āagman

Not investment advice. Data and computed figures, for information only.

Balu Forge Industries Ltd

NSE: BALUFORGE
₹480.70
+₹4.25 (+0.89%)
NSE · 16 Oct 2026, close
NSE
As of 31 Mar 2026
Market Cap
₹5,841 Cr
CMP
₹480.70
52-wk High / Low
₹667 / 341
P/E
21.8
P/B
3.7
Book Value
₹131.0
Div Yield
0.03%
ROCE
23.0%
ROE
19.6%
Face Value
₹10
D/E
0.10

Price−26.4% over 1Y

āagman read

Computed by āagman
Derived from 6 years and 13 quarters of filings. Not reported by the company.
As of 16 Oct 2026
How we compute these
Piotroski F-Score
2
/ 9
2 of 9 F-score tests passed
Graham Number
₹251
√(22.5 × EPS × book value per share)
ROIC
14.1%
vs 12.3% sector median
Cash flow to profit
0.12
CFO / PAT
Above 1.0 = operating cash flow exceeded reported profit
Margin change
−266
bps OPM YoY
Operating margin vs the same quarter last year
Sustainable growth
19.5%
ROE × earnings retention ratio
ROE stability
1.4
pp σ
Standard deviation of ROE across periods. Lower = more stable
Holder deltas
QoQ
pp
Prom −0.88FII −0.99DII +0.06
Latest quarter vs the previous one
Cash-accrual divergence
14.6%
of assets
Low = accruals track cash flow
Strengths
+ROCE has stayed above the sector median for 5 consecutive years (weakest: 23% vs the 2026 sector median of 19%)
+PE of 21.8x is below the sector median of 43.6x
Watch-outs
−Price trades below its 200-day moving average (1.0x)
−Annualised volatility of 51.8% is in the high band (≥45%)
−Promoter holding fell by 11.9pp over the last year
−Piotroski F-Score of 2/9 is in the weak band (≤3)
−Balance-sheet accruals of 14.6% of average assets — earnings are not cash-backed

Peer comparison

Peers
NameP/EMar Cap ₹ CrROCE %ROE %

Quarterly results

Consolidated basis (as filed) · ₹ Cr · 13 quarters
As of 30 Jun 2026
Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Sales112139147161175223256270233300311264301
Expenses90109114127132158188195161217227204216
Operating Profit22303334436568757283856085
OPM %19.6%21.6%22.4%21.1%24.6%29.1%26.6%27.8%30.9%27.7%27.3%22.7%28.2%
Other Income042412104234234
Interest2444232424555
Depreciation0011111122333
Profit before tax19303035426474747080817581
Net Profit17232528344859635765716666
EPS (₹)2.002.322.462.763.334.395.395.735.005.716.185.425.44

Profit & Loss

As of 30 Jun 2026
Consolidated · ₹ Cr · 6 years + TTM
Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales1422863275609241,1071,175
Expenses130249277441673808863
Operating Profit123750119251300312
OPM %8.5%12.9%15.3%21.3%27.2%27.1%26.6%
Other Income581310173335
Interest751114111619
Depreciation111231012
Profit before tax103951114254306317
Net Profit8303993204259268
EPS (₹)1.113.634.679.1118.6321.3322.75

Balance Sheet

As of 30 Jun 2026
Consolidated · ₹ Cr
Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026Jun 2026
Equity Capital698283103111121—
Reserves9761144509421,473—
Borrowings2647524940152—
Other Liabilities6878121111159104—
Total Liabilities1712843717121,2521,851—
Fixed Assets42424857183547—
CWIP077130417277—
Investments000000—
Other Assets1292353165256521,027—
Total Assets1712843717121,2521,851—

Cash Flows

As of 31 Mar 2026
Consolidated · ₹ Cr
Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Cash from Operating Activity17−5826−3214832
Cash from Investing Activity−3−8−21−134−416−354
Cash from Financing Activity−1269−6249273315
Net Cash Flow24−1835−7

Ratios

As of 31 Mar 2026
6 periods
Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
ROCE %—29.027.030.031.023.0
ROE %—————19.6
EPS (₹)1.113.634.679.1118.6321.33
Book Value (₹)—————131.0
Face Value (₹)—————10
P/E—————21.8
Div Yield %—————0.03
NPM %5.410.211.516.321.722.7
OPM %9.013.015.021.027.027.0
D/E0.330.300.260.090.040.10
P/B—————3.7

Growth

As of 11 Oct 2026
Compounded sales growth
5 years+51.0%
3 years+50.0%
TTM+20.0%
Compounded profit growth
5 years+102.0%
3 years+88.0%
TTM+18.0%
Stock price CAGR
10 years+25.0%
5 years+13.0%
3 years+28.0%
Last year−29.0%
Return on equity
5 years22.0%
3 years22.0%
Last year20.0%

Shareholding pattern

As of 31 Mar 2026
Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Promoters56.00%56.00%56.00%24.59%24.59%69.85%66.24%65.41%56.07%55.25%54.39%53.51%
FIIs0.00%0.00%0.00%0.00%0.00%10.93%11.74%7.67%9.71%7.07%6.03%5.04%
DIIs0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%1.88%1.07%0.89%0.95%
Government0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%4.17%4.02%3.86%
Public44.00%44.00%44.00%75.41%75.41%19.22%22.02%26.92%32.34%32.43%34.68%36.64%
No. of shareholders1,5641,5641,5611,5861,6341,6813,2097,80623,72373,28379,71183,997
Change since Jun 2023 (pp)
Promoters −2.49FIIs +5.04DIIs +0.95Public −7.36

Documents

As of 11 Oct 2026
Announcements
Shareholder Meeting / Postal Ballot-Scrutinizer''s ReportShareholder Meeting / Postal Ballot-Outcome of AGMClosure of Trading WindowAnnouncement under Regulation 30 (LODR)-Change in ManagementAppointment of Company Secretary and Compliance Officer
Annual reports
Annual Report 2026Annual Report 2025Annual Report 2024Annual Report 2023Annual Report 2022
Credit ratings
Rating updateRating updateRating updateRating updateRating update
Concalls
Jun 2026PPTMay 2026PPTFeb 2026PPTNov 2025PPTAug 2025PPT

Corporate actions

As of 18 Sep 2026
18 Sep 2026DIVIDENDDividend - Re 0.15 Per Share—
19 Sep 2025DIVIDENDDividend - Re 0.15 Per Share—
20 Sep 2024DIVIDENDDividend - Rs 0.15 Per Share—
Fundamentals from a third-party compiler of exchange filings; prices from the exchanges. Not investment advice.© 2026 āagman