Balu Forge Industries Limited

NSE: BALUFORGE · Capital Goods

₹501.70-2.56%06 Nov 2026

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Instant answers about Balu Forge Industries Limited — computed from its filings, no language model

Market cap₹6,090 cr

Current price₹501.70

High / Low₹653 / ₹356

P/E30.2

P/B3.82

Book value₹131.4

ROE12.7%

ROCE19.5%

Debt / equity0.08

Dividend yield0.03%

EPS (TTM)₹16.63

Face value₹10

Price & valuation

split & bonus adjusted · pick a metric and range

Annual performance

annual · ₹ crore · line = operating margin

	FY24	FY25	FY26
Revenue	560	924	1,107
EBITDA	119	251	300
Operating margin	21.3%	27.2%	27.0%
Interest	14	11	16
Depreciation	2	3	10
Profit before tax	114	254	306
Tax	20	50	47
Net profit	94	204	259
EPS ₹	9.80	19.24	23.90
Operating cash flow	-18	148	32
Capex	148	416	207
Dividend paid	0	2	2
Total assets	712	1,252	1,851
Equity	553	1,053	1,595

Quarterly performance

last 10 quarters · ₹ crore

showing latest 8 of 10 periods

	MAR '24	JUN '24	SEP '24	DEC '24	MAR '25	JUN '25	SEP '25	DEC '25	MAR '26	JUN '26
Revenue	161	175	223	256	270	233	300	311	264	301
Operating profit	34	43	65	68	75	72	83	85	60	85
Operating margin	21.3%	24.6%	29.3%	26.5%	27.8%	31.0%	27.6%	27.2%	22.7%	28.2%
Other income	4	1	2	10	4	2	3	4	23	4
Interest	4	2	3	2	4	2	4	5	5	5
Depreciation	1	1	1	1	1	2	2	3	3	3
Profit before tax	35	42	64	74	74	70	80	81	75	81
Tax	6	8	16	15	11	13	15	10	10	15
Net profit	28	34	0	0	63	0	65	71	66	0
EPS ₹	2.76	3.33	4.55	5.52	5.74	5.04	6.08	6.41	6.35	5.49
Revenue YoY	—	—	—	—	67.3%	33.0%	34.4%	21.6%	-2.3%	28.9%
Profit YoY	—	—	—	—	121.7%	-100.0%	—	—	4.9%	—

Earlier results (standalone, Dec '09 – Dec '23)

₹ crore · from BSE, before the NSE XBRL filings begin

Balu Forge Industries Limited reports consolidated figures above. Quarterly consolidated results only became mandatory in India in 2019, so the earlier history available is the standalone company only (excluding subsidiaries). It is shown separately so the two bases are never mixed.

Full years

showing latest 8 of 13 periods

	FY11†	FY12†	FY13†	FY14†	FY15†	FY16†	FY17†	FY18†	FY19†	FY20†	FY21†	FY22†	FY23†
Revenue	0	0	0	0	0	—	—	—	—	—	—	285	269
Operating profit	0	0	0	0	0	-0	0	0	0	0	5	38	42
Operating margin	10.0%	14.3%	18.8%	25.0%	11.1%	—	—	—	—	—	—	13.2%	15.7%
Other income	—	—	—	—	—	—	—	—	—	—	5	9	13
Interest	—	—	—	—	—	—	—	—	—	—	—	5	10
Depreciation	—	—	—	0	0	0	0	0	—	—	—	1	1
Profit before tax	0	0	-0	—	0	—	—	0	0	0	7	40	44
Tax	0	0	0	—	0	—	—	0	-0	0	1	9	12
Net profit	0	0	-0	—	0	—	—	0	0	0	5	30	32

