Nifty

:

24487.40

Sensex

:

80235.59

-97.65 (-0.40%)
-368.49 (-0.46%)

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Nifty
Sensex

:
:

24487.40
80235.59

-97.65 (-0.40%)
-368.49 (-0.46%)

Balu Forge Industries Ltd.

Engineering - Industrial Equipments

Rating :

71/99

BSE: 531112 | NSE: BALUFORGE

Watchlist

NSE BSE

573.50

12-Aug-2025

Open
High
Low
Previous Close

581.1
590
560.25
589.70

Volume
Traded Value (lacs)
52 Week High
52 Week Low

304407
172512958.6
886.95
428.4

Stock Summary

Market Cap(Crs)
Stock P:E
Face Value

6,515.78
28.72
10

Enterprise Value(Crs)
Dividend Yield
Price:Book Value

6,455.48
0.03%
5.73

Chart

Price | P:E | P:BV | EV:EBITDA | MCap:Sales | EPS

Revenue CAGR (%)

10 Years
5 Years
3 Years

-
354.55
25.08

EBITDA CAGR (%)

10 Years
5 Years
3 Years

-
333.43
26.31

PAT CAGR (%)

10 Years
5 Years
3 Years

141.38
341.55
46.42

P:E (Median)

8 Years
5 Years
3 Years

36.75
36.75
36.75

P:BV (Average)

8 Years
5 Years
3 Years

6.15
6.15
6.15

EV:EBITDA (Average)

8 Years
5 Years
3 Years

26.84
26.84
26.84

Earnings Forecasts:

(Updated: 06-06-2025)

Description 2024 2025 2026 2027
Adj EPS 9.8 19.24 21.98 30.38
P/E Ratio 58.52 29.81 26.09 18.88
Revenue 553 924 1247 1685
EBITDA 119 251 343 472
Net Income 94 204 246 353
ROA 17.3 20.8
P/B Ratio 11.31 6.03
ROE 24.96 25.38 16.6 18.9
FCFF -179 -279 -186 99
FCFF Yield -2.46 -3.83 -2.55 1.36
Net Debt -42 -56
BVPS 50.7 95.08

Quarterly Results

Consolidated Figures in Rs. Crores /

Standalone

Description Jun 25 Jun 24 Var% Mar 25 Mar 24 Var% Dec 24 Dec 23 Var% Sep 24 Sep 23 Var%
Net Sales 150.00 122.99 21.96% 157.50 112.55 39.94% 160.61 103.88 54.61% 157.38 102.03 54.25%
Expenses 101.26 90.19 12.27% 106.96 85.97 24.42% 112.15 78.09 43.62% 108.54 77.96 39.23%
EBITDA 48.75 32.81 48.58% 50.54 26.57 90.21% 48.45 25.79 87.86% 48.84 24.07 102.91%
EBIDTM 32.50% 26.67% 32.09% 23.61% 30.17% 24.83% 31.03% 23.59%
Other Income 2.06 1.19 73.11% 4.34 4.48 -3.12% 9.41 1.86 405.91% 2.50 4.15 -39.76%
Interest 2.22 1.54 44.16% 4.25 3.52 20.74% 2.25 3.86 -41.71% 2.93 3.76 -22.07%
Depreciation 1.53 0.65 135.38% 0.76 0.47 61.70% 0.69 0.37 86.49% 0.68 0.32 112.50%
PBT 47.06 31.80 47.99% 49.87 27.06 84.29% 54.91 23.43 134.36% 47.73 24.13 97.80%
Tax 13.01 7.75 67.87% 11.38 6.34 79.50% 15.16 4.75 219.16% 15.81 6.69 136.32%
PAT 34.04 24.06 41.48% 38.50 20.72 85.81% 39.76 18.68 112.85% 31.92 17.43 83.13%
PATM 22.70% 19.56% 24.44% 18.41% 24.75% 17.98% 20.28% 17.09%
EPS 2.99 2.11 41.71% 3.38 1.82 85.71% 3.49 1.64 112.80% 2.80 1.53 83.01%

