Balu Forge Industries Ltd logo

Balu Forge Industries Ltd

BALUFORGE NSE

Key Fundamentals

MicrocapCastings & ForgingsIndustrial Products
Market Cap
₹6,435 Cr
Volatility
Moderate
P/E Ratio
23.85
EBITDA
₹300 Cr
Return on Equity
19.36%
Debt to Equity
0.1
Book Value
₹131.35
52W High
₹697
52W Low
₹341.05

Insights

Beta

AI-extracted from concalls & annual reports · figures as reported, with sources

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58 extracted metrics + investor summaries across FY15–FY26.

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Tapetide Score

Data-driven rating, 0–100. How it works →

Technical Indicators

Key Insights

Strengths

1
  • Company has delivered good profit growth of 102% CAGR over last 5 years

Weaknesses

1
  • Promoter holding has decreased over last quarter: -0.88%

Growth Rate

Revenue Growth
17.71% ↗
Net Income Growth
26.78% ↗
Cash Flow Change
567.19% ↗
ROE
14.49% ↗
ROCE
12.50% ↗
EBITDA Margin (Avg.)
-7.86% ↘

AI Analysis — Bull vs Bear

Anthropic anthropic claude-opus-4.6 18d ago
AI opinion · based on fundamentals
Risk medium

Balu Forge Industries is a mid-cap industrial products company with a market cap of ~₹5,254 Cr, trading at a PE of 20.3x. It has delivered exceptional profit growth (102% CAGR over 5 years) and revenue growth (51% CAGR over 5 years), with FY25 revenue reaching ₹924 Cr (up 65% YoY). However, the stock has corrected 30% over the past year and promoter holding has seen a marginal decline.

Bull Case 8
  • Exceptional 5-year profit CAGR of 102%, with FY25 net profit reaching ~₹259 Cr versus ₹29.8 Cr five years ago
  • Revenue grew at 51% CAGR over 5 years and 50% over 3 years, with FY25 revenue hitting a record ₹924 Cr (up 65% YoY)
  • Q3 FY26 revenue of ₹315.6 Cr grew 18.9% YoY with net profit of ₹71.1 Cr (up 20.5% YoY), showing continued momentum
  • ROCE improved to 30.1% in FY25 (from 25.4% prior year), indicating efficient capital deployment
  • Operating profit margins expanded from ~12.6% five years ago to 26.3% in FY25, reflecting operating leverage and scale benefits
  • Net profit margin of 22.5% in Q3 FY26 demonstrates sustained profitability at scale
  • Debt-to-equity ratio at approximately 0.10 (9.5%) indicates a near debt-free balance sheet
  • PE of 20.3x is reasonable relative to TTM profit growth of 27% and 3-year profit CAGR of 88%
Bear Case 8
  • Stock has declined 30% over the past 1 year despite strong operational performance, indicating possible valuation re-rating risk
  • Promoter holding decreased by 0.88% in the last quarter (from ~54.9% to ~54.0%), signaling potential insider caution
  • TTM revenue growth has moderated to 20% versus 50% 3-year CAGR, suggesting growth deceleration
  • TTM profit growth of 27% is sharply lower than the 88% 3-year CAGR, indicating normalization of earnings trajectory
  • Dividend yield of just 0.03% offers negligible income return to shareholders
  • Price-to-book ratio of 3.3x means significant premium over book value of ~₹131 per share
  • 10-year stock CAGR of 26% masks significant recent underperformance with the 30% 1-year drawdown
  • Industrial products sector is cyclical and susceptible to demand slowdowns in automotive and infrastructure segments

This is AI-generated analysis, not financial advice. Do your own due diligence.

AI News Digest

Anthropic anthropic claude-opus-4.6 74d ago
Positives 2
  • 30,000 artillery shells order Jun 1

    Secured order for 30,000 units of 152 mm artillery shells with supplies starting June 2026, scalable to over 100,000 units.

  • First US aerospace order May 26

    Secured maiden aerospace order from Alpha Aircraft Systems Inc, USA, with advance received on May 25, 2026.

Neutral 4
  • CFO resigns, interim appointed May 25

    CFO Amit Ashok Todkari resigned May 25 due to personal reasons. Sandeep Singh Chadha appointed interim CFO effective May 26, 2026.

  • Board meet for Q4/FY26 results May 25

    Board meeting scheduled May 30, 2026 to consider audited financial results for Q4 and FY26. Trading window closed until June 2.

  • Director re-appointment postal ballot May 27

    Postal ballot initiated for re-appointment of two Independent Directors for two-year terms. E-voting open May 28 to June 26, 2026.

  • Independent Director vacates office May 21

    Raghvendra Raj Mehta vacated office on May 6, 2026 after attaining age 75.

TL;DR: Balu Forge is diversifying aggressively into defence and aerospace with a sizeable artillery shell order and its first US aerospace contract, signalling strong order pipeline growth. No material headwinds emerged, though CFO turnover warrants monitoring. The trend is clearly improving with new sectoral entry points likely to drive medium-term revenue visibility.

