BALU FORGE INDUSTRIES LIMITED

BSE: BALUFORGE531112ISIN INE011E01029

Industrials
Castings & Forgings
BSE 1000

Share price

₹503.80+18.60 (+3.83%)

as of 4 Nov 2026

Prices adjusted for splits and bonuses; cash dividends excluded. Volume shows actual shares traded.

52W high: ₹666.60
52W low: ₹341.35
Off 52W high: -24.42%
1M return: +0.25%
3M return: +13.15%
6M return: -9.68%
1Y return: -20.12%
20D avg volume: 33,561
50 DMA: ₹514.50
200 DMA: ₹476.36

Key ratios Consolidated

Market cap: ₹6,116 Cr
Current price: ₹503.80
52W high / low: ₹666.60 / ₹341.35
Face value: ₹10.00
P/E: 22.82
P/B: 3.84
EPS (TTM): ₹22.07
Book value / share: ₹131.35
ROE: —
ROCE: 19.80%
Operating margin: —
Net margin: —
Debt / equity: 0.08
Net debt: ₹41.05 Cr
Interest cover: 19.60
Dividend yield: 0.03%
Dividend / share (TTM): ₹0.15
Payout: 0.68%
Cash conversion cycle: 167.2 days

Financials

Metric	Q1 FY27	Q4 FY26	Q3 FY26	Q2 FY26	Q1 FY26	Q4 FY25	Q3 FY25	Q2 FY25	Q1 FY25	Q4 FY24	Q3 FY24	Q2 FY24
Income statement
	300.71	263.56	311.11	299.51	233.20	269.65	255.78	222.88	175.31	161.17	147.07	139.22
	3.87	23.47	4.47	3.29	1.68	4.17	9.57	2.50	1.06	4.38	1.86	4.06
	304.58	287.03	315.58	302.80	234.88	273.81	265.35	225.38	176.37	165.55	148.94	143.29
	223.85	211.61	234.91	222.88	164.84	199.75	191.19	161.43	134.45	130.94	118.74	113.32
	147.63	176.96	210.73	202.63	167.96	201.32	147.76	156.06	102.61	141.93	109.64	117.85
	0.00	0.00	0.00	0.00	0.00	0.00	—	—	—	—	—	—
	11.10	9.48	9.21	8.80	7.69	6.27	6.14	6.05	5.07	4.02	3.98	3.76
	4.60	4.78	5.41	4.03	2.23	4.21	2.26	2.94	1.55	3.53	3.86	3.77
	3.31	3.19	2.93	2.15	1.69	0.87	0.85	0.83	0.80	0.62	0.51	0.46
	13.38	25.42	17.50	10.99	9.16	14.14	12.42	8.69	11.09	16.17	12.71	12.68
	80.73	75.42	80.67	79.92	70.04	74.06	74.16	63.95	41.91	34.61	30.20	29.96
	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
	80.73	75.42	80.67	79.92	70.04	74.06	74.16	63.95	41.91	34.61	30.20	29.96
	14.64	9.68	9.57	14.88	13.01	11.38	15.16	15.81	7.75	6.33	4.75	6.69
	66.09	65.74	71.09	65.04	57.03	62.69	59.01	48.14	34.17	28.28	25.45	23.27
	5.49	6.35	6.41	6.08	5.04	5.74	5.52	4.55	3.33	2.76	2.58	2.47
Key metrics
	88.64	83.39	89.01	86.10	73.96	79.14	77.27	67.72	44.26	38.76	34.57	34.19
	29.50%	31.60%	28.60%	28.70%	31.70%	29.30%	30.20%	30.40%	25.20%	24.00%	23.50%	24.60%
	22.00%	24.90%	22.90%	21.70%	24.50%	23.20%	23.10%	21.60%	19.50%	17.50%	17.30%	16.70%
	—	4.90%	—	6.60%	—	7.30%	—	—	—	—	—	—
	28.90%	-2.30%	21.60%	34.40%	33.00%	67.30%	73.90%	60.10%	—	—	—	—
	15.90%	4.90%	20.50%	35.10%	66.90%	121.70%	131.90%	106.90%	—	—	—	—

