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MM Forgings Q2 FY27 results: net profit up 152.0% to ₹41.75 crore, revenue up 39.6%
MM Forgings Limited reported consolidated revenue of ₹537.45 crore for Q2 FY27, up 39.6% from a year earlier, with EBITDA of ₹93.50 crore and a net profit of ₹41.75 crore. Profit before tax rose to ₹60.56 crore while the EBITDA margin was 17.4%. On the standalone basis, revenue was ₹535.73 crore and profit for the period was ₹45.89 crore.
Key points
- Consolidated revenue was ₹537.45 crore in Q2 FY27, up 39.6% from ₹384.93 crore in Q2 FY26.
- EBITDA rose to ₹93.50 crore from ₹66.53 crore, while the margin was 17.4% against 17.3%.
- Net profit was ₹41.75 crore, up 152.0% from ₹16.57 crore, and basic EPS was ₹8.65.
- Against Q1 FY27, revenue rose 31.1% while net profit fell 53.8% and EPS fell to ₹8.65 from ₹18.73.
- Total assets stood at ₹2665.69 crore on 30 September 2026, with borrowings of ₹1135.06 crore.
How did MM Forgings perform in Q2 FY27?
In Q2 FY27, MM Forgings posted consolidated revenue of ₹537.45 crore, up 39.6% from ₹384.93 crore in Q2 FY26. EBITDA was ₹93.50 crore against ₹66.53 crore, and the EBITDA margin was 17.4% compared with 17.3%. Profit before tax rose 141.6% to ₹60.56 crore, and net profit rose 152.0% to ₹41.75 crore from ₹16.57 crore. Basic EPS was ₹8.65 against ₹3.43.
Against the previous quarter, revenue rose 31.1% from ₹409.90 crore and EBITDA rose 45.3% from ₹64.36 crore, taking the margin from 15.7% to 17.4%. Net profit was lower at ₹41.75 crore against ₹90.42 crore, and EPS fell to ₹8.65 from ₹18.73. On the standalone basis, revenue was ₹535.73 crore and profit for the period was ₹45.89 crore, against a profit before exceptional items and tax of ₹17.71 crore.
| ₹ crore | Q2 FY27 | Q1 FY27 | Q2 FY26 | YoY | QoQ |
|---|---|---|---|---|---|
| Revenue from operations | 537.45 | 409.90 | 384.93 | +39.6% | +31.1% |
| Other income | 13.03 | 16.86 | 3.96 | +229.0% | −22.7% |
| Total expenses | 489.92 | 391.69 | 363.82 | +34.7% | +25.1% |
| EBITDA | 93.50 | 64.36 | 66.53 | +40.5% | +45.3% |
| EBITDA margin | 17.4% | 15.7% | 17.3% | +0.1 pp | +1.7 pp |
| Profit before tax | 60.56 | 91.32 | 25.07 | +141.6% | −33.7% |
| Tax | 18.81 | 0.90 | 8.50 | +121.3% | +1990.0% |
| Net profit | 41.75 | 90.42 | 16.57 | +152.0% | −53.8% |
| EPS (₹) | 8.65 | 18.73 | 3.43 | +152.2% | −53.8% |
EBITDA here is revenue from operations less operating costs (total expenses excluding finance costs and depreciation): before other income and exceptional items. Growth is shown only when both figures are positive. Source: Company's results filing (XBRL).
What changed in MM Forgings' costs and profit?
Total expenses rose 34.7% to ₹489.92 crore from ₹363.82 crore in Q2 FY26, with cost of materials up ₹64.03 crore to ₹222.55 crore and employee cost up ₹18.77 crore to ₹65.56 crore. Other expenses increased by ₹35.20 crore to ₹146.54 crore and depreciation by ₹3.02 crore to ₹27.20 crore, while finance costs fell by ₹2.45 crore to ₹18.78 crore. Other income rose by ₹9.07 crore to ₹13.03 crore, and there was no exceptional item in the quarter.
Tax expense rose to ₹18.81 crore from ₹8.50 crore, an increase of ₹10.31 crore. The profit margin widened by 3.5 percentage points to 7.8% from 4.3%. Sequentially, total expenses rose ₹98.23 crore from ₹391.69 crore, other income fell ₹3.83 crore to ₹13.03 crore and tax rose ₹17.91 crore to ₹18.81 crore. The filing records a ₹56.25 crore gain from profit on sale of land in Q1 FY27.
| ₹ crore | Q2 FY27 | Q2 FY26 | Change | Change % |
|---|---|---|---|---|
| Cost of materials | 222.55 | 158.52 | +64.03 | +40.4% |
| Employee cost | 65.56 | 46.79 | +18.77 | +40.1% |
| Finance costs | 18.78 | 21.23 | −2.45 | −11.5% |
| Depreciation | 27.20 | 24.18 | +3.02 | +12.5% |
| Other expenses | 146.54 | 111.34 | +35.20 | +31.6% |
| Total expenses | 489.92 | 363.82 | +126.10 | +34.7% |
| Other income | 13.03 | 3.96 | +9.07 | +229.0% |
| Tax | 18.81 | 8.50 | +10.31 | +121.3% |
Source: Company's results filing (XBRL).
