Munish ForgeShare price, financial results, shareholding and management
- Market cap
- ₹209 cr
- Stock P/E
- 20.8peers 11.1
- Book value
- ₹52.4
- Price to book
- 1.66
- EV / operating profit
- 11.6
- Market cap to sales
- 1.15
- ROCE · FY26
- 12.0%
- ROE · FY26
- 10.4%
- ROE, 3-year average
- 15.5%
- Operating margin · FY26
- 11.7%peers 8.7%
- Sales growth, 3 years
- 4.5%
- Profit growth, 3 years
- 71.4%
- Debt to equity
- 0.44peers 0.66
- Borrowings
- ₹56 cr
- Interest cover
- 3.2×
- Cash from business / op. profit
- -159%
- Debtor days
- 83
- Pledged
- 0.00%
- Promoter holding
- 68.01%
- Change in promoter holding
- 0.00 pts
- Shareholders
- 516
- 52-week high / low
- ₹132 / ₹50
- Dividend yield
- 0.00%
- Face value
- ₹10
Tap or hover on any figure for what it means. Our arithmetic on reported figures, at the latest close.
Munish Forge share price chart
Close on 6 Nov 2026 · +4.82% on the day · Vol 32,400
Daily prices to 6 Nov 2026, adjusted for splits and bonuses. Closing prices only: check the exchange for the live price.
Share price returns
To the close of 6 Nov 2026
- 1 month
- -3.3%
- 3 months
- +7.3%
- 6 months
- +18.9%
- 1 year
- -32.6%
- Since IPO
- -9.4%
- Traded a day, 20 days
- ₹0.08 cr
- Taken for delivery
- 88%
Business growth
Sales and net profit, from the reported results
| Sales | Profit | |
|---|---|---|
| FY26 on FY25 | +4% | -28% |
| 3 years, a year | +5% | +71% |
| Latest half, H2 FY26 | +11% | -62% |
About Munish Forge: business, products and customers
Munish Forge makes forged and cast steel parts in Ludhiana: pipe flanges and scaffolding parts for industry, and tank track chains and artillery shell bodies for the army. Its shares trade on NSE Emerge.
Munish Forge buys steel, then forges or casts it, heat treats and machines the parts and sells them by the piece. At the November 2025 call the chief executive said most sales come from carbon steel flanges, then scaffolding, with defence third; the company reports a single segment. Flange and scaffolding buyers include export customers, and the managing director spoke of a fresh export inquiry from an old customer after months of small container orders.
Defence work is tank track chains and shell bodies, with 105mm shells already supplied and bulk production clearance received for 120mm high explosive shells. A 155mm shell has been developed and quoted to Ordnance Factory Kanpur, and the managing director said the company is also talking to large private defence groups and filling plants that need shell bodies. These orders come through government tenders, so sales depend on when tenders are won and dispatched.
Read more about the business
Railways are the newest line. Indian Railways first gives small developmental orders that do not pay for the tooling, and only after a part is developed can a supplier bid for bulk tenders; the company had three such orders (a coupler, a pin bracket and a control shaft) in November 2025 and has hired a consultant with long railway experience for sales. The managing director said the company picks parts that need steel casting, heat treatment and machining together, which few firms do.
Because steel is most of the cost, margins move with the mix: management says defence and railway parts earn more than flanges, which it calls a commodity product. When an analyst named Pradeep Metals, the managing director said that company makes stainless steel flanges, a different segment from Munish Forge's carbon steel flanges; the documents read name no other rivals. The company also holds a joint venture, Forgeco, whose losses are taken into consolidated profit.
From the earnings call transcript of November 2025, the audited FY26 results filed in May and June 2026 and the Crisil rating note of September 2026.
Read the deeper study ↓In its favour
- The promoters own a large part of the company: 68.01%.
To watch
- Bulk supplies of 120mm shells, for which the company received production clearance before the November 2025 call.
- The two 155mm shell tenders quoted to Ordnance Factory Kanpur, still pending at the November 2025 call.
- Whether the railway developmental orders lead to bulk railway tenders in FY27, which management called a development year.
- Money owed by customers and stock at the next results, after operations used cash in FY26.
- It paid no dividend in the past year.
From the company's documents first, then the reported figures read by fixed rules, the same for every company. Facts, not a view on the shares.
Munish Forge revenue and profit growth
Half-yearly results · Profit and lossSales have grown slowly. Last year profit fell even as sales rose, so the company kept less from each rupee of sales.
SME companies report every six months. In the latest half, sales were higher than in the same half a year before. Profit grew more slowly than sales, so each rupee of sales left a little less profit.
