MM Forgings Ltd.

•

₹ 652.62.14%

2026-08-21

mmforgings.comBSE: 522241NSE: MMFL

Market Cap₹ 3,167 Cr.

Current Price₹ 639

High / Low₹ 688 / 288

Stock P/E18.7

Book Value₹ 209

Price to Book1.83

Dividend Yield0.61 %

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%

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

EDIT COLUMNS

Automobile and Auto ComponentsAutomobile & AncillariesForgings

Part ofNIFTY 50 NIFTY 500 NIFTY LARGEMIDCAP 250 NIFTY 100 NIFTY 200

S.No.	Name	CMP Rs.	P/E	Mar Cap Rs.Cr.	Div Yld %	NP Qtr Rs.Cr.	Qtr Profit Var %	Sales Qtr Rs.Cr.	Qtr Sales Var %	ROCE %	OPM %
1.	BHARATFORG	2065.00	139.79	98725.30	0.41	-89.89	-131.67	4639.94	18.71	12.46	15.05
2.	HAPPYFORGE	2305.95	66.47	21763.26	0.17	91.46	39.24	449.42	27.03	18.19	31.34
3.	RKFORGE	748.15	127.50	13629.05	0.13	46.88	297.76	1216.67	19.84	5.56	17.91
4.	BALUFORGE	537.50	24.35	6524.81	0.00	66.09	15.89	300.72	28.95	31.33	28.19
5.	MMFL	655.90	18.70	3166.79	0.61	90.42	371.26	420.48	18.71	9.00	17.82
6.	KALYANIFRG	678.75	0.00	246.93	0.59	4.48	217.73	66.80	4.16	12.26	15.89
7.	GANGAFORGE	2.26	0.00	76.16	0.00	10.58	3748.28	71.85	827.58	4.06	9.34

Detailed Comparison with:

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	—	—	—	—	—	—	—	—	—	—	—	—	—
OPM %	—	—	—	—	—	—	—	—	—	—	—	—	—
Other Income	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
	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	15	14	15	12	7	6	7	4	3	4	9	2
Equity Capital	24	24	24	24	24	48	48	48	48	48	48	48	48
Reserves	0	0	0	0	0	0	0	0	0	0	0	0	0
Promoter Pledge %	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Equity Capital	24	24	24	24	24	48	48	48	48	48	48	48	48
Reserves	0	0	0	0	0	0	0	0	0	0	0	0	0
Promoter Pledge %	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Jun 2023

: 365
: 305
Operating Profit: —
OPM %: —
Other Income: 5
Interest: 10
Depreciation: 21
: 40
Tax %: 27.95%
Net Profit: 0
: 12
Equity Capital: 24
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 24
Reserves: 0
Promoter Pledge %: 0.00%

Sep 2023

: 388
: 322
Operating Profit: —
OPM %: —
Other Income: 4
Interest: 9
Depreciation: 21
: 49
Tax %: 29.01%
Net Profit: 0
: 15
Equity Capital: 24
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 24
Reserves: 0
Promoter Pledge %: 0.00%

Dec 2023

: 397
: 323
Operating Profit: —
OPM %: —
Other Income: 5
Interest: 11
Depreciation: 21
: 49
Tax %: 31.45%
Net Profit: 0
: 14
Equity Capital: 24
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 24
Reserves: 0
Promoter Pledge %: 0.00%

Mar 2024

: 397
: 320
Operating Profit: —
OPM %: —
Other Income: 6
Interest: 13
Depreciation: 20
: 50
Tax %: 27.19%
Net Profit: 0
: 15
Equity Capital: 24
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 24
Reserves: 0
Promoter Pledge %: 0.00%

Jun 2024

: 378
: 309
Operating Profit: —
OPM %: —
Other Income: 6
Interest: 15
Depreciation: 22
: 42
Tax %: 28.51%
Net Profit: 30
: 12
Equity Capital: 24
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 24
Reserves: 0
Promoter Pledge %: 0.00%

Sep 2024

: 391
: 321
Operating Profit: —
OPM %: —
Other Income: 7
Interest: 16
Depreciation: 23
: 45
Tax %: 28.94%
Net Profit: 32
: 7
Equity Capital: 48
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 48
Reserves: 0
Promoter Pledge %: 0.00%

