300.72

28.95

22.95

28.19

MMFL

632.10

18.02

3051.88

0.63

90.42

371.26

420.48

18.71

9.00

17.82

HILTON

18.11

18.27

93.21

0.00

18.06

11940.00

589.56

2573.74

7.92

6.93

GANGAFORGE

1.58

0.00

53.25

0.00

10.58

3748.28

71.85

827.58

4.06

9.34

Jun 2023

Sep 2023

Dec 2023

Mar 2024

Jun 2024

Sep 2024

Dec 2024

Mar 2025

Jun 2025

Sep 2025

Dec 2025

Mar 2026

Jun 2026

112

139

147

161

175

223

256

270

233

300

311

264

301

109

114

127

132

158

188

195

161

217

227

204

224

Operating Profit

OPM %

19.49%

21.63%

22.25%

21.33%

24.64%

29.26%

26.47%

27.81%

30.99%

27.65%

27.17%

22.74%

25.56%

Interest

Depreciation

Profit before Tax

Tax %

12.59%

22.33%

15.86%

18.41%

18.49%

24.78%

20.44%

15.37%

18.58%

18.63%

11.86%

12.83%

18.13%

Net Profit

2.00

2.47

2.58

2.76

3.33

4.55

5.52

5.74

5.04

6.08

6.41

6.35

5.49

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

TTM

142

286

327

560

924

1,107

1,175

130

249

277

441

677

810

871

Operating Profit

119

246

297

304

OPM %

8.62%

12.95%

15.24%

21.28%

26.67%

26.85%

25.89%

Interest

Depreciation

Profit before Tax

114

254

306

317

Tax %

21.77%

23.64%

23.04%

17.75%

19.72%

15.41%

15.40%

Net Profit

204

259

268

EPS

1.64

3.61

4.67

9.11

18.40

21.33

—

Dividend Payout %

0.00%

2.76%

0.00%

1.65%

0.81%

0.70%

—

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

Equity Capital

103

111

121

114

427

853

1,473

139

Trade Payables

118

138

Total Liabilities

171

284

369

709

1,250

1,849

183

547

Capital Work in Progress

130

417

277

145

211

218

327

425

Cash & Bank

105

186

123

129

365

Total Assets

171

284

369

709

1,250

1,849

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

-69

-32

148

Cash from Investing

-3

-8

-21

-134

-416

-354

Cash from Financing

-12

-6

249

273

315

-1

-7

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

Jun 2024

Sep 2024

Dec 2024

Mar 2025

Jun 2025

Sep 2025

Dec 2025

Mar 2026

Jun 2026

56.07

54.71

55.25

54.85

54.87

54.39

53.51

8.51

10.43

6.93

7.07

8.20

8.33

7.94

6.03

5.04

1.43

0.93

0.97

1.07

0.86

0.83

0.80

0.89

0.95

0.00

4.23

4.17

4.06

4.02

3.86

33.99

33.93

33.16

32.43

32.03

31.93

32.34

34.67

36.64

Balu Forge Industries Ltd.

AI Sector View

Peer comparison

Quarterly Results

Profit & Loss

Balance Sheet

Corporate actions

Cash Flows

Ratios

Shareholding Pattern

Documents

News

Sign in to Chat with AI

Balu Forge Industries Ltd.

AI Sector View

Peer comparison

Quarterly Results

Profit & Loss

Balance Sheet

Corporate actions

Cash Flows

Ratios

Shareholding Pattern

Documents

News

Sign in to Chat with AI