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Munish Forge IPO
Price Band
₹91.0–96.0
Issue Size
₹73.92 Cr
Lot Size
1,200 shares
Min Investment
₹230,400
2 LOTS MIN
GMP
—
Issue Price
₹96.0
Munish Forge IPO AI Summary
- Munish Forge IPO is listed on NSE SME in the Castings & Forgings sector.
- Price band: ₹91.0–₹96.0 per share, lot size 1,200 shares (min. investment ₹230,400, 2 lots minimum).
- Subscription window: 30 Sep–03 Oct 2025, listing on 08 Oct 2025.
TopFund is not SEBI-registered — this is educational analysis, not personalized investment advice.
Munish Forge IPO — Third-Party Research Views
Reviews below reflect analyst calls made before this IPO closed on 03 Oct 2025 — not a current signal.
Recommendations are sourced from third-party research firms and are not TopFund's own investment advice.
Important Dates
Subscription Status
Subscription data unavailable
Munish Forge IPO Grey Market Premium (GMP) Today
GMP not available yet
Grey Market Premium is updated daily. Check back closer to the listing date.
About the Company
Incorporated in July 1986, Munish Forge Limited manufactures components, including flanges, scaffolding, auto parts, tank tracks, bomb shells, fence posts, and steel accessories, according to customer specifications and international standards. It serves the Indian Army and industries such as defence, oil and gas, automobile, construction, and infrastructure. The company holds certifications like ISO 9001:2015, ISO 14001- 2015, IATF- 16949- 2016, PED (Pressure Equipment Directive). The company manufactures key components for the Indian Army, including Battle Tank Track Chains and Bomb Shells. Rigorous testing in-house and at NABL-certified labs ensures its products meet Defence-level standards. Munish Forge exports many products globally, ensuring compliance with international standards. Strict quality controls maintain reliability across product lines. The company uses modern manufacturing techniques, like induction furnaces and solar power, to enhance efficiency and minimise environmental impact. Ongoing investment in technology and process improvements keeps Munish Forge competitive. As of March 31, 2025, there is a total of 754 employees on the company's payroll. Competitive Strength: Integrated Manufacturing: From die design and forging to machining, heat treatment, plating, and packaging — all processes are handled in-house for better control and faster delivery. Innovation-Driven Engineering: Use of CNC machines, robotic welders, CAD/CAM systems, and advanced simulation tools to maintain product reliability and reduce production time. Clientele: Serves prestigious OEMs (Original Equipment Manufacturers) and Tier-1 suppliers across Europe, North America, the Middle East, and India.
Company Financials (₹ Cr)
As of 2025-03-31
| Period Ended | 31 Mar 2025 | 31 Mar 2024 | 31 Mar 2023 |
|---|---|---|---|
| Assets | 161.54 | 113.09 | 106.88 |
| Total Income | 178.63 | 161.58 | 161.18 |
| Profit After Tax | 14.30 | 4.39 | 1.97 |
| EBITDA | 24.36 | 11.43 | 9.14 |
| NET Worth | 67.40 | 40.52 | 35.94 |
| Reserves and Surplus | 49.69 | 30.89 | 26.30 |
| Total Borrowing | 60.20 | 47.16 | 50.22 |
Key Ratios
EPS
₹8.07
NAV
₹40.99
ROE
21.22%
ROCE
16.44%
RoNW
26.50%
P/B Value
2.34
P/E Ratio
11.89
Market Cap
₹231.07 Cr
PAT Margin
8.15%
Debt/Equity
0.89
Peer Comparison
| Company | NAV | RoNW | P/E (x) | EPS Basic | EPS Diluted |
|---|---|---|---|---|---|
| Happy Forgings Limited | 196.27 | 14.47% | 27.7 | 973.85 | 973.85 |
| Ramkrishna Forgings Ltd. | 166.28 | 13.35% | 34.8 | 22.22 | 22.22 |
| Munish Forge Limited This IPO | 40.99 | 26.5% | — | 8.7 | 8.7 |
Promoters
Davinder Bhasin, Dev Arjun Bhasin, Minakshi Bhasin, Munish Promoters & Developers Pvt.Ltd. and Dev Arjuna Enterprises Pvt.Ltd.
