Balu Forge Industries Ltd.
•₹ 555.41.58%
2026-08-21
PROS
- Company is almost debt free
- Company has a healthy return on capital (ROCE) of 24.7%
- Operating margins have improved to 29.2% from 16.2%
- Working capital cycle has improved - days down from 286 to 193
- Company comfortably covers its interest (17.8x coverage)
- Attractively priced for its growth - PEG of 0.8
CONS
- Promoter holding has decreased over last 2 years: -2.6pp
- Equity base is being diluted - shares outstanding up 34.6%
- Stock is trading at 8.2x its book value
- Rich enterprise valuation - EV/EBITDA of 35.4x
* The pros and cons are machine generated based on quantitative rules.
Peer comparison
EDIT COLUMNS| S.No. | Name | CMP Rs. | P/E | Mar Cap Rs.Cr. | Div Yld % | NP Qtr Rs.Cr. | Qtr Profit Var % | Sales Qtr Rs.Cr. | Qtr Sales Var % | ROCE % | OPM % |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 1. | BHARATFORG | 2065.00 | 139.79 | 98725.30 | 0.41 | -89.89 | -131.67 | 4639.94 | 18.71 | 12.46 | 15.05 |
| 2. | HAPPYFORGE | 2305.95 | 66.47 | 21763.26 | 0.17 | 91.46 | 39.24 | 449.42 | 27.03 | 18.19 | 31.34 |
| 3. | RKFORGE | 748.15 | 127.50 | 13629.05 | 0.13 | 46.88 | 297.76 | 1216.67 | 19.84 | 5.56 | 17.91 |
| 4. | BALUFORGE | 537.50 | 24.35 | 6524.81 | 0.00 | 66.09 | 15.89 | 300.72 | 28.95 | 31.33 | 28.19 |
| 5. | MMFL | 655.90 | 18.70 | 3166.79 | 0.61 | 90.42 | 371.26 | 420.48 | 18.71 | 9.00 | 17.82 |
| 6. | KALYANIFRG | 678.75 | 0.00 | 246.93 | 0.59 | 4.48 | 217.73 | 66.80 | 4.16 | 12.26 | 15.89 |
| 7. | GANGAFORGE | 2.26 | 0.00 | 76.16 | 0.00 | 10.58 | 3748.28 | 71.85 | 827.58 | 4.06 | 9.34 |
Detailed Comparison with:
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 | — | — | — | — | — | — | — | — | — | — | — | — | — |
| OPM % | — | — | — | — | — | — | — | — | — | — | — | — | — |
| Other Income | 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 |
| 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 | 2 | 2 | 2 | 2 | 3 | 4 | 4 | 3 | 3 | 3 | 4 | 0 | |
| Equity Capital | 83 | 100 | 103 | 103 | 103 | 109 | 109 | 111 | 114 | 114 | 115 | 121 | 121 |
| Reserves | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Promoter Pledge % | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
| Equity Capital | 83 | 100 | 103 | 103 | 103 | 109 | 109 | 111 | 114 | 114 | 115 | 121 | 121 |
| Reserves | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Promoter Pledge % | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Jun 2023
- 70
- 54
- Operating Profit
- —
- OPM %
- —
- Other Income
- 0
- Interest
- 2
- Depreciation
- 0
- 13
- Tax %
- 18.88%
- Net Profit
- 10
- 1
- Equity Capital
- 83
- Reserves
- 0
- Promoter Pledge %
- 0.00%
- Equity Capital
- 83
- Reserves
- 0
- Promoter Pledge %
- 0.00%
Sep 2023
- 102
- 78
- Operating Profit
- —
- OPM %
- —
- Other Income
- 4
- Interest
- 4
- Depreciation
- 0
- 24
- Tax %
- 27.72%
- Net Profit
- 17
- 2
- Equity Capital
- 100
- Reserves
- 0
- Promoter Pledge %
- 0.00%
- Equity Capital
- 100
- Reserves
- 0
- Promoter Pledge %
- 0.00%
Dec 2023
- 104
- 78
- Operating Profit
- —
- OPM %
- —
- Other Income
- 2
- Interest
- 4
- Depreciation
- 0
- 23
- Tax %
- 20.27%
- Net Profit
- 19
- 2
- Equity Capital
- 103
- Reserves
- 0
- Promoter Pledge %
- 0.00%
- Equity Capital
- 103
- Reserves
- 0
- Promoter Pledge %
- 0.00%
Mar 2024
- 113
- 86
- Operating Profit
- —
- OPM %
- —
- Other Income
- 4
- Interest
- 4
- Depreciation
- 0
- 27
- Tax %
- 23.43%
- Net Profit
- 21
- 2
- Equity Capital
- 103
- Reserves
- 0
- Promoter Pledge %
- 0.00%