Munish Forge half-yearly results
SME companies report every six months · ₹ crore
| H2FY25 | H1FY26 | H2FY26 | |
|---|---|---|---|
| Sales | 90 | 82.53 | 100.10 |
| Expenses | 77 | 69.75 | 91.46 |
| Operating profit | 13 | 12.78 | 8.64 |
| OPM | 15.0% | 15.5% | 8.6% |
| Interest | 3 | 3.16 | 2.66 |
| Depreciation | 2 | 1.94 | 1.93 |
| Profit before tax | 11 | 8.22 | 4.67 |
| Net profit | 8 | 6.99 | 3.08 |
Munish Forge profit and loss
Full years to March, FY21 to FY26 · ₹ crore, consolidated where reported
| FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|---|
| Sales | 74 | 125 | 160 | 159 | 175 | 182.64 |
| Expenses | 72 | 115 | 151 | 148 | 151 | 161.21 |
| Operating profit | 1 | 9 | 9 | 11 | 24 | 21.43 |
| OPM | 1.8% | 7.0% | 6.0% | 7.0% | 14.0% | 11.7% |
| Other income | 6 | 1 | 1 | 2 | 4 | 1.15 |
| Interest | 4 | 5 | 5 | 5 | 5 | 5.82 |
| Depreciation | 4 | 4 | 3 | 3 | 3 | 3.86 |
| Exceptional and other items | 1 | · | · | 1 | · | · |
| Profit before tax | 0 | 1 | 2 | 6 | 20 | 12.89 |
| Tax rate | -143.0% | 0.0% | 0.0% | 33.3% | 30.0% | 21.9% |
| Net profit | 0 | 1 | 2 | 4 | 14 | 10.07 |
| EPS ₹ | 0.10 | 0.88 | 1.21 | 2.69 | 8.15 | 5.43 |
| Dividend payout | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
The years to FY25 come rounded to the nearest crore in the source.
Exceptional and other items: profit before tax beyond operating profit, other income, interest and depreciation, such as one-off items or a share of associates' profit, as reported.
A tax rate above 60% or below zero (FY21) comes from tax charged on a small or negative profit, as reported.
Earnings per share before FY22 is on the share count of that time, before later bonus or share issues, so it does not compare with the years after.
Munish Forge profitability
Margins and returns on capitalLast year the company kept less from each rupee of sales than the year before. It earns a moderate return on the money it uses.
Operating margin, every year
Per cent of sales kept before interest, depreciation and tax
| FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|---|
| Operating margin | 1.8% | 7.0% | 6.0% | 7.0% | 14.0% | 11.7% |
| Tax rate | -143.0% | 0.0% | 0.0% | 33.3% | 30.0% | 21.9% |
| ROCE | · | 6.8% | 7.7% | 12.6% | 23.0% | 12.0% |
| ROE | · | 2.9% | 5.7% | 10.4% | 25.7% | 10.4% |
| Dividend payout | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
Munish Forge debt and cash flow
Balance sheet · Cash flow · Working capitalThe company's own money, its net worth, has grown fast. Its loans are smaller than its own money. Last year the business used more cash than it brought in. It spent more on assets and investments than the business brought in, and raised the rest from loans or shares. Customers take longer to pay than they did in FY24, which ties up more of the company's money in unpaid bills.
Bars below the line are cash going out.
Munish Forge balance sheet
At each 31 March · ₹ crore
| FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|---|
| Equity capital | 10 | 10 | 10 | 10 | 18 | 24.07 |
| Reserves | 26 | 24 | 26 | 31 | 50 | 102.17 |
| Net worth | 36 | 34 | 36 | 41 | 68 | 126.24 |
| Borrowings | 47 | 60 | 51 | 47 | 61 | 55.98 |
| Other liabilities | 30 | 27 | 20 | 25 | 33 | 27.31 |
| Total liabilities | 113 | 121 | 107 | 113 | 162 | 209.53 |
| Fixed assets | 30 | 26 | 24 | 22 | 37 | 39.45 |
| Capital work in progress | 0 | 0 | 0 | 5 | 0 | 0.32 |
| Investments | 0 | 0 | 0 | 0 | 12 | 12.76 |
| Other assets | 83 | 95 | 83 | 86 | 113 | 157 |
| Receivables | · | · | · | · | · | 41.65 |
| Inventory | · | · | · | · | · | 68.38 |
| Cash | · | · | · | · | · | 17.41 |
| Trade payables | · | · | · | · | · | 9.72 |
Munish Forge cash flow
₹ crore
| FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|---|
| Cash from operations | · | 6 | 20 | 4 | 5 | -33.99 |
| Cash from investing | · | 1 | 0 | -5 | -10 | -5.60 |
| Cash from financing | · | -5 | -14 | -8 | 8 | 50.76 |
| Net cash flow | · | 2 | 6 | -9 | 3 | 11.17 |
| Capital spending | · | · | · | · | · | 6.86 |
Working capital
Days
| FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|---|
| Debtor days | 104 | 68 | 48 | 46 | 53 | 83 |
| Inventory days | 415 | 202 | 119 | 148 | 273 | 322 |
| Days payable | 198 | 52 | 24 | 38 | 71 | 46 |
| Cash conversion cycle | 320 | 218 | 143 | 156 | 255 | 360 |
| Working capital days | 110 | 67 | 49 | 50 | 42 | 105 |
Munish Forge peers and competitors
Listed SME companies in the same industryBy sales, Munish Forge is number 54 of the 156 listed SME companies in industrial products.
