BALUFORGE

Balu Forge Industries Limited

Precision forged components for aerospace, defence, automotive and industrial OEMs

Industrials›Capital Goods›Industrial Products›Castings & Forgings

baluindustries.com(opens the company website in a new tab)
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Key metrics

Price as of 2026-10-16

Stock price
₹480.70
Market cap
5,835 Cr
Stock P/E
21.8
P/B
3.66
Dividend yield
0.0%
ROE (FY26)
16.2%
ROCE (FY26)
18.7%
Operating margin (FY26)
26.2%
Debt / equity (FY26)
0.08
OCF / EBITDA (FY26)
10.6%
OCF / EBITDA (3Y)
24.2%

Full years shown; sign in free for the trailing twelve months. Learn about these metrics →

Price & valuation

Share price and valuation multiples (P/E, P/B and more) over time.

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What you need to know

Balu Forge (Balu Forge Industries) makes forged and machined precision components for global equipment makers in agriculture, commercial vehicles, heavy engineering, power generation, oil and gas, and a fast-growing defence, aerospace and railway business.

Company snapshot

4thBy market cap

Ranked among 10 companies in Castings & Forgings.

What we see

Positives
  • ✓Net margin of 23.4% — the business keeps a healthy share of every rupee it earns.
Concerns
  • ✗Only 24% of operating profit came in as cash over the last three years — much of it is tied up in unpaid bills or stock.
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Statement tables · Consolidated

Switches quarterly, P&L, balance sheet, and cash flow. Key metrics and ratios stay on consolidated when available.

Amounts in ₹ Cr · tap + to expand rows

Quarterly results

Quarterly · ₹ Cr · tap + rows to expand

MetricSept 2023Dec 2023Mar 2024Jun 2024Sept 2024Dec 2024Mar 2025Jun 2025Sept 2025Dec 2025Mar 2026Jun 2026
Sales139 Cr147 Cr161 Cr175 Cr223 Cr256 Cr270 Cr233 Cr300 Cr311 Cr264 Cr301 Cr
Operating expenses (approx.)109 Cr114 Cr127 Cr132 Cr158 Cr188 Cr195 Cr161 Cr217 Cr227 Cr204 Cr216 Cr
EBITDA30 Cr33 Cr34 Cr43 Cr65 Cr68 Cr75 Cr72 Cr83 Cr85 Cr60 Cr85 Cr
OPM %21.6%22.2%21.3%24.6%29.3%26.5%27.8%31.0%27.6%27.2%22.7%28.2%
Other income4 Cr2 Cr4 Cr1 Cr3 Cr10 Cr4 Cr2 Cr3 Cr4 Cr23 Cr4 Cr
Interest4 Cr4 Cr4 Cr2 Cr3 Cr2 Cr4 Cr2 Cr4 Cr5 Cr5 Cr5 Cr
Depreciation0.46 Cr0.51 Cr0.62 Cr0.80 Cr0.83 Cr0.85 Cr0.87 Cr2 Cr2 Cr3 Cr3 Cr3 Cr
Profit before tax30 Cr30 Cr35 Cr42 Cr64 Cr74 Cr74 Cr70 Cr80 Cr81 Cr75 Cr81 Cr
Tax %22.3%15.7%18.3%18.5%24.7%20.4%15.4%18.6%18.6%11.9%12.8%18.1%
Net profit23 Cr25 Cr28 Cr34 Cr48 Cr59 Cr63 Cr57 Cr65 Cr71 Cr66 Cr66 Cr
EPS (₹)₹2.47₹2.58₹2.76₹3.33₹4.55₹5.52₹5.74₹5.04₹6.08₹6.41₹6.35₹5.49

Profit & loss (annual)

Annual · last column is TTM · ₹ Cr · tap + to expand

MetricMar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales286 Cr327 Cr560 Cr924 Cr1,107 CrSign in free for the trailing twelve months
Operating expenses (approx.)249 Cr277 Cr441 Cr673 Cr808 CrSign in free for the trailing twelve months
EBITDA37 Cr50 Cr119 Cr251 Cr300 CrSign in free for the trailing twelve months
OPM %13.0%15.2%21.3%27.2%27.0%Sign in free for the trailing twelve months
Other income9 Cr13 Cr10 Cr17 Cr33 CrSign in free for the trailing twelve months
Interest5 Cr11 Cr14 Cr11 Cr16 CrSign in free for the trailing twelve months
Depreciation1 Cr1 Cr2 Cr3 Cr10 CrSign in free for the trailing twelve months
Profit before tax39 Cr51 Cr114 Cr254 Cr306 CrSign in free for the trailing twelve months
Tax %23.6%23.0%17.7%19.7%15.4%Sign in free for the trailing twelve months
Net profit30 Cr39 Cr94 Cr204 Cr259 CrSign in free for the trailing twelve months
EPS (₹)₹4.05₹4.67₹9.80₹19.24₹23.90Sign in free for the trailing twelve months
Dividend payout %2.5%0.0%0.0%0.8%0.6%Sign in free for the trailing twelve months
Sign in free for the trailing twelve months

The latest four quarters added up, next to each full year

Balance sheet

Annual · ₹ Cr · tap + rows to expand

MetricMar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity capital82 Cr83 Cr103 Cr111 Cr121 Cr
Reserves76 Cr114 Cr450 Cr942 Cr1,473 Cr
Borrowings47 Cr51 Cr49 Cr36 Cr127 Cr
Other liabilities79 Cr122 Cr111 Cr163 Cr130 Cr
Total liabilities284 Cr371 Cr712 Cr1,252 Cr1,851 Cr
Fixed assets (net)10 Cr16 Cr24 Cr150 Cr514 Cr
CWIP7 Cr7 Cr130 Cr417 Cr277 Cr
Investments0 Cr0 Cr0 Cr0 Cr0.0040 Cr
Loans & advances0.31 Cr1 Cr0.30 Cr0.15 Cr2 Cr
Inventories42 Cr35 Cr89 Cr98 Cr145 Cr
Trade receivables129 Cr211 Cr218 Cr327 Cr425 Cr
Cash & bank6 Cr5 Cr88 Cr93 Cr86 Cr
Other assets90 Cr97 Cr162 Cr166 Cr402 Cr
Total assets284 Cr371 Cr712 Cr1,252 Cr1,851 Cr

Cash flows

Annual · ₹ Cr · tap + rows to expand · last column includes FCF

MetricMar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Cash from operating activity-58 Cr12 Cr-18 Cr148 Cr32 Cr
Cash from investing-8 Cr-7 Cr-148 Cr-417 Cr-354 Cr
Cash from financing69 Cr-6 Cr249 Cr274 Cr315 Cr
Net cash flow4 Cr-0.77 Cr83 Cr5 Cr-7 Cr
Free cash flow (OCF − Capex)-65 Cr5 Cr-166 Cr-268 Cr-175 Cr

Ratios

MetricMar 2022Mar 2023Mar 2024Mar 2025Mar 2026
ROCE %21.6%24.5%21.2%24.3%18.7%
ROE %18.8%19.7%16.9%19.4%16.2%
Debtor days164235142129140
Inventory days6755765970
Days payable71103697130
Cash conversion cycle160186150117179
OCF / EBITDA %-155.8%24.5%-15.1%59.0%10.6%
OCF / EBITDA % (3 years)——-30.9%33.9%24.2%
Debt / equity0.300.260.090.030.08
Current ratio2.001.863.693.193.54
Net debt / EBITDA1.110.93-0.33-0.230.14