Dec 2024

: 372
: 301
Operating Profit: —
OPM %: —
Other Income: 4
Interest: 15
Depreciation: 23
: 39
Tax %: 31.13%
Net Profit: 27
: 6
Equity Capital: 48
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 48
Reserves: 0
Promoter Pledge %: 0.00%

Mar 2025

: 370
: 298
Operating Profit: —
OPM %: —
Other Income: 6
Interest: 14
Depreciation: 26
: 40
Tax %: 21.20%
Net Profit: 33
: 7
Equity Capital: 48
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 48
Reserves: 0
Promoter Pledge %: 0.00%

Jun 2025

: 354
: 298
Operating Profit: —
OPM %: —
Other Income: 8
Interest: 18
Depreciation: 25
: 28
Tax %: 30.70%
Net Profit: 19
: 4
Equity Capital: 48
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 48
Reserves: 0
Promoter Pledge %: 0.00%

Sep 2025

: 378
: 318
Operating Profit: —
OPM %: —
Other Income: 4
Interest: 21
Depreciation: 24
: 25
Tax %: 33.91%
Net Profit: 17
: 3
Equity Capital: 48
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 48
Reserves: 0
Promoter Pledge %: 0.00%

Dec 2025

: 412
: 344
Operating Profit: —
OPM %: —
Other Income: 3
Interest: 20
Depreciation: 26
: 26
Tax %: 32.60%
Net Profit: 18
: 4
Equity Capital: 48
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 48
Reserves: 0
Promoter Pledge %: 0.00%

Mar 2026

: 429
: 349
Operating Profit: —
OPM %: —
Other Income: 1
Interest: 18
Depreciation: 28
: 35
Tax %: -26.38%
Net Profit: 45
: 9
Equity Capital: 48
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 48
Reserves: 0
Promoter Pledge %: 0.00%

Jun 2026

: 420
: 392
Operating Profit: —
OPM %: —
Other Income: 6
Interest: 16
Depreciation: 30
: 35
Tax %: 2.56%
Net Profit: 90
: 2
Equity Capital: 48
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 48
Reserves: 0
Promoter Pledge %: 0.00%

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	142	196	151	146	223	285	313	319	296	—
OPM %	22	21	20	19	20	19	20	21	19	—
Other Income	12	16	19	18	14	12	20	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
	74	106	53	52	129	177	189	166	115	122
Tax %	18	26	21	11	29	28	29	26	14	7
Net Profit	61	79	42	46	91	128	135	123	99	113
EPS	0	0	0	19	38	53	56	26	20	—
Dividend Payout %	20	15	29	26	16	11	14	16	20	—
Minority Interest	0	0	0	0	0	0	0	0	0	0
Share of Associates	0	0	0	0	0	0	0	0	0	0
Adjusted EPS	13	16	9	10	19	27	28	26	20	—
Minority Interest	0	0	0	0	0	0	0	0	0	0
Share of Associates	0	0	0	0	0	0	0	0	0	0
Adjusted EPS	13	16	9	10	19	27	28	26	20	—

Mar 2018

: 639
: 509
Operating Profit: 142
OPM %: 22
Other Income: 12
Interest: 13
Depreciation: 46
: 74
Tax %: 18
Net Profit: 61
EPS: 0
Dividend Payout %: 20
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 13
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 13

Mar 2019

: 934
: 754
Operating Profit: 196
OPM %: 21
Other Income: 16
Interest: 32
Depreciation: 58
: 106
Tax %: 26
Net Profit: 79
EPS: 0
Dividend Payout %: 15
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 16
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 16

Mar 2020

: 769
: 637
Operating Profit: 151
OPM %: 20
Other Income: 19
Interest: 38
Depreciation: 60
: 53
Tax %: 21
Net Profit: 42
EPS: 0
Dividend Payout %: 29
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 9
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 9

Mar 2021

: 752
: 623
Operating Profit: 146
OPM %: 19
Other Income: 18
Interest: 32
Depreciation: 65
: 52
Tax %: 11
Net Profit: 46
EPS: 19
Dividend Payout %: 26
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 10
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 10

Mar 2022

: 1,140
: 931
Operating Profit: 223
OPM %: 20
Other Income: 14
Interest: 28
Depreciation: 68
: 129
Tax %: 29
Net Profit: 91
EPS: 38
Dividend Payout %: 16
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 19
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 19

Mar 2023

: 1,462
: 1,189
Operating Profit: 285
OPM %: 19
Other Income: 12
Interest: 30
Depreciation: 79
: 177
Tax %: 28
Net Profit: 128
EPS: 53
Dividend Payout %: 11
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 27
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 27

