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/E0.0

Book Value₹ 221

Price to Book1.73

Dividend Yield0.61 %

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%

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

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

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

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	—	—	—	—	—	—	—	—	—	—	—	—	—
OPM %	—	—	—	—	—	—	—	—	—	—	—	—	—
Other Income	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
	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	15	15	17	13	7	7	8	5	4	5	10	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

: 360
: 303
Operating Profit: —
OPM %: —
Other Income: 6
Interest: 10
Depreciation: 18
: 41
Tax %: 27.29%
Net Profit: 30
: 12
Equity Capital: 24
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 24
Reserves: 0
Promoter Pledge %: 0.00%

Sep 2023

: 376
: 312
Operating Profit: —
OPM %: —
Other Income: 5
Interest: 9
Depreciation: 18
: 51
Tax %: 28.08%
Net Profit: 36
: 15
Equity Capital: 24
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 24
Reserves: 0
Promoter Pledge %: 0.00%

Dec 2023

: 387
: 313
Operating Profit: —
OPM %: —
Other Income: 7
Interest: 11
Depreciation: 19
: 53
Tax %: 29.40%
Net Profit: 37
: 15
Equity Capital: 24
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 24
Reserves: 0
Promoter Pledge %: 0.00%

Mar 2024

: 388
: 311
Operating Profit: —
OPM %: —
Other Income: 7
Interest: 13
Depreciation: 18
: 54
Tax %: 24.01%
Net Profit: 41
: 17
Equity Capital: 24
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 24
Reserves: 0
Promoter Pledge %: 0.00%

Jun 2024

: 364
: 297
Operating Profit: —
OPM %: —
Other Income: 7
Interest: 15
Depreciation: 19
: 44
Tax %: 27.03%
Net Profit: 32
: 13
Equity Capital: 24
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 24
Reserves: 0
Promoter Pledge %: 0.00%

Sep 2024

: 382
: 313
Operating Profit: —
OPM %: —
Other Income: 8
Interest: 16
Depreciation: 20
: 49
Tax %: 26.57%
Net Profit: 36
: 7
Equity Capital: 48
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 48
Reserves: 0
Promoter Pledge %: 0.00%

Dec 2024

: 363
: 291
Operating Profit: —
OPM %: —
Other Income: 6
Interest: 15
Depreciation: 20
: 44
Tax %: 27.45%
Net Profit: 32
: 7
Equity Capital: 48
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 48
Reserves: 0
Promoter Pledge %: 0.00%

Mar 2025

: 354
: 282
Operating Profit: —
OPM %: —
Other Income: 8
Interest: 15
Depreciation: 23
: 43
Tax %: 15.55%
Net Profit: 36
: 8
Equity Capital: 48
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 48
Reserves: 0
Promoter Pledge %: 0.00%

Jun 2025

: 341
: 286
Operating Profit: —
OPM %: —
Other Income: 9
Interest: 18
Depreciation: 22
: 31
Tax %: 27.56%
Net Profit: 22
: 5
Equity Capital: 48
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 48
Reserves: 0
Promoter Pledge %: 0.00%

Sep 2025

: 371
: 315
Operating Profit: —
OPM %: —
Other Income: 7
Interest: 21
Depreciation: 22
: 26
Tax %: 32.43%
Net Profit: 18
: 4
Equity Capital: 48
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 48
Reserves: 0
Promoter Pledge %: 0.00%

Dec 2025

: 404
: 334
Operating Profit: —
OPM %: —
Other Income: 5
Interest: 20
Depreciation: 22
: 34
Tax %: 24.82%
Net Profit: 26
: 5
Equity Capital: 48
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 48
Reserves: 0
Promoter Pledge %: 0.00%

Mar 2026

: 413
: 335
Operating Profit: —
OPM %: —
Other Income: 4
Interest: 18
Depreciation: 25
: 39
Tax %: -24.26%
Net Profit: 48
: 10
Equity Capital: 48
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 48
Reserves: 0
Promoter Pledge %: 0.00%

