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MM Forgings Ltd.

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mmforgings.comBSE: 522241NSE: MMFL
Market Cap₹ 3,110 Cr.
Current Price
High / Low₹ 688 / 288
Stock P/E24.5
Book Value₹ 221
Price to Book1.73
Dividend Yield0.62 %
ROCE9.5 %
ROE11.6 %
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 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 24.5 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

Automobile and Auto ComponentsAutomobile & AncillariesForgings
Part ofNIFTY 50NIFTY 500NIFTY LARGEMIDCAP 250NIFTY 100NIFTY 200
S.No.Name
1.BHARATFORG1950.00132.0093227.280.44-89.89-131.674639.9418.7112.4615.05
2.HAPPYFORGE2236.2564.4621105.440.1891.4639.24449.4227.0318.1931.34
3.RKFORGE727.05123.9113244.760.1446.88297.761216.6719.845.5617.91
4.BALUFORGE536.6524.316514.500.0366.0915.89300.7228.9522.9528.19
5.MMFL644.1518.363110.060.6290.42371.26420.4818.719.0017.82
6.HILTON18.4818.6495.110.0018.0611940.00589.562573.747.926.93
7.GANGAFORGE1.600.0053.920.0010.583748.2871.85827.584.069.34
Detailed Comparison with:

Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
360376387388364382363354341371404413420
303312313311297313291282286315334335391
Operating Profit57647477676972715556707829
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%
6577786897547
Interest1091113151615151821201816
Depreciation18181918192020232222222530
Profit before Tax41515354444944433126343936
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 Profit30363741323632362218264892
12.4215.1215.4717.2513.437.446.577.514.633.675.339.9518.98

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
4786219047277261,1051,4131,5271,4771,5451,607
3864967316026049031,1541,2391,1831,2701,374
Operating Profit93124173125121202258288294275233
OPM %19.39%20.05%19.17%17.21%16.72%18.26%18.29%18.89%19.91%17.83%14.49%
1112161922191626302523
Interest1013263331273043617876
Depreciation3942545357606972829299
Profit before Tax55821095755133176199180130135
Tax %21.26%16.54%25.07%19.48%15.15%30.95%28.16%27.06%24.27%12.39%6.28%
Net Profit436981464792126145136114127
EPS0.000.000.000.0019.3138.0152.3660.2628.2323.58—
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

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 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital12122424242424244848
303357412444476553666792886983
2273857075696186877608171,0711,086
Trade Payables2962487298115160163165193
30362631466063199215238
Total Liabilities6018521,2171,1401,2631,4391,6731,9962,3842,549
3203655886536186507198188611,004
Capital Work in Progress1427399173661112361299
045553341412228
66125188131169193289322322314
0000000316383425
Cash & Bank134164172174187225205209217223
67166226168267303358177218254
Total Assets6018521,2171,1401,2631,4391,6731,9962,3842,549

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
12055828216174159145189240
Cash from Investing-69-93-275-71-12-126-160-201-330-157
Cash from Financing-25137249-19915172163149-77
1330821338-23686

Ratios

Standalone Figures in Rs. Crores / View Consolidated

Mar 2017Mar 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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