Munish Forge

About the Company

Munish Forge Limited, founded in 1986, is a leading manufacturer of premium forged and cast components for defence, oil & gas, automobile, construction and infrastructure sectors. With over 40 years of expertise, it supplies critical parts like tank track chains and bomb shells to the Indian Army and exports to markets in the USA, UK, Canada and Europe. The company recently expanded into casting through its new division and is actively entering the railway sector, offering one-stop, high-quality, precision-engineered solutions meeting global standards.

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).

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.