What do the balance sheet and cash flow show?
As on 30 September 2026, total assets were ₹2665.69 crore against ₹2524.38 crore as on 31 March 2026, and total equity was ₹1110.07 crore against ₹978.13 crore. Borrowings stood at ₹1135.06 crore against ₹1073.76 crore, and cash and cash equivalents were ₹256.42 crore against ₹224.56 crore. Inventories were ₹370.14 crore against ₹334.06 crore, trade receivables ₹496.22 crore against ₹456.62 crore, and trade payables ₹173.73 crore against ₹225.80 crore.
For H1 FY27, operating cash flow was ₹6.68 crore against ₹40.62 crore in H1 FY26, and investing cash flow was ₹8.13 crore against a negative ₹79.72 crore. Financing cash flow was ₹0.0 crore against ₹54.36 crore a year earlier, and capital expenditure was ₹0.0 crore in both periods.
| ₹ crore | As of 30 September 2026 | As of 31 March 2026 |
|---|---|---|
| Total assets | 2,666 | 2,524 |
| Total equity | 1,110 | 978.13 |
| Borrowings | 1,135 | 1,074 |
| Cash and equivalents | 256.42 | 224.56 |
| Inventories | 370.14 | 334.06 |
| Trade receivables | 496.22 | 456.62 |
Source: Company's results filing (XBRL).
| ₹ crore | H1 FY27 | H1 FY26 |
|---|---|---|
| Cash from operations | 6.68 | 40.62 |
| Cash from investing | 8.13 | −79.72 |
| Cash from financing | 0 | 54.36 |
| Capital expenditure | 0 | 0 |
Source: Company's results filing (XBRL).
How has MM Forgings done over the last 8 quarters?
Revenue rose in each of the last four quarters and reached ₹537.45 crore in Q2 FY27, the highest of the reported period and above the ₹429.65 crore recorded in Q4 FY26. Profit was not at its peak: the ₹41.75 crore net profit was below the ₹90.42 crore reported in Q1 FY27 and the ₹44.74 crore in Q4 FY26, while the year-ago Q2 FY26 profit was ₹16.57 crore.
The EBITDA margin moved from 17.3% in Q2 FY26 to 16.8% in Q3 FY26 and 18.8% in Q4 FY26, then fell to 15.7% in Q1 FY27 before recovering to 17.4% in Q2 FY27. Profit rose year on year in each of the last three quarters. The company operates in one segment, according to the filing.
How did other Auto Components & Equipments companies do?
Among the 56 Auto Components & Equipments companies compared for the quarter, the median revenue growth was 32.6%. Of these, 42 companies grew slower than MM Forgings and 14 grew faster. Of the 57 companies whose profit was compared, 44 reported higher profit.
| MM Forgings revenue growth (YoY) | +39.6% |
|---|---|
| Median of 56 other Auto Components & Equipments companies | +32.6% |
| Companies with slower revenue growth than MM Forgings | 42 of 56 |
| Companies with faster revenue growth than MM Forgings | 14 of 56 |
| Companies whose net profit rose | 44 of 57 |
Source: Filed results (XBRL) of the industry's companies.
Quick answers
What was MM Forgings' revenue in Q2 FY27?
Revenue from operations was ₹537.45 crore, up 39.6% from ₹384.93 crore in Q2 FY26 (consolidated).
Did MM Forgings make a profit in Q2 FY27?
Yes. Net profit was ₹41.75 crore, against a net profit of ₹16.57 crore in Q2 FY26.
What was MM Forgings' EPS in Q2 FY27?
Basic earnings per share were ₹8.65, against ₹3.43 in Q2 FY26.
When did MM Forgings announce its Q2 FY27 results?
On 5 November 2026, in a filing to the BSE.
Sources
- Board Meeting Intimation for Board Meeting Intimation - Unaudited Financial Results Q2FY27 (BSE, 29 October 2026) · PDF
- Unaudited Financial Statements Submission For Quarter And Half Year Ended 30092026 (BSE, 5 November 2026) · PDF
How this was written: every figure in the tables and charts is calculated from the company’s filed results (XBRL) and MarketPing’s price measurements. The text is drafted with AI from those figures and the filings, and a checker removes any sentence carrying a number it cannot trace to them. How we write these.
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