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

₹ 1,054 1.52%
23 Apr - 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
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. [1]

Website BSE NSE
  • Market Cap ₹ 2,544 Cr.
  • Current Price ₹ 1,054
  • High / Low ₹ 1,099 / 817
  • Stock P/E 19.9
  • Book Value ₹ 305
  • Dividend Yield 0.57 %
  • ROCE 15.4 %
  • ROE 20.7 %
  • Face Value ₹ 10.0
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Pros

  • Company has been maintaining a healthy dividend payout of 17.8%

Cons

  • Stock is trading at 3.45 times its book value
  • Company might be capitalizing the interest cost

* 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

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Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

Dec 2020 Mar 2021 Jun 2021 Sep 2021 Dec 2021 Mar 2022 Jun 2022 Sep 2022 Dec 2022 Mar 2023 Jun 2023 Sep 2023 Dec 2023
223 296 247 273 296 324 344 358 372 388 370 397 399
188 236 201 224 239 268 281 291 299 319 305 322 323
Operating Profit 35 59 46 49 57 56 63 67 73 70 65 75 75
OPM % 16% 20% 19% 18% 19% 17% 18% 19% 20% 18% 18% 19% 19%
7 3 3 4 3 5 -0 4 4 5 5 5 6
Interest 8 8 7 7 8 6 7 7 8 7 10 9 11
Depreciation 16 18 17 17 17 17 18 20 21 21 21 21 21
Profit before tax 18 36 26 29 36 38 38 43 49 47 40 50 49
Tax % 14% 11% 10% 9% 18% 78% 25% 24% 27% 34% 28% 29% 31%
15 32 23 27 29 8 28 33 36 31 29 35 34
EPS in Rs 6.41 13.15 9.56 10.99 12.18 3.48 11.73 13.64 14.83 12.75 12.01 14.68 13.89
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Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

Mar 2006 Mar 2007 Mar 2008 Mar 2009 Mar 2010 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 TTM
166 177 191 207 158 639 934 769 752 1,140 1,462 1,554
137 143 154 175 136 509 759 637 623 931 1,189 1,269
Operating Profit 29 34 37 32 23 130 175 132 129 209 273 285
OPM % 18% 19% 19% 15% 14% 20% 19% 17% 17% 18% 19% 18%
4 6 6 8 7 4 8 19 20 16 12 20
Interest 3 4 4 9 6 13 32 38 32 28 30 37
Depreciation 14 17 18 16 12 46 58 60 65 68 79 83
Profit before tax 16 19 20 14 12 74 93 53 52 129 177 185
Tax % 27% 25% 29% 28% 12% 18% 29% 21% 11% 29% 28%
12 14 14 10 10 61 66 42 46 91 128 129
EPS in Rs 4.89 5.75 5.96 4.22 4.32 25.15 27.13 17.36 19.08 37.70 53.00 53.33
Dividend Payout % 15% 13% 21% 18% 17% 20% 18% 29% 26% 16% 11%
Compounded Sales Growth
10 Years: %
5 Years: 18%
3 Years: 24%
TTM: 11%
Compounded Profit Growth
10 Years: %
5 Years: 14%
3 Years: 45%
TTM: 22%
Stock Price CAGR
10 Years: 31%
5 Years: 13%
3 Years: 33%
1 Year: 27%
Return on Equity
10 Years: %
5 Years: 15%
3 Years: 16%
Last Year: 21%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

Mar 2006 Mar 2007 Mar 2008 Mar 2009 Mar 2010 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Sep 2023
Equity Capital 6 6 6 12 12 12 24 24 24 24 24 24
Reserves 59 70 81 83 92 351 403 431 463 535 649 713
65 63 104 111 114 385 688 566 532 685 756 710
20 20 29 18 24 90 103 113 230 170 231 288
Total Liabilities 149 160 220 224 242 838 1,218 1,134 1,250 1,414 1,660 1,735
68 82 101 113 130 406 651 712 675 708 804 775
CWIP 9 11 22 25 22 27 39 13 17 36 63 154
Investments 0 0 0 0 0 3 3 3 3 22 22 22
71 66 97 86 90 402 524 406 553 647 771 783
Total Assets 149 160 220 224 242 838 1,218 1,134 1,250 1,414 1,660 1,735

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

Mar 2006 Mar 2007 Mar 2008 Mar 2009 Mar 2010 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023
10 34 6 23 27 4 27 283 20 150 169
-12 -26 -38 -41 -15 -86 -301 -78 -11 -126 -187
1 -7 32 18 -7 112 281 -202 3 14 10
Net Cash Flow -1 0 0 -0 5 30 8 3 12 39 -8

Ratios

Consolidated Figures in Rs. Crores / View Standalone

Mar 2006 Mar 2007 Mar 2008 Mar 2009 Mar 2010 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023
Debtor Days 37 33 35 29 67 36 35 10 56 50 49
Inventory Days 145 120 190 149 151 178 168 140 190 147 163
Days Payable 35 33 62 19 66 92 50 82 108 79 89
Cash Conversion Cycle 146 120 163 160 152 121 153 68 139 118 123
Working Capital Days 126 105 142 133 155 60 80 13 60 82 81
ROCE % 17% 15% 12% 9% 14% 9% 8% 14% 15%

Shareholding Pattern

Numbers in percentages

2 Recently
Jun 2021Sep 2021Dec 2021Mar 2022Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024
56.34% 56.34% 56.34% 56.34% 56.34% 56.33% 56.33% 56.33% 56.33% 56.33% 56.33% 56.33%
0.13% 0.53% 0.77% 0.78% 0.82% 0.91% 1.16% 1.65% 1.64% 1.72% 1.93% 2.28%
21.76% 21.12% 21.22% 19.63% 17.99% 16.32% 16.65% 17.02% 16.59% 15.66% 14.47% 11.83%
21.77% 22.01% 21.68% 23.26% 24.86% 26.44% 25.85% 25.00% 25.44% 26.29% 27.27% 29.56%
No. of Shareholders 9,1918,9249,41411,39812,41915,39815,53014,77515,84416,57018,42922,529

* 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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