BALU FORGE INDUSTRIES LIMITED
₹442.30-₹10.45 (-2.3%)
Last close · Data as of Oct 30, 2026
- Market cap
- ₹5,345 Cr
- P/E
- 36.2x
- EV / EBITDA
- 51.4x
- Revenue
- ₹598 Cr
- Net margin
- 17.3%
- ROCE
- 16.1%
Price chart
Technical chartScreen technicals →-31.3% over the last year
Daily closes.
Go deeper
Technical chart: candles, 9 moving averages, RSI, MACD and drawing tools
Performance
Price change over each period, before dividends.
- 1M
- -11.0%
- 3M
- +2.1%
- 6M
- -18.4%
- 1Y
- -31.3%
- 5Y
- +53.9%
52-week range
Day change -₹10.45 (-2.3%) from ₹453 to ₹442 · Last close Oct 30, 2026
Best weekday to invest, historically
The same weekly amount in BALUFORGE, bought on each weekday since 2024.
AI Summary
Indian StockStrengths1
- Operating margin of 23.7% exceeds Industrials median (14.1%)
Concerns1
- Negative free cash flow (₹268 Cr)
Rule-based from financial data. Not advice.
About the company
Balu Forge Industries Limited manufactures and sells crankshafts in India and internationally. The company also offers railway wheels, under carriages, transmission and clutches, chassis, hydraulic motors, brake parts, lifting hooks, towing accessories, turbine blades, empty shells, and forged components as well as oil and gas, and flow control products. It supplies crankshafts to original equipment manufacturers.
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Balu Forge Industries Limited manufactures and sells crankshafts in India and internationally. The company also offers railway wheels, under carriages, transmission and clutches, chassis, hydraulic motors, brake parts, lifting hooks, towing accessories, turbine blades, empty shells, and forged components as well as oil and gas, and flow control products. It supplies crankshafts to original equipment manufacturers. The company serves the agriculture tractor and harvester; defense; oil and gas pump compressor; heavy duty truck, bus, and trailer automotive; generator industrial, standby home backup, and portable; refrigeration compressor industrial; railway; aerospace; marine; locomotive; off road and on road motorcycle, cart, and jet ski; racing; earth-moving equipment; and e-mobility industries. Balu Forge Industries Limited is based in Mumbai, India.
- Sector
- Industrials
- Shares outstanding
- 11.5 Cr shares
- ISIN
- INE011E01029
- BSE code
- 531112
Key statistics
Screen fundamentals →Valuation, profitability, growth and solvency at the latest close; hover a label for its meaning.
Valuation
- Market cap
- ₹5,345 Cr
- P/E
- 36.2x
- P/B
- 4.9x
- EV / EBITDA
- 51.4x
- EV / Sales
- 13.6x
- P/S
- 13.8x
- Earnings yield
- 2.8%
- 52-week high
- ₹653.50
- 52-week low
- ₹356.05
Profitability
- Operating margin
- 23.7%
- Net margin
- 17.3%
- EBITDA margin
- 26.5%
- ROE
- 12.9%
- ROCE
- 16.1%
- ROA
- 9.9%
- Dividend payout
- 2.0%
- Tax rate
- 23.0%
- Other income, % of PBT
- 12.6%
Growth
- RevenueLatest stored company figure. It is not dated and can be a year behind the FY2025 statements; the Growth card lists each year.
- ₹598 Cr
- Revenue growth, 1YLatest stored company figure. It is not dated and can be a year behind the FY2025 statements; the Growth card lists each year.
- 54.1%
- EBITDALatest stored company figure. It is not dated and can be a year behind the FY2025 statements; the Growth card lists each year.
- ₹103 Cr
- EBITDA growth, 1YLatest stored company figure. It is not dated and can be a year behind the FY2025 statements; the Growth card lists each year.
- 83.9%
- Net profit growth, 1YLatest stored company figure. It is not dated and can be a year behind the FY2025 statements; the Growth card lists each year.
- 100.0%
- Cash from operationsLatest stored company figure. It is not dated and can be a year behind the FY2025 statements; the Growth card lists each year.
- ₹8.00 Cr
- CFO growth, 1YLatest stored company figure. It is not dated and can be a year behind the FY2025 statements; the Growth card lists each year.
