M M Forgings Ltd

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M M Forgings Ltd

₹ 685 7.24%
13 Nov - close price
mmforgings.com BSE: 522241 NSE: MMFL
About

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]

Key Points

History[1]
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.

Website BSE NSE
  • Market Cap ₹ 3,307 Cr.
  • Current Price ₹ 685
  • High / Low ₹ 695 / 297
  • Stock P/E 21.7
  • Book Value ₹ 233
  • Dividend Yield 0.58 %
  • ROCE 9.47 %
  • ROE 11.5 %
  • Face Value ₹ 10.0
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Pros

Cons

  • Stock is trading at 2.94 times its book value
  • Company might be capitalizing the interest cost
  • Dividend payout has been low at 14.8% of profits over last 3 years

* 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

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Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

Sep 2023 Dec 2023 Mar 2024 Jun 2024 Sep 2024 Dec 2024 Mar 2025 Jun 2025 Sep 2025 Dec 2025 Mar 2026 Jun 2026 Sep 2026
384 388 389 369 389 364 355 349 384 405 413 420 547
312 313 313 297 313 291 282 286 317 334 335 345 440
Operating Profit 72 75 75 72 77 73 72 63 67 72 78 75 106
OPM % 19% 19% 19% 19% 20% 20% 20% 18% 17% 18% 19% 18% 19%
5 7 7 7 8 6 8 9 5 5 4 72 4
Interest 9 11 13 15 16 15 15 18 21 20 18 16 19
Depreciation 18 19 18 19 20 20 23 22 24 22 25 30 27
Profit before tax 51 53 52 44 49 44 43 31 27 34 39 100 65
Tax % 28% 29% 26% 27% 27% 27% 16% 28% 32% 25% -24% 9% 29%
37 37 38 32 36 32 36 22 18 26 48 92 46
EPS in Rs 7.58 7.71 7.88 6.71 7.44 6.57 7.50 4.63 3.83 5.33 9.96 18.96 9.50
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Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026 TTM
503 502 478 621 904 727 726 1,105 1,413 1,527 1,477 1,545 1,785
392 394 386 496 731 602 604 903 1,154 1,239 1,183 1,270 1,454
Operating Profit 111 108 93 124 173 125 121 202 258 288 294 275 331
OPM % 22% 22% 19% 20% 19% 17% 17% 18% 18% 19% 20% 18% 19%
2 5 11 12 16 19 22 19 16 26 30 25 85
Interest 9 8 10 13 26 33 31 27 30 43 61 78 74
Depreciation 35 36 39 42 54 53 57 60 69 72 82 92 104
Profit before tax 69 69 55 82 109 57 55 133 176 199 180 130 238
Tax % 26% 28% 21% 17% 25% 19% 15% 31% 28% 27% 24% 12%
51 50 43 69 81 46 47 92 126 145 136 114 211
EPS in Rs 10.49 10.39 9.01 14.21 16.84 9.57 9.65 19.00 26.17 30.12 28.23 23.58 43.75
Dividend Payout % 14% 14% 17% 18% 15% 26% 26% 16% 11% 13% 14% 17%
Compounded Sales Growth
10 Years: 12%
5 Years: 16%
3 Years: 3%
TTM: 23%
Compounded Profit Growth
10 Years: 8%
5 Years: 19%
3 Years: -4%
TTM: 40%
Stock Price CAGR
10 Years: 20%
5 Years: 9%
3 Years: 13%
1 Year: 127%
Return on Equity
10 Years: 16%
5 Years: 16%
3 Years: 15%
Last Year: 12%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026 Sep 2026
Equity Capital 12 12 12 12 24 24 24 24 24 24 48 48 48
Reserves 226 268 303 357 412 444 476 554 666 792 886 983 1,077
190 214 224 381 688 566 532 680 756 925 1,184 1,235 1,134
45 45 51 86 93 105 230 181 227 254 266 282 417
Total Liabilities 473 538 589 836 1,217 1,140 1,263 1,439 1,673 1,996 2,384 2,549 2,676
225 262 320 365 588 653 618 650 719 818 861 1,004 1,000
CWIP 11 30 14 27 39 9 17 36 61 112 361 299 365
Investments 0 0 0 4 5 5 5 33 41 41 22 28 32
237 245 255 440 585 473 623 720 853 1,025 1,140 1,217 1,279
Total Assets 473 538 589 836 1,217 1,140 1,263 1,439 1,673 1,996 2,384 2,549 2,676

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
106 123 107 -14 33 273 10 147 116 145 189 240
-63 -86 -69 -93 -275 -71 -12 -126 -160 -201 -330 -157
21 -5 -25 137 249 -199 14 17 21 63 149 -77
Net Cash Flow 64 32 13 30 8 2 13 38 -23 6 8 6
Free Cash Flow 40 31 27 -114 -257 185 -20 36 -40 -76 -185 69
CFO/EBITDA Share of operating profit converting into cash: CFO (before tax) / Operating Profit 111% 130% 130% 4% 33% 226% 13% 86% 61% 61% 84% 93%

Ratios

Standalone / View Consolidated

Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
Debtor Days 21 11 13 33 32 6 61 55 59 76 95 100
Inventory Days 139 128 119 177 167 143 177 139 157 165 182 163
Days Payable 48 52 52 87 43 78 103 83 87 83 93 100
Cash Conversion Cycle 111 87 80 123 157 71 135 112 129 157 183 163
Working Capital Days -8 -22 -32 -41 -16 -69 -57 -28 -21 -19 -15 -25
ROCE % 20% 17% 13% 15% 14% 8% 8% 14% 15% 15% 12% 9%

Insights

In beta
Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
Production Volume
MT

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Domestic Sales Share
% of total sales
Forging Installed Capacity
MT per annum
Commercial Vehicle Segment Share
% of total sales
Top 10 Customer Concentration
% of total operating income
Forged & Machined Product Share
% of total sales
Sales per ton
₹ lakhs per ton
Capacity Utilization
%

Extracted by Screener AI

Shareholding Pattern

Numbers in percentages

2 Recently
Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026Sep 2026
56.33% 56.33% 56.33% 56.33% 56.33% 56.33% 56.33% 56.33% 56.33% 56.33% 56.33% 56.33%
1.93% 2.28% 2.85% 3.41% 3.75% 3.09% 1.79% 1.76% 1.74% 1.85% 2.44% 3.10%
14.47% 11.83% 10.72% 10.50% 9.85% 8.92% 8.33% 8.31% 8.55% 8.38% 7.49% 7.41%
27.27% 29.56% 30.10% 29.75% 30.06% 31.65% 33.54% 33.59% 33.38% 33.44% 33.73% 33.15%
No. of Shareholders 18,42922,52927,47834,49433,87834,34935,74235,81134,24430,82829,93027,945

* The classifications might have changed from Sep'2022 onwards. The new XBRL format added more details from Sep'22 onwards.

Classifications such as banks and foreign portfolio investors were not available earlier. The sudden changes in FII or DII can be because of these changes.

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