---
title: "Micro Forge (India) Ltd (522298) — Share Price, Financials & Analysis"
symbol: "522298"
company: "Micro Forge (India) Ltd"
canonical: "https://tapetide.com/stocks/522298"
isin: "INE550E01018"
bse_code: "522298"
generated_at: "2026-10-13T10:59:10.837Z"
---

# Micro Forge (India) Ltd (522298)

Canonical page: https://tapetide.com/stocks/522298

## Company

- **BSE Code:** 522298
- **ISIN:** INE550E01018
- **Stock Type:** EQUITY
- **Face Value:** ₹10
- **F&O Eligible:** No

## About

Micro Forge (India) Limited, incorporated in India, Listed on the Bombay Stock exchange Limited, the company is engaged in the forging of steel products in India.

## Latest Price

## Key Insights

### Weaknesses

- Company has low interest coverage ratio.
- Company has high debtors of 165 days.

## Growth Rates

| Metric | 1Y | 3Y |
| --- | --- | --- |
| net income growth | 45% | — |
| revenue growth | -75% | -28% |

## Financial Statements

### Quarterly Results

All figures in ₹ crore unless the row name says otherwise.

| Item | Mar 2023 | Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Sales | 425 | 440 | 452 | 468 | 456 | 468 | 499 | 516 | 530 | 534 | 567 | 579 |
| Expenses | 357 | 377 | 387 | 403 | 426 | 419 | 434 | 431 | 441 | 445 | 471 | 476 |
| Operating Profit | 68 | 62 | 65 | 65 | 30 | 50 | 65 | 85 | 90 | 89 | 96 | 104 |
| OPM % | 16 | 14 | 14 | 14 | 7 | 11 | 13 | 16 | 17 | 17 | 17 | 18 |
| Other Income | 4 | 5 | 5 | 7 | 16 | -24 | 18 | 9 | 17 | 8 | 20 | 10 |
| Interest | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 2 |
| Depreciation | 7 | 7 | 8 | 8 | 8 | 8 | 9 | 8 | 8 | 8 | 6 | 5 |
| Profit before tax | 64 | 59 | 61 | 63 | 37 | 17 | 72 | 86 | 97 | 89 | 110 | 108 |
| Tax % | 23 | 24 | 25 | 24 | 27 | 38 | 27 | 26 | 25 | 26 | 25 | 25 |
| Net Profit | 49 | 45 | 46 | 48 | 27 | 10 | 53 | 64 | 73 | 66 | 83 | 80 |
| EPS in Rs | 17.53 | 15.85 | 16.8 | 17.6 | 9.94 | 3.85 | 19.38 | 23.3 | 26.72 | 24.05 | 30.08 | 29.15 |

### Profit & Loss

All figures in ₹ crore unless the row name says otherwise.

| Item | Mar 2006 | Mar 2007 | Mar 2008 | Mar 2009 |
| --- | --- | --- | --- | --- |
| Sales | 53.23 | 70.27 | 76.41 | 19.47 |
| Expenses | 53.6 | 73.11 | 93.34 | 25.31 |
| Operating Profit | -0.37 | -2.84 | -16.93 | -5.84 |
| OPM % | -0.7 | -4.04 | -22.16 | -29.99 |
| Other Income | 2.5 | 9.47 | 2.54 | 1.61 |
| Interest | 1.22 | 1.6 | 2.63 | 5.01 |
| Depreciation | 0.3 | 0.26 | 0.21 | 0.21 |
| Profit before tax | 0.61 | 4.77 | -17.23 | -9.45 |
| Tax % | 52.46 | 35.01 | 0.06 | 0 |
| Net Profit | 0.29 | 3.1 | -17.24 | -9.45 |
| EPS in Rs | 0.52 | 5.53 | -30.74 | -16.85 |
| Dividend Payout % | 0 | 0 | 0 | 0 |

### Balance Sheet

All figures in ₹ crore unless the row name says otherwise.

| Item | Mar 2006 | Mar 2007 | Mar 2008 | Mar 2009 |
| --- | --- | --- | --- | --- |
| Equity Capital | 5.61 | 5.61 | 5.61 | 5.61 |
| Reserves | 3.23 | 6.33 | -10.91 | -20.36 |
| Borrowings | 14.89 | 15.62 | 35.72 | 37.97 |
| Other Liabilities | 15.82 | 8.72 | 8.99 | 3.83 |
| Total Liabilities | 39.55 | 36.28 | 39.41 | 27.05 |
| Fixed Assets | 1.66 | 1.51 | 1.25 | 1.02 |
| CWIP | 0 | 0 | 6.73 | 7.86 |
| Investments | 4.73 | 4.73 | 4.72 | 4.72 |
| Other Assets | 33.16 | 30.04 | 26.71 | 13.45 |
| Total Assets | 39.55 | 36.28 | 39.41 | 27.05 |

### Cash Flow

All figures in ₹ crore unless the row name says otherwise.

