BALU FORGE INDUSTRIES LIMITED (BALUFORGE): Financials & Fundamentals History

Share price

Closing priceAdjusted for splits and bonus issues.

3M1YAll

₹529.6 latest close · +13.7% over the last 90 sessions

₹529.6 month-end · −15.8% over 12 months

₹529.6 month-end · +91.5% since Apr '24

52-week range ₹341.05 to ₹667.00 · 1-year volatility 52.6%

Was the rally earned?

-16%share price, 1 yearLower P/E held it back

Earnings helped, the multiple did not.

Per-share earnings added 10 points, but investors now pay less per rupee of profit (P/E 30.7x to 23.3x), which took 25 points back.
The share count rose 6%.

Net profit growth+15 ptsNet profit rose about 18%, which lifts the price.

P/E change-25 ptsThe P/E fell from 30.7x to 23.3x, which lowers the price.

Share count change-6 ptsShare count rose 6%, which lowers the price.

What do "pts" mean?

"pts" are percentage points of the share price return. The parts add up to the total shown for each period. Because price = P/E × net profit ÷ share count, higher profit pushes the price up, a higher P/E pushes it up, and more shares push it down.

Example: if the price rose 34% and profit growth accounts for +58 pts while a lower P/E accounts for -24 pts, then 58 - 24 = 34. The +58 is not the profit growth rate itself: it is the part of the price move that profit growth explains.

Not shown for 3 years and 5 years: earnings were negative at one end, or there is not enough history.

Net profit is trailing twelve months as reported with a 60-day lag.

Compare this with ASHOK LEYLAND

How rough has the ride been?

Maximum drawdown-58.3%not yet recovered

1-year volatility52.6%annualised

Beta vs sector index1.503-year daily, correlation 0.55

Volume spikes6last 90 sessions, 5x the 50-day median

Drawdown from peak

Largest drawdowns

-58.3% (2024-09 peak to 2026-01 low, not yet recovered)

-16.7% (2024-05 peak to 2024-06 low, recovered 2024-06)

Most recent volume spikes

2026-08-26: 9.4x the 50-day median, price +4.8% that day

2026-08-25: 5.2x the 50-day median, price -3.6% that day

2026-08-24: 30.3x the 50-day median, price +13.8% that day

Beta is the slope of daily returns against a market-cap-weighted index of the sector's other listed companies, built from today's constituents (so it excludes companies no longer listed).

Is it expensive against its own past and its peers?

23.3xP/E todayWithin its usual range

Against its own history28th percentile

CheapestMedian 32.5xDearest

Usual range 19.9x to 67.7x since 2024-04.

Against Producer Manufacturing23.3x vs 29.6x

This company

23.3x

Sector median

29.6x

21% below the Producer Manufacturing median.

P/EP/BP/S

P/E (this company)10th to 90th percentile of its own historyIts medianProducer Manufacturing median

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P/B (this company)10th to 90th percentile of its own historyIts medianProducer Manufacturing median

The chart loads when you open this tab.

P/S (this company)10th to 90th percentile of its own historyIts medianProducer Manufacturing median

How to read this

Shaded band: 10th to 90th percentile of the company's own P/E history; dotted line: its median; orange line: sector median (companies with a positive multiple, at least 5 in the sector).

Sector figures are built from today's listed companies, so they exclude companies that are no longer listed.

All terms explained in the glossary →

How Producer Manufacturing is valued

Where does it rank among Producer Manufacturing peers?

Each cell is the company's percentile rank among its Producer Manufacturing peers (non-financial companies) that month.
Darker is better-ranked.
Rows marked ↓ are inverted (lower debt, shorter cash cycle and a lower P/E rank higher).

Where it ranks today

ROCE79th▼ 11 pts vs a year ago
Op. margin97thflat vs a year ago
Revenue growth63rd▼ 32 pts vs a year ago
EPS growth51st▼ 41 pts vs a year ago
Debt/equity ↓70th▼ 10 pts vs a year ago
Cash cycle ↓27th▼ 19 pts vs a year ago
P/E ↓62nd▲ 8 pts vs a year ago
12M momentum36th▼ 15 pts vs a year ago

Rank history

ROCE

Op. margin

Revenue growth

EPS growth

Debt/equity ↓

Cash cycle ↓

P/E ↓

12M momentum

Dec '21Jul '22Jan '23Jul '23Jan '24Jul '24Jan '25Jul '25Jan '26Jul '26Nov '26

Lower rank Higher rank Not enough data

Percentiles use today's listed companies in the sector and need at least 5 peers with a value; grey cells have too few.
ROE is computed from net profit and book value where the source does not report it.

