Balu Forge Industries Limited (BALUFORGE)

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Balu Forge Industries Limited (BALUFORGE) · mywealthgrid

About

Balu Forge Industries manufactures castings and forgings for industrial sector; ₹5,678 Cr market-cap company with recent quarterly revenues of ₹160–300 Cr (standalone). Profitability strong: 27% operating margins, 19.56% ROE, backed by healthy balance sheet (D/E 0.08). Exposed to industrial capex cycles and capital-goods demand.

Face value: ₹10

Market cap

₹5,623 Cr

P/E

21.0×

P/B

3.5×

Dividend yield

0.1%

ROE

19.6%

ROCE

23.9%

Debt / equity

0.08

OPM

27.1%

EPS (TTM)

₹23.3

Book value

₹138.7

52-week high

—

52-week low

Key insights

Company research notes and source-linked reviews

Key risks

Operating margins range 22.73%–32.79% across recent quarters, suggesting cyclicality or inconsistency—verify drivers
Stock down 19.79% over one year despite strong margins; indicates valuation compression or investor concerns—identify fundamental triggers
Low institutional ownership (FII 5.04%, DII 0.95% vs promoter 53.51%) suggests limited analyst coverage or liquidity—verify float and trading patterns
Castings and forgings are cyclical industrial inputs tied to infrastructure and auto capex—verify current demand visibility and order-book health

Generated analysis · source review pending

Growth drivers

Strong ROE of 19.56% shows capital efficiency for value creation on incremental capital
Low leverage (D/E 0.08) provides balance-sheet flexibility for growth capex without financial strain
Operating margins of 27.05% generate cash for reinvestment or shareholder returns
Volume growth depends on industrial capex cycle and demand—verify order book, demand signals, sector positioning

Generated analysis · source review pending

1,754 historical price candles were omitted because the exchange source has not been verified.

₹489.0-2.4%1Y

Quick read

rule-based

Pros

+Strong return on equity of 23.8% (3-yr avg)
+High return on capital employed of 30%
+Healthy operating margin of 27.1%
+Profit CAGR of 105.5% over the last 3 years
+Revenue CAGR of 58.9% over the last 3 years
+Almost debt-free (debt/equity 0.1)
+Comfortable interest coverage of 19.6×

Cons

−Low dividend payout of 1.3% of profit

Research score

Structured signal from quality, growth, valuation and momentum.

77/100

Business quality: 78
Growth

Revenue & net profit

₹ crore, by fiscal year

RevenuePAT

Margins

% of revenue, by fiscal year

OPMPAT margin

Peers

Comparable companies from the narrowest available industry classification.

Part ofNIFTY MICROCAP 250 NIFTY TOTAL MARKET

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Financials

Reported profit and loss, balance sheet, cash flow and growth history.

Annual Quarterly

Consolidated Standalone

Consolidated figures · ₹ crore

₹ Cr	Mar 2021	Mar 2022	Mar 2024	Mar 2025	Mar 2026
	138	276	560	924	1,107
COGS	111	220	376	603	710
Gross profit	27	56	184	321	398
	19	29	64	70	98
	8	27	119	251	300
OPM %	5.7%	9.8%	21.3%	27.2%	27.1%
Depreciation	1	1	2	3	10
Interest	7	5	14	11	16
	10	18	10	17	33
Profit before tax	10	39	114	254	306
Tax	2	9	20	50	47
Tax %	21.8%	23.6%	17.7%	19.7%	15.4%
	8	30	94	204	259
PAT margin %	5.5%	10.8%	16.7%	22.1%	23.4%
EPS (₹)	1.9	4.1	9.8	19.2	23.9
EPS adjusted (₹)	1.1	3.6	9.1	18.4	21.3
	0%	2.5%	1.5%	0.8%	0.6%
Annual report	Annual report for Mar 2021	Annual report for Mar 2022	Annual report for Mar 2024	Annual report for Mar 2025	—

₹ Cr	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity capital	0	69	82	83	103	111	121
Reserves	—	9	76	114	450	942	1,473
Minority interest	—	—	0	—	—	—	—
	—	24	47	51	49	36	127
	—	70	79	122	111	163	130
Total equity & liabilities	—	171	284	371	712	1,252	1,851
	0	42	42	48	57	183	547
CWIP	—	0	7	7	130	417	277
Investments	—	0	0	—	0	0	0
	—	129	235	316	525	652	1,027
Total assets	—	171	284	371	712	1,252	1,851

₹ Cr	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	17	-58	20	-18	148	32
	-3	-8	-16	-148	-417	-354
	-12	69	-6	249	274	315
Net cash flow	2	4	-1	83	5	-7
Free cash flow	14	-65	5	-166	-268	-175
CFO / Operating profit %	220.2%	-214.7%	—	-15.1%	59%	10.6%

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Ratios

Annual operating, return, leverage and working-capital ratios.

