Balu Forge Industries Limited
NSE: BALUFORGECastings & Forgings
Share price
₹481.20
-1.69% close of 9 Oct 2026
Price-based ratios (P/B, dividend yield, EV/EBITDA) are as of 7 Oct 2026, the close above is 9 Oct 2026.
Business score
How strong the business is, in one number. The parts behind it are in Pro.
69
out of 100 · worked out 9 Oct 2026
Your ratios
The numbers you want to see first. Tap Edit to change them.
Market cap
₹5,823 Cr
P/E ratio
21.7
P/B ratio
3.7
ROCE
22.7%
ROE
19.6%
Dividend yield
0.0%
Price & valuation chart
How the share price and its valuation have moved. Hover over the chart to see any day. Prices as of the last close.
Answers
Simple answers to the questions investors ask most, from the company's own numbers.
How fast it has been growing
Our sales figures for this company step up at Sep 2011 and we hold nothing that says why, so we cannot honestly quote a growth rate across it.
Whether it grew faster than its sector
Our sales figures for this company step up at Sep 2011 and we hold nothing that says why, so there is no honest growth rate of its own to set against its sector.
Room to re-rate, or risk of de-rating
At 21.7× earnings against a market that pays 24.1× across 2199 companies we can price. Its own industry sits at 55.9×, across 5 companies. It is against its own five-year median of 37.2×, the 7th percentile of its own range.
Whether growth justifies the valuation
Priced at 0.2 times its growth rate, on earnings growth of 88%.
| Profit growth | Price per ₹1 profit | Per 1% growth | |
|---|---|---|---|
| Balu Forge Industries Limited — this one | 88%/yr | 21.7× | ₹0.25 |
| PTC Industries Limited | 59%/yr | 294.4× | ₹5.0 |
| AIA Engineering Limited | 7%/yr | 28.0× | ₹4.0 |
| Happy Forgings Limited | 13%/yr | 55.9× | ₹4.3 |
| Steelcast Limited | 7%/yr | 39.2× | ₹5.6 |
| Investment & Precision Castings Limited | 30%/yr | 103.1× | ₹3.4 |
Compared with companies filed under the same label. That grouping comes from the exchange's filing category, so some of them may not be real rivals.
How it compares with its peers
Against companies the exchange files under the same label (Castings & Forgings), it ranks 2 of 12 on returns, 1 of 12 on growth, 4 of 12 on margin. That grouping comes from the exchange's filing category, so some of them may not be real rivals.
What makes it hard to beat — and is that still true?
A wide advantage: it earns 22.7% on capital, ahead of 83% of companies filed under the same label. That grouping comes from the exchange's filing category, so some of them may not be real rivals.
Whether its growth pays for itself
No — Over the last five years it made ₹116 crore of cash from the business but spent ₹932 crore on plant and equipment, ₹816 crore more than it made; the gap was from lenders and shareholders. But only about 21 of every 100 rupees of profit it reported over 6 years arrived as cash — the rest is tied up. Its cash comes back more slowly than it used to: it went from being waiting 141 days for its cash to waiting 158 days for its cash.
Profit reality check
Is the profit real cash? Simple checks on the accounts. Facts only, not advice.
8 of 10 checks clear · 80%
Latest result · Q1 FY27
What the last results showed. Whether management kept its word is in Pro.
Revenue fell 25% and profit 34% against the same quarter last year
Announced 12 Aug 2026 · Consolidated · Unaudited
Revenue
₹301 Cr
Revenue vs last year
+29.0%
Revenue vs last quarter
+14.1%
Net profit
₹66 Cr
Profit vs last year
+15.9%
Profit vs last quarter
+0.1%
Net margin
22.0%
EPS
₹5.49
Checklist before you investPRO
Points for and against, in one list.
Key numbers & peers
The main numbers grouped by topic, and how the company compares with similar ones.