Metric	TTM	FY26	FY25	FY24	FY23	FY22
Income statement
	1,175	1,107	923.62	559.86	326.64	286.08
	35.10	32.92	17.14	10.41	12.65	8.53
	1,210	1,140	940.76	570.27	339.29	294.61
	893.25	834.24	686.82	456.43	288.72	255.31
	737.95	758.28	607.75	427.81	230.49	230.53
	0.00	0.00	0.00	—	—	—
	38.59	35.19	23.52	13.48	7.98	5.24
	18.82	16.45	10.96	13.64	10.53	5.23
	11.58	9.96	3.35	2.06	1.33	1.05
	67.29	63.08	46.34	50.94	42.09	23.52
	316.74	306.05	253.94	113.84	50.56	39.29
	0.00	0.00	0.00	0.00	0.00	-0.20
	316.74	306.05	253.94	113.84	50.56	39.09
	48.77	47.16	50.09	20.17	11.65	9.24
	267.96	258.89	203.86	93.67	38.91	29.84
	24.33	23.90	19.24	9.80	4.67	4.05
Key metrics
	347.14	332.46	268.25	129.54	62.42	45.37
	29.55%	30.00%	29.00%	23.10%	19.10%	15.90%
	22.81%	23.40%	22.10%	16.70%	11.90%	10.40%
	—	19.80%	24.70%	—	—	—
	19.70%	19.90%	65.00%	71.40%	14.20%	—
	18.11%	27.00%	117.60%	140.70%	30.40%	—
	—	-175.34	-268.18	—	—	—
	—	0.12	0.73	—	—	—
	—	0.08	0.03	—	—	—
	—	41.05	-57.17	—	—	—
	—	167.2	121.5	—	—	—
Balance sheet
	—	1,851	1,252	—	—	—
	—	793.84	567.68	—	—	—
	—	85.66	93.08	—	—	—
	—	425.10	327.27	—	—	—
	—	145.28	98.09	—	—	—
	—	121.32	39.29	—	—	—
	—	514.04	150.43	—	—	—
	—	63.07	118.01	—	—	—
	—	224.09	177.86	—	—	—
	—	126.71	35.91	—	—	—
	—	115.99	19.85	—	—	—
	—	10.72	16.06	—	—	—
	—	1,595	1,053	—	—	—
Cash flow
	—	31.70	148.24	—	—	—
	—	-353.96	-416.63	—	—	—
	—	314.84	273.52	—	—	—
	—	207.04	416.42	—	—	—

Metric	Q1 FY27	Q4 FY26	Q3 FY26	Q2 FY26	Q1 FY26	Q4 FY25	Q3 FY25	Q2 FY25	Q1 FY25	Q4 FY24	Q3 FY24	Q2 FY24
Income statement
	175.01	159.31	171.20	166.91	150.00	157.50	160.61	157.38	122.99	112.55	103.88	102.03
	2.77	23.55	4.38	3.30	2.06	4.34	9.41	2.50	1.19	4.48	1.86	4.14
	177.78	182.86	175.59	170.20	152.07	161.84	170.01	159.88	124.18	117.03	105.74	106.17
	125.35	128.13	127.47	119.74	105.01	111.97	115.10	112.15	92.38	89.96	82.32	82.05
	59.90	102.07	111.48	101.22	112.72	105.76	68.84	116.27	64.13	104.84	76.43	86.40
	0.00	0.00	0.00	0.00	0.00	0.00	—	—	—	—	—	—
	5.21	3.65	4.49	4.39	3.68	3.76	3.62	3.45	3.02	2.13	2.13	2.00
	4.59	4.78	5.36	4.02	2.22	4.24	2.25	2.93	1.54	3.52	3.86	3.76
	3.14	3.03	2.77	1.99	1.53	0.76	0.69	0.68	0.65	0.47	0.37	0.32
	9.95	22.21	14.86	8.43	6.23	9.25	12.34	6.61	9.70	13.73	10.61	11.16
	52.43	54.73	48.12	50.46	47.05	49.87	54.91	47.73	31.80	27.06	23.43	24.13
	0.00	0.00	0.00	0.00	0.00	0.00	—	—	—	—	—	—
	52.43	54.73	48.12	50.46	47.05	49.87	54.91	47.73	31.80	27.06	23.43	24.13
	14.64	9.68	9.57	14.88	13.01	11.38	15.16	15.81	7.75	6.34	4.75	6.69
	37.79	45.05	38.54	35.58	34.04	38.50	39.76	31.92	24.06	20.72	18.68	17.44
	3.11	3.85	3.37	3.12	3.01	3.51	3.63	3.02	2.34	2.02	1.90	1.85
Key metrics
	60.16	62.54	56.25	56.47	50.80	54.87	57.85	51.34	33.99	31.05	27.66	28.21
	34.40%	39.30%	32.90%	33.80%	33.90%	34.80%	36.00%	32.60%	27.60%	27.60%	26.60%	27.60%
	21.60%	28.30%	22.50%	21.30%	22.70%	24.40%	24.80%	20.30%	19.60%	18.40%	18.00%	17.10%
	—	4.20%	—	4.90%	—	5.60%	—	—	—	—	—	—
	16.70%	1.10%	6.60%	6.10%	22.00%	39.90%	54.60%	54.20%	—	—	—	—
	11.00%	17.00%	-3.10%	11.50%	41.50%	85.80%	112.80%	83.00%	—	—	—	—