Description Jun 25 Jun 24 Var% Mar 25 Mar 24 Var% Dec 24 Dec 23 Var% Sep 24 Sep 23 Var%
Net Sales 233.20 175.31 33.02% 269.65 161.17 67.31% 255.78 147.07 73.92% 222.88 139.22 60.09%
Expenses 160.92 132.10 21.82% 194.67 126.79 53.54% 188.08 114.36 64.46% 157.66 109.10 44.51%
EBITDA 72.27 43.20 67.29% 74.98 34.38 118.09% 67.70 32.71 106.97% 65.22 30.12 116.53%
EBIDTM 30.99% 24.64% 27.81% 21.33% 26.47% 22.24% 29.26% 21.64%
Other Income 1.68 1.06 58.49% 4.17 4.20 -0.71% 9.57 1.62 490.74% 2.50 4.06 -38.42%
Interest 2.23 1.55 43.87% 4.21 3.53 19.26% 2.26 3.86 -41.45% 2.94 3.76 -21.81%
Depreciation 1.69 0.80 111.25% 0.87 0.62 40.32% 0.85 0.51 66.67% 0.83 0.46 80.43%
PBT 70.04 41.91 67.12% 74.06 34.43 115.10% 74.16 29.95 147.61% 63.95 29.96 113.45%
Tax 13.01 7.75 67.87% 11.38 6.34 79.50% 15.16 4.75 219.16% 15.81 6.69 136.32%
PAT 57.03 34.17 66.90% 62.69 28.10 123.10% 59.00 25.21 134.03% 48.14 23.27 106.88%
PATM 24.45% 19.49% 23.25% 17.43% 23.07% 17.14% 21.60% 16.71%
EPS 5.00 3.33 50.15% 5.66 2.74 106.57% 5.39 2.46 119.11% 4.40 2.32 89.66%