- Equity Capital
- 103
- Reserves
- 0
- Promoter Pledge %
- 0.00%
Jun 2024
- 123
- 90
- Operating Profit
- —
- OPM %
- —
- Other Income
- 1
- Interest
- 2
- Depreciation
- 1
- 32
- Tax %
- 24.37%
- Net Profit
- 24
- 2
- Equity Capital
- 103
- Reserves
- 0
- Promoter Pledge %
- 0.00%
- Equity Capital
- 103
- Reserves
- 0
- Promoter Pledge %
- 0.00%
Sep 2024
- 157
- 109
- Operating Profit
- —
- OPM %
- —
- Other Income
- 2
- Interest
- 3
- Depreciation
- 1
- 48
- Tax %
- 33.12%
- Net Profit
- 32
- 3
- Equity Capital
- 109
- Reserves
- 0
- Promoter Pledge %
- 0.00%
- Equity Capital
- 109
- Reserves
- 0
- Promoter Pledge %
- 0.00%
Dec 2024
- 161
- 112
- Operating Profit
- —
- OPM %
- —
- Other Income
- 9
- Interest
- 2
- Depreciation
- 1
- 55
- Tax %
- 27.61%
- Net Profit
- 40
- 4
- Equity Capital
- 109
- Reserves
- 0
- Promoter Pledge %
- 0.00%
- Equity Capital
- 109
- Reserves
- 0
- Promoter Pledge %
- 0.00%
Mar 2025
- 158
- 107
- Operating Profit
- —
- OPM %
- —
- Other Income
- 4
- Interest
- 4
- Depreciation
- 1
- 50
- Tax %
- 22.82%
- Net Profit
- 38
- 4
- Equity Capital
- 111
- Reserves
- 0
- Promoter Pledge %
- 0.00%
- Equity Capital
- 111
- Reserves
- 0
- Promoter Pledge %
- 0.00%
Jun 2025
- 150
- 101
- Operating Profit
- —
- OPM %
- —
- Other Income
- 2
- Interest
- 2
- Depreciation
- 2
- 47
- Tax %
- 27.65%
- Net Profit
- 34
- 3
- Equity Capital
- 114
- Reserves
- 0
- Promoter Pledge %
- 0.00%
- Equity Capital
- 114
- Reserves
- 0
- Promoter Pledge %
- 0.00%
Sep 2025
- 167
- 114
- Operating Profit
- —
- OPM %
- —
- Other Income
- 3
- Interest
- 4
- Depreciation
- 2
- 50
- Tax %
- 29.51%
- Net Profit
- 36
- 3
- Equity Capital
- 114
- Reserves
- 0
- Promoter Pledge %
- 0.00%
- Equity Capital
- 114
- Reserves
- 0
- Promoter Pledge %
- 0.00%
Dec 2025
- 171
- 119
- Operating Profit
- —
- OPM %
- —
- Other Income
- 4
- Interest
- 5
- Depreciation
- 3
- 48
- Tax %
- 19.89%
- Net Profit
- 39
- 3
- Equity Capital
- 115
- Reserves
- 0
- Promoter Pledge %
- 0.00%
- Equity Capital
- 115
- Reserves
- 0
- Promoter Pledge %
- 0.00%
Mar 2026
- 159
- 120
- Operating Profit
- —
- OPM %
- —
- Other Income
- 24
- Interest
- 5
- Depreciation
- 3
- 55
- Tax %
- 17.69%
- Net Profit
- 45
- 4
- Equity Capital
- 121
- Reserves
- 0
- Promoter Pledge %
- 0.00%
- Equity Capital
- 121
- Reserves
- 0
- Promoter Pledge %
- 0.00%
Jun 2026
- 175
- 125
- Operating Profit
- —
- OPM %
- —
- Other Income
- 3
- Interest
- 5
- Depreciation
- 3
- 52
- Tax %
- 27.92%
- Net Profit
- 38
- 0
- Equity Capital
- 121
- Reserves
- 0
- Promoter Pledge %
- 0.00%
- Equity Capital
- 121
- Reserves
- 0
- Promoter Pledge %
- 0.00%
Profit & Loss
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 0 | 0 | 0 | 0 | 0 | 142 | 285 | 269 | 388 | 598 | 672 | |
| 0 | 0 | 0 | 0 | 0 | 130 | 247 | 227 | 296 | 424 | 479 | |
| Operating Profit | -0 | 0 | 0 | 0 | 0 | 17 | 46 | 55 | 102 | 198 | — |
| OPM % | -29 | 30 | 46 | 29 | 34 | 12 | 16 | 21 | 26 | 33 | — |
| Other Income | 0 | 0 | 0 | 0 | 0 | 5 | 9 | 13 | 11 | 23 | 34 |
| Interest | 0 | 0 | 0 | 0 | 0 | 7 | 5 | 10 | 14 | 11 | 19 |
| Depreciation | 0 | 0 | 0 | 0 | 0 | 1 | 1 | 1 | 1 | 3 | 11 |
| -0 | 0 | 0 | 0 | 0 | 10 | 40 | 44 | 87 | 184 | 206 | |
| Tax % | -0 | -10 | 21 | -265 | 42 | 22 | 23 | 27 | 23 | 27 | 24 |
| Net Profit | -0 | 0 | 0 | 0 | 0 | 8 | 30 | 32 | 67 | 134 | 157 |
| EPS | -0 | 1 | 2 | 5 | 1 | 2 | 4 | 4 | 7 | 12 | — |