- -60.0%
- Free cash flowLatest stored company figure. It is not dated and can be a year behind the FY2025 statements; the Growth card lists each year.
- ₹5.00 Cr
- Asset growth, 1YLatest stored company figure. It is not dated and can be a year behind the FY2025 statements; the Growth card lists each year.
- 92.3%
Solvency and efficiency
- Current ratio
- 4.65
- Debt / Equity
- 0.09
- Debt / Assets
- 0.07
- Debt / EBITDA
- 0.48
- Interest coverage
- 6.57
- Financial leverage
- 1.30
- CFO / Net profit
- 0.12
- Cash / Market cap
- 9.2%
- Cash per share
- ₹42.89
- Asset turnover
- 0.57
- Fixed asset turnover
- 7.46
- Capital intensity
- 0.13
- Debtor days
- 179 days
- Inventory turnover
- 3.04
- Cash conversion cycle
- 182 days
Where the revenue went
Of every ₹100 of FY2025 revenue, ₹22 was left as net profit.
| From | To | Amount |
|---|---|---|
| Sales | Expenses | ₹417 Cr |
| Sales | Operating profit | ₹181 Cr |
| Operating profit | Interest | ₹11 Cr |
| Operating profit | Depreciation | ₹3 Cr |
| Operating profit | Profit before tax | ₹167 Cr |
| Other income | Profit before tax | ₹17 Cr |
| Profit before tax | Tax and other | ₹50 Cr |
| Profit before tax | Net profit | ₹134 Cr |
Revenue and net profit
Revenue grew 54.1% in FY2025; net profit is the dashed line.
| Date | Revenue | Net profit |
|---|---|---|
| FY2021 | ₹142 Cr | ₹8 Cr |
| FY2022 | ₹285 Cr | ₹30 Cr |
| FY2023 | ₹269 Cr | ₹32 Cr |
| FY2024 | ₹388 Cr | ₹67 Cr |
| FY2025 | ₹598 Cr | ₹134 Cr |
Cash flows
FY2025: ₹148 Cr from operations, -₹268 Cr free after investment (dashed).
| Date | Operating cash flow | Free cash flow |
|---|---|---|
| FY2021 | ₹17 Cr | ₹14 Cr |
| FY2022 | -₹57 Cr | -₹65 Cr |
| FY2023 | ₹20 Cr | ₹4 Cr |
| FY2024 | ₹8 Cr | -₹166 Cr |
| FY2025 | ₹148 Cr | -₹268 Cr |
Growth
Latest fiscal year FY2025 (ending March): each figure with its change over the year before.
- Revenue
- ₹598 Cr+54.1%1Y
- Net profit
- ₹134 Cr+100.0%1Y
- Cash from operations
- ₹148 Cr
- Free cash flow
- -₹268 Cr
| Year | Revenue | Operating income | EBITDA | Net profit | CFO | FCF | ROE | Revenue growth 1Y | Net profit growth 1Y |
|---|---|---|---|---|---|---|---|---|---|
| FY2025 | ₹598 Cr | ₹181 Cr | — | ₹134 Cr | ₹148 Cr | -₹268 Cr | 14.1% | +54.1% | +100.0% |
Monthly returns
Month-by-month returns of BALUFORGE across the years, with the seasonal pattern.
Balance sheet
What the company owns and owes at the end of FY2025.
| Line | FY2025 |
|---|---|
| Liabilities and equity | ₹1,141 Cr |
| Equity capital | ₹111 Cr |
| Reserves | ₹838 Cr |
| Borrowings | ₹40 Cr |
| Other liabilities | ₹152 Cr |
| Assets | ₹1,141 Cr |
| Fixed assets | ₹178 Cr |
| Capital work in progress | ₹417 Cr |
| Investments | ₹0 Cr |
| Other assets | ₹545 Cr |
Market cap against peers
8 peers: same sector group, nearest by size.
P/E against peers
BALUFORGE trades at 36.2x earnings against a peer median of 38.3x.
Not shown (no positive earnings and no EV / Sales): RATTANINDIA ENTERPRISES LIMITED.