Annual Results

Standalone Figures in Rs. Crores /

Consolidated

Right to Left

Description TTM Mar 24 Mar 23 Mar 22 Mar 21 Mar 20 Mar 19 Mar 18 Mar 17 Mar 16 Mar 15
Net Sales 625.49 388.08 269.06 285.06 142.09 0.20 0.18 0.20 0.12 0.05 0.00 Net Sales Growth 41.69% 44.24% -5.61% 100.62% 70945.00% 11.11% -10.0% 66.67% 140.0% 0 Cost Of Goods Sold 380.00 245.07 183.12 219.52 110.73 0.00 0.00 0.00 0.00 0.04 0.00 Gross Profit 245.49 143.01 85.94 65.54 31.36 0.20 0.18 0.20 0.12 0.01 0.00 GP Margin 39.25% 36.85% 31.94% 22.99% 22.07% 100% 100% 100% 100% 20.0% 0 Total Expenditure 428.91 296.30 226.55 247.42 129.84 0.14 0.13 0.11 0.16 0.14 0.08 Power & Fuel Cost - 0.06 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 % Of Sales - 0.02% 0% 0% 0% 0% 0% 0% 0% 0% 0 Employee Cost - 6.62 4.88 4.45 3.21 0.04 0.02 0.01 0.02 0.02 0.02 % Of Sales - 1.71% 1.81% 1.56% 2.26% 20.0% 11.11% 5.00% 16.67% 40.0% 0 Manufacturing Exp. - 2.90 1.21 0.38 2.29 0.00 0.00 0.00 0.01 0.00 0.00 % Of Sales - 0.75% 0.45% 0.13% 1.61% 0% 0% 0% 8.33% 0% 0 General & Admin Exp. - 10.49 9.15 8.96 7.60 0.08 0.09 0.09 0.12 0.08 0.05 % Of Sales - 2.70% 3.40% 3.14% 5.35% 40.0% 50.0% 45.00% 100% 160.0% 0 Selling & Distn. Exp. - 21.35 12.81 13.03 5.66 0.00 0.00 0.01 0.00 0.00 0.01 % Of Sales - 5.50% 4.76% 4.57% 3.98% 0% 0% 5.00% 0% 0% 0 Miscellaneous Exp. - 9.81 15.38 1.08 0.37 0.01 0.02 0.00 0.01 0.00 0.01 % Of Sales - 2.53% 5.72% 0.38% 0.26% 5.00% 11.11% 0% 8.33% 0% 0 EBITDA 196.58 91.78 42.51 37.64 12.25 0.06 0.05 0.09 -0.04 -0.09 -0.08 EBITDA Margin 31.43% 23.65% 15.80% 13.20% 8.62% 30.0% 27.78% 45.00% -33.33% -180.0% 0 Other Income 18.31 10.63 12.81 8.53 5.25 0.01 0.00 0.00 0.08 0.08 0.09 Interest 11.65 13.61 10.48 5.23 6.61 0.00 0.00 0.00 0.00 0.00 0.00 Depreciation 3.66 1.48 1.19 1.05 1.14 0.00 0.00 0.00 0.00 0.00 0.00 PBT 199.57 87.32 43.65 39.88 9.74 0.07 0.05 0.09 0.03 -0.02 0.01 Tax 55.36 20.17 11.65 9.24 2.12 0.03 -0.14 0.02 0.00 0.00 0.00 Tax Rate 27.74% 23.10% 26.69% 23.29% 21.77% 42.86% -280.00% 22.22% 0.00% 0.00% 0.00% PAT 144.22 67.14 31.99 30.44 7.62 0.04 0.19 0.07 0.03 -0.02 0.01 PAT before Minority Interest 144.22 67.14 31.99 30.44 7.62 0.04 0.19 0.07 0.03 -0.02 0.01 Minority Interest 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 PAT Margin 23.06% 17.30% 11.89% 10.68% 5.36% 20.0% 105.56% 35.00% 25.00% -40.0% 0 PAT Growth 78.29% 109.88% 5.09% 299.48% 18,950.00% -78.95% 171.43% 133.33% - - EPS 12.65 5.89 2.81 2.67 0.67 0.00 0.02 0.01 0.00 0.00 0.00

Description TTM Mar 24 Mar 23 Mar 22 Mar 21
Net Sales 981.51 559.86 326.64 286.08 142.09 Net Sales Growth 57.60% 71.40% 14.18% 101.34% Cost Of Goods Sold 630.77 376.32 226.80 220.28 110.73 Gross Profit 350.74 183.54 99.84 65.81 31.36 GP Margin 35.73% 32.78% 30.57% 23.00% 22.07% Total Expenditure 701.33 440.74 276.86 249.03 129.84 Power & Fuel Cost - 0.24 0.00 0.00 0.00 % Of Sales - 0.04% 0% 0% 0% Employee Cost - 12.31 6.83 4.45 3.21 % Of Sales - 2.20% 2.09% 1.56% 2.26% Manufacturing Exp. - 2.90 1.21 0.38 2.29 % Of Sales - 0.52% 0.37% 0.13% 1.61% General & Admin Exp. - 13.88 11.55 9.77 7.60 % Of Sales - 2.48% 3.54% 3.42% 5.35% Selling & Distn. Exp. - 24.40 15.99 13.07 5.66 % Of Sales - 4.36% 4.90% 4.57% 3.98% Miscellaneous Exp. - 10.70 14.48 1.08 0.37 % Of Sales - 1.91% 4.43% 0.38% 0.26% EBITDA 280.17 119.12 49.78 37.05 12.25 EBITDA Margin 28.54% 21.28% 15.24% 12.95% 8.62% Other Income 17.92 10.41 12.65 8.53 5.25 Interest 11.64 13.64 10.53 5.23 6.61 Depreciation 4.24 2.05 1.33 1.05 1.14 PBT 282.21 113.84 50.57 39.29 9.74 Tax 55.36 20.17 11.65 9.24 2.12 Tax Rate 19.62% 17.72% 23.04% 23.64% 21.77% PAT 226.86 93.67 38.91 29.84 7.62 PAT before Minority Interest 226.86 93.67 38.91 29.84 7.62 Minority Interest 0.00 0.00 0.00 0.00 0.00 PAT Margin 23.11% 16.73% 11.91% 10.43% 5.36% PAT Growth 104.84% 140.74% 30.40% 291.60% EPS 19.90 8.22 3.41 2.62 0.67