Price
- Market cap
- ₹5,823 Cr
- Prev close
- ₹481.20
- 52w High
- ₹678
- 52w Low
- ₹341
- Enterprise value
- ₹5,886 Cr
- Beta
- 1.8
- Price CAGR 1y
- -20.0%
- Price CAGR 3y
- 32.0%
- Price CAGR 5y
- 14.0%
- Price CAGR 10y
- 26.0%
Ratios
- Return on assets
- 14.0%
- PEG ratio
- 0.2
- P/E ratio
- 21.7
- P/B ratio
- 3.7
- EV / EBITDA
- 18.8
- Industry P/E
- 39.8
- ROCE
- 22.7%
- ROCE 5y average
- 28.0%
- ROE
- 19.6%
- Debt / Equity
- 0.1
- Interest coverage
- 20.1
- Dividend yield
- 0.0%
- ROE 3y average
- 22.0%
- ROE last year
- 20.0%
Annual P&L
- Annual revenue
- ₹1,107 Cr
- Annual profit
- ₹259 Cr
- Operating margin
- 27.0%
- Net profit margin
- 23.4%
- EBITDA margin
- 27.1%
- Sales growth 3y
- 50.2%
- Sales growth 5y
- 50.8%
- Profit growth 3y
- 88.0%
- Profit growth 5y
- 102.0%
- EPS
- ₹21.3
- Sales growth TTM
- 20.0%
- Profit growth TTM
- 18.0%
- Dividend payout
- 1.0%
Quarter P&L
- Sales latest quarter
- ₹301 Cr
- Profit latest quarter
- ₹66 Cr
- YoY quarterly sales growth
- 28.9%
- YoY quarterly profit growth
- 15.8%
- OPM latest quarter
- 28.2%
Balance Sheet
- Book Value
- ₹132
- Face Value
- ₹10.0
- Total debt
- ₹152 Cr
- Total cash
- ₹89 Cr
- Borrowings
- ₹152 Cr
- Reserves / Equity
- 12.2
Cash Flow
- Operating cash flow
- ₹32 Cr
- Free cash flow
- -₹322 Cr
- FCF yield
- -5.8%
- Net cash flow
- -₹7 Cr
Shareholding
- Promoter holding
- 53.5%
- FII holding
- 5.0%
- DII holding
- 0.9%
- Public holding
- 36.6%
Peer comparison
| Company | Price ₹ | P/E | Mkt cap ₹ Cr | Div yield % | Profit qtr ₹ Cr | Profit var % | Sales qtr ₹ Cr | Sales var % | ROCE % |
|---|---|---|---|---|---|---|---|---|---|
| PTC Industries | 24,685.00 | 294.7 | 37,011 | 0.00 | 29.2 | 465.7 | 191.8 | 97.4 | 8.6 |
| AIA Engineering | 3,858.00 | 28.4 | 35,976 | 0.41 | 301.0 | -1.3 | 1,168.0 | 12.4 | 21.1 |
| Happy Forgings | 1,934.30 | 55.7 | 18,229 | 0.21 | 91.5 | 39.2 | 449.4 | 27.0 | 18.0 |
| Balu Forge | 507.50 | 23.0 | 6,164 | 0.03 | 66.1 | 15.9 | 300.7 | 28.9 | 22.7 |
| Steelcast | 373.30 | 41.7 | 3,785 | 0.46 | 23.7 | 19.3 | 124.8 | 17.0 | 32.3 |
| Amic Forging | 2,537.15 | 96.1 | 2,930 | 0.00 | 15.9 | 23.7 | 75.2 | 30.4 | 25.2 |
| Inv.& Prec.Cast. | 1,594.50 | 105.9 | 1,582 | 0.06 | 5.0 | 129.9 | 53.4 | 21.1 | 14.4 |
| Median | 434.50 | 28.4 | 916 | 0.01 | 4.1 | 4.2 | 71.0 | 11.5 | 15.7 |
Competes with: AIA Engineering Limited, Ganga Forging Limited, Happy Forgings Limited, Hilton Metal Forging Limited, Investment & Precision Castings Limited, Kalyani Forge Limited, Nelcast Limited, PTC Industries Limited, Steelcast Limited, Synergy Green Industries Limited, Tirupati Forge Limited
Quarterly results
Sales and profit for each of the last 13 quarters. Newest on the right. ₹ crore.
