MM Forgings Limited has informed the Exchange about Transcript
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MM Forgings held its Q3FY26 earnings call on March 5, 2026, where management guided for flat to 1-2% revenue growth in FY26 and a strong 20% growth in FY27, driven by recovery in US truck orders, new customer wins, and ramp-up of a 16,500-ton press (expected by July/August 2026). The US market, which had fallen from 16-17% to 9% of sales in FY26, is bouncing back strongly, with Section 232 tariffs expected to drop from ~27% to 18%. On margins, the company has gone fully green on power from January 18, 2026, expected to save Rs 15 crore annually (about 100 bps on EBITDA), while interest cost savings of Rs 30-35 crore are anticipated. Debt of Rs 1,200 crore is expected to stay flat over the next two years. Capacity target is 150,000 tons with FY27 utilization targeted at 90,000-110,000 tons.
Positively, the management commentary signals strong FY27 growth recovery (20% revenue growth, margin improvement via green power and machining mix), supported by a clear order pipeline and US market rebound. The debt-static guidance and focus on interest cost reduction support cash flow improvement, though manpower cost pressures, fuel availability risks (Hormuz Strait), and possible equity dilution remain near-term overhangs.