Results Balance Sheet

Standalone Figures in Rs. Crores /

Consolidated

Right to Left

Description Mar 24 Mar 23 Mar 22 Mar 21 Mar 20 Mar 19 Mar 18 Mar 17 Mar 16 Mar 15
Shareholder's Funds 520.11 191.32 159.24 77.51 0.35 0.30 0.11 0.05 0.02 0.03 Share Capital 102.59 83.36 82.31 68.61 0.35 0.35 0.35 0.35 0.35 0.35 Total Reserves 394.57 107.96 75.87 6.60 0.00 -0.05 -0.24 -0.30 -0.33 -0.32 Non-Current Liabilities 22.00 10.42 8.71 12.00 -0.12 -0.14 0.05 0.05 0.05 0.03 Secured Loans 24.84 11.69 7.43 10.35 0.00 0.00 0.00 0.00 0.00 0.00 Unsecured Loans 0.00 0.00 0.00 0.00 0.00 0.00 0.05 0.05 0.05 0.03 Long Term Provisions 0.93 0.82 0.75 0.65 0.00 0.00 0.00 0.00 0.00 0.00 Current Liabilities 129.30 147.48 116.95 81.25 0.07 0.05 0.05 0.02 0.01 0.00 Trade Payables 79.06 57.36 45.08 47.56 0.00 0.00 0.00 0.00 0.00 0.00 Other Current Liabilities 17.93 45.03 25.36 26.55 0.07 0.03 0.03 0.02 0.00 0.00 Short Term Borrowings 15.53 33.43 37.75 7.00 0.00 0.00 0.00 0.00 0.00 0.00 Short Term Provisions 16.78 11.65 8.77 0.15 0.00 0.03 0.02 0.00 0.01 0.00 Total Liabilities 671.41 349.22 284.90 170.76 0.30 0.21 0.21 0.12 0.08 0.06 Net Block 51.54 42.93 42.36 42.41 0.00 0.00 0.03 0.03 0.03 0.04 Gross Block 55.06 44.97 43.61 43.56 0.00 0.00 0.06 0.06 0.06 0.06 Accumulated Depreciation 3.52 2.04 1.25 1.14 0.00 0.00 0.03 0.03 0.02 0.02 Non Current Assets 237.74 64.74 50.14 42.59 0.11 0.00 0.03 0.03 0.03 0.04 Capital Work in Progress 130.27 6.67 6.67 0.00 0.00 0.00 0.00 0.00 0.00 0.00 Non Current Investment 0.30 0.32 0.32 0.00 0.00 0.00 0.00 0.00 0.00 0.00 Long Term Loans & Adv. 55.62 14.81 0.79 0.18 0.11 0.00 0.00 0.00 0.00 0.00 Other Non Current Assets 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 Current Assets 433.67 284.47 234.75 128.17 0.18 0.21 0.19 0.09 0.04 0.03 Current Investments 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 Inventories 80.82 33.71 40.80 19.94 0.00 0.00 0.00 0.00 0.00 0.00 Sundry Debtors 190.58 195.91 130.23 60.73 0.04 0.00 0.15 0.04 0.00 0.00 Cash & Bank 90.40 7.60 7.07 3.06 0.13 0.17 0.01 0.03 0.04 0.01 Other Current Assets 71.86 13.04 7.96 7.50 0.02 0.04 0.03 0.02 0.01 0.02 Short Term Loans & Adv. 59.56 34.21 48.70 36.95 0.01 0.04 0.03 0.02 0.01 0.02 Net Current Assets 304.36 137.00 117.80 46.92 0.12 0.16 0.14 0.07 0.04 0.03 Total Assets 671.41 349.21 284.89 170.76 0.29 0.21 0.22 0.12 0.07 0.07

