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Employees: 533
Size Balu Forge Industries (BALUFORGE.NS) is an India Industrials company (Trucks/Construction/Farm Machinery) with a market value of $624M, the 763rd largest of 1,058 India companies the cockpit tracks. Shares closed at ₹501.70 on 6 Nov 2026.
Performance Over six months the shares fell 10.0%, against -19.2% for the median peer and 0.0% for the India market (cap-weighted) — 5th highest of 21 in its peer set.
Growth Revenue grew 30.8% over the last twelve months (peer median -1.2%); the operating margin is 25.6% (peer median 4.0%).
Valuation It trades at 15.9× forward earnings against a peer median of 19.2× (3rd cheapest of 12).
Capital Return on invested capital runs 4.9 points below its cost of capital (19.0% WACC).
Next results Next results expected around 17 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | ₹11.7B | ₹10.8B | ₹9.06B | ₹5.53B | ₹3.27B |
| Revenue growth | — | +19% | +64% | +69% | — |
| Gross profit | ₹3.68B | ₹3.30B | ₹2.79B | ₹1.62B | ₹905M |
| EBITDA | ₹3.12B | ₹2.74B | ₹2.36B | ₹1.14B | ₹550M |
| Net income | ₹2.68B | ₹2.59B | ₹2.04B | ₹935M | ₹389M |
| Free cash flow | n/a | -₹3.36B | -₹2.75B | -₹1.76B | -₹55.9M |
| Capital expenditure | n/a | ₹3.54B | ₹4.16B | ₹1.34B | ₹72.6M |
| Total debt | n/a | ₹1.52B | ₹398M | ₹488M | ₹519M |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | BALUFORGE.NS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -1.1% | -9.4% | 3rd highest of 21 |
| 6-month return | -10.0% | -19.2% | 5th highest of 21 |
| Distance from 52-week high | -24.8% | -32.1% | 4th highest of 21 |
| Revenue growth (TTM) | +30.8% | -1.2% | 3rd highest of 21 |
| Operating margin | 25.6% | 4.0% | highest of 21 |
| Forward P/E | 15.9× | 19.2× | 3rd cheapest of 12 |
| ROIC minus cost of capital | -4.9 pp | -1.9 pp | 6th lowest of 21 |
| EV / EBITDA | 18.9× | 10.5× | 2nd most expensive of 6 |
| Net debt / EBITDA | 0.2× | 0.8× | 4th least indebted of 8 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Balu Forge Industries BALUFORGE.NS | India | $624M | -10% | +31% | 26% | 15.9× | n/a | n/a |
| Chengdu Xinzhu Road & Bridge Machinery 002480.SZ | China | $620M | -18% | -21% | -4% | n/a | 12.5% | -8.7% |
| Beijing Tianma Intelligent Control Technology 688570.SS | China | $628M | -22% | -5% | -1% | 44.5× | 14.1% | +6.8% |
| Weihai Guangtai Airport Equipment 002111.SZ | China | $620M | -29% | +11% | 6% | 14.7× | 5.8% | +2.4% |
| Shaanxi Construction Machinery 600984.SS | China | $611M | -24% | -4% | -61% | n/a | 6.9% | -8.6% |
| CSBC Corp. Taiwan 2208.TW | Taiwan | $642M | -18% | -15% | -5% | n/a | n/a | n/a |
| Beijing Tieke Shougang Railway-Tech 688569.SS | China | $606M | -5% | +24% | 22% | 16.1× | -2.0% | +0.8% |
| Songz Automobile Air Conditioning 002454.SZ | China | $596M | -36% | +7% | 4% | 16.1× | n/a | n/a |
| Ponsse PON1V.HE | Finland | $595M | -15% | -3% | 4% | 19.2× | n/a | n/a |
| Hangzhou Huning Elevator Parts 300669.SZ | China | $591M | -36% | -2% | 1% | n/a | 50.1% | -1.7% |
| Ajax Engineering AJAXENGG.NS | India | $676M | +1% | +1% | 12% | 24.3× | 25.4% | +23.2% |
| Endur ENDUR.OL | Norway | $696M | +7% | +88% | 5% | 19.2× | 8.8% | +88.7% |
| Jianglong Shipbuilding 300589.SZ | China | $699M | -25% | -9% | -12% | 42.5× | n/a | n/a |
| Eurocrane (China) 603966.SS | China | $557M | -32% | -3% | 9% | n/a | 1.2% | +14.0% |
| Tianjin Keyvia Electric 300407.SZ | China | $549M | -20% | +13% | 2% | n/a | -1.6% | +6.6% |
| Nanjing Railway New Technology 301016.SZ | China | $542M | -28% | -1% | 18% | n/a | 19.2% | -3.9% |
| Jinxi Axle 600495.SS | China | $728M | -6% | +19% | -1% | n/a | 22.1% | +2.6% |
| Wetown Electric 688226.SS | China | $729M | -55% | +54% | 3% | 29.9× | n/a | n/a |
| Japan Engine 6016.T | Japan | $532M | -19% | -2% | 20% | 15.5× | n/a | n/a |
| VBG VBG-B.ST | Sweden | $734M | -16% | +5% | 10% | 16.2× | 2.7% | +11.4% |
| Shanghai Chuangli 603012.SS | China | $738M | -12% | -17% | 5% | n/a | 8.1% | +2.8% |