The Producer Manufacturing sector page Watch it move against Producer Manufacturing in the Observatory

What is the price implying?

~26%annual earnings growth implied by the priceBelow delivered growth

At normalised P/E (five-year average earnings) of 49.9x, a holder earning 12%/yr needs earnings to grow about 26.3%/yr for 10 years, then trade at 15x.

Delivered72.4%/yrEPS, last 6 fiscal years · 3-yr avg to 3-yr avg

Gap−33.7 ptsimplied minus delivered

Rank831stmost demanding of 856

Over time

Implied growth by month (solid) and delivered growth (dashed).

Change the assumptions

Exit P/E / return	11%	12%	13%
12x	27.9%	29.1%	30.2%
15x	25.1%	26.3%	27.4%
20x	21.6%	22.7%	23.8%

Drag a slider to test other assumptions

Required return 12.0% Years 10 Exit P/E 15x Implied: 26.3%/yr

“Implied growth” is what the current price would require under our stated assumptions, not what we expect. How this is calculated and the market-wide lists.

What prices imply across Producer Manufacturing The market-wide Expectations lists

Key figures

Share Priceclose 9 Nov: ₹529.60
P/E: 23.3x
ROCE: 23.0%
Market Cap: ₹6435 cr
Revenue (TTM): ₹1176 cr
P/S: 5.5x
P/B: 4.0x
ROE: 17.3%
Operating Margin: 28.0%
Debt / Equity: 0.1x
Promoter Holding: 53.5%
12M Momentum: -15.8%

52-week range

₹341.05₹667.00

58% of the way from its 52-week low to its high

Price risk

1Y volatility

52.6%

Beta vs sector

1-year daily

1.42

Balance sheet & cash

Interest cover

operating profit ÷ interest

17.7x

Cash from profit, 3Y

operating cash flow ÷ net profit

0.27x

low

Share count, 1Y

+9.0%

Are profits backed by cash?

5 of 7checks within range2 beyond a threshold

Other income reliance11%Within range

Other income as a share of pre-tax profit (trailing twelve months): 10.7%. Bands: below 15%, 15% to 35%, above 35%.

Tax rate18%Within range

Median quarterly effective tax rate over about 2.5 years: 18.0%. Bands: 15% to 35%, 5% to 15% or 35% to 50%, outside 5% to 50%.

Cash conversion0.27xBeyond threshold

Operating cash flow divided by net profit over the last three fiscal years: 0.27x (cash from operations ₹148 cr, net profit ₹556 cr). Bands: 0.8x and above, 0.5x to 0.8x, below 0.5x.

Free cash flow1 of 5 yrsBeyond threshold

Fiscal years with positive free cash flow in the last 5: 1. Bands: at least 80% of years, 40% to 80%, below 40%.

Receivable days vs history+5 daysWithin range

Debtor days are above the median of the previous three fiscal years by 5 days (140 vs 136). Bands: under 15 days, 15 to 45, over 45.

Capital work in progress51% of fixed assetsWithin range

Capital work-in-progress is 51% of fixed assets. Bands: not rising or up to 30%; rising for three years and above 30%; rising and above 60%.

Payable days-46 days / 2 yrsWithin range

Days payable changed by -46 over two years. Bands: rise of up to 30 days; more than 30 days.

Tap a check to see how it is measured

How to read this

Each check is a named rule with fixed thresholds, not a score. Annual statements are the latest restated figures, so a past year may differ from what was originally reported.

All terms explained in the glossary →

Who has been buying and selling?

Over 2 years, FIIs trimmed 3.7 pts; promoters trimmed 2.6 pts; DIIs trimmed 1.0 pts.
The number of shareholders rose from 18,054 to 83,997 (+365%) between Dec 2023 and Jun 2026.