Metric	TTM	FY26	FY25	FY24	FY23	FY22
Income statement
	672.43	647.42	598.48	388.08	269.06	285.06
	34.00	33.29	17.43	10.63	12.81	8.53
	706.43	680.72	615.91	398.71	281.87	293.58
	500.69	480.35	431.59	311.39	238.22	253.70
	374.67	427.60	355.00	289.00	187.26	228.25
	0.00	0.00	0.00	—	—	—
	17.74	16.20	13.84	7.79	6.03	5.24
	18.75	16.43	10.97	13.61	10.48	5.23
	10.93	9.32	2.79	1.48	1.19	1.05
	55.45	51.69	37.89	43.43	37.39	22.67
	205.74	200.36	184.32	87.32	43.65	39.88
	0.00	0.00	0.00	—	—	-0.20
	205.74	200.36	184.32	87.32	43.65	39.68
	48.77	47.16	50.09	20.18	11.65	9.24
	156.96	153.21	134.23	67.14	31.99	30.44
	13.45	13.38	12.55	7.02	3.84	4.09
Key metrics
	235.42	226.11	198.08	102.41	55.32	45.96
	35.01%	34.90%	33.10%	26.40%	20.60%	16.10%
	23.34%	23.70%	22.40%	17.30%	11.90%	10.70%
	—	15.50%	20.20%	—	—	—
	7.50%	8.20%	54.20%	44.20%	-5.60%	—
	8.83%	14.10%	99.90%	109.90%	5.10%	—
	—	-218.93	-268.14	—	—	—
	—	-0.10	1.10	—	—	—
	—	0.09	0.04	—	—	—
	—	42.23	-56.73	—	—	—
	—	225.2	139.4	—	—	—
Balance sheet
	—	1,613	1,141	—	—	—
	—	618.03	491.11	—	—	—
	—	84.48	92.64	—	—	—
	—	339.08	267.25	—	—	—
	—	112.57	73.22	—	—	—
	—	63.73	39.29	—	—	—
	—	509.39	145.61	—	—	—
	—	52.40	112.06	—	—	—
	—	211.09	174.51	—	—	—
	—	126.71	35.91	—	—	—
	—	115.99	19.85	—	—	—
	—	10.72	16.06	—	—	—
	—	1,370	948.87	—	—	—
Cash flow
	—	-15.93	148.11	—	—	—
	—	-332.79	-416.45	—	—	—
	—	340.56	273.51	—	—	—
	—	203.00	416.25	—	—	—

Compounded growth

Standalone

Sales CAGR 3Y: +34.00%
Sales CAGR 5Y: —
Profit CAGR 3Y: +68.56%
Profit CAGR 5Y: —
Sales YoY (TTM): +7.50%
Profit YoY (TTM): +8.83%

Consolidated

Sales CAGR 3Y: +50.22%
Sales CAGR 5Y: —
Profit CAGR 3Y: +88.08%
Profit CAGR 5Y: —
Sales YoY (TTM): +19.70%
Profit YoY (TTM): +18.11%

Compounded from reported annual figures. We publish no share-price CAGR: our prices are as-traded, so one would be wrong across every split and bonus issue.

