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Munish ForgeNSE:MUNISH +1.16%13 Piotroski F-Score is 5 as of Jul. 17, 2026, which is 17% below its 10-year median of 6.00. GuruFocus rates NSE:MUNISH with a GF Score™ of 13/100. The stock has 4 warning signs investors should review. Among 2,969 Industrial Products companies, Munish Forge ranks better than 56.55% on this metric.
The zones of discrimination were as such:
Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3
Munish Forge has an F-score of 5 indicating the company's financial situation is typical for a stable company.
The historical rank and industry rank for Munish Forge's Piotroski F-Score or its related term are showing as below:
NSE:MUNISH'
s Piotroski F-Score Range Over the Past 10 Years
Min: 5 Med: 6 Max: 6
Current: 5
During the past 5 years, the highest Piotroski F-Score of Munish Forge was 6. The lowest was 5. And the median was 6.
The developer of the system is Joseph D. Piotroski is relatively unknown accounting professor who shuns publicity and rarely gives interviews.
He graduated from the University of Illinois with a B.S. in accounting in 1989, received an M.B.A. from Indiana University in 1994. Five years later, in 1999, after earning a Ph.D. in accounting from the University of Michigan, he became an associate professor of accounting at the University of Chicago.
He wanted to see if he can develop a system (using a simple nine-point scoring system) that can increase the returns of a strategy of investing in low price to book (referred to in the paper as high book to market) value companies.
What he found was something that exceeded his most optimistic expectations.
Buying only those companies that scored highest (8 or 9) on his nine-point scale, or F-Score as he called it, over the 20 year period from 1976 to 1996 led to an average out-performance over the market of 13.4%.
Even more impressive were the results of a strategy of investing in the highest F-Score companies (8 or 9) and shorting companies with the lowest F-Score (0 or 1).
Over the same period from 1976 to 1996 (20 years) this strategy led to an average yearly return of 23%, substantially outperforming the average S&P 500 index return of 15.83% over the same period.
Munish Forge Piotroski F-Score Related Terms
Munish Forge Piotroski F-Score Historical Data
* Premium members only.
The historical data trend for Munish Forge's Piotroski F-Score can be seen below:
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
Munish Forge Piotroski F-Score Chart
Munish Forge Annual Data
Trend
Mar22
Mar23
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Mar26
Piotroski F-Score
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6.00
6.00
5.00
Munish Forge Semi-Annual Data
Mar22
Mar23
Mar24
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Mar26
Piotroski F-Score
N/A
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6.00
6.00
5.00
NSE:MUNISH vs CRS, ATI, MLI: Piotroski F-Score Comparison
For the Metal Fabrication subindustry, Munish Forge's Piotroski F-Score, along with its competitors' market caps and Piotroski F-Score data, can be viewed below:
* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.
Munish Forge Piotroski F-Score vs Industrial Products Industry
For the Industrial Products industry and Industrials sector, Munish Forge's Piotroski F-Score distribution charts can be found below:
* The bar in red indicates where Munish Forge's Piotroski F-Score falls into.
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
*Note: If the latest quarterly/semi-annual/annual total assets data is 0, then we will use previous quarterly/semi-annual/annual data for all the items in the balance sheet.
Profitability
Question 1. Return on Assets (ROA)
Net income before extraordinary items for the year divided by Total Assets at the beginning of the year.
Score 1 if positive, 0 if negative.
Munish Forge's current Net Income (TTM) was 101.
==> Positive ==> Score 1.
Question 2. Cash Flow Return on Assets (CFROA)
Net cash flow from operating activities (operating cash flow) divided by Total Assets at the beginning of the year.
Munish Forge's return on assets of this year was 0.06231765. Munish Forge's return on assets of last year was 0.12771332.
==> Last year is higher ==> Score 0.
Question 4. Quality of Earnings (Accrual)
Compare Cash flow return on assets (2) to return on assets (1)
Munish Forge's gearing of this year was 0.02470367. Munish Forge's gearing of last year was 0.08716812.
==> This year is lower or equal to last year. ==> Score 1.
Question 6. Change in Working Capital (Liquidity)
Compare this year's current ratio (current assets divided by current liabilities) to last year's current ratio.
Score 1 if this year's current ratio is higher, 0 if it's lower
Munish Forge's current ratio of this year was 1.9005539. Munish Forge's current ratio of last year was 1.32855625.
==> This year's current ratio is higher. ==> Score 1.
Question 7. Change in Shares in Issue
Compare the number of shares in issue this year, to the number in issue last year.
