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MM Forgings Ltd.

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mmforgings.comBSE: 522241NSE: MMFL
Market Cap₹ 3,052 Cr.
Current Price
High / Low₹ 688 / 288
Stock P/E18.0
Book Value₹ 209
Price to Book1.83
Dividend Yield0.63 %
ROCE9.0 %
ROE10.6 %
Face Value₹ 10

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ABOUT

KEY POINTS

Revenue Breakup Mar 2026 • Steel Forgings: 98.9% • Power Generated: 1.1%

AI Sector View

AI GENERATED

Automobile and Auto Components

Buy

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.

Confidence
74%
View full sector analysis →

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

Automobile and Auto ComponentsAutomobile & AncillariesForgings
Part ofNIFTY 50NIFTY 500NIFTY LARGEMIDCAP 250NIFTY 100NIFTY 200
S.No.Name
1.BHARATFORG1940.00131.3392749.190.44-89.89-131.674639.9418.7112.4615.05
2.HAPPYFORGE2167.1562.4720453.290.1891.4639.24449.4227.0318.1931.34
3.RKFORGE710.70121.1212946.910.1446.88297.761216.6719.845.5617.91
4.BALUFORGE533.2524.166473.220.0366.0915.89300.7228.9522.9528.19
5.MMFL632.1018.023051.880.6390.42371.26420.4818.719.0017.82
6.HILTON18.1118.2793.210.0018.0611940.00589.562573.747.926.93
7.GANGAFORGE1.580.0053.250.0010.583748.2871.85827.584.069.34
Detailed Comparison with:

Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
365388397397378391372370354378412429420
305322323320309321301298298318344349392
Operating Profit60667477696972725659688029
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%
5456674684316
Interest1091113151615141821201816
Depreciation21212120222323262524262830
Profit before Tax40494950424539402825263535
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 Profit0000303227331917184590
12.0114.6913.9015.3512.476.615.506.553.973.433.649.2718.73

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
6399347697521,1401,4621,5631,5251,5901,640
5097546376239311,1891,2701,2291,3101,403
Operating Profit130180132129209273293296280236
OPM %20.35%19.25%17.18%17.11%18.31%18.66%18.73%19.41%17.61%14.41%
4161920161222231614
Interest13323832283042607876
Depreciation4658606568798393103108
Profit before Tax741065352129177189166115122
Tax %18.31%25.66%21.06%10.80%29.38%27.70%28.74%25.65%14.07%7.03%
Net Profit617942469112813512399113
EPS0.000.000.0019.0837.6953.0055.9425.5220.44—
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

Corporate actions

2024

Jul 16

1:1

Interim Dividend & Increase in Authorised Capital & Bonus issue & Audited Results

2018

Jul 18

1:1

Bonus issue

Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital122424242424244848
351403431463535649765845927
3887075696186917608231,0721,086
Trade Payables665879101110167160173200
362631495360196211234
Total Liabilities8531,2181,1341,2561,4141,6611,9692,3502,496
4066517126757088049149641,101
Capital Work in Progress273913173663124383335
3333222223410
127195136179204306345342334
000000276353419
Cash & Bank164172176188227219210218225
12615894193217247778573
Total Assets8531,2181,1341,2561,4141,6611,9692,3502,496

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
235329225177203149182228
Cash from Investing-86-301-78-11-126-187-232-358-182
Cash from Financing112281-2023141677185-38
30831239-10-688

Ratios

Consolidated Figures in Rs. Crores / View Standalone

Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026

Shareholding Pattern

Numbers in percentages

Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
56.3456.3456.3456.3456.3456.3456.3456.3456.34
2.853.413.753.091.791.761.741.852.44
10.7210.509.858.928.338.318.558.387.49
Government0.000.000.000.000.000.000.000.000.00
30.1029.7530.0731.6533.5433.6033.3833.4433.73

Documents

Corporate disclosures, annual reports, credit ratings, and concall transcripts

2026-09-10
Analysts/Institutional Investor Meet/Con. Call Updates

2026-09-10 - MM Forgings Limited has informed the Exchange about Schedule of meet

2026-08-21
Analysts/Institutional Investor Meet/Con. Call Updates

2026-08-21 - MM Forgings Limited has informed the Exchange about Transcript

2026-08-18
General Updates

2026-08-18 - MM Forgings Limited has informed the Exchange about General Updates

2026-08-18
Analysts/Institutional Investor Meet/Con. Call Updates

2026-08-18 - MM Forgings Limited has informed the Exchange about Link of Recording

2026-08-17
Copy of Newspaper Publication

2026-08-17 - MM Forgings Limited has informed the Exchange about Copy of Newspaper Publication

2026-08-15
General Updates

2026-08-15 - MM Forgings Limited has informed the Exchange about General Updates

2026-08-14
Resignation of Director/KMP/SMP

2026-08-14 - MM Forgings Limited has informed the Exchange about Resignation of Director/KMP/SMP

2026-08-14
Change in Company Secretary/Compliance Officer

2026-08-14 - MM Forgings Limited has informed the Exchange about Change in Company Secretary/Compliance Officer

2026-08-14
Outcome of Board Meeting

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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