| Dividend Payout % | 0 | 0 | 0 | 0 | 0 | 0 | 3 | 0 | 2 | 1 | — |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share of Associates | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Adjusted EPS | -0 | 1 | 2 | 5 | 1 | 1 | 4 | 4 | 7 | 12 | — |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share of Associates | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Adjusted EPS | -0 | 1 | 2 | 5 | 1 | 1 | 4 | 4 | 7 | 12 | — |
Mar 2016
- 0
- 0
- Operating Profit
- -0
- OPM %
- -29
- Other Income
- 0
- Interest
- 0
- Depreciation
- 0
- -0
- Tax %
- -0
- Net Profit
- -0
- EPS
- -0
- Dividend Payout %
- 0
- Minority Interest
- 0
- Share of Associates
- 0
- Adjusted EPS
- -0
- Minority Interest
- 0
- Share of Associates
- 0
- Adjusted EPS
- -0
Mar 2017
- 0
- 0
- Operating Profit
- 0
- OPM %
- 30
- Other Income
- 0
- Interest
- 0
- Depreciation
- 0
- 0
- Tax %
- -10
- Net Profit
- 0
- EPS
- 1
- Dividend Payout %
- 0
- Minority Interest
- 0
- Share of Associates
- 0
- Adjusted EPS
- 1
- Minority Interest
- 0
- Share of Associates
- 0
- Adjusted EPS
- 1
Mar 2018
- 0
- 0
- Operating Profit
- 0
- OPM %
- 46
- Other Income
- 0
- Interest
- 0
- Depreciation
- 0
- 0
- Tax %
- 21
- Net Profit
- 0
- EPS
- 2
- Dividend Payout %
- 0
- Minority Interest
- 0
- Share of Associates
- 0
- Adjusted EPS
- 2
- Minority Interest
- 0
- Share of Associates
- 0
- Adjusted EPS
- 2
Mar 2019
- 0
- 0
- Operating Profit
- 0
- OPM %
- 29
- Other Income
- 0
- Interest
- 0
- Depreciation
- 0
- 0
- Tax %
- -265
- Net Profit
- 0
- EPS
- 5
- Dividend Payout %
- 0
- Minority Interest
- 0
- Share of Associates
- 0
- Adjusted EPS
- 5
- Minority Interest
- 0
- Share of Associates
- 0
- Adjusted EPS
- 5
Mar 2020
- 0
- 0
- Operating Profit
- 0
- OPM %
- 34
- Other Income
- 0
- Interest
- 0
- Depreciation
- 0
- 0
- Tax %
- 42
- Net Profit
- 0
- EPS
- 1
- Dividend Payout %
- 0
- Minority Interest
- 0
- Share of Associates
- 0
- Adjusted EPS
- 1
- Minority Interest
- 0
- Share of Associates
- 0
- Adjusted EPS
- 1
Mar 2021
- 142
- 130
- Operating Profit
- 17
- OPM %
- 12
- Other Income
- 5
- Interest
- 7
- Depreciation
- 1
- 10
- Tax %
- 22
- Net Profit
- 8
- EPS
- 2
- Dividend Payout %
- 0
- Minority Interest
- 0
- Share of Associates
- 0
- Adjusted EPS
- 1
- Minority Interest
- 0
- Share of Associates
- 0
- Adjusted EPS
- 1
Mar 2022
- 285
- 247
- Operating Profit
- 46
- OPM %
- 16
- Other Income
- 9
- Interest
- 5
- Depreciation
- 1
- 40
- Tax %
- 23
- Net Profit
- 30
- EPS
- 4
- Dividend Payout %
- 3
- Minority Interest
- 0
- Share of Associates
- 0
- Adjusted EPS
- 4
- Minority Interest
- 0
- Share of Associates
- 0
- Adjusted EPS
- 4
Mar 2023
- 269
- 227
- Operating Profit
- 55
- OPM %
- 21
- Other Income
- 13
- Interest
- 10
- Depreciation
- 1
- 44
- Tax %
- 27
- Net Profit
- 32
- EPS
- 4
- Dividend Payout %
- 0
- Minority Interest
- 0
- Share of Associates
- 0
- Adjusted EPS
- 4
- Minority Interest
- 0
- Share of Associates
- 0
- Adjusted EPS
- 4
Mar 2024
- 388
- 296
- Operating Profit
- 102
- OPM %
- 26
- Other Income
- 11
- Interest
- 14
- Depreciation
- 1
- 87
- Tax %
- 23
- Net Profit
- 67
- EPS
- 7
- Dividend Payout %
- 2
- Minority Interest
- 0
- Share of Associates
- 0
- Adjusted EPS
- 7
- Minority Interest
- 0
- Share of Associates
- 0
- Adjusted EPS
- 7
Mar 2025
- 598
- 424
- Operating Profit
- 198
- OPM %
- 33
- Other Income
- 23
- Interest
- 11
- Depreciation
- 3
- 184
- Tax %
- 27
- Net Profit
- 134
- EPS
- 12
- Dividend Payout %
- 1
- Minority Interest
- 0
- Share of Associates
- 0
- Adjusted EPS
- 12
- Minority Interest
- 0
- Share of Associates
- 0
- Adjusted EPS
- 12
TTM
- 672
- 479