Score 0 if there is larger number of shares in issue this year, 1 otherwise.
Munish Forge's number of shares in issue this year was 0. Munish Forge's number of shares in issue last year was 24.07.
==> There is smaller number of shares in issue this year, or the same. ==> Score 1.
Efficiency
Question 8. Change in Gross Margin
Compare this year's gross margin (Gross Profit divided by sales) to last year's.
Score 1 if this year's gross margin is higher, 0 if it's lower.
Munish Forge's gross margin of this year was 0.38311475. Munish Forge's gross margin of last year was 0.34694513.
==> This year's gross margin is higher. ==> Score 1.
Question 9. Change in asset turnover
Compare this year's asset turnover (total sales for the year divided by total assets at the beginning of the year) to last year's asset turnover ratio.
Score 1 if this year's asset turnover ratio is higher, 0 if it's lower
Munish Forge's asset turnover of this year was 1.13058677. Munish Forge's asset turnover of last year was 1.5513185.
==> Last year's asset turnover is higher ==> Score 0.
Evaluation
Piotroski F-Score
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5
Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3
Munish Forge has an F-score of 5 indicating the company's financial situation is typical for a stable company.
Munish Forge (NSE:MUNISH) has a Piotroski F-Score of 5 as of Jul. 17, 2026. The Piotroski F-score grades a company's business operating strength from 0-9. View historical data on Munish Forge and its competitors. This is 17% below median its historical median of 6.00. Over the past decade, Munish Forge's Piotroski F-Score has ranged from 5.00 to 6.00. According to the industry distribution chart, Munish Forge ranks #1290 out of 2969 companies in the Industrial Products industry, placing it in the top 43.4%.
Is Munish Forge's Piotroski F-Score too high?
Munish Forge's current Piotroski F-Score of 5 is 17% below median its 10-year median of 6.00. Over the past 10 years, this metric has ranged from a low of 5.00 to a high of 6.00. The Industrial Products industry median Piotroski F-Score is 5.00. Munish Forge's value of 5 is 0% at this industry median. Based on the distribution chart, Munish Forge ranks #1290 out of 2969 companies in the Industrial Products industry, which is above the industry midpoint. Overall, Munish Forge has a GF Score™ of 13/100, reflecting its overall financial health beyond just this single metric.
How does Munish Forge's Piotroski F-Score compare to CRS and ATI?
According to the Industrial Products industry distribution chart, Munish Forge ranks #1290 out of 2969 companies for Piotroski F-Score. This puts Munish Forge in the upper half of its industry. The industry median Piotroski F-Score is 5.00. Munish Forge's value of 5 is 0% at this benchmark. Historically, Munish Forge's own Piotroski F-Score has ranged from 5.00 to 6.00 over the past decade. While the company's 10-year median is 6.00 vs. the industry median of 5.00, Munish Forge has consistently been at the industry average. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Piotroski F-Score for an Industrial Products company?
The median Piotroski F-Score among Industrial Products companies is 5.00, based on 2,969 companies in the industry. Companies in the top quartile (top 25%) have a Piotroski F-Score significantly above this median, while those in the bottom quartile fall well below. However, Piotroski F-Score should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Munish Forge's current Piotroski F-Score of 5 is 0% at the industry median. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Piotroski F-Score mean?
A high Piotroski F-Score can signal that a stock is expensive relative to its fundamentals. The Piotroski F-score grades a company's business operating strength from 0-9. View historical data on Munish Forge and its competitors. For the Industrial Products industry, the median Piotroski F-Score is 5.00 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Munish Forge's current Piotroski F-Score is 5, which is 17% below median its own 10-year median of 6.00. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Munish Forge stock overvalued right now?
Munish Forge (NSE:MUNISH) has a current Piotroski F-Score of 5. The current Piotroski F-Score is 5, which is 17% below median its 10-year median of 6.00 and 0% at the Industrial Products industry median of 5.00. Munish Forge's overall GF Score™ is 13/100 with 4 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Piotroski F-Score calculated?
Piotroski F-Score is calculated from a company's financial statements. For Munish Forge (NSE:MUNISH), the current Piotroski F-Score is 5 as of Jul. 17, 2026. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.
Munish Forge Ltd is a manufacturer in the forging and casting industry, specializing in manufacturing premium forged and cast components. It manufactures components like Flange, Scaffolding, Auto parts, Tank tracks chains, Bomb shells, Fence post and steel accessories as per customer specifications and International Standard catering to the requirements of Indian Army and various industries such as Defence, Oil and Gas, Automobile, Construction and Infrastructure.
13GF Score
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