Holdings, Jun '26

How each group changed

GroupDec '23Jun '26Change

Promoters56.1%53.5%-2.6 pts

FIIs8.8%5.0%-3.7 pts

DIIs1.9%0.9%-1.0 pts

Public and others33.2%36.6%+3.4 pts

Number of shareholders

83,997shareholders+365% since Dec '23

Quarterly shareholding as reported, labelled by the quarter it covers (it becomes visible about two months later).
Shareholder counts are only available for recent quarters.

This quarter's smart-money board

What happened next to similar setups

−9.3%typical 12-month return vs the marketNot meaningfully different from the base rate

We found 50 past situations where a non-financial company looked like BALU FORGE INDUSTRIES LIMITED today on valuation, return on capital, margins, debt, growth, price momentum, size and volatility.
Over the following 12 months the middle half of them returned −25% to +37% vs the market, against −5% for all non-financial companies in the same months.
The gap against the base rate (−4.8%, 80% range −11.9% to +8.4%) is within what chance and overlapping periods produce.

Where the 50 outcomes landed

Each dot is one past situation (hover or tap for details) · Solid dots are the closest matches, listed below · Shaded is the middle half of all companies in the same months · 4 beyond the range shown, drawn at the edge

Similar setups' median

−9.3%

All companies' median

−4.5%

Beat the market

46% vs 45%

50 past situations · 50 companies · 33 months · 2020–2025

The closest matches

Company	When	P/E	ROCE	12M mom.	Drawdown	Next 12 months
JUSTDIAL Technology Services	Nov 2020	15x	22%	+7%	−11%	−24%
ELECON Producer Manufacturing	Sep 2025	25x	28%	−19%	−22%	−19%
INTELLECT Technology Services	Feb 2022	33x	21%	+51%	−23%	−31%
ADFFOODS Consumer Non-Durables	Jun 2024	35x	20%	+29%	−6%	+10%
NEWGEN Technology Services	Sep 2020	21x	18%	−19%	−20%	+65%

Show the other 3 matches

Company	When	P/E	ROCE	12M mom.	Drawdown	Next 12 months
BLISSGVS Health Technology	Mar 2020	8x	26%	−44%	−45%	−46%
BLS Technology Services	Apr 2025	32x	31%	+1%	−30%	−27%
KIOCL Non-Energy Minerals	Jan 2023	41x	19%	−15%	−20%	+34%

How reliable is this?

Matched on P/E, P/S, ROCE, operating margin, debt/equity, interest cover, revenue growth, 12-month momentum, drawdown from 12-month high, size and volatility. Closest on: ROCE, drawdown from 12-month high and P/E. One match per company and at most 7 from any one month.

Independent periods: the matches fall in 5 distinct 12-month windows. Matches from nearby months share the same market conditions, so fewer windows means less evidence.

How this is built

This is history, not a forecast. These are past situations where other companies had broadly similar reported numbers and price trends. What happened to them does not tell you what will happen to BALU FORGE INDUSTRIES LIMITED. The comparison covers only 2020–2025, a single market period, and only companies still listed today. Companies that were delisted or went bankrupt are missing, which makes past outcomes look better than they were. Returns exclude dividends and are measured against an ApnaFunda-built index, not an official benchmark. Fundamentals are matched on a 60-day assumed reporting lag, not actual announcement dates. Its historical skill has not yet been measured. Past patterns may not repeat.

Methodology

How historical analogs are built

Data as of 2026-11-09. Outcome pool: Jan 2020 to Oct 2025.

For every company we look at the situation it is in today (valuation, return on capital, margins, debt, growth, 12-month price momentum, drawdown, size and volatility) and find past company-months that looked most like it. We then show what happened to those past situations over the following 12 months, measured against the ApnaFunda All index and against the base rate. It describes history. It does not predict anything.

