Munish Forge Ltd.

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munishforge.comBSE: -NSE: MUNISH

Market Cap₹ 200 Cr.

Current Price

High / Low₹ 143 / 50

Stock P/E19.0

Book Value₹ 53

Price to Book1.57

Dividend Yield0.00 %

ROCE11.9 %

ROE11.5 %

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 25.0% CAGR over last 5 years
Strong cash generation - operating cash flow backs reported profits (CFO/PAT 3.82x)
Company generates healthy free cash flow

CONS

A large part of profit comes from other income (29.3% of PBT)
Company has a low return on equity of 8.5% over last 3 years
Company has a low return on capital employed of 11.0%
Company has delivered a poor sales growth of 4.2% over past five years
Operating margins have contracted to 7.2% from 10.5%

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

Peer comparison

Capital GoodsAutomobile & AncillariesCastings/Forgings

Part ofNIFTY 50 NIFTY 500 NIFTY LARGEMIDCAP 250 NIFTY 100 NIFTY 200

S.No.	Name
1.	AIAENG	4157.65	30.64	38799.34	0.38	300.99	-1.37	1168.02	13.84	21.16	26.89
2.	PTCIL	22689.20	270.84	34016.89	0.00	29.19	466.19	191.80	97.42	7.66	25.49
3.	STEELCAS	328.90	36.70	3328.47	0.52	23.71	19.28	124.82	16.99	32.41	25.63
4.	ALICON	664.20	29.81	1090.07	0.30	114.46	1128.90	5780.06	1279.12	11.84	9.38
5.	NELCAST	117.25	24.84	1020.09	0.60	5.14	-58.92	341.05	2.77	11.46	4.62
6.	SGIL	587.90	196.24	913.77	0.00	-10.11	—	75.15	-22.90	9.07	6.30
7.	SIMPLEXCAS	101.50	33.53	410.59	0.00	0.80	102.97	195.62	-5.47	24.10	18.14
8.	MUNISH	83.15	19.88	200.14	0.00	—	—	—	—	18.95	—

Detailed Comparison with:

Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

No standalone quarterly results found

We don't have this information yet. Please check back later.

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024
	110	115	100	115	130	120	74	125	160	160
	105	110	95	110	126	114	72	115	151	148
Operating Profit	7	9	8	9	9	10	8	10	10	13
OPM %	6	8	8	8	7	8	10	8	6	8
Other Income	2	4	3	4	5	4	6	1	1	2
Interest	4	4	4	4	4	4	4	5	5	5
Depreciation	2	3	3	3	3	4	4	4	3	3
	1	2	1	2	2	2	0	1	2	6
Tax %	27	6	12	13	10	8	-133	-21	18	24
Net Profit	1	2	1	1	1	2	0	1	2	4
EPS	9	17	12	15	15	19	2	1	20	46
Dividend Payout %	0	0	0	0	0	0	0	0	0	0
Minority Interest	0	0	0	0	0	0	0	0	0	0
Share of Associates	0	0	0	0	0	0	0	0	0	0
Adjusted EPS	1	1	1	1	1	1	0	1	1	3

