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Balu Forge Industries Ltd (BALUFORGE)
Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 531112 NSE: BALUFORGE Forgings | Small Cap | Balu Forge Inds. Share Price
₹533.25 -3.40 (-0.63%)
As on 11-Sep'26 16:59
Balu Forge Industries Ltd (BALUFORGE)
Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 531112 NSE: BALUFORGE Forgings | Small Cap | Balu Forge Inds. Share Price
₹533.25 -3.40 (-0.63%)
As on 11-Sep'26 16:59
Key Metrics
Valuation Multiples
Market Cap
₹6,473 Cr.
Current Price
₹533.3
52-Week Low / High
₹341 / 696
TTM EPS
₹22.1
TTM Sales
₹1,175 Cr.
Book Value per Share
₹136.8
P/E Ratio
24.16
Lower than its 5-year historical median
Industry PE
85.9
Price to Book (P/B)
3.90
Lower than its 5-year historical median
Price to Sales (P/S)
5.51
Lower than its 5-year historical median
EV/EBITDA
18.76
Lower than its 5-year historical median
Dividend Yield
0.03%
Profitability Efficiency
Return on Equity (ROE)
20.24%
Outperforms industry median
Return on Capital Employed (ROCE)
22.95%
Outperforms industry median
Return on Assets (ROA)
16.71%
Operating Profit Margin
26.9%
Net Profit Margin
23.38%
Gross Profit Margin
28.5%
Growth Momentum
1-yr vs 3-yr growth
1-yr vs 3-yr growth
Sales Growth (1 Year)
Slowing versus 3-year growth rate
8.18%
Operating Profit Growth (1 Year)
Slowing versus 3-year growth rate
20.72%
Net Profit Growth (1 Year)
Slowing versus 3-year growth rate
26.99%
Asset Quality
Promoter Holding
53.51%
Pledged shares (%) of Promoter's holding (%)
1.37%
Reserves
₹1,539 Cr.
Equity
₹121.4 Cr.
Face Value
₹10
All Time Low / High
₹4.41 / 890.00
Check Before You Invest
Quality
Somewhat GoodValuation
Somewhat UndervaluedCheck Valuation charts
Price Trend
Strong
Is Balu Forge Industries Ltd a good quality company?
Balu Forge Industries Ltd is a average quality company, based on a somewhat consistent 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 Balu Forge Industries Ltd performance compare with that of its Peers?
Revenue growth of Balu Forge Industries Ltd vs industry peers?
Balu Forge Industries Ltd revenue CAGR is 50.78%, compared to the industry median CAGR of 0%, indicating faster growth and gaining its market share.
Promoter shareholding and pledge status of Balu Forge Industries Ltd?
Promoters hold 53.51% of the Balu Forge Industries Ltd, with 1.37% of their stake pledged, indicating low pledge risk.
Stock return of Balu Forge Industries Ltd over the last decade?
Over the last 9 year(s), the stock has delivered a CAGR of 31.7% 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 endData adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end.
What is a Financial Track Record? How to read this chart in order to understand the data present here?
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.