Mar 2024

: 1,563
: 1,270
Operating Profit: 313
OPM %: 20
Other Income: 20
Interest: 42
Depreciation: 83
: 189
Tax %: 29
Net Profit: 135
EPS: 56
Dividend Payout %: 14
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 28
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 28

Mar 2025

: 1,525
: 1,229
Operating Profit: 319
OPM %: 21
Other Income: 23
Interest: 60
Depreciation: 93
: 166
Tax %: 26
Net Profit: 123
EPS: 26
Dividend Payout %: 16
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 26
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 26

Mar 2026

: 1,590
: 1,310
Operating Profit: 296
OPM %: 19
Other Income: 16
Interest: 78
Depreciation: 103
: 115
Tax %: 14
Net Profit: 99
EPS: 20
Dividend Payout %: 20
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 20
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 20

TTM

: 1,640
: 1,403
Operating Profit: —
OPM %: —
Other Income: 14
Interest: 76
Depreciation: 108
: 122
Tax %: 7
Net Profit: 113
EPS: —
Dividend Payout %: —
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: —
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: —

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:: 13%
3 Years:: 11%
1 Year:: 105%

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
LIABILITIES	-	-	-	-	-	-	-	-	-
Equity Capital	12	24	24	24	24	24	24	48	48
	351	403	431	463	535	649	765	845	927
	216	292	231	318	335	424	424	448	478
Trade Payables	66	58	79	101	110	167	160	173	200
	208	441	368	350	410	396	596	836	843
Total Liabilities	853	1,218	1,134	1,256	1,414	1,661	1,969	2,350	2,496
ASSETS	-	-	-	-	-	-	-	-	-
	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
Total Debt	385	688	566	615	685	756	931	1,185	1,235
Net Working Capital	94	143	47	77	149	120	124	159	145
Contingent Liabilities	7	2	0	2	6	0	0	51	51
Book Value per Share	300.41	176.99	188.48	201.80	231.79	278.78	326.72	185.05	201.99
Face Value	10.00	10.00	10.00	10.00	10.00	10.00	10.00	10.00	10.00
Total Debt	385	688	566	615	685	756	931	1,185	1,235
Net Working Capital	94	143	47	77	149	120	124	159	145
Contingent Liabilities	7	2	0	2	6	0	0	51	51
Book Value per Share	300.41	176.99	188.48	201.80	231.79	278.78	326.72	185.05	201.99
Face Value	10.00	10.00	10.00	10.00	10.00	10.00	10.00	10.00	10.00

Mar 2018

Equity Capital: 12
: 351
: 216
Trade Payables: 66
: 208
Total Liabilities: 853
: 406
Capital Work in Progress: 27
: 3
: 127
: 0
Cash & Bank: 164
: 126
Total Assets: 853
Total Debt: 385
Net Working Capital: 94
Contingent Liabilities: 7
Book Value per Share: 300.41
Face Value: 10.00
Total Debt: 385
Net Working Capital: 94
Contingent Liabilities: 7
Book Value per Share: 300.41
Face Value: 10.00

Mar 2019

Equity Capital: 24
: 403
: 292
Trade Payables: 58
: 441
Total Liabilities: 1,218
: 651
Capital Work in Progress: 39
: 3
: 195
: 0
Cash & Bank: 172
: 158
Total Assets: 1,218
Total Debt: 688
Net Working Capital: 143
Contingent Liabilities: 2
Book Value per Share: 176.99
Face Value: 10.00
Total Debt: 688
Net Working Capital: 143
Contingent Liabilities: 2
Book Value per Share: 176.99
Face Value: 10.00

Mar 2020

Equity Capital: 24
: 431
: 231
Trade Payables: 79
: 368
Total Liabilities: 1,134
: 712
Capital Work in Progress: 13
: 3
: 136
: 0
Cash & Bank: 176
: 94
Total Assets: 1,134
Total Debt: 566
Net Working Capital: 47
Contingent Liabilities: 0
Book Value per Share: 188.48
Face Value: 10.00
Total Debt: 566
Net Working Capital: 47
Contingent Liabilities: 0
Book Value per Share: 188.48
Face Value: 10.00

