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 ₹ 1,808 Cr.
- Current Price ₹ 374
- High / Low ₹ 730 / 303
- Stock P/E 14.8
- Book Value ₹ 185
- Dividend Yield 1.07 %
- ROCE 12.3 %
- ROE 14.5 %
- Face Value ₹ 10.0
Pros
Cons
- Company might be capitalizing the interest cost
- Debtor days have increased from 67.5 to 89.2 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
Sector: Castings, Forgings & Fastners Industry: Castings & Forgings
Quarterly Results
Consolidated Figures in Rs. Crores / View Standalone
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 | |
---|---|---|---|---|---|---|---|---|---|---|---|---|
177 | 191 | 207 | 158 | 639 | 934 | 769 | 752 | 1,140 | 1,462 | 1,563 | 1,525 | |
143 | 154 | 175 | 136 | 509 | 759 | 637 | 623 | 931 | 1,189 | 1,270 | 1,229 | |
Operating Profit | 34 | 37 | 32 | 23 | 130 | 175 | 132 | 129 | 209 | 273 | 293 | 296 |
OPM % | 19% | 19% | 15% | 14% | 20% | 19% | 17% | 17% | 18% | 19% | 19% | 19% |
6 | 6 | 8 | 7 | 4 | 8 | 19 | 20 | 16 | 12 | 22 | 23 | |
Interest | 4 | 4 | 9 | 6 | 13 | 32 | 38 | 32 | 28 | 30 | 42 | 60 |
Depreciation | 17 | 18 | 16 | 12 | 46 | 58 | 60 | 65 | 68 | 79 | 83 | 93 |
Profit before tax | 19 | 20 | 14 | 12 | 74 | 93 | 53 | 52 | 129 | 177 | 189 | 166 |
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 | |
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 |
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: | -2% |
Compounded Profit Growth | |
---|---|
10 Years: | % |
5 Years: | 24% |
3 Years: | 11% |
TTM: | -9% |
Stock Price CAGR | |
---|---|
10 Years: | 9% |
5 Years: | 36% |
3 Years: | -2% |
1 Year: | -38% |
Return on Equity | |
---|---|
10 Years: | % |
5 Years: | 16% |
3 Years: | 18% |
Last Year: | 14% |
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 | |
---|---|---|---|---|---|---|---|---|---|---|---|---|
Equity Capital | 6 | 6 | 12 | 12 | 12 | 24 | 24 | 24 | 24 | 24 | 24 | 48 |
Reserves | 70 | 81 | 83 | 92 | 351 | 403 | 431 | 463 | 535 | 649 | 765 | 844 |
63 | 104 | 111 | 114 | 385 | 688 | 566 | 532 | 685 | 756 | 931 | 1,051 | |
20 | 29 | 18 | 24 | 90 | 103 | 113 | 230 | 170 | 232 | 248 | 426 | |
Total Liabilities | 160 | 220 | 224 | 242 | 838 | 1,218 | 1,134 | 1,250 | 1,414 | 1,661 | 1,968 | 2,370 |
82 | 101 | 113 | 130 | 406 | 651 | 712 | 675 | 708 | 804 | 914 | 964 | |
CWIP | 11 | 22 | 25 | 22 | 27 | 39 | 13 | 17 | 36 | 63 | 124 | 383 |
Investments | 0 | 0 | 0 | 0 | 3 | 3 | 3 | 3 | 22 | 22 | 23 | 4 |
66 | 97 | 86 | 90 | 402 | 524 | 406 | 553 | 647 | 772 | 907 | 1,018 | |
Total Assets | 160 | 220 | 224 | 242 | 838 | 1,218 | 1,134 | 1,250 | 1,414 | 1,661 | 1,968 | 2,370 |
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 | 131 | 183 | |
-26 | -38 | -41 | -15 | -86 | -301 | -78 | -11 | -126 | -187 | -232 | -358 | |
-7 | 32 | 18 | -7 | 112 | 281 | -202 | 3 | 14 | 16 | 94 | 183 | |
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 | 89 |
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 | 81 | 98 |
Cash Conversion Cycle | 120 | 163 | 160 | 152 | 121 | 153 | 68 | 139 | 118 | 123 | 158 | 180 |
Working Capital Days | 105 | 142 | 133 | 155 | 60 | 80 | 13 | 60 | 82 | 81 | 107 | 97 |
ROCE % | 17% | 15% | 12% | 9% | 14% | 9% | 8% | 14% | 15% | 15% | 12% |
Documents
Announcements
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Announcement under Regulation 30 (LODR)-Earnings Call Transcript
1d - Transcript of Investors'' conference call held on 26 May 2025
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Announcement under Regulation 30 (LODR)-Newspaper Publication
26 May - Newspaper publication for Audited financial results F25
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Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Outcome
26 May - Audio recording of analyst call on audited FY25 results approved 24 May 2025 shared.
-
Announcement Of Date Of Annual General Meeting And E-Voting Dates.
24 May - 79th AGM on 6 Aug 2025 via VC; remote e-voting 3-5 Aug; cut-off 30 Jul 2025.
- Announcement under Regulation 30 (LODR)-Investor Presentation 24 May
Annual reports
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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
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Financial Year 2012
from nse
Concalls
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May 2025Transcript PPT
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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.