Munish Forge Limited is a leading manufacturer of forged and cast components tailored to customer specifications and international standards. The company caters to diverse industries including Defence, Oil & Gas, Automobiles, Construction, and Infrastructure, with a strong focus on quality and reliability.
Its product portfolio covers a wide range of engineered components such as flanges, scaffolding parts, automobile components, tank track chains, bomb shells, fence posts, and steel accessories. These products are critical not only to industrial applications but also to India’s defence sector.
A key strength of Munish Forge lies in its long-standing association with the Indian Army, for which it manufactures battle tank track chains and bomb shells. Each product undergoes rigorous in-house testing as well as validation at NABL-certified laboratories, ensuring they meet stringent Defence standards.
The company also exports a significant portion of its output to global markets across the USA, UK, Canada, and Europe, where compliance with international benchmarks is maintained through strict quality controls.
Munish Forge’s facilities are equipped with modern machinery such as induction furnaces, CNC die-making equipment, hydraulic presses, and robotic welding arms, enabling efficient production and consistent quality. In addition, the company embraces sustainability by utilizing solar power and continually investing in process improvements to reduce its environmental footprint.
The company’s commitment to excellence is reflected in its certifications, including ISO 9001:2015, ISO 14001:2015, IATF 16949:2016, and PED (Pressure Equipment Directive). These globally recognized accreditations highlight its adherence to quality, safety, and environmental standards.
As of March 31, 2025, Munish Forge employed 754 people, forming the backbone of its operations and growth strategy. With a balanced mix of domestic defence contracts and international exports, the company continues to position itself as a trusted partner in critical industries worldwide.
Munish Forge IPO – Details
| IPO Opening Date | 30 September 2025 |
| IPO Closing Date | 03 October 2025 |
| Issue Type | Bookbuilding IPO |
| Issue Size | Total Issue: 77,00,400 Shares Worth ₹73.92 Crore Fresh Issue: 63,56,400 Shares Worth ₹61.02 Crore Offer For Sale: 13,44,000 Shares Worth ₹12.90 Crore |
| Face Value | ₹10 per equity share |
| IPO Price | ₹91 to ₹96 per share |
| Market Lot | 1200 Shares |
| Min Order | 1200 Shares [ 1 Lot ] |
| Listing At | NSE SME |
| Registrar | Skyline Financial Services Pvt.Ltd. |
| QIB Shares Offered | 50% |
| NII Shares Offered | 15% |
| Retail Shares Offered | 35% |
Munish Forge IPO – Date Schedule
| IPO Open Date | 30 September 2025 |
| IPO Close Date | 03 October 2025 |
| Basis of Allotment | 06 October 2025 |
| Initiation of Refund | 07 October 2025 |
| Credit of Shares to Demat | 07 October 2025 |
| IPO Listing Date | 08 October 2025 |
| Cut-off time for UPI mandate confirmation | 5 PM on October 03, 2025 |
Munish Forge IPO – Lots Size & Price
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 2 | 2,400 | ₹2,30,400 |
| Retail (Max) | 2 | 2,400 | ₹2,30,400 |
| S-HNI (Min) | 3 | 3,600 | ₹3,45,600 |
| S-HNI (Max) | 8 | 9,600 | ₹9,21,600 |
| B-HNI (Min) | 9 | 10,800 | ₹10,36,800 |
Competitive Strength
- Raw Material Risk.
- Manufacturing Capacity.
- Global Presence.
- In-house manufacturing facility with equipped technologies and processes.
- Market Risk.
- Regulatory Risks.
- Operation Risk.
- International Operations Risks.
- Manufacturing and Labor Risks.
- Leadership Dependence.
- Competitive Risks.
- Litigation risks.
Company Promoters
- Mr. Davinder Bhasin
- Mr. Dev Arjun Bhasin
- Ms. Minakshi Bhasin
- Munish Promoters
- Developers Private Limited
- Dev Arjuna Enterprises Private Limited
Company Financials
| Period | Total Revenue | Total Expense | Profit After Tax | Total Borrowings |
|---|---|---|---|---|
| 31 March 2023 | ₹161.18 Cr | ₹158.77 Cr | ₹1.97 Cr | ₹50.22 Cr |
| 31 March 2024 | ₹161.58 Cr | ₹155.81 Cr | ₹4.39 Cr | ₹47.16 Cr |
| 31 March 2025 | ₹178.63 Cr | ₹159.31 Cr | ₹14.30 Cr | ₹60.20 Cr |
Key Performance Indicator
| KPI | Values |
|---|---|
| ROE | 10.81% |
| ROCE | 9.88% |
| Debt/Equity | 1.16 |
| RoNW | 10.81% |
| PAT Margin | 2.75% |
| EBITDA Margin | – |
| Price to Book Value | 2.28 |
| Pre IPO | Post IPO | |
|---|---|---|
| EPS (₹) | 2.48 | 5.84 |
| P/E (x) | 38.74 | 16.45 |
Object Of The Issue
| Objects of the Issue | Expected Amount (in Crore) |
|---|---|
| Capital expenditure towards Civil construction and Purchase of additional Plant & Machinery. | ₹6.28 |
| Repayment/Pre-payment of Certain Debt Facilities. | ₹11.00 |
| Working Capital Requirements. | ₹11.24 |
| General Corporate Purposes. | – |
✅Strengths
- Approved supplier to Indian Army (battle tank track chains, bomb shells).
- Diverse portfolio – flanges, scaffolding, auto parts, steel accessories.
- Global exports to USA, UK, Canada, Europe.
- Strong certifications – ISO, IATF, PED.
- Modern plants with CNC, robotic welding, induction furnaces.
⚠️Risks
- High attrition (80.92% in FY 2025).
- Litigations pending (electricity, employee disputes).
- Heavy borrowings (₹6,020 lakh as of Mar 2025).
- Currency fluctuations affect export margins.
- Dependence on defence contracts.
Munish Forge IPO Promoter Holding
| Pre Issue Share Holding | 100.00% |
| Post Issue Share Holding | – |
Munish Forge IPO Prospectus
Company Contact Information
| Munish Forge Ltd. Village-Gobindgarh, Adj. Phase-VII Focal Point, Ludhiana, Punjab, 141010 Phone: +91 94177 30280 Email: cs@munishforge.com Website: https://munishforge.com/ |
Munish Forge IPO Registrar
| Skyline Financial Services Pvt.Ltd. Phone: 02228511022 Email: ipo@skylinerta.com Website: https://www.skylinerta.com/ipo.php |
Munish Forge IPO Lead Manager(s)
| 1. Gretex Corporate Services Ltd. |
Munish Forge IPO FAQ
| What is Munish Forge IPO? Munish Forge IPO is an SME IPO. The issue is priced at ₹91 to ₹96 per equity share. The IPO is to be listed on NSE SME. |
| When Munish Forge IPO will open? The IPO is to open on 30 September 2025 for QIB, NII, and Retail Investors. |
| What is Munish Forge IPO Investors Portion? The investors’ portion for QIB – 50%, NII – 15%, and Retail – 35%. |
| What is the Munish Forge IPO Size? Munish Forge IPO size is ₹73.92 Crore. |
| What is Munish Forge IPO Minimum and Maximum Lot Size for Retail? The minimum bid is 2,400 Shares with ₹2,30,400 amount, while the maximum bid is 2,400 Shares with ₹2,30,400. |
| What is the Munish Forge IPO Allotment Date? Munish Forge IPO allotment date is 06 October 2025. |
| What is the Munish Forge IPO Listing Date? Munish Forge IPO listing date is 08 October 2025. The IPO is to be listed on the NSE SME. |