Quarters

showing latest 8 of 57 periods

	DEC '09†	MAR '10†	JUN '10†	SEP '10†	DEC '10†	MAR '11†	JUN '11†	SEP '11†	DEC '11†	MAR '12†	JUN '12†	SEP '12†	DEC '12†	MAR '13†	JUN '13†	SEP '13†	DEC '13†	MAR '14†	JUN '14†	SEP '14†	DEC '14†	MAR '15†	JUN '15†	SEP '15†	DEC '15†	MAR '16†	JUN '16†	SEP '16†	DEC '16†	MAR '17†	JUN '17†	SEP '17†	DEC '17†	MAR '18†	JUN '18†	SEP '18†	DEC '18†	MAR '19†	JUN '19†	SEP '19†	DEC '19†	MAR '20†	JUN '20†	SEP '20†	DEC '20†	MAR '21†	JUN '21†	SEP '21†	DEC '21†	MAR '22†	JUN '22†	SEP '22†	DEC '22†	MAR '23†	JUN '23†	SEP '23†	DEC '23†
Revenue	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	—	0	0	0	—	0	—	0	0	—	0	0	0	—	0	0	0	—	—	43	43	48	74	80	82	57	55	74	84	70	102	104
Operating profit	0	0	0	0	0	0	0	0	0	0	0	0	0	-0	0	0	0	0	0	0	0	0	0	0	0	-0	0	0	0	-0	0	-0	0	0	-0	0	0	0	-0	0	0	0	-0	-1	2	3	6	9	12	11	8	3	14	17	15	24	26
Operating margin	25.0%	12.5%	0.0%	0.0%	0.0%	14.3%	0.0%	12.5%	25.0%	14.3%	20.0%	40.0%	33.3%	-33.3%	0.0%	50.0%	33.3%	-0.0%	0.0%	33.3%	0.0%	-0.0%	0.0%	0.0%	0.0%	—	0.0%	57.1%	22.2%	—	-0.0%	—	70.0%	66.7%	—	70.0%	0.0%	25.0%	—	62.5%	25.0%	37.5%	—	—	5.8%	7.8%	11.4%	12.5%	15.4%	12.8%	14.3%	6.2%	18.4%	20.6%	22.0%	23.6%	24.8%
Other income	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	0	—	—	—	0	0	0	0	0	0	5	2	1	1	5	3	6	3	0	0	4	2
Interest	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	3	2	1	1	2	2	3	3	4	2	4	4
Depreciation	—	0	—	—	—	0	—	—	—	0	—	0	—	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	—	—	—	0	—	—	—	—	—	—	0	1	0	0	0	0	0	0	0	0	0	0	0
Profit before tax	0	0	0	0	0	0	0	0	0	0	0	0	0	-0	—	0	0	0	0	0	0	-0	—	0	0	-0	—	0	0	-0	0	-0	0	0	-0	0	0	0	-0	0	0	0	-0	-1	2	5	5	9	12	14	9	7	14	14	13	24	23
Tax	0	0	0	0	0	0	0	0	0	0	0	0	0	0	—	0	0	0	0	0	0	0	—	0	0	0	—	0	0	0	0	0	0	0	0	0	0	-0	0	0	0	0	0	0	1	0	2	2	3	3	2	3	6	2	2	7	5
Net profit	0	0	0	0	0	0	0	0	0	0	0	0	0	-0	—	0	0	-0	0	0	0	-0	—	0	0	-0	—	0	0	-0	0	-0	0	0	-0	0	0	0	-0	0	0	0	-0	-1	1	5	4	7	9	11	8	4	8	12	10	17	19
EPS ₹	—	—	—	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	-0.04	—	0.00	0.00	-0.00	—	0.00	—	-0.15	0.01	0.02	0.03	-0.56	—	1.14	0.57	-72.27	0.13	-0.61	1.99	0.63	-1.05	1.93	0.10	4.44	-0.86	1.50	0.38	0.14	-1.01	-16.21	0.27	0.55	0.54	0.95	1.16	1.45	0.93	0.53	1.00	1.39	1.24	1.85	1.90
Revenue YoY	—	—	—	—	-75.0%	75.0%	0.0%	300.0%	100.0%	-50.0%	150.0%	-37.5%	-25.0%	-57.1%	-80.0%	-60.0%	0.0%	-33.3%	200.0%	50.0%	-33.3%	-50.0%	166.7%	0.0%	0.0%	—	-50.0%	133.3%	350.0%	—	0.0%	—	11.1%	—	—	—	-60.0%	-33.3%	—	-20.0%	0.0%	100.0%	—	—	106900.0%	54125.0%	—	—	87.8%	89.7%	16.8%	-25.5%	-8.3%	1.5%	23.2%	85.1%	41.0%
Profit YoY	—	—	—	—	-100.0%	100.0%	—	—	—	-50.0%	—	0.0%	0.0%	-1600.0%	—	0.0%	-100.0%	—	—	0.0%	—	—	—	-100.0%	—	—	—	—	—	—	—	-150.0%	250.0%	—	—	—	-100.0%	650.0%	—	-28.6%	—	-93.3%	—	-1740.0%	14800.0%	47800.0%	—	—	478.5%	127.8%	97.9%	-36.9%	-3.7%	6.2%	34.6%	292.8%	125.1%

Returns & margins

trailing-twelve-month, per quarter

	DEC '24	MAR '25	JUN '25	SEP '25	DEC '25	MAR '26	JUN '26
ROE	6.8%	9.2%	6.0%	10.2%	15.9%	12.7%	12.7%
ROCE	23.2%	24.3%	27.0%	23.7%	24.4%	18.7%	19.5%
Net margin	7.7%	10.5%	6.4%	12.1%	17.9%	18.2%	17.2%
EBITDA margin	25.8%	27.2%	28.5%	28.1%	28.3%	27.0%	26.6%
Debt / equity	0.06	0.03	0.03	0.05	0.05	0.08	0.08
Interest coverage	21.88	24.18	25.24	24.42	20.19	19.60	17.83
Asset turnover	0.73	0.74	0.78	0.69	0.73	0.60	0.63

