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Swing Capital

Balu Forge Industries Ltd

NSE: BALUFORGE BSE: 531112Energy

Balu Forge Industries Ltd is engaged in the manufacturing of fully finished and semi-finished forged crankshafts and Forged Components. It has the capability to manufacture components conforming to the New Emission Regulations & the New Energy Vehicles [1]

₹462
52W: ₹341 — ₹784
PE 38.2 · Book ₹94.6 · +388% vs book
Market Cap₹5,608 Cr
Stock P/E38.2Price to Earnings
ROCE25.1%Return on Capital
ROE18.3%Return on Equity
Div. Yield0.03%Face Value ₹10

Strengths

  • +Company is almost debt free.
  • +Company has delivered good profit growth of 407% CAGR over last 5 years
  • +Company's working capital requirements have reduced from 170 days to 135 days

Weaknesses

  • −Promoter holding has decreased over last quarter: -0.48%
  • −Company has high debtors of 163 days.

Shareholding Pattern

Promoters54.39%
FIIs6.03%
DIIs0.89%
Public34.68%
CategoryJun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Promoters56.07%54.71%▼1.454.71%55.25%▲0.554.85%▼0.454.85%54.87%▲0.054.39%▼0.5
FIIs8.51%10.43%▲1.96.93%▼3.57.07%▲0.18.2%▲1.18.33%▲0.17.94%▼0.46.03%▼1.9
DIIs1.43%0.93%▼0.50.97%▲0.01.07%▲0.10.86%▼0.20.83%▼0.00.8%▼0.00.89%▲0.1
Public33.99%33.93%▼0.133.16%▼0.832.43%▼0.732.03%▼0.431.93%▼0.132.34%▲0.434.68%▲2.3

Financial Statements

MetricSep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025
Sales102104113123157161158150167171
Expenses78788690109112107101114119
Operating Profit24262733494851495352
OPM %24%25%24%27%31%30%32%32%32%30%
Net Profit17192124324038343639
EPS ₹1.741.822.022.352.923.633.522.993.123.35

AI Insights

Revenue Trend

TTM revenue at ₹646Cr, up 8% YoY. OPM at 32%.

Debt Position

Borrowings at ₹82Cr. Debt-to-equity ratio: 0.08x. Healthy balance sheet.

Capex Cycle

CWIP at ₹351Cr (81% of fixed assets). Significant capex underway — growth runway building.

Institutional Flow

DIIs: 0.89% (+0.89pp change). FIIs: 6.03% (+0.48pp change). Promoters hold 54.39%.

Margin & Efficiency

ROCE improving from 0% (Mar 2014) to 25% (Mar 2025). Working capital days: 135.

Valuation

PE 38.2x with 25.1% ROCE. Price is 388% above book value of ₹94.6. Dividend yield: 0.03%.

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