NSE: BALUFORGE · BSE: 531112
BALU FORGE INDUSTRIES LTD
Forges and machines metal components for industrial and defence applications, with manufacturing facilities at Belgaum and Hattargi. The order book has shifted toward defence, aerospace and railways, which now account for about 50% of the order book versus 5% in FY24. Recent wins include a 5-year MoU for large-calibre ammunition supply into a NATO supply chain, a maiden aerospace order from Alpha Aircraft Systems Inc. (USA), and a 30,000-unit order for 152mm artillery shells, supported by a 360,000 shells-per-year line commissioned in Belgaum. A UAE subsidiary, Safa Otomotiv FZE-LLC, contributed to consolidated FY26 revenue of Rs 1,107.37 crore, up 19.9% YoY, while a separate subsidiary has been renamed Quantum Energetics Private Limited to enter high-energy explosive compounds. Planned capacity expansion targets 1,50,000 MTPA of forging and 80,000 MTPA of machining, funded through internal accruals. Materials are the largest input cost at 68.5% of revenue, with capex running at 18.7% of revenue in FY26. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Industrial forgings and machined components, Defence products, Aerospace components, Railways and other domestic, UAE subsidiary operations (Safa Otomotiv FZE-LLC). Asset-heavy forging and machining manufacturer expanding into finished defence products and aerospace components.
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 286 | 327 | 560 | 924 | 1,107 |
| EBITDA (ex other income) | 37 | 50 | 119 | 251 | 300 |
| margin % | 12.9 | 15.2 | 21.3 | 27.2 | 27.0 |
| Owners' profit | 0 | 39 | 94 | 204 | 259 |
| EPS, as reported (₹) | 4.05 | 4.67 | 9.80 | 19.24 | 23.90 |
| ROE % · ROCE % | 18.8 · 26.5 | 19.7 · 29.1 | 16.9 · 22.0 | 19.4 · 24.7 | 16.2 · 19.8 |
| Debt / equity (x) | 0.30 | 0.26 | 0.09 | 0.03 | 0.08 |
| Cash from operations | (58) | 12 | (18) | 148 | 32 |
| Capex | (8) | (7) | (148) | (416) | (207) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 223 | 256 | 270 | 233 | 300 | 311 | 264 | 301 |
| Profit before tax | 64 | 74 | 74 | 70 | 80 | 81 | 75 | 81 |
| Net profit | 48 | 59 | 63 | 57 | 65 | 71 | 66 | 66 |
| EPS (₹) | 4.55 | 5.52 | 5.74 | 5.04 | 6.08 | 6.41 | 6.35 | 5.49 |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| PTC INDUSTRIES LIMITED | 35,981 | 286.5 | 23.87 | 210.2 | 6.7 | 7.5 | 29.8 | 28.3 |
| AIA ENGINEERING LIMITED | 33,724 | 26.6 | 4.20 | 19.4 | 15.8 | 19.3 | 8.9 | 35.8 |
| HAPPY FORGINGS LIMITED | 17,054 | 52.0 | 8.01 | 34.6 | 14.2 | 18.5 | — | 33.8 |
| BALU FORGE INDUSTRIES LTD ◆ | 5,353 | 18.1 | 3.36 | 16.2 | 16.2 | 18.8 | — | 29.5 |
| STEELCAST LIMITED | 3,547 | 39.1 | 8.98 | — | 22.0 | 28.5 | — | 28.2 |
| Amic Forging Limited | 2,278 | 26.6 | — | — | — | 18.4 | — | — |
| INVESTMENT & PREC CAST L | 1,320 | 112.2 | 12.86 | 43.9 | 11.5 | 13.0 | 12.5 | 18.6 |
| NELCAST LIMITED | 1,092 | 26.5 | 1.82 | 10.2 | 8.1 | 9.4 | 16.8 | 5.9 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 18.1 | 26.1 | 6 of 22 | 76% |
| P/B | 3.4 | 3.5 | 10 of 20 | 53% |
| ROCE | 18.8 | 13.7 | 6 of 24 | 78% |
| ROE | 16.2 | 11.5 | 4 of 20 | 84% |
| Debt / Equity | 0.1 | 0.1 | 8 of 20 | 63% |
| EBITDA margin | 29.5 | 18.5 | 5 of 20 | 79% |
| Revenue growth | 28.9 | 12.2 | 3 of 18 | 88% |
| Profit growth | 15.9 | 19.3 | 10 of 17 | 44% |
| Market cap | 5353 | 409 | 4 of 24 | 87% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 17 Oct 2026 · Compliance certificate under SEBI Regulation 74(5) for Q2 FY27 | compliance | minimal | — | — |
| 16 Oct 2026 · KMPs authorised for materiality decisions under SEBI LODR | compliance | minimal | — | — |
| 3 Oct 2026 · AGM 2026 voting results: all 4 resolutions passed | board shareholder meetings | low | — | — |
| 30 Sept 2026 · Balu Forge Industries holds 37th AGM, declares final dividend of Rs 0.15 per share | board shareholder meetings | medium | — | — |
| 26 Sept 2026 · Trading Window Closed Ahead of Q2 FY27 Results | compliance | minimal | — | — |
| 26 Sept 2026 · Balu Forge: New Company Secretary appointed after resignation | management changes | medium | — | — |
| 26 Sept 2026 · New Company Secretary appointed; previous CS resigns due to relocation | management changes | medium | — | — |
| 26 Sept 2026 · Company Secretary Ms. Tabassum Begum resigns from Balu Forge Industries | management changes | medium | — | — |
| 8 Sept 2026 · Notice of 37th AGM on September 30, 2026 via video conferencing | compliance | minimal | — | — |
| 8 Sept 2026 · Analyst/Institutional Investor Meetings Scheduled on September 11, 2026 | board shareholder meetings | low | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
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| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
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Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.