Jun 2026

: 420
: 391
Operating Profit: —
OPM %: —
Other Income: 7
Interest: 16
Depreciation: 30
: 36
Tax %: 2.47%
Net Profit: 92
: 2
Equity Capital: 48
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 48
Reserves: 0
Promoter Pledge %: 0.00%

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	104	137	189	144	143	220	275	314	324	300	—
OPM %	22	22	21	20	20	20	19	21	22	19	—
Other Income	11	12	16	19	22	19	16	25	30	24	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
	55	82	109	57	55	133	176	199	180	130	135
Tax %	21	17	25	19	15	31	28	27	24	12	6
Net Profit	43	69	81	46	47	92	126	145	136	114	127
EPS	0	0	0	0	19	38	52	60	28	24	—
Dividend Payout %	17	18	15	26	26	16	11	13	14	17	—
Minority Interest	0	0	0	0	0	0	0	0	0	0	0
Share of Associates	0	0	0	0	0	0	0	0	0	0	0
Adjusted EPS	9	14	17	10	10	19	26	30	28	24	—
Minority Interest	0	0	0	0	0	0	0	0	0	0	0
Share of Associates	0	0	0	0	0	0	0	0	0	0	0
Adjusted EPS	9	14	17	10	10	19	26	30	28	24	—

Mar 2017

: 478
: 386
Operating Profit: 104
OPM %: 22
Other Income: 11
Interest: 10
Depreciation: 39
: 55
Tax %: 21
Net Profit: 43
EPS: 0
Dividend Payout %: 17
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 9
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 9

Mar 2018

: 621
: 496
Operating Profit: 137
OPM %: 22
Other Income: 12
Interest: 13
Depreciation: 42
: 82
Tax %: 17
Net Profit: 69
EPS: 0
Dividend Payout %: 18
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 14
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 14

Mar 2019

: 904
: 731
Operating Profit: 189
OPM %: 21
Other Income: 16
Interest: 26
Depreciation: 54
: 109
Tax %: 25
Net Profit: 81
EPS: 0
Dividend Payout %: 15
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 17
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 17

Mar 2020

: 727
: 602
Operating Profit: 144
OPM %: 20
Other Income: 19
Interest: 33
Depreciation: 53
: 57
Tax %: 19
Net Profit: 46
EPS: 0
Dividend Payout %: 26
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 10
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 10

Mar 2021

: 726
: 604
Operating Profit: 143
OPM %: 20
Other Income: 22
Interest: 31
Depreciation: 57
: 55
Tax %: 15
Net Profit: 47
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

: 1,105
: 903
Operating Profit: 220
OPM %: 20
Other Income: 19
Interest: 27
Depreciation: 60
: 133
Tax %: 31
Net Profit: 92
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

: 1,413
: 1,154
Operating Profit: 275
OPM %: 19
Other Income: 16
Interest: 30
Depreciation: 69
: 176
Tax %: 28
Net Profit: 126
EPS: 52
Dividend Payout %: 11
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 26
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 26

Mar 2024

: 1,527
: 1,239
Operating Profit: 314
OPM %: 21
Other Income: 25
Interest: 43
Depreciation: 72
: 199
Tax %: 27
Net Profit: 145
EPS: 60
Dividend Payout %: 13
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 30
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 30

Mar 2025

: 1,477
: 1,183
Operating Profit: 324
OPM %: 22
Other Income: 30
Interest: 61
Depreciation: 82
: 180
Tax %: 24
Net Profit: 136
EPS: 28
Dividend Payout %: 14
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 28
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 28

Mar 2026

: 1,545
: 1,270
Operating Profit: 300
OPM %: 19
Other Income: 24
Interest: 78
Depreciation: 92
: 130
Tax %: 12
Net Profit: 114
EPS: 24
Dividend Payout %: 17
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 24
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 24

TTM

: 1,607
: 1,374
Operating Profit: —
OPM %: —
Other Income: 23
Interest: 76
Depreciation: 99
: 135
Tax %: 6
Net Profit: 127
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:: 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:: 13%
3 Years:: 11%
1 Year:: 105%

