M M Forgings Ltd
M M Forgings Limited is engaged in the business of manufacturing Steel Forgings in raw, semi-machined and fully machined stages in various grades of Carbon, Alloy, Micro-Alloy and Stainless Steels. [1]
- Market Cap ₹ 2,771 Cr.
- Current Price ₹ 1,148
- High / Low ₹ 1,177 / 825
- Stock P/E 20.5
- Book Value ₹ 313
- Dividend Yield 0.52 %
- ROCE 15.1 %
- ROE 19.8 %
- Face Value ₹ 10.0
Pros
- Company has been maintaining a healthy dividend payout of 17.7%
Cons
- Stock is trading at 3.68 times its book value
- Company might be capitalizing the interest cost
* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.
Peer comparison
Sector: Castings, Forgings & Fastners Industry: Castings & Forgings
Quarterly Results
Standalone Figures in Rs. Crores / View Consolidated
Profit & Loss
Standalone Figures in Rs. Crores / View Consolidated
Mar 2012 | Mar 2013 | Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | TTM | |
---|---|---|---|---|---|---|---|---|---|---|---|---|---|
350 | 361 | 411 | 503 | 502 | 478 | 621 | 904 | 727 | 726 | 1,105 | 1,409 | 1,510 | |
290 | 303 | 332 | 392 | 394 | 386 | 496 | 731 | 602 | 604 | 903 | 1,154 | 1,236 | |
Operating Profit | 60 | 58 | 79 | 111 | 108 | 93 | 124 | 173 | 125 | 121 | 202 | 256 | 274 |
OPM % | 17% | 16% | 19% | 22% | 22% | 19% | 20% | 19% | 17% | 17% | 18% | 18% | 18% |
7 | 0 | 3 | 2 | 5 | 11 | 12 | 16 | 19 | 22 | 19 | 16 | 24 | |
Interest | 6 | 7 | 8 | 9 | 8 | 10 | 13 | 26 | 33 | 31 | 27 | 29 | 36 |
Depreciation | 23 | 21 | 36 | 35 | 36 | 39 | 42 | 54 | 53 | 57 | 60 | 68 | 70 |
Profit before tax | 39 | 30 | 38 | 69 | 69 | 55 | 82 | 109 | 57 | 55 | 133 | 175 | 192 |
Tax % | 31% | 19% | 24% | 26% | 28% | 21% | 17% | 25% | 19% | 15% | 31% | 28% | |
27 | 24 | 29 | 51 | 50 | 43 | 69 | 81 | 46 | 47 | 92 | 126 | 135 | |
EPS in Rs | 11.10 | 10.15 | 12.17 | 20.98 | 20.78 | 18.02 | 28.43 | 33.70 | 19.15 | 19.31 | 38.01 | 52.02 | 55.93 |
Dividend Payout % | 14% | 15% | 16% | 14% | 14% | 17% | 18% | 15% | 26% | 26% | 16% | 12% |
Compounded Sales Growth | |
---|---|
10 Years: | 15% |
5 Years: | 18% |
3 Years: | 25% |
TTM: | 12% |
Compounded Profit Growth | |
---|---|
10 Years: | 18% |
5 Years: | 13% |
3 Years: | 40% |
TTM: | 29% |
Stock Price CAGR | |
---|---|
10 Years: | 32% |
5 Years: | 16% |
3 Years: | 37% |
1 Year: | 37% |
Return on Equity | |
---|---|
10 Years: | 17% |
5 Years: | 16% |
3 Years: | 16% |
Last Year: | 20% |
Balance Sheet
Standalone Figures in Rs. Crores / View Consolidated
Mar 2012 | Mar 2013 | Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Sep 2023 | |
---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Equity Capital | 12 | 12 | 12 | 12 | 12 | 12 | 12 | 24 | 24 | 24 | 24 | 24 | 24 |
Reserves | 140 | 160 | 184 | 226 | 268 | 303 | 357 | 412 | 444 | 476 | 554 | 665 | 731 |
154 | 146 | 151 | 190 | 214 | 224 | 381 | 688 | 566 | 532 | 680 | 752 | 709 | |
34 | 46 | 31 | 45 | 45 | 51 | 86 | 93 | 105 | 230 | 181 | 229 | 280 | |
Total Liabilities | 340 | 363 | 378 | 473 | 538 | 589 | 836 | 1,217 | 1,140 | 1,263 | 1,439 | 1,670 | 1,745 |
188 | 196 | 200 | 225 | 262 | 320 | 365 | 588 | 653 | 618 | 650 | 712 | 686 | |
CWIP | 3 | 4 | 7 | 11 | 30 | 14 | 27 | 39 | 9 | 17 | 36 | 59 | 142 |
Investments | 0 | 0 | 0 | 0 | 0 | 0 | 4 | 5 | 5 | 5 | 33 | 50 | 50 |
149 | 164 | 171 | 237 | 245 | 255 | 440 | 585 | 473 | 623 | 720 | 850 | 868 | |
Total Assets | 340 | 363 | 378 | 473 | 538 | 589 | 836 | 1,217 | 1,140 | 1,263 | 1,439 | 1,670 | 1,745 |
Cash Flows
Standalone Figures in Rs. Crores / View Consolidated
Mar 2012 | Mar 2013 | Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | |
---|---|---|---|---|---|---|---|---|---|---|---|---|
48 | 57 | 35 | 106 | 123 | 107 | -14 | 33 | 273 | 10 | 147 | 114 | |
