MoneyWorks4Me

Munish Forge Ltd (MUNISH)

Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 0 NSE: MUNISH Castings/Forgings | Small Cap | Munish Forge Share Price

BSE Share Price
Not Listed

Munish Forge Ltd (MUNISH)

Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 0 NSE: MUNISH Castings/Forgings | Small Cap | Munish Forge Share Price

BSE Share Price
Not Listed
Key Metrics
Valuation Multiples
Market Cap
₹224 Cr.
Current Price
₹0
52-Week Low / High
₹0 / 0
TTM EPS
₹4.2
TTM Sales
₹183 Cr.
Book Value per Share
₹52.6
P/E Ratio
22.24
Lower than its 5-year historical median
Industry PE
43.7
Price to Book (P/B)
1.77
Price to Sales (P/S)
1.23
Higher than its 5-year historical median
EV/EBITDA
12.31
Lower than its 5-year historical median
Dividend Yield
NAN%
Profitability Efficiency
Return on Equity (ROE)
21.24%
Return on Capital Employed (ROCE)
18.95%
Return on Assets (ROA)
8.85%
Operating Profit Margin
14.1%
Net Profit Margin
8.15%
Gross Profit Margin
12.9%
Growth Momentum
1-yr vs 3-yr growth
Sales Growth (1 Year)
Slowing versus 3-year growth rate
-0.14%
Operating Profit Growth (1 Year)
-
-
Net Profit Growth (1 Year)
-
-
Asset Quality
Promoter Holding
68.01%
Pledged shares (%) of Promoter's holding (%)
0.00%
Reserves
₹103 Cr.
Equity
₹24.1 Cr.
Face Value
₹10
All Time Low / High
₹0.00 / 0.00

Munish Forge stock performance

Key Ratios
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Check Before You Invest

Valuation

Overvalued

Price Trend

Strong
Q.1 Is Munish Forge Ltd a good quality company?
Munish Forge Ltd is a weak quality company, based on a inconsistent multi-year financial track record.

This assessment is based on company’s performance on Revenue growth, ROCE, Equity and Assets, key margin ratios, cash conversion cycle, and debt to cash flow from operations and how it compares with its long term averages.

We have analysed the performance of the company on the following:

  • How has it performed on generating Profits?

    By checking its Revenue growth, Gross, Operating and Net Margins compared to its last 5-year median.

  • How efficiently has it utilized Capital?

    By checking its ROCE, ROA, ROE and its Cash Conversion Cycle.

  • How is it managing its Debt?

    By checking its Debt to Equity and Cash Flow from Operations.

How does Munish Forge Ltd performance compare with that of its Peers?
Q.1 Revenue growth of Munish Forge Ltd vs industry peers?
Munish Forge Ltd revenue CAGR is 4.18%, compared to the industry median CAGR of 10.47%, indicating slower growth and losing its market share.
Q.1 Promoter shareholding and pledge status of Munish Forge Ltd?
Promoters hold 68.01% of the Munish Forge Ltd, with 0.00% of their stake pledged, indicating no pledge risk.
Q.1 Stock return of Munish Forge Ltd over the last decade?
Over the last - year(s), the stock has delivered a CAGR of N/A% based on the current price.

10 Year X-Ray :

Analysis of Financial Track Record (Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end)

Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end

Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end.

Financial track record gives insight into the company's performance on key parameters over the past ten years. MoneyWorks4me’s proprietary colour codes make it easy for retail investors to gauge the company’s past performance.
Munish Forge Ltd has not performed well majority of the past ten years indicating its past ten year financial track record is not good

Value Creation

Mar'15Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24TTM
ROCE % 8%8.4%7.3%7.3%6.6%7.3%4.4%13.2%8%11.9%-
Value Creation
Index
-0.4-0.4-0.5-0.5-0.5-0.5-0.7-0.1-0.4-0.2-

Growth Parameters

Sales 11011510011513012073.6125160160183
Sales YoY Gr.-5%-13%14.9%13.3%-8%-38.6%69.3%28.6%-0.1%-
Adj EPS 0.410.70.90.91.10.10.90.92.64.4
YoY Gr.-122.7%-30.6%30.9%-1.1%23.9%-90.8%770%4.6%182.4%-
BVPS (₹) 16.61818.619.520.521.621.720.821.924.752.6
Adj Net
Profit
0.71.51.11.41.41.80.21.41.54.211
Cash Flow from Ops. 1.3100.78.24.37.30.45.719.84.3-
Debt/CF from Ops. 26.73.956.56.112.16.6109.710.42.511-

CAGR

9 Years 5 Years 3 Years 1 Years
Sales 4.3%4.2%29.5%-0.1%
Adj EPS 21.7%23.9%195.1%182.4%
BVPS4.5%3.8%4.5%12.8%
Share Price - - - -