Balance sheet

equity vs borrowings over time · ₹ crore

	MAR '24	SEP '24	MAR '25	SEP '25	MAR '26
Share capital	103	109	111	114	121
Other equity / reserves	450	804	942	1,135	1,473
Total equity	553	913	1,053	1,249	1,595
Borrowings	49	55	36	64	127
Current liabilities	134	172	178	247	224
Non-current liabilities	26	25	21	28	32
Total assets	712	1,110	1,252	1,524	1,851
Property, plant & equipment	24	50	150	404	514
Capital work-in-progress	130	284	417	351	277
Investments	0	0	0	0	0
Inventories	89	93	98	134	145
Receivables	218	260	327	371	425
Cash & equivalents	88	76	93	35	86

Cash flow

annual · ₹ crore · line = free cash flow

	FY24	FY25	FY26
Cash from operations	-18	148	32
Cash from investing	-148	-417	-354
Cash from financing	249	274	315
Capex	148	416	207
Free cash flow	-166	-268	-175
Dividends paid	0	2	2

Where the assets sit

Mar '26 · ₹ crore

Fixed assets (PPE)

₹514 cr28%

CWIP

₹277 cr15%

Inventories

₹145 cr8%

Receivables

₹425 cr23%

Cash & equivalents

₹86 cr5%

Other assets

₹403 cr22%

Peer comparison

largest in Capital Goods · this company in bold

Company	Market cap ₹cr	Price	P/E	P/B	ROE
Hindustan Aeronautics Ltd.	3,33,052	4,980.00	35.7	8.12	22.7%
Bharat Electronics Ltd.	2,89,468	396.00	45.2	11.02	24.4%
Tata Motors Ltd.	1,56,797	425.50	24.8	10.26	41.3%
Bharat Heavy Electricals Ltd.	1,45,828	418.80	50.7	5.45	10.8%
ABB India Ltd.	1,43,541	6,774.00	55.7	15.37	27.6%
Siemens Ltd.	1,26,736	3,560.00	28.2	8.02	28.4%
Hitachi Energy India Ltd.	1,23,988	27,800.00	107.8	23.95	22.2%
CG Power and Industrial Solutions Ltd.	1,21,786	773.00	89.1	13.94	15.6%
Polycab India Ltd.	1,18,610	7,871.00	37.6	9.06	24.1%
Cummins India Ltd.	1,12,233	4,048.80	49.8	13.52	27.1%
Balu Forge Industries Limited	6,090	501.70	30.2	3.82	12.7%

StoxGud checklist: Bullish setup · 7/10

Price above 50-day average
Price above 200-day average
50-day average above 200-day (uptrend)
RSI in healthy 40–70 zone
Positive 1-year return
Return on equity above 15%
Debt to equity below 1
Revenue growing year on year
Net profit margin above 10%
P/E below industry median

A rules-based screen of trend, momentum, quality and valuation. Educational only — not a buy or sell recommendation.

Returns & technicals

1 month-1.1%

6 months-10.0%

1 year-21.5%

3Y CAGR—

5Y CAGR—

10Y CAGR—

50-day avg₹510.04

200-day avg₹476.99

RSI (14)56

FAQs

What is the share price of Balu Forge Industries Limited?

Balu Forge Industries Limited (BALUFORGE) closed at ₹501.70 on NSE on 06 Nov 2026.

What is the market cap of Balu Forge Industries Limited?

₹6,090 crore at the latest close.

What is the P/E ratio of Balu Forge Industries Limited?

30.2, on trailing-twelve-month earnings from its filings.

How fast is Balu Forge Industries Limited growing?

Balu Forge Industries Limited: Latest-quarter revenue is up 28.9% year on year.

How profitable is Balu Forge Industries Limited?

On a trailing-twelve-month basis return on equity is 12.7%, return on capital employed 19.5%, operating margin 26.6%, net margin 17.2%.

How much debt does Balu Forge Industries Limited have?

Balu Forge Industries Limited is lightly geared: debt to equity is 0.08 with borrowings of ₹127 cr against cash of ₹86 cr (balance sheet of 2026-03-31). Operating profit covers interest 17.8 times.

Financials parsed from Balu Forge Industries Limited's own XBRL filings to NSE (consolidated), ₹ crore unless marked. Quarterly from MAR '24, annual from FY24, balance sheet from Mar '24. * = derived (full year or half year minus earlier quarters). Information only, not investment advice.