Consolidated Standalone

Consolidated figures

Ratio	Mar 2021	Mar 2022	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	19.6%	20.2%	32.8%	34.8%	35.9%
EBITDA margin %	5.7%	9.8%	21.3%	27.2%	27.1%
EBIT margin %	4.9%	9.4%	20.9%	26.8%	26.2%
PAT margin %	5.5%	10.8%	16.7%	22.1%	23.4%
Working capital
Receivable days	161	171	142	129	140
Inventory days	66	70	87	59	75
Payable days	157	75	78	71	32
NWC days	70	166	151	117	182
Leverage
Current ratio	1.58	2	3.69	3.19	3.54
Debt to EBITDA	3.04	1.73	0.41	0.14	0.42
Debt to equity	0.31	0.29	0.09	0.03	0.08
Interest coverage	2.5	8.5	9.3	24.2	19.6
Asset turnover	0.8	0.97	0.79	0.74	0.6
Return ratios
Return on assets %	4.4%	10.5%	13.1%	16.3%	14%
Return on capital employed %	18.1%	34.6%	34.2%	32%	23.9%
Return on equity %	9.8%	18.8%	16.9%	19.4%	16.2%

Derived from reported annual statements. ROCE uses EBIT over capital employed (total assets less current liabilities). Day counts average the opening and closing balance; receivables turn on revenue, inventory and payables on cost of goods sold.

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Shareholding

Quarterly ownership, named holders, insider transactions and disclosed deals.

Quarterly Annual

Every quarter filed · % of equity

Holder (%)	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	57.47%	56.07%	56.07%	56.07%	54.71%	54.71%	55.25%	54.85%	54.85%	54.87%	54.39%	53.51%
	6.48%	8.77%	9.71%	8.51%	10.43%	6.93%	7.07%	8.2%	8.33%	7.94%	6.02%	5.04%
	2%	1.95%	1.89%	1.43%	0.93%	0.97%	1.07%	0.86%	0.84%	0.8%	0.89%	0.95%
	0%	0%	0%	0%	0%	0%	0%	0%	4.06%	4.06%	4.02%	3.86%
	34.05%	33.21%	32.33%	33.99%	33.93%	37.39%	36.61%	36.09%	31.92%	32.33%	34.68%	36.64%
No. of shareholders	—	—	—	—	—	—	—	—	72,351	70,445	79,711	83,997

Promoter holding down 3.96 percentage points since Sep 2023.

41 deals · 19 May 2022 – 15 Jul 2026

Date	Client	Type	Venue	Side	Quantity	Price	Value
15 Jul 2026	L7 SECURITIES PRIVATE LIMITED	Bulk	NSE	Sell	7,15,000	₹448.84	₹32.09 Cr
15 Jul 2026	SNORD TRADING PRIVATE LIMITED	Bulk	NSE	Buy	7,15,000	₹448.86	₹32.09 Cr
3 Jun 2026	MINERVA VENTURES FUND	Bulk	NSE	Buy	6,25,000	₹486.04	₹30.38 Cr
29 Jan 2026	SIXTEENTH STREET ASIAN GEMS FUND	Bulk	NSE	Sell	9,27,230	₹358.77	₹33.27 Cr
13 Jan 2026	HRTI PRIVATE LIMITED	Bulk	NSE	Buy	6,22,673	₹479.33	₹29.85 Cr
13 Jan 2026	HRTI PRIVATE LIMITED	Bulk	NSE	Sell	6,16,296	₹480.90	₹29.64 Cr
13 Jan 2026	GRAVITON RESEARCH CAPITAL LLP	Bulk	NSE	Buy	6,00,926	₹481.90	₹28.96 Cr
13 Jan 2026	GRAVITON RESEARCH CAPITAL LLP	Bulk	NSE	Sell	5,98,882	₹482.28	₹28.88 Cr
7 Jan 2026	L7 HITECH PRIVATE LIMITED	Bulk	NSE	Sell	7,32,885	₹488.65	₹35.81 Cr
7 Jan 2026	MANSI SHARE AND STOCK BROKING PRIVATE LIMITED	Bulk	NSE	Sell	5,98,078	₹474.34	₹28.37 Cr

