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Balu Forge Industries Ltd

₹ 458-1.55%
14 Jan – close price
🔗baluindustries.com•BSE: 531112•NSE: BALUFORGE
Market Cap₹ 5,261 Cr.
Current Price₹ 458
High / Low₹ 784
Stock P/E35.6
Book Value₹ 95.4
Dividend Yield0.03 %
ROCE25.1 %
ROE18.3 %
Face Value₹ 10.0
Sales₹ 635 Cr.
OPM31.6 %
Mar Cap₹ 5,261 Cr.

ABOUT

Balu Forge Industries Ltd is engaged in the manufacturing of fully finished and semi-finished forged crankshafts and Forged Components. It has the capability to manufacture components conforming to the New Emission Regulations & the New Energy Vehicles[1]

KEY POINTS

Product OfferingsThe company manufactures fully finished and semi-finished forged components like crankshafts, railway wheels, transmission clutches, hydraulic motors, hooks, brake parts, etc.[1][2]

Also present in buckets:
Aggressive Growth TriggersExcellent ResultsRevenue GuidanceAsset Base ExpansionAsset Base ExpansionCapacity Expansion And ProductsPreferential IssuanceJv Partnerships AcquisitionsCredit Rating UpdatesCredit Rating UpdatesRed Flags And Poor Performance

Peer Comparision

S.No.NameCurrent Price (Rs.)Price to EarningMarket Capitalization (Rs.Cr.)Dividend yield (%)Net Profit latest quarter (Rs.Cr.)YOY Quarterly profit growth (%)Sales latest quarter (Rs.Cr.)YOY Quarterly sales growth (%)Return on capital employed (%)Sales (Rs.Cr.)OPM (%)Profit after tax (Rs.Cr.)Profit after tax latest quarter (Rs.Cr.)Price to book valueReturn on assets (%)Debt to equity
1.AIA Engineering3935.4032.5936725.300.41277.488.071047.760.3418.924309.9627.561126.89277.444.9913.660.14
2.Happy Forgings1094.7038.0410326.080.2773.442.81377.394.5019.171437.4829.27271.4273.445.2713.050.10
3.Balu Forge457.5535.585261.450.0335.5811.47166.916.0625.08635.0231.64147.8835.584.7914.780.07
4.Steelcast203.9423.172063.870.7123.2174.64106.6541.5432.94435.2428.3589.0723.215.7320.240.00
5.Amic Forging1262.5553.791357.090.0012.40-45.4266.584.5727.89124.2327.6625.2312.409.0616.830.05
6.Nelcast97.0922.97844.690.514.76-44.13298.74-9.599.551251.767.3736.784.761.493.030.52
7.Synergy Green522.2552.27811.730.192.36-43.2772.00-19.0220.85350.1514.1215.532.367.266.261.79
–Median: 21 Co.215.923.17339.710.13.690.1155.674.0519.17189.513.8811.443.693.010.520.21

Quarterly Results

Standalone figures in ₹ crores

Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025
Sales
5457748470102104113123157161158150167
Expenses
485260665478788690109112107101114
Operating Profit
65141715242627334948514953
Other Income
55300424129423
Profit before tax
97141413242327324855504750
Tax %
16%36%40%15%19%28%20%23%24%33%28%23%28%29%
Net Profit
8481210171921243240383436
EPS in Rs
0.920.531.001.391.241.741.822.022.352.923.633.522.993.12

Profit & Loss

Standalone Figures in ₹ Crores / Yearly

Mar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025TTM
Sales
0000000142285269388598635
Expenses
0000000130247227296418434
Operating Profit
-0-0-0-000012384392181201
Other Income
00000-005813111719
Interest
00000007510141113
Depreciation
0000000111135
Profit before tax
00-0000010404487184202
Net Profit
00-000008303267134148
EPS in Rs
0.000.29-0.570.862.005.431.141.113.703.846.5512.2613.26
Dividend Payout %
–0%0%0%0%0%0%0%3%0%2%1%–