Balu Forge Industries Ltd has performed well in some of the past ten years indicating its past ten year financial track record is somewhat good
Value Creation ⓘ
| Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROCE % ⓘ | 38% | 65.3% | 22.2% | 21.5% | 32.1% | 29.2% | 24.1% | 24.9% | 25.1% | 17.5% | - |
| Value Creation Index ⓘ | 1.7 | 3.7 | 0.6 | 0.5 | 1.3 | 1.1 | 0.7 | 0.8 | 0.9 | 0.3 | - |
Growth Parameters ⓘ |
|||||||||||
| Sales ⓘ | 0.1 | 0.2 | 0.2 | 0.2 | 142 | 285 | 269 | 388 | 598 | 647 | 672 |
| Sales YoY Gr. | - | 66.7% | -10% | 11.1% | 70,945% | 100.6% | -5.6% | 44.2% | 54.2% | 8.2% | - |
| Adj EPS ⓘ | 1 | 2 | 5.7 | 1.2 | 0.6 | 3 | 3.1 | 6.2 | 11.2 | 10.8 | 12.9 |
| YoY Gr. | - | 95% | 193.9% | -79.8% | -50% | 422.4% | 3.6% | 97.8% | 80.8% | -4.1% | - |
| BVPS (₹) ⓘ | 1.5 | 3.3 | 8.7 | 9.9 | 11 | 19.2 | 23 | 48.5 | 77.6 | 112.8 | 116 |
| Adj Net Profit ⓘ | 0 | 0.1 | 0.2 | 0 | 4 | 25 | 26.2 | 63.7 | 124 | 131 | 157 |
| Cash Flow from Ops. ⓘ | -0 | -0 | 0.2 | 0 | 17.3 | -57.5 | 20.4 | 8.4 | 141 | -12.7 | - |
| Debt/CF from Ops. ⓘ | -7.9 | -2.2 | 0 | 0 | 1.4 | -0.8 | 2.5 | 5.8 | 0.3 | -10 | - |
CAGR ⓘ
| 9 Years | 5 Years | 3 Years | 1 Years | |||||
|---|---|---|---|---|---|---|---|---|
| Sales ⓘ | 159.8% | 35.4% | 34% | 8.2% | ||||
| Adj EPS ⓘ | 30.2% | 79.4% | 50.8% | -4.1% | ||||
| BVPSⓘ | 62.2% | 59.4% | 70% | 45.5% | ||||
| Share Price | 31.1% | 15.2% | 37.2% | -22.1% | ||||
Key Financial Parameters ⓘ
| Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Return on Equity % ⓘ | 104.7 | 82.2 | 95.6 | 12.5 | 10.3 | 21.1 | 14.9 | 17.9 | 16.9 | 11.3 | 11.3 |
| Op. Profit Mgn % ⓘ | -33.1 | 45.5 | 36.8 | 30.6 | 8.6 | 13.2 | 17.4 | 23.9 | 29.2 | 29.4 | 30 |
| Net Profit Mgn % ⓘ | 29 | 34.1 | 109.8 | 19.9 | 2.8 | 8.8 | 9.7 | 16.4 | 20.8 | 20.2 | 23.3 |
| Debt to Equity ⓘ | 1 | 0.4 | 0 | 0 | 0.3 | 0.3 | 0.3 | 0.1 | 0 | 0.1 | - |
| Working Cap Days ⓘ | 110 | 228 | 224 | 182 | 157 | 226 | 353 | 325 | 258 | 326 | 154 |
| Cash Conv. Cycle ⓘ | 62 | 170 | 146 | 36 | 35 | 89 | 184 | 155 | 103 | 154 | 92 |
Valuation of Balu Forge Inds. - Consolidated
Analyst's Notes
No data found!
Management X-Ray
Shareholding Pattern
Promoter's Holding & Share Pledging
| Pledged * | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 1.40 | 1.37 |
* Pledged shares as % of Promoter's holding (%)
Financials
| PARTICULARS | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 |
|---|---|---|---|---|---|---|
| Sales | 142 | 286 | 327 | 560 | 924 | 1,107 |
| Operating Expenses ⓘ + | 130 | 249 | 277 | 441 | 677 | 810 |
| Operating Profit ⓘ | 12 | 37 | 50 | 119 | 246 | 297 |
| Operating Profit Margin (%) | 8.6% | 13.0% | 15.2% | 21.3% | 26.7% | 26.9% |
| Other Income ⓘ + | 5 | 9 | 13 | 10 | 22 | 35 |
| Interest ⓘ | 7 | 5 | 11 | 14 | 11 | 16 |
| Depreciation ⓘ | 1 | 1 | 1 | 2 | 3 | 10 |
| Profit Before Tax ⓘ | 10 | 39 | 51 | 114 | 254 | 306 |
| Tax ⓘ | 2 | 9 | 12 | 20 | 50 | 47 |
| Profit After Tax | 8 | 30 | 39 | 93 | 204 | 259 |
| PAT Margin (%) | 5.4% | 10.4% | 11.9% | 16.7% | 22.1% | 23.4% |
