BALUFORGE

Balu Forge share price & financials

Price
₹448.75
Market cap
₹6.5k Cr
Sector
Capital Goods

What Balu Forge does

Balu Forge Industries manufactures forged and precision-machined components (crankshafts, railway wheels, turbine blades, empty shells, brake and chassis parts, hydraulic motors, lifting hooks and more) for original equipment manufacturers across automotive, defence, aerospace, railway, oil & gas, power generation, agriculture, earth-moving and industrial-machinery end-markets. It operates vertically integrated forging, heat-treatment and machining lines and earns revenue by supplying finished precision components under long-term OEM and defence supply contracts, mostly on an Ex-Works export basis. The company is expanding into higher-value defence and aerospace components, including large-calibre ammunition (empty shells) and has entered the NATO supply chain and secured its first aerospace order (Alpha Aircraft Systems Inc., USA).

Segments

  • Auto Components
  • Non-Auto Components
Manufacturing facilities
4 units (3 in Karnataka, India + 1 in UAE)
Installed machining capacity
80,000+ MTPA (22,000+ MTPA Belgaum + 58,000+ MTPA Hattargi)
Installed forging capacity
100,000+ MTPA at Hattargi, being expanded to 1,50,000+ MTPA
Global OEM customers
25+ OEMs across 80+ countries
Dedicated R&D team
75 personnel
Product approvals in defence/aerospace/railways
180+ products approved
Founded 1989 Company website

Quarterly results

Q1 FY27: revenue up 29.2%, net profit up 15.8% against the same quarter last year.

₹ Cr · quarterly
Line itemQ2 FY25Q3 FY25Q4 FY25Q1 FY26Q2 FY26Q3 FY26Q4 FY26Q1 FY27
Revenue223 256 270 233 300 +35%311 +21%264 −2%301 +29%
EBITDA65 68 75 72 83 +28%85 +25%60 −20%85 +18%
Net profit48 59 63 57 65 +35%71 +20%66 +5%66 +16%
How to read this

₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.

Performance −19.3% 1Y

₹400₹500₹600₹700Sept 25Oct 25Dec 25Jan 26Mar 26Apr 26Jun 26Jul 26Sept 26

1Y: ₹661.3 on 10 Sept 2025 → ₹533.4. High ₹684.55 (12 Sept 2025), low ₹356.3 (28 Jan 2026).

Financials, as filed

Revenue grew 50.0% a year over 3 years, FY23 to FY26. Operating margin widened to 27.1%.

Year endingFY23FY24FY25FY26
Revenue₹328 Cr₹559 Cr₹924 Cr₹1.1k Cr
Operating profit₹52 Cr₹119 Cr₹251 Cr₹300 Cr
Operating margin15.9%21.3%27.2%27.1%
Interest₹12 Cr₹14 Cr₹11 Cr₹16 Cr
Depreciation₹0 Cr₹2 Cr₹4 Cr₹10 Cr
Net profit₹38 Cr₹93 Cr₹204 Cr₹259 Cr
Net margin11.6%16.6%22.1%23.4%
Cash from operations₹26 Cr₹-32 Cr₹148 Cr₹32 Cr
Free cash flow₹5 Cr₹-166 Cr₹-268 Cr₹-175 Cr
ROCE27.0%30.0%31.0%23.0%
How to read this

From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.

Balance sheet

Year endingFY21FY22FY23FY24FY25FY26
Equity capital₹69 Cr₹82 Cr₹83 Cr₹103 Cr₹114 Cr₹121 Cr
Reserves₹9 Cr₹76 Cr₹114 Cr₹450 Cr₹1.1k Cr₹1.5k Cr
Borrowings₹26 Cr₹47 Cr₹52 Cr₹49 Cr₹82 Cr₹152 Cr
Other liabilities₹68 Cr₹78 Cr₹121 Cr₹111 Cr₹194 Cr₹104 Cr
Total liabilities₹171 Cr₹284 Cr₹371 Cr₹712 Cr₹1.5k Cr₹1.9k Cr
Fixed assets₹42 Cr₹42 Cr₹48 Cr₹57 Cr₹436 Cr₹547 Cr
Capital work in progress₹0 Cr₹7 Cr₹7 Cr₹130 Cr₹351 Cr₹277 Cr
Investments₹0 Cr₹0 Cr₹0 Cr₹0 Cr₹0 Cr₹0 Cr
Other assets₹129 Cr₹235 Cr₹316 Cr₹525 Cr₹737 Cr₹1.0k Cr
Total assets₹171 Cr₹284 Cr₹371 Cr₹712 Cr₹1.5k Cr₹1.9k Cr
How to read this

As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.

