Shri Balaji Valve Components Ltd

BSE: 544074

₹ 127.5+0.00%refreshed 23 Oct, 02:09 pm ISTMarket cap: ₹ 104 crWebsite: www.balajivalvecomponents.comUpdated: 24 Oct 2026

About

Shri Balaji Valve Components makes valve components and precision-machined components, customised to each customer's needs, for ball, butterfly, control, plug, gate and check valves. It runs 3 plants in Pune with 3 forging hammers and 130+ machines, and exports to 14 countries across 6 continents. Revenue from operations was ₹96.81 cr in FY26, up 19.5% YoY.^[1][2][3]

Revenue by geography

India: ₹71.79 cr of revenue, a 73.0% share, in FY26.^[4]
Outside India: ₹26.55 cr of revenue, a 27.0% share, in FY26.^[4]
The annual report puts exports at 27% of FY26 revenue, after a 12.5% rise in exports. On the Q4 FY26 call, management gave 29% for FY26 (vs 27% in FY25) and 30% for H2FY26.^[1][3]
Exports were 38% of revenue in H1FY26, up from 22% in H1FY25.^[5]

Products

The company makes valve components and precision-machined components, customised to each customer's needs.^[1]
The range covers components for ball, butterfly, control, plug, gate and check valves, in sizes from ½ inch to 60 inches.^[1]
New valve body types and adapters were in development as of Q4 FY26. Flanges, triple offset valve bodies and discs were named on the Q3 FY26 call.^[3][6]
Certifications held: ISO 9001:2015, PED 2014/68/EU, AD 2000 Merkblatt and NORSOK.^[1]

Plants and capacity

As of FY26, the company runs 3 plants in Pune with 3 forging hammers, 130+ machines and 100,000+ sq. ft. of manufacturing area. Its workforce is 300+.^[1]
The machining plants (Plants I and III) cover about 70,000+ sq. ft. Plant I mainly makes trim components; Plant III makes balls, stems and seats.^[1]
Forging, heat treatment, machining and quality assurance are done in-house in Pune. In-house forging began in 2014.^[1]
The third plant, in Chakan, Pune, was commissioned in FY26. About 10 machines were added in FY26, including a 5-axis HMC, CNC multitasking machines and VMCs.^[3]
The forging plant funded by the IPO was commissioned in October 2024. It doubled forging capacity to about 150-180 tonnes per month in a single shift.^[7]
Management put peak annual revenue potential with three plants at ₹140-150 cr in Q4 FY26, up from ₹130-140 cr stated in Q3 FY26.^[3][6]

Key operating numbers

Machining capacity utilisation was 79.06% in H1FY26, up from 56.04% in H1FY25, on an installed capacity of 2,36,280 units.^[5]
Forging utilisation was 51.81% in H1FY26 vs 25.69% in H1FY25. Output was 5,59,540 kg vs 2,77,464 kg, on a 10,80,000 kg installed base.^[5]
Machining output was 1,86,795 units in H1FY26, up from 1,10,344 units in H1FY25.^[5]
Order book was about 20-22% of FY25 revenue in Q4 FY26, converted within 6-10 weeks. It stood at ₹16 cr as of 15-Jan-2026 and about ₹15 crore in Q3 FY25.^[3][6][7]
The defect rate was below 1800 DPPM in FY26.^[3]

Customers and markets

End markets: oil & gas, petrochemicals, construction, equipment manufacturing, power generation, food & beverage, pharmaceuticals and defence.^[1]
Key customers with repeat orders contribute over two-thirds of revenue (FY26). On the Q3 FY26 call, the top 10 customers were about 65% of revenue and the top 5 about 35%.^[1][6]
Exports go to 14 countries across 6 continents, including the USA, Germany, UAE, UK, Australia, Vietnam, Saudi Arabia, Italy, Spain and Brazil.^[1][3]
In Q3 FY25, Camtech and Flowserve made up about 95% of export revenue. The Flowserve relationship had grown from 1 site to 8-9 sites.^[7]
Domestic reach covers Maharashtra, Goa, Gujarat, Tamil Nadu and Karnataka, and the company plans to expand beyond these states.^[1]
Castings are sourced from 4-6 partner foundries in Karnataka, Tamil Nadu and Gujarat (Q3 FY26). Raw materials are mostly sourced domestically, and cost increases are passed on to customers.^[6][3]

Expansion and capex

FY27 capex of about ₹2-3 cr is planned for HMCs and inspection machines. The plan was still being finalised as of Q4 FY26.^[3]
Plant 3 has 30-35% of its space unused. Brownfield expansion there is under consideration (Q4 FY26).^[3]
In December 2025, the company bought 2 CNCs and 2 BMCs for Plant 3, with commissioning from February 2026, to relieve bottlenecks in certain sizes.^[6]

Recent developments

Orders from a German customer began in February 2026, with about USD 1M a year promised. Open orders were above USD 0.3-0.4M as of the Q4 FY26 call.^[3]
For this German customer, 66 component lines (3-24 inch discs and bodies) were developed over 7-8 months.^[6]
A second German customer, a power-industry valve maker, has visited the facility. A pilot batch is due within 4-6 months (Q4 FY26 call).^[3]
A new Middle East customer's first order of about $90,000 was being executed in Q3 FY26.^[6]
The company received the IIMM Award for Best Supply Chain Practices in the manufacturing sector (FY26 annual report).^[1]

Market Cap

₹104 Cr

High / Low

₹152 / 60

Stock P/E

12.2

Price / Book

2.4

Book Value

₹65

EPS

₹10.5

No. of Shares

0.82 Cr

ROCE

20.6%

ROE

17.6%

OPM

13.1%

Debt / Equity

0.43

Sales

₹97 Cr

Net Profit

₹9 Cr

Promoter holding

73.5%

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