| Line item | 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 112 | 139 | 147 | 161 | 175 | 223 | 256 | 270 | 233 | 300 | 311 | 264 | 301 |
| Expenses | 90 | 109 | 114 | 127 | 132 | 158 | 188 | 195 | 161 | 217 | 227 | 204 | 216 |
| Material Cost | 201 | 168 | 203 | 211 | 177 | 148 | |||||||
| Change in Inventories | -27 | -24 | -5.72 | -11 | -8.24 | 44 | |||||||
| Purchases of Stock-in-Trade | 0 | 0 | 0 | 0 | 0 | 0 | |||||||
| Employee Cost | 6.27 | 7.69 | 8.80 | 9.21 | 9.48 | 11 | |||||||
| Other Expenses | 14 | 9.16 | 11 | 17 | 25 | 13 | |||||||
| Operating Profit | 22 | 30 | 33 | 34 | 43 | 65 | 68 | 75 | 72 | 83 | 85 | 60 | 85 |
| OPM % | 19 | 22 | 22 | 21 | 25 | 29 | 26 | 28 | 31 | 28 | 27 | 23 | 28 |
| Other Income | 0 | 4 | 2 | 4 | 1 | 2 | 10 | 4 | 2 | 3 | 4 | 23 | 4 |
| Exceptional items (within Other Income) | 0 | 0 | 0 | 0 | 0 | 0 | |||||||
| Interest | 2 | 4 | 4 | 4 | 2 | 3 | 2 | 4 | 2 | 4 | 5 | 5 | 5 |
| Depreciation | 0 | 0 | 1 | 1 | 1 | 1 | 1 | 1 | 2 | 2 | 3 | 3 | 3 |
| Profit before tax | 19 | 30 | 30 | 35 | 42 | 64 | 74 | 74 | 70 | 80 | 81 | 75 | 81 |
| Tax % | 13 | 22 | 16 | 18 | 18 | 25 | 20 | 15 | 19 | 19 | 12 | 13 | 18 |
| Net Profit | 17 | 23 | 25 | 28 | 34 | 48 | 59 | 63 | 57 | 65 | 71 | 66 | 66 |
| EPS in Rs | 2 | 2.32 | 2.46 | 2.76 | 3.33 | 4.39 | 5.39 | 5.73 | 5 | 5.71 | 6.18 | 5.42 | 5.44 |
| Diluted EPS in Rs | 5.49 | 4.89 | 5.91 | 6.26 | 6.35 | 5.49 |
Profit & loss
Yearly sales, costs and profit for 12 years, plus the last 12 months (TTM). ₹ crore.
| Line item | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM |
|---|---|---|---|---|---|---|---|
| Sales | 142 | 286 | 327 | 560 | 924 | 1,107 | 1,175 |
| Expenses | 130 | 249 | 277 | 441 | 673 | 808 | 863 |
| Material Cost | 608 | 758 | |||||
| Change in Inventories | -5.11 | -49 | |||||
| Purchases of Stock-in-Trade | 0 | 0 | |||||
| Employee Cost | 24 | 35 | |||||
| Other Expenses | 46 | 63 | |||||
| Operating Profit | 12 | 37 | 50 | 119 | 251 | 300 | 312 |
| OPM % | 9 | 13 | 15 | 21 | 27 | 27 | 27 |
| Other Income | 5 | 8 | 13 | 10 | 17 | 33 | 35 |
| Exceptional items (within Other Income) | 0 | 0 | |||||
| Interest | 7 | 5 | 11 | 14 | 11 | 16 | 19 |
| Depreciation | 1 | 1 | 1 | 2.05 | 3.35 | 10 | 12 |
| Profit before tax | 10 | 39 | 51 | 114 | 254 | 306 | 317 |
| Tax % | 22 | 24 | 23 | 18 | 20 | 15 | |
| Net Profit | 8 | 30 | 39 | 93 | 204 | 259 | 268 |
| EPS in Rs | 1.11 | 3.63 | 4.67 | 9.11 | 19 | 21 | 23 |
| Diluted EPS in Rs | 18 | 24 | |||||
| Dividend Payout % | -0 | 3 | -0 | 2 | 1 | 1 |
Compounded growth
Average yearly growth over different spans, as stored. A span can cross a demerger or an acquisition.