Who owns it

As disclosed at Jun 2026

Since Jun 2025, the public added +4.61 pp while FIIs trimmed −3.16 pp. The shareholder count grew 9% to 83,997.

Promoters
53.5%
FIIs
5.0%
DIIs
0.9%
Government
3.9%
Public
36.6%

Since Jun 2025

  • Public +4.61 pp
  • FIIs −3.16 pp
  • Promoters −1.34 pp

How it drifted, 12 quarters

Over this window promoters fell from 57.5% to 53.5% — −4.0 pp.

Sep '23Dec '24Jun '26

Ownership split by quarter, oldest first. Sep '23: Promoters 57.5%, FIIs 6.5%, DIIs 2.0%, Public 34.0%.Dec '23: Promoters 56.1%, FIIs 8.8%, DIIs 1.9%, Public 33.2%.Mar '24: Promoters 56.1%, FIIs 9.7%, DIIs 1.9%, Public 32.3%.Jun '24: Promoters 56.1%, FIIs 8.5%, DIIs 1.4%, Public 34.0%.Sep '24: Promoters 54.7%, FIIs 10.4%, DIIs 0.9%, Public 33.9%.Dec '24: Promoters 54.7%, FIIs 6.9%, DIIs 1.0%, Government 4.2%, Public 33.2%.Mar '25: Promoters 55.3%, FIIs 7.1%, DIIs 1.1%, Government 4.2%, Public 32.4%.Jun '25: Promoters 54.9%, FIIs 8.2%, DIIs 0.9%, Government 4.1%, Public 32.0%.Sep '25: Promoters 54.9%, FIIs 8.3%, DIIs 0.8%, Government 4.1%, Public 31.9%.Dec '25: Promoters 54.9%, FIIs 7.9%, DIIs 0.8%, Government 4.1%, Public 32.3%.Mar '26: Promoters 54.4%, FIIs 6.0%, DIIs 0.9%, Government 4.0%, Public 34.7%.Jun '26: Promoters 53.5%, FIIs 5.0%, DIIs 0.9%, Government 3.9%, Public 36.6%.

Who was buying across the market this quarter →

Who bought this quarter

since Mar 2026

Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.

The same filing shows 6 holders trimming and 1 off the list — both are in the register beside this.

Who is on the register

Named in the Jun 2026 filing

Every holder of Balu Forge above SEBI's 1% disclosure line, and what changed since Mar 2026.

HolderStakeChange
Jaspalsingh Prehladsingh Chandock 50.52%−2.06 pp
Enforcement Directorate Raipur 3.86%−0.16 pp
Jaikaran Jaspalsingh Chandock 2.10%+1.22 pp
Ebisu Global Opportunities Fund Limited FPI fund1.75%+0.10 pp
Ashish Kacholia 1.58%−0.06 pp
Hitesh Natwarlal Kawa 1.27%−0.05 pp
Bengal Finance And Investment Pvt Ltd Corporate1.17%−0.05 pp
Nova Global Opportunities Fund Pcc - Touchstone FPI fund1.06%−0.05 pp
Trimaan Jaspalsingh Chandock 0.90%unchanged
Prashant Shivputra Bellad 0.00%unchanged
Shivaputra G Bellad 0.00%unchanged
Sixteenth Street Asian Gems Fund FPI fund—off the list

A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.

What the price assumes

Attractive

To justify its price of ₹533, this stock must grow earnings at 18% every year for 7 years. Our analysis caps realistic growth at ~85%. At that growth it is worth ₹10175 — upside of 1807%.

Growth the price implies
17.6% a year
for 7 years, fading to 4%
It has actually compounded at
84.6% a year
net profit, FY23–FY26
The gap
-0.7 pp
1807% downside if it only repeats history
Price today ₹533.4 Value at the reference growth ₹10,174.56

Change the assumptions yourself →

Learn to analyse Balu Forge

Guides on how to read this kind of business and the numbers that matter.