Balu Forge Industries Limited (BALUFORGE.NS) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-413.3%

-₹1,486.40

vs ₹474.40 price

Levered DCF

-₹2,005.38

After debt service

Piotroski score

3 / 9

Weak

Altman Z-score

—

Rating

C+

Overall 2 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
P/E	16.16×	32.79×	28.11×	58.99×	68.7×	129.34×	24,166.67×	50.83×
P/B	2.62×	6.29×	4.76×	11.62×	12.92×	12.69×	-409,784.55×	31.67×
P/S	3.78×	7.17×	4.76×	7.03×	7.42×	7.14×	4,830.47×	52.84×
EV / EBITDA	12.78×	24.5×	20.81×	37.52×	46.07×	57.65×	13,905.68×	141.18×
Gross margin	31.8%	34.8%	29.4%	27.7%	20.2%	21.2%	100.0%	100.0%
Operating margin	26.2%	26.8%	21.3%	16.4%	17.6%	4.9%	30.6%	36.4%
Net margin	23.4%	22.1%	16.9%	11.9%	10.8%	5.5%	19.9%	104.1%
Current ratio	3.54×	3.19×	3.69×	1.86×	2×	1.58×	2.73×	7.19×
Debt / equity	0.1×	0.04×	0.09×	0.26×	0.3×	0.34×	0×	0×
Interest coverage	17.6×	22.61×	8.66×	5.1×	9.3×	1.02×	0×	0×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Payout ratio	0.6%	0.8%	0.0%	0.0%	2.5%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	16.2%	19.4%	16.9%	19.7%	18.8%	9.8%	-1691.7%	62.4%
Return on invested capital	14.0%	18.1%	16.1%	16.5%	18.0%	5.1%	10.4%	21.8%
Return on assets	14.0%	16.3%	13.1%	10.5%	10.5%	4.4%	9.8%	57.4%
Free cash flow yield	-4.5%	-4.0%	-6.3%	0.2%	-3.2%	1.4%	0.0%	2.2%
Earnings yield	6.2%	3.1%	3.6%	1.7%	1.5%	0.8%	0.0%	2.0%
Enterprise value	₹42.5B	₹65.7B	₹25.9B	₹23.4B	₹20.9B	₹10.1B	₹9.8B	₹94.7M
Net debt / EBITDA	0.2×	-0.2×	-0.31×	0.75×	0.91×	1.35×	-1.79×	-2.6×
Cash conversion cycle (days)	181	117	153	187	166	72	72	0