M M Forgings Ltd

M M Forgings Summary Chart Analysis Peers Quarters Profit & Loss Balance Sheet Cash Flow Ratios Investors Documents

M M Forgings Ltd

₹ 439 -0.70%
03 Jun - 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 ₹ 2,118 Cr.
  • Current Price ₹ 439
  • High / Low ₹ 527 / 276
  • Stock P/E 21.6
  • Book Value ₹ 203
  • Dividend Yield 0.91 %
  • ROCE 9.32 %
  • ROE 10.5 %
  • Face Value ₹ 10.0
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Pros

Cons

  • Tax rate seems low
  • Company might be capitalizing the interest cost
  • Dividend payout has been low at 10.0% of profits over last 3 years
  • Debtor days have increased from 84.6 to 105 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.

Peer comparison

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Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

Mar 2023 Jun 2023 Sep 2023 Dec 2023 Mar 2024 Jun 2024 Sep 2024 Dec 2024 Mar 2025 Jun 2025 Sep 2025 Dec 2025 Mar 2026
388 370 397 399 398 382 398 374 371 362 385 414 430
319 305 322 323 320 309 321 301 298 298 318 344 349
Operating Profit 70 65 75 75 78 73 77 73 73 63 67 69 81
OPM % 18% 18% 19% 19% 20% 19% 19% 20% 20% 18% 17% 17% 19%
5 5 5 6 6 6 7 4 6 8 4 3 1
Interest 7 10 9 11 13 15 16 15 14 18 21 20 18
Depreciation 21 21 21 21 20 22 23 23 26 25 24 26 28
Profit before tax 47 40 50 49 50 42 45 39 40 28 25 26 35
Tax % 34% 28% 29% 31% 27% 29% 29% 31% 17% 31% 34% 33% -26%
31 29 35 34 37 30 32 27 33 19 17 18 45
EPS in Rs 6.37 6.00 7.34 6.94 7.62 6.23 6.61 5.50 6.89 3.97 3.43 3.64 9.27
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Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

Mar 2008 Mar 2009 Mar 2010 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
191 207 158 639 934 769 752 1,140 1,462 1,563 1,525 1,590
154 175 136 509 759 637 623 931 1,189 1,270 1,229 1,310
Operating Profit 37 32 23 130 175 132 129 209 273 293 296 280
OPM % 19% 15% 14% 20% 19% 17% 17% 18% 19% 19% 19% 18%
6 8 7 4 8 19 20 16 12 22 23 16
Interest 4 9 6 13 32 38 32 28 30 42 60 78
Depreciation 18 16 12 46 58 60 65 68 79 83 93 103
Profit before tax 20 14 12 74 93 53 52 129 177 189 166 115
Tax % 29% 28% 12% 18% 29% 21% 11% 29% 28% 29% 26% 14%
14 10 10 61 66 42 46 91 128 135 122 99
EPS in Rs 2.98 2.11 2.16 12.57 13.56 8.68 9.54 18.84 26.49 27.96 25.24 20.44
Dividend Payout % 21% 18% 17% 20% 18% 29% 26% 16% 11% 14% 16% 0%
Compounded Sales Growth
10 Years: %
5 Years: 16%
3 Years: 3%
TTM: 4%
Compounded Profit Growth
10 Years: %
5 Years: 17%
3 Years: -8%
TTM: -19%
Stock Price CAGR
10 Years: 15%
5 Years: 11%
3 Years: 1%
1 Year: 22%
Return on Equity
10 Years: %
5 Years: 16%
3 Years: 14%
Last Year: 11%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

Mar 2008 Mar 2009 Mar 2010 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
Equity Capital 6 12 12 12 24 24 24 24 24 24 48 48
Reserves 81 83 92 351 403 431 463 535 649 765 843 929
104 111 114 385 688 566 532 685 756 931 1,185 1,074
29 18 24 90 103 113 230 170 232 249 272 473
Total Liabilities 220 224 242 838 1,218 1,134 1,250 1,414 1,661 1,969 2,349 2,524
101 113 130 406 651 712 675 708 804 914 964 1,101
CWIP 22 25 22 27 39 13 17 36 63 124 383 337
Investments 0 0 0 3 3 3 3 22 22 23 4 10
97 86 90 402 524 406 553 647 772 908 997 1,077
Total Assets 220 224 242 838 1,218 1,134 1,250 1,414 1,661 1,969 2,349 2,524

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

Mar 2008 Mar 2009 Mar 2010 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
6 23 27 4 27 283 20 150 160 149 182
-38 -41 -15 -86 -301 -78 -11 -126 -187 -232 -358
32 18 -7 112 281 -202 3 14 16 77 185
Net Cash Flow 0 -0 5 30 8 3 12 39 -10 -6 8
Free Cash Flow -41 -9 2 -89 -288 189 -9 40 -40 -102 -221
CFO/OP 30% 86% 125% 18% 30% 221% 20% 85% 74% 62% 81%

Ratios

Consolidated Figures in Rs. Crores / View Standalone

Mar 2008 Mar 2009 Mar 2010 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
Debtor Days 35 29 67 36 35 10 56 50 49 64 84 105
Inventory Days 190 149 151 178 168 140 190 147 163 176 188 171
Days Payable 62 19 66 92 50 82 108 79 89 82 95 116
Cash Conversion Cycle 163 160 152 121 153 68 139 118 123 158 178 160
Working Capital Days 142 133 155 -40 -11 -61 60 -25 -25 -20 -14 -16
ROCE % 15% 12% 9% 14% 9% 8% 14% 15% 15% 12% 9%

Insights

In beta
Mar 2015 Mar 2016 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025
Installed Capacity
MTPA ・Standalone data

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Production Volume
Tons ・Standalone data
Commercial Vehicle (CV) Revenue Share
%
Passenger Vehicle (PV) Revenue Share
%
Machined Vs Forged Sales Mix (Machined %)
% ・Standalone data
Sales Per Ton
₹ in Lakhs ・Standalone data

Extracted by Screener AI

Shareholding Pattern

Numbers in percentages

Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 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%
1.64% 1.72% 1.93% 2.28% 2.85% 3.41% 3.75% 3.09% 1.79% 1.76% 1.74% 1.85%
16.59% 15.66% 14.47% 11.83% 10.72% 10.50% 9.85% 8.92% 8.33% 8.31% 8.55% 8.38%
25.44% 26.29% 27.27% 29.56% 30.10% 29.75% 30.06% 31.65% 33.54% 33.59% 33.38% 33.44%
No. of Shareholders 15,84416,57018,42922,52927,47834,49433,87834,34935,74235,81134,24430,828

* 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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