MM Forgings
MMFL NSE
MM Forgings
AutomobilesNSE: MMFL BSE: 522241 Auto Components
Key Fundamentals
MicrocapAuto ComponentsAutomobilesMarket Cap
₹3,043 Cr
Volatility
Moderate
P/E Ratio
24.03
EBITDA
₹296 Cr
Return on Equity
10.11%
Debt to Equity
1.2
Book Value
₹201.99
EPS
₹27.88
52W High
₹687.95
52W Low
₹288.1
Tapetide Score
Data-driven rating, 0–100. How it works →
Key Insights
Weaknesses
4- Stock is trading at 2.96 times its book value
- Tax rate seems low
- Company might be capitalizing the interest cost
- Dividend payout has been low at 14.8% of profits over last 3 years
Growth Rate
Revenue Growth
3.73% higher than
3Y
Net Income Growth
-19.89% lower than
3Y
Cash Flow Change
25.33% lower than
3Y
ROE
-26.69% lower than
3Y
ROCE
-17.53% higher than
3Y
EBITDA Margin (Avg.)
-10.59% lower than
3Y
Quarterly Results
| Particulars | Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 366 | 384 | 388 | 389 | 369 | 389 | 364 | 355 | 349 | 378 | 405 | 413 | 420 |
| Expenses | 303 | 312 | 313 | 313 | 297 | 313 | 291 | 282 | 286 | 315 | 334 | 335 | 345 |
| Operating Profit | 63 | 72 | 75 | 75 | 72 | 77 | 73 | 72 | 63 | 63 | 72 | 78 | 75 |
| OPM % | 17% | 19% | 19% | 19% | 19% | 20% | 20% | 20% | 18% | 17% | 18% | 19% | 18% |
| Other Income | 6 | 5 | 7 | 7 | 7 | 8 | 6 | 8 | 9 | 7 | 5 | 4 | 7 |
| Interest | 10 | 9 | 11 | 13 | 15 | 16 | 15 | 15 | 18 | 21 | 20 | 18 | 16 |
| Depreciation | 18 | 18 | 19 | 18 | 19 | 20 | 20 | 23 | 22 | 22 | 22 | 25 | 30 |
| PBT | 41 | 51 | 53 | 52 | 44 | 49 | 44 | 43 | 31 | 26 | 34 | 39 | 36 |
| Tax % | 27% | 28% | 29% | 26% | 27% | 27% | 27% | 16% | 28% | 32% | 25% | -24% | 2% |
| Net Profit | 30 | 37 | 37 | 38 | 32 | 36 | 32 | 36 | 22 | 18 | 26 | 48 | 35 |
| EPS in Rs | 6.21 | 7.58 | 7.71 | 7.88 | 6.71 | 7.44 | 6.57 | 7.5 | 4.63 | 3.67 | 5.33 | 9.96 | 7.33 |
Profit & Loss
| Particulars | 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 503 | 502 | 478 | 621 | 904 | 727 | 726 | 1,105 | 1,413 | 1,527 | 1,477 | 1,545 | 1,616 |
| Expenses | 392 | 394 | 386 | 496 | 731 | 602 | 604 | 903 | 1,154 | 1,239 | 1,183 | 1,270 | 1,328 |
| Operating Profit | 111 | 108 | 93 | 124 | 173 | 125 | 121 | 202 | 258 | 288 | 294 | 275 | 288 |
| OPM % | 22% | 22% | 19% | 20% | 19% | 17% | 17% | 18% | 18% | 19% | 20% | 18% | 18% |
| Other Income | 2 | 5 | 11 | 12 | 16 | 19 | 22 | 19 | 16 | 26 | 30 | 25 | 23 |
| Interest | 9 | 8 | 10 | 13 | 26 | 33 | 31 | 27 | 30 | 43 | 61 | 78 | 76 |
| Depreciation | 35 | 36 | 39 | 42 | 54 | 53 | 57 | 60 | 69 | 72 | 82 | 92 | 99 |
| PBT | 69 | 69 | 55 | 82 | 109 | 57 | 55 | 133 | 176 | 199 | 180 | 130 | 135 |
| Tax % | 26% | 28% | 21% | 17% | 25% | 19% | 15% | 31% | 28% | 27% | 24% | 12% | — |
| Net Profit | 51 | 50 | 43 | 69 | 81 | 46 | 47 | 92 | 126 | 145 | 136 | 114 | 127 |
| EPS in Rs | 10.49 | 10.39 | 9.01 | 14.21 | 16.84 | 9.57 | 9.65 | 19 | 26.17 | 30.12 | 28.23 | 23.58 | 26.29 |
| Div. Payout % | 14% | 14% | 17% | 18% | 15% | 26% | 26% | 16% | 11% | 13% | 14% | 17% | — |
Balance Sheet
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 12 | 12 | 12 | 12 | 24 | 24 | 24 | 24 | 24 | 24 | 48 | 48 |
| Reserves | 226 | 268 | 303 | 357 | 412 | 444 | 476 | 554 | 666 | 792 | 886 | 983 |
| Borrowings | 190 | 214 | 224 | 381 | 688 | 566 | 532 | 680 | 756 | 925 | 1,184 | 1,235 |
| Other Liabilities | 45 | 45 | 51 | 86 | 93 | 105 | 230 | 181 | 227 | 254 | 266 | 282 |
| Total Liabilities | 473 | 538 | 589 | 836 | 1,217 | 1,140 | 1,263 | 1,439 | 1,673 | 1,996 | 2,384 | 2,549 |
| Fixed Assets | 225 | 262 | 320 | 365 | 588 | 653 | 618 | 650 | 719 | 818 | 861 | 1,004 |
| CWIP | 11 | 30 | 14 | 27 | 39 | 9 | 17 | 36 | 61 | 112 | 361 | 299 |
| Investments | 0 | 0 | 0 | 4 | 5 | 5 | 5 | 33 | 41 | 41 | 22 | 28 |