Mar 2021

Equity Capital: 24
: 463
: 318
Trade Payables: 101
: 350
Total Liabilities: 1,256
: 675
Capital Work in Progress: 17
: 3
: 179
: 0
Cash & Bank: 188
: 193
Total Assets: 1,256
Total Debt: 615
Net Working Capital: 77
Contingent Liabilities: 2
Book Value per Share: 201.80
Face Value: 10.00
Total Debt: 615
Net Working Capital: 77
Contingent Liabilities: 2
Book Value per Share: 201.80
Face Value: 10.00

Mar 2022

Equity Capital: 24
: 535
: 335
Trade Payables: 110
: 410
Total Liabilities: 1,414
: 708
Capital Work in Progress: 36
: 22
: 204
: 0
Cash & Bank: 227
: 217
Total Assets: 1,414
Total Debt: 685
Net Working Capital: 149
Contingent Liabilities: 6
Book Value per Share: 231.79
Face Value: 10.00
Total Debt: 685
Net Working Capital: 149
Contingent Liabilities: 6
Book Value per Share: 231.79
Face Value: 10.00

Mar 2023

Equity Capital: 24
: 649
: 424
Trade Payables: 167
: 396
Total Liabilities: 1,661
: 804
Capital Work in Progress: 63
: 22
: 306
: 0
Cash & Bank: 219
: 247
Total Assets: 1,661
Total Debt: 756
Net Working Capital: 120
Contingent Liabilities: 0
Book Value per Share: 278.78
Face Value: 10.00
Total Debt: 756
Net Working Capital: 120
Contingent Liabilities: 0
Book Value per Share: 278.78
Face Value: 10.00

Mar 2024

Equity Capital: 24
: 765
: 424
Trade Payables: 160
: 596
Total Liabilities: 1,969
: 914
Capital Work in Progress: 124
: 23
: 345
: 276
Cash & Bank: 210
: 77
Total Assets: 1,969
Total Debt: 931
Net Working Capital: 124
Contingent Liabilities: 0
Book Value per Share: 326.72
Face Value: 10.00
Total Debt: 931
Net Working Capital: 124
Contingent Liabilities: 0
Book Value per Share: 326.72
Face Value: 10.00

Mar 2025

Equity Capital: 48
: 845
: 448
Trade Payables: 173
: 836
Total Liabilities: 2,350
: 964
Capital Work in Progress: 383
: 4
: 342
: 353
Cash & Bank: 218
: 85
Total Assets: 2,350
Total Debt: 1,185
Net Working Capital: 159
Contingent Liabilities: 51
Book Value per Share: 185.05
Face Value: 10.00
Total Debt: 1,185
Net Working Capital: 159
Contingent Liabilities: 51
Book Value per Share: 185.05
Face Value: 10.00

Mar 2026

Equity Capital: 48
: 927
: 478
Trade Payables: 200
: 843
Total Liabilities: 2,496
: 1,101
Capital Work in Progress: 335
: 10
: 334
: 419
Cash & Bank: 225
: 73
Total Assets: 2,496
Total Debt: 1,235
Net Working Capital: 145
Contingent Liabilities: 51
Book Value per Share: 201.99
Face Value: 10.00
Total Debt: 1,235
Net Working Capital: 145
Contingent Liabilities: 51
Book Value per Share: 201.99
Face Value: 10.00

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
	4	27	283	20	150	160	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
Free Cash Flow	4	-288	189	-40	33	-40	-103	-222	37
OCF / Net Profit	0.07	0.34	6.75	0.44	1.65	1.25	1.10	1.47	2.31
Cumulative 5-Year FCF	0	0	0	0	0	-147	38	-372	-295
OCF / Net Profit	0.07	0.34	6.75	0.44	1.65	1.25	1.10	1.47	2.31
Cumulative 5-Year FCF	0	0	0	0	0	-147	38	-372	-295

Mar 2018

: 4
Cash from Investing: -86
Cash from Financing: 112
: 30
Free Cash Flow: 4
OCF / Net Profit: 0.07
Cumulative 5-Year FCF: 0
OCF / Net Profit: 0.07
Cumulative 5-Year FCF: 0

Mar 2019

: 27
Cash from Investing: -301
Cash from Financing: 281
: 8
Free Cash Flow: -288
OCF / Net Profit: 0.34
Cumulative 5-Year FCF: 0
OCF / Net Profit: 0.34
Cumulative 5-Year FCF: 0

