Credit rating
Credit Rating 12 Oct - Munish Forge Limited has informed about Credit Rating
Source: Nse
Munish Forge Ltd. (MUNISH)
SME CapAuto stocks · SME cap · NSE
Munish Forge is an established Indian defense player, also active in heritage businesses of flanges and scaffolding. The company is now venturing into the railway segment, developing specialized products for this sector.
Data qualityFresh enough for analysisQuote updated 21 Oct, 04:45 am ISTDetails
Quote21 Oct, 04:45 am IST
Base fundamentals20 Oct 2026 · screener
Latest result01 Jun, 07:56 pm IST
Score21 Oct, 04:30 am IST · v4.3-runtime-valuation
Tags24 Apr 2026
Coverage13/14 · 93%
Valuation2026-07-20 · Rf 6.8% · Auto P/E 25.7 (n=127)
Technical timing lens
Trend score and candlestick chart
55NeutralSMA20 +8.3% / mo · MACD −
Stock trend: 59
Sector RS: 49
Sector 3M: -6.3% vs Nifty 500 -5.6%
Auto FPI tailwindNot confirmed
Latest mapped FPI equity flow was not positive. View sector evidence
Technical chart
MUNISHD candles · FIT view+26.6%Latest close ₹86.05 on 2026-10-19
Bar
+0.0%
RSI
48
MACD hist
-0.82
52W pos
39%
2026-10-19O ₹86.05H ₹86.05L ₹86.05C ₹86.05Vol 1,200 sh
Up bar
Down bar
EMA 20
EMA 50
Volume + 20D avg
Result date
RSI(14)
MACD / signal
Market context
Relative performance and chart statistics
Adjusted completed-session prices, rebased to 100
MUNISHNifty AutoNifty 500
- MUNISH
- +16.4%
- Nifty 500
- -5.6%
- Nifty Auto
- -5.4%
- Vs Nifty 500
- +22.0 pp
Chart stats
19 Oct 2026- From 52W high
- -39.8%
- 52W range position
- 39%
- ATR (14)
- 4.0%
- Volume vs 20D
- 0.09x
- Avg traded value
- ₹0.1 Cr
- 20D price channel
- ₹84.5 - ₹98.7
₹143
₹50.2 - ₹143
₹3.5
Latest completed session
20-session average
50.7% annualized volatility
Research snapshot
What the evidence says now
Weak fundamentals, management evidence is still limited to a financial-only Trust Lite signal, price trend is neutral, and recent execution is mixed.
Suggested next step
Research, do not rush
The evidence is not strongly aligned. Compare peers and wait for a cleaner setup.
U-Score
Legacy · WATCHLIST40
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Pending data—
Revenue NDF · PAT NDF YoY
Technical
Neutral55
Price trend and sector-relative-strength timing.
Valuation
Legacy model+46.6%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence62
Financial-only signal; management claim evidence is not sufficient yet.
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Latest result
Quarter ended 31 Mar 2026
Pending dataYoY comparison unavailable - result verdict pending data
Filed 31 Mar 2026
Open results browser →| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹100 Cr | NDF | +20.5% |
| EBITDA | ₹9 Cr | NDF | -30.8% |
| Operating margin | 9.0% | NDF | -600 bps |
| PAT | ₹3 Cr | NDF | -57.1% |
| PAT margin | 3.0% | NDF | -543 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Fundamentals
Valuation
- P/E
- 20.60
- P/B
- 1.64
- EV/EBITDA
- 10.56
- Market Cap
- 207.00Cr
Profitability
- ROE
- 10.40%
- ROCE
- 12.00%
- ROA
- 4.76%
- Dividend Y
- —
Growth (CAGR)
- Revenue 5Y
- 7.28%
- EPS 5Y
- 58.11%
- Revenue 3Y
- 15.00%
- EPS 3Y
- 15.00%
Balance Sheet
- Debt/Equity
- 0.45
- Interest Coverage
- 3.50×
- Altman Z
- 3.58
- Book Value
- 52.40
Cash Flow
- FCF Yield
- —
- FCF Positive Y
- 0/5
- OCF
- -34.00 Cr
- EPS TTM
- 4.18
Shareholding
- Promoter Hold
- 68.01%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 39%
Financial History
Updated 21/10/2026
Revenue
₹ CrLatest: 100+20.5% vs prev
Net Profit
₹ CrLatest: 3.0-57.1% vs prev
ROE is shown only in the Annual view — quarterly equity data isn't published.
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Daily technical trend read
NeutralTrend is undirectional — long-term uptrend intact. RSI 48.
- Price above SMA200 (long-term uptrend) but mid-term MAs not aligned.
- SMA20 rising (~7.7% over last month) — short-term momentum positive.
- RSI(14) at 48 — sideways, no extreme reading.
- MACD below signal but histogram contracting — bearish momentum easing.