Objects of the Issue
The Company proposes to utilise the Net Proceeds from the Issue towards the following objects: # Issue Objects Est Amt (₹ Cr.) 1 Capital expenditure towards Civil construction and Purchase of additional Plant & Machinery 7.19 2 Repayment/Pre-payment of Certain Debt Facilities 9.70 3 Working Capital Requirements 30.00 4 General Corporate Purposes 2.84 5 Issue Expenses 11.29 Total 61.02
IPO Evaluation
Generated 23 Sep 2026Revenue Trend
Total income was ₹161.18 Cr in the year ending 31 Mar 2023, increasing to ₹161.58 Cr by 31 Mar 2024, and further rising to ₹178.63 Cr by 31 Mar 2025. This indicates a steady growth in revenue over the periods.
Profit Trend
Profit after tax was ₹1.97 Cr in the year ending 31 Mar 2023, which increased to ₹4.39 Cr by 31 Mar 2024, and further rose to ₹14.30 Cr by 31 Mar 2025. This shows a significant growth in profit over the periods.
Valuation
Priced at roughly 11.89 trailing earnings, versus peers trading at a P/E range of 27.7 to 34.8.
Grey Market Premium, Explained
The grey market refers to the unofficial market for trading shares before they are listed on the stock exchange. The Grey Market Premium (GMP) indicates the expected listing price of an IPO compared to its issue price. A positive GMP suggests strong demand, while a negative GMP indicates weak interest.
Who This IPO Suits
Investors comfortable with short-term volatility and a long-term horizon typically weigh IPOs like this against their investment goals and risk tolerance. It's important to consider the company's fundamentals and market conditions.
Who May Want to Wait
Investors who prefer stable returns and are risk-averse may want to avoid IPOs, as they can be subject to high volatility and uncertainty in the initial trading period.
IPO Timeline, Explained
The IPO process includes several key dates: the opening date for subscription is 30 September 2025, the closing date is 3 October 2025, the allotment date is 6 October 2025, and the listing date is 8 October 2025.
Listing Gains — The Risk
Listing gains refer to the potential profit an investor can make when shares are listed on the stock exchange and traded for the first time. However, these gains are not guaranteed and can be influenced by market conditions, investor sentiment, and overall demand for the stock.
This evaluation is generated from Munish Forge's own public IPO filing data for educational purposes and is not investment advice or a recommendation to apply, subscribe to, or avoid this issue — see Broker Recommendations below for named third-party research views (clearly attributed, not TopFund's own). TopFund is not a SEBI-registered investment adviser — see our Disclaimer.
Frequently Asked Questions
What is the price band of Munish Forge IPO?
The price band of Munish Forge IPO is ₹91.0–₹96.0 per share.
When does Munish Forge IPO open and close?
Munish Forge IPO opens on 30 September 2025 and closes on 03 October 2025.
When does Munish Forge IPO list on the stock exchange?
Munish Forge IPO listed on 08 October 2025 at ₹96.0.
What is the lot size for Munish Forge IPO?
The lot size for Munish Forge IPO is 1200 shares, requiring a minimum investment of ₹230,400 (2 lots).
What is the issue price of Munish Forge's IPO?
The issue price is ₹96.0.
What is the lot size for the IPO?
The lot size is 1200 shares.
What is the minimum investment required?
The minimum investment required is ₹230,400.
When is the listing date for Munish Forge?
The listing date is 8 October 2025.
What does GMP mean?
GMP stands for Grey Market Premium, which indicates the expected listing price of an IPO compared to its issue price.
Issue Details
Investor Allocation
Registrar
Lead Managers / Book Running
IPO Timeline
Open
30 Sep 2025
Close
03 Oct 2025
Allotment
06 Oct 2025
Listing
08 Oct 2025
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