Munish Forge Ltd (MUNISH) Stock Analysis: Valuation, Latest Results, Financial Ratios & DeciZen Rating

BSE: 0 | NSE: MUNISH | Castings/Forgings | Small Cap

BSE Share Price
Not Listed

Munish Forge Ltd (MUNISH) Stock Analysis: Valuation, Latest Results, Financial Ratios & DeciZen Rating

BSE: 0 | NSE: MUNISH | Castings/Forgings | Small Cap

DeciZen - make an informed investing decision on Munish Forge

Based on:

Overall Rating
Login to view analysis. M-Cap below 500cr. High Risk from low Liquidity Bole Toh

1. Quality


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2. Valuation


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3. Price Trend


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Munish Forge stock performance -

Key Ratios
mw4me loader
P/E Ratio (SA):
60.05
Market Cap:
263.6 Cr.
52-wk low:
0
52-wk high:
0

Is Munish Forge Ltd an attractive stock to invest in?


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10 Year X-Ray of Munish Forge: Login to view analysis.

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

Value Creation Index Colour Code Guide

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

Growth Parameters Colour Code Guide

Sales 11011510011513012073.6125160160160
Sales YoY Gr.-5%-13%14.9%13.3%-8%-38.6%69.3%28.6%-0.1%-
Adj EPS 0.410.70.90.91.10.10.90.92.61.8
YoY Gr.-122.7%-30.6%30.9%-1.1%23.9%-90.8%770%4.6%182.4%-
BVPS (₹) 16.61818.619.520.521.621.720.821.924.70
Adj Net
Profit
0.71.51.11.41.41.80.21.41.54.24
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

CAGR Colour Code Guide

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

Performance Ratio Colour Code Guide

Mar'15Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24TTM
Return on
Equity %
2.85.53.64.54.350.544.31114.7
Op. Profit
Mgn %
4.54.15.14.13.35.21.87.55.77.2NAN
Net Profit
Mgn %
0.61.31.11.21.11.50.21.20.92.62.7
Debt to
Equity
1.21.41.31.61.51.31.31.71.41.2-
Working Cap
Days
1631561972192242443922521861770
Cash Conv.
Cycle
535479941171362111331211180

Recent Performance Summary

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Latest Financials - Munish Forge Ltd.

Standalone Consolidated
TTM EPS (₹) 1.8 5.9
TTM Sales (₹ Cr.) 160 175
BVPS (₹.) 0 30.6
Reserves (₹ Cr.) 31 50
P/BV 0.00 3.58
PE 60.05 18.43
From the Market
52 Week Low / High (₹) 0.00 / 0.00
All Time Low / High (₹) - / -
Market Cap (₹ Cr.) 264
Equity (₹ Cr.) 24.1
Face Value (₹) 10
Industry PE 49.1

Management X-Ray of Munish Forge:

Shareholding Pattern

No Data To Display

Promoter's Holding & Share Pledging

Valuation of Munish Forge - Standalone Basis

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

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

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

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

mw4me loader

Event Update

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Analyst's Notes

data not found
No data found!

Key Ratios of Munish Forge

Adj EPS (Rs.)

Sales (Cr.)

ROE (%)

ROCE (%)

Profit And Loss

(All Figures are in Crores.)
PARTICULARSMar'15Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24
Sales11011510011513012074125160160
Operating Expenses 1051109511012611472115151148
Manufacturing Costs12131012171410285
Material Costs7267576675673888109119
Employee Cost 10131414151613999
Other Costs 10181418191611172516
Operating Profit 55554619911
Operating Profit Margin (%) 4.5%4.1%5.1%4.1%3.3%5.2%1.8%7.5%5.7%7.2%
Other Income 2434546112
Interest 4444444555
Depreciation 2333344433
Exceptional Items 00-0-0000000
Profit Before Tax 1212220126
Tax 000000-0-001
Profit After Tax 1211120124
PAT Margin (%) 0.8%1.3%1.1%1.2%1.1%1.5%0.2%1.1%1.2%2.7%
Adjusted EPS (₹)0.51.00.70.90.91.10.10.91.22.7
Dividend Payout Ratio (%)0%0%0%0%0%0%0%0%0%0%

Balance Sheet

(All Figures are in Crores.)
PARTICULARSMar'15Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24

Equity and Liabilities

Shareholders Fund 27293032353636343641
Share Capital 10101010111111101010
Reserves 17192021242626242631
Minority Interest0000000000
Debt33394050524846554846
Long Term Debt161615131514171276
Short Term Debt17232538383529434140
Trade Payables2417222423202112712
Others Liabilities 787710910201514
Total Liabilities 9193100113120114113121107113

Fixed Assets

Gross Block48545758616868686464
Accumulated Depreciation20222528313539424043
Net Fixed Assets 28323230303330262421
CWIP 5201200005
Investments 0000000000
Inventories22162531394643493648
Trade Receivables26272733342021232120
Cash Equivalents 48355334113
Others Assets 78121391116201515
Total Assets 9193100113120114113121107113

Cash Flow

(All Figures are in Crores.)
PARTICULARSMar'15Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24
Cash Flow From Operating Activity 110184706204
PBT 1212220126
Adjustment 4566677877
Changes in Working Capital -43-61-3-2-6-311-7
Tax Paid 00-0-0-0-0-0-0-1-1
Cash Flow From Investing Activity -3-4-1-1-5-5-01-0-5
Capex -4-4-1-1-5-5-11-1-5
Net Investments -0000000000
Others 111-00-00000
Cash Flow From Financing Activity -1-2-4-50-41-5-14-8
Net Proceeds from Shares 1000000000
Net Proceeds from Borrowing -11-2-22-1400-1
Interest Paid -3-3-3-3-2-4-3-5-5-5
Dividend Paid 0000000000
Others 2-0-0-00-000-9-2
Net Cash Flow -34-420-3126-8

Finance Ratio

PARTICULARSMar'15Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24
Ratios
ROE (%)3.455.683.714.664.475.210.478.365.6211.48
ROCE (%)7.988.427.297.256.557.294.4213.247.9511.92
Asset Turnover Ratio1.321.341.11.111.121.030.652.051.41.45
PAT to CFO Conversion(x)151843.5N/A6101
Working Capital Days
Receivable Days717892939483102685147
Inventory Days75557188991302221429696
Payable Days124114127128114118196263330

Munish Forge Ltd Stock News

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 ₹263.6.
The latest P/E ratio of Munish Forge as of 31-Dec-1969 is 60.05.
The latest P/B ratio of Munish Forge as of 31-Dec-1969 is 0.00.
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 ₹159.9 ( Cr.) .

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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