Description Mar 24 Mar 23 Mar 22 Mar 21
Shareholder's Funds 552.96 197.63 158.63 77.51 Share Capital 102.59 83.36 82.31 68.61 Total Reserves 427.42 114.27 75.26 6.60 Non-Current Liabilities 22.00 10.42 8.71 12.00 Secured Loans 24.84 11.69 7.43 10.35 Unsecured Loans 0.00 0.00 0.00 0.00 Long Term Provisions 0.93 0.82 0.75 0.65 Current Liabilities 133.73 160.60 117.10 81.25 Trade Payables 80.58 65.50 45.22 47.56 Other Current Liabilities 20.84 50.01 25.37 26.55 Short Term Borrowings 15.53 33.43 37.75 7.00 Short Term Provisions 16.78 11.65 8.77 0.15 Total Liabilities 708.69 368.65 284.44 170.76 Net Block 56.75 48.30 42.36 42.41 Gross Block 60.98 50.47 43.61 43.56 Accumulated Depreciation 4.22 2.17 1.25 1.14 Non Current Assets 215.69 69.78 49.82 42.59 Capital Work in Progress 130.27 6.67 6.67 0.00 Non Current Investment 0.00 0.00 0.00 0.00 Long Term Loans & Adv. 28.66 14.81 0.79 0.18 Other Non Current Assets 0.00 0.00 0.00 0.00 Current Assets 493.00 298.86 234.62 128.17 Current Investments 0.00 0.00 0.00 0.00 Inventories 89.47 34.82 42.33 19.94 Sundry Debtors 218.50 210.52 128.96 60.73 Cash & Bank 90.87 7.90 7.12 3.06 Other Current Assets 94.16 13.27 8.88 7.50 Short Term Loans & Adv. 81.32 32.35 47.33 36.95 Net Current Assets 359.27 138.26 117.52 46.92 Total Assets 708.69 368.64 284.44 170.76

Cash Flow

Standalone Figures in Rs. Crores /

Consolidated

Right to Left

Description Mar 24 Mar 23 Mar 22 Mar 21 Mar 20 Mar 19 Mar 18 Mar 17 Mar 16 Mar 15
Cash From Operating Activity 8.37 20.37 -57.47 17.33 0.04 0.21 -0.02 -0.01 0.00 -0.01 PBT 87.32 43.65 39.68 9.74 0.07 0.05 0.09 0.03 -0.02 0.01 Adjustment -0.80 9.25 -2.43 7.68 -0.01 0.02 0.00 0.00 0.00 0.00 Changes in Working Capital -75.40 -32.77 -96.80 2.03 -0.01 0.15 -0.10 -0.05 0.02 -0.02 Cash after chg. in Working capital 11.12 20.12 -59.55 19.45 0.05 0.21 -0.01 -0.01 0.00 -0.01 Interest Paid 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 Tax Paid -2.75 0.25 2.09 -2.12 -0.01 -0.01 -0.02 0.00 0.00 0.00 Other Direct Exp. Paid 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 Extra & Other Items 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 Cash From Investing Activity -174.41 -15.76 -7.67 -3.23 0.00 0.01 0.00 0.00 0.00 0.00 Net Fixed Assets -133.69 -1.36 -6.72 -43.56 0.00 0.06 0.00 0.00 0.00 -0.01 Net Investments 0.02 0.00 -0.32 0.00 0.00 0.00 0.00 0.00 0.00 0.00 Others -40.74 -14.40 -0.63 40.33 0.00 -0.05 0.00 0.00 0.00 0.01 Cash from Financing Activity 248.67 -5.63 68.64 -11.85 -0.09 -0.05 0.00 0.00 0.02 0.00 Net Cash Inflow / Outflow 82.62 -1.02 3.50 2.24 -0.05 0.17 -0.02 -0.01 0.02 -0.01 Opening Cash & Equivalents 4.84 5.87 2.37 0.13 0.17 0.01 0.03 0.04 0.01 0.02 Closing Cash & Equivalent 87.47 4.84 5.87 2.37 0.13 0.17 0.01 0.03 0.04 0.01

