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Last Updated: April 2, 2026, 4:12 am
Author: Getaka|Social: XLinkedIn
Stock Ticker - BSE: 531112 | NSE: BALUFORGE

Balu Forge Industries Ltd: Intrinsic Value & Share Price Analysis

Fair Value

₹447.58Fairly Valued by 5.31%vs CMP ₹425.00

P/E (20.2) × ROE (25.4%) × BV (₹109.00) × DY (0.04%)

₹318.31Overvalued by 25.10%vs CMP ₹425.00
MoS: -33.5% (Negative)Confidence: 58/100 (Moderate)Models: 2 Under, 7 Over
ModelCategoryValueWeightSignal
PE-ROEEarnings₹645.3523%Under (+51.8%)
Graham NumberEarnings₹235.5317%Over (-44.6%)
Earnings PowerEarnings₹63.6711%Over (-85%)
DCFCash Flow₹511.1511%Under (+20.3%)
Net Asset ValueAssets₹102.997%Over (-75.8%)
EV/EBITDAEnterprise₹244.589%Over (-42.5%)
Earnings YieldEarnings₹226.207%Over (-46.8%)
ROCE CapitalReturns₹165.919%Over (-61%)
Revenue MultipleRevenue₹114.296%Over (-73.1%)
Consensus (9 models)₹318.31100%Overvalued
Key Drivers: EPS CAGR 44.2% lifts DCF — verify sustainability. | Wide model spread (₹64–₹645) — high uncertainty.

PE-ROE · Graham · EPV · DCF · NAV · EV/EBITDA · DDM · Earnings Yield · ROCE Capital · Revenue Multiple | CoE: 12% · Terminal: 4% · EPS CAGR: 44.2%

*Investments are subject to market risks

Investment Snapshot

78
Balu Forge Industries Ltd scores 78/100 (Strong)
Based on 5 dimensions: health, institutional flow, earnings quality, momentum, and peer comparison
Stock Health87/100 · Strong
ROCE 31.3% ExcellentROE 25.4% ExcellentD/E 0.30 ModerateInterest Coverage 0.0x RiskyProfitable 5/5 years Consistent
Smart Money50/100 · Moderate
FII holding stable No changePromoter holding at 54.0% Stable
Earnings Quality65/100 · Strong
OPM expanding (14% → 24%) Improving
Quarterly Momentum90/100 · Strong
Revenue (4Q): +37% YoY AcceleratingProfit (4Q): +51% YoY Strong
Industry Rank85/100 · Strong
P/E 20.2 vs industry 35.5 Cheaper than peersROCE 31.3% vs industry 37.7% AverageROE 25.4% vs industry 16.9% Above peers3Y sales CAGR: 48% High growth

Weights: Health 30% · Earnings Quality 25% · Momentum 20% · Industry Rank 15% · Smart Money 10%. Scores are computed from reported financials and recalculated daily. Not investment advice.

Share Price and Basic Stock Data

Last Updated: April 2, 2026, 4:12 am

Market Cap 5,154 Cr.
Current Price 425
Intrinsic Value₹318.31
High / Low 784/341
Stock P/E20.2
Book Value 109
Dividend Yield0.04 %
ROCE31.3 %
ROE25.4 %
Face Value 10.0
PEG Ratio0.46

Stock P/E, Current Price, and Intrinsic Value Over Time

View Share Price Target for Balu Forge Industries Ltd

Competitors

Stock Name ⇩Market Cap ⇩Current Price ⇩High / Low ⇩Stock P/E ⇩Book Value ⇩Dividend Yield ⇩ROCE ⇩ROE ⇩Face Value ⇩
Balu Forge Industries Ltd 5,154 Cr. 425 784/34120.2 1090.04 %31.3 %25.4 % 10.0
Skipper Ltd 3,986 Cr. 353 588/30021.7 1120.03 %24.4 %14.2 % 1.00
Sterling & Wilson Renewable Energy Ltd 3,821 Cr. 164 349/14818.1 20.10.00 %17.0 %8.19 % 1.00
Pitti Engineering Ltd 2,774 Cr. 737 1,120/67526.4 2430.20 %15.7 %15.9 % 5.00
Bondada Engineering Ltd 2,745 Cr. 246 510/21514.1 51.80.04 %39.5 %36.2 % 2.00
Industry Average3,678.83 Cr421.0935.53118.780.36%37.74%16.87%6.04