- Operating Profit
- —
- OPM %
- —
- Other Income
- 34
- Interest
- 19
- Depreciation
- 11
- 206
- Tax %
- 24
- Net Profit
- 157
- EPS
- —
- Dividend Payout %
- —
- Minority Interest
- 0
- Share of Associates
- 0
- Adjusted EPS
- —
- Minority Interest
- 0
- Share of Associates
- 0
- Adjusted EPS
- —
COMPOUNDED SALES GROWTH
- 10 Years:
- —
- 5 Years:
- 394%
- 3 Years:
- 28%
COMPOUNDED PROFIT GROWTH
- 10 Years:
- 167%
- 5 Years:
- 406%
- 3 Years:
- 64%
STOCK PRICE CAGR
- 10 Years:
- —
- 5 Years:
- —
- 3 Years:
- —
- 1 Year:
- -10%
RETURN ON EQUITY
- 10 Years:
- 32%
- 5 Years:
- 21%
- 3 Years:
- 19%
- Last Year:
- 20%
Balance Sheet
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|
| LIABILITIES | - | - | - | - | - | - | - | - | - | - |
| Equity Capital | 0 | 0 | 0 | 0 | 0 | 69 | 82 | 83 | 103 | 111 |
| -0 | -0 | -0 | -0 | -0 | 7 | 76 | 108 | 395 | 748 | |
| 0 | 0 | 0 | 0 | 0 | 14 | 39 | 40 | 16 | 11 | |
| Trade Payables | 0 | 0 | 0 | 0 | 0 | 48 | 45 | 57 | 79 | 112 |
| 0 | 0 | 0 | -0 | -0 | 34 | 43 | 61 | 80 | 157 | |
| Total Liabilities | 0 | 0 | 0 | 0 | 0 | 171 | 285 | 349 | 671 | 1,139 |
| ASSETS | - | - | - | - | - | - | - | - | - | - |
| 0 | 0 | 0 | 0 | 0 | 42 | 42 | 43 | 52 | 178 | |
| Capital Work in Progress | 0 | 0 | 0 | 0 | 0 | 0 | 7 | 7 | 130 | 417 |
| 0 | 0 | 0 | 0 | 0 | 20 | 41 | 34 | 81 | 73 | |
| 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 191 | 267 | |
| Cash & Bank | 0 | 0 | 0 | 0 | 0 | 3 | 7 | 8 | 90 | 96 |
| 0 | 0 | 0 | 0 | 0 | 105 | 188 | 258 | 127 | 107 | |
| Total Assets | 0 | 0 | 0 | 0 | 0 | 171 | 285 | 349 | 671 | 1,139 |
| Total Debt | 0 | 0 | 0 | 0 | 0 | 24 | 47 | 51 | 49 | 36 |
| Net Working Capital | 0 | 0 | 0 | 0 | 0 | 47 | 118 | 137 | 304 | 317 |
| Contingent Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Book Value per Share | 0.45 | 1.45 | 3.28 | 8.70 | 9.93 | 10.96 | 19.22 | 22.95 | 48.46 | 77.56 |
| Face Value | 10.00 | 10.00 | 10.00 | 10.00 | 10.00 | 10.00 | 10.00 | 10.00 | 10.00 | 10.00 |
| Total Debt | 0 | 0 | 0 | 0 | 0 | 24 | 47 | 51 | 49 | 36 |
| Net Working Capital | 0 | 0 | 0 | 0 | 0 | 47 | 118 | 137 | 304 | 317 |
| Contingent Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Book Value per Share | 0.45 | 1.45 | 3.28 | 8.70 | 9.93 | 10.96 | 19.22 | 22.95 | 48.46 | 77.56 |
| Face Value | 10.00 | 10.00 | 10.00 | 10.00 | 10.00 | 10.00 | 10.00 | 10.00 | 10.00 | 10.00 |
Mar 2016
- Equity Capital
- 0
- -0
- 0
- Trade Payables
- 0
- 0
- Total Liabilities
- 0
- 0
- Capital Work in Progress
- 0
- 0
- 0
- Cash & Bank
- 0
- 0
- Total Assets
- 0
- Total Debt
- 0
- Net Working Capital
- 0
- Contingent Liabilities
- 0
- Book Value per Share
- 0.45
- Face Value
- 10.00
- Total Debt
- 0
- Net Working Capital
- 0
- Contingent Liabilities
- 0
- Book Value per Share
- 0.45
- Face Value
- 10.00
Mar 2017
- Equity Capital
- 0
- -0
- 0
- Trade Payables
- 0
- 0
- Total Liabilities
- 0
- 0
- Capital Work in Progress
- 0
- 0
- 0
- Cash & Bank
- 0
- 0
- Total Assets
- 0
- Total Debt
- 0
- Net Working Capital
- 0
- Contingent Liabilities
- 0
- Book Value per Share
- 1.45
- Face Value
- 10.00
- Total Debt
- 0
- Net Working Capital
- 0
- Contingent Liabilities
- 0
- Book Value per Share
- 1.45
- Face Value
- 10.00
Mar 2018
- Equity Capital
- 0
- -0
- 0
- Trade Payables
- 0
- 0
- Total Liabilities
- 0
- 0
- Capital Work in Progress
- 0
- 0
- 0
- Cash & Bank
- 0
- 0
- Total Assets
- 0
- Total Debt
- 0
- Net Working Capital
- 0
- Contingent Liabilities
- 0
- Book Value per Share
- 3.28
- Face Value
- 10.00
- Total Debt
- 0