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
LIABILITIES	-	-	-	-	-	-	-	-	-	-
Equity Capital	12	12	24	24	24	24	24	24	48	48
	303	357	412	444	476	553	666	792	886	983
	115	213	292	231	318	334	424	418	447	477
Trade Payables	29	62	48	72	98	115	160	163	165	193
	142	208	441	368	347	413	399	598	839	847
Total Liabilities	601	852	1,217	1,140	1,263	1,439	1,673	1,996	2,384	2,549
ASSETS	-	-	-	-	-	-	-	-	-	-
	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
Total Debt	224	381	688	566	615	680	756	925	1,184	1,235
Net Working Capital	93	94	131	37	75	141	123	128	155	118
Contingent Liabilities	6	7	2	0	2	6	0	0	51	51
Book Value per Share	260.64	305.77	180.71	193.99	207.27	239.28	285.90	338.15	193.47	213.56
Face Value	10.00	10.00	10.00	10.00	10.00	10.00	10.00	10.00	10.00	10.00
Total Debt	224	381	688	566	615	680	756	925	1,184	1,235
Net Working Capital	93	94	131	37	75	141	123	128	155	118
Contingent Liabilities	6	7	2	0	2	6	0	0	51	51
Book Value per Share	260.64	305.77	180.71	193.99	207.27	239.28	285.90	338.15	193.47	213.56
Face Value	10.00	10.00	10.00	10.00	10.00	10.00	10.00	10.00	10.00	10.00

Mar 2017

Equity Capital: 12
: 303
: 115
Trade Payables: 29
: 142
Total Liabilities: 601
: 320
Capital Work in Progress: 14
: 0
: 66
: 0
Cash & Bank: 134
: 67
Total Assets: 601
Total Debt: 224
Net Working Capital: 93
Contingent Liabilities: 6
Book Value per Share: 260.64
Face Value: 10.00
Total Debt: 224
Net Working Capital: 93
Contingent Liabilities: 6
Book Value per Share: 260.64
Face Value: 10.00

Mar 2018

Equity Capital: 12
: 357
: 213
Trade Payables: 62
: 208
Total Liabilities: 852
: 365
Capital Work in Progress: 27
: 4
: 125
: 0
Cash & Bank: 164
: 166
Total Assets: 852
Total Debt: 381
Net Working Capital: 94
Contingent Liabilities: 7
Book Value per Share: 305.77
Face Value: 10.00
Total Debt: 381
Net Working Capital: 94
Contingent Liabilities: 7
Book Value per Share: 305.77
Face Value: 10.00

Mar 2019

Equity Capital: 24
: 412
: 292
Trade Payables: 48
: 441
Total Liabilities: 1,217
: 588
Capital Work in Progress: 39
: 5
: 188
: 0
Cash & Bank: 172
: 226
Total Assets: 1,217
Total Debt: 688
Net Working Capital: 131
Contingent Liabilities: 2
Book Value per Share: 180.71
Face Value: 10.00
Total Debt: 688
Net Working Capital: 131
Contingent Liabilities: 2
Book Value per Share: 180.71
Face Value: 10.00

Mar 2020

Equity Capital: 24
: 444
: 231
Trade Payables: 72
: 368
Total Liabilities: 1,140
: 653
Capital Work in Progress: 9
: 5
: 131
: 0
Cash & Bank: 174
: 168
Total Assets: 1,140
Total Debt: 566
Net Working Capital: 37
Contingent Liabilities: 0
Book Value per Share: 193.99
Face Value: 10.00
Total Debt: 566
Net Working Capital: 37
Contingent Liabilities: 0
Book Value per Share: 193.99
Face Value: 10.00

Mar 2021

Equity Capital: 24
: 476
: 318
Trade Payables: 98
: 347
Total Liabilities: 1,263
: 618
Capital Work in Progress: 17
: 5
: 169
: 0
Cash & Bank: 187
: 267
Total Assets: 1,263
Total Debt: 615
Net Working Capital: 75
Contingent Liabilities: 2
Book Value per Share: 207.27
Face Value: 10.00
Total Debt: 615
Net Working Capital: 75
Contingent Liabilities: 2
Book Value per Share: 207.27
Face Value: 10.00