Mar 2020

: 283
Cash from Investing: -78
Cash from Financing: -202
: 3
Free Cash Flow: 189
OCF / Net Profit: 6.75
Cumulative 5-Year FCF: 0
OCF / Net Profit: 6.75
Cumulative 5-Year FCF: 0

Mar 2021

: 20
Cash from Investing: -11
Cash from Financing: 3
: 12
Free Cash Flow: -40
OCF / Net Profit: 0.44
Cumulative 5-Year FCF: 0
OCF / Net Profit: 0.44
Cumulative 5-Year FCF: 0

Mar 2022

: 150
Cash from Investing: -126
Cash from Financing: 14
: 39
Free Cash Flow: 33
OCF / Net Profit: 1.65
Cumulative 5-Year FCF: 0
OCF / Net Profit: 1.65
Cumulative 5-Year FCF: 0

Mar 2023

: 160
Cash from Investing: -187
Cash from Financing: 16
: -10
Free Cash Flow: -40
OCF / Net Profit: 1.25
Cumulative 5-Year FCF: -147
OCF / Net Profit: 1.25
Cumulative 5-Year FCF: -147

Mar 2024

: 149
Cash from Investing: -232
Cash from Financing: 77
: -6
Free Cash Flow: -103
OCF / Net Profit: 1.10
Cumulative 5-Year FCF: 38
OCF / Net Profit: 1.10
Cumulative 5-Year FCF: 38

Mar 2025

: 182
Cash from Investing: -358
Cash from Financing: 185
: 8
Free Cash Flow: -222
OCF / Net Profit: 1.47
Cumulative 5-Year FCF: -372
OCF / Net Profit: 1.47
Cumulative 5-Year FCF: -372

Mar 2026

: 228
Cash from Investing: -182
Cash from Financing: -38
: 8
Free Cash Flow: 37
OCF / Net Profit: 2.31
Cumulative 5-Year FCF: -295
OCF / Net Profit: 2.31
Cumulative 5-Year FCF: -295

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
PER SHARE	-	-	-	-	-	-	-	-	-
EPS (₹)	50.20	32.66	17.37	19.08	37.69	53.00	55.94	25.52	20.44
Book Value (₹)	300.41	176.99	188.48	201.80	231.79	278.78	326.72	185.05	201.99
Dividend per Share (₹)	10.00	5.00	5.00	5.00	6.00	6.00	8.00	4.00	4.00
Cash EPS (₹)	22.17	28.36	21.02	22.92	32.88	42.82	45.12	44.84	41.79
PROFITABILITY	-	-	-	-	-	-	-	-	-
Operating Margin %	22.25%	20.95%	19.60%	19.46%	19.56%	19.49%	18.73%	19.41%	17.61%
Net Margin %	9.49%	8.44%	5.45%	6.12%	7.98%	8.75%	8.64%	8.08%	6.21%
ROE %	25.99%	19.96%	9.50%	9.78%	17.39%	20.76%	18.48%	14.65%	10.56%
ROCE %	18.16%	14.78%	8.56%	7.89%	13.35%	15.45%	14.73%	11.88%	9.00%
	11.07%	7.61%	3.56%	3.85%	6.82%	8.32%	7.44%	5.71%	4.07%
EFFICIENCY	-	-	-	-	-	-	-	-	-
Debtor Days	26	30	26	33	44	44	55	75	89
Inventory Days	45	63	78	76	61	64	76	82	78
Payable Days	56	54	71	96	76	74	83	92	95
	16	38	34	13	29	34	48	66	71
FINANCIAL HEALTH	-	-	-	-	-	-	-	-	-
Debt to Equity (x)	1.06x	1.61x	1.24x	1.26x	1.22x	1.12x	1.18x	1.33x	1.27x
Interest Coverage (x)	6.50x	4.36x	2.39x	2.61x	5.65x	6.99x	5.48x	3.77x	2.47x
	1.31x	1.40x	1.15x	1.17x	1.32x	1.19x	1.17x	1.20x	1.17x
GROWTH	-	-	-	-	-	-	-	-	-
Revenue Growth %	303.09%	46.26%	-17.66%	-2.22%	51.53%	28.28%	6.92%	-2.42%	4.24%
Operating Profit Growth %	377.31%	37.68%	-22.97%	-2.89%	52.25%	27.82%	9.98%	1.73%	-7.26%
Net Profit Growth %	481.73%	30.11%	-46.83%	9.87%	97.56%	40.61%	5.54%	-8.75%	-19.93%
	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	5.54%	-54.38%	-19.93%
VALUATION	-	-	-	-	-	-	-	-	-
P/E (x)	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	7.79x	13.33x	18.06x
P/B (x)	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	2.67x	1.84x	1.83x
Dividend Yield %	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.92%	1.18%	1.08%
	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	9.02x	8.19x	9.45x

