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.
| ₹ 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) |
| ₹ 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 |
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| AIA ENGINEERING LIMITED | 38,261 | 30.2 | 4.76 | 22.0 | 15.8 | 19.3 | 8.9 | 35.8 |
| PTC INDUSTRIES LIMITED | 35,141 | 279.8 | 23.32 | 205.3 | 6.7 | 7.5 | 29.8 | 28.3 |
| HAPPY FORGINGS LIMITED | 20,465 | 62.5 | 9.62 | 41.4 | 14.2 | 18.5 | — | 33.8 |
| BALU FORGE INDUSTRIES LTD ◆ | 6,464 | 21.9 | 4.05 | 19.6 | 16.2 | 18.8 | — | 29.5 |
| Date · filing | Category | Importance | 1-day % | 5-day % |
|---|---|---|---|---|
| 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 | — | — |
| 7 Sept 2026 · Annual Report 2025-26 web link sent to shareholders | compliance | minimal | — | — |
| 7 Sept 2026 · Balu Forge Industries submits BRSR for FY 2025-26 | compliance | low | — | — |
| 7 Sept 2026 · Balu Forge submits FY26 annual report; 37th AGM on September 30, 2026 | compliance | medium | — | — |
| 7 Sept 2026 · Notice of 37th AGM on September 30, 2026 via video conferencing | board shareholder meetings | low | — | — |
| 7 Sept 2026 · Balu Forge to hold meetings with 4 institutional investors on Sept 10 | board shareholder meetings | low | — | — |
| 7 Sept 2026 · Book closure Sept 19-30 for 37th AGM; final dividend on agenda | board shareholder meetings | low | — | — |
| 7 Sept 2026 · Book closure for final dividend and 37th AGM | corporate actions | medium | — | — |
| 7 Sept 2026 · Final dividend of Rs. 0.15 per share declared for FY 2025-26 | corporate actions | high | — | — |
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions |
| STEELCAST LIMITED | 3,313 | 36.5 | 8.39 | — | 22.0 | 28.5 | — | 28.2 |
| Amic Forging Limited | 2,553 | 29.8 | — | — | — | 18.4 | — | — |
| INVESTMENT & PREC CAST L | 1,406 | 119.5 | 13.70 | 46.6 | 11.5 | 13.0 | 12.5 | 18.6 |
| NELCAST LIMITED | 940 | 22.8 | 1.57 | 8.9 | 8.1 | 9.4 | 16.8 | 5.9 |
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 21.9 | 29.9 | 7 of 22 | 71% |
| P/B | 4.0 | 4.1 | 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 | 6464 | 482 | 4 of 24 | 87% |
| an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
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.