Mar 2022

Equity Capital: 24
: 553
: 334
Trade Payables: 115
: 413
Total Liabilities: 1,439
: 650
Capital Work in Progress: 36
: 33
: 193
: 0
Cash & Bank: 225
: 303
Total Assets: 1,439
Total Debt: 680
Net Working Capital: 141
Contingent Liabilities: 6
Book Value per Share: 239.28
Face Value: 10.00
Total Debt: 680
Net Working Capital: 141
Contingent Liabilities: 6
Book Value per Share: 239.28
Face Value: 10.00

Mar 2023

Equity Capital: 24
: 666
: 424
Trade Payables: 160
: 399
Total Liabilities: 1,673
: 719
Capital Work in Progress: 61
: 41
: 289
: 0
Cash & Bank: 205
: 358
Total Assets: 1,673
Total Debt: 756
Net Working Capital: 123
Contingent Liabilities: 0
Book Value per Share: 285.90
Face Value: 10.00
Total Debt: 756
Net Working Capital: 123
Contingent Liabilities: 0
Book Value per Share: 285.90
Face Value: 10.00

Mar 2024

Equity Capital: 24
: 792
: 418
Trade Payables: 163
: 598
Total Liabilities: 1,996
: 818
Capital Work in Progress: 112
: 41
: 322
: 316
Cash & Bank: 209
: 177
Total Assets: 1,996
Total Debt: 925
Net Working Capital: 128
Contingent Liabilities: 0
Book Value per Share: 338.15
Face Value: 10.00
Total Debt: 925
Net Working Capital: 128
Contingent Liabilities: 0
Book Value per Share: 338.15
Face Value: 10.00

Mar 2025

Equity Capital: 48
: 886
: 447
Trade Payables: 165
: 839
Total Liabilities: 2,384
: 861
Capital Work in Progress: 361
: 22
: 322
: 383
Cash & Bank: 217
: 218
Total Assets: 2,384
Total Debt: 1,184
Net Working Capital: 155
Contingent Liabilities: 51
Book Value per Share: 193.47
Face Value: 10.00
Total Debt: 1,184
Net Working Capital: 155
Contingent Liabilities: 51
Book Value per Share: 193.47
Face Value: 10.00

Mar 2026

Equity Capital: 48
: 983
: 477
Trade Payables: 193
: 847
Total Liabilities: 2,549
: 1,004
Capital Work in Progress: 299
: 28
: 314
: 425
Cash & Bank: 223
: 254
Total Assets: 2,549
Total Debt: 1,235
Net Working Capital: 118
Contingent Liabilities: 51
Book Value per Share: 213.56
Face Value: 10.00
Total Debt: 1,235
Net Working Capital: 118
Contingent Liabilities: 51
Book Value per Share: 213.56
Face Value: 10.00

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
	107	-14	33	273	10	147	116	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
Free Cash Flow	27	-114	-256	186	-20	36	-75	-77	-186	67
OCF / Net Profit	2.47	-0.20	0.40	5.90	0.22	1.61	0.92	0.99	1.39	2.11
Cumulative 5-Year FCF	0	0	0	0	-178	-169	-130	50	-321	-235
OCF / Net Profit	2.47	-0.20	0.40	5.90	0.22	1.61	0.92	0.99	1.39	2.11
Cumulative 5-Year FCF	0	0	0	0	-178	-169	-130	50	-321	-235

Mar 2017

: 107
Cash from Investing: -69
Cash from Financing: -25
: 13
Free Cash Flow: 27
OCF / Net Profit: 2.47
Cumulative 5-Year FCF: 0
OCF / Net Profit: 2.47
Cumulative 5-Year FCF: 0

Mar 2018

: -14
Cash from Investing: -93
Cash from Financing: 137
: 30
Free Cash Flow: -114
OCF / Net Profit: -0.20
Cumulative 5-Year FCF: 0
OCF / Net Profit: -0.20
Cumulative 5-Year FCF: 0

Mar 2019

: 33
Cash from Investing: -275
Cash from Financing: 249
: 8
Free Cash Flow: -256
OCF / Net Profit: 0.40
Cumulative 5-Year FCF: 0
OCF / Net Profit: 0.40
Cumulative 5-Year FCF: 0