Each company's latest full year and its latest close; companies the exchange puts in the same industry, whose businesses can differ a good deal. A list, not a comparison of their shares.
| Company | Market cap ₹ cr | P/E | Sales ₹ cr | Profit ₹ cr | Op. margin | Debt/equity |
|---|---|---|---|---|---|---|
| Shubhshree Biofuels Energy | 179 | 17.0 | 202 | 10.5 | 7.4% | 0.32 |
| Glen Industries | 265 | 16.6 | 199 | 16 | 19.0% | 0.87 |
| Shree TNB Polymers | 115 | 16.4 | 198 | 7 | 10.0% | 0.82 |
| Quality Foils (India) | 14 | 9.6 | 184 | 1.5 | 4.7% | 2.08 |
| Gabriel Pet Straps | 63 | 12.6 | 183 | 5 | 2.4% | 0.05 |
| Munish Forge | 209 | 20.8 | 183 | 10.1 | 11.7% | 0.44 |
| De Neers Tools | 188 | 7.4 | 178 | 25.3 | 21.8% | 0.77 |
| Sampat Aluminium | 25 | 4.2 | 178 | 6 | 5.0% | 0.36 |
| D.K. Enterprises Global | 52 | 9.2 | 169 | 5.7 | 5.5% | 0.62 |
| DCG Cables & Wires | 127 | 14.1 | 163 | 9 | 15.0% | 0.70 |
| Malpani Pipes And Fittings | 68 | 7.5 | 163 | 9 | 10.0% | 0.39 |
| Median of the 10 others | 92 | 11.1 | 181 | 8 | 8.7% | 0.66 |
Munish Forge shareholding pattern
Promoters, FIIs, DIIs, HNIs and small holdersThe promoters own more than half the company. Big foreign and Indian funds own very little. The number of shareholders has come down.
Munish Forge shareholding pattern
Per cent of shares, from the patterns filed with the exchange. Tap + to see everyone holding 1% or more in that group. HNIs and small holders show only where the pattern was filed in full.
| Oct 25 | Mar 26 | Sep 26 | |
|---|---|---|---|
| Promoters | 68.01% | 68.01% | 68.01% |
| Foreign investors (FIIs) | 5.09% | 1.93% | 0.57% |
| Indian institutions (DIIs) | 9.23% | 3.59% | 0.48% |
| HNIs (over ₹2 lakh each) | - | 4.73% | 10.37% |
| Small holders (up to ₹2 lakh) | 12.01% | 4.76% | 4.28% |
| Companies and others | - | 16.98% | 16.29% |
| Number of shareholders | 1,396 | 527 | 516 |
The named holders are at 30 Sept 2026, beside 31 March 2026, each under the group the pattern files them in.
