Balu Forge Share Price ₹522 | P/E 24.2

Quarterly Results, Profit & Loss, Balance Sheet, Cash Flows, and Ratios are shown below as separate sections.

Financials of Balu Forge

Quarter-by-quarter operating performance

	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025
Sales +	89	124	112	139	147	161	175	223	256	270	233	300	311
Expenses +	72	103	90	109	114	127	132	158	188	195	161	217	227
Operating Profit	18	21	22	30	33	34	43	65	68	75	72	83	85
OPM %	20%	17%	19%	22%	22%	21%	25%	29%	26%	28%	31%	28%	27%
Other Income +	3	1	0	4	2	4	1	2	10	4	2	3	4
Interest	3	4	2	4	4	4	2	3	2	4	2	4	5
Depreciation	0	0	0	0	1	1	1	1	1	1	2	2	3
Profit before tax	17	17	19	30	30	35	42	64	74	74	70	80	81
Tax %	33%	12%	13%	22%	16%	18%	18%	25%	20%	15%	19%	19%	12%
Net Profit +	11	15	17	23	25	28	34	48	59	63	57	65	71
EPS in Rs	1.37	1.83	2.00	2.32	2.46	2.76	3.33	4.39	5.39	5.73	5.00	5.71	6.18

Financials of Balu Forge

Annual income statement trend

	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
Sales +	142	286	327	560	924	1,113
Expenses +	130	249	277	441	673	799
Operating Profit	12	37	50	119	251	315
OPM %	9%	13%	15%	21%	27%	28%
Other Income +	5	8	13	10	17	14
Interest	7	5	11	14	11	16
Depreciation	1	1	1	2	3	8
Profit before tax	10	39	51	114	254	305
Tax %	22%	24%	23%	18%	20%
Net Profit +	8	30	39	93	204	256
EPS in Rs	1.11	3.63	4.67	9.11	18.63	22.62
Dividend Payout %	0%	3%	0%	2%	1%

Financials of Balu Forge

Capital structure and asset base

	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Sep 2025
Equity Capital	69	82	83	103	111	114
Reserves	9	76	114	450	942	1,135
Borrowings +	26	47	52	49	40	82
Other Liabilities +	68	78	121	111	159	194
Total Liabilities	171	284	371	712	1,252	1,524
Fixed Assets +	42	42	48	57	183	436
CWIP	0	7	7	130	417	351
Investments	0	0	0	0	0	0
Other Assets +	129	235	316	525	652	737
Total Assets	171	284	371	712	1,252	1,524

Financials of Balu Forge

Operating, investing and financing cash movement

	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Cash from Operating Activity +	17	-58	26	-32	148
Cash from Investing Activity +	-3	-8	-21	-134	-417
Cash from Financing Activity +	-12	69	-6	249	274
Net Cash Flow	2	4	-1	83	5
Free Cash Flow	14	-65	5	-166	-268
CFO/OP	159%	-161%	52%	-12%	73%

Financials of Balu Forge

Working capital efficiency and return ratios

	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Debtor Days	156	165	235	142	129
Inventory Days	66	70	56	87	59
Days Payable	157	75	105	78	71
Cash Conversion Cycle	65	160	186	151	117
Working Capital Days	113	141	146	175	114
ROCE %		29%	27%	30%	31%

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Balu Forge Share Price & Earnings Call Analysis