Mar 2020

: 273
Cash from Investing: -71
Cash from Financing: -199
: 2
Free Cash Flow: 186
OCF / Net Profit: 5.90
Cumulative 5-Year FCF: 0
OCF / Net Profit: 5.90
Cumulative 5-Year FCF: 0

Mar 2021

: 10
Cash from Investing: -12
Cash from Financing: 15
: 13
Free Cash Flow: -20
OCF / Net Profit: 0.22
Cumulative 5-Year FCF: -178
OCF / Net Profit: 0.22
Cumulative 5-Year FCF: -178

Mar 2022

: 147
Cash from Investing: -126
Cash from Financing: 17
: 38
Free Cash Flow: 36
OCF / Net Profit: 1.61
Cumulative 5-Year FCF: -169
OCF / Net Profit: 1.61
Cumulative 5-Year FCF: -169

Mar 2023

: 116
Cash from Investing: -160
Cash from Financing: 21
: -23
Free Cash Flow: -75
OCF / Net Profit: 0.92
Cumulative 5-Year FCF: -130
OCF / Net Profit: 0.92
Cumulative 5-Year FCF: -130

Mar 2024

: 145
Cash from Investing: -201
Cash from Financing: 63
: 6
Free Cash Flow: -77
OCF / Net Profit: 0.99
Cumulative 5-Year FCF: 50
OCF / Net Profit: 0.99
Cumulative 5-Year FCF: 50

Mar 2025

: 189
Cash from Investing: -330
Cash from Financing: 149
: 8
Free Cash Flow: -186
OCF / Net Profit: 1.39
Cumulative 5-Year FCF: -321
OCF / Net Profit: 1.39
Cumulative 5-Year FCF: -321

Mar 2026

: 240
Cash from Investing: -157
Cash from Financing: -77
: 6
Free Cash Flow: 67
OCF / Net Profit: 2.11
Cumulative 5-Year FCF: -235
OCF / Net Profit: 2.11
Cumulative 5-Year FCF: -235

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
PER SHARE	-	-	-	-	-	-	-	-	-	-
EPS (₹)	35.97	56.76	33.70	19.15	19.31	38.01	52.36	60.26	28.23	23.58
Book Value (₹)	260.64	305.77	180.71	193.99	207.27	239.28	285.90	338.15	193.47	213.56
Dividend per Share (₹)	6.00	10.00	5.00	5.00	5.00	6.00	6.00	8.00	4.00	4.00
Cash EPS (₹)	17.06	22.89	28.12	20.60	21.40	31.45	40.54	45.14	45.31	42.68
PROFITABILITY	-	-	-	-	-	-	-	-	-	-
Operating Margin %	21.74%	22.00%	20.92%	19.76%	19.69%	19.94%	19.44%	18.89%	19.91%	17.83%
Net Margin %	9.08%	11.04%	9.00%	6.36%	6.42%	8.31%	8.95%	9.53%	9.23%	7.37%
ROE %	14.62%	20.04%	20.20%	10.22%	9.62%	17.02%	19.94%	19.31%	15.57%	11.59%
ROCE %	12.62%	14.70%	14.37%	8.38%	8.02%	13.50%	15.20%	15.18%	12.50%	9.50%
	7.63%	9.43%	7.87%	3.92%	3.88%	6.79%	8.12%	7.93%	6.22%	4.62%
EFFICIENCY	-	-	-	-	-	-	-	-	-	-
Debtor Days	12	22	27	23	34	48	51	65	86	95
Inventory Days	53	56	63	80	75	60	62	73	80	75
Payable Days	53	64	49	65	89	77	74	83	93	93
	12	14	42	38	20	30	39	56	73	78
FINANCIAL HEALTH	-	-	-	-	-	-	-	-	-	-
Debt to Equity (x)	0.71x	1.03x	1.58x	1.21x	1.23x	1.18x	1.10x	1.13x	1.27x	1.20x
Interest Coverage (x)	6.54x	7.49x	5.15x	2.74x	2.76x	5.87x	6.95x	5.69x	3.94x	2.66x
	1.59x	1.32x	1.38x	1.12x	1.17x	1.30x	1.20x	1.17x	1.20x	1.14x
GROWTH	-	-	-	-	-	-	-	-	-	-
Revenue Growth %	-4.75%	29.73%	45.65%	-19.54%	-0.23%	52.23%	27.89%	8.09%	-3.28%	4.62%
Operating Profit Growth %	-8.29%	31.29%	38.47%	-24.01%	-0.57%	54.19%	24.64%	14.26%	3.15%	-7.37%
Net Profit Growth %	-13.31%	57.77%	18.75%	-43.16%	0.80%	96.88%	37.75%	15.08%	-6.30%	-16.46%
	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	15.08%	-53.15%	-16.46%
VALUATION	-	-	-	-	-	-	-	-	-	-
P/E (x)	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	7.23x	12.05x	15.65x
P/B (x)	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	2.58x	1.76x	1.73x
Dividend Yield %	0.00%	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	0.00x	8.99x	8.06x	9.32x