- Net Working Capital
- 0
- Contingent Liabilities
- 0
- Book Value per Share
- 3.28
- Face Value
- 10.00
Mar 2019
- Equity Capital
- 0
- -0
- 0
- Trade Payables
- 0
- -0
- Total Liabilities
- 0
- 0
- Capital Work in Progress
- 0
- 0
- 0
- Cash & Bank
- 0
- 0
- Total Assets
- 0
- Total Debt
- 0
- Net Working Capital
- 0
- Contingent Liabilities
- 0
- Book Value per Share
- 8.70
- Face Value
- 10.00
- Total Debt
- 0
- Net Working Capital
- 0
- Contingent Liabilities
- 0
- Book Value per Share
- 8.70
- Face Value
- 10.00
Mar 2020
- Equity Capital
- 0
- -0
- 0
- Trade Payables
- 0
- -0
- Total Liabilities
- 0
- 0
- Capital Work in Progress
- 0
- 0
- 0
- Cash & Bank
- 0
- 0
- Total Assets
- 0
- Total Debt
- 0
- Net Working Capital
- 0
- Contingent Liabilities
- 0
- Book Value per Share
- 9.93
- Face Value
- 10.00
- Total Debt
- 0
- Net Working Capital
- 0
- Contingent Liabilities
- 0
- Book Value per Share
- 9.93
- Face Value
- 10.00
Mar 2021
- Equity Capital
- 69
- 7
- 14
- Trade Payables
- 48
- 34
- Total Liabilities
- 171
- 42
- Capital Work in Progress
- 0
- 20
- 0
- Cash & Bank
- 3
- 105
- Total Assets
- 171
- Total Debt
- 24
- Net Working Capital
- 47
- Contingent Liabilities
- 0
- Book Value per Share
- 10.96
- Face Value
- 10.00
- Total Debt
- 24
- Net Working Capital
- 47
- Contingent Liabilities
- 0
- Book Value per Share
- 10.96
- Face Value
- 10.00
Mar 2022
- Equity Capital
- 82
- 76
- 39
- Trade Payables
- 45
- 43
- Total Liabilities
- 285
- 42
- Capital Work in Progress
- 7
- 41
- 0
- Cash & Bank
- 7
- 188
- Total Assets
- 285
- Total Debt
- 47
- Net Working Capital
- 118
- Contingent Liabilities
- 0
- Book Value per Share
- 19.22
- Face Value
- 10.00
- Total Debt
- 47
- Net Working Capital
- 118
- Contingent Liabilities
- 0
- Book Value per Share
- 19.22
- Face Value
- 10.00
Mar 2023
- Equity Capital
- 83
- 108
- 40
- Trade Payables
- 57
- 61
- Total Liabilities
- 349
- 43
- Capital Work in Progress
- 7
- 34
- 0
- Cash & Bank
- 8
- 258
- Total Assets
- 349
- Total Debt
- 51
- Net Working Capital
- 137
- Contingent Liabilities
- 0
- Book Value per Share
- 22.95
- Face Value
- 10.00
- Total Debt
- 51
- Net Working Capital
- 137
- Contingent Liabilities
- 0
- Book Value per Share
- 22.95
- Face Value
- 10.00
Mar 2024
- Equity Capital
- 103
- 395
- 16
- Trade Payables
- 79
- 80
- Total Liabilities
- 671
- 52
- Capital Work in Progress
- 130
- 81
- 191
- Cash & Bank
- 90
- 127
- Total Assets
- 671
- Total Debt
- 49
- Net Working Capital
- 304
- Contingent Liabilities
- 0
- Book Value per Share
- 48.46
- Face Value
- 10.00
- Total Debt
- 49
- Net Working Capital
- 304
- Contingent Liabilities
- 0
- Book Value per Share
- 48.46
- Face Value
- 10.00
Mar 2025
- Equity Capital
- 111
- 748
- 11
- Trade Payables
- 112
- 157
- Total Liabilities
- 1,139
- 178
- Capital Work in Progress
- 417
- 73
- 267
- Cash & Bank
- 96
- 107
- Total Assets
- 1,139
- Total Debt
- 36
- Net Working Capital
- 317
- Contingent Liabilities
- 0
- Book Value per Share
- 77.56
- Face Value
- 10.00
- Total Debt
- 36
- Net Working Capital
- 317
- Contingent Liabilities
- 0
- Book Value per Share
- 77.56
- Face Value
- 10.00
Cash Flows
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0 | -0 | -0 | 0 | 0 | 17 | -57 | 20 | 8 | 148 | |
| Cash from Investing | 0 | 0 | 0 | 0 | 0 | -3 | -8 | -16 | -174 | -416 |
| Cash from Financing | 0 | -0 | 0 | -0 | -0 | -12 | 69 | -6 | 249 | 274 |
| 0 | -0 | -0 | 0 | -0 | 2 | 4 | -1 | 83 | 5 | |
| Free Cash Flow | 0 | -0 | -0 | 0 | 0 | -26 | -64 | 19 | -125 | -268 |