Key Financial Parameters

Mar'15Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24TTM
Return on
Equity %
2.85.53.64.54.350.544.31111.3
Op. Profit
Mgn %
4.54.15.14.13.35.21.87.55.77.2NAN
Net Profit
Mgn %
0.61.31.11.21.11.50.21.20.92.65.8
Debt to
Equity
1.21.41.31.61.51.31.31.71.41.2-
Working Cap
Days
1631561972192242443922521861770
Cash Conv.
Cycle
535479941171362111331211180

Valuation of Munish Forge - Consolidated

YTD 1Y 3Y 5Y 10Y Max
mw4me loader

YTD 1Y 3Y 5Y 10Y Max
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YTD 1Y 3Y 5Y 10Y Max
mw4me loader

YTD 1Y 3Y 5Y 10Y Max
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Analyst's Notes

data not found
No data found!

Management X-Ray

Shareholding Pattern

Promoter's Holding & Share Pledging

Pledged *0.00
* Pledged shares as % of Promoter's holding (%)

Financials

PARTICULARSMar'25
Sales175
Operating Expenses + 151
Manufacturing Costs6
Material Costs115
Employee Cost 13
Other Costs 18
Operating Profit 24
Operating Profit Margin (%) 13.9%
Other Income + 3
Exceptional Items 0
Interest 5
Depreciation 3
Profit Before Tax 19
Tax 5
Profit After Tax 14
PAT Margin (%) 8.2%
Adjusted EPS (₹)8.1
Dividend Payout Ratio (%)0%
PARTICULARSMar'25

Equity and Liabilities

Shareholders Fund + 67
Share Capital 18
Reserves 50
Debt +57
Long Term Debt11
Short Term Debt45
Minority Interest0
Trade Payables16
Others Liabilities 22
Total Liabilities 162

Fixed Assets

Net Fixed Assets +37
Gross Block82
Accumulated Depreciation46
CWIP 0
Investments 12
Inventories60
Trade Receivables25
Cash Equivalents 6
Others Assets 21
Total Assets 162
PARTICULARSMar'25
Cash Flow From Operating Activity + 6
PBT 19
Adjustment 6
Changes in Working Capital -15
Tax Paid -5
Cash Flow From Investing Activity + -10
Capex -14
Net Investments 0
Others 3
Cash Flow From Financing Activity + 8
Net Proceeds from Shares 0
Net Proceeds from Borrowing 6
Interest Paid -5
Dividend Paid 0
Others 7
Net Cash Flow 3
PARTICULARSMar'25
Ratios
ROE (%)21.24
ROCE (%)18.95
Asset Turnover Ratio1.09
PAT to CFO Conversion(x)0.43
Working Capital Days
Receivable Days52.70
Inventory Days125.40
Payable Days49.80

Top 5 Mutual Funds Holding

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Announcements

Munish Forge Ltd FAQs

The current trading price of Munish Forge on 01-Jan-1970 05:30 is ₹0.00.

Market capitalization or market cap is determined by multiplying the current market price of a company's shares with the total number of shares outstanding. As of 31-Dec-1969 the market cap of Munish Forge stood at ₹223.8 Cr

The latest P/E ratio of Munish Forge as of 31-Dec-1969 is 21.26.

The latest P/B ratio of Munish Forge as of 31-Dec-1969 is 1.77.

The 52-week high of Munish Forge is ₹0.00 and the 52-week low is ₹0.00.

The TTM revenue is Trailing Twelve Months sales. The TTM revenue/sales of Munish Forge is ₹183 ( Cr.) .

Past 10 year’s financial track record analysis by Moneyworks4me indicates that Munish Forge Ltd is a below average quality company.

The key valuation ratios of Munish Forge Ltd's currently when compared to its past seem to suggest it is in the Overvalued zone.

The Price Trend analysis by MoneyWorks4Me indicates it is Strong which suggest that the price of Munish Forge Ltd is likely to Rise in the short term. However, please check the rating on Quality and Valuation before investing

About Munish Forge Ltd

Munish Forge was originally incorporated on July 25, 1986, as a Private Limited Company in the name of ‘Gaisu Forge Private Limited’ under the provisions of the Companies Act, 1956 issued by the Registrar of Companies, Punjab, Himachal Pradesh & Chandigarh.