| Adjusted EPS (₹) | 1.1 | 3.6 | 4.7 | 9.1 | 18.4 | 21.3 |
| Dividend Payout Ratio (%) | 0% | 2.80% | 0% | 1.70% | 0.80% | 0.70% |
| PARTICULARS | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 | |||||
|---|---|---|---|---|---|---|---|---|---|---|---|
Equity and Liabilities | |||||||||||
| Shareholders Fund + | 75 | 158 | 198 | 530 | 963 | 1,595 | |||||
| Debt + | 17 | 45 | 45 | 40 | 27 | 119 | |||||
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | |||||
| Trade Payables | 48 | 45 | 66 | 81 | 118 | 63 | |||||
| Others Liabilities ⓘ | 31 | 36 | 60 | 58 | 142 | 72 | |||||
| Total Liabilities ⓘ | 171 | 284 | 369 | 709 | 1,250 | 1,849 | |||||
Fixed Assets | |||||||||||
| Net Fixed Assets ⓘ + | 42 | 42 | 48 | 57 | 183 | 547 | |||||
| CWIP ⓘ | 0 | 7 | 7 | 130 | 417 | 277 | |||||
| Investments ⓘ | 0 | 0 | 0 | 0 | 0 | 0 | |||||
| Inventories | 20 | 42 | 35 | 89 | 98 | 145 | |||||
| Trade Receivables | 61 | 129 | 211 | 218 | 327 | 425 | |||||
| Cash Equivalents | 3 | 7 | 8 | 91 | 96 | 89 | |||||
| Others Assets ⓘ | 45 | 57 | 60 | 123 | 129 | 365 | |||||
| Total Assets ⓘ | 171 | 284 | 369 | 709 | 1,250 | 1,849 | |||||
| PARTICULARS | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 |
|---|---|---|---|---|---|---|
| Cash Flow From Operating Activity ⓘ + | 17 | -58 | 26 | -32 | 148 | 32 |
| Cash Flow From Investing Activity ⓘ + | -3 | -8 | -21 | -134 | -416 | -354 |
| Cash Flow From Financing Activity ⓘ + | -12 | 69 | -6 | 249 | 273 | 315 |
| Net Cash Flow ⓘ | 2 | 4 | -1 | 83 | 5 | -7 |
| PARTICULARS | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 | ||||
|---|---|---|---|---|---|---|---|---|---|---|
| Ratios | ||||||||||
| ROE (%) | 10.13 | 25.64 | 21.91 | 25.7 | 27.3 | 20.24 | ||||
| ROCE (%) | 16.12 | 28.92 | 26.91 | 29.93 | 31.33 | 22.95 | ||||
| Asset Turnover Ratio | 0.86 | 1.26 | 1 | 1.04 | 0.94 | 0.71 | ||||
| PAT to CFO Conversion(x) | 2.13 | -1.93 | 0.67 | -0.34 | 0.73 | 0.12 | ||||
| Working Capital Days | ||||||||||
| Receivable Days | 151.70 | 121 | 189.70 | 139.90 | 107.80 | 124 | ||||
| Inventory Days | 49.80 | 39.70 | 43.10 | 40.50 | 37.10 | 40.10 | ||||
| Payable Days | 156.80 | 76.90 | 89.10 | 70.90 | 60.10 | 46.60 | ||||
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Balu Forge Industries Ltd FAQs
The current trading price of Balu Forge Inds. on 11-Sep-2026 16:59 is ₹533.2.
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 10-Sep-2026 the market cap of Balu Forge Inds. stood at ₹6,473.2 Cr
The latest P/E ratio of Balu Forge Inds. as of 10-Sep-2026 is 41.24.
The latest P/B ratio of Balu Forge Inds. as of 10-Sep-2026 is 4.60.
The 52-week high of Balu Forge Inds. is ₹696.0 and the 52-week low is ₹341.4.
The TTM revenue is Trailing Twelve Months sales. The TTM revenue/sales of Balu Forge Inds. is ₹672 ( Cr.) .
Past 10 year's financial track record analysis by Moneyworks4me indicates that Balu Forge Industries Ltd is a average quality company.
The key valuation ratios of Balu Forge Industries Ltd's currently when compared to its past seem to suggest it is in the Somewhat Undervalued zone.