What is compared

Feature	Weight	Non-financial	Financial
P/E	1	yes	yes
P/S	1	yes	—
P/B	1	—	yes
ROCE	1	yes	—
operating margin	1	yes	—
ROE	1	—	yes
debt/equity	0.75	yes	—
interest cover	0.5	yes	—
revenue growth	0.75	yes	yes
12-month momentum	1	yes	yes
drawdown from 12-month high	0.75	yes	yes
size	0.75	yes	yes
volatility	0.5	yes	yes

Weights were set by judgement before any outcome was looked at and are never tuned on results. Loss-making companies (negative P/E or net profit) are only matched with other loss-making companies. Banks, NBFCs and insurers are compared only with each other and use a different feature set. Every feature is converted, month by month, to its rank among companies in the same pool in that month, so a P/E of 30 in a hot market and a P/E of 22 in a cold one can match if both were equally expensive for their time. Only that month's data is used.

How closeness and the sample are defined

Distance is the weighted root-mean-square gap between the standardised features both companies have. A match needs at least 70% of the query's feature weight, a distance of at most 0.9, and 30 matches at minimum to be shown. We keep up to 50 matches with these exclusions: never the company itself, one match per company (its closest month), and at most 7 from any one calendar month so a single market episode cannot dominate.

Base rate

The base rate is the distribution of 12-month returns, relative to the market, of every eligible company-month in the same pool, with each month weighted to match the months the analogs came from. It answers: how did a random company do in these same months? Because matches from nearby months share the same market conditions, we also report the number of distinct 12-month windows behind a result, and a bootstrap that resamples months decides whether the analog median differs from the base rate at all. "Not meaningfully different" is the usual outcome and the page copy is written for it.

Limits you should know

One market period. The outcome pool covers 2020–2025 only (70 months), including the 2020 crash and the 2020–21 rally.
Survivorship. Only companies listed today are included. Delisted and bankrupt companies are missing, which flatters past outcomes, particularly for distressed-looking setups.
Price return only. Dividends are excluded, and the benchmark is an ApnaFunda market-cap-weighted index of the same listed companies, not an official index.
Reporting lag. Fundamentals are matched on an assumed 60-day lag after the quarter end, not on real announcement dates.
Pools: non-financial: 98,395 company-months from 2019 companies; financial: 5,659 company-months from 108 companies. 2349 companies currently have a result; the rest are suppressed because too few comparable situations exist.

Does it work? A walk-forward check

The walk-forward check has not been run for this build, so skill is shown as not yet measured.

Disclaimer

This is history, not a forecast. These are past situations where other companies had broadly similar reported numbers and price trends. What happened to them does not tell you what will happen to any company shown. The comparison covers only 2020–2025, a single market period, and only companies still listed today. Companies that were delisted or went bankrupt are missing, which makes past outcomes look better than they were. Returns exclude dividends and are measured against an ApnaFunda-built index, not an official benchmark. Fundamentals are matched on a 60-day assumed reporting lag, not actual announcement dates. Its historical skill has not yet been measured. Past patterns may not repeat.

What else looks like this?

Companies with the most similar financial profile today, regardless of industry.

GOLDIAM INTERNATIONALGOLDIAM

Consumer Durables

78%similar

P/Erevenue

BAJAJ CONSUMER CAREBAJAJCON

Consumer Non-Durables

71%similar

revenuemarket cap

EMUDHRAEMUDHRA

Technology Services

64%similar

promoter holdingoperating margin

NEWGEN SOFTWARE TECHNOLOGIESNEWGEN

Technology Services

64%similar

promoter holdingmarket cap

DEEP INDUSTRIESDEEPINDS

Industrial Services

61%similar

debt/equityrevenue

ELECON ENGINEERING COLTDELECON

Producer Manufacturing

58%similar

ROCEdebt/equity

ROLEX RINGSROLEXRINGS

Producer Manufacturing

58%similar

revenuepromoter holding

NRB BEARINGSNRBBEARING

Producer Manufacturing

52%similar

revenueP/E

Similarity is statistical, based on reported metrics; it does not imply similar business quality or future returns.

What changed?

19 events since Jun '24

2026
OctValuationP/E fell below the 10th percentile of its own history to date (19.4x).
SepResultsRevenue (TTM) reached a new high of ₹1,176 cr.
AugPriceVolume reached 30.3x its 50-day median on 2026-08-24; price +13.8% that day.
JunPeer rankSlipped to the 2nd quartile of Producer Manufacturing on EPS growth (from the top quartile).
MayValuationP/E fell below the 10th percentile of its own history to date (21.0x).
MaySharesShare count is up 7.8% over 12 months.
MayPriceVolume reached 7.1x its 50-day median on 2026-05-26; price +6.4% that day.
JanPriceFell 58% from the Sep 2024 peak to the Jan 2026 low.