| Item | Mar 2006 | Mar 2007 | Mar 2008 | Mar 2009 |
| --- | --- | --- | --- | --- |
| Cash from Operating Activity | 0.18 | -0.65 | -13.38 | -0.7 |
| Cash from Investing Activity | -0.29 | -0.11 | -6.68 | -1.03 |
| Cash from Financing Activity | 0.08 | 0.73 | 20.1 | 2.25 |
| Net Cash Flow | -0.03 | -0.03 | 0.04 | 0.52 |
| Free Cash Flow | -0.17 | -0.76 | -20.06 | -1.73 |
| CFO/OP | -49 | 23 | 79 | 12 |

### Ratios

| Item | Mar 2006 | Mar 2007 | Mar 2008 | Mar 2009 |
| --- | --- | --- | --- | --- |
| Debtor Days | 38.19 | 17.4 | 25.13 | 164.97 |
| Inventory Days | 123.23 | 133.06 | 67.49 | 7.43 |
| Days Payable | 12.6 | 26.41 | 41.09 | 8.69 |
| Cash Conversion Cycle | 148.83 | 124.04 | 51.53 | 163.71 |
| Working Capital Days | 117.87 | 110.12 | 83.88 | 167.6 |
| ROCE % | — | 24.84 | -50.22 | -16.48 |

## Shareholding Pattern

### annual

| Category | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Dec 2025 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Promoters | 49.5% | 47.21% | 36.31% | 37.09% | 37.23% | 33.9% | 34.61% | 32.77% | 55.16% | 54% |
| FIIs | 0.07% | 0% | 0.03% | 0.03% | 0.25% | 0.75% | 5.13% | 6.06% | 9.73% | 11.6% |
| DIIs | 0.05% | 0.02% | 0.29% | 0.25% | 0.21% | 0% | 0% | 0.09% | 10.59% | 9.3% |
| Public | 50.37% | 52.77% | 63.37% | 62.63% | 62.32% | 65.35% | 60.25% | 61.08% | 24.52% | 25.11% |
| No. of Shareholders | 4516 | 4458 | 4531 | 4413 | 8005 | 15114 | 14451 | 23339 | 28953 | 27319 |

### Quarterly

| Category | Mar 2023 | Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Promoters | 34.61% | 34.59% | 33.46% | 32.77% | 32.77% | 32.77% | 22.68% | 55.32% | 55.16% | 55.16% | 55.04% | 54% |
| FIIs | 5.13% | 6.22% | 6.32% | 6.04% | 6.06% | 5.73% | 4.64% | 8.25% | 9.73% | 11.33% | 11.88% | 11.6% |
| DIIs | 0% | 0% | 0.17% | 0.07% | 0.09% | 2.12% | 6.97% | 10.42% | 10.59% | 8.23% | 7.68% | 9.3% |
| Public | 60.25% | 59.18% | 60.04% | 61.11% | 61.08% | 59.37% | 65.71% | 26% | 24.52% | 25.29% | 25.4% | 25.11% |
| No. of Shareholders | 14451 | 17065 | 19033 | 21302 | 23339 | 22318 | 20602 | 25470 | 28953 | 28563 | 28223 | 27319 |

## Technical Indicators

Derived from daily closing prices and recomputed each trading session; values move with the market.

- **Overall Signal:** Sell
- **Buy / Neutral / Sell:** 5 / 6 / 8

### Moving Averages — summary: **Strong Sell**

| Indicator | Value | Signal |
| --- | --- | --- |
| SMA (10) | 30.49 | Buy |
| EMA (10) | 30.33 | Buy |
| SMA (20) | 30.95 | Sell |
| EMA (20) | 30.55 | Buy |
| SMA (50) | 30.37 | Buy |
| EMA (50) | 30.95 | Sell |
| SMA (100) | 32.17 | Sell |
| EMA (100) | 32.4 | Sell |
| SMA (200) | 36.01 | Sell |
| EMA (200) | 36.76 | Sell |

### Oscillators — summary: **Sell**

| Indicator | Value | Signal |
| --- | --- | --- |
| RSI (14) | 49.99 | Neutral |
| MACD (12,26,9) | -0.19 | Sell |
| Stochastic (14,3,3) | 29.39 | Neutral |
| ADX (14) | 26.31 | Buy |
| Williams %R (14) | -44.76 | Neutral |
| ATR (14) | 1.65 | High Volatility |
| ROC (12) | -1.89 | Sell |
| Stoch RSI (14) | 60.53 | Neutral |
| UO (7,14,28) | 42.86 | Neutral |