Compounded Sales Growth

10 Years:%
5 Years:396%
3 Years:28%
TTM:28%

Compounded Profit Growth

10 Years:159%
5 Years:407%
3 Years:64%
TTM:55%

Stock Price CAGR

10 Years:24%
5 Years:29%
3 Years:77%
1 Year:-35%

Return on Equity

10 Years:19%
5 Years:19%
3 Years:18%
Last Year:18%

Balance Sheet

Standalone figures in ₹ crores

Mar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Sep 2025
Equity Capital
40.350.350.350.350.350.35698283103111114
Reserves
-3-0-0-0-0-00977108418838974
Borrowings
0000000264752494082
Other Liabilities
00000006878108106152189
Total Liabilities
00000001712853516751,1411,359
Fixed Assets
000000042424352178432
Gross Block
0.040.060.060.060.060.000.0042.9843.6144.9755.06184.09–
Accumulated Depreciation
0.000.020.020.030.030.000.000.571.252.043.525.92–
CWIP
0000000077130417351
Investments
0000000000000
Other Assets
0000000129236301493545576
Total Assets
00000001712853516751,1411,359

Cash Flows

Standalone Figures in ₹ Crores / Yearly

Mar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Cash from Operating Activity
0-00-0-00017-57208148
Cash from Investing Activity
0000000-3-8-16-174-416
Cash from Financing Activity
-00000-0-0-1269-6249274
Net Cash Flow
-0-00-0-00-024-1835

Ratios

Standalone Figures in ₹ Crores / Yearly

Mar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Debtor Days
––0122274073156167266179163
Inventory Days
––0––––66686712073
Days Payable
–––––––15775114118112
Cash Conversion Cycle
––012227407365160219182124
Working Capital Days
––-73122237-20-18113142176201135
ROCE %
0%33%-20%47%69%30%22%31%29%24%25%25%

Shareholding Pattern

Numbers in percentages

Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025
Promoters
65.41%65.41%65.41%57.47%56.07%56.07%56.07%54.71%54.71%55.25%54.85%54.85%
FIIs
11.59%7.67%5.55%6.48%8.77%9.71%8.51%10.43%6.93%7.07%8.20%8.33%
DIIs
0.00%0.00%0.00%2.00%1.95%1.88%1.43%0.93%0.97%1.07%0.86%0.83%
Public
23.01%26.92%29.05%34.05%33.21%32.34%33.99%33.93%33.16%32.43%32.03%31.93%

* The classifications might have changed from Sep'2022 onwards.ℹ️

BSE Announcements AI Summary

Direct from BSE filings, auto-summarised

Balu Forge to Host Investors Meeting and Plant Visit on April 16

12th April 2026, 5:38 pm

Balu Forge Industries confirms SEBI dematerialization compliance for Q4 FY26

9th April 2026, 5:56 pm

Balu Forge Announces Trading Window Closure for Financial Results

26th March 2026, 9:22 pm

Balu Forge Promoter Pledges 8.75 Lakh Shares for Financial Facility

16th March 2026, 9:12 pm

Promoter Jaspalsingh Chandock Pledges 8.75 Lakh Balu Forge Shares for Financial Facility

16th March 2026, 9:11 pm

Published by Other Websites

External media mentions & references

Market Dips, But Tejas Networks, RVNL Soar on Big Orders & Deals

27th February 2026, 12:56 pm

Balu Forge Surges 10% After Landing NATO Ammunition Contract

26th February 2026, 2:46 pm

Tejas Networks Surges 15%, Sanofi Consumer Jumps as Indian Markets Show Caution

26th February 2026, 2:36 pm

India's Nuclear Boom: Agrawal vs. Kacholia in ₹2 Lakh Crore Race

22nd February 2026, 7:43 am

BSE Pre-Open Buzz: Top Gainers Surge, Sansera Engineering Leads on Strong Q3

10th February 2026, 9:21 am

News Articles

Editorial & research coverage

Institutional Deals Shake Up Realty, NBFC, and Manufacturing Sectors
Institutional Deals Shake Up Realty, NBFC, and Manufacturing Sectors

30th January 2026, 7:16 am

Balu Forge Surges 10% as Income Tax Probe Concludes Positively
Balu Forge Surges 10% as Income Tax Probe Concludes Positively

13th January 2026, 10:29 am

Balu Forge Shares Plunge 20% on Income Tax Raids
Balu Forge Shares Plunge 20% on Income Tax Raids

7th January 2026, 3:04 pm

Balu Forge Shares Tumble 20% on Massive Selling Spree
Balu Forge Shares Tumble 20% on Massive Selling Spree

7th January 2026, 12:43 pm

Balu Forge's Q3 Revenue Jumps 21.6%, Defence Sector Entry Boosts Outlook
Balu Forge's Q3 Revenue Jumps 21.6%, Defence Sector Entry Boosts Outlook

Documents

Announcements

Intimation Under Regulation 30 Of The SEBI (LODR), Regulations, 2015.

