MM Forgings Ltd.
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ABOUT
KEY POINTS
Revenue Breakup Mar 2026 • Steel Forgings: 98.9% • Power Generated: 1.1%
AI Sector View
AI GENERATEDAutomobile and Auto Components
Domestic auto demand remains strong across categories, with total vehicles registered up 27% YoY (2026-07), passenger vehicle sales up 14% YoY (2026-06), 2-wheelers up 23% YoY (2026-06), and tractor sales up 18% YoY (2026-07). Core demand is reinforced by vehicle sales of 395199 units (Jul/26) and car registrations of 457810 units (Jul/26), outweighing FPI outflows of INR -11826 crore over 3 months to 2026-08-31. The stance stays positive because fundamentals are stronger than positioning.
PROS
- Latest quarter profit grew 371.3% YoY, showing strong momentum
- Company has consistently been profitable over the last 5 years
- Company has delivered good sales growth of 16.1% CAGR over last 5 years
- Strong cash generation - operating cash flow backs reported profits (CFO/PAT 1.56x)
- Company has a consistent dividend-paying track record
CONS
- Company has a low return on capital employed of 11.9%
- Recurring exceptional / one-off items are inflating headline profit
- Growth is decelerating - 3Y profit CAGR (-8.3%) trails the 5Y trend (16.5%)
* The pros and cons are machine generated based on quantitative rules.
Peer comparison
| Name | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| BHARATFORG | 1940.00 | 131.33 | 92749.19 | 0.44 | -89.89 | -131.67 | 4639.94 | 18.71 | 12.46 | 15.05 |
| HAPPYFORGE | 2167.15 | 62.47 | 20453.29 | 0.18 | 91.46 | 39.24 | 449.42 | 27.03 | 18.19 | 31.34 |
| RKFORGE | 710.70 | 121.12 | 12946.91 | 0.14 | 46.88 | 297.76 | 1216.67 | 19.84 | 5.56 | 17.91 |
| BALUFORGE | 533.25 | 24.16 | 6473.22 | 0.03 | 66.09 | 15.89 | 300.72 | 28.95 | 22.95 | 28.19 |
| MMFL | 632.10 | 18.02 | 3051.88 | 0.63 | 90.42 | 371.26 | 420.48 | 18.71 | 9.00 | 17.82 |
| HILTON | 18.11 | 18.27 | 93.21 | 0.00 | 18.06 | 11940.00 | 589.56 | 2573.74 | 7.92 | 6.93 |
| GANGAFORGE | 1.58 | 0.00 | 53.25 | 0.00 | 10.58 | 3748.28 | 71.85 | 827.58 | 4.06 | 9.34 |
Quarterly Results
Consolidated Figures in Rs. Crores / View Standalone
| Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 365 | 388 | 397 | 397 | 378 | 391 | 372 | 370 | 354 | 378 | 412 | 429 | 420 | |
| 305 | 322 | 323 | 320 | 309 | 321 | 301 | 298 | 298 | 318 | 344 | 349 | 392 | |
| Operating Profit | 60 | 66 | 74 | 77 | 69 | 69 | 72 | 72 | 56 | 59 | 68 | 80 | 29 |
| OPM % | 16.40% | 17.06% | 18.61% | 19.37% | 18.24% | 17.77% | 19.20% | 19.45% | 15.78% | 15.73% | 16.48% | 18.68% | 6.85% |
| 5 | 4 | 5 | 6 | 6 | 7 | 4 | 6 | 8 | 4 | 3 | 1 | 6 | |
| Interest | 10 | 9 | 11 | 13 | 15 | 16 | 15 | 14 | 18 | 21 | 20 | 18 | 16 |
| Depreciation | 21 | 21 | 21 | 20 | 22 | 23 | 23 | 26 | 25 | 24 | 26 | 28 | 30 |
| Profit before Tax | 40 | 49 | 49 | 50 | 42 | 45 | 39 | 40 | 28 | 25 | 26 | 35 | 35 |
| Tax % | 27.95% | 29.01% | 31.45% | 27.19% | 28.51% | 28.94% | 31.13% | 21.20% | 30.70% | 33.91% | 32.60% | -26.38% | 2.56% |
| Net Profit | 0 | 0 | 0 | 0 | 30 | 32 | 27 | 33 | 19 | 17 | 18 | 45 | 90 |
| 12.01 | 14.69 | 13.90 | 15.35 | 12.47 | 6.61 | 5.50 | 6.55 | 3.97 | 3.43 | 3.64 | 9.27 | 18.73 |
Profit & Loss
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|
| 639 | 934 | 769 | 752 | 1,140 | 1,462 | 1,563 | 1,525 | 1,590 | 1,640 | |
| 509 | 754 | 637 | 623 | 931 | 1,189 | 1,270 | 1,229 | 1,310 | 1,403 | |