Quarterly Results

  Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 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
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
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
PBT
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
Figures in ₹ Crores

Profit & Loss

  Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales
142
286
327
560
924
1,107
1,175
Expenses
130
249
277
441
673
808
863
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
Interest
7
5
11
14
11
16
19
Depreciation
1
1
1
2
3
10
12
PBT
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
18.63
21.33
22.75
Div. Payout %
0%
3%
0%
2%
1%
0%
—
Figures in ₹ Crores

Balance Sheet

  Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 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
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
Figures in ₹ Crores

Cash Flow

  Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Operating
17
-58
26
-32
148
32
Investing
-3
-8
-21
-134
-417
-354
Financing
-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/OP
159
-161
52
-12
73
15
Figures in ₹ Crores

Ratios

  Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 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
114
158
ROCE %
—
29%
27%
30%
31%
23%

Shareholding Pattern

As of Jun 2026
Promoters 53.51%
Public 23.89%
Others 12.75%
FIIs 5.04%
Government 3.86%
DIIs 0.95%
Total 100.00%
  Mar 2021May 2021Jun 2021Sep 2021Dec 2021Mar 2022Apr 2022Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023Jul 2023Sep 2023Oct 2023Dec 2023Mar 2024Apr 2024May 2024Jun 2024Jul 2024Sep 2024Dec 2024Mar 2025Apr 2025May 2025Jun 2025Sep 2025Dec 2025Feb 2026Mar 2026Jun 2026
Promoters
69.85%
64.62%
64.62%
64.62%
64.62%
66.24%
65.41%
65.41%
65.41%
65.41%
65.41%
65.41%
56.16%
57.47%
56.07%
56.07%
56.07%
56.07%
54.85%
56.07%
57.06%
54.71%
54.71%
55.25%
55.78%
54.85%
54.85%
54.37%
54.87%
53.17%
54.39%
53.51%
FIIs
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%
6.48%
8.76%
0.00%
9.71%
0.00%
8.65%
8.51%
8.32%
10.43%
6.93%
7.07%
6.98%
8.65%
8.20%
7.92%
7.94%
7.88%
6.02%
5.04%
DIIs
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%
2.00%
1.95%
0.00%
1.89%
0.00%
0.83%
1.43%
1.40%
0.93%
0.97%
1.07%
1.06%
0.83%
0.86%
0.79%
0.80%
0.86%
0.89%
0.95%
Government
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%
0.00%
0.00%
0.00%
0.00%
0.00%
4.06%
0.00%
0.00%
0.00%
4.23%
4.17%
4.13%
4.06%
4.06%
4.02%
4.06%
3.93%
4.02%
3.86%
Public
16.10%
19.07%
19.06%
19.06%
18.13%
16.88%
17.57%
16.97%
17.19%
17.07%
16.69%
18.77%
20.61%
19.89%
19.40%
19.39%
19.31%
20.38%
21.50%
20.58%
20.12%
21.57%
21.71%
22.10%
21.84%
21.50%
21.64%
19.95%
20.22%
21.78%
22.67%
23.89%
Others
14.05%
16.31%
16.31%
16.32%
17.25%
16.88%
17.02%
17.62%
17.41%
17.52%
17.90%
15.82%
23.23%
14.16%
13.82%
24.53%
13.01%
23.54%
10.11%
13.41%
13.11%
12.36%
11.45%
10.33%
10.21%
10.11%
10.39%
12.94%
12.12%
12.38%
12.01%
12.75%
No. of Shareholders
1,681
1,773
1,806
1,816
2,647
3,147
3,688
3,904
5,986
6,478
7,806
12,129
12,362
12,362
13,799
18,054
23,723
23,613
76,069
29,419
29,419
48,280
66,310
71,461
73,283
76,069
77,243
70,098
70,445
79,569
79,480
83,997

Documents

1
Concall - Feb 2023 Feb 2023
2
Concall - May 2023 May 2023
3
Concall - Aug 2025 Aug 2025
4
Concall - Nov 2025 Nov 2025
5
Concall - May 2026 May 2026

Frequently Asked Questions about Balu Forge Industries Ltd

What does Balu Forge Industries Ltd do?
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]
Where is Balu Forge Industries Ltd (BALUFORGE) listed?
Balu Forge Industries Ltd is listed on the Indian stock exchanges. It is listed on NSE: BALUFORGE and BSE: 531112. You can view its live share price, financials, and ratios on Tapetide.
Which sector does Balu Forge Industries Ltd belong to?
Balu Forge Industries Ltd operates in the Industrial Products sector within the Castings & Forgings industry. Sector classification helps investors compare companies affected by similar economic conditions and regulatory changes.
What is the market capitalisation of Balu Forge Industries Ltd?
Balu Forge Industries Ltd has a market capitalisation of approximately ₹6435.30 Cr. Based on this, it is classified as a Mid Cap stock.
What is the PE ratio of Balu Forge Industries Ltd?
The Price-to-Earnings (PE) ratio of Balu Forge Industries Ltd is 23.85. The PE ratio compares a company's share price to its earnings per share and is commonly used to assess whether a stock is overvalued or undervalued relative to its peers.
What is the 52-week high and low of Balu Forge Industries Ltd?
Over the past 52 weeks, Balu Forge Industries Ltd has traded between a low of ₹341.05 and a high of ₹697. This range helps investors understand the stock's price volatility and recent trading levels.
Does Balu Forge Industries Ltd pay dividends?
Yes, Balu Forge Industries Ltd has a dividend yield of 0.03%. Dividend yield indicates the annual dividend income relative to the share price. A consistent dividend history can signal financial stability.
What is the Return on Equity (ROE) of Balu Forge Industries Ltd?
Balu Forge Industries Ltd has a Return on Equity (ROE) of 19.36%. ROE measures how effectively a company uses shareholders' equity to generate profits. A higher ROE generally indicates better capital efficiency.
How can I research Balu Forge Industries Ltd on Tapetide?
On Tapetide, you can view Balu Forge Industries Ltd's live share price, quarterly results, profit & loss statements, balance sheet, cash flow, key ratios, shareholding pattern, technical indicators, analyst ratings, and forecasts — all on a single page without needing to sign up.

Company Information

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]

Website baluindustries.com
CEO Mr. Jaspalsingh Prehladsingh Chandock
Employees 150
Listed 2024-04-29
Face Value ₹ 10
Issued Size 11,39,91,900

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