Overview

Detailed Summary

Balu Forge Industries Limited specializes in engineering solutions and precision machined components for various sectors, including automotive and aerospace. Its operations span over 80 countries with a dominant export market share.
The company reported robust financial performance in Q3FY25, with revenue growth of 73.91% year-over-year, primarily driven by demand for specialized engineering products.
Balu Forge Industries is undertaking significant capacity expansion in Karnataka, which includes forging and machining operations aligned with Industry 4.0 standards.
The company is strengthening its capabilities in high-precision machining with the integration of advanced technologies, such as 7-axis CNC machining and robotic handling systems.

Sector: Industrial Products
Industry: Castings & Forgings
Market Cap: 5,443 Cr
Volatility: High Risk
P/E Ratio: 21.0
Industry P/E: 37.8
PEG Ratio: 0.3
P/B Ratio: 3.4
52W High: 722.00
52W Low: 341.35

Sales CAGR

1Y: 64.97%
3Y: 28.05%
5Y: 393.92%
10Y: 187.10%

Profit CAGR

1Y: 118.06%
3Y: 63.99%
5Y: 405.67%
10Y: —

ROE

TTM: 16.24%
3Y: 14.06%
5Y: 14.31%
10Y: 14.32%

ROCE

TTM: 18.47%
3Y: 20.42%
5Y: 20.85%
10Y: 20.85%

Technicals

‌

Forecasts

Peers

Industrials Capital Goods Industrial Products Castings & Forgings

Symbol	Watchlist	Price	Market Cap	P/E	P/B	Div Yield (%)	ROE (%)	ROCE (%)	ROA (%)
BALUFORGE		458.50	5,443 Cr	21.02	3.41	0.00	16.24	18.47	13.99
STEELCAS		306.20	2,966 Cr	34.15	7.51	0.58	21.99	29.55	18.87
AMIC		1799.00	1,940 Cr	68.70	6.27	0.00	13.31	18.44	11.06
NELCAST		140.25	1,194 Cr	24.66	2.00	0.51	8.12	11.42	4.04
SGIL		585.95	917 Cr	52.93	8.26	0.00	4.19	7.84	—
INVPRECQ		758.00	735 Cr	62.49	7.16	0.14	11.46	13.25	5.43
NEETUYOSHI		151.70	562 Cr	22.45	4.09	0.00	18.23	22.47	16.94
Median: 7 Co.	—	458.50	1,194 Cr	34.15	6.27	0.00	13.31	18.44	12.53

Financial Statements

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Consolidated Quarterly Results (in ₹ Crores)

View Standalone

Total Figures

QoQ Changes

Total Figures

	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026
Sales	147	161	175	223	256	270	233	300	311	264
Expenses	114	127	132	158	188	195	161	217	227	204
Operating Profit	33	34	43	65	68	75	72	83	85	60
OPM %	22.25	21.33	24.65	29.26	26.47	27.81	30.99	27.65	27.17	22.73
Other Income	1.86	4.38	1.06	2.50	9.57	4.17	1.68	3.29	4.47	23
Interest	3.86	3.53	1.55	2.94	2.26	4.21	2.23	4.03	5.41	4.78
Depreciation	0.51	0.62	0.80	0.83	0.85	0.87	1.69	2.15	2.93	3.19
Profit Before Tax	30	35	42	64	74	74	70	80	81	75
Tax %	15.73	18.32	18.49	24.72	20.44	15.37	18.58	18.62	11.86	12.83
Net Profit	25	28	34	48	59	63	57	65	71	66
EPS in Rs	2.17	2.32	2.81	3.84	4.68	5.01	4.59	5.55	5.88	6.35

Consolidated Profit Loss (in ₹ Crores)

View Standalone

Total Figures

YoY Changes

Total Figures

	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
Sales	142	286	327	560	924	982
Expenses	130	249	277	441	673	701
Operating Profit	12	37	50	119	251	280
OPM %	8.62	12.95	15.24	21.28	27.19	28.55
Other Income	5.25	8.32	13	10	17	18
Interest	6.61	5.23	11	14	11	12
Depreciation	1.14	1.05	1.33	2.05	3.35	4.24
Profit Before Tax	9.74	39	51	114	254	282
Tax %	21.77	23.64	23.04	17.72	19.72	19.61
Net Profit	7.62	30	39	94	204	227
EPS in Rs	—	2.37	3.21	7.90	16.34	22.37
Dividend Payout %	0.00	2.77	0.00	1.54	0.82	—

Consolidated Balance Sheet (in ₹ Crores)

View Standalone

Total Figures

YoY Changes

Total Figures

	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Equity Capital	69	82	83	103	111
Reserves	8.90	76	114	450	942
Borrowings	26	47	52	49	40
Other Liabilities	68	78	121	111	159
Total Liabilities	171	284	371	712	1,252
Fixed Assets	42	42	48	57	183
CWIP	0.00	6.67	6.67	130	417
Investments	0.00	0.00	0.00	0.00	0.00
Other Assets	129	235	316	525	652
Total Assets	171	284	371	712	1,252

Consolidated Cash Flows (in ₹ Crores)

View Standalone

Total Figures

YoY Changes

Total Figures

	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Cash from Operating Activity	17	-58	26	-18	148
Cash from Investing Activity	-3.23	-7.67	-21	-148	-417
Cash from Financing Activity	-12	69	-5.68	249	274
Net Cash Flow	2.24	3.55	-0.77	83	5.14

Shareholdings

Shareholding History

Quarterly

Yearly

Quarterly

	Jun 2024	Jul 2024	Sep 2024	Dec 2024	Mar 2025	Apr 2025	May 2025	Jun 2025	Sep 2025	Dec 2025	Feb 2026	Mar 2026
Promoters	56.07%	57.06%	54.71%	54.71%	55.25%	55.78%	54.85%	54.85%	54.85%	54.87%	53.92%	53.99%
FIIs	8.51%	8.32%	10.43%	6.93%	7.09%	6.98%	8.65%	8.20%	8.33%	7.94%	7.33%	7.48%
DIIs	1.43%	1.40%	0.93%	5.20%	5.13%	5.18%	4.89%	4.92%	4.89%	4.85%	4.86%	4.64%
Public	33.99%	33.23%	33.93%	33.16%	32.53%	32.05%	31.61%	32.03%	31.93%	32.34%	33.89%	33.89%
Total Shareholders	29,419	29,419	50,955	66,310	71,461	73,283	76,069	77,243	72,351	70,445	79,569	79,481

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Projection

Documents

Presentations

Concalls

Reports

Presentations

Investor Presentation

Q3 FY25

Investor Presentation

Q2 FY25

Investor Presentation

Q2 FY25

Available on Pro Plan