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 310.3% YoY, showing strong momentum
- Company has delivered good sales growth of 16.3% CAGR over last 5 years
- Strong cash generation - operating cash flow backs reported profits (CFO/PAT 1.45x)
- Working capital cycle has improved - days down from 38 to 28
- Company has a consistent dividend-paying track record
CONS
- Valuation is stretched - P/E of 24.0 is well above its own 5-year median (12.1)
- Recurring exceptional / one-off items are inflating headline profit
- Growth is decelerating - 3Y profit CAGR (-3.4%) trails the 5Y trend (19.6%)
* 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
Standalone Figures in Rs. Crores / View Consolidated
| 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 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 360 | 376 | 387 | 388 | 364 | 382 | 363 | 354 | 341 | 371 | 404 | 413 | 420 | |
| 303 | 312 | 313 | 311 | 297 | 313 | 291 | 282 | 286 | 315 | 334 | 335 | 391 | |
| Operating Profit | 57 | 64 | 74 | 77 | 67 | 69 | 72 | 71 | 55 | 56 | 70 | 78 | 29 |
| OPM % | 15.83% | 17.09% | 19.17% | 19.85% | 18.49% | 18.16% | 19.78% | 20.19% | 16.14% | 15.12% | 17.39% | 18.78% | 6.91% |
| 6 | 5 | 7 | 7 | 7 | 8 | 6 | 8 | 9 | 7 | 5 | 4 | 7 | |
| Interest | 10 | 9 | 11 | 13 | 15 | 16 | 15 | 15 | 18 | 21 | 20 | 18 | 16 |
| Depreciation | 18 | 18 | 19 | 18 | 19 | 20 | 20 | 23 | 22 | 22 | 22 | 25 | 30 |
| Profit before Tax | 41 | 51 | 53 | 54 | 44 | 49 | 44 | 43 | 31 | 26 | 34 | 39 | 36 |
| Tax % | 27.29% | 28.08% | 29.40% | 24.01% | 27.03% | 26.57% | 27.45% | 15.55% | 27.56% | 32.43% | 24.82% | -24.26% | 2.47% |
| Net Profit | 30 | 36 | 37 | 41 | 32 | 36 | 32 | 36 | 22 | 18 | 26 | 48 | 92 |
| 12.42 | 15.12 | 15.47 | 17.25 | 13.43 | 7.44 | 6.57 | 7.51 | 4.63 | 3.67 | 5.33 | 9.95 | 18.98 |
Profit & Loss
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 478 | 621 | 904 | 727 | 726 | 1,105 | 1,413 | 1,527 | 1,477 | 1,545 | 1,607 | |
| 386 | 496 | 731 | 602 | 604 | 903 | 1,154 | 1,239 | 1,183 | 1,270 | 1,374 | |
| Operating Profit | 93 | 124 | 173 | 125 | 121 | 202 | 258 | 288 | 294 | 275 | 233 |
| OPM % | 19.39% | 20.05% | 19.17% | 17.21% | 16.72% | 18.26% | 18.29% | 18.89% | 19.91% | 17.83% | 14.49% |
| 11 | 12 | 16 | 19 | 22 | 19 | 16 | 26 | 30 | 25 | 23 | |
| Interest | 10 | 13 | 26 | 33 | 31 | 27 | 30 | 43 | 61 | 78 | 76 |
| Depreciation | 39 | 42 | 54 | 53 | 57 | 60 | 69 | 72 | 82 | 92 | 99 |
| Profit before Tax | 55 | 82 | 109 | 57 | 55 | 133 | 176 | 199 | 180 | 130 | 135 |
| Tax % | 21.26% | 16.54% | 25.07% | 19.48% | 15.15% | 30.95% | 28.16% | 27.06% | 24.27% | 12.39% | 6.28% |
| Net Profit | 43 | 69 | 81 | 46 | 47 | 92 | 126 | 145 | 136 | 114 | 127 |
| EPS | 0.00 | 0.00 | 0.00 | 0.00 | 19.31 | 38.01 | 52.36 | 60.26 | 28.23 | 23.58 | — |
| Dividend Payout % | 16.68% | 17.62% | 14.84% | 26.11% | 25.90% | 15.79% | 11.46% | 13.28% | 14.17% | 16.96% | — |
COMPOUNDED SALES GROWTH
- 10 Years:
- 12%
- 5 Years:
- 16%
- 3 Years:
- 3%
COMPOUNDED PROFIT GROWTH
- 10 Years:
- 9%
- 5 Years:
- 20%
- 3 Years:
- -3%
STOCK PRICE CAGR
- 10 Years:
- 20%
- 5 Years:
- 9%
- 3 Years:
- 12%
- 1 Year:
- 96%
RETURN ON EQUITY
- 10 Years:
- 16%
- 5 Years:
- 17%
- 3 Years:
- 15%
- Last Year:
- 12%
Balance Sheet
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 12 | 12 | 24 | 24 | 24 | 24 | 24 | 24 | 48 | 48 |
| 303 | 357 | 412 | 444 | 476 | 553 | 666 | 792 | 886 | 983 | |
| 227 | 385 | 707 | 569 | 618 | 687 | 760 | 817 | 1,071 | 1,086 | |
| Trade Payables | 29 | 62 | 48 | 72 | 98 | 115 | 160 | 163 | 165 | 193 |
| 30 | 36 | 26 | 31 | 46 | 60 | 63 | 199 | 215 | 238 | |
| Total Liabilities | 601 | 852 | 1,217 | 1,140 | 1,263 | 1,439 | 1,673 | 1,996 | 2,384 | 2,549 |
| 320 | 365 | 588 | 653 | 618 | 650 | 719 | 818 | 861 | 1,004 | |
| Capital Work in Progress | 14 | 27 | 39 | 9 | 17 | 36 | 61 | 112 | 361 | 299 |
| 0 | 4 | 5 | 5 | 5 | 33 | 41 | 41 | 22 | 28 | |
| 66 | 125 | 188 | 131 | 169 | 193 | 289 | 322 | 322 | 314 | |
| 0 | 0 | 0 | 0 | 0 | 0 | 0 | 316 | 383 | 425 | |
| Cash & Bank | 134 | 164 | 172 | 174 | 187 | 225 | 205 | 209 | 217 | 223 |
| 67 | 166 | 226 | 168 | 267 | 303 | 358 | 177 | 218 | 254 | |
| Total Assets | 601 | 852 | 1,217 | 1,140 | 1,263 | 1,439 | 1,673 | 1,996 | 2,384 | 2,549 |
Cash Flows
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 120 | 5 | 58 | 282 | 16 | 174 | 159 | 145 | 189 | 240 | |
| Cash from Investing | -69 | -93 | -275 | -71 | -12 | -126 | -160 | -201 | -330 | -157 |
| Cash from Financing | -25 | 137 | 249 | -199 | 15 | 17 | 21 | 63 | 149 | -77 |
| 13 | 30 | 8 | 2 | 13 | 38 | -23 | 6 | 8 | 6 |
Ratios
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | 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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