Mar 2017

EPS (₹): 35.97
Book Value (₹): 260.64
Dividend per Share (₹): 6.00
Cash EPS (₹): 17.06
Operating Margin %: 21.74%
Net Margin %: 9.08%
ROE %: 14.62%
ROCE %: 12.62%
: 7.63%
Debtor Days: 12
Inventory Days: 53
Payable Days: 53
: 12
Debt to Equity (x): 0.71x
Interest Coverage (x): 6.54x
: 1.59x
Revenue Growth %: -4.75%
Operating Profit Growth %: -8.29%
Net Profit Growth %: -13.31%
: 0.00%
P/E (x): 0.00x
P/B (x): 0.00x
Dividend Yield %: 0.00%
: 0.00x

Mar 2018

EPS (₹): 56.76
Book Value (₹): 305.77
Dividend per Share (₹): 10.00
Cash EPS (₹): 22.89
Operating Margin %: 22.00%
Net Margin %: 11.04%
ROE %: 20.04%
ROCE %: 14.70%
: 9.43%
Debtor Days: 22
Inventory Days: 56
Payable Days: 64
: 14
Debt to Equity (x): 1.03x
Interest Coverage (x): 7.49x
: 1.32x
Revenue Growth %: 29.73%
Operating Profit Growth %: 31.29%
Net Profit Growth %: 57.77%
: 0.00%
P/E (x): 0.00x
P/B (x): 0.00x
Dividend Yield %: 0.00%
: 0.00x

Mar 2019

EPS (₹): 33.70
Book Value (₹): 180.71
Dividend per Share (₹): 5.00
Cash EPS (₹): 28.12
Operating Margin %: 20.92%
Net Margin %: 9.00%
ROE %: 20.20%
ROCE %: 14.37%
: 7.87%
Debtor Days: 27
Inventory Days: 63
Payable Days: 49
: 42
Debt to Equity (x): 1.58x
Interest Coverage (x): 5.15x
: 1.38x
Revenue Growth %: 45.65%
Operating Profit Growth %: 38.47%
Net Profit Growth %: 18.75%
: 0.00%
P/E (x): 0.00x
P/B (x): 0.00x
Dividend Yield %: 0.00%
: 0.00x

Mar 2020

EPS (₹): 19.15
Book Value (₹): 193.99
Dividend per Share (₹): 5.00
Cash EPS (₹): 20.60
Operating Margin %: 19.76%
Net Margin %: 6.36%
ROE %: 10.22%
ROCE %: 8.38%
: 3.92%
Debtor Days: 23
Inventory Days: 80
Payable Days: 65
: 38
Debt to Equity (x): 1.21x
Interest Coverage (x): 2.74x
: 1.12x
Revenue Growth %: -19.54%
Operating Profit Growth %: -24.01%
Net Profit Growth %: -43.16%
: 0.00%
P/E (x): 0.00x
P/B (x): 0.00x
Dividend Yield %: 0.00%
: 0.00x

