MUNISH
Munish Forge financials
- Market cap
- ₹224 Cr
- Sector
- Capital Goods
- Calls analysed
- 1
MUNISH Q2 FY26
What went well
- H1 FY26 revenue from operations was approximately ₹82 crores.
- EBITDA margin improved to 15.5% in H1 FY26 from 13.4% in the previous year, driven by product mix.
- PAT for H1 FY26 was approximately ₹7 crores, yielding a PAT margin of 8.4-8.5%.
What to watch
- H1 dispatches were rescheduled due to regional floods in Punjab and geopolitical developments, causing minor timing shifts in deliveries.
- Other expenses increased to 19% in H1 FY26 compared to 13% in FY25, partly due to IPO-related expenses and machinery purchases.
What Munish Forge Ltd does
Munish Forge Ltd is a forging manufacturer whose product mix has been shifting toward higher-margin defense and railway components. On the defense side it makes 120MM HE bombshells, for which it has received bulk production clearance, and tank tracks, while working toward manufacturing clearance for 155MM HE bombshells. In railways, the company has secured developmental orders for niche, difficult-to-make parts, including a third order for the Vande Bharat segment.
Segments
- Defense
- Railways
- 155MM bombshell production capacity (potential, once cleared)
- 5,000-6,000 units/month
- Railway developmental orders secured
- 3 (including entry into Vande Bharat segment)
- Defense products cleared for bulk production
- 120MM HE bombshells
Guidance record · Q2 FY26
what the last two calls moved 6 tracked 0 delivered 0 missed 6 open- Total Revenue open said Q2 FY26 Promised: ₹205 crores Q2 FY26: Management expects a revenue of about 205 CR for the financial year of 2026.
All 6 tracked — every revision, and every one management stopped mentioning.
Open the guidance ledgerQuarterly results
| Line item | Q4 FY25 | Q2 FY26 | Q4 FY26 |
|---|---|---|---|
| Revenue | 90 | 83 | 100 |
| EBITDA | 13 | 13 | 9 |
| Net profit | 8 | 7 | 3 |
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 −15.6% 1Y
1Y: ₹110.25 on 8 Oct 2025 → ₹93. High ₹137.05 (21 Oct 2025), low ₹53.8 (19 Mar 2026).
How the price took the results
close before → close after
- Q2 FY26
- −2.1%
- 24 Nov
The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.
Balance sheet
| Year ending | FY24 | FY25 | FY26 |
|---|---|---|---|
| Equity capital | ₹10 Cr | ₹18 Cr | ₹24 Cr |
| Reserves | ₹31 Cr | ₹56 Cr | ₹103 Cr |
| Borrowings | ₹47 Cr | ₹64 Cr | ₹57 Cr |
| Other liabilities | ₹25 Cr | ₹37 Cr | ₹26 Cr |
| Total liabilities | ₹113 Cr | ₹174 Cr | ₹210 Cr |
| Fixed assets | ₹22 Cr | ₹36 Cr | ₹40 Cr |
| Capital work in progress | ₹5 Cr | ₹0 Cr | ₹0 Cr |
| Investments | ₹0 Cr | ₹13 Cr | ₹13 Cr |
| Other assets | ₹87 Cr | ₹125 Cr | ₹157 Cr |
| Total assets | ₹113 Cr | ₹174 Cr | ₹210 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 Mar 2026
- Promoters
- 68.0%
- FIIs
- 1.9%
- DIIs
- 3.6%
- Public
- 26.5%
Who is on the register
Named in the Mar 2026 filing
Every holder of Munish Forge Ltd above SEBI's 1% disclosure line.
| Holder | Stake |
|---|---|
| Davinder Bhasin | 45.87% |
| Munish Promoters And Developers Private Limited | 8.24% |
| Dev Arjuna Enterprises Private Limited | 5.53% |
| Minakshi Bhasin | 4.41% |
| Dev Arjun Bhasin | 3.96% |
| Nnm Securities | 3.35% |
| Rgsl Investment Fund - Rgsl Investment Lvf 1 AIF | 2.97% |
| Nnm Nextgen Advisory Private Limited | 2.56% |
| Gretex Share Broking Private Limited | 2.21% |
| Shreya Yadav | 1.62% |
| Saint Capital Fund FPI fund | 1.44% |
| Vishesh Kumar | 0.00% |
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.
Learn to analyse Munish Forge Ltd
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