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₹96 - 96
Munish Forge Ltd
Castings, Forgings & FastnersIPOSME
₹96 - 96
Our company was established as Gaisu Forge Private Limited in 1986, underwent multiple transformations before becoming a public limited company in December 2024. A leading forging and casting manufacturer, it supplies highprecision components for Defense, Oil & Gas, Automotive, Railways, Agriculture, and Infrastructure, including flanges, scaffolding, auto parts, tank track chains, bomb shells, and fence posts. As a key supplier to the Indian Army, it produces battle tank track chains and bomb shells. With a strong presence in India, the USA, UK, Canada, and Europe, Munish Forge continues to expand as a trusted partner known for its integrated production, innovation, and commitment to quality excellence.
Lot1,200Min Invest₹2,30,400Face Value₹10Issue Size₹74 CrFresh Issue₹61 CrOffer for Sale₹13 CrListing Price₹105CMP₹80
Timeline
30 Sept
Bidding opens
3 Oct
Bidding closes
6 Oct
Allotment
7 Oct
Refund & demat credit
8 Oct
Listing
Subscription
Subscription opens once dates are announced
Reports
Offer Details
Terms
Issue Size₹74 Cr0.77 Cr shares
Fresh Issue₹61 Cr
Offer for Sale₹13 Cr
Face Value₹10
Lot Size1,200 shares
ReservationQIB 50% · NII 15% · RETAIL 35%
Application Sizes
Retail₹2,30,4001-1 lots
sNII₹2,30,400from 2 lots
bNII₹10,36,800from 9 lots
Managers & Registrar
Lead ManagerGretex Corporate Services Ltd
RegistrarSkyline Financial Services Pvt
Ownership & Proceeds
Offer for Sale
Selling ShareholderShares OfferedAmt ₹ CrDavinder BhasinPRMTR13,44,00012.90Total13,44,00012.90
Shareholding
CategoryPre IPOPost IPOPromoter Group100%68.01%Public0%31.99%
Objects of the Issue
- Capital expenditure towards Civil construction and Purchase of additional Plant & Machinery
- Repayment/Pre-payment of Certain Debt Facilities
- Working Capital Requirements
- General Corporate Purposes
Financials
Profit & Loss
| Financial Year | FY24 | FY25 | FY26 |
|---|---|---|---|
| RevenueCr | 160 | 175 | 183 |
| Operating ProfitCr | 11 | 24 | 21 |
| OPM% | 7.2 | 13.9 | 11.7 |
| PBTCr | 6 | 19 | 13 |
| PATCr | 4 | 14 | 11 |
| EPS | 3 | 9 | 5 |
Balance Sheet
| Financial Year | FY24 | FY25 | FY26 |
|---|---|---|---|
| Equity CapitalCr | 10 | 18 | 24 |
| ReservesCr | 31 | 50 | 102 |
| BorrowingsCr | 47 | 61 | 57 |
| Total AssetsCr | 113 | 162 | 210 |
Cash Flow
| Financial Year | FY24 | FY25 | FY26 |
|---|---|---|---|
| Operating Cash FlowCr | 4 | 5 | -34 |
| Investing Cash FlowCr | -5 | -10 | -6 |
| Financing Cash FlowCr | -8 | 8 | 51 |
| Net Cash FlowCr | -8 | 3 | 11 |
Strengths & Risks
Strengths · as stated in the DRHP
- Experienced Promoters.
- Integrated manufacturing facility.
- Quality Assurance and Control.
- Quality Driving Global Reach.
- Financial Track Record.
- Relationship with our Customers.
Strategies · as stated in the DRHP
- Enhancing Efficiency and Promoting Sustainability.
- Strategic Growth and Market Expansion.
- Corporate Governance and Sustainability Commitment.
- Expansion into the Railway Sector.
Risks · as stated in the DRHP
- Our existing international operations and our plans to expand into additional overseas markets are subject to various business, economic, political, regulatory and legal risks.
- The Company is dependent on few numbers of customers for sales. The loss of any of these large customers may affect our revenues and profitability.
- Our Promoter and Directors play a key role in our functioning and we heavily rely on their knowledge and experience in operating our business and therefore, it is critical for our business that our Promoter and Directors remain associated with us.
- There are certain discrepancies / errors noticed in some of our corporate records relating to forms filed with the Registrar of Companies and other provisions of Companies Act, 2013. Any penalty or action taken by any regulatory authorities in future for non-compliance with provisions of corporate and other law could impact the financial position of the Company to that extent.
- Unforeseen natural disasters or man-made incidents could disrupt operations, damage infrastructure, or result in data loss, potentially leading to downtime, increased costs, regulatory penalties, or a loss of investor confidence.
- We have provided bank guarantees to third parties for business operations and statutory compliance. While these guarantees support business activities, they also expose the Company to financial, operational, and regulatory risks. if materialized, could adversely affect our financial condition.