Mar 2021

EPS (₹): 19.31
Book Value (₹): 207.27
Dividend per Share (₹): 5.00
Cash EPS (₹): 21.40
Operating Margin %: 19.69%
Net Margin %: 6.42%
ROE %: 9.62%
ROCE %: 8.02%
: 3.88%
Debtor Days: 34
Inventory Days: 75
Payable Days: 89
: 20
Debt to Equity (x): 1.23x
Interest Coverage (x): 2.76x
: 1.17x
Revenue Growth %: -0.23%
Operating Profit Growth %: -0.57%
Net Profit Growth %: 0.80%
: 0.00%
P/E (x): 0.00x
P/B (x): 0.00x
Dividend Yield %: 0.00%
: 0.00x

Mar 2022

EPS (₹): 38.01
Book Value (₹): 239.28
Dividend per Share (₹): 6.00
Cash EPS (₹): 31.45
Operating Margin %: 19.94%
Net Margin %: 8.31%
ROE %: 17.02%
ROCE %: 13.50%
: 6.79%
Debtor Days: 48
Inventory Days: 60
Payable Days: 77
: 30
Debt to Equity (x): 1.18x
Interest Coverage (x): 5.87x
: 1.30x
Revenue Growth %: 52.23%
Operating Profit Growth %: 54.19%
Net Profit Growth %: 96.88%
: 0.00%
P/E (x): 0.00x
P/B (x): 0.00x
Dividend Yield %: 0.00%
: 0.00x

Mar 2023

EPS (₹): 52.36
Book Value (₹): 285.90
Dividend per Share (₹): 6.00
Cash EPS (₹): 40.54
Operating Margin %: 19.44%
Net Margin %: 8.95%
ROE %: 19.94%
ROCE %: 15.20%
: 8.12%
Debtor Days: 51
Inventory Days: 62
Payable Days: 74
: 39
Debt to Equity (x): 1.10x
Interest Coverage (x): 6.95x
: 1.20x
Revenue Growth %: 27.89%
Operating Profit Growth %: 24.64%
Net Profit Growth %: 37.75%
: 0.00%
P/E (x): 0.00x
P/B (x): 0.00x
Dividend Yield %: 0.00%
: 0.00x

Mar 2024

EPS (₹): 60.26
Book Value (₹): 338.15
Dividend per Share (₹): 8.00
Cash EPS (₹): 45.14
Operating Margin %: 18.89%
Net Margin %: 9.53%
ROE %: 19.31%
ROCE %: 15.18%
: 7.93%
Debtor Days: 65
Inventory Days: 73
Payable Days: 83
: 56
Debt to Equity (x): 1.13x
Interest Coverage (x): 5.69x
: 1.17x
Revenue Growth %: 8.09%
Operating Profit Growth %: 14.26%
Net Profit Growth %: 15.08%
: 15.08%
P/E (x): 7.23x
P/B (x): 2.58x
Dividend Yield %: 0.92%
: 8.99x

Mar 2025

EPS (₹): 28.23
Book Value (₹): 193.47
Dividend per Share (₹): 4.00
Cash EPS (₹): 45.31
Operating Margin %: 19.91%
Net Margin %: 9.23%
ROE %: 15.57%
ROCE %: 12.50%
: 6.22%
Debtor Days: 86
Inventory Days: 80
Payable Days: 93
: 73
Debt to Equity (x): 1.27x
Interest Coverage (x): 3.94x
: 1.20x
Revenue Growth %: -3.28%
Operating Profit Growth %: 3.15%
Net Profit Growth %: -6.30%
: -53.15%
P/E (x): 12.05x
P/B (x): 1.76x
Dividend Yield %: 1.18%
: 8.06x

Mar 2026

EPS (₹): 23.58
Book Value (₹): 213.56
Dividend per Share (₹): 4.00
Cash EPS (₹): 42.68
Operating Margin %: 17.83%
Net Margin %: 7.37%
ROE %: 11.59%
ROCE %: 9.50%
: 4.62%
Debtor Days: 95
Inventory Days: 75
Payable Days: 93
: 78
Debt to Equity (x): 1.20x
Interest Coverage (x): 2.66x
: 1.14x
Revenue Growth %: 4.62%
Operating Profit Growth %: -7.37%
Net Profit Growth %: -16.46%
: -16.46%
P/E (x): 15.65x
P/B (x): 1.73x
Dividend Yield %: 1.08%
: 9.32x

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
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May 2026
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Mar 2026
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