| OCF / Net Profit | -0.23 | -0.18 | -0.34 | 1.10 | 1.10 | 2.27 | -1.89 | 0.64 | 0.12 | 1.10 |
| Cumulative 5-Year FCF | 0 | 0 | 0 | 0 | 0 | -26 | -90 | -71 | -197 | -464 |
| OCF / Net Profit | -0.23 | -0.18 | -0.34 | 1.10 | 1.10 | 2.27 | -1.89 | 0.64 | 0.12 | 1.10 |
| Cumulative 5-Year FCF | 0 | 0 | 0 | 0 | 0 | -26 | -90 | -71 | -197 | -464 |
Mar 2016
- 0
- Cash from Investing
- 0
- Cash from Financing
- 0
- 0
- Free Cash Flow
- 0
- OCF / Net Profit
- -0.23
- Cumulative 5-Year FCF
- 0
- OCF / Net Profit
- -0.23
- Cumulative 5-Year FCF
- 0
Mar 2017
- -0
- Cash from Investing
- 0
- Cash from Financing
- -0
- -0
- Free Cash Flow
- -0
- OCF / Net Profit
- -0.18
- Cumulative 5-Year FCF
- 0
- OCF / Net Profit
- -0.18
- Cumulative 5-Year FCF
- 0
Mar 2018
- -0
- Cash from Investing
- 0
- Cash from Financing
- 0
- -0
- Free Cash Flow
- -0
- OCF / Net Profit
- -0.34
- Cumulative 5-Year FCF
- 0
- OCF / Net Profit
- -0.34
- Cumulative 5-Year FCF
- 0
Mar 2019
- 0
- Cash from Investing
- 0
- Cash from Financing
- -0
- 0
- Free Cash Flow
- 0
- OCF / Net Profit
- 1.10
- Cumulative 5-Year FCF
- 0
- OCF / Net Profit
- 1.10
- Cumulative 5-Year FCF
- 0
Mar 2020
- 0
- Cash from Investing
- 0
- Cash from Financing
- -0
- -0
- Free Cash Flow
- 0
- OCF / Net Profit
- 1.10
- Cumulative 5-Year FCF
- 0
- OCF / Net Profit
- 1.10
- Cumulative 5-Year FCF
- 0
Mar 2021
- 17
- Cash from Investing
- -3
- Cash from Financing
- -12
- 2
- Free Cash Flow
- -26
- OCF / Net Profit
- 2.27
- Cumulative 5-Year FCF
- -26
- OCF / Net Profit
- 2.27
- Cumulative 5-Year FCF
- -26
Mar 2022
- -57
- Cash from Investing
- -8
- Cash from Financing
- 69
- 4
- Free Cash Flow
- -64
- OCF / Net Profit
- -1.89
- Cumulative 5-Year FCF
- -90
- OCF / Net Profit
- -1.89
- Cumulative 5-Year FCF
- -90
Mar 2023
- 20
- Cash from Investing
- -16
- Cash from Financing
- -6
- -1
- Free Cash Flow
- 19
- OCF / Net Profit
- 0.64
- Cumulative 5-Year FCF
- -71
- OCF / Net Profit
- 0.64
- Cumulative 5-Year FCF
- -71
Mar 2024
- 8
- Cash from Investing
- -174
- Cash from Financing
- 249
- 83
- Free Cash Flow
- -125
- OCF / Net Profit
- 0.12
- Cumulative 5-Year FCF
- -197
- OCF / Net Profit
- 0.12
- Cumulative 5-Year FCF
- -197
Mar 2025
- 148
- Cash from Investing
- -416
- Cash from Financing
- 274
- 5
- Free Cash Flow
- -268
- OCF / Net Profit
- 1.10
- Cumulative 5-Year FCF
- -464
- OCF / Net Profit
- 1.10
- Cumulative 5-Year FCF
- -464
Ratios
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|
| PER SHARE | - | - | - | - | - | - | - | - | - | - |
| EPS (₹) | -0.50 | 1.00 | 1.95 | 5.42 | 1.16 | 1.11 | 3.70 | 3.84 | 6.54 | 12.12 |
| Book Value (₹) | 0.45 | 1.45 | 3.28 | 8.70 | 9.93 | 10.96 | 19.22 | 22.95 | 48.46 | 77.56 |
| Dividend per Share (₹) | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.10 | 0.00 | 0.15 | 0.15 |
| Cash EPS (₹) | -0.37 | 1.12 | 2.07 | 5.45 | 1.16 | 1.28 | 3.83 | 3.98 | 6.69 | 12.37 |
| PROFITABILITY | - | - | - | - | - | - | - | - | - | - |
| Operating Margin % | -28.87% | 30.08% | 45.56% | 28.89% | 34.38% | 11.97% | 16.20% | 20.56% | 23.65% | 29.22% |
| Net Margin % | -38.53% | 29.03% | 34.10% | 104.03% | 19.94% | 5.21% | 10.68% | 11.89% | 17.30% | 22.43% |
| ROE % | -70.86% | 104.70% | 82.24% | 90.54% | 12.45% | 20.17% | 26.08% | 18.31% | 19.51% | 19.79% |
| ROCE % | -26.42% | 37.95% | 65.28% | 22.16% | 21.47% | 32.13% | 29.24% | 24.14% | 24.87% | 25.14% |
| -23.91% | 34.49% | 40.03% | 88.43% | 16.15% | 8.91% | 13.36% | 10.09% | 13.16% | 14.83% | |
| EFFICIENCY | - | - | - | - | - | - | - | - | - | - |
