Munish Forge
MUNISH NSE
Munish Forge
Industrial ProductsNSE: MUNISH Castings & Forgings
Key Fundamentals
SMECastings & ForgingsIndustrial ProductsMarket Cap
₹229 Cr
Volatility
Moderate
P/E Ratio
22.7
EBITDA
₹21.43 Cr
Return on Equity
21.21%
Debt to Equity
0.45
Book Value
₹52.45
52W High
₹143
52W Low
₹50.2
Tapetide Score
Data-driven rating, 0–100. How it works →
Key Insights
Strengths
1- Company has delivered good profit growth of 128% CAGR over last 5 years
Weaknesses
3- Though the company is reporting repeated profits, it is not paying out dividend
- Debtor days have increased from 60.5 to 83.2 days.
- Working capital days have increased from 72.0 days to 105 days
Growth Rate
Revenue Growth
2.26% lower than
3Y
Net Income Growth
-26.36% lower than
3Y
Cash Flow Change
28.37%
ROE
95.84% higher than
3Y
ROCE
52.06% level than
3Y
EBITDA Margin (Avg.)
-24.38% lower than
3Y
Quarterly Results
| Particulars | Mar 2025 | Sep 2025 | Mar 2026 |
|---|---|---|---|
| Sales | 90 | 83 | 100 |
| Expenses | 77 | 70 | 91 |
| Operating Profit | 13 | 13 | 9 |
| OPM % | 15% | 15% | 9% |
| Other Income | 2 | 1 | 1 |
| Interest | 3 | 3 | 3 |
| Depreciation | 2 | 2 | 2 |
| PBT | 11 | 8 | 5 |
| Tax % | 27% | 13% | 27% |
| Net Profit | 8 | 7 | 3 |
| EPS in Rs | 4.48 | 4.02 | 1.42 |
Profit & Loss
| Particulars | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|
| Sales | 74 | 125 | 160 | 160 | 175 | 183 |
| Expenses | 72 | 115 | 151 | 148 | 151 | 161 |
| Operating Profit | 1 | 9 | 9 | 11 | 24 | 21 |
| OPM % | 1.8% | 7% | 6% | 7% | 14% | 12% |
| Other Income | 6 | 1 | 1 | 2 | 4 | 1 |
| Interest | 4 | 5 | 5 | 5 | 5 | 6 |
| Depreciation | 4 | 4 | 3 | 3 | 3 | 4 |
| PBT | 0 | 1 | 2 | 6 | 20 | 13 |
| Tax % | -143% | -21% | 19% | 24% | 26% | 18% |
| Net Profit | 0 | 1 | 2 | 4 | 14 | 11 |
| EPS in Rs | 1.76 | 14.84 | 20.44 | 45.56 | 8.15 | 4.37 |
| Div. Payout % | 0% | 0% | 0% | 0% | 0% | 0% |
Balance Sheet
| Particulars | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|
| Equity Capital | 10 | 10 | 10 | 10 | 18 | 24 |
| Reserves | 26 | 24 | 26 | 31 | 50 | 103 |
| Borrowings | 47 | 60 | 51 | 47 | 61 | 57 |
| Other Liabilities | 31 | 28 | 20 | 25 | 33 | 26 |
| Total Liabilities | 113 | 121 | 107 | 113 | 162 | 210 |
| Fixed Assets | 30 | 26 | 24 | 22 | 37 | 40 |
| CWIP | 0 | 0 | 0 | 5 | 0 | 0 |
| Investments | 0 | 0 | 0 | 0 | 12 | 13 |
| Other Assets | 84 | 96 | 83 | 87 | 113 | 157 |
| Total Assets | 113 | 121 | 107 | 113 | 162 | 210 |
Cash Flow
| Particulars | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|
| Operating | — | 6 | 20 | 4 | 5 | -30 |
| Investing | — | 1 | 0 | -5 | -10 | -9 |
| Financing | — | -5 | -14 | -8 | 8 | -7 |
| Net Cash Flow | — | 2 | 6 | -8 | 3 | -47 |
| Free Cash Flow | — | 7 | 19 | -1 | -8 | -37 |
| CFO/OP | — | 62 | 226 | 49 | 40 | -130 |
Ratios
| Particulars | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|
| Debtor Days | 104 | 68 | 48 | 46 | 53 | 83 |
| Inventory Days | 415 | 202 | 119 | 148 | 192 | 222 |
| Days Payable | 198 | 52 | 24 | 38 | 50 | 31 |
| Cash Conversion Cycle | 320 | 218 | 143 | 155 | 195 | 273 |
| Working Capital Days | 110 | 67 | 49 | 69 | 42 | 105 |
| ROCE % | — | 7% | 8% | 12% | 23% | 12% |
Insights
BetaAI-extracted from concalls & annual reports · figures as reported, with sources
Log in to view Munish Forge insights
31 extracted metrics + investor summaries across FY21–FY26.
Documents
1
Copy of Newspaper Publication
7 Sep - Munish Forge Limited has informed about Copy of Newspaper Publication 7 Sep - Munish Forge Limited has informed about Copy of Newspaper Publication
2
Shareholders meeting
5 Sep - Munish Forge AGM on 30 Sep 2026 to adopt FY26 results and approve auditor changes, loans and investments. 5 Sep - Munish Forge AGM on 30 Sep 2026 to adopt FY26 results and approve auditor changes, loans and investments.
3
Change in Auditors
29 Aug - Only digital signatures and timestamps are visible; announcement content unavailable. 29 Aug - Only digital signatures and timestamps are visible; announcement content unavailable.
4
Outcome of Board Meeting
29 Aug - Only digital signatures and page breaks are visible. 29 Aug - Only digital signatures and page breaks are visible.
5
Updates
29 Aug - Munish Forge Limited has informed regarding 'NOTICE OF CUT OFF DATE AND E-VOTING'. 29 Aug - Munish Forge Limited has informed regarding 'NOTICE OF CUT OFF DATE AND E-VOTING'.
Frequently Asked Questions about Munish Forge
What does Munish Forge Ltd do?
Incorporated in July 1986, Munish Forge Limited manufactures components, including flanges, scaffolding, auto parts, tank tracks, bomb shells, fence posts, and steel accessories.[1]
Where is Munish Forge Ltd (MUNISH) listed?
Munish Forge Ltd trades as MUNISH on the NSE.
Which sector does Munish Forge Ltd belong to?
Munish Forge Ltd is classified under the Industrial Products sector, in the Castings & Forgings industry.
What is the market capitalisation of Munish Forge Ltd?
Munish Forge Ltd has a market capitalisation of ₹228.67 Cr, which places it in the Small Cap band.
What is the PE ratio of Munish Forge Ltd?
Munish Forge Ltd trades at a PE ratio of 22.70, against a book value of ₹52.45 per share.
What is the 52-week high and low of Munish Forge Ltd?
Over the last 52 weeks Munish Forge Ltd has traded between ₹50.2 and ₹143.
What is the Return on Equity (ROE) of Munish Forge Ltd?
Munish Forge Ltd reported a return on equity of 21.21%. Its debt-to-equity ratio is 0.45.
Company Information
Incorporated in July 1986, Munish Forge Limited manufactures components, including flanges, scaffolding, auto parts, tank tracks, bomb shells, fence posts, and steel accessories.[1]
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