| Operating Profit | 130 | 180 | 132 | 129 | 209 | 273 | 293 | 296 | 280 | 236 |
| OPM % | 20.35% | 19.25% | 17.18% | 17.11% | 18.31% | 18.66% | 18.73% | 19.41% | 17.61% | 14.41% |
| 4 | 16 | 19 | 20 | 16 | 12 | 22 | 23 | 16 | 14 | |
| Interest | 13 | 32 | 38 | 32 | 28 | 30 | 42 | 60 | 78 | 76 |
| Depreciation | 46 | 58 | 60 | 65 | 68 | 79 | 83 | 93 | 103 | 108 |
| Profit before Tax | 74 | 106 | 53 | 52 | 129 | 177 | 189 | 166 | 115 | 122 |
| Tax % | 18.31% | 25.66% | 21.06% | 10.80% | 29.38% | 27.70% | 28.74% | 25.65% | 14.07% | 7.03% |
| Net Profit | 61 | 79 | 42 | 46 | 91 | 128 | 135 | 123 | 99 | 113 |
| EPS | 0.00 | 0.00 | 0.00 | 19.08 | 37.69 | 53.00 | 55.94 | 25.52 | 20.44 | — |
| Dividend Payout % | 19.92% | 15.31% | 28.79% | 26.21% | 15.92% | 11.32% | 14.30% | 15.67% | 19.57% | — |
COMPOUNDED SALES GROWTH
- 10 Years:
- —
- 5 Years:
- 16%
- 3 Years:
- 3%
COMPOUNDED PROFIT GROWTH
- 10 Years:
- —
- 5 Years:
- 16%
- 3 Years:
- -8%
STOCK PRICE CAGR
- 10 Years:
- 20%
- 5 Years:
- 9%
- 3 Years:
- 12%
- 1 Year:
- 96%
RETURN ON EQUITY
- 10 Years:
- —
- 5 Years:
- 16%
- 3 Years:
- 15%
- Last Year:
- 11%
Balance Sheet
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 12 | 24 | 24 | 24 | 24 | 24 | 24 | 48 | 48 |
| 351 | 403 | 431 | 463 | 535 | 649 | 765 | 845 | 927 | |
| 388 | 707 | 569 | 618 | 691 | 760 | 823 | 1,072 | 1,086 | |
| Trade Payables | 66 | 58 | 79 | 101 | 110 | 167 | 160 | 173 | 200 |
| 36 | 26 | 31 | 49 | 53 | 60 | 196 | 211 | 234 | |
| Total Liabilities | 853 | 1,218 | 1,134 | 1,256 | 1,414 | 1,661 | 1,969 | 2,350 | 2,496 |
| 406 | 651 | 712 | 675 | 708 | 804 | 914 | 964 | 1,101 | |
| Capital Work in Progress | 27 | 39 | 13 | 17 | 36 | 63 | 124 | 383 | 335 |
| 3 | 3 | 3 | 3 | 22 | 22 | 23 | 4 | 10 | |
| 127 | 195 | 136 | 179 | 204 | 306 | 345 | 342 | 334 | |
| 0 | 0 | 0 | 0 | 0 | 0 | 276 | 353 | 419 | |
| Cash & Bank | 164 | 172 | 176 | 188 | 227 | 219 | 210 | 218 | 225 |
| 126 | 158 | 94 | 193 | 217 | 247 | 77 | 85 | 73 | |
| Total Assets | 853 | 1,218 | 1,134 | 1,256 | 1,414 | 1,661 | 1,969 | 2,350 | 2,496 |
Cash Flows
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|
| 23 | 53 | 292 | 25 | 177 | 203 | 149 | 182 | 228 | |
| Cash from Investing | -86 | -301 | -78 | -11 | -126 | -187 | -232 | -358 | -182 |
| Cash from Financing | 112 | 281 | -202 | 3 | 14 | 16 | 77 | 185 | -38 |
| 30 | 8 | 3 | 12 | 39 | -10 | -6 | 8 | 8 |
Ratios
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|
Documents
Corporate disclosures, annual reports, credit ratings, and concall transcripts
2026-09-10 - MM Forgings Limited has informed the Exchange about Schedule of meet
2026-08-21 - MM Forgings Limited has informed the Exchange about Transcript
2026-08-18 - MM Forgings Limited has informed the Exchange about General Updates
2026-08-18 - MM Forgings Limited has informed the Exchange about Link of Recording
2026-08-17 - MM Forgings Limited has informed the Exchange about Copy of Newspaper Publication
2026-08-15 - MM Forgings Limited has informed the Exchange about General Updates
2026-08-14 - MM Forgings Limited has informed the Exchange about Resignation of Director/KMP/SMP
2026-08-14 - MM Forgings Limited has informed the Exchange about Change in Company Secretary/Compliance Officer
2026-08-14 - MM Forgings Limited has submitted to the Exchange, the financial results for the period ended Jun 30, 2026.
News
Recent coverage and analyst commentary for MMFL
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