All Competitor Stocks of Balu Forge Industries Ltd

Quarterly Result

MetricDec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025
Sales 89124112139147161175223256270233300311
Expenses 7210390109114127132158188195161217227
Operating Profit 18212230333443656875728385
OPM % 20%17%19%22%22%21%25%29%26%28%31%28%27%
Other Income 31042412104234
Interest 3424442324245
Depreciation 0000111111223
Profit before tax 17171930303542647474708081
Tax % 33%12%13%22%16%18%18%25%20%15%19%19%12%
Net Profit 11151723252834485963576571
EPS in Rs 1.371.832.002.322.462.763.334.395.395.735.005.716.18

Last Updated: March 3, 2026, 11:58 am

Quarterly Chart

Profit & Loss - Annual Report

Last Updated: February 27, 2026, 12:35 am

MetricMar 2021Mar 2022Mar 2023Mar 2024Mar 2025TTM
Sales 1422863275609241,113
Expenses 130249277441673799
Operating Profit 123750119251315
OPM % 9%13%15%21%27%28%
Other Income 5813101714
Interest 7511141116
Depreciation 111238
Profit before tax 103951114254305
Tax % 22%24%23%18%20%
Net Profit 8303993204256
EPS in Rs 1.113.634.679.1118.6322.62
Dividend Payout % 0%3%0%2%1%

Profit & Loss Yearly Chart

YoY Net Profit Growth

Year2021-20222022-20232023-20242024-2025
YoY Net Profit Growth (%)275.00%30.00%138.46%119.35%
Change in YoY Net Profit Growth (%)0.00%-245.00%108.46%-19.11%

Balu Forge Industries Ltd has shown an inconsistent trend in YoY Net Profit Growth (%) in the last 4 years from 2021-2022 to 2024-2025.

Growth

Compounded Sales Growth
10 Years:%
5 Years:%
3 Years:48%
TTM:58%
Compounded Profit Growth
10 Years:%
5 Years:%
3 Years:89%
TTM:104%
Stock Price CAGR
10 Years:32%
5 Years:46%
3 Years:130%
1 Year:-13%
Return on Equity
10 Years:%
5 Years:%
3 Years:25%
Last Year:25%

Last Updated: September 5, 2025, 2:36 pm

Balance Sheet

Last Updated: February 1, 2026, 4:24 am

MonthMar 2021Mar 2022Mar 2023Mar 2024Mar 2025Sep 2025
Equity Capital 698283103111114
Reserves 9761144509421,135
Borrowings 264752494082
Other Liabilities 6878121111159194
Total Liabilities 1712843717121,2521,524
Fixed Assets 42424857183436
CWIP 077130417351
Investments 000000
Other Assets 129235316525652737
Total Assets 1712843717121,2521,524

Reserves and Borrowings Chart

Cash Flow

MonthMar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Cash from Operating Activity + 17-5826-32148
Cash from Investing Activity + -3-8-21-134-417
Cash from Financing Activity + -1269-6249274
Net Cash Flow 24-1835
Free Cash Flow 14-655-166-268
CFO/OP 159%-161%52%-12%73%

Free Cash Flow

MonthMar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Free Cash Flow-14.00-10.00-2.0070.00211.00

Free Cash Flow = Income Generated from Operational Activities - Borrowings - Capital Work in Progress (CWIP)

Consistent positive free cash flow is crucial for businesses as it indicates their ability to generate cash from their core operations. It provides financial flexibility, allowing companies to invest in growth opportunities, pay dividends to shareholders, reduce debt, and weather economic downturns more effectively.