Peer comparison
Same-sector peers by market cap, with the median.
| Company | Market cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|
| BALU FORGE INDUSTRIES LIMITEDBALUFORGEthis company | ₹5,345 Cr | 36.2x | 4.9x | 12.9% | 51.4x |
| Surya Roshni Ltd.SURYAROSNI | ₹5,786 Cr | 17.7x | 2.3x | 15.2% | 9.2x |
| Praj Industries Ltd.PRAJIND | ₹5,654 Cr | 32.1x | 4.1x | 22.2% | 13.3x |
| RATTANINDIA ENTERPRISES LIMITEDRTNINDIA | ₹5,331 Cr | — | 4.6x | 53.8% | 10.5x |
| Oswal Pumps LimitedOSWALPUMPS | ₹5,195 Cr | 20.1x | 3.7x | 52.0% | 37.0x |
| QUALITY POWER ELECTRICAL EQUIPMENTS LIMITEDQPOWER | ₹5,160 Cr | 130.0x | 14.5x | 19.1% | 191.2x |
| Hindustan Construction Co. Ltd.HCC | ₹5,150 Cr | 59.0x | 2.6x | 19.4% | 5.7x |
| Ion Exchange (India) LtdIONEXCHANG | ₹5,124 Cr | 24.1x | 3.8x | 19.0% | 15.1x |
| Texmaco Rail & Engineering LimitedTEXRAIL | ₹5,060 Cr | 29.2x | 1.8x | 4.5% | 14.5x |
| Peer median | — | 38.3x | 5.2x | 15.2% | 25.8x |
Year-to-date ROI
BALUFORGE since 1 January, against earlier years.
Historical volatility
BALUFORGE's day-to-day swings over 30, 60 and 180 days.
Financial statements
Income statement, balance sheet and cash flow as reported, in ₹ crore, grouped into plain-language lines.
Figures in ₹ crore as reported, fiscal years ending March, newest first; the trailing twelve months (TTM) last.
Operating margin by fiscal year
| Date | Operating margin |
|---|---|
| FY2021 | 9.0% |
| FY2022 | 13.0% |
| FY2023 | 16.0% |
| FY2024 | 24.0% |
| FY2025 | 30.0% |
| Line | FY2025 |
|---|---|
| RevenueSales | ₹598 Cr |
| Costs | |
| Interest | ₹11 Cr |
| Expenses | ₹418 Cr |
| Operating profitOperating Profit | ₹181 Cr |
| Other income and charges | |
| Profit before tax | ₹184 Cr |
| Tax | |
| Net profitNet Profit | ₹134 Cr |
| Per share |
| Line | FY2025 |
|---|---|
| Liabilities and equityTotal Liabilities | ₹1,141 Cr |
| Equity capitalEquity Capital | ₹111 Cr |
| Reserves | ₹838 Cr |
| Borrowings | ₹40 Cr |
| Other liabilitiesOther Liabilities | ₹152 Cr |
| AssetsTotal Assets | ₹1,141 Cr |
| Fixed assetsFixed Assets | ₹178 Cr |
| Capital work in progressCWIP | ₹417 Cr |
| Investments | ₹0 Cr |
| Other assetsOther Assets | ₹545 Cr |
| Line | FY2025 |
|---|---|
| Operating cash flowCash from Operating Activity | ₹148 Cr |
| Investing cash flowCash from Investing Activity | -₹416 Cr |
| Financing cash flowCash from Financing Activity | ₹274 Cr |
| Change in cashNet Cash Flow | ₹5 Cr |
Learn while you research
Academy chapters picked for BALU FORGE INDUSTRIES LIMITED and the metrics on this page.
- 01 Taxes on Investments (India)LTCG, STCG, dividend tax, what every Indian investor needs.6 min read
- 02 Stock Valuation BasicsHow to think about what a fair price for a stock looks like.7 min read
- 03 Valuation Multiples ExplainedThis stock trades at a P/E of 36.2, learn when high multiples are justified.6 min read
- 04 Growth Investing54% revenue growth is in the top tier, learn how to value growth.7 min read
- 05 Stock Market RisksSmall caps carry concentrated, idiosyncratic risk, learn to manage it.6 min read
- 06 Business Cycles & StocksThese cyclical sectors win and lose in different macro phases.6 min read