- 40% off 52W high · 71% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Nifty 500 leadership
Relative Strength & Trend Stage
54
RS percentile
Stage 2 UptrendRecent S2
1M return
-7.5%
3M return
+26.5%
6M return
+15.1%
1Y return
-31.7%
RS 1D
-5
RS 20D
-35
Sector rank
#3
Industry rank
#30
Stage evidence
- Price is 17.4% above the 30-week proxy.
- The 50-DMA is above the 30-week proxy and its slope is rising +2.8%.
- Both 3-month and 6-month returns are positive.
50-DMA
price above
200-DMA
price above
S2 entered
18 Sept 2026
S2 age
17 trading sessions
Sector
leading
Industry
neutral
Relative-strength line vs Nifty 500 (base 100)
244 observations
19 Oct 2026Value 81.83-1.65%
RS vs Nifty 50082
Valuation & peers
U-Score 40 · legacy U-Score band WATCHLIST · valuation evidence and comparable companies
Valuation & peers
U-Score 40 · legacy U-Score band WATCHLIST · valuation evidence and comparable companies
WATCHLIST
Fundamental score breakdown
U band · WATCHLISTValuation14/30
Growth15/25
Quality2/20
Balance Sheet9/15
Cash Flow0/10
Piotroski
6/9 (+3)
Penalties
-3
Raw sum
40
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
40/100 · legacy band WATCHLIST
Positive drivers
- Fair-value margin of safety is positive at 46.6%.
- Growth contributes 15/25 to the score.
- Balance sheet contributes 9/15 to the score.
Main drags
- Penalty bucket subtracts 3 points.
- Cash flow is weaker at 0/10; verify the latest quarterly trend.
- Quality is weaker at 2/20; verify the latest quarterly trend.
Sector valuation model
Consumer valuation: PE/PEG and brand-quality premium
Consumer franchises can deserve higher multiples, but only when growth quality supports them.
Primary lens
PE and PEG relative to growth, ROE, margins, and brand strength.
Secondary checks
Volume growth, pricing power, distribution, same-store or category growth.
Main risk check
Premium valuation needs durable growth and margin resilience.
PE
20.6
PB
1.6
EV/EBITDA
10.6
ROE
10.4%
ROCE
12.0%
FCF Yield
—
Debt/Equity
0.5
MoS
+46.6%
Score movement
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Stored run: 21 Oct 2026
v4.3-runtime-valuation
Final score
40
Previous: 40
Legacy U-Score band
WATCHLIST
Previous: WATCHLIST
Margin of safety
+46.6%
Previous: +46.6%
Score history
12 stored score snapshots. Latest stored move: +0 points.
21 Oct 2026
v4.3-runtime-valuation
40
40
40
40
40
40
40
40
40
40
40
40
Factor attribution
No pillar movement versus the latest stored run. Historical score trend will appear after snapshot storage is enabled.
Modelled fair value
Graham Number
₹70.2
-22.6% MoS
Growth-justified P/E
38.5
Growth-justified Value
₹161.14
+46.6% MoS
PEG
0.50
Comparable companies
Peers
Business-comparable peers in Auto — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.
Ticker
Name
Why peer
Score
PE
ROE
MoS
Verdict
FORGEAUTO
SME
Forge Auto International Ltd.
Auto Components
match 163
37
8.9
17.7%
-15%
WATCHLIST
HILTON
Small
Hilton Metal Forging Limited
Auto Components
match 156
44
16.9
2.6%
+58%
WATCHLIST
GANGAFORGE
Small
Ganga Forging Limited
Auto Components
match 152
9
—
-13.2%
—
OVERVALUED
HAPPYFORGE
Small
Happy Forgings Limited
Auto Components
match 144
43
58.0
15.0%
-40%
WATCHLIST
BALUFORGE
Small
Balu Forge Industries Limited
Auto Components
match 142
61
22.0
19.6%
+46%
UNDERVALUED
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business and thesis
Where growth can come from, and what can break the case
Thesis intactReviewed 2026-08-20T07:47:42.494Z
Management commentary snapshot
H1 FY26 revenue of 82 CR impacted by regional floods and geopolitical issues, with dispatches rescheduled to H2. Robust profitability maintained, with management confident in a significantly stronger H2 driven by normalizing volumes and IPO funds.
Despite H1 FY26 revenue being impacted by external factors, management maintains full-year guidance, citing strong H2 order visibility and IPO fund utilization. The strategic shift towards higher-margin defense and new railway segment development supports the long-term thesis, though execution on new segments needs monitoring.
Growth engines
Defense Order Book
strongRobust demand across the board, be it domestic or in exports, with defense contributing 70-71 CR to the 113 CR order book.
120MM HE Bombshell Production
new approvalReceived bulk production clearance for 120MM HE bombshells, a significant milestone.
Railway Segment Entry
new strategic segmentSecured three developmental orders for railways, including entry into the Vande Bharat segment, targeting 35-40 CR turnover in FY27.
Product Mix Shift
margin accretiveProduct mix is shifting more towards defense orders, especially with IPO proceeds, expected to increase margins in H2.
Capacity and execution
Machinery Purchases
ongoingPurchased a couple of CNC and VMC machines earlier, and placed orders for a couple more induction furnaces.