2d - Income Tax search at Balu Forge offices/units 7–13 Jan 2026; no incriminating documents seized.

Compliances-Certificate under Reg. 74 (5) of SEBI (DP) Regulations, 2018

5 Jan - RTA confirmation certificate dated 02-Jan-2026 for quarter ended 31-Dec-2025 submitted.

Announcement under Regulation 30 (LODR)-Allotment

30 Dec - 30-Dec-2025: 10,00,000 shares allotted to Krisharya Trust at Rs360; total Rs36 crore, Rs27 crore received.

Disclosures under Reg. 29(2) of SEBI (SAST) Regulations, 2011
Disclosures under Reg. 29(2) of SEBI (SAST) Regulations, 2011

Annual Reports

Financial Year 2025

(from bse)

Financial Year 2024

(from bse)

Financial Year 2023

(from bse)

Financial Year 2022

(from bse)

Financial Year 2021

(from bse)

Financial Year 2020

(from bse)

Financial Year 2019

(from bse)

Financial Year 2018

(from bse)

Financial Year 2017

(from bse)

Financial Year 2016

(from bse)

Financial Year 2015

(from bse)

Financial Year 2014

(from bse)

Financial Year 2013

(from bse)

Financial Year 2012

(from bse)

Financial Year 2011

(from bse)

Credit Ratings

Rating update

12 Jan from crisil

Rating update

27 Nov 2025 from crisil

Rating update

29 Oct 2024 from crisil

Rating update

28 Jun 2024 from crisil

Rating update

14 May 2024 from crisil

Rating update

16 Apr 2024 from crisil

Concalls

Nov 2025

PPT

Aug 2025

PPT

Apr 2025

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Mar 2025

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Dec 2024

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Dec 2024

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Dec 2024

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Dec 2024

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May 2023

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Stock Analysis

Description

  1. Balu Forge Industries Ltd is engaged in the manufacturing of fully finished and semi-finished forged crankshafts and Forged Components. It has the capability to manufacture components conforming to the New Emission Regulations & the New Energy Vehicles.

Key Growth Triggers

  1. Ongoing capacity expansions and development of its greenfield facility.
  2. Strategic focus on high-value sectors including defence and aerospace.
  3. Formation of a Special Purpose Vehicle (SPV) to explore opportunities in the railway, defence, and aerospace sectors.
  4. Commencement of operations at its new precision machining unit featuring advanced CNC machines and an automated empty shell production line for defence.
  5. Manufacturing components for New Emission Regulations and New Energy Vehicles.

Order Book

  1. Currently no data available for Order Book.

Key Red Flags

  1. The Income Tax Department conducted a search operation at company facilities.
  2. Company has high debtors of 163 days.
  3. Promoter holding has decreased over the last 3 years.

Key Dates To Watch

  1. January 7-13, 2026: Income Tax search operation conducted at company offices and manufacturing units.

Corporate Announcements

12th Apr 26
Impact Rating: 6
Balu Forge Industries Limited has scheduled a physical group meeting and plant visit for investors and analysts, including representatives from Kitara Capital and Taurus Mutual Fund, on April 16, 2026.
9th Apr 26
Impact Rating: 2
Balu Forge Industries has received confirmation from its RTA, Skyline Financial Services, regarding compliance with SEBI Regulation 74(5) for physical share certificates processed in the quarter ending March 31, 2026.
26th Mar 26
Impact Rating: 6
In compliance with SEBI regulations, Balu Forge Industries Limited will enforce a trading window closure for designated persons from April 1, 2026. This lasts until 48 hours post-audited financial results announcement for the quarter and year ended March 31, 2026.
16th Mar 26
Impact Rating: 7
Balu Forge promoter Jaspalsingh Chandock has pledged 8,75,000 equity shares (1.45% of his holding) with Aditya Birla Capital to avail financial facilities, complying with SEBI regulations.
16th Mar 26
Impact Rating: 8
Jaspalsingh Prehladsingh Chandock, promoter of Balu Forge Industries, has pledged 8,75,000 shares (0.73% of total capital) to Aditya Birla Capital Limited. The total promoter holding is 6,04,59,024 shares.