Munish Forge Q2 FY26 Share Price & Earnings Call Analysis
- Market cap
- ₹198 Cr
- P/E
- 18.76
- ROE
- 10.85%
- PEG
- 0.25
- Price to sales
- 1.09
- Debt to equity
- 0.45
- 52W high / low
- ₹135 / ₹50.2
- Sales growth (5Y)
- 19.94%
- EBITDA margin
- 11.73%
- Net profit margin
- 5.77%
- Promoter holding
- 68.01%
- Sales (last year)
- ₹183 Cr
Incorporated in July 1986, Munish Forge Limited manufactures components, including flanges, scaffolding, auto parts, tank tracks, bomb shells, fence posts, and steel accessories.[1]
Guidance scorecard · Q2 FY26 call
What Munish Forge Ltd's management guided
and where it ranks in Industrial Products
Industrial Products
RevenueQ2 FY26 call
20–40%- The company targets approximately ₹300 crore revenue from the current plant capacity without major changes.
- For FY27, defense sales are expected to reach around ₹35-40 crore.
- The railway segment aims for a ₹35-40 crore turnover in FY27, driven by development and bulk orders.
- Developmental orders for about 20 new railway products are expected, paving the way for future revenues.
- CapEx planned mainly for line balancing and quality improvements, not significant capacity expansion.
- Post-IPO funds will improve working capital efficiency and utilization, aiding revenue growth.
- Orders in defense (tank chains, bombshells) and railways (including Vande Bharat segment) show strong momentum.
2 more points from Munish Forge Ltd's call on revenue
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MarginsQ2 FY26 call
Up 0–2%See what Munish Forge Ltd said on margins — free account, 30 seconds.
CapexQ2 FY26 call
Planned- Total CapEx planned for FY26 is around ₹6-7 crore, primarily for line balancing, quality improvement, and purchasing additional machinery such as CNC, VMC machines, and induction furnaces.
- CapEx is not aimed at increasing capacity significantly but improving operational efficiency and product quality.
- Some IPO proceeds are allocated to working capital requirements rather than CapEx.
- Future investments include potential facility expansions if the company moves into new product segments beyond defense flanges and shells.
- Strategic focus remains on defense products rather than commodity flanges, though the company is open to exploring other segments.
2 more points from Munish Forge Ltd's call on capex
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FundraisingQ2 FY26 call
PlannedSee what Munish Forge Ltd said on fundraising — free account, 30 seconds.
Order bookQ2 FY26 call
Rising- Current order book stands at approximately ₹113 crore.
- Defense contributes around ₹70-71 crore of the order book.
- Execution timeline for the ₹113 crore order book is about 6-7 months, with potential for earlier completion.
- Defense segment orders include tank tracks and bombshells, with around ₹27 crore worth of bombshell orders.
- Railways currently have a small portion of orders, primarily developmental, with expectations to ramp up significantly from FY27.
- Developmental railway orders are ongoing; three such orders have been received with more in the pipeline.
- A significant developmental railway order of about $2 million (₹15-16 crore approx.) is expected to be decided within 10 days.
2 more points from Munish Forge Ltd's call on the order book
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Ranges are what management guided for revenue growth and margins on the latest earnings call. Not investment advice, and not a forecast of returns.
Potential multibaggers · Q2 FY27
Potential multibaggers in Industrial Products
on management's own guidance
- Strong growth2
- Strong growth1
- Strong growth3
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Ranks describe management commentary on revenue and margin from the latest earnings call. Not investment advice.
Peers
Industrial Products companies ranked on guidance
| # | Company | Revenue guided | Margin guided | Market cap | P/E |
|---|---|---|---|---|---|
| 1 | 40%+ | Up 2%+ | ₹532 Cr | 21.2 | |
| 2 | 40%+ | Up 2%+ | ₹450 Cr | 13.2 | |
| 3 | 40%+ | Up 2%+ | ₹371 Cr | 26.1 | |
| 4 | 40%+ | Up 0–2% | ₹1,340 Cr | 32.9 | |
| 5 | 40%+ | Up 0–2% | ₹1,196 Cr | 14.1 | |
| 6 | 40%+ | Flat | ₹966 Cr | 25.0 |
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Pro shows every company guiding 40%+ revenue growth →Full Industrial Products rankingFinancials of Munish Forge Ltd
Quarterly Results, Profit & Loss, Balance Sheet, Cash Flows, and Ratios are shown below as separate sections.
Financials of Munish Forge Ltd
Quarterly Results
Quarter-by-quarter operating performance
Financials of Munish Forge Ltd
Profit & Loss
Annual income statement trend
| Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|
| Sales + | 74 | 125 | 160 | 160 | 175 |
| Expenses + | 72 | 115 | 151 | 148 | 151 |
| Operating Profit | 1 | 9 | 9 | 11 | 24 |
| OPM % | 2% | 7% | 6% | 7% | 14% |
| Other Income + | 6 | 1 | 1 | 2 | 4 |
| Interest | 4 | 5 | 5 | 5 | 5 |
| Depreciation | 4 | 4 | 3 | 3 | 3 |
| Profit before tax | 0 | 1 | 2 | 6 | 20 |
| Tax % | -143% | -21% | 19% | 24% | 26% |
| Net Profit + | 0 | 1 | 2 | 4 | 14 |
| EPS in Rs | 1.76 | 14.84 | 20.44 | 45.56 | 8.15 |
| Dividend Payout % | 0% | 0% | 0% | 0% | 0% |
Financials of Munish Forge Ltd
Balance Sheet
Capital structure and asset base
| Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Sep 2025 | |
|---|---|---|---|---|---|
| Equity Capital | 10 | 10 | 10 | 10 | 18 |
| Reserves | 26 | 24 | 26 | 31 | 56 |
| Borrowings + | 47 | 60 | 51 | 47 | 64 |
| Other Liabilities + | 31 | 28 | 20 | 25 | 37 |
| Total Liabilities | 113 | 121 | 107 | 113 | 174 |
| Fixed Assets + | 30 | 26 | 24 | 22 | 36 |
| CWIP | 0 | 0 | 0 | 5 | 0 |
| Investments | 0 | 0 | 0 | 0 | 13 |
| Other Assets + | 84 | 96 | 83 | 87 | 125 |
| Total Assets | 113 | 121 | 107 | 113 | 174 |
Financials of Munish Forge Ltd
Cash Flows
Operating, investing and financing cash movement
| Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|
| Cash from Operating Activity + | 6 | 20 | 4 | 5 | |
| Cash from Investing Activity + | 1 | -0 | -5 | -10 | |
| Cash from Financing Activity + | -5 | -14 | -8 | 8 | |
| Net Cash Flow | 2 | 6 | -8 | 3 | |
| Free Cash Flow | 7 | 19 | -1 | -8 | |
| CFO/OP | 62% | 226% | 49% | 40% |
Financials of Munish Forge Ltd
Ratios
Working capital efficiency and return ratios
| Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|
| Debtor Days | 104 | 68 | 48 | 46 | |
| Inventory Days | 415 | 202 | 119 | 148 | |
| Days Payable | 198 | 52 | 24 | 38 | |
| Cash Conversion Cycle | 320 | 218 | 143 | 155 | |
| Working Capital Days | 110 | 67 | 49 | 69 | |
| ROCE % | 7% | 8% | 12% |
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What Munish Forge Ltd's management said in earlier quarters
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