Balu Forge Industries Ltd.
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ABOUT
AI Sector View
AI GENERATEDCapital Goods
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.
PROS
- Company has delivered good profit growth of 82.3% CAGR over last 5 years
- Company is almost debt free
- Company has a healthy return on capital (ROCE) of 22.5%
- Company has delivered good sales growth of 35.4% CAGR over last 5 years
- Operating margins have improved to 29.4% from 20.6%
CONS
- Operating cash flow has been negative in recent years
- Receivables are growing faster than sales - a possible quality concern
- Promoter holding has decreased over last 2 years: -2.6pp
- Poor cash conversion - profits are not backed by operating cash flow (CFO/PAT 0.39x)
- Free cash flow has been persistently negative
- Total debt has risen sharply - up 252.8% year on year
* The pros and cons are machine generated based on quantitative rules.
Peer comparison
| Name | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| BHARATFORG | 1950.00 | 132.00 | 93227.28 | 0.44 | -89.89 | -131.67 | 4639.94 | 18.71 | 12.46 | 15.05 |
| HAPPYFORGE | 2236.25 | 64.46 | 21105.44 | 0.18 | 91.46 | 39.24 | 449.42 | 27.03 | 18.19 | 31.34 |
| RKFORGE | 727.05 | 123.91 | 13244.76 | 0.14 | 46.88 | 297.76 | 1216.67 | 19.84 | 5.56 | 17.91 |
| BALUFORGE | 536.65 | 24.31 | 6514.50 | 0.03 | 66.09 | 15.89 | 300.72 | 28.95 | 22.95 | 28.19 |
| MMFL | 644.15 | 18.36 | 3110.06 | 0.62 | 90.42 | 371.26 | 420.48 | 18.71 | 9.00 | 17.82 |
| HILTON | 18.48 | 18.64 | 95.11 | 0.00 | 18.06 | 11940.00 | 589.56 | 2573.74 | 7.92 | 6.93 |
| GANGAFORGE | 1.60 | 0.00 | 53.92 | 0.00 | 10.58 | 3748.28 | 71.85 | 827.58 | 4.06 | 9.34 |
Quarterly Results
Standalone Figures in Rs. Crores / View Consolidated
| 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 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 70 | 102 | 104 | 113 | 123 | 157 | 161 | 158 | 150 | 167 | 171 | 159 | 175 | |
| 54 | 78 | 78 | 86 | 90 | 109 | 112 | 107 | 101 | 114 | 119 | 120 | 125 | |
| Operating Profit | 15 | 24 | 26 | 27 | 33 | 49 | 48 | 51 | 49 | 53 | 52 | 39 | 50 |
| OPM % | 22.05% | 23.59% | 24.83% | 23.62% | 26.67% | 31.03% | 30.17% | 32.09% | 32.50% | 31.86% | 30.29% | 24.47% | 28.38% |
| 0 | 4 | 2 | 4 | 1 | 2 | 9 | 4 | 2 | 3 | 4 | 24 | 3 | |
| Interest | 2 | 4 | 4 | 4 | 2 | 3 | 2 | 4 | 2 | 4 | 5 | 5 | 5 |
| Depreciation | 0 | 0 | 0 | 0 | 1 | 1 | 1 | 1 | 2 | 2 | 3 | 3 | 3 |
| Profit before Tax | 13 | 24 | 23 | 27 | 32 | 48 | 55 | 50 | 47 | 50 | 48 | 55 | 52 |
| Tax % | 18.88% | 27.72% | 20.27% | 23.43% | 24.37% | 33.12% | 27.61% | 22.82% | 27.65% | 29.51% | 19.89% | 17.69% | 27.92% |
| Net Profit | 10 | 17 | 19 | 21 | 24 | 32 | 40 | 38 | 34 | 36 | 39 | 45 | 38 |
| 1.24 | 1.85 | 1.90 | 2.02 | 2.34 | 3.02 | 3.63 | 3.51 | 3.01 | 3.12 | 3.37 | 3.85 | 3.11 |
Profit & Loss
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 0 | 0 | 0 | 0 | 142 | 285 | 269 | 388 | 598 | 647 | 672 | |
| 0 | 0 | 0 | 0 | 130 | 247 | 227 | 296 | 424 | 457 | 479 | |
| Operating Profit | -0 | 0 | 0 | 0 | 12 | 38 | 43 | 92 | 175 | 191 | 194 |
| OPM % | -33.06% | 45.54% | 28.49% | 30.60% | 8.62% | 13.20% | 15.80% | 23.65% | 29.22% | 29.44% | 28.80% |