Shareholding as of 30 Sep 2026

Promoter holding: 53.99%

Quarter	September 2026	June 2026
Promoter %	53.99%	53.52%

Holder	Type	Holding	Previous	Change
JASPALSINGH PREHLADSINGH CHANDOCK	Promoter	49.80%	50.52%	-0.72%
ENFORCEMENT DIRECTORATE RAIPUR	Public	3.81%	3.86%	-0.05%
TRIMAAN JASPALSINGH CHANDOCK	Promoter	2.12%	0.90%	+1.22%
JAIKARAN JASPALSINGH CHANDOCK	Promoter	2.07%	2.10%	-0.03%
EBISU GLOBAL OPPORTUNITIES FUND LIMITED	Public	1.73%	1.75%	-0.02%
ASHISH KACHOLIA	Public	1.56%	1.58%	-0.02%
BENGAL FINANCE AND INVESTMENT PVT LTD	Public	1.15%	1.17%	-0.02%
NOVA GLOBAL OPPORTUNITIES FUND PCC - TOUCHSTONE	Public	1.10%	1.06%	+0.04%
HITESH NATWARLAL KAWA	Public	1.07%	1.27%	-0.20%
SHIVAPUTRA G BELLAD	Promoter	0.00%	0.00%	0.00%
PRASHANT SHIVPUTRA BELLAD	Promoter	0.00%	0.00%	0.00%
MIMI AGARWALLA	Public	0.00%	0.00%	0.00%

Public shareholders are disclosed individually only above 1%.

Peer comparison

Company	Mkt cap (₹ Cr)	Price (₹)	P/E	ROCE	Sales YoY	Profit YoY	1Y return
PTC Industries Ltd.	38,800	24,483.60	308.93	8.00%	+94.62% TTM	+104.94% TTM	+42.29%
AIA Engineering Ltd.	30,093	3,224.65	24.33	19.80%	+7.05% TTM	+9.74% TTM	-3.16%
Happy Forgings Limited	17,505	1,854.30	53.47	18.90%	+15.53% TTM	+21.60% TTM	+82.83%
BALU FORGE INDUSTRIES LIMITED	6,116	503.80	22.82	19.80%	+19.70% TTM	+18.11% TTM	-20.12%
Steelcast Ltd. S	3,695	365.10	40.75	28.60%	+8.91% TTM	+14.58% TTM	+69.38%
Amic Forging Limited	2,209	2,055.25	—	18.70%	—	—	+28.67%
Nelcast Limited	1,411	162.20	26.87	14.20%	+15.42% TTM	+42.73% TTM	+42.91%
Investment & Precision Castings Ltd	1,394	1,393.50	95.59	17.80%	+16.58% TTM	+143.81% TTM	+171.80%
Synergy Green Industries Limited S	846	544.50	-52.01	10.60%	+14.75% TTM	-204.76% TTM	+1.99%
Neetu Yoshi Limited	773	199.25	—	23.00%	—	—	+66.04%
Magna Electro Castings Ltd. S	530	1,253.30	34.12	16.40%	+8.71% TTM	-32.57% TTM	+20.64%
Kalyani Forge Ltd. S	319	876.45	25.73	15.80%	-2.75% TTM	+32.09% TTM	+27.74%
Nitin Castings Limited S	229	444.80	30.09	14.80%	—	—	-11.59%
KRISHANVEER FORGE LIMITED S	155	141.25	13.47	27.00%	+12.95% TTM	+75.92% TTM	+0.71%
Gujarat Intrux Limited S	144	420.00	14.40	20.80%	+12.41% TTM	+1.52% TTM	-1.35%
Samrat Forgings Limited S	122	245.00	26.75	13.60%	+2.07% TTM	-4.78% TTM	-9.64%
KVS Castings Limited S	122	64.99	17.28	11.70%	—	—	-3.93%
Smiths & Founders (India) Limited S	95	9.31	71.62	8.30%	+4.80% TTM	-0.74% TTM	+79.04%
HILTON METAL FORGING LIMITED S	79	15.29	15.44	6.40%	+76.94% TTM	-11.13% TTM	—
Creative Castings Limited S	77	592.25	14.52	13.30%	+28.06% TTM	+54.97% TTM	-0.11%
SHAYONA ENGINEERING LIMITED S	74	190.20	—	19.20%	—	—	—
Super Iron Foundry Limited	71	30.35	—	12.00%	—	—	-34.02%
Swastika Castal Limited S	67	82.00	18.22	18.90%	—	—	+2.50%
ADVANCE TECHNOFORGE LIMITED	66	72.60	—	—	—	—	—

