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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
₹145 Cr.
Current Price
₹0
52-Week Low / High
₹0 / 0
TTM EPS
₹4.4
TTM Sales
₹183 Cr.
Book Value per Share
₹22.8
P/E Ratio
13.80
Lower than its 5-year historical median
Industry PE
42.2
Price to Book (P/B)
2.64
Price to Sales (P/S)
0.80
Lower than its 5-year historical median
EV/EBITDA
8.38
Lower than its 5-year historical median
Dividend Yield
0.00%
Profitability Efficiency
Return on Equity (ROE)
11.48%
Outperforms industry median
Return on Capital Employed (ROCE)
11.92%
Outperforms industry median
Return on Assets (ROA)
3.99%
Operating Profit Margin
7.2%
Net Profit Margin
2.75%
Gross Profit Margin
5.3%
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)
Slowing versus 3-year growth rate
25.05%
Net Profit Growth (1 Year)
Improving versus 3-year growth rate
122.84%
Asset Quality
Promoter Holding
68.01%
Pledged shares (%) of Promoter's holding (%)
0.00%
Reserves
₹31 Cr.
Equity
₹24.1 Cr.
Face Value
₹10
All Time Low / High
- / -

Munish Forge stock performance

Key Ratios
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Quality

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Valuation

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Price Trend

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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 7.17%, 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 : 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

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 (₹) 16.61818.619.520.521.621.720.821.924.722.8
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 %
2.85.53.64.54.350.544.31118.4
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

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
Exceptional Items 00-0-0000000
Interest 4444444555
Depreciation 2333344433
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%2.8%
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%

Valuation of Munish Forge - Standalone

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

data not found
No data found!

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
Debt +33394050524846554846
Long Term Debt161615131514171276
Short Term Debt17232538383529434140
Minority Interest0000000000
Trade Payables2417222423202112712
Others Liabilities 787710910201514
Total Liabilities 9193100113120114113121107113

Fixed Assets

Net Fixed Assets +28323230303330262421
Gross Block48545758616868686464
Accumulated Depreciation20222528313539424043
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

Financial 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 Days70.907892.5093.1093.8082.80102.3067.7050.5047.20
Inventory Days75.4055.3070.8088.4099.30130.20222.10142.4096.1095.50
Payable Days124.10114.30126.70128.10114.30118.30196.4025.9032.9030.20

Management X-Ray

Shareholding Pattern

Promoter's Holding & Share Pledging

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

Top 5 Mutual Funds Holding

Last Visited Stocks

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 ₹145.3 Cr

The latest P/E ratio of Munish Forge as of 31-Dec-1969 is 13.80.

The latest P/B ratio of Munish Forge as of 31-Dec-1969 is 2.64.

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 Weak which suggest that the price of Munish Forge Ltd is likely to Fall 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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