Munish Forge study: the business from its own documents
Read from 3 of the company's own documentsMunish Forge so far
From the company's own record
- July 1986Company formed
- 8 Oct 2025Listed on NSE Emerge at ₹96
- 30 Sept 2026Promoters at 68.01%
- 21 Oct 2025Highest close since listing, ₹122.28
Munish Forge key facts from the filings
Each figure with the document it comes from
- Sales in FY26
- ₹182.6 cr
- Up from ₹175.4 cr in FY25, against about ₹205 cr the company said it expected at the November 2025 call.Audited results FY26, p.3; Earnings call transcript, November 2025, p.4
- Profit in FY26
- ₹10.1 cr
- Consolidated profit after the joint venture's loss, down from ₹14.4 cr; the second half earned less than half of the first.Audited results FY26, p.3 and p.7
- Order book
- ₹113 cr
- Work in hand in November 2025, of which about ₹70 cr to ₹71 cr was defence, to be delivered within six to seven months.Earnings call transcript, November 2025, p.4 and p.13
- Shell orders
- ₹27 cr
- Shell body orders inside the defence order book in November 2025; the rest of the defence orders were for tank tracks.Earnings call transcript, November 2025, p.10
- Defence in sales
- about ₹9 cr
- Defence sales in the first half of FY26 out of about ₹82 cr, after the chief executive corrected an earlier figure on the call.Earnings call transcript, November 2025, p.7 and p.18
Show 5 more facts
- Plant potential
- ₹300 cr
- Yearly sales the managing director said the present plant can reach with few or no changes.Earnings call transcript, November 2025, p.18
- Cash from operations
- ₹-30.2 cr
- FY26 operating cash flow, as money owed by customers rose to ₹41.7 cr from ₹25.3 cr and stock rose to ₹68.4 cr.Audited results FY26, p.5 and p.6
- Borrowings
- ₹56.0 cr
- Total borrowings at March 2026, down from ₹60.2 cr, almost all of it short term.Audited results FY26, p.5; reported figures, our arithmetic
- Credit rating
- Withdrawn
- Crisil had rated the bank loans D (issuer not cooperating) since 2023, then withdrew the rating in September 2026 at the company's request.Crisil rating rationale, September 2026, p.1
- Railway orders
- 3
- Developmental orders from Indian Railways in November 2025, which must be completed before bidding for bulk tenders.Earnings call transcript, November 2025, p.6 and p.14
What the company said, and what happened
The company's own statements, attributed, set against what it later reported; not newboard's estimates
At the November 2025 call the company said its order book was about ₹113 cr, with defence about ₹70 cr to ₹71 cr, and that it had bulk production clearance for 120mm shells. The managing director said the company had quoted two 155mm shell tenders to Ordnance Factory Kanpur and could make five to six thousand such shells a month, and that FY27 would mainly be a year of developing railway parts, with the railway sales figure of about ₹35 cr to ₹40 cr given on the call later qualified by management as not a commitment. It also said it was buying more induction furnaces with the IPO money.
| What management said | When | What happened |
|---|---|---|
| Revenue of about ₹205 cr in FY26 with a profit margin of about 10% | November 2025 call | Revenue ₹182.6 cr and consolidated profit ₹10.1 cr, a margin of about 5.5% |
| Defence sales of about ₹35 cr to ₹40 cr in FY26 | November 2025 call | Not reported; the company reports a single segment |
Is it a good business? Six questions
Each answer is about that one question, read from the documents; tap one for the evidence. Not a view on the shares.
Munish Forge earns money by turning steel into flanges, scaffolding parts and defence parts, and keeps the gap between the steel price and the selling price.
Its weak spots are that most sales are a commodity product, defence and railway orders arrive slowly through tenders, and cash went into stock and money owed by customers.
WatchCan it set its own prices?Mostly not. Flanges, the largest line, are called a commodity product by the managing director, and defence and railway prices are set through tenders.
AverageHow strong is it against rivals?Approvals for defence items give it a place among few suppliers, but in flanges it competes with many makers.
AverageWho are its customers?Flange and scaffolding buyers at home and abroad, government defence factories and Indian Railways; the documents read do not show how much any one customer buys.
WatchDoes it need a lot of money?Yes. The business holds a lot of stock and gives customers credit, and in FY26 operations used cash even after the IPO.
AverageCan it keep finding new work?It has defence orders in hand and is entering railways, but railway parts must be developed one by one before any bulk order.
WatchDo good and bad years swing a lot?Yes. Floods, border tension, export duties and the timing of defence dispatches have moved its sales and profit between halves.
Who runs Munish Forge?
Promoters, directors and officers; tap a name for the background
DBDavinder BhasinPromoter and Managing Director · holds 45.87%
Signs the company's filings and results as Managing Director (DIN 00780268). At the November 2025 call spoke on the railway strategy, the 155mm shell tenders and the plant's capacity. The Crisil note says the company was promoted by Davinder Bhasin and family members. The documents read for this page do not give education or earlier work.
Audited results FY26, p.3; Earnings call transcript, November 2025, p.11 and p.18; Crisil rating rationale, September 2026, p.1; Shareholding pattern, September 2026DADev Arjun BhasinPromoter, Executive Director and Chief Executive Officer · holds 3.96%
Introduced on the November 2025 call as Executive Director and Chief Executive Officer, and presented the half year's results and order book. The documents read for this page do not give education or earlier work.
Earnings call transcript, November 2025, p.2 and p.3; Shareholding pattern, September 2026MBMinakshi BhasinPromoter · holds 4.41%
Listed in the promoter group of the shareholding pattern. The documents read for this page give no role in the business or background.