Filings & corporate actions

Recent announcements

Execution of Defence Order2 Nov 2026 · Company Update / Press Release / Media Release
Compliance Certificate under Reg. 74(5) of SEBI (DP) Regulations, 2018 for the quarter ended September 30, 202617 Oct 2026 · Company Update / Certificate under Reg. 74 (5) of SEBI (DP) Regulations, 2018
Announcement under Regulation 30(5) - SEBI LODR16 Oct 2026 · Company Update / General
Details of Voting Result and Scrtuinizer''s Report of the 37th AGM.3 Oct 2026 · AGM/EGM / AGM
Summary of the proceedings of 37th AGM of the members of the Company.30 Sep 2026 · AGM/EGM / AGM
Closure of Trading Window26 Sep 2026 · Insider Trading / SAST / Closure of Trading Window
Resignation of Ms. Tabassum Begum as Company Secretary & Compliance Officer w.e.f 26.09.2026 and Appointment of Mr. Amit Vinaybhai Jain as Company Secretary & Compliance Officer w.e.f 15.10.2026.26 Sep 2026 · Company Update / Change in Management
Appointment of Mr. Amit Vinaybhai Jain as Company Secretary & Compliance Officer w.e.f October 15, 2026.26 Sep 2026 · Company Update / Appointment of Company Secretary / Compliance Officer
Resignation of Ms. Tabassum Begum as Company Secretary & Compliance Officer w.e.f 26.09.2026 due to marriage & relocation.26 Sep 2026 · Company Update / Resignation of Company Secretary / Compliance Officer
Newspaper Publication8 Sep 2026 · Company Update / Newspaper Publication
Intimation of schedule of Analyst / Institutional Investor Meeting pursuant to Regulation 30 of SEBI (LODR) Regulations, 2015, to be held on Friday, September 11, 2026.8 Sep 2026 · Company Update / Analyst / Investor Meet
Intimation under Regulation 30 and 36(1)(b) of the SEBI (LODR) Regulations, 2015, the Company has dispatched Individual Letters to Shareholders providing Web-Link to Annual Report for the FY 2025-26.7 Sep 2026 · Company Update / General
Please find enclosed Business Responsibility and Sustainability Reporting (BRSR) for the FY 2025-26.7 Sep 2026 · Others / Business Responsibility and Sustainability Reporting (BRSR)
In terms of Regulation 34 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, please find enclosed herewith the copy of Annual Report of the Company for the financial ....7 Sep 2026 · Others / Reg. 34 (1) Annual Report
Submission of Notice of the 37th AGM of the Company for the FY 2025-26.7 Sep 2026 · AGM/EGM / AGM
Intimation of schedule of Analyst / Institutional Investor Meeting pursuant to Regulation 30 of SEBI (LODR) Regulations, 2015, to be held on Thursday, September 10, 2026.7 Sep 2026 · Company Update / Analyst / Investor Meet
Intimaion of Book Closure for the purpose of AGM7 Sep 2026 · Corp. Action / Book Closure
Intimation of Book Closure for the purpose of Dividend7 Sep 2026 · Company Update / General
Intimation regarding declaration of Final Dividend for the FY 2025-267 Sep 2026 · Corp. Action / Dividend
Intimation regarding declaration of Final Dividend for the Dividend for the FY 2025-26.7 Sep 2026 · Corp Action / Dividend Updates
In pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, we would like to inform you that the meeting of the Board of Directors of the ....7 Sep 2026 · Board Meeting / Outcome of Board Meeting
Newspaper Publication4 Sep 2026 · Company Update / Newspaper Publication