The Price Trend analysis by MoneyWorks4Me indicates it is Strong which suggest that the price of Balu Forge Industries Ltd is likely to Rise in the short term. However, please check the rating on Quality and Valuation before investing
About Balu Forge Industries Ltd
Balu Forge Industries (formerly known as Amaze Entertech) began operations in 1989 as a manufacturer and supplier of precision-engineered products, crankshafts and forging components, serving a wide range of end-user industries. Over the years, it has evolved to address the changing needs of its customers. In recent years, focus has been directed towards building a stronger presence in key sectors such as defence, railways and new energy vehicles. The company’s machining facilities are equipped with advanced infrastructure, comprising an in-house tool room, metallurgical laboratories, design and process capabilities, as well as inspection and testing units.
The offerings of the company include a broad range of precision engineering and metal forming products catering to multiple industries such as automobiles (traditional ICE and new energy), industrial vehicles, earthmoving machinery, wind energy, aerospace, defence, oil and gas, locomotives and railway applications, marine, agriculture and others. Several initiatives have been undertaken to enhance cost competitiveness and strengthen profitability. Over time, the company has built a strong reputation as a reliable and quality-driven manufacturer of precision-engineered products across a wide spectrum of industries.
Geographically, its presence extends across the Americas, Africa, Europe, Asia and the Middle East. This global reach enables the company to serve high-value clients worldwide while creating diversified and resilient revenue streams. Competitive pricing, along with a strong focus on quality, has positioned it as a preferred choice for customers seeking both performance and value.
Business area of the company
The company is a leading Indian manufacturer and supplier of precision-engineered products and forged components, serving a diverse portfolio of industries across both domestic and international markets. With fully integrated manufacturing facilities and a comprehensive range of capabilities, the company delivers end-to-end solutions tailored to meet the complex and evolving requirements of its clients.
Product portfolio
- Crankshaft
- Under Carriage Components
- Lifting Hooks
- Towing Accessories
- Brake Components
- Railway Wheels
- Hydraulic Motors
- Oil, Gas and Flow Control Components
- Turbine Blades
- Empty Shells
- Transmission and Clutches
- Chassis Components
Milestones
- 1989: The foundation of the company was laid by Prehlad Singh Chandock
- 1991: First component manufactured in the factory
- 1995: First component exported to an overseas market
- 2006: Acquisition & Installation of the Ursus Manufacturing Plant from Ursus, Poland
- 2010: Acquisition & Installation of the Thyssenkrupp Plant from L’horme, France
- 2011: The company successfully achieved the milestone of building a presence in over 80 countries worldwide
- 2012: Got accredited with ISO/TS16949:2009 accreditation from world renowned company TUV NORD
- 2014: Achieved manufacturing of 1000 crankshafts in a single day
- 2016: Originally known as Bell Agromachina Ltd., it became Amaze Entertech Ltd. on November 16, 2016
- 2017: Became a supplier of Choice to over 25 OES spread over 5 Continents
- 2020: Got Accredited with the 14001:2015 & ISO 45001:2018 Certifications
- 2020: Became an Approved Vendor to the Ordnance Factory Board & established a specialized manufacturing unit for the Defence Industry.
- 2020: Balu completed the transition & listing on the Stock Exchange. The constitution of the company was changed to public limited company
- 2020: Changed name from Amaze Entertech Ltd. to Balu Forge Industries Ltd.
- 2021 and 2022: Acquired the Precision Machining Unit of the Mercedes Benz Truck factory from Mannheim, Germany
- 2021 and 2022: Balu successfully completed the ESG audit by a reputed audit firm & joined the United Nations Global Compact Program in its efforts to be ESG compliant
- 2023: Laid the foundation for the greenfield forging & machining facility Belgaum, India.
- 2024: Acquisition of 3 fully automated forging lines with GERB Technology namely: 16T, 10T Forging Hydraulic Hammer & 8000T Forging Press. These machines contribute to a combined forging capacity of 72,000 tons annually
- 2024 and 2025: Invested in 7-axis and 11- axis machining capability, 25T hydraulic hammer line & a fully automated empty shell & mortar production line with an annual capacity of 360,000 shells
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