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Munish Forge IPO
Munish Forge Ltd
₹1,09,200 /1200 sharesMinimum Investment
Munish Forge IPO Details
| Bidding Dates | Min. Investment | Lot Size | Price Range |
|---|---|---|---|
| 30 Sep ‘25 - 3 Oct ‘25 | ₹2,18,400 | 1,200 | ₹91 - ₹96 |
| Issue Size | IPO Doc |
|---|---|
| 73.92Cr | RHP PDF |
Subscription rate
As of 30 Sep'25, 02:02 PM
| Qualified Institutional Buyers | 0.00x |
| Non-Institutional Investor | 0.00x |
| Retail Individual Investor | 0.03x |
| Total | 0.01x |
About Munish Forge
Founded in
1986
Managing director
Mr. Davinder Bhasin
Parent organisation
Munish Forge Ltd
Strengths & Financials of Munish Forge
Strengths
Risks
The company’s operations are supported by a wide network of departments and units, including coupler assembly (W-II), Cutting (W-I, W-III), drill (W-II), export & marketing, flange, forge (pressure class (PC), Flange), among others. The company states that each unit plays an essential role in maintaining efficiency, product quality, and timely delivery.
The company is ISO 9001:2015 certified for quality management systems, ISO 14001:2015 certified for environmental management systems, International Automotive Task Force (IATF) 16949-2016 certified, and Pressure Equipment Directive (PED) certified.
The company states that it has built a strong global reputation through precision engineering and strict quality control. The company exports its products to markets such as the United States, the United Kingdom, and Dubai. The company states that this highlights its ability to meet international standards and maintain a customer-focused approach.
The company claims that its diversified business model provides a strong base for sustained growth. By offering a broad product range across multiple sectors, the company reduces risk and seizes new opportunities. Its global presence spans infrastructure projects involving pipes, flanges, scaffolding, and clamps in the United States, Canada, the United Kingdom, Saudi Arabia, and the Middle East. In India, it supplies defence components such as tank parts and bomb shells and serves the automotive and tractor OEM markets.
The company claims to specialise in manufacturing forged parts that meet US and European standards, such as American Society for Testing and Materials (ASTM) and EN74-1:2022. These standards ensure that products can withstand extreme conditions, including sub-zero temperatures. The company further states that by integrating multiple processes within a single facility, it reduces costs and provides a convenient “one-stop shop” for customers.
The company claims that its in-house testing facilities, including chemical and physical analysis, micro and macro testing, hardness checks, and salt spray testing, help ensure that raw materials, in-process items, and finished products meet strict quality requirements.
The company states that its design centre is equipped with advanced 3D software, computer-aided design and computer-aided manufacturing (CAD/CAM) tools, and a skilled technical team. The company claims that continuous improvements in manufacturing processes are supported by strict quality controls at every stage, from raw material sourcing to final product testing, ensuring compliance with international standards and customer specifications.
The company has witnessed a consistent increase in its profit after tax (PAT). It increased from Rs 1.97 crore in FY23 to Rs 4.39 crore in FY24 and Rs 14.30 crore in FY25.
The company generates significant portions of its revenue from international markets. They accounted for Rs 103.66 crore (60.32 percent) of the company’s total revenue in FY25, Rs 105.43 crore (67.46 percent) in FY24 and Rs 118.02 crore (75.36 percent) in FY23. Any adverse developments in these markets, such as sudden entry barriers, fluctuations in foreign exchange, sudden government policies or restrictions, could affect its sales in these markets, negatively impacting its operations and finances.
The company’s top 10 customers accounted for Rs 134.19 crore (78.09 percent) of the company’s total revenue in FY25, Rs 125.83 crore (80.51 percent) in FY24, and Rs 136.51 crore (87.18 percent) in FY23. The top customer accounted for Rs 44.46 crore (25.87 percent) of the company’s total revenue in FY25, Rs 27.78 crore (17.78 percent) in FY24, and Rs 44.71 crore (28.55 percent) in FY23. Any failure to retain these key customers, expand the customer base, or loss of business from them could hit the company’s business and financial standing.
The company relies heavily on machinery for production. This machinery needs to be taken care of and serviced on time to avoid any major breakdown or malfunction that could disrupt its operations, impacting its financial position.
As of FY25, the company had contingent liabilities amounting to Rs 5.40 crore. If any of these contingent liabilities materialise, it could harm the company’s financial performance.
The company derives a major portion of its revenue from the oil and gas sector and the construction, industrial plants, and infrastructure sector. The oil and gas sector accounted for Rs 56.08 crore (32.64 percent) of the company’s total revenue in FY25, Rs 83.59 crore (53.48 percent) in FY24, and Rs 94.32 crore (60.23 percent) in FY23. The latter accounted for Rs 48.26 crore (28.08 percent) of the company’s total revenue in FY25, Rs 50.88 crore (32.56 percent) in FY24, and Rs 40.38 crore (25.78 percent) in FY23. Any adverse economic downturns, regulatory shifts, or volatility in commodity prices in these industries could negatively impact the company’s finances and operations.
The company’s top 10 suppliers accounted for Rs 78.48 crore (87.89 percent) of the company’s total purchases in FY25, Rs 99.84 crore (94.83 percent) in FY24 and Rs 66.95 crore (93.03 percent) in FY23. Any disruption in supplies from one or more of these suppliers could adversely affect the company’s business and finances.
The company reported negative cash flows from investing activities amounting to Rs 10.48 crore in FY25, Rs 4.66 crore in FY24, and Rs 0.43 crore in FY23. It also recorded negative cash flows from financing activities amounting to Rs 7.65 crore in FY24 and Rs 13.64 crore in FY23. Furthermore, the net decrease in cash and cash equivalents amounted to Rs 8.01 crore in FY24. If cash outflows continue to exceed inflows, the company may face liquidity challenges in the future.
The company recorded a high employee attrition rate of 80.92 percent in FY25, up from 47.18 percent in FY24 and 37.54 percent in FY23. The loss of key staff can result in reduced expertise, slower product development, operational inefficiencies, and higher recruitment and training expenses, all of which may weaken financial results and growth prospects.
The company, its promoters, directors, and group entities are involved in certain legal proceedings. Any adverse judgments in any of these cases could be detrimental to the company’s business prospects.
As of FY25, the company’s total indebtedness amounted to Rs 60.20 crore. Any failure to service or repay these loans can harm the company’s operations and financial position.
Munish Forge Financials
*All values are in Rs. Cr
No Graph Data To Display
Application Details of Munish Forge IPO
| Apply as | Price band | Apply Range |
|---|---|---|
| Individual investor | ₹91 - 96 | ₹2 - 5 Lakh |
For Munish Forge IPO, eligible investors can apply as Individual investor.