1–10 of 41

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Mr. JASPALSINGH PREHLADSINGH CHANDOCKExecutive Director-Chairperson-MD
Mr. TRIMAAN JASPALSINGH CHANDOCKExecutive Director
Mr. JAIKARAN JASPALSINGH CHANDOCKExecutive Director
Mr. RADHEY SHYAM SONINon-Executive - Independent Director
Mrs. SHALU LAXMANRAJ BHANDARINon-Executive - Independent Director
Mr. ROOP LAL MEENANon-Executive - Independent Director
Mr. Sadik PatelChief Operating Officer
Mr. Sandeep Singh ChadhaChief Financial Officer
Ms. Tabassum BegumCompany Secretary & Compliance Officer

Current officeholders as filed with BSE. A person holding two offices is listed once per office.

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F&O

Current futures and options contracts with compact option-chain pages.

Not in the F&O segment

Only about 210 stocks have listed futures and options. Contracts appear here for those, refreshed after each close.

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Fund holders

Mutual-fund schemes that disclosed a holding in the company.

Portfolio month

Schemes holding

across 2 fund houses

Held by these funds

0.11%

of the company's equity

All mutual funds

0.11%

shareholding pattern, Jun 2026

Portfolios as of

August 2026

compared with July 2026

3 schemes · 2 fund houses

		Shares
(Investment Manager for Motilal Oswal Mutual Fund)	Motilal Oswal Mutual Fund	1.22 L	7.69	0.31%	0.106%	-2,670
IB18-Groww Nifty Total Market Index Fund	Groww Mutual Fund	834	0.05	0.01%	0.001%	+3
(Investment Manager for Motilal Oswal Mutual Fund)	Motilal Oswal Mutual Fund	133	0.01	0.01%	0%	-0

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Documents

Annual reports, exchange filings, offer documents, ratings and earnings-call material.

Announcements

Annual reports

Credit ratings

Documents link to external sources (exchange filings, company investor pages).

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Events

Upcoming dates and the company’s corporate-action history.

4

Final dividend18 Sept 2026 · ex-date₹0.15
Final dividend19 Sept 2025 · ex-date₹0.15
Final dividend20 Sept 2024 · ex-date₹0.15
Interim dividend17 Nov 2021 · ex-date₹0.1

1

Board meeting to consider results12 Aug 2026

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Announcements

Latest exchange announcements, filings and downloadable documents.

1 month 3 months 6 months 1 year All

108 announcementsExport CSV

30 Sept 2026, 2:06 pmAGM/EGM

Shareholder Meeting / Postal Ballot-Outcome of AGM

AGM PDF

8 Sept 2026, 1:46 pmCompany Update

Announcement under Regulation 30 (LODR)-Newspaper Publication

Newspaper Publication PDF

8 Sept 2026, 10:44 amCompany Update

Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation

Analyst / Investor Meet PDF

7 Sept 2026, 6:37 pmCompany Update

Dispatch Of Letter To Shareholders Providing Web-Link To Annual Report

General PDF

7 Sept 2026, 6:17 pmOthers

Business Responsibility and Sustainability Reporting (BRSR)

Business Responsibility and Sustainability Reporting (BRSR) PDF

7 Sept 2026, 6:09 pmOthers

Reg. 34 (1) Annual Report.

Reg. 34 (1) Annual Report PDF

7 Sept 2026, 5:44 pmAGM/EGM

AGM On September 30, 2026

AGM PDF

7 Sept 2026, 4:46 pmCompany Update

Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation

Analyst / Investor Meet PDF

Date	Category	Subject	Filing
30 Sept 2026, 2:06 pm	AGM/EGM AGM	Shareholder Meeting / Postal Ballot-Outcome of AGM	PDF
8 Sept 2026, 1:46 pm	Company Update Newspaper Publication	Announcement under Regulation 30 (LODR)-Newspaper Publication	PDF