FY26 Capex
for efficiencyTotal capex for FY26 is around 7 CR, mainly for line balancing and improving product quality, not increasing capacity.
Tailwinds
Robust Demand
strongCompany continues to see robust demand across the board, both domestic and in exports.
Order Visibility
clearEntering the second half with excellent order visibility and strong customer commitments.
IPO Funds Utilization
supportiveIPO funds coming in now will provide a strong push to meet targets and increase efficiency.
New Railway Order
positive surpriseReceived a third developmental order for railways, entering the Vande Bharat segment, which was not initially expected.
Headwinds
Regional Floods
temporaryCertain dispatches were rescheduled to H2 mainly due to regional floods in Punjab.
Geopolitical Developments
externalGeopolitical developments with neighboring countries caused minor timing shifts in deliveries.
Risk radar
Railway Developmental Orders
high initial costSampling process for railways is longer, and developmental orders involve significant upfront investment in tooling and technology without direct payment for development costs.
155MM Shell Order Conversion
approval-dependentSuccessfully developed 155MM shells and quoted for two tenders to Ordnance Factory Kanpur, but awaiting confirmation and bulk orders.
Working Capital Management
potential strainDefense and railway segments may stretch working capital days, though management expects it to stay approximately the same with new cash flow.
Management accountability
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
Analyst reading lens
Compare BOTH
H1 FY26 results are compared to the previous year's H1 for margin trends. Management also provides full-year FY26 revenue and PAT margin targets, making both comparisons relevant for assessing progress against annual goals and sequential recovery.
Sector KPIs management disclosed
Revenue from Operations (H1 FY26)
Company achieved a revenue from operations of approximately 82 CR.
EBITDA (H1 FY26)
EBITDA for H1 standing approximately at 13 CR.
EBITDA Margin (H1 FY26)
improvedHealthy EBITDA margins of approximately 15.5% as compared to 13.4% from the previous year.
PAT (H1 FY26)
Profit after tax (PAT) was approximately around 7 CR.
Management forward view
Optimistic H2 Outlook
optimisticH2 will be significantly stronger as scheduled orders convert and volumes normalize, aiming to achieve full-year targets.
Strategic Focus on Railways
strategicThis year is about developing railway orders and establishing presence; next year (FY27) will see a focus on significant contributions from railways.
Long-Term Profitability Vision
clear visionLong-term vision includes increasing profitability in defense products and consistent revenue growth from heritage businesses.
Plant Execution Pressure
positive challengePressure is on the plant to execute the bundle of defense orders, which is seen as a very good sign.
Thesis monitor
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Defense Sales (FY26) | H1 FY26: 9 CR | Achievement of the full-year target of 35-40 CR in defense sales. |
| Railway Order Conversion | 3 developmental orders received, 2 in manufacturing, 1 just offered. | Conversion of developmental orders into bulk orders and progress towards the FY27 target of 35-40 CR turnover from railways. |
| PAT Margin (FY26) | H1 FY26: 8.4-8.5% | Achievement of the full-year PAT margin guidance of 10% driven by product mix shift. |
| 155MM Shell Orders | Successfully developed, quoted for two tenders, awaiting response. | Conversion of quoted tenders into bulk orders and engagement with private defense players for 155MM shells. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trust Score
62Limited evidence · low confidenceTrust Lite
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Limited evidence: Claim history is still being built. It ranks around the 35th percentile of the scored universe and 21st percentile within Auto. Main check: cash conversion is weak at 28/100.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Computed 05 Sept 2026
management-trust-v1
1 docs text-extracted · 1 concalls text-extracted
Score band
Limited evidence
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
Relative rank
35th percentile
overall median 67 · Auto: 21st pctile, median 74 · SME: 41st pctile, median 64
Evidence depth
Financial-only
1 documents have extracted text, but claim history is not strong enough yet.
Claim delivery
Outcome history still building
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Limited evidence · low confidenceWhat it measures
Reliability of management and financial delivery, using financial behaviour only.
Confidence
Treat this as an early read until more concalls and outcomes are matched.
Investor use
Acceptable, but check the weakest sub-score before increasing exposure.
Read Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Promoter
86
strong · holding, pledge, alignment
Cash flow
28
weak · profit to cash conversion
Balance sheet
81
strong · leverage and solvency
Discipline
68
acceptable · capital discipline
Results
55
watch · quarterly consistency
Trust positives
- ▸Promoter holding is 68%.
- ▸Promoter pledge is zero.
Trust risks
- ▸Operating cash flow is negative at ₹-30 Cr.
- ▸Only 0 years of positive FCF.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Continue researching Munish Forge Ltd.
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
Announcement
Change in Auditors 29 Aug - Only digital signatures and timestamps are visible; announcement content unavailable.
Source: Nse
Annual reportMar 2026
Mar 2026 · Annual Report 2026
Source: Nse
Concall transcriptNov 2025
Nov 2025 · Transcript
Source: Nse
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.