Shareholding pattern, September 2026MKManoj Kumar PandeyChief Financial Officer
Named as Chief Financial Officer among the participants of the November 2025 call. The documents read for this page do not give a background.
Earnings call transcript, November 2025, p.2YDYogita DhallCompany Secretary and Compliance Officer
Signed the company's clarification to the exchange on its FY26 results in June 2026 as Company Secretary and Compliance Officer; the previous company secretary, Sukhdeep Kaur, resigned on 31 October 2025.
Clarification on FY26 results, June 2026, p.2; Announcement, 31 October 2025, p.1Munish Forge latest news and announcements
Announcements · Documents · Corporate actionsWhat changed recently
Each half-year is set against the same half a year earlier
- H2 FY26: sales ₹100 cr (+11%), net profit ₹3.1 cr (-62%) on H2 FY25.
- Shareholding, 30 Sept 2026: promoters unchanged at 68.01%.
Munish Forge announcements
66 on record, latest first; each opens the filing on the exchange
- Quarterly Compliance Report on Corporate governance - within 21 days from the enMunish Forge Limited has informed regarding Submission of the Compliance Report on Corporate Governance for the Q_ FY 20__-__PDF ↗
- Structural Digital DatabaseSDD Compliance Certificate for the quarter ended 30th September, 2026PDF ↗
- General UpdatesGeneral UpdatesPDF ↗
- Outcome of Board MeetingHeld on October 14, 2026PDF ↗
- Credit RatingCredit RatingPDF ↗
- Certificate under SEBI (Depositories and Participants) Regulations, 2018Certificate under SEBI (Depositories and Participants) Regulations, 2018PDF ↗
- Shareholders meetingSrutinizers report of Annual General Meeting held on September 30, 2026. Further, the company has informed the Exchange regarding voting resultsPDF ↗
- Change in AuditorsOf the companyPDF ↗
- Shareholders meetingProceedings of Annual General Meeting held on September 30, 2026PDF ↗
- Trading WindowClosure pursuant to SEBI (Prohibition of Insider Trading) Regulations, 2015PDF ↗
- Copy of Newspaper PublicationCopy of Newspaper PublicationPDF ↗
- Shareholders meetingNotice of Annual General Meeting to be held on September 30, 2026PDF ↗
Munish Forge annual reports, earnings calls and documents
Every document links to its source; “read” marks those this page is built from
Munish Forge share split, bonus and dividends
From the corporate actions the company announces on the exchange
No share split, bonus issue or dividend is on record since listing.
Checks we ran on Munish Forge's data · 9
Before any number shows, it goes through the same checks. A figure that fails is held back, never shown as if it were right.
- ✓Balance sheet totals add up for FY25 and FY26.
- ✓Market cap uses the share count in the latest shareholding pattern (2,40,70,263 shares).
- ✓The share capital in the FY26 results matches the share count in the shareholding pattern.
- ✓Promoter pledge figures are within possible limits in every shareholding pattern shown.
- ✓Promoter and public holdings add up to 100% in every shareholding pattern shown.
- ✓The two half-years of FY26 add up to the full-year sales.
- ✓Earnings per share moves in line with profit across the years shown.
- ✓Revenue and profit are reported for every year shown, FY21 to FY26.
- iPrices run to the close on 14 Oct 2026, from the exchange's daily figures.
Questions people ask about Munish Forge
What does Munish Forge do?
Munish Forge makes forged and cast steel parts in Ludhiana: pipe flanges and scaffolding parts for industry, and tank track chains and artillery shell bodies for the army. Its shares trade on NSE Emerge.
What is the share price of Munish Forge?
₹87 at the close on 6 Nov 2026, from the exchange's daily figures.
What is the market cap of Munish Forge?
₹209 cr at the close on 6 Nov 2026, on 2,40,70,263 shares.
What is the P/E of Munish Forge?
20.8 times FY26 profit at the close on 6 Nov 2026 (our arithmetic).
What are Munish Forge's revenue and profit?
Revenue ₹183 cr and profit after tax ₹10 cr in FY26.
Who are the promoters of Munish Forge?
Davinder Bhasin, Dev Arjun Bhasin, Minakshi Bhasin; promoters held 68.01% at 30 Sept 2026.
What was the IPO price of Munish Forge?
₹96 a share; it listed on 8 Oct 2025.
What is Munish Forge's website?
munishforge.com
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Built from 1 result filing, 1 earnings call transcript, 1 credit rating note, 66 exchange announcements, 3 shareholding patterns and 6 years of reported results. Every figure carries its source; where the documents are silent, the page says so.