Munish Forge Ltd is an Indian manufacturer that has deliberately turned itself from a commodity metal-bender into a defence supplier, a pivot that began after decades of making flanges and scaffolding and was cemented by its public listing as “an established player in the Indian defence story”. The company forges and machines metal parts that are hard to make on purpose, chasing contracts where the difficulty of the work keeps competitors away - a philosophy management calls the “80-20 formula”: select the 20% of parts that are difficult and earn 80% of the value. That recurring logic explains everything from artillery shells to railway couplers, and it is how a small Ludhiana-based forge on the NSE Emerge SME exchange now supplies tracked-vehicle components to the Indian Armed Forces. # Business segments Three engines at different stages - a commodity heritage line that pays the bills, a defence franchise built on certified munitions and tank-track contracts, and an early-stage railway components bet - each selected for the difficulty premium it commands. ## 1. Flanges and scaffolding: the commodity base that funds the pivot **Carbon steel flanges and scaffolding fittings generate consistent revenue with low complexity, giving the company a steady cash stream while defence orders work through their long qualification cycles.** - **A deliberately simple product** - the company makes carbon steel flanges, which management calls “a very commodity product,” deliberately avoiding the stainless steel grades that competitors like Pradeep Metal pursue. That keeps the manufacturing straightforward and the revenue predictable. - **The revenue backbone during transition** - flanges represented the majority of revenue in the first half of FY26, with scaffolding ranking second, together providing the financial base while defence products move through their longer manufacturing and approval timelines. - **Exports provide a second outlet** - the business serves both domestic and export markets, and the company has secured an export order for machined forgings from an American customer, so it is not dependent on any single geography for its heritage sales. ## 2. Defence munitions and tracked-vehicle components: the hard-to-make franchise **Artillery shells and tank track chains sold to the Indian Armed Forces after rigorous government proof-testing - a business where the certification itself is the barrier to entry.** - **Certified to make things that explode** - the company manufactures 120mm HE (High Explosive) bomb bodies, and its 120mm HE mortar bomb samples were proof-tested and certified “SERVICEABLE” at the Proof Experimental Establishment in Balasore, clearing the way for bulk production. That certification process is the gate every competitor must pass through, and the company has already passed. - **Tank tracks for three armoured platforms** - it produces track chains for T72, T90, and BMP armoured vehicles, and holds purchase orders from Armoured Vehicles Nigam Limited under the Ministry of Defence. These are not one-off prototypes; they are recurring supply contracts for vehicles already in service. - **The order book tilts toward defence** - as of Q2 FY26, defence orders stood at close to ₹70-71 crore out of a total order book of approximately ₹113 crore, with roughly ₹27 crore of that from bomb shell orders and the remainder from tank tracks. The heritage businesses may generate more near-term revenue, but the contracted future belongs to defence. - **Volume capacity is already in place** - the company estimates it can produce 5,000 to 6,000 155mm bomb shells per month and has demonstrated manufacturing readiness for the 120mm HE bomb body, so scaling up is a matter of orders, not of building new plants. - **The domestic market is deep enough to absorb everything** - while the company is in discussions with large entities like Adani Defense, Reliance, and Tata, and is exploring export opportunities for 155mm shells, its major focus remains on Indian defence demand because domestic requirements alone are large. ## 3. Railways: the emerging third engine in development **Developmental orders for forged and machined railway components - couplers, pin brackets, control shafts - that target niche alloy-steel parts where most competitors cannot follow.** - **Two orders, zero revenue yet** - the company has received two developmental orders for the Vande Bharat segment, but no significant revenue contribution is expected in the current year. This is a seeding phase, not a harvesting one. - **The difficulty filter is built into the product selection** - the company targets alloy steel castings that are hardened, tempered, and machined, which eliminates most competitors who lack the metallurgical and machining capability. The same “80-20” logic that shaped the defence business is being applied to railways. - **A specialist on the sales side** - the company hired a consultant with 20 years of railway industry experience specifically to advise on which products are coming to market and which ones are worth pursuing, so product selection is guided by someone who knows the buyer.