Mar 2018

EPS (₹): 50.20
Book Value (₹): 300.41
Dividend per Share (₹): 10.00
Cash EPS (₹): 22.17
Operating Margin %: 22.25%
Net Margin %: 9.49%
ROE %: 25.99%
ROCE %: 18.16%
: 11.07%
Debtor Days: 26
Inventory Days: 45
Payable Days: 56
: 16
Debt to Equity (x): 1.06x
Interest Coverage (x): 6.50x
: 1.31x
Revenue Growth %: 303.09%
Operating Profit Growth %: 377.31%
Net Profit Growth %: 481.73%
: 0.00%
P/E (x): 0.00x
P/B (x): 0.00x
Dividend Yield %: 0.00%
: 0.00x

Mar 2019

EPS (₹): 32.66
Book Value (₹): 176.99
Dividend per Share (₹): 5.00
Cash EPS (₹): 28.36
Operating Margin %: 20.95%
Net Margin %: 8.44%
ROE %: 19.96%
ROCE %: 14.78%
: 7.61%
Debtor Days: 30
Inventory Days: 63
Payable Days: 54
: 38
Debt to Equity (x): 1.61x
Interest Coverage (x): 4.36x
: 1.40x
Revenue Growth %: 46.26%
Operating Profit Growth %: 37.68%
Net Profit Growth %: 30.11%
: 0.00%
P/E (x): 0.00x
P/B (x): 0.00x
Dividend Yield %: 0.00%
: 0.00x

Mar 2020

EPS (₹): 17.37
Book Value (₹): 188.48
Dividend per Share (₹): 5.00
Cash EPS (₹): 21.02
Operating Margin %: 19.60%
Net Margin %: 5.45%
ROE %: 9.50%
ROCE %: 8.56%
: 3.56%
Debtor Days: 26
Inventory Days: 78
Payable Days: 71
: 34
Debt to Equity (x): 1.24x
Interest Coverage (x): 2.39x
: 1.15x
Revenue Growth %: -17.66%
Operating Profit Growth %: -22.97%
Net Profit Growth %: -46.83%
: 0.00%
P/E (x): 0.00x
P/B (x): 0.00x
Dividend Yield %: 0.00%
: 0.00x

Mar 2021

EPS (₹): 19.08
Book Value (₹): 201.80
Dividend per Share (₹): 5.00
Cash EPS (₹): 22.92
Operating Margin %: 19.46%
Net Margin %: 6.12%
ROE %: 9.78%
ROCE %: 7.89%
: 3.85%
Debtor Days: 33
Inventory Days: 76
Payable Days: 96
: 13
Debt to Equity (x): 1.26x
Interest Coverage (x): 2.61x
: 1.17x
Revenue Growth %: -2.22%
Operating Profit Growth %: -2.89%
Net Profit Growth %: 9.87%
: 0.00%
P/E (x): 0.00x
P/B (x): 0.00x
Dividend Yield %: 0.00%
: 0.00x

Mar 2022

EPS (₹): 37.69
Book Value (₹): 231.79
Dividend per Share (₹): 6.00
Cash EPS (₹): 32.88
Operating Margin %: 19.56%
Net Margin %: 7.98%
ROE %: 17.39%
ROCE %: 13.35%
: 6.82%
Debtor Days: 44
Inventory Days: 61
Payable Days: 76
: 29
Debt to Equity (x): 1.22x
Interest Coverage (x): 5.65x
: 1.32x
Revenue Growth %: 51.53%
Operating Profit Growth %: 52.25%
Net Profit Growth %: 97.56%
: 0.00%
P/E (x): 0.00x
P/B (x): 0.00x
Dividend Yield %: 0.00%
: 0.00x