Pursuant to Regulation 44(3) of the SEBI (LODR) Regulations, 2015, please find enclosed herewith the details of Voting Results and Scrutinizer''s Report thereon dated 04th September, 2026.4 Sep 2026 · AGM/EGM / EGM
Pursuant to regulation 30 of the SEBI (LODR) Regulations, 2015, please find enclosed herewith Proceedings of the (01st/2026-27) Extra Ordinary General Meetings of the Members of Balu Forge ....4 Sep 2026 · AGM/EGM / EGM
Intimation of schedule of Analyst / Institutional Investor Meeting pursuant to Regulation 30 of SEBI (LODR) Regulations, 2015, to be held on Tuesday, September 08, 2026.3 Sep 2026 · Company Update / Analyst / Investor Meet
Please find enclosed the Press Release regarding acquisition of Ring Rolling Production Line.3 Sep 2026 · Company Update / General
Pursuant to Regulation 30 of SEBI (Listing Obligations and Dsiclosure Requirements) Regulations, 2015, this is to inform you that the Company has engaged, "GoIndia Advisors LLP" for providing ....2 Sep 2026 · Company Update / General
Balu Forge Industries Ltdhas informed BSE that the meeting of the Board of Directors of the Company is scheduled on 07/09/2026 ,inter alia, to consider and approve 1. To recommend final ....2 Sep 2026 · Board Meeting / Board Meeting
Please find enclosed the Press Release regaring receipt of multi month contract for 155mm ERFB BB/BT Shells.17 Aug 2026 · Company Update / General
Please find enclosed Monitoring Agency Report for the quarter ended June 30, 2026.14 Aug 2026 · Company Update / Monitoring Agency Report
Please find enclosed Statement pursuant to Regulation 32 of the SEBI (LODR) Regulations, 2015, for the Quarter ended June 30, 2026.14 Aug 2026 · Company Update / Reg. 32 (1), (3) - Statement of Deviation & Variation
Intimation of submission of newspaper publication of post-dispatch of Notice of (01/2026-27) EGM.14 Aug 2026 · Company Update / Newspaper Publication
Newspaper Publication regarding Un-audited Financial Results for the Quarter ended June 30, 2026.14 Aug 2026 · Company Update / Newspaper Publication
Intimation of Schedule of Investors Meeting/ Analysts Meeting pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, on Thursday, August 20, 2026.14 Aug 2026 · Company Update / Analyst / Investor Meet
Submission of Notice of the (01/2026-27) Extra-Ordinary General Meeting under Regulation 30 of the SEBI (LODR) Regulations, 2015.13 Aug 2026 · AGM/EGM / EGM
Intimation of raising of funds by way of issuance of Foreign Currency Convertible Bonds ("FCCBs").12 Aug 2026 · Company Update / General
Pursuant to Regulation 33 of the SEBI (LODR) Regulations, 2015, please find enclosed Un-audited Financial Results for the quarter ended June 30, 2026.12 Aug 2026 · Result / Financial Results
Pursuant to regulation 30 of the SEBI (LODR) Regulations, 2015, please find enclosed Press Release regarding Financial Results for the quarter ended June 30, 2026.12 Aug 2026 · Company Update / Press Release / Media Release
Earnings Release for the quarter ended June 30, 2026.12 Aug 2026 · Company Update / General
Outcome of Board Meeting12 Aug 2026 · Board Meeting / Outcome of Board Meeting

Corporate actions

Purpose	Ex date	Record date	Payment date
Final Dividend - Rs. - 0.1500	18 Sep 2026	18 Sep 2026	—
Final Dividend - Rs. - 0.1500	19 Sep 2025	19 Sep 2025	—
Final Dividend - Rs. - 0.1500	20 Sep 2024	20 Sep 2024	—

Board meetings

12 Aug 2026 Board Meeting - Financial Results