India’s IPO market continues to gain traction in 2025, with industrial and defence-oriented companies attracting investor attention. Among these, Munish Forge Limited stands out as a high-quality manufacturer of forged components serving the defence, oil & gas, automobile, and infrastructure sectors. The company is set to open its IPO on September 30, 2025, providing investors with an opportunity to participate in its growth story.
About Munish Forge Ltd.
Incorporated in July 1986, Munish Forge Limited manufactures high-precision components such as flanges, scaffolding, auto parts, tank tracks, bomb shells, fence posts, and steel accessories, meeting both domestic and international standards. The company serves the Indian Army and various industrial sectors, including defence, oil & gas, automobile, construction, and infrastructure.
Munish Forge holds several certifications, including ISO 9001:2015, ISO 14001:2015, IATF 16949:2016, and PED (Pressure Equipment Directive). It produces critical defence components like Battle Tank Track Chains and Bomb Shells, tested in-house and at NABL-certified labs. The company also exports globally, adhering to international standards, and uses modern manufacturing techniques like induction furnaces, CNC machines, robotic welders, and CAD/CAM systems.
As of March 31, 2025, Munish Forge employs 754 people.
Competitive Strengths:
- Integrated manufacturing processes, from die design to packaging
- Innovation-driven engineering with advanced technology
- Prestigious OEM and Tier-1 supplier clientele in Europe, North America, the Middle East, and India
- Focus on quality, reliability, and faster delivery
Munish Forge IPO Details
The Munish Forge IPO is a book-building issue of ₹73.92 crore, comprising a fresh issue of 0.64 crore shares (₹61.02 Cr) and an offer for sale of 0.13 crore shares (₹12.90 Cr). The IPO will be listed on NSE SME.
IPO Timeline:
| Event | Date (Tentative) |
| IPO Open Date | Sep 30, 2025 |
| IPO Close Date | Oct 3, 2025 |
| Tentative Allotment | Oct 6, 2025 |
| Initiation of Refunds | Oct 7, 2025 |
| Credit of Shares to Demat | Oct 7, 2025 |
| Tentative Listing Date | Oct 8, 2025 |
| Cut-off time for UPI mandate confirmation | 5 PM on Oct 3, 2025 |
Key IPO Details:
| Parameter | Details |
| Face Value | ₹10 per share |
| Issue Price Band | ₹91 – ₹96 per share |
| Lot Size | 1,200 shares |
| Total Issue Size | 77,00,400 shares (₹73.92 Cr) |
| Fresh Issue (Ex Market Maker) | 59,71,200 shares (₹57.32 Cr) |
| Offer for Sale | 13,44,000 shares (₹12.90 Cr) |
| Reserved for Market Maker | 3,85,200 shares (₹3.70 Cr) |
| Net Offered to Public | 73,15,200 shares (₹70.23 Cr) |
| Issue Type | Bookbuilding IPO |
| Listing At | NSE SME |
| Shareholding Pre-Issue | 1,77,13,863 shares |
| Shareholding Post-Issue | 2,40,70,263 shares |
Investor Category Reservation:
- QIB: Not more than 50% of Net Offer
- Retail: Not less than 35% of Net Offer
- NII: Not less than 15% of Net Offer
Lot Size & Investment:
| 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 |
Promoter Holding:
Promoters include Mr. Davinder Bhasin, Mr. Dev Arjun Bhasin, Ms. Minakshi Bhasin, Munish Promoters and Developers Pvt. Ltd., and Dev Arjuna Enterprises Pvt. Ltd.
- Pre-IPO: 100%
- Post-IPO: NA
Book Running Lead Manager: Gretex Corporate Services Ltd.
Registrar: Skyline Financial Services Pvt. Ltd.
Munish Forge Ltd.: Financials
Financial Highlights (₹ Crore):
| Period Ended | 31 Dec 2024 | 31 Mar 2024 | 31 Mar 2023 | 31 Mar 2022 |
| Assets | 146.78 | 113.22 | 107.01 | 121.41 |
| Total Income | 130.93 | 161.58 | 161.18 | 125.10 |
| Profit After Tax | 10.53 | 4.39 | 1.97 | 1.43 |
| Net Worth | 51.09 | 40.61 | 36.03 | 34.11 |
| Reserves & Surplus | 34.71 | 41.46 | 4.58 | 26.39 |
| Total Borrowing | 60.78 | 47.16 | 50.22 | 59.14 |
Key Performance Indicators (KPI):
- Market Cap: ₹231.07 Cr
- ROE: 10.81%
- ROCE: 9.88%
- Debt/Equity: 1.16
- RoNW: 10.81%
- PAT Margin: 2.75%
- Price to Book Value: 2.28
- EPS Pre-IPO: ₹2.48 | Post-IPO: ₹5.84
- P/E Pre-IPO: 38.74x | Post-IPO: 16.45x
Objects of the Issue
The IPO proceeds are proposed to be used as follows:
| Object | Expected Amount (₹ Million) |
| Capital expenditure towards civil construction and the purchase of additional plant & machinery | 62.79 |
| Repayment/Prepayment of Certain Debt Facilities | 110.00 |
| Working Capital Requirements | 1,123.83 |
| General Corporate Purposes | Balance |
Industry Outlook
The Indian forging and steel component sector continues to grow steadily, supported by:
- Rising demand from the defence and industrial sectors
- Expanding infrastructure and automobile projects
- Government push for Make in India and domestic defence manufacturing
- Export opportunities to Europe, North America, and the Middle East
Munish Forge’s integrated manufacturing, certifications, and clientele across defence and industrial segments position it well to benefit from this growth.
Munish Forge IPO: Peer Comparison
Munish Forge IPO can be compared with peers like Laxmi Precision Ltd, Bharat Forge Ltd, Mahindra Sintered Components Ltd, Jay Bharat Maruti Ltd, and Steel Strips Wheels Ltd. Reviewing these companies helps investors gauge Munish Forge’s position in the forging and industrial components sector and make informed investment decisions.
Conclusion
Munish Forge Ltd. presents an interesting investment opportunity with strong capabilities in manufacturing precision forged components. While revenue and profit have shown steady growth, investors should consider risks such as exposure to cyclical industrial demand, dependence on a few large clients, and global supply chain fluctuations.
If you are exploring more investment opportunities, check out our dedicated page on upcoming IPO listings to stay updated on the latest market offerings.
