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

₹ 324 -0.81%
01 Dec 3:12 p.m.
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]
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.

Website BSE NSE
  • Market Cap ₹ 1,566 Cr.
  • Current Price ₹ 324
  • High / Low ₹ 583 / 276
  • Stock P/E 16.4
  • Book Value ₹ 192
  • Dividend Yield 1.22 %
  • ROCE 11.9 %
  • ROE 14.5 %
  • Face Value ₹ 10.0
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Pros

Cons

  • Company might be capitalizing the interest cost
  • Debtor days have increased from 66.0 to 84.3 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

Consumer Discretionary Automobile and Auto Components Auto Components Auto Components & Equipments

Part of BSE SmallCap BSE Allcap BSE Consumer Discretionary

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Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

Sep 2022 Dec 2022 Mar 2023 Jun 2023 Sep 2023 Dec 2023 Mar 2024 Jun 2024 Sep 2024 Dec 2024 Mar 2025 Jun 2025 Sep 2025
358 372 388 370 397 399 398 382 398 374 371 362 385
291 299 319 305 322 323 320 309 321 301 298 298 318
Operating Profit 67 73 70 65 75 75 78 73 77 73 73 63 67
OPM % 19% 20% 18% 18% 19% 19% 20% 19% 19% 20% 20% 18% 17%
4 4 5 5 5 6 6 6 7 4 6 8 4
Interest 7 8 7 10 9 11 13 15 16 15 14 18 21
Depreciation 20 21 21 21 21 21 20 22 23 23 26 25 24
Profit before tax 43 49 47 40 50 49 50 42 45 39 40 28 25
Tax % 24% 27% 34% 28% 29% 31% 27% 29% 29% 31% 17% 31% 34%
33 36 31 29 35 34 37 30 32 27 33 19 17
EPS in Rs 6.82 7.41 6.37 6.00 7.34 6.94 7.62 6.23 6.61 5.50 6.89 3.97 3.43
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Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

Mar 2007 Mar 2008 Mar 2009 Mar 2010 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 TTM
177 191 207 158 639 934 769 752 1,140 1,462 1,563 1,525 1,491
143 154 175 136 509 759 637 623 931 1,189 1,270 1,229 1,215
Operating Profit 34 37 32 23 130 175 132 129 209 273 293 296 276
OPM % 19% 19% 15% 14% 20% 19% 17% 17% 18% 19% 19% 19% 18%
6 6 8 7 4 8 19 20 16 12 22 23 22
Interest 4 4 9 6 13 32 38 32 28 30 42 60 69
Depreciation 17 18 16 12 46 58 60 65 68 79 83 93 97
Profit before tax 19 20 14 12 74 93 53 52 129 177 189 166 131
Tax % 25% 29% 28% 12% 18% 29% 21% 11% 29% 28% 29% 26%
14 14 10 10 61 66 42 46 91 128 135 122 96
EPS in Rs 2.87 2.98 2.11 2.16 12.57 13.56 8.68 9.54 18.84 26.49 27.96 25.24 19.79
Dividend Payout % 13% 21% 18% 17% 20% 18% 29% 26% 16% 11% 14% 16%
Compounded Sales Growth
10 Years: %
5 Years: 15%
3 Years: 10%
TTM: -5%
Compounded Profit Growth
10 Years: %
5 Years: 24%
3 Years: 11%
TTM: -27%
Stock Price CAGR
10 Years: 10%
5 Years: 11%
3 Years: -9%
1 Year: -35%
Return on Equity
10 Years: %
5 Years: 16%
3 Years: 18%
Last Year: 15%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

Mar 2007 Mar 2008 Mar 2009 Mar 2010 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Sep 2025
Equity Capital 6 6 12 12 12 24 24 24 24 24 24 48 48
Reserves 70 81 83 92 351 403 431 463 535 649 765 843 879
63 104 111 114 385 688 566 532 685 756 931 1,185 1,216
20 29 18 24 90 103 113 230 170 232 249 272 340
Total Liabilities 160 220 224 242 838 1,218 1,134 1,250 1,414 1,661 1,969 2,349 2,483
82 101 113 130 406 651 712 675 708 804 914 964 1,077
CWIP 11 22 25 22 27 39 13 17 36 63 124 383 310
Investments 0 0 0 0 3 3 3 3 22 22 23 4 4
66 97 86 90 402 524 406 553 647 772 908 997 1,092
Total Assets 160 220 224 242 838 1,218 1,134 1,250 1,414 1,661 1,969 2,349 2,483

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

Mar 2007 Mar 2008 Mar 2009 Mar 2010 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025
34 6 23 27 4 27 283 20 150 160 149 182
-26 -38 -41 -15 -86 -301 -78 -11 -126 -187 -232 -358
-7 32 18 -7 112 281 -202 3 14 16 77 185
Net Cash Flow 0 0 -0 5 30 8 3 12 39 -10 -6 8

Ratios

Consolidated Figures in Rs. Crores / View Standalone

Mar 2007 Mar 2008 Mar 2009 Mar 2010 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025
Debtor Days 33 35 29 67 36 35 10 56 50 49 64 84
Inventory Days 120 190 149 151 178 168 140 190 147 163 176 188
Days Payable 33 62 19 66 92 50 82 108 79 89 82 95
Cash Conversion Cycle 120 163 160 152 121 153 68 139 118 123 158 178
Working Capital Days 105 142 133 155 -40 -11 -61 60 -25 -25 -20 -14
ROCE % 17% 15% 12% 9% 14% 9% 8% 14% 15% 15% 12%

Shareholding Pattern

Numbers in percentages

Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025
56.33% 56.33% 56.33% 56.33% 56.33% 56.33% 56.33% 56.33% 56.33% 56.33% 56.33% 56.33%
1.16% 1.65% 1.64% 1.72% 1.93% 2.28% 2.85% 3.41% 3.75% 3.09% 1.79% 1.76%
16.65% 17.02% 16.59% 15.66% 14.47% 11.83% 10.72% 10.50% 9.85% 8.92% 8.33% 8.31%
25.85% 25.00% 25.44% 26.29% 27.27% 29.56% 30.10% 29.75% 30.06% 31.65% 33.54% 33.59%
No. of Shareholders 15,53014,77515,84416,57018,42922,52927,47834,49433,87834,34935,74235,811

* 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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