The company manufactures components like Flange, Scaffolding, Auto parts, Tank tracks chains, Bomb shells, Fence post and steel accessories as per customer specifications and International Standard catering to the requirements of Indian Army and various industries such as Defence, Oil and Gas, Automobile, Construction and Infrastructure. With over 40 years of legacy in precision engineering, the company has established itself as a trusted supplier in the Defence sector. Starting with a single machine shop, it has grown into a powerhouse, manufacturing critical components for the Indian Army, such as Battle Tank Track Chains and Bomb Shells. Detailed testing both in-house and at NABL-certified labs ensures that its products meet the Defence-level standards. With ongoing projects and approvals from Defence authorities, it contributes significantly to India's Defense capabilities while also serving clients across developed markets like the USA, UK, Canada, and Europe.

As part of the company’s growth strategy, the company is actively expanding into new sector like Railways, where it has recently begun registering for tenders to supply critical forged components. The Indian Railways, being one of the largest and fastest-growing rail networks, offers immense potential for growth through large-scale modernization, electrification, and expansion projects. The railway industry demands precision-engineered parts with exceptional durability, making it a natural extension of its capabilities. By participating in tenders, it aims to secure large-scale contracts that will not only enhance its business portfolio but also establish it as a reliable supplier in this sector too.

Business area of the company

The company is engaged in manufacturing of components like Flange, Scaffolding, Auto parts, tank tracks chains, bomb shells, fence post as per customer specifications and International Standard catering to the requirements of Indian Army and various industries such as Defence, Oil and Gas, Tractor, Automobile, Railways, Construction and Infrastructure.

Products of the company

Flanges

  • Lap joint flange
  • Reducing flange
  • Socket weld flange
  • Threaded flange 
  • Blind neck flange
  • Weld flange

Scaffolding - Scaffolding systems and fittings

  • Swivel coupler (Pressed)
  • Swivel coupler (Right angle coupler)
  • Steel planks
  • Props and jacks
  • Scafoding system

Automotive

  • Ground Engaging Tools (GET)
  • Under chassis suspension parts
  • Hydraulic jack
  • Under chassis suspension components
  • Tractor and agri products

Defence

  • Battle Tank Track Chains
  • Bomb Shells

Fence post and formwork accessories

Steel accessories

Railway buffers and discs

History and milestones

  • 1986: The Company was established by its promoter Mr. Davinder Bhasin, under the name of ‘Gaisu Forge Private Limited’. The primary focus was on manufacturing forged components like cycle parts, electrical insulator parts and metalwork.
  • 1995: The Company changed its name from Gaisu Forge Private Limited to Munish Forge Limited, transitioning from a private to a public entity. This shift marked a significant milestone in its growth, accompanied by the addition of new products like Flange, further expanding its business operations.
  • 1996: The Company expanded its manufacturing infrastructure by acquiring additional land alongside the current factory area, at the Focal Point, Village Gobindgarh, a major industrial area, to accommodate future growth and increased production capacity. The expansion supported the installation of more equipment and enhanced production efficiency.
  • 2002: Munish Forge Limited restructured again and change its status from limited company to a private limited company, renaming itself Munish Forge Private Limited.
  • 2004: The Company expanded its factory land by 2.77 acres to support increased production. This expansion enabled the company to streamline operations and improve workflow management.
  • 2014: Munish Forge Private Limited completed the necessary requirements to become registered with Indian Defence, allowing it to supply forged components to defence projects. This registration strengthened the company's credibility as a defence supplier.
  • 2015: The first Battle Tank Track Chain manufactured by the company was accepted by Indian Defence, marking its entry as an approved supplier for military projects. This approval led to new business opportunities within the defence sector.
  • 2017: Munish Forge Private Limited received EN 1090-2:2008 certification from SLV, Germany, demonstrating compliance with European standards for structural steel and aluminium components. The certification facilitated entry into international markets requiring strict quality standards.
  • 2019: The Company integrated Robotic Welding Arms into its production process, improving efficiency and precision. These automated systems ensure consistent welds, reduce human error, and improve production speed, leading to higher productivity and cost-effectiveness.
  • 2022: The Company added JCB-SPD as one of its OEM customers, expanding its customer base in the industrial and heavy equipment sector. This partnership reinforced the company’s position as a reliable supplier in the industry.
  • 2023: Munish Forge Private Limited secured approval for T72 tank tracks, allowing it to manufacture and supply these critical components for defence applications. This approval contributed to the company’s growing involvement in military vehicle manufacturing.
  • 2024: The company commenced casting operations through its new division, Dev Arjuna Cast and Forge Pvt Ltd, diversifying its product range and manufacturing capabilities. This step marked the company’s expansion into casting-based production alongside forging.
  • 2024: Munish Forge Private Limited transitioned into a Public Limited Company, indicating an expansion in its corporate structure and potential plans for further growth and investment opportunities. This change allowed the company to explore funding options and strengthen its market position.

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