-59 | -30 | -40 | -63 | -86 | -69 | -93 | -275 | -71 | -12 | -126 | -156 | |
11 | -28 | 6 | 21 | -5 | -25 | 137 | 249 | -199 | 14 | 17 | 23 | |
Net Cash Flow | 0 | -0 | 1 | 64 | 32 | 13 | 30 | 8 | 2 | 13 | 38 | -19 |
Ratios
Standalone Figures in Rs. Crores / View Consolidated
Mar 2012 | Mar 2013 | Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | |
---|---|---|---|---|---|---|---|---|---|---|---|---|
Debtor Days | 24 | 34 | 26 | 21 | 11 | 13 | 33 | 32 | 6 | 61 | 55 | 59 |
Inventory Days | 212 | 169 | 158 | 139 | 128 | 119 | 177 | 167 | 143 | 177 | 139 | 156 |
Days Payable | 44 | 71 | 32 | 48 | 52 | 52 | 87 | 43 | 78 | 103 | 83 | 86 |
Cash Conversion Cycle | 192 | 132 | 151 | 111 | 87 | 80 | 123 | 157 | 71 | 135 | 112 | 129 |
Working Capital Days | 96 | 82 | 83 | 59 | 45 | 25 | 60 | 78 | 10 | 62 | 83 | 88 |
ROCE % | 13% | 12% | 13% | 20% | 17% | 13% | 15% | 14% | 8% | 8% | 14% | 15% |
Documents
Announcements
- Format of the Initial Disclosure to be made by an entity identified as a Large Corporate : Annexure A 2d
- Compliances-Reg.24(A)-Annual Secretarial Compliance 2d
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Compliance Under 40 (9) & (10) Of SEBI LODR Regulation
5 Apr - Enclosing Certificate issued by PCS as required under Regulation 40(9) and (10) of the SEBI LODR REgulation
- Compliance Certificate Under Regulation 7(3) Of SEBI LODR Regulations, For The Year Ended 31 March 2024 5 Apr
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Compliances-Certificate under Reg. 74 (5) of SEBI (DP) Regulations, 2018
4 Apr - Compliance Certificate under 74(5) of SEBI (DP) Regulation for the QE 31 March 2024
Annual reports
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Financial Year 2023
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Financial Year 2022
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Financial Year 2021
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Financial Year 2020
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Financial Year 2019
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Financial Year 2018
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Financial Year 2017
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Financial Year 2016
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Financial Year 2015
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Financial Year 2014
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Financial Year 2013
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Financial Year 2013
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Financial Year 2012
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Financial Year 2012
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Financial Year 2011
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Concalls
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Aug 2023TranscriptPPT
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May 2023TranscriptPPT
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Feb 2023TranscriptPPT
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Nov 2022TranscriptPPT
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Aug 2022TranscriptPPT
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May 2022TranscriptPPT
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May 2022TranscriptPPT
History
The Co. was established in 1946 and dealt in the retail business of imported Royal Enfield bikes. In 1974 it diversified to establish its first steel forging plant in Tamil Nadu. In 1990 it wound up its business of dealing in Royal Enfield Bikes & promoter's stake in Enfield India Limited was diluted to focus on the forging vertical. [1]