Compounded sales growth
- 10 years
- —
- 5 years
- 51%
- 3 years
- 50%
- TTM
- 20%
Compounded profit growth
- 10 years
- —
- 5 years
- 102%
- 3 years
- 88%
- TTM
- 18%
Stock price CAGR
- 10 years
- 26%
- 5 years
- 14%
- 3 years
- 32%
- 1 year
- -20%
Return on equity
- 10 years
- —
- 5 years
- 22%
- 3 years
- 22%
- Last year
- 20%
Balance sheet
What the company owns and what it owes, at the end of each year. ₹ crore.
| Line item | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|
| Equity Capital | 69 | 82 | 83 | 103 | 111 | 121 |
| Reserves | 9 | 76 | 114 | 450 | 942 | 1,473 |
| Borrowings | 26 | 47 | 52 | 49 | 40 | 152 |
| Other Liabilities | 68 | 78 | 121 | 111 | 159 | 104 |
| Minority Interest | 0 | |||||
| Total Liabilities | 171 | 284 | 371 | 712 | 1,252 | 1,851 |
| Fixed Assets | 42 | 42 | 48 | 57 | 183 | 547 |
| CWIP | -0 | 7 | 7 | 130 | 417 | 277 |
| Investments | -0 | -0 | -0 | -0 | -0 | -0 |
| Other Assets | 129 | 235 | 316 | 525 | 652 | 1,027 |
| Total Assets | 171 | 284 | 371 | 712 | 1,252 | 1,851 |
Cash flows
Real money coming in and going out each year — from the business, from investments and from loans. ₹ crore.
| Line item | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|
| Cash from Operating Activity | 17 | -58 | 26 | -32 | 148 | 32 |
| Cash from Investing Activity | -3 | -8 | -21 | -134 | -416 | -354 |
| Cash from Financing Activity | -12 | 69 | -6 | 249 | 273 | 315 |
| Net Cash Flow | 2 | 4 | -1 | 83 | 5 | -7 |
| Free Cash Flow | 14 | -65 | 5 | -166 | -268 | -322 |
Ratios
How fast customers pay, how long stock sits, and how well capital earns — year by year.
| Line item | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|
| Debtor Days | 156 | 165 | 235 | 142 | 129 | 140 |
| Inventory Days | 66 | 70 | 56 | 87 | 59 | 75 |
| Days Payable | 157 | 75 | 105 | 78 | 71 | 32 |
| Cash Conversion Cycle | 65 | 160 | 186 | 151 | 117 | 182 |
| Working Capital Days | 113 | 141 | 146 | 175 | 116 | 158 |
| ROCE % | 29 | 27 | 30 | 31 | 23 |
Price trend
The price as a Renko brick chart: small moves drop out so the bigger path stands out.
Every brick is the same size, about one typical day's move. A new brick needs a full brick's move; turning the other way needs two. Bricks show where the price went, not where it will go.
Open interestPRO
Where option traders are positioned on this stock.
Industry numbers
The numbers that matter most in this industry, from the company's own filings.
1 when an audit qualification is filed as repetitive
0.00flag
2026-03-31
the company's own unlisted debt securities in default at period end
0.00cr
2026-06-30
the company's own loans / revolving facilities in default at period end (standalone filing)
0.00cr
2026-06-30
net debt from the filed balance sheet at the newest year end: Borrowings − Cash Equivalents − Investments (Current); negative = net cash
63.00inr_cr
2026-03-31
guarantees / comfort given for promoter, promoter group, directors and KMP
0.00cr
2026-03-31
loans outstanding to promoter, promoter group, directors and KMP (governance filing)
0.00cr
2026-03-31
security given for the borrowing of promoter, promoter group, directors and KMP
0.00cr
2026-03-31
FY revenue / permanent employees + workers, same basis (calc)
3,61,68,860inr
2026-03-31
News
News and filings about Balu Forge Industries Limited. Open one to see why it matters.
