Munish Forge Limited IPO

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Munish Forge Limited specializes in forging and casting, manufacturing high-quality forged and cast components for various industries, including defence, oil & gas, automobile, construction, infrastructure, and railways. Its product range includes:

i) Flanges
ii) Scaffolding components
iii) Automobile parts
iv) Defence components (tank track chains, bomb shells)
v) Fence posts
vi) Steel accessories

The company also manages project cargo and provides customized solutions for transporting specialized equipment across multiple modes of transport.

Global Operations and Clientele

Munish Forge has a strong export presence, with over 60% of revenue from international markets, including the USA, UK, Canada, and Middle East. Domestically, Punjab, Tamil Nadu, and Maharashtra contribute significantly to revenue. The company serves diverse sectors such as defence, infrastructure, automotive, industrial goods, and construction, offering tailored solutions to meet client specifications.

Competitive Strengths

i) Experienced Promoters and Management: Led by Mr. Davinder Bhasin, with decades of industry expertise in forging and casting.
ii) Integrated Manufacturing Facility: Advanced infrastructure enables cost-effective, high-quality production.
iii) Quality Assurance: ISO 9001:2015, ISO 14001:2015, IATF-16949-2016, and PED certified, with stringent testing at all production stages.
iv) Diversified Product Portfolio: Products meet both domestic and international standards, catering to multiple industries.
v) Strong Customer Relationships: Long-term client partnerships across sectors and geographies ensure repeat business and reliability.
vi) Global Reach: Capability to deliver components worldwide while meeting stringent quality and temperature-resistance requirements.

The company demonstrates consistent financial growth, operational efficiency, and profitability while maintaining strong capital management.

Objects of the Munish Forge Limited IPO:

Company intends to utilize the Net Fresh Offer proceeds for the following Objects: i. Capital expenditure towards Civil construction and purchase of additional machinery (₹7.18 cr) ii. Repayment/Pre-payment of Certain Debt Facilities (₹10.08 cr) iii. Working Capital Requirements (₹110.34 cr) iv. General Corporate Purposes

Munish Forge Limited IPO Details:

Open Date: Sep 30 2025
Close Date: Oct 03 2025
Total Shares: 77,00,400
Face Value: ₹ 10 Per Equity Share
Issue Type: Book Building
Issue Size: 73.92 Cr.
Lot Size: 1200 Shares
Issue Price: ₹ 91-96 Per Equity Share
Listing At: NSE Emerge
Listing Date: Oct 08 2025

Promoters And Management:

1. Mr. Davinder Bhasin (Promoter & Managing Director, Age 67): A board member since incorporation, Mr. Bhasin holds a B.A. from Panjab University and has over 39 years of experience in forging, casting, and engineering industries. Appointed MD for 2025–2030, he oversees business functions, project execution, strategic direction, policy development, and regulatory compliance. 2. Mr. Dev Arjun Bhasin (Executive Director & CEO, Age 32): On the board since 2023 and CEO from March 2025, he holds a B.Com from IEC University and has 4 years of experience managing operations, strategic initiatives, stakeholder relationships, and business performance. 3. Mr. Vishal Anand (Director – Sales & Marketing): With 20+ years of industry experience, he started as Assistant Manager at Munish Forge Private Limited and progressed to Director (Sales & Marketing) since 2013, leading business development and marketing functions.

Financials of Munish Forge Limited IPO:

Particulars (Cr) FY 2024-25 FY 2023-2024 FY 2022-2023
Revenue from Operations 175.44 158.88 160.12
EBITDA 24.36 11.43 9.13
EBITDA Margins 13.89% 7.15% 5.71%
PAT 14.3 4.38 1.96
PAT Margins 8.15% 2.75% 1.23%
ROCE 21.22% 10.83% 5.47%
Debt to Equity Ratio(In Times) 0.89 1.16 1.4
Operating Cash Flows 5.52 4.29 19.75

Comparison With Peers:

Companies Revenue (in cr) EBITDA Margins PAT Margins ROCE D/E Ratio MCap (in cr) P/E
Munish Forge Limited 175.44 13.89% 8.15% 21.22% 0.89 231.07 16.16
Ramkrishna Forgings Limited 4034 14% 10.29% 6.84% 0.7 9,693 28.4
Happy Forgings Limited 1,409 29% 19.02% 19% 0.12 8,678 32.2

Lead Manager of Munish Forge Limited IPO:

  1. Gretex Corporate Services Private Limited

Registrar of Munish Forge Limited IPO:

  1. Skyline Financial Services Private Ltd

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