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Munish Forge Limited, established in 1986, is a prominent manufacturer of high-precision forged and cast components. The company serves a diverse range of industries, including Defence, Oil & Gas, Automotive, Railways, Agriculture, and Infrastructure. Its product portfolio includes critical items such as flanges, scaffolding, auto parts, battle tank track chains, and bomb shells for the Indian Army. With an integrated production facility and a strong focus on quality, Munish Forge Limited has a significant presence in both domestic and international markets, including the USA, UK, Canada, and Europe.
Opening Date
Sep 30, 2025
Closing Date
Oct 03, 2025
Listing Date
Oct 08, 2025
IPO Type
SME
IPO Status
Closed
Issue Size
73.92 Cr
Fresh Issue
61.02 Cr
Offer for Sale
12.9 Cr
Price Band
₹91 - ₹96
Lot Size
1200
The main objectives of the issue are as follows:
Capital expenditure towards purchase of additional Plant & Machinery and Modernization of old Machinery, civil construction and expansion of Solar PV Power Plant by 135 kWp.
Repayment/Pre-payment of Certain Debt Facilities to reduce outstanding indebtedness and debt servicing costs.
Funding the incremental Working Capital Requirements of the company to support business growth and operations.
Financing General Corporate Purposes, which may include strategic initiatives, brand building, and other operational needs not exceeding 15% of the Gross Issue Proceeds.
P/E Ratio
—
EPS
—
ROE
10.81%
ROCE
9.88%
RONW
10.81%
Debt to Equity Ratio
1.16
PAT Margin
2.75%
EBITDA Margin
—
P/B
2.28
Experienced promoters with over 39 years in the forging and engineering industry, providing strong leadership and strategic direction.
Integrated manufacturing facility with in-house capabilities for forging, casting, machining, and quality testing, offering a 'One Stop Shop' solution.
Robust quality assurance system with ISO 9001:2015 and other certifications, ensuring products meet high international standards.
Strong global presence with over 60% of products exported to markets like the USA, UK, Canada, and Europe, demonstrating international competitiveness.
High dependency on a few key customers, with the top ten customers contributing over 78% of revenue in FY2025.
Significant reliance on leased properties for manufacturing and operational facilities, posing a risk of disruption.
High employee attrition rate, which reached 80.92% in FY2025, potentially leading to loss of expertise and increased recruitment costs.
Instances of non-compliance and discrepancies in corporate filings with the Registrar of Companies, which could attract regulatory action.
Expansion into the Indian Railways sector by participating in tenders for critical forged components, leveraging large-scale modernization projects.
Increasing demand from the defence sector, driven by the 'Make in India' initiative and the government's focus on indigenization.
Growth in the infrastructure and construction sectors, fueled by government initiatives like the National Infrastructure Pipeline (NIP).
Leveraging the new casting division to produce complex components and cater to a wider range of industrial applications.
High competition in both domestic and international markets from players who may have greater financial and marketing resources.
Volatility in raw material prices, which can impact cost structure and profitability if increases cannot be passed on to customers.
Exposure to foreign exchange rate fluctuations, which can adversely affect revenue and margins from export sales.
Potential changes in government regulations, trade policies, and environmental laws that could increase compliance costs and disrupt operations.