| 0 | 0 | 0 | 0 | 5 | 8 | 13 | 11 | 23 | 35 | 34 | |
| Interest | 0 | 0 | 0 | 0 | 7 | 5 | 10 | 14 | 11 | 16 | 19 |
| Depreciation | 0 | 0 | 0 | 0 | 1 | 1 | 1 | 1 | 3 | 9 | 11 |
| Profit before Tax | 0 | 0 | 0 | 0 | 10 | 40 | 44 | 87 | 184 | 200 | 206 |
| Tax % | -9.55% | 21.26% | -265.11% | 42.00% | 21.77% | 23.29% | 26.70% | 23.10% | 27.17% | 23.54% | 23.71% |
| Net Profit | 0 | 0 | 0 | 0 | 8 | 30 | 32 | 67 | 134 | 153 | 157 |
| EPS | 1.00 | 1.95 | 5.42 | 1.16 | 1.64 | 4.04 | 3.84 | 6.54 | 12.12 | 12.62 | — |
| Dividend Payout % | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 2.70% | 0.00% | 2.29% | 1.24% | 1.19% | — |
COMPOUNDED SALES GROWTH
- 10 Years:
- 160%
- 5 Years:
- 35%
- 3 Years:
- 34%
COMPOUNDED PROFIT GROWTH
- 10 Years:
- —
- 5 Years:
- 82%
- 3 Years:
- 69%
STOCK PRICE CAGR
- 10 Years:
- —
- 5 Years:
- —
- 3 Years:
- —
- 1 Year:
- -21%
RETURN ON EQUITY
- 10 Years:
- 41%
- 5 Years:
- 19%
- 3 Years:
- 18%
- Last Year:
- 14%
Balance Sheet
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 0 | 0 | 0 | 0 | 69 | 82 | 83 | 103 | 111 | 121 |
| -0 | -0 | -0 | -0 | 7 | 76 | 108 | 395 | 748 | 1,248 | |
| 0 | 0 | 0 | 0 | 25 | 47 | 51 | 40 | 27 | 139 | |
| Trade Payables | 0 | 0 | 0 | 0 | 48 | 45 | 57 | 79 | 112 | 52 |
| 0 | 0 | -0 | -0 | 23 | 35 | 49 | 55 | 141 | 50 | |
| Total Liabilities | 0 | 0 | 0 | 0 | 171 | 285 | 349 | 671 | 1,139 | 1,611 |
| 0 | 0 | 0 | 0 | 42 | 42 | 43 | 52 | 178 | 542 | |
| Capital Work in Progress | 0 | 0 | 0 | 0 | 0 | 7 | 7 | 130 | 417 | 274 |
| 0 | 0 | 0 | 0 | 20 | 41 | 34 | 81 | 73 | 113 | |
| 0 | 0 | 0 | 0 | 0 | 0 | 0 | 191 | 267 | 339 | |
| Cash & Bank | 0 | 0 | 0 | 0 | 3 | 7 | 8 | 90 | 96 | 88 |
| 0 | 0 | 0 | 0 | 105 | 188 | 258 | 127 | 107 | 255 | |
| Total Assets | 0 | 0 | 0 | 0 | 171 | 285 | 349 | 671 | 1,139 | 1,611 |
Cash Flows
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| -0 | -0 | 0 | 0 | 19 | -69 | 8 | 8 | 141 | -13 | |
| Cash from Investing | 0 | 0 | 0 | 0 | -3 | -8 | -16 | -174 | -409 | -333 |
| Cash from Financing | -0 | 0 | -0 | -0 | -12 | 69 | -6 | 249 | 273 | 337 |
| -0 | -0 | 0 | -0 | 2 | 4 | -1 | 83 | 5 | -8 |
Ratios
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
Documents
Corporate disclosures, annual reports, credit ratings, and concall transcripts
2026-09-08 - Balu Forge Industries Limited has informed the Exchange about Copy of Newspaper Publication
2026-09-08 - Balu Forge Industries Limited has informed the Exchange about Schedule of meet
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 - Balu Forge Industries Limited has informed the Exchange regarding Notice of Annual General Meeting to be held on September 30, 2026
2026-09-07 - Balu Forge Industries Limited has informed the Exchange about Schedule of meet
2026-09-07 - Balu Forge Industries Limited has informed the Exchange about Intimation of Book Closure for the purpose of Dividend.
2026-09-07 - Balu Forge Industries Limited has informed the Exchange regarding Outcome of Board Meeting held on September 07, 2026.
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 - 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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