NSE: MMFL · BSE: 522241
MM FORGINGS LTD
Manufactures steel forgings for automotive and commercial-vehicle customers, with 93.42% of revenue from a single segment. FY26 revenue was Rs 1,589.87 crore, with domestic sales at ~Rs 986 crore (64% of total) and exports at ~Rs 543 crore across 16 countries (35.5% of revenue). The US is the swing geography — its share fell from 16–17% to 9% as the Class 8 truck cycle bottomed, but management flagged early recovery. Raw materials are the largest cost at 40.1% of revenue, followed by other opex at 26.4% and employees at 11.1%. Debt is held around Rs 1,200 cr, and the company shifted to 100% green power effective Feb 2026 (estimated Rs 15 cr annual EBITDA tailwind). It also operates an EV-motor subsidiary (Abinava Rize) that is currently burning ~Rs 1 cr/month. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Forgings (93%). Cyclical, asset-heavy auto-components forging
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 1,123 | 1,462 | 1,563 | 1,525 | 1,590 |
| EBITDA (ex other income) | 193 | 273 | 294 | 296 | 281 |
| margin % | 17.2 | 18.7 | 18.8 | 19.4 | 17.6 |
| Owners' profit | 111 | 0 | 135 | 122 | 0 |
| EPS, as reported (₹) | 45.98 | 53.00 | 55.84 | 25.24 | 20.44 |
| ROE % · ROCE % | 19.8 · 16.6 | 19.0 · 19.8 | 17.1 · 19.0 | 13.7 · 14.3 | 10.1 · 11.9 |
| Debt / equity (x) | 1.06 | 0.97 | 1.02 | 1.18 | 1.10 |
| Cash from operations | 151 | 167 | 131 | 183 | 230 |
| Capex | 0 | 0 | 0 | 0 | 0 |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 398 | 374 | 371 | 362 | 385 | 414 | 430 | 410 |
| Profit before tax | 45 | 39 | 40 | 28 | 25 | 26 | 35 | 91 |
| Net profit | 32 | 27 | 33 | 19 | 17 | 18 | 45 | 90 |
| EPS (₹) | 6.61 | 5.50 | 6.90 | 3.97 | 3.43 | 3.64 | 9.27 | 18.73 |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| SAMVRDHNA MTHRSN INTL LTD | 1,69,176 | 38.6 | 3.87 | 15.1 | 9.4 | 8.2 | 17.1 | 9.0 |
| BOSCH LIMITED | 1,39,756 | 59.1 | 9.41 | 34.3 | 18.7 | 24.1 | 15.6 | 17.9 |
| BHARAT FORGE LTD | 83,937 | 118.9 | 8.78 | 30.3 | 11.4 | 13.2 | 21.6 | 8.8 |
| UNO MINDA LIMITED | 63,520 | 52.8 | 8.75 | 29.1 | 17.7 | 15.7 | 25.3 | 10.4 |
| SCHAEFFLER INDIA LIMITED | 56,735 | 45.3 | 9.23 | — | 10.4 | 14.1 | — | 19.4 |
| SONA BLW PRECISION FRGS L | 54,705 | 78.5 | 8.92 | 47.5 | 10.3 | 12.9 | — | 25.1 |
| TUBE INVEST OF INDIA LTD | 41,237 | 67.9 | 2.90 | 15.9 | 7.9 | 12.4 | 30.3 | 10.6 |
| ENDURANCE TECHNO. LTD. | 32,484 | 33.5 | 4.75 | 15.9 | 13.9 | 15.6 | 17.4 | 13.2 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 13.7 | 25.3 | 19 of 119 | 85% |
| P/B | 2.4 | 3.2 | 46 of 117 | 61% |
| ROCE | 7.1 | 12.6 | 94 of 125 | 25% |
| ROE | 10.1 | 11.7 | 70 of 117 | 41% |
| Debt / Equity | 1.1 | 0.3 | 108 of 117 | 8% |
| EBITDA margin | 33.5 | 12.2 | 3 of 118 | 98% |
| Revenue growth | 13.3 | 20.2 | 80 of 113 | 30% |
| Profit growth | 371.3 | 24.4 | 5 of 115 | 97% |
| Market cap | 2318 | 1460 | 54 of 126 | 58% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 6 Oct 2026 · Compliance Certificate for Q2 FY27 under SEBI Reg 74(5) | compliance | minimal | — | — |
| 26 Sept 2026 · Trading window closure for designated persons ahead of Q2 results | compliance | minimal | — | — |
| 10 Sept 2026 · MM Forgings to hold investor meet with Nuvama on 15 Sept 2026 | board shareholder meetings | low | — | — |
| 21 Aug 2026 · MM Forgings Q1 FY27: revenue up 16%, guides 18% growth for FY27 | investor communications | medium | — | — |
| 18 Aug 2026 · MM Forgings Q1 FY27: Revenue up 16%, PAT up 373% on land sale gain | investor communications | medium | — | — |
| 18 Aug 2026 · MM Forgings submits Q1FY27 investor call audio recording | investor communications | medium | — | — |
| 17 Aug 2026 · Q1FY27 results published; net profit jumps on exceptional items | compliance | minimal | — | — |
| 11 Aug 2026 · MM Forgings Q1FY27 earnings call scheduled for 17 Aug 2026 | board shareholder meetings | low | — | — |
| 10 Aug 2026 · 80th AGM: All 4 resolutions passed, including director re-appointments | board shareholder meetings | medium | — | — |
| 8 Aug 2026 · 80th AGM held via video conferencing, all 4 resolutions passed | board shareholder meetings | medium | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.