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    Manufacturing - Metal Fabrication
M M Forgings Limited

M M Forgings Limited

MMFL.BO
M M Forgings LimitedIN flagBombay Stock Exchange
439.55
INR
-3.75
- -
21.22BMarket Cap
M M Forgings Limited
MMFL.BO
(Bombay Stock Exchange)

Recent

price

439.55

P/E

ratio

- -

div

yld

- -

ROIC.AI

2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
2026
TTM
FRC
55.07
72.56
74.81
85.22
104.09
101.3
99.07
132.28
193.47
159.35
155.78
236.02
302.77
323.74
313.09
- -
325.68
Revenue per Share
6.16
5.54
5.07
6.07
10.47
10.37
8.99
12.55
13.57
8.69
9.54
18.84
26.5
27.97
25.24
- -
20.31
Basic EPS, GAAP
-6.43
-3.95
5.65
-4.28
8.29
6.48
5.53
-2.82
5.59
58.59
4.21
31.15
33.2
30.79
37.63
- -
- -
Free Cash Flow per Basic Share
0.38
0.75
0.75
1.33
1.37
2.49
1.45
1.7
2.72
4.19
- -
2.5
3
3
4
- -
- -
Dividend per Share
2.5
3.89
3.52
3.46
2.87
3.01
3.01
0.69
2.7
1.41
1.44
-1.06
0.79
-0.92
-0.9
- -
9.99
Book Value per Share
26.78
31.46
35.65
40.55
49.28
57.91
65.15
75.1
88.49
93.71
100.35
115.33
138.91
162.89
184.21
- -
202.48
Tangible Book Value per Share
48
48
48
48
48
48
48
48
48
48
48
48
48
48
48
- -
48
Basic Weighted Avg Shares
2,659
3,502
3,611
4,114
5,025
4,891
4,784
6,387
9,341
7,692
7,521
11,396
14,619
15,631
15,109
15,733
15,733
Sales/Revenue/Turnover
16.43
10.67
10.15
10.45
15
14.76
11.25
13.09
12.48
9.44
8.52
12.37
13.27
13.44
13.42
11.24
11.24
Operating Margin (%)
198
231
211
360
354
358
389
420
581
596
646
678
788
828
933
1,031
1,031
Depreciation Expense
297
268
244
293
505
501
434
606
655
419
461
910
1,280
1,350
1,218
981
981
Net Income, GAAP
0.77
30.65
18.56
23.68
26.38
27.72
21.26
18.31
29.35
21.06
10.8
29.38
27.7
28.74
26.48
14.14
14.14
Effective Tax Rate (%)
11.18
7.64
6.77
7.13
10.06
10.24
9.08
9.49
7.01
5.45
6.12
7.98
8.75
8.64
8.06
6.24
6.24
Profit Margin (%)
1,191
207
86
158
786
912
925
941
1,429
466
769
1,494
1,198
1,240
1,578
1,579
1,579
Working Capital
9
603
424
348
829
985
1,084
1,683
3,963
3,347
2,973
3,500
3,315
3,870
6,039
5,962
5,962
LT Debt
1,293
1,518
1,721
1,958
2,379
2,796
3,146
3,626
4,273
4,550
4,872
5,595
6,734
7,891
8,916
9,781
9,781
Total Equity
24.89
11.84
9.54
9.86
14.3
11.32
8.22
10.62
8.85
5.37
5.6
8.79
10.44
9.41
7.79
7.33
7.33
Return on Invested Capital (%)
50.67
33.4
18.05
21.29
30.8
25.96
21.97
22.85
16.12
11.33
13.44
18.15
20.75
19.59
15.73
14.35
14.35
Return on Capital (%)
246.28
173.55
136.73
173.94
330.91
353.31
299.15
679.42
800.16
422.48
670.23
- -
- -
- -
- -
- -
194.49
Return on Common Equity (%)

Capital Structure

FRC

•

in mil. unless spec.
Sep'26
Dec'26
Mar'26
ST Debt
5,324
- -
4,776
LT Borrowings
6,840
- -
5,962
LT Finance Leases
- -
- -
- -
Preferred Equity and Hybrid Capital
- -
- -
- -
Shares Outstanding
48
- -
48
Market Capitalization
14,914
17,500
17,833

Working Capital

FRC

•

in mil. unless spec.
Sep'26
Dec'26
Mar'26
Total Current Assets
10,607
- -
10,579
Cash, Cash Equivalents & STI
2,332
- -
2,255
Accounts Receivable, Net
3,921
- -
4,566
Inventories
3,714
- -
3,341
Total Current Liabilities
8,027
- -
9,000
Payables & Accruals
- -
- -
- -
ST Debt
5,324
- -
4,776
Deferred Revenue
- -
- -
- -

Growth Rates

FRC

•

in mil. unless spec.

(avg. rate of change)

10 years
5 years
1 year
Total Equity
13.43%
15.02%
9.7%
Free Cash Flow
107.8%
137.46%
26.47%
Net Income, GAAP
12.27%
22.89%
-19.45%
Sales/Revenue/Turnover
14.52%
17.5%
4.13%
Total Cash Common Dividend
- -
- -
- -

Quarterly Revenue

FRC

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
3,645
3,884
3,974
4,128
15,631
2025
3,780
3,908
3,725
3,696
15,109
2026
3,542
3,778
4,122
4,290
15,733

Quarterly Earnings Per Share

FRC

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
6.01
7.22
6.92
- -
27.97
2025
6.24
6.61
5.5
6.55
25.24
2026
3.97
3.43
3.64
9.27
- -

Quarterly Dividends Per Share

FRC

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
- -
- -
- -
- -
3
2025
- -
- -
- -
- -
4
2026
- -
- -
- -
- -
- -
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Business
M M Forgings Limited (MMFL.BO) manufactures and sells steel forgings in raw, semi-machined, and fully machined stages across various grades including carbon, alloy, micro-alloy, and stainless steels. The company produces closed die hot forgings for passenger cars, commercial vehicles, tractors, agricultural equipment, off-highway applications, and high-pressure valves; specific components include sprockets, flange housings, connecting rods, crankshafts, front axles, tractor spare parts, links, levers, fit yokes, yokes, bodies, and bonnets, with forging weights ranging from 100 grams to 120 kilograms utilizing mechanical presses from 1600T to 8000T capacity, CNC forging machines, hydraulic presses, pneumatic hammers, and drop hammers. Operations span three manufacturing facilities in Tamil Nadu, India, with a machining plant in Uttar Pradesh and pan-India presence serving domestic and international customers as a one-stop shop for closed die forgings; founded in 1945 and headquartered in Chennai, India, the company exports to global markets and focuses on automotive, off-highway, and valve sectors. In recent developments, the company amalgamated its wholly owned subsidiaries DVS Industries Private Limited and Cafoma Autoparts Private Limited effective April 1, 2024, streamlining operations and enhancing machining capabilities for heavier forgings in response to customer demand. MM Forgings expanded forging and machining capacities in FY25, adding three new customers in 9MFY25 to reduce concentration risk while launching the world's largest 16-ton hot forging mechanical press to produce larger components and target an additional INR 300 crore in turnover. It plans INR 300 crore in capex for further capacity ramp-up and diversification, alongside converting debt to foreign currency loans for annual interest savings of INR 12 crore; its electric vehicle subsidiary Abinavarizal advances motor designs with sample orders secured.