| Debtor Days | 0 | 135 | 176 | 0 | 72 | 76 | 122 | 221 | 182 | 140 |
| Inventory Days | 0 | 0 | 0 | 0 | 0 | 50 | 39 | 51 | 54 | 47 |
| Payable Days | 2 | 0 | 0 | 0 | 0 | 157 | 77 | 102 | 102 | 95 |
| -2 | 135 | 176 | 0 | 72 | -31 | 84 | 170 | 134 | 91 | |
| FINANCIAL HEALTH | - | - | - | - | - | - | - | - | - | - |
| Debt to Equity (x) | 3.22x | 0.99x | 0.44x | 0.00x | 0.00x | 0.32x | 0.29x | 0.27x | 0.10x | 0.04x |
| Interest Coverage (x) | 0.00x | 0.00x | 401.28x | 0.00x | 0.00x | 2.47x | 8.59x | 5.17x | 7.42x | 17.80x |
| 5.35x | 4.46x | 4.09x | 4.07x | 2.73x | 1.58x | 2.01x | 1.93x | 3.35x | 2.81x | |
| GROWTH | - | - | - | - | - | - | - | - | - | - |
| Revenue Growth % | 0.00% | 165.76% | 66.40% | -8.60% | 11.56% | 0.00% | 100.62% | -5.61% | 44.24% | 54.21% |
| Operating Profit Growth % | -209.87% | 376.89% | 152.00% | -42.05% | 32.78% | 0.00% | 163.95% | 19.82% | 85.13% | 93.41% |
| Net Profit Growth % | -339.53% | 300.24% | 95.42% | 178.87% | -78.62% | 0.00% | 299.53% | 5.11% | 109.87% | 99.91% |
| 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 70.53% | 85.15% | |
| VALUATION | - | - | - | - | - | - | - | - | - | - |
| P/E (x) | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 31.25x | 52.67x |
| P/B (x) | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 4.22x | 8.23x |
| Dividend Yield % | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.07% | 0.02% |
| 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 20.08x | 35.39x |
Mar 2016
- EPS (₹)
- -0.50
- Book Value (₹)
- 0.45
- Dividend per Share (₹)
- 0.00
- Cash EPS (₹)
- -0.37
- Operating Margin %
- -28.87%
- Net Margin %
- -38.53%
- ROE %
- -70.86%
- ROCE %
- -26.42%
- -23.91%
- Debtor Days
- 0
- Inventory Days
- 0
- Payable Days
- 2
- -2
- Debt to Equity (x)
- 3.22x
- Interest Coverage (x)
- 0.00x
- 5.35x
- Revenue Growth %
- 0.00%
- Operating Profit Growth %
- -209.87%
- Net Profit Growth %
- -339.53%
- 0.00%
- P/E (x)
- 0.00x
- P/B (x)
- 0.00x
- Dividend Yield %
- 0.00%
- 0.00x
Mar 2017
- EPS (₹)
- 1.00
- Book Value (₹)
- 1.45
- Dividend per Share (₹)
- 0.00
- Cash EPS (₹)
- 1.12
- Operating Margin %
- 30.08%
- Net Margin %
- 29.03%
- ROE %
- 104.70%
- ROCE %
- 37.95%
- 34.49%
- Debtor Days
- 135
- Inventory Days
- 0
- Payable Days
- 0
- 135
- Debt to Equity (x)
- 0.99x
- Interest Coverage (x)
- 0.00x
- 4.46x
- Revenue Growth %
- 165.76%
- Operating Profit Growth %
- 376.89%
- Net Profit Growth %
- 300.24%
- 0.00%
- P/E (x)
- 0.00x
- P/B (x)
- 0.00x
- Dividend Yield %
- 0.00%
- 0.00x
Mar 2018
- EPS (₹)
- 1.95
- Book Value (₹)
- 3.28
- Dividend per Share (₹)
- 0.00
- Cash EPS (₹)
- 2.07
- Operating Margin %
- 45.56%
- Net Margin %
- 34.10%
- ROE %
- 82.24%
- ROCE %
- 65.28%
- 40.03%
- Debtor Days
- 176
- Inventory Days
- 0
- Payable Days
- 0
- 176
- Debt to Equity (x)
- 0.44x
- Interest Coverage (x)
- 401.28x
- 4.09x
- Revenue Growth %
- 66.40%
- Operating Profit Growth %
- 152.00%
- Net Profit Growth %
- 95.42%
- 0.00%
- P/E (x)
- 0.00x
- P/B (x)
- 0.00x
- Dividend Yield %
- 0.00%
- 0.00x
Mar 2019
- EPS (₹)
- 5.42
- Book Value (₹)
- 8.70
- Dividend per Share (₹)
- 0.00
- Cash EPS (₹)
- 5.45
- Operating Margin %
- 28.89%
- Net Margin %
- 104.03%
- ROE %
- 90.54%
- ROCE %
- 22.16%
- 88.43%
- Debtor Days
- 0
- Inventory Days
- 0
- Payable Days
- 0
- 0
- Debt to Equity (x)
- 0.00x
- Interest Coverage (x)
- 0.00x
- 4.07x
- Revenue Growth %
- -8.60%
- Operating Profit Growth %
- -42.05%
- Net Profit Growth %
- 178.87%
- 0.00%
- P/E (x)
- 0.00x
