Munish Forge’s first-ever earnings call began with technical glitches, floods in Punjab, and geopolitical tension at the border. Naturally, management still sounded calm. Almost suspiciously calm.
Between microphone issues and war-like situations, Munish decided this was the perfect moment to debut as a listed company. Bold timing. Very defence-sector coded.
The company survived floods, delayed dispatches, IPO paperwork, and still walked in claiming, “All orders intact.” Investors blinked. Management didn’t.
They promised a stronger H2, a ₹205 Cr FY26 revenue target, and casually dropped that they’re now supplying bomb shells and eyeing Vande Bharat trains. Because why not?
Margins expanded, railways entered the chat, and defence orders stacked up quietly in the background.
Read on. Because somewhere between artillery shells and couplers, this concall actually gets interesting.
2. At a Glance
Revenue ₹82 Cr (H1): Floods tried, but forgings prevailed.
EBITDA ₹13 Cr: 15.5% margin—product mix doing the heavy lifting.
PAT ~₹7 Cr: 8.4% margin, management says “10% coming soon.”
Order Book ₹113 Cr: Defence doing most of the shouting.
Defence Share ~9 Cr (H1): H2 apparently where the fireworks are.
3. Management’s Key Commentary
“This is Munish Forge’s first-ever earnings call.” (Congratulations, the IPO hangover is officially over.) 😏
“Dispatches were rescheduled due to floods and geopolitical developments.” (Nature + neighbours delayed revenue, not demand.)
“All orders remain intact and planned for H2.” (Nothing cancelled, only postponed. Pinky promise.)
“We received bulk production clearance for 120mm bomb shells.” (Defence entry ticket stamped. Serious business now.) 💣
“We expect FY26 revenue of around ₹205 Cr with ~10% PAT.” (Ambitious, but backed by order visibility.)
“Defence contributes ₹70–71 Cr of our ₹113 Cr order book.” (Defence is no longer a side quest.)
“Railways won’t give bulk orders initially—development comes first.” (Pay first, profit later. Classic PSU romance.) 🚆
4. Numbers Decoded
Metric
H1 FY26
Decoded Meaning
Revenue
₹82 Cr
Missed targets, but excuses were legit
EBITDA
₹13 Cr
Margins quietly expanding
EBITDA Margin
15.5%
Defence mix doing magic
PAT
~₹7 Cr
Still warming up
PAT Margin
~8.5%
10% promised, patience requested
Order Book
₹113 Cr
Visibility secured
Defence Orders
~₹27 Cr (shells)
Consumables = repeat demand
Short version: H1 was messy, but structurally stronger.
