Munish Forge Limited
Minimum investment
Bidding date
30 Sep - 03 Oct 2025
Price range
₹91 - ₹96
Minimum quantity
2,400
Minimum investment
₹1,09,200
Issue size
₹73.92 Cr.
IPO doc (link)
RHP docs
Listing exchange
NSE/BSE
Category | Subscription |
|---|---|
Qualified Institutional Buyers | - |
Retail Individual Investor | - |
Non-Institutional Investor | - |
Others | - |
Total | - |
Incorporated in July 1986, Munish Forge Limited is engaged in the manufacturing of critical components such as flanges, scaffolding, auto parts, tank tracks, bomb shells, fence posts, and steel accessories. The company caters to multiple industries including defence, oil & gas, automobile, construction, and infrastructure, with a strong presence in supplying key components to the Indian Army like battle tank track chains and bomb shells.
The company holds certifications such as ISO 9001:2015, ISO 14001:2015, IATF-16949:2016, and PED (Pressure Equipment Directive). Munish Forge also exports products globally, ensuring compliance with international standards. The company leverages modern technology including CNC machines, robotic welders, CAD/CAM systems, induction furnaces, and solar power to drive innovation, efficiency, and sustainability.
As of March 31, 2025, Munish Forge employed 754 people.
Strong Industry Experience: Munish Forge has nearly four decades of experience in the forging industry, giving it deep technical expertise and long-term credibility in the market.
Diversified Product Portfolio: The company caters to multiple sectors including defence, automobile, oil & gas, infrastructure, and exports, which helps in reducing dependency on a single market.
Certified Global Standards: With certifications like ISO 9001, ISO 14001, IATF 16949, and PED, the company ensures strict compliance with both domestic and international quality benchmarks.
Integrated Manufacturing Setup: From die design and forging to machining, plating, and packaging, all processes are handled in-house, resulting in better control, faster delivery, and improved cost efficiency.
Strong Promoter and Management Support: The company benefits from an experienced promoter group and management team, ensuring strategic direction and operational stability.
Sector Dependency Risk: A major portion of revenue comes from defence and infrastructure projects. Any slowdown in these sectors may directly affect business performance.
Financial Leverage Risk: The company has a debt-to-equity ratio of 1.16, indicating moderate financial leverage which could affect cash flows if not managed effectively.
Low Profit Margins: Although revenue is growing, the PAT margin remains relatively low at 2.75%, which may limit profitability compared to peers.
Raw Material Price Fluctuation: Volatility in steel and other raw material prices may impact production costs and profitability.
SME Listing Risk: Being listed on the NSE SME platform, the stock may face relatively lower liquidity compared to main board listed companies.
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