Free Cash Flow Chart

Financial Efficiency Indicators

MonthMar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Debtor Days 156165235142129
Inventory Days 6670568759
Days Payable 157751057871
Cash Conversion Cycle 65160186151117
Working Capital Days 113141146175114
ROCE %29%27%30%31%

Financial Efficiency Indicators Chart

Share Holding Pattern

MonthJun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Promoters 65.41%57.47%56.07%56.07%56.07%54.71%54.71%55.25%54.85%54.85%54.87%53.99%
FIIs 5.55%6.48%8.77%9.71%8.51%10.43%6.93%7.07%8.20%8.33%7.94%7.47%
DIIs 0.00%2.00%1.95%1.88%1.43%0.93%0.97%1.07%0.86%0.83%0.80%0.83%
Government 0.00%0.00%0.00%0.00%0.00%0.00%4.23%4.17%4.06%4.06%4.06%3.81%
Public 29.05%34.05%33.21%32.34%33.99%33.93%33.16%32.43%32.03%31.93%32.34%33.89%
No. of Shareholders 12,12913,79818,05423,72329,41950,95566,31073,28377,24372,35170,44579,481

Shareholding Pattern Chart

No. of Shareholders

Balu Forge Industries Ltd: Intrinsic Value & Share Price Analysis - Shareholder trend analysis

This stock is not held by any mutual fund.

ROCE Trend

EPS Trend

Key Financial Ratios

MonthMar 25Mar 24Mar 23Mar 22Mar 21
FaceValue 10.0010.0010.0010.0010.00
Basic EPS (Rs.) 19.249.804.674.051.85
Diluted EPS (Rs.) 18.389.744.673.611.64
Cash EPS (Rs.) 18.719.334.833.751.28
Book Value[Excl.RevalReserv]/Share (Rs.) 95.0853.9023.7119.2711.30
Book Value[Incl.RevalReserv]/Share (Rs.) 95.0853.9023.7119.2711.30
Revenue From Operations / Share (Rs.) 83.3854.5739.1834.7520.71
PBDIT / Share (Rs.) 24.2212.637.495.542.55
PBIT / Share (Rs.) 23.9112.437.335.412.38
PBT / Share (Rs.) 22.9311.106.074.751.42
Net Profit / Share (Rs.) 18.409.134.673.631.11
NP After MI And SOA / Share (Rs.) 18.409.134.673.631.11
PBDIT Margin (%) 29.0423.1319.1115.9312.31
PBIT Margin (%) 28.6822.7718.7015.5611.50
PBT Margin (%) 27.4920.3315.4813.666.85
Net Profit Margin (%) 22.0716.7311.9110.435.36
NP After MI And SOA Margin (%) 22.0716.7311.9110.435.36
Return on Networth / Equity (%) 19.3516.9419.6818.819.82
Return on Capital Employeed (%) 24.7422.0229.0726.6018.14
Return On Assets (%) 16.2713.1410.4910.494.44
Long Term Debt / Equity (X) 0.010.040.050.040.13
Total Debt / Equity (X) 0.030.080.250.290.30
Asset Turnover Ratio (%) 0.941.030.991.250.00
Current Ratio (X) 3.123.691.862.001.58
Quick Ratio (X) 2.583.021.641.641.33
Inventory Turnover Ratio (X) 9.856.885.977.520.00
Dividend Payout Ratio (NP) (%) 0.770.000.002.480.00
Dividend Payout Ratio (CP) (%) 0.750.000.002.400.00
Earning Retention Ratio (%) 99.230.000.0097.520.00
Cash Earning Retention Ratio (%) 99.250.000.0097.600.00
Interest Coverage Ratio (X) 24.489.505.938.712.65
Interest Coverage Ratio (Post Tax) (X) 19.617.874.696.742.15
Enterprise Value (Cr.) 7009.402056.42774.881018.941459.34
EV / Net Operating Revenue (X) 7.593.672.373.5610.27
EV / EBITDA (X) 26.1315.8812.4122.3683.43
MarketCap / Net Operating Revenue (X) 7.653.752.243.4210.12
Retention Ratios (%) 99.220.000.0097.510.00
Price / BV (X) 6.713.793.706.1818.56
Price / Net Operating Revenue (X) 7.653.752.243.4210.12
EarningsYield 0.020.040.050.030.01

