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 ₹ 1,539 Cr.
- Current Price ₹ 319
- High / Low ₹ 617 / 295
- Stock P/E 12.2
- Book Value ₹ 193
- Dividend Yield 1.26 %
- ROCE 12.5 %
- ROE 15.6 %
- Face Value ₹ 10.0
Pros
Cons
- Company might be capitalizing the interest cost
- Debtor days have increased from 76.4 to 94.4 days.
* 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.
Quarterly Results
Standalone Figures in Rs. Crores / View Consolidated
Profit & Loss
Standalone Figures in Rs. Crores / View Consolidated
Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM | |
---|---|---|---|---|---|---|---|---|---|---|---|---|---|
411 | 503 | 502 | 478 | 621 | 904 | 727 | 726 | 1,105 | 1,413 | 1,527 | 1,477 | 1,457 | |
332 | 392 | 394 | 386 | 496 | 731 | 602 | 604 | 903 | 1,154 | 1,239 | 1,183 | 1,172 | |
Operating Profit | 79 | 111 | 108 | 93 | 124 | 173 | 125 | 121 | 202 | 258 | 288 | 294 | 285 |
OPM % | 19% | 22% | 22% | 19% | 20% | 19% | 17% | 17% | 18% | 18% | 19% | 20% | 20% |
3 | 2 | 5 | 11 | 12 | 16 | 19 | 22 | 19 | 16 | 26 | 30 | 32 | |
Interest | 8 | 9 | 8 | 10 | 13 | 26 | 33 | 31 | 27 | 30 | 43 | 61 | 65 |
Depreciation | 36 | 35 | 36 | 39 | 42 | 54 | 53 | 57 | 60 | 69 | 72 | 82 | 86 |
Profit before tax | 38 | 69 | 69 | 55 | 82 | 109 | 57 | 55 | 133 | 176 | 199 | 180 | 166 |
Tax % | 24% | 26% | 28% | 21% | 17% | 25% | 19% | 15% | 31% | 28% | 27% | 24% | |
29 | 51 | 50 | 43 | 69 | 81 | 46 | 47 | 92 | 126 | 145 | 136 | 126 | |
EPS in Rs | 6.08 | 10.49 | 10.39 | 9.01 | 14.21 | 16.84 | 9.57 | 9.65 | 19.00 | 26.17 | 30.12 | 28.23 | 26.13 |
Dividend Payout % | 16% | 14% | 14% | 17% | 18% | 15% | 26% | 26% | 16% | 11% | 13% | 14% |
Compounded Sales Growth | |
---|---|
10 Years: | 11% |
5 Years: | 15% |
3 Years: | 10% |
TTM: | -5% |
Compounded Profit Growth | |
---|---|
10 Years: | 10% |
5 Years: | 24% |
3 Years: | 14% |
TTM: | -13% |
Stock Price CAGR | |
---|---|
10 Years: | 8% |
5 Years: | 17% |
3 Years: | -12% |
1 Year: | -47% |
Return on Equity | |
---|---|
10 Years: | 17% |
5 Years: | 17% |
3 Years: | 18% |
Last Year: | 16% |
Balance Sheet
Standalone Figures in Rs. Crores / View Consolidated
Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
---|---|---|---|---|---|---|---|---|---|---|---|---|
Equity Capital | 12 | 12 | 12 | 12 | 12 | 24 | 24 | 24 | 24 | 24 | 24 | 48 |
Reserves | 184 | 226 | 268 | 303 | 357 | 412 | 444 | 476 | 554 | 666 | 792 | 885 |
151 | 190 | 214 | 224 | 381 | 688 | 566 | 532 | 680 | 756 | 925 | 1,184 | |
31 | 45 | 45 | 51 | 86 | 93 | 105 | 230 | 181 | 227 | 254 | 266 | |
Total Liabilities | 378 | 473 | 538 | 589 | 836 | 1,217 | 1,140 | 1,263 | 1,439 | 1,673 | 1,996 | 2,384 |
200 | 225 | 262 | 320 | 365 | 588 | 653 | 618 | 650 | 719 | 818 | 861 | |
CWIP | 7 | 11 | 30 | 14 | 27 | 39 | 9 | 17 | 36 | 61 | 112 | 361 |
Investments | 0 | 0 | 0 | 0 | 4 | 5 | 5 | 5 | 33 | 41 | 41 | 22 |
171 | 237 | 245 | 255 | 440 | 585 | 473 | 623 | 720 | 853 | 1,025 | 1,139 | |
Total Assets | 378 | 473 | 538 | 589 | 836 | 1,217 | 1,140 | 1,263 | 1,439 | 1,673 | 1,996 | 2,384 |
Cash Flows
Standalone Figures in Rs. Crores / View Consolidated
Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
---|---|---|---|---|---|---|---|---|---|---|---|---|
35 | 106 | 123 | 107 | -14 | 33 | 273 | 10 | 147 | 116 | 145 | 189 | |
-40 | -63 | -86 | -69 | -93 | -275 | -71 | -12 | -126 | -160 | -201 | -330 | |
6 | 21 | -5 | -25 | 137 | 249 | -199 | 14 | 17 | 21 | 63 | 149 | |
Net Cash Flow | 1 | 64 | 32 | 13 | 30 | 8 | 2 | 13 | 38 | -23 | 6 | 8 |
Ratios
Standalone Figures in Rs. Crores / View Consolidated
Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
---|---|---|---|---|---|---|---|---|---|---|---|---|
Debtor Days | 26 | 21 | 11 | 13 | 33 | 32 | 6 | 61 | 55 | 59 | 76 | 94 |
Inventory Days | 158 | 139 | 128 | 119 | 177 | 167 | 143 | 177 | 139 | 157 | 165 | 182 |
Days Payable | 32 | 48 | 52 | 52 | 87 | 43 | 78 | 103 | 83 | 87 | 83 | 93 |
Cash Conversion Cycle | 151 | 111 | 87 | 80 | 123 | 157 | 71 | 135 | 112 | 129 | 157 | 183 |
Working Capital Days | -8 | -8 | -22 | -32 | -41 | -16 | -69 | -57 | -28 | -21 | -19 | -16 |
ROCE % | 13% | 20% | 17% | 13% | 15% | 14% | 8% | 8% | 14% | 15% | 15% | 12% |
Documents
Announcements
-
Announcement under Regulation 30 (LODR)-Earnings Call Transcript
14 Aug - Transcript for the analyst meet held on 11 August 2025
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Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Outcome
11 Aug - Audio recording of Q1 FY26 analyst call on unaudited results shared on 11 Aug 2025.
- Announcement under Regulation 30 (LODR)-Newspaper Publication 8 Aug
- Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 7 Aug
- Shareholder Meeting / Postal Ballot-Scrutinizer''s Report 7 Aug
Annual reports
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Financial Year 2025
from bse
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Financial Year 2024
from bse
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Financial Year 2023
from bse
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Financial Year 2022
from bse
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Financial Year 2021
from bse
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Financial Year 2020
from bse
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Financial Year 2019
from bse
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Financial Year 2018
from bse
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Financial Year 2017
from bse
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Financial Year 2016
from bse
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Financial Year 2015
from bse
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Financial Year 2014
from bse
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Financial Year 2013
from bse
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Financial Year 2013
from nse
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Financial Year 2012
from bse
Concalls
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Aug 2025Transcript PPT REC
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May 2025Transcript PPT REC
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Feb 2025TranscriptNotesPPT
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Sep 2024TranscriptNotesPPT
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Aug 2024TranscriptNotesPPT
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Jun 2024TranscriptPPT
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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[1]
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.