26 Sept, 17:00 IST · Company event · medium impact
Balu Forge Industries Limited — Resignation of Ms Tabassum Begum as Company Secretary & Compliance Officer of the company w.e.f. September 26, 2026.
17 Aug, 18:30 IST · Company event · high impact
A promoter bought Rs 54.00 crore of Balu Forge Industries Limited
17 Aug, 18:30 IST · Company event · high impact
A promoter bought Rs 54.00 crore of Balu Forge Industries Limited
Supply chain
Who it buys from, sells to and competes with — as recorded in our map of company links.
Competes with
Uses as raw material
- alloy steels
- aluminium alloy
- steel (forging bar/billet)
- titanium alloy
Depends on the price of
- aluminium
- steel
Sells to
- Defence / NATO-affiliated supply chain (large-calibre ammunition shell bodies & forged defence components) · large-calibre ammunition shell bodies and complex forged defence components
About
What the company is, from our own records: where it sits, where it makes things, and what it is made of.
- Sector
- Capital Goods
- Industry
- Castings & Forgings
- Classification
- Capital Goods › Castings & Forgings
- ISIN
- INE011E01029
Plants
- Balu Forge Belgaum Unit 1
- Balu Forge Belgaum Unit 2
- Balu Forge Hattargi greenfield (Unit 3)
News impact
Big market events that reach Balu Forge Industries Limited, and how the effect spreads.
No recent market events reach this company.
Dividends, splits & big trades
Money paid out, share splits and buybacks, and big buys or sells by funds and insiders.
Dividends
| 18 Sep 2026 | unspecified | ₹0.15 |
|---|---|---|
| 19 Sep 2025 | unspecified | ₹0.15 |
| 20 Sep 2024 | unspecified | ₹0.15 |
Splits, bonuses & buybacks
- daily-prices repair: 4 rows from NSE's archive (replace 1, delete 1, insert 2), 2024-05-18..2026-02-01 (docs/flat_day_repair.md)1× · 18 May 2024
- bse-history fill: 1213 BSE bars before cutoff, code 531112, seam residual 0.99901× · 29 Apr 2024
Bulk & block deals
| Date | Who | Bought / sold | Shares | Price |
|---|---|---|---|---|
| 24 Aug 2026 | RAMDOOT REALTORS PVT LTD | BUY | 6,53,765 | ₹617.55 |
| 24 Aug 2026 | RAMDOOT REALTORS PVT LTD | SELL | 6,52,265 | ₹620.00 |
| 24 Aug 2026 | HRTI PRIVATE LIMITED | BUY | 6,36,768 | ₹619.15 |
| 24 Aug 2026 | JUNOMONETA FINSOL PRIVATE LIMITED | SELL | 6,11,226 | ₹621.42 |
| 24 Aug 2026 | JUNOMONETA FINSOL PRIVATE LIMITED | BUY | 6,07,118 | ₹620.96 |
| 24 Aug 2026 | HRTI PRIVATE LIMITED | SELL | 5,41,670 | ₹622.13 |
| 15 Jul 2026 | SNORD TRADING PRIVATE LIMITED | BUY | 7,15,000 | ₹448.86 |
| 15 Jul 2026 | L7 SECURITIES PRIVATE LIMITED | SELL | 7,15,000 | ₹448.84 |
| 3 Jun 2026 | MINERVA VENTURES FUND | BUY | 6,25,000 | ₹486.04 |
Insider trades
| Disclosed | Who | Type | Shares | Value ₹ Cr |
|---|---|---|---|---|
| 17 Aug 2026 | TRIMAAN JASPALSINGH CHANDOCK · Promoter and Director | BUY | 15,00,000 | 54.00 |
| 17 Aug 2026 | JAIKARAN JASPALSINGH CHANDOCK · Promoter and Director | BUY | 15,00,000 | 54.00 |
Documents
Annual reports, results presentations and earnings calls, straight from the source.
- Annual report · 2024-254 Sep 2025
Facts from company filings and exchange data. Not investment advice: nothing here tells you to buy or sell.