Show 11 earlier events

2026
JanPriceVolume reached 22.0x its 50-day median on 2026-01-13; price +5.3% that day.
2025
OctPriceVolume reached 9.9x its 50-day median on 2025-10-10; price +4.8% that day.
SepPriceVolume reached 8.6x its 50-day median on 2025-09-12; price +0.9% that day.
JunDividendDividend payout cut from 2% to 1% of profit.
JunPriceVolume reached 7.4x its 50-day median on 2025-06-13; price -11.4% that day.
AprSharesShare count is up 24.1% over 12 months.
MarInstitutionsFII + DII holding fell 3.5 pts over 1 quarter to 7.9%.
MarPriceVolume reached 6.9x its 50-day median on 2025-03-21; price +19.8% that day.
2024
JulPriceVolume reached 7.1x its 50-day median on 2024-07-30; price +4.8% that day.
JunDividendStarted paying a dividend (payout 2% of profit).
JunPriceVolume reached 5.1x its 50-day median on 2024-06-20; price +7.8% that day.

Events are generated from the data by fixed rules.
The month shown is when the change became visible in the reported figures, assuming a 60-day lag after each quarter end; it is not an announcement date.

Where price and fundamentals disagree, market-wide Rewind the whole market to any month

Monthly history32 months · 2024-04 to 2026-11

Month	P/E	Revenue (TTM)	ROE	ROCE	Debt / Equity
2026-11	23.3x	₹1176 cr	17.3%	23.0%	0.1x
2026-10	19.4x	₹1176 cr	17.3%	23.0%	0.1x
2026-09	21.8x	₹1176 cr	17.3%	23.0%	0.1x
2026-08	28.3x	₹1108 cr	16.8%	23.0%	0.1x
2026-07	19.7x	₹1108 cr	16.8%	23.0%	0.1x
2026-06	20.9x	₹1108 cr	16.8%	23.0%	0.1x
2026-05	21.0x	₹1114 cr	25.1%	31.0%	0.0x
2026-04	23.9x	₹1114 cr	25.1%	31.0%	0.0x
2026-03	17.1x	₹1114 cr	25.1%	31.0%	0.0x
2026-02	22.2x	₹1059 cr	23.9%	31.0%	0.0x
2026-01	19.3x	₹1059 cr	23.9%	31.0%	0.0x
2025-12	27.7x	₹1059 cr	23.9%	31.0%	0.0x
2025-11	30.7x	₹982 cr	22.2%	31.0%	0.0x
2025-10	31.5x	₹982 cr	22.2%	31.0%	0.0x
2025-09	31.1x	₹982 cr	22.2%	31.0%	0.0x
2025-08	32.7x	₹924 cr	20.0%	31.0%	0.0x
2025-07	32.8x	₹924 cr	20.0%	31.0%	0.0x
2025-06	37.8x	₹924 cr	20.0%	31.0%	0.0x
2025-05	44.2x	₹815 cr	31.5%	30.0%	0.1x
2025-04	32.3x	₹815 cr	31.5%	30.0%	0.1x
2025-03	40.3x	₹815 cr	31.5%	30.0%	0.1x
2025-02	36.9x	₹706 cr	25.2%	30.0%	0.1x
2025-01	47.0x	₹706 cr	25.2%	30.0%	0.1x
2024-12	61.1x	₹706 cr	25.2%	30.0%	0.1x
2024-11	68.5x	₹622 cr	20.5%	30.0%	0.1x
2024-10	69.0x	₹622 cr	20.5%	30.0%	0.1x
2024-09	71.7x	₹622 cr	20.5%	30.0%	0.1x
2024-08	78.7x	₹559 cr	17.3%	30.0%	0.1x
2024-07	53.6x	₹559 cr	17.3%	30.0%	0.1x
2024-06	34.0x	₹559 cr	17.3%	30.0%	0.1x
2024-05	61.0x	₹327 cr	20.4%	27.0%	0.3x
2024-04	59.2x	₹327 cr	20.4%	27.0%	0.3x

Methodology and data notes