Munish Forge Limited IPO Review
Neutral91-91 · SME
✦
Analyst Verdict
Munish Forge Limited IPO
Neutral
IPO at a Glance
Price Band
91-91
Issue Size
74cr
Min. Investment
₹1,09,200
Opens
2025-09-28
Closes
2025-10-01
Listing
2025-10-06
Category
SME
Key Strengths
✓40+ years’ legacy in forging and casting, supplying to Defence, Oil & Gas, Automotive, Agriculture, and Infrastructure sectors.
✓Approved supplier to the Indian Army for tank tracks and bomb shells with NABL-certified testing.
✓Diversified product range including flanges, scaffolding parts, auto components, and ground-engaging tools.
✓Integrated manufacturing with robotic welding arms, advanced CNC and quality systems, and ISO/IATF certifications.
✓Strong promoter experience and expanding into Railways and new export markets (USA, UK, Canada, Europe).
Key Risks
⚠High dependency on a few key customers; top 10 contribute major share of revenue.
⚠Single manufacturing location risk with exposure to operational disruptions.
⚠Pending approvals and licenses due to recent conversion from private to public company.
⚠Vulnerability to raw material price volatility and supplier concentration.
⚠Exposure to regulatory, labour, and geopolitical risks across Defence and export operations.
Frequently Asked Questions
Should I apply for Munish Forge Limited IPO?
Based on our analysis, our rating for Munish Forge Limited IPO is: Neutral. Review the full analysis including strengths, risks, and financials on CheckIPO before making a decision.
What are the key risks of Munish Forge Limited IPO?
High dependency on a few key customers; top 10 contribute major share of revenue. Single manufacturing location risk with exposure to operational disruptions. Pending approvals and licenses due to recent conversion from private to public company.
What are the strengths of Munish Forge Limited IPO?
40+ years’ legacy in forging and casting, supplying to Defence, Oil & Gas, Automotive, Agriculture, and Infrastructure sectors. Approved supplier to the Indian Army for tank tracks and bomb shells with NABL-certified testing. Diversified product range including flanges, scaffolding parts, auto components, and ground-engaging tools.
What is the price band of Munish Forge Limited IPO?
The price band for Munish Forge Limited IPO is 91-91. The IPO has closed.
Full Analysis Available
Financials, DRHP breakdown, peer comparison, shareholding pattern & more