## Filings & Documents

### Other Documents

| Date | Document |
| --- | --- |
| 2026-01-28 | [Announcement under Regulation 30 (LODR)-Newspaper Publication](https://www.bseindia.com/xml-data/corpfiling/AttachHis/1cf99588-5553-4e60-8dc3-e5191816cced.pdf) |
| 2026-01-24 | [Announcement under Regulation 30 (LODR)-Newspaper Publication](https://www.bseindia.com/xml-data/corpfiling/AttachHis/d3fad20a-d672-4a60-a868-c2d5fe969a3f.pdf) |
| 2026-01-22 | [Board Meeting Outcome for Outcome Of Board Meeting](https://www.bseindia.com/xml-data/corpfiling/AttachHis/15f43eed-f2e8-43fd-9281-c264c5536e61.pdf) |
| 2026-01-14 | [Compliances-Certificate under Reg. 74 (5) of SEBI (DP) Regulations, 2018](https://www.bseindia.com/xml-data/corpfiling/AttachHis/cae194f9-df36-4dbf-926c-f570ccf74b7b.pdf) |
| 2026-01-03 | [Disclosures under Reg. 29(1) of SEBI (SAST) Regulations, 2011](https://www.bseindia.com/xml-data/corpfiling/AttachHis/7B99E355_FFB0_435B_8886_2E2C39ECF7A1_130441.pdf) |

### Annual Reports

| Date | Document |
| --- | --- |
| 2025 | [Financial Year 2025](https://www.bseindia.com/xml-data/corpfiling/AttachHis/5cd61912-117e-4f58-acb5-9a70772b4958.pdf) |
| 2024 | [Financial Year 2024](https://www.bseindia.com/xml-data/corpfiling/AttachHis/f92afdcd-679b-47e8-a188-b531d757e216.pdf) |
| 2023 | [Financial Year 2023](https://www.bseindia.com/xml-data/corpfiling/AttachHis/55f6b064-f27e-4756-a5b1-1c20c723ca36.pdf) |
| 2022 | [Financial Year 2022](https://www.bseindia.com/bseplus/AnnualReport/534758/73055534758.pdf) |
| 2021 | [Financial Year 2021](https://www.bseindia.com/bseplus/AnnualReport/534758/68456534758.pdf) |
| Mar 2020 | [Financial Year 2020](https://www.bseindia.com/bseplus/AnnualReport/534758/5347580320.pdf) |
| Mar 2019 | [Financial Year 2019](https://www.bseindia.com/bseplus/AnnualReport/534758/5347580319.pdf) |
| Mar 2018 | [Financial Year 2018](https://www.bseindia.com/bseplus/AnnualReport/534758/5347580318.pdf) |
| Mar 2017 | [Financial Year 2017](https://www.bseindia.com/bseplus/AnnualReport/534758/5347580317.pdf) |
| Mar 2016 | [Financial Year 2016](https://www.bseindia.com/bseplus/AnnualReport/534758/5347580316.pdf) |

### Earnings Call Documents

| Date | Document |
| --- | --- |
| Feb 2024 | [Concall - Feb 2024](https://www.bseindia.com/xml-data/corpfiling/AttachHis/e0a760da-7c64-49e5-a0a9-348c3e8debe7.pdf) |
| Nov 2023 | [Concall - Nov 2023](https://www.bseindia.com/xml-data/corpfiling/AttachHis/0d516491-c800-4ddf-964e-2c9034502f2a.pdf) |
| Aug 2023 | [Concall - Aug 2023](https://www.bseindia.com/xml-data/corpfiling/AttachHis/b189fbcf-98fc-40f2-a9c8-e7d58a8939b7.pdf) |
| Aug 2023 | [Concall - Aug 2023](https://www.bseindia.com/xml-data/corpfiling/AttachHis/9903a368-a807-427e-8666-e1803cbb40a7.pdf) |
| May 2023 | [Concall - May 2023](https://www.bseindia.com/xml-data/corpfiling/AttachHis/f2452e36-87bc-4b7e-9bdc-b51a325c66c1.pdf) |
| Feb 2023 | [Concall - Feb 2023](https://www.bseindia.com/xml-data/corpfiling/AttachHis/66457129-345a-4d78-bf27-24f344e46070.pdf) |
| Oct 2022 | [Concall - Oct 2022](https://www.bseindia.com/xml-data/corpfiling/AttachHis/436e9d88-daf1-4ee1-a7e0-0442506af680.pdf) |
| Aug 2022 | [Concall - Aug 2022](https://www.bseindia.com/xml-data/corpfiling/AttachHis/6973aead-cfd1-4786-9a1f-90e11920a6bf.pdf) |
| May 2022 | [Concall - May 2022](https://www.bseindia.com/xml-data/corpfiling/AttachHis/199a1f5f-9291-4adc-9afa-a5f098bb6d39.pdf) |
| Feb 2022 | [Concall - Feb 2022](https://www.bseindia.com/xml-data/corpfiling/AttachHis/04001e3e-2c18-408a-8a46-ab06ff310649.pdf) |

### Credit Rating Reports

| Date | Document |
| --- | --- |
| 2019-03-29 | Credit rating update — Brickwork Ratings |

---

Provenance differs by section. Financial statements, shareholding and filings are as reported in company disclosures to NSE/BSE/SEBI. Price, volume and 52-week levels are exchange market data. Technical indicators are computed by Tapetide from daily closing prices. The Tapetide Score is Tapetide's own analysis. Analyst ratings are third-party estimates, not company statements. All figures are for research and information only and are not investment advice. Generated 2026-10-13T10:59:10.837Z.