Description Mar 24 Mar 23 Mar 22 Mar 21
Cash From Operating Activity -17.97 26.16 -57.74 17.33 PBT 113.84 50.57 39.09 9.74 Adjustment 0.97 10.37 -2.44 7.68 Changes in Working Capital -130.03 -35.03 -96.47 2.03 Cash after chg. in Working capital -15.22 25.91 -59.82 19.45 Interest Paid 0.00 0.00 0.00 0.00 Tax Paid -2.75 0.25 2.09 -2.12 Other Direct Exp. Paid 0.00 0.00 0.00 0.00 Extra & Other Items 0.00 0.00 0.00 0.00 Cash From Investing Activity -147.87 -21.25 -7.67 -3.23 Net Fixed Assets -133.69 -1.36 -6.72 Net Investments 0.02 0.00 -0.32 Others -14.20 -19.89 -0.63 Cash from Financing Activity 248.64 -5.68 68.96 -11.85 Net Cash Inflow / Outflow 82.79 -0.77 3.55 2.24 Opening Cash & Equivalents 5.15 5.92 2.37 0.13 Closing Cash & Equivalent 87.94 5.15 5.92 2.37

Financial Ratios

Standalone /

Consolidated

Right to Left

Description Mar 24 Mar 23 Mar 22 Mar 21 Mar 20 Mar 19 Mar 18 Mar 17 Mar 16 Mar 15
Book Value (Rs.) 48.46 22.95 19.22 10.96 9.93 8.70 3.28 1.45 0.45 0.95 ROA 13.16% 10.09% 13.36% 8.91% 16.15% 88.43% 40.03% 34.49% -23.91% 11.22% ROE 19.51% 18.31% 26.08% 20.17% 12.45% 90.54% 82.24% 104.70% -70.86% 24.52% ROCE 24.87% 24.14% 29.24% 32.13% 21.47% 22.16% 65.28% 37.95% -26.42% 16.77% Fixed Asset Turnover 7.76 6.08 6.54 3.35 0.00 0.00 3.44 2.07 0.78 0.00 Receivable days 181.75 221.22 122.25 75.90 72.25 0.00 176.21 135.35 0.00 0.00 Inventory Days 53.86 50.54 38.88 49.80 0.00 0.00 0.00 0.00 0.00 0.00 Payable days 101.59 102.10 77.02 156.78 0.00 0.00 6.12 5.05 0.50 0.00 Cash Conversion Cycle 134.02 169.66 84.12 -31.07 72.25 0.00 170.09 130.31 -0.50 0.00 Total Debt/Equity 0.10 0.27 0.29 0.32 0.00 0.00 0.44 0.99 3.22 0.93 Interest Cover 7.42 5.17 8.59 2.47 0.00 0.00 401.28 0.00 0.00 118.09

Description Mar 24 Mar 23 Mar 22 Mar 21
Book Value (Rs.) 51.66 23.71 19.14 10.96 ROA 17.39% 11.92% 13.11% 4.46% ROE 25.75% 21.91% 25.64% 10.13% ROCE 29.97% 26.91% 28.92% 16.12% Fixed Asset Turnover 10.05 6.94 6.56 3.35 Receivable days 139.85 189.67 121.01 151.71 Inventory Days 40.52 43.10 39.72 49.80 Payable days 70.85 89.10 76.87 156.78 Cash Conversion Cycle 109.52 143.68 83.85 44.73 Total Debt/Equity 0.09 0.26 0.30 0.32 Interest Cover 9.35 5.80 8.47 2.47

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