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On 6 Nov 2026, Balu Forge Industries was priced at ₹501.70, or 20.9× trailing earnings, against an industry P/E of 25.1×, and the shares are 25% below their 52-week high. Sales and net profit grew 50% and 88% a year over 3 years; its ROCE of 19% is the second-highest among the 7 largest Metal Fabrication peers. It carries very little debt. It is a small-cap company with a market cap of ₹6,090 Cr, ranked 11th of 71 Metal Fabrication companies by market cap; the shares fell 18% over the past year.

As of 6 Nov 2026Prices are delayed about 15 minutes; fundamentals are from the quarter ended Jun 2026.How we calculate this

past year
Open
₹510.05
Day high
₹510.95
Day low
₹499.00
Prev. close
₹514.90
Volume
6.8 L

Health check

3 good · 2 fair · 1 to check
  • ReturnsBehind

    −18.1% over a year, better than 0 of 7 peers.

  • Price tagCheaper

    P/E 20.9 vs industry 25.1.

  • GrowthStrong

    Sales +49.6%, profit +88.1% a year over 3 years.

  • ProfitabilityAverage

    ROCE 19.5% vs peer median 15.6%.

  • Balance sheetFair

    Debt 0.10× equity, interest covered 29.2×, Piotroski 5 of 9.

  • Red flagsNone found

    No warning signs in the headline numbers.

Compared with 7 industry peers. Computed from reported figures. Educational, not a recommendation.

Metal Fabrication

70 listed peers. Screen the industry

Small cap

₹6,090 Cr, #11 of 71 in its industry by size.

Defensive

Beta 0.68 vs the NIFTY 50: moves less than the market.

Key metrics

Last 12 months to Jun 2026: sales ₹1,175 Cr · profit ₹268 Cr
Market cap
₹6,090 Cr
Small cap
P/E
20.9
Industry 25.1
Price to book
3.26
Peers 7.00
Dividend yield
0.03%
ROE
19.6%
Peers 8.6%
ROCE
19.5%
Peers 15.6%
Debt to equity
0.10
Debt ₹152 Cr
EPS (TTM)
₹24.01
Face value ₹10
OPM (TTM)
26.6%
Net margin 22.8%
Sales growth
+29.0%
Latest quarter vs a year ago
Profit growth
+15.9%
Latest quarter vs a year ago
Price to sales
5.18
EV/EBITDA 19.5

Strengths and risks

Strengths

  • Return on equity of 19.6%.
  • Practically debt-free.
  • Quarterly sales up 29.0% on a year ago.
  • Net margin of 22.8%.

No obvious red flags in the headline numbers.

Derived automatically from reported figures. Not a recommendation.

About Balu Forge Industries

Balu Forge Industries Limited manufactures and sells crankshafts in India and internationally. It offers bombshell, stainless steel flanges, valve components, stub ends, forged hydraulic fittings, railway wheels, axles, wheel sets, swan necks, flange balls, tow bar, sorting, snap, shank, ramshorn lifting hooks, hub, brake flange, disc, caliper, rotor, track, body and piston brakes, front axle beams, steering knuckles, control arm, fork, steering, drive…

Headquarters
Mumbai
Employees
179
Sector
Industrials
ISIN
INE011E01029
Website
baluindustries.com

Price range

52 weeks

₹341.05₹667.00

Today

₹499.00₹510.95
Avg volume (3M)
14.8 L
1-year return
minus 18.1%
From 52-week high
minus 24.8%

Peers · Metal Fabrication

Compare with peersScreen the whole industry
Company
BHARATFORGBharat Forge1,740.00minus 0.74%85,029121.87.2315.6%6.7%14.7%9.7%26.9%0.49%plus 32.3%
INDOMIMINDO-MIM1,219.50minus 3.93%60,302101.120.9422.8%21.3%28.6%15.8%4.9%0.00%plus 64.4%
PTCILPTC Industries24,335.00plus 0.04%38,564290.623.737.9%8.6%24.6%40.7%57.8%0.00%plus 41.4%
ZETWERKZetwerk Manufacturing Businesses164.89minus 1.10%27,937–−2.47−13.0%−36.0%0.1%56.9%–0.00%plus 19.3%
HAPPYFORGEHappy Forgings1,694.50minus 10.00%15,99649.07.0018.9%15.2%30.6%9.8%13.1%0.24%plus 85.8%
RKFORGERamkrishna Forgings693.85minus 4.25%13,08768.43.514.7%5.6%17.1%10.5%−33.9%0.58%plus 35.6%
GRAVITAGravita India1,493.90minus 0.07%10,88327.34.1118.1%16.2%9.3%14.9%23.5%0.52%minus 15.4%
BALUFORGEBalu Forge Industries501.70minus 2.56%6,09020.93.2619.5%19.6%26.6%49.6%88.1%0.03%minus 18.1%
Median of 7 peers–−1.10%27,93784.77.0015.6%8.6%17.1%14.9%18.3%0.24%35.6%

Quarterly results

Consolidated, ₹ crore
SalesSelect a row below to chart it
₹ CrJun 25Sep 25Dec 25Mar 26Jun 26
233300311264301
161217227204216
72.382.884.559.984.8
31.0%27.6%27.2%22.7%28.2%
1.73.34.523.53.9
2.245.44.84.6
1.72.12.93.23.3
7079.980.775.480.7
18.6%18.6%11.9%12.8%18.1%
576571.165.766.1
489.005.916.266.355.49

Profit & loss

Yearly, ₹ crore
Sales CAGR 3Y
+49.6%
Profit CAGR 3Y
+88.1%
EPS CAGR 3Y
+72.3%
ROE
19.6%
Net profitSelect a row below to chart it
₹ CrMar 2023Mar 2024Mar 2025Mar 2026
3235539061,080
–+71.3%+63.9%+19.2%
268433655762
54.4120251319
16.8%21.7%27.7%29.5%
6.410.213.227.3
8.513.67.110.8
1.32.13.410
−0.4−1−0.2−19.2
50.6114254306
23.0%17.7%19.7%15.4%
38.993.5204259
–+140.3%+118.0%+27.0%
4.679.7218.3823.90

Forecast

Your assumptions, not a prediction

Balance sheet

At each financial year end, ₹ crore
Total assetsSelect a row below to chart it
₹ CrMar 2023Mar 2024Mar 2025Mar 2026
83.4103111121
1144509421,473
51.948.839.8152
121111159104
3717121,2521,851
36.71825681,020
21158499506
0.50.60.61.9
9.293.198.796.1
30327886.1226
3717121,2521,851

Cash flow

Yearly, ₹ crore
Cash from operationsSelect a row below to chart it
₹ CrMar 2023Mar 2024Mar 2025Mar 2026
26.2−31.714831.7
−21.2−134−416−354
−5.7249273315
−0.882.85.1−7.4
−21.2−134−415−207
4.9−166−267−175
––−1.6−1.7

Shareholding pattern

Source: NSE filings
54.0%
promoters
  • Promoters53.99%
  • Public46.01%
  • As of 30 Sep 2026
QuarterSplitPromotersPublicPromoter change
30 Sep 202653.99%46.01%plus 0.48
30 Jun 202653.51%46.49%minus 0.88
31 Mar 202654.39%45.61%plus 0.40
9 Mar 202653.99%46.01%plus 0.48
6 Mar 202653.51%46.49%–

Major shareholders

NSE filing

Filings & events

News

No recent news coverage found.

My notes

Private to you