- P/B (x)
- 0.00x
- Dividend Yield %
- 0.00%
- 0.00x
Mar 2020
- EPS (₹)
- 1.16
- Book Value (₹)
- 9.93
- Dividend per Share (₹)
- 0.00
- Cash EPS (₹)
- 1.16
- Operating Margin %
- 34.38%
- Net Margin %
- 19.94%
- ROE %
- 12.45%
- ROCE %
- 21.47%
- 16.15%
- Debtor Days
- 72
- Inventory Days
- 0
- Payable Days
- 0
- 72
- Debt to Equity (x)
- 0.00x
- Interest Coverage (x)
- 0.00x
- 2.73x
- Revenue Growth %
- 11.56%
- Operating Profit Growth %
- 32.78%
- Net Profit Growth %
- -78.62%
- 0.00%
- P/E (x)
- 0.00x
- P/B (x)
- 0.00x
- Dividend Yield %
- 0.00%
- 0.00x
Mar 2021
- EPS (₹)
- 1.11
- Book Value (₹)
- 10.96
- Dividend per Share (₹)
- 0.00
- Cash EPS (₹)
- 1.28
- Operating Margin %
- 11.97%
- Net Margin %
- 5.21%
- ROE %
- 20.17%
- ROCE %
- 32.13%
- 8.91%
- Debtor Days
- 76
- Inventory Days
- 50
- Payable Days
- 157
- -31
- Debt to Equity (x)
- 0.32x
- Interest Coverage (x)
- 2.47x
- 1.58x
- Revenue Growth %
- 0.00%
- Operating Profit Growth %
- 0.00%
- Net Profit Growth %
- 0.00%
- 0.00%
- P/E (x)
- 0.00x
- P/B (x)
- 0.00x
- Dividend Yield %
- 0.00%
- 0.00x
Mar 2022
- EPS (₹)
- 3.70
- Book Value (₹)
- 19.22
- Dividend per Share (₹)
- 0.10
- Cash EPS (₹)
- 3.83
- Operating Margin %
- 16.20%
- Net Margin %
- 10.68%
- ROE %
- 26.08%
- ROCE %
- 29.24%
- 13.36%
- Debtor Days
- 122
- Inventory Days
- 39
- Payable Days
- 77
- 84
- Debt to Equity (x)
- 0.29x
- Interest Coverage (x)
- 8.59x
- 2.01x
- Revenue Growth %
- 100.62%
- Operating Profit Growth %
- 163.95%
- Net Profit Growth %
- 299.53%
- 0.00%
- P/E (x)
- 0.00x
- P/B (x)
- 0.00x
- Dividend Yield %
- 0.00%
- 0.00x
Mar 2023
- EPS (₹)
- 3.84
- Book Value (₹)
- 22.95
- Dividend per Share (₹)
- 0.00
- Cash EPS (₹)
- 3.98
- Operating Margin %
- 20.56%
- Net Margin %
- 11.89%
- ROE %
- 18.31%
- ROCE %
- 24.14%
- 10.09%
- Debtor Days
- 221
- Inventory Days
- 51
- Payable Days
- 102
- 170
- Debt to Equity (x)
- 0.27x
- Interest Coverage (x)
- 5.17x
- 1.93x
- Revenue Growth %
- -5.61%
- Operating Profit Growth %
- 19.82%
- Net Profit Growth %
- 5.11%
- 0.00%
- P/E (x)
- 0.00x
- P/B (x)
- 0.00x
- Dividend Yield %
- 0.00%
- 0.00x
Mar 2024
- EPS (₹)
- 6.54
- Book Value (₹)
- 48.46
- Dividend per Share (₹)
- 0.15
- Cash EPS (₹)
- 6.69
- Operating Margin %
- 23.65%
- Net Margin %
- 17.30%
- ROE %
- 19.51%
- ROCE %
- 24.87%
- 13.16%
- Debtor Days
- 182
- Inventory Days
- 54
- Payable Days
- 102
- 134
- Debt to Equity (x)
- 0.10x
- Interest Coverage (x)
- 7.42x
- 3.35x
- Revenue Growth %
- 44.24%
- Operating Profit Growth %
- 85.13%
- Net Profit Growth %
- 109.87%
- 70.53%
- P/E (x)
- 31.25x
- P/B (x)
- 4.22x
- Dividend Yield %
- 0.07%
- 20.08x
Mar 2025
- EPS (₹)
- 12.12
- Book Value (₹)
- 77.56
- Dividend per Share (₹)
- 0.15
- Cash EPS (₹)
- 12.37
- Operating Margin %
- 29.22%
- Net Margin %
- 22.43%
- ROE %
- 19.79%
- ROCE %
- 25.14%
- 14.83%
- Debtor Days
- 140
- Inventory Days
- 47
- Payable Days
- 95
- 91
- Debt to Equity (x)
- 0.04x
- Interest Coverage (x)
- 17.80x
- 2.81x
- Revenue Growth %
- 54.21%
- Operating Profit Growth %
- 93.41%
- Net Profit Growth %
- 99.91%
- 85.15%
- P/E (x)
- 52.67x
- P/B (x)
- 8.23x
- Dividend Yield %
- 0.02%
- 35.39x
Documents
Announcements
- General Updates
2026-08-17 - Balu Forge Industries Limited has informed the Exchange about Press Release regarding receipt of multi month contract for 155mm ERFB BB/BT Shells.
- Monitoring Agency Report
2026-08-14 - Please find enclosed Monitoring Agency Report for the Quarter ended June 30, 2026.
Annual Reports
Credit Ratings
Nothing filed yet.