| Other Assets | 237 | 245 | 255 | 440 | 585 | 473 | 623 | 720 | 853 | 1,025 | 1,140 | 1,217 |
| Total Assets | 473 | 538 | 589 | 836 | 1,217 | 1,140 | 1,263 | 1,439 | 1,673 | 1,996 | 2,384 | 2,549 |
Cash Flow
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating | 106 | 123 | 107 | -14 | 33 | 273 | 10 | 147 | 116 | 145 | 189 | 240 |
| Investing | -63 | -86 | -69 | -93 | -275 | -71 | -12 | -126 | -160 | -201 | -330 | -157 |
| Financing | 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/OP | 111 | 130 | 130 | 4 | 33 | 226 | 13 | 86 | 61 | 61 | 84 | 93 |
Ratios
| Particulars | 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
BetaAI-extracted from concalls & annual reports · figures as reported, with sources
Log in to view MM Forgings insights
62 extracted metrics + investor summaries across FY12–FY26.
Documents
1
Shareholder Meeting / Postal Ballot-Outcome of Postal_Ballot
30 Apr - Shareholders approved higher authorized capital and up to ₹600 crore fund raise on 29 April 2026. 30 Apr - Shareholders approved higher authorized capital and up to ₹600 crore fund raise on 29 April 2026.
2
Shareholder Meeting / Postal Ballot-Scrutinizer"s Report
30 Apr - Shareholders approved higher authorised capital and up to ₹600 crore fundraising by April 29, 2026 postal ballot. 30 Apr - Shareholders approved higher authorised capital and up to ₹600 crore fundraising by April 29, 2026 postal ballot.
3
Format of the Initial Disclosure to be made by an entity identified as a Large Corporate : Annexure A
30 Apr - M M Forgings confirms it is not a Large Corporate as of 31 March 2026. 30 Apr - M M Forgings confirms it is not a Large Corporate as of 31 March 2026.
4
Announcement under Regulation 30 (LODR)-Newspaper Publication
30 Apr - Newspaper Publication in connection with Intimation to the Investors to update their KYC and other particulars as a part of IEPF second 100 Days Campaign … 30 Apr - Newspaper Publication in connection with Intimation to the Investors to update their KYC and other particulars as a part of IEPF second 100 Days Campaign …
5
Shareholder Meeting / Postal Ballot-Outcome of Postal_Ballot
30 Apr - Shareholders approved higher authorized capital and up to ₹600 crore fund raise on 29 April 2026. 30 Apr - Shareholders approved higher authorized capital and up to ₹600 crore fund raise on 29 April 2026.
5
Announcement under Regulation 30 (LODR)-Resignation of Company Secretary / Compliance Officer 14 Aug 2026
General_Announcements
Frequently Asked Questions about MM Forgings
What does M M Forgings Ltd do?
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]
Where is M M Forgings Ltd (MMFL) listed?
M M Forgings Ltd trades as MMFL on the NSE and under code 522241 on the BSE.
Which sector does M M Forgings Ltd belong to?
M M Forgings Ltd is classified under the Automobiles sector, in the Auto Components industry.
What is the market capitalisation of M M Forgings Ltd?
M M Forgings Ltd has a market capitalisation of ₹3,043 Cr, which places it in the Small Cap band.
What is the PE ratio of M M Forgings Ltd?
M M Forgings Ltd trades at a PE ratio of 24.03, on earnings per share of ₹27.88, against a book value of ₹201.99 per share.
What is the 52-week high and low of M M Forgings Ltd?
Over the last 52 weeks M M Forgings Ltd has traded between ₹288.1 and ₹687.95.
Does M M Forgings Ltd pay dividends?
M M Forgings Ltd has a dividend yield of 0.62%.
What is the Return on Equity (ROE) of M M Forgings Ltd?
M M Forgings Ltd reported a return on equity of 10.11%. Its debt-to-equity ratio is 1.20.
Company Information
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]
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