Profitability Ratios (%)

Liquidity Ratios

Liquidity Ratios (%)

Interest Coverage Ratios (%)

Valuation Ratios

About the Company - Qualitative Analysis

Balu Forge Industries Ltd. is a Public Limited Listed company incorporated on 17/03/1989 and has its registered office in the State of Maharashtra, India. Company's Corporate Identification Number(CIN) is L29100MH1989PLC255933 and registration number is 255933. Currently Company is involved in the business activities of Manufacture of other transport equipment. Company's Total Operating Revenue is Rs. 598.48 Cr. and Equity Capital is Rs. 110.77 Cr. for the Year ended 31/03/2025.
INDUSTRYADDRESSCONTACT
Engineering - General506, 5th Floor, Imperial Palace, Mumbai Maharashtra 400069Contact not found
Management
NamePosition Held
Mr. Jaspalsingh ChandockChairman & Managing Director
Mr. Trimaan Jaspalsingh ChandockExecutive Director
Mr. Jaikaran Jaspalsingh ChandockExecutive Director
Mr. Radheshyam SoniIndependent Director
Ms. Shalu BhandariIndependent Director
Mr. Raghavendra Raj MehtaIndependent Director

FAQ

What is the intrinsic value of Balu Forge Industries Ltd and is it undervalued?

As of 14 April 2026, Balu Forge Industries Ltd's intrinsic value is ₹318.31, which is 25.10% lower than the current market price of ₹425.00, suggesting the stock is overvalued. This is calculated using the PE ratio method factoring in ROE (25.4 %), book value (₹109), dividend yield (0.04 %), and 5-year EPS CAGR.

What is the current share price and 52-week range of Balu Forge Industries Ltd?

Balu Forge Industries Ltd is trading at ₹425.00 as of 14 April 2026, with a FY2026-2027 high of ₹784 and low of ₹341. The stock is currently near its 52-week low. Market cap stands at ₹5,154 Cr..

How does Balu Forge Industries Ltd's P/E ratio compare to its industry?

Balu Forge Industries Ltd has a P/E ratio of 20.2, which is below the industry average of 35.53. This is broadly in line with or below the industry average.

Is Balu Forge Industries Ltd financially healthy?

Key indicators for Balu Forge Industries Ltd: ROCE of 31.3 % indicates efficient capital utilization; ROE of 25.4 % shows strong shareholder returns. Dividend yield is 0.04 %.

Is Balu Forge Industries Ltd profitable and how is the profit trend?

Balu Forge Industries Ltd reported a net profit of ₹204 Cr in Mar 2025 on revenue of ₹924 Cr. Compared to ₹30 Cr in Mar 2022, the net profit shows an improving trend.

Does Balu Forge Industries Ltd pay dividends?

Balu Forge Industries Ltd has a dividend yield of 0.04 % at the current price of ₹425.00. The company pays dividends, though the yield is modest.

Disclaimer: This article is for informational purposes only and should not be construed as financial advice. The author is not a SEBI registered financial advisor and does not have any vested interest in Balu Forge Industries Ltd. Investors are advised to conduct their own due diligence and consult with a financial professional before making any investment decisions. The information provided in this article is based on publicly available data and the author's analysis, but it may not be comprehensive or up-to-date. The author and getaka.co.in are not responsible for any errors or omissions in the content. This article is not intended to promote any particular investment strategy or recommendation, and readers should consult with their own financial advisors before making any investment decisions. Data Source: NSE
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