Mar 2023

EPS (₹): 53.00
Book Value (₹): 278.78
Dividend per Share (₹): 6.00
Cash EPS (₹): 42.82
Operating Margin %: 19.49%
Net Margin %: 8.75%
ROE %: 20.76%
ROCE %: 15.45%
: 8.32%
Debtor Days: 44
Inventory Days: 64
Payable Days: 74
: 34
Debt to Equity (x): 1.12x
Interest Coverage (x): 6.99x
: 1.19x
Revenue Growth %: 28.28%
Operating Profit Growth %: 27.82%
Net Profit Growth %: 40.61%
: 0.00%
P/E (x): 0.00x
P/B (x): 0.00x
Dividend Yield %: 0.00%
: 0.00x

Mar 2024

EPS (₹): 55.94
Book Value (₹): 326.72
Dividend per Share (₹): 8.00
Cash EPS (₹): 45.12
Operating Margin %: 18.73%
Net Margin %: 8.64%
ROE %: 18.48%
ROCE %: 14.73%
: 7.44%
Debtor Days: 55
Inventory Days: 76
Payable Days: 83
: 48
Debt to Equity (x): 1.18x
Interest Coverage (x): 5.48x
: 1.17x
Revenue Growth %: 6.92%
Operating Profit Growth %: 9.98%
Net Profit Growth %: 5.54%
: 5.54%
P/E (x): 7.79x
P/B (x): 2.67x
Dividend Yield %: 0.92%
: 9.02x

Mar 2025

EPS (₹): 25.52
Book Value (₹): 185.05
Dividend per Share (₹): 4.00
Cash EPS (₹): 44.84
Operating Margin %: 19.41%
Net Margin %: 8.08%
ROE %: 14.65%
ROCE %: 11.88%
: 5.71%
Debtor Days: 75
Inventory Days: 82
Payable Days: 92
: 66
Debt to Equity (x): 1.33x
Interest Coverage (x): 3.77x
: 1.20x
Revenue Growth %: -2.42%
Operating Profit Growth %: 1.73%
Net Profit Growth %: -8.75%
: -54.38%
P/E (x): 13.33x
P/B (x): 1.84x
Dividend Yield %: 1.18%
: 8.19x

Mar 2026

EPS (₹): 20.44
Book Value (₹): 201.99
Dividend per Share (₹): 4.00
Cash EPS (₹): 41.79
Operating Margin %: 17.61%
Net Margin %: 6.21%
ROE %: 10.56%
ROCE %: 9.00%
: 4.07%
Debtor Days: 89
Inventory Days: 78
Payable Days: 95
: 71
Debt to Equity (x): 1.27x
Interest Coverage (x): 2.47x
: 1.17x
Revenue Growth %: 4.24%
Operating Profit Growth %: -7.26%
Net Profit Growth %: -19.93%
: -19.93%
P/E (x): 18.06x
P/B (x): 1.83x
Dividend Yield %: 1.08%
: 9.45x

Shareholding Pattern

Numbers in percentages

TRADES

	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	56.34	56.34	56.34	56.34	56.34	56.34	56.34	56.34	56.34
	2.85	3.41	3.75	3.09	1.79	1.76	1.74	1.85	2.44
	10.72	10.50	9.85	8.92	8.33	8.31	8.55	8.38	7.49
Government	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
	30.10	29.75	30.07	31.65	33.54	33.60	33.38	33.44	33.73

Jun 2024

: 56.34
: 2.85
: 10.72
Government: 0.00
: 30.10

Sep 2024

: 56.34
: 3.41
: 10.50
Government: 0.00
: 29.75

Dec 2024

: 56.34
: 3.75
: 9.85
Government: 0.00
: 30.07

Mar 2025

: 56.34
: 3.09
: 8.92
Government: 0.00
: 31.65

Jun 2025

: 56.34
: 1.79
: 8.33
Government: 0.00
: 33.54

Sep 2025

: 56.34
: 1.76
: 8.31
Government: 0.00
: 33.60

Dec 2025

: 56.34
: 1.74
: 8.55
Government: 0.00
: 33.38

Mar 2026

: 56.34
: 1.85
: 8.38
Government: 0.00
: 33.44

Jun 2026

: 56.34
: 2.44
: 7.49
Government: 0.00
: 33.73

Documents

Announcements

General Updates
2026-08-18 - MM Forgings Limited has informed the Exchange about General Updates
Analysts/Institutional Investor Meet/Con. Call Updates
2026-08-18 - MM Forgings Limited has informed the Exchange about Link of Recording

Annual Reports

Credit Ratings

Nothing filed yet.

Concalls

Aug 2026
TranscriptPPTREC
May 2026
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Mar 2026
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