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Ratio	Mar 2021	Mar 2022	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	19.6%	20.2%	32.8%	34.8%	35.9%
EBITDA margin %	5.7%	9.8%	21.3%	27.2%	27.1%
EBIT margin %	4.9%	9.4%	20.9%	26.8%	26.2%
PAT margin %	5.5%	10.8%	16.7%	22.1%	23.4%
Working capital
Receivable days	161	171	142	129	140
Inventory days	66	70	87	59	75
Payable days	157	75	78	71	32
NWC days	70	166	151	117	182
Leverage
Current ratio	1.58	2	3.69	3.19	3.54
Debt to EBITDA	3.04	1.73	0.41	0.14	0.42
Debt to equity	0.31	0.29	0.09	0.03	0.08
Interest coverage	2.5	8.5	9.3	24.2	19.6
Asset turnover	0.8	0.97	0.79	0.74	0.6
Return ratios
Return on assets %	4.4%	10.5%	13.1%	16.3%	14%
Return on capital employed %	18.1%	34.6%	34.2%	32%	23.9%
Return on equity %	9.8%	18.8%	16.9%	19.4%	16.2%

Company	Mkt Cap	EV	Revenue	EBITDA	OPM	PAT	NPM	ROCE	ROE	WC Days
Aia Engineering LimitedAIAENGAIAENG	₹35,682 Cr	₹35,682 Cr	₹4,549 Cr	₹1,258 Cr	28.4%	₹1,266 Cr	28.7%	21.3%	17%	320
Ptc Industries LimitedPTCILPTCIL	₹33,038 Cr	₹33,299 Cr	₹697 Cr	₹172 Cr	21.9%	₹126 Cr	16.9%	8.6%	7%	970
Happy Forgings LimitedHAPPYFORGEHAPPYFORGE	₹18,915 Cr	₹19,245 Cr	₹1,642 Cr	₹510 Cr	30.4%	₹327 Cr	19.5%	20.3%	15.2%	193
Balu Forge Industries LimitedBALUFORGEBALUFORGE	₹5,623 Cr	₹5,750 Cr	₹1,175 Cr	₹312 Cr	27.1%	₹268 Cr	23.4%	23.9%	19.6%	182
Steelcast LimitedSTEELCASSTEELCAS	₹3,607 Cr	₹3,607 Cr	₹441 Cr	₹119 Cr	27%	₹91 Cr	20.5%	31.3%	24.1%	158
Amic Forging LtdAMICAMIC	₹2,673 Cr	—	₹142 Cr	₹43 Cr	30.2%	₹28 Cr	20%	—	—	—
Investment & Precision Castings LimitedINVPRECQINVPRECQ	₹1,595 Cr	—	₹188 Cr	₹31 Cr	16.4%	₹12 Cr	6.3%	—	—	—
Nelcast LimitedNELCASTNELCAST	₹1,053 Cr	₹1,310 Cr	₹1,338 Cr	₹98 Cr	8.3%	₹41 Cr	3.7%	14.3%	8.4%	51
Synergy Green Industries LimitedSGILSGIL	₹951 Cr	₹1,202 Cr	₹366 Cr	₹39 Cr	10.7%	₹5 Cr	1.3%	10.8%	4.2%	44
Neetu Yoshi LtdNEETUYOSHINEETUYOSHI	₹927 Cr	₹931 Cr	₹98 Cr	₹31 Cr	31.1%	₹13 Cr	25.4%	33.4%	27.5%	152
Magna Electro Castings LtdMAGNAELQMAGNAELQ	₹546 Cr	₹560 Cr	₹176 Cr	₹34 Cr	16.9%	₹23 Cr	9.4%	17.4%	13.5%	—
Kalyani Forge LimitedKALYANIFRGKALYANIFRG	₹340 Cr	₹446 Cr	₹237 Cr	₹33 Cr	11.9%	₹12 Cr	4%	17.7%	10.1%	185

Balu Forge Industries Limited

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Ratios

Shareholding

F&O

Not in the F&O segment

Fund holders

Documents

Announcements

Annual reports

Credit ratings

Events

4

1

Announcements

Not in the F&O segment

4

1

Announcements

Annual reports

Credit ratings

Compounded sales growth

Compounded profit growth

Return on equity

Balu Forge Industries Limited

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Profit & loss

Balance sheet

Cash flow

Ratios

Ratio timeline

Shareholding

Quarterly record

Bulk & block deals

Board and management

F&O

Not in the F&O segment

Fund holders

Documents

Announcements

Annual reports

Credit ratings

Events

Dividends4

Board meetings1

Announcements

Ratio timeline

Not in the F&O segment

Dividends4

Board meetings1

Announcements

Annual reports

Credit ratings

Quarterly record

Bulk & block deals

Board and management

Profit & loss

Balance sheet

Cash flow

Compounded returns

Compounded sales growth

Compounded profit growth

Return on equity

4

1

4

1