COMPOUNDED SALES GROWTH

10 Years:: —
5 Years:: 4%
3 Years:: 30%

COMPOUNDED PROFIT GROWTH

10 Years:: 22%
5 Years:: 25%
3 Years:: 198%

STOCK PRICE CAGR

10 Years:: —
5 Years:: —
3 Years:: —
1 Year:: —

RETURN ON EQUITY

10 Years:: 5%
5 Years:: 6%
3 Years:: 8%
Last Year:: 11%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024
LIABILITIES	-	-	-	-	-	-	-	-	-	-
	9	9	9	9	10	10	10	10	10	10
	17	19	20	21	24	26	26	24	26	31
	17	23	25	38	38	35	29	47	43	40
Trade Payables	24	17	22	24	23	20	21	12	7	12
	24	25	23	20	26	23	28	28	20	20
Total Liabilities	91	93	100	113	120	114	113	121	107	113
ASSETS	-	-	-	-	-	-	-	-	-	-
	28	32	32	30	30	33	30	26	24	21
Capital Work in Progress	5	2	0	1	2	0	0	0	0	5
	22	16	25	31	39	46	43	49	36	48
	0	0	0	0	0	0	0	0	0	20
Cash & Bank	4	8	3	5	5	3	3	4	11	3
	33	35	39	45	43	32	37	44	36	15
Total Assets	91	93	100	113	120	114	113	121	107	113
Total Debt	33	39	40	50	52	48	46	59	50	47
Net Working Capital	13	14	15	16	20	19	26	26	24	25
Contingent Liabilities	0	0	1	5	4	4	4	3	3	3
Book Value per Share	282.69	305.20	316.73	331.84	348.77	367.42	368.51	353.92	372.93	420.51
Face Value	100.00	100.00	100.00	100.00	100.00	100.00	100.00	100.00	100.00	100.00

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024
	1	10	1	8	4	7	0	6	20	4
Cash from Investing	-3	-4	-1	-1	-5	-5	-0	1	-0	-5
Cash from Financing	-1	-2	-4	-5	0	-4	1	-5	-14	-8
	-3	4	-4	2	0	-3	1	2	6	-8
Free Cash Flow	-3	7	-0	7	-0	2	-0	6	20	-0
OCF / Net Profit	1.49	6.51	0.67	5.91	2.99	4.05	2.55	4.00	10.04	0.98
Cumulative 5-Year FCF	0	0	0	0	10	16	9	15	27	27

Ratios

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024
PER SHARE
EPS (₹)	9.05	16.69	11.53	15.12	14.90	18.66	1.72	14.80	20.41	45.55
Book Value (₹)	282.69	305.20	316.73	331.84	348.77	367.42	368.51	353.92	372.93	420.51
Dividend per Share (₹)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Cash EPS (₹)	1.87	3.02	2.73	2.95	2.98	3.52	2.54	3.11	3.07	4.37
PROFITABILITY
Operating Margin %	5.77%	6.97%	7.78%	7.44%	6.88%	8.50%	10.48%	7.91%	6.36%	7.15%
Net Margin %	0.71%	1.24%	1.00%	1.19%	1.10%	1.50%	0.23%	1.14%	1.23%	2.75%
ROE %	3.45%	5.68%	3.71%	4.66%	4.47%	5.21%	0.47%	8.36%	5.62%	11.48%
ROCE %	7.98%	8.42%	7.29%	7.25%	6.55%	7.29%	4.42%	13.24%	7.95%	11.92%
	0.93%	1.67%	1.10%	1.31%	1.24%	1.54%	0.15%	2.35%	1.72%	3.99%
EFFICIENCY
Debtor Days	71	78	92	93	94	83	102	68	51	47
Inventory Days	75	55	71	88	99	130	222	142	96	96
Payable Days	124	114	127	128	114	118	196	26	33	30
	22	19	37	53	79	95	128	184	114	113
FINANCIAL HEALTH
Debt to Equity (x)	1.23x	1.36x	1.33x	1.59x	1.51x	1.33x	1.28x	1.73x	1.40x	1.16x
Interest Coverage (x)	1.32x	1.43x	1.32x	1.41x	1.41x	1.46x	1.02x	1.24x	1.51x	2.26x
	1.29x	1.31x	1.29x	1.25x	1.29x	1.31x	1.45x	1.39x	1.42x	1.42x
GROWTH
Revenue Growth %	0.00%	4.99%	-12.97%	14.94%	13.31%	-8.00%	-38.63%	0.00%	28.58%	-0.15%
Operating Profit Growth %	1038.70%	26.32%	-3.97%	5.54%	2.48%	13.74%	-24.36%	0.00%	3.49%	28.81%
Net Profit Growth %	39.27%	84.33%	-30.88%	31.06%	2.98%	25.17%	-90.76%	0.00%	37.97%	123.12%
	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	123.12%
VALUATION
P/E (x)	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x
P/B (x)	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x
Dividend Yield %	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	4.08x

Shareholding Pattern

Numbers in percentages

	Sep 2014	Mar 2026
	14.46	68.01
	0.00	1.93
	0.00	3.59
Government	0.00	0.00
	85.54	26.46

Documents

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

No announcements filed.

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