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Balu Forge Industries Ltd.

•
baluindustries.comBSE: 531112NSE: BALUFORGE
Market Cap₹ 6,514 Cr.
Current Price
High / Low₹ 697 / 341
Stock P/E41.5
Book Value₹ 116
Price to Book3.42
Dividend Yield0.03 %
ROCE17.5 %
ROE13.7 %
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%
View full sector analysis →

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

Capital GoodsAutomobile & AncillariesForgings
Part ofNIFTY MICROCAP250NIFTY TOTAL MKT
S.No.Name
1.BHARATFORG1950.00132.0093227.280.44-89.89-131.674639.9418.7112.4615.05
2.HAPPYFORGE2236.2564.4621105.440.1891.4639.24449.4227.0318.1931.34
3.RKFORGE727.05123.9113244.760.1446.88297.761216.6719.845.5617.91
4.BALUFORGE536.6524.316514.500.0366.0915.89300.7228.9522.9528.19
5.MMFL644.1518.363110.060.6290.42371.26420.4818.719.0017.82
6.HILTON18.4818.6495.110.0018.0611940.00589.562573.747.926.93
7.GANGAFORGE1.600.0053.920.0010.583748.2871.85827.584.069.34
Detailed Comparison with:

Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
70102104113123157161158150167171159175
5478788690109112107101114119120125
Operating Profit15242627334948514953523950
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%
04241294234243
Interest2444232424555
Depreciation0000111122333
Profit before Tax13242327324855504750485552
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 Profit10171921243240383436394538
1.241.851.902.022.343.023.633.513.013.123.373.853.11

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
0000142285269388598647672
0000130247227296424457479
Operating Profit-000012384392175191194
OPM %-33.06%45.54%28.49%30.60%8.62%13.20%15.80%23.65%29.22%29.44%28.80%
0000581311233534
Interest0000751014111619
Depreciation000011113911
Profit before Tax000010404487184200206
Tax %-9.55%21.26%-265.11%42.00%21.77%23.29%26.70%23.10%27.17%23.54%23.71%
Net Profit00008303267134153157
EPS1.001.955.421.161.644.043.846.5412.1212.62—
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

Corporate actions

2026

Sep 18

₹ 0.01

Rs.0.1500 per share(1.5%)Final Dividend

2025

Sep 19

₹ 0.01

Rs.0.1500 per share(1.5%)Final Dividend

2024

Sep 20

₹ 0.01

Rs.0.1500 per share(1.5%)Final Dividend

2021

Nov 17

₹ 0.01

Rs.0.1000 per share(1%)Interim Dividend

Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital0000698283103111121
-0-0-0-07761083957481,248
00002547514027139
Trade Payables00004845577911252
00-0-02335495514150
Total Liabilities00001712853496711,1391,611
000042424352178542
Capital Work in Progress0000077130417274
00002041348173113
0000000191267339
Cash & Bank0000378909688
0000105188258127107255
Total Assets00001712853496711,1391,611

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
-0-00019-6988141-13
Cash from Investing0000-3-8-16-174-409-333
Cash from Financing-00-0-0-1269-6249273337
-0-00-024-1835-8

Ratios

Standalone Figures in Rs. Crores / View Consolidated

Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026

Shareholding Pattern

Numbers in percentages

Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
56.0754.7154.7155.2554.8554.8554.8754.3953.51
8.5110.436.937.078.208.337.946.035.04
1.430.930.971.070.860.830.800.890.95
0.000.004.234.174.064.064.064.023.86
33.9933.9333.1632.4332.0331.9332.3434.6736.64

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.

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