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MUNISH IPO

Munish Forge Limited

IPO Doc

Start Date30-09-2025

Application Timing10am-5pm

Price Range₹91 - ₹96

Min Qty1200

Min. Investment₹109200

Listing Date08-10-2025

Close Date03-10-2025

About Munish Forge Limited

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.

Why To Invest in Munish Forge Limited

Strong Industry Presence: Serves defence, oil & gas, automobile, and infrastructure industries, including direct supplies to the Indian Army.

Certified Quality Standards: Holds multiple international certifications, ensuring credibility and global acceptance.

Integrated Manufacturing Facilities: End-to-end production in-house — from die design and forging to machining, heat treatment, and packaging.

Innovation-Driven Growth: Focus on advanced engineering techniques and automation to reduce production time and enhance reliability.

Expanding Global Clientele: Serves OEMs and Tier-1 suppliers across Europe, North America, Middle East, and India.

Improved Financial Performance: Profit After Tax rose from Rs. 1.43 Cr in FY22 to Rs. 10.53 Cr (Dec 2024). EPS post-IPO expected to improve significantly.

Reasonable Valuation Post IPO: P/E ratio expected to decline from 38.74 (Pre-IPO) to 16.45 (Post-IPO), making it more attractive for investors.

Financial Table

Period Ended	31 Dec 2024	31 Mar 2024	31 Mar 2023	31 Mar 2022
Assets	146.78	113.22	107.01	121.41
Total Income	130.93	161.58	161.18	125.10
Profit After Tax	10.53	4.39	1.97	1.43
Net Worth	51.09	40.61	36.03	34.11
Reserves and Surplus	34.71	41.46	4.58	26.39
Total Borrowing	60.78	47.16	50.22	59.14

Strengths And Risks

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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Company

Astha Credit & Securities Pvt Ltd NSE, BSE & MCX SEBI Reg No:

INZ000187932

Membership ID:

NSE - 12227 BSE-6844 MCX - 40000 NSDL-IN303420 CDSL-94500

CIN:

U65929MP2003PTC016241

SEBI Depository Participant Reg No:

IN-DP-611-2021

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0755-4268599

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gyanesh@rupeezy.in
9669695615

SEBI RA Registration:

INH000013332

AMFI Registration:

ARN-35911

Attention Investors:

Beware of fixed/guaranteed/regular returns/ capital protection schemes. Brokers or their authorized persons or any of their associates are not authorized to offer fixed/guaranteed/regular returns/ capital protection on your investment or authorized to enter into any loan agreement with you to pay interest on the funds offered by you. Please note that in case of default of a member claim for funds or securities given to the broker under any arrangement/ agreement of indicative return will not be accepted by the relevant Committee of the Exchange as per the approved norms.
Do not keep funds idle with the Stock Broker. Please note that your stock broker has to return the credit balance lying with them, within three working days in case you have not done any transaction within last 30 calendar days. Please note that in case of default of a Member, claim for funds and securities, without any transaction on the exchange will not be accepted by the relevant Committee of the Exchange as per the approved norms.
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Trading in “Options” based on recommendations from unauthorised / unregistered investment advisors and influencers should be avoided.

Awareness regarding guidelines regarding margin collection:

Stock Brokers can accept securities as margin from clients only by way of pledge in the depository system w.e.f. September 1, 2020
Update your mobile number & email Id with your stock broker/depository participant and receive OTP directly from depository on your email id and/or mobile number to create pledge
Pay 20% upfront margin of the transaction value to trade in cash market segment
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All investors are requested to take note that 6 KYC attributes i.e. Name, PAN, Address, Mobile Number, Email id and Income Range have been made mandatory. Investors availing custodian services will be additionally required to update the custodian details.
The last date to update KYC is on or before March 31, 2022.
Thereafter non-compliant trading accounts will be blocked for trading by the Exchange.
The non-compliant demat accounts will be frozen for debits by Depository Participant or Depository.
On submission of the necessary information to the stockbroker and updation of the same by the stockbroker in the Exchange systems and approval by the Exchange, the blocked trading accounts shall be unblocked by the Exchange on T+1 trading day.
The demat account shall be unfreezed once the investor submits the deficient KYC details and the same is captured by the depository participant in the depository system.
To ensure smooth settlement of trades, the investors are requested to ensure that both the trading and demat accounts are compliant with respect to the KYC requirement.
The investors are hereby requested to comply with the regulatory guidelines issued by Exchanges and Depositories from time to time with regard to KYC compliance and related requirements.
We do proprietary trading

Client Bank Account Details:

Sr. No	Name of Bank Account	Bank Account Number	IFSC Code
1	ASTHA CREDIT AND SECURITIES P LTD - USCNBA A/c	00620340000150	HDFC0000062

*Investors are requested to note that Stock broker Astha Credit and Securities Private Limited is permitted to receive/pay money from/to investor through designated bank accounts only named as client bank accounts. Stock broker Astha Credit and Securities Private Limited is also required to disclose these client bank accounts to Stock Exchange. Hence, you are requested to use following client bank accounts only for the purpose of dealings in your trading account with us. The details of these client bank accounts are also displayed by Stock Exchanges on their website under “Know/ Locate your Stock Broker.

1. No need to issue cheques by investors while subscribing to IPO. Just write the bank account number and sign in the application form to authorize your bank to make payment in case of allotment. No worries for refund as the money remains in the investor's account. 2. KYC is a one-time exercise while dealing in securities markets - once KYC is done through a SEBI registered intermediary (Broker, DP, Mutual Fund, etc.), you need not undergo the same process again when you approach another intermediary.

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Investment in the securities market is subject to market risks, read all the related documents carefully before investing.
Brokerage will not exceed SEBI prescribed limit.
Please refer to the Risk Disclosure Document issued by SEBI and go through the Rights and Obligations and Do's and Don'ts issued by Stock Exchanges and Depositories before trading on the Stock Exchanges.
For commodities derivatives please note that Commodities Derivatives are highly leveraged instruments.
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Mutual fund investments are subject to market risks, read all scheme related documents carefully. Mutual Funds are not an approved product of the Exchanges and any dispute related to this will not be dealt at Exchange platform. ACSPL is a Mutual fund distributor/s registered for Mutual Funds.

Prevent Unauthorized Transactions in your demat account --> Update your Mobile Number with your Depository Participant. Receive alerts on your Registered Mobile for all debit and other important transactions in your demat account directly from NSDL/CDSL on the same day......................issued in the interest of investors. We do Pro trading.

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MUNISH IPO

About Munish Forge Limited

Why To Invest in Munish Forge Limited