Mm Forgings Limited (MMFL)

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Mm Forgings Limited (MMFL) · mywealthgrid

About

MM Forgings Limited manufactures automotive components for the Indian vehicle industry, with market capitalisation of ₹2,848 Cr and quarterly revenue between ₹350–430 Cr. It operates at a stable 17.61% operating margin and is controlled by promoters at 56.34%, positioned as an established player in the consumer discretionary auto components subsegment.

Face value: ₹10

Market cap

₹2,763 Cr

P/E

16.3×

P/B

2.8×

Dividend yield

1.4%

ROE

10.6%

ROCE

12%

Debt / equity

1.1

OPM

17.6%

EPS (TTM)

₹35.1

Book value

₹202.5

52-week high

—

52-week low

Key insights

Company research notes and source-linked reviews

Key risks

Valuation: PE of 29.05 combined with 91.91% 12-month return leaves limited safety margin if auto demand cycles or execution falters
Leverage: D/E of 1.1 constrains financial flexibility; verify debt maturity profile and refinance risks
Profit volatility: net profit ranges ₹16.57–48.06 Cr quarterly despite stable ₹350–430 Cr revenue, signalling cost-pressure exposure
Customer concentration: verify OEM customer dependency and contract renewal terms

Generated analysis · source review pending

Growth drivers

Revenue trend shows growth from ₹348.81 Cr (Jun 2025) to ₹429.65 Cr (Mar 2026); verify if sustained by OEM demand or one-time factors
Stable OPM at 17.61% across 16–19% quarterly range while revenue grew indicates margins absorb scaling costs and operational predictability
Consistent dividend payouts and July 2024 bonus show cash generation; verify if capex investment or capital allocation prioritizes growth
Verify OEM order visibility, EV component exposure, and export market penetration opportunities

Generated analysis · source review pending

2,528 historical price candles were omitted because the exchange source has not been verified.

₹572.0-6.6%1Y

Quick read

rule-based

Pros

+Profit CAGR of 16.1% over the last 5 years
+Revenue CAGR of 16.4% over the last 5 years

Cons

No red flags triggered.

Research score

Structured signal from quality, growth, valuation and momentum.

49/100

Business quality: 29
Growth: 43
Valuation: 74

Revenue & net profit

₹ crore, by fiscal year

RevenuePAT

Margins

% of revenue, by fiscal year

OPMPAT margin

Peers

Comparable companies from the narrowest available industry classification.

Screen this industry

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Financials

Reported profit and loss, balance sheet, cash flow and growth history.

Annual Quarterly

Consolidated Standalone

Consolidated figures · ₹ crore

₹ Cr	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	769	744	1,123	1,462	1,563	1,525	1,590
COGS	355	343	505	684	717	662	713
Gross profit	414	401	618	778	846	863	877
	282	274	426	505	553	567	597
	132	127	192	273	293	296	280
OPM %	17.2%	17.1%	17.1%	18.7%	18.7%	19.4%	17.6%
Depreciation	60	63	68	79	83	93	103
Interest	38	31	28	30	43	60	78
	19	19	32	12	22	23	16
Profit before tax	53	52	129	177	189	166	115
Tax	11	5	18	49	54	44	16
Tax %	21.1%	10.5%	13.9%	27.7%	28.8%	26.5%	14.1%
	42	47	111	128	135	122	99
PAT margin %	5.5%	6.3%	9.9%	8.8%	8.6%	8%	6.2%
EPS (₹)	17.4	19.4	46	53	55.8	25.2	20.4
EPS adjusted (₹)	—	9.7	23	26.5	27.9	25.2	20.4
	43.2%	0%	10.9%	11.3%	10.7%	47.5%	—
Annual report	Annual report for Mar 2020	Annual report for Mar 2021	Annual report for Mar 2022	Annual report for Mar 2023	Annual report for Mar 2024	Annual report for Mar 2025	Annual report for Mar 2026

₹ Cr	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity capital	24	24	24	24	48	48
Reserves	463	535	649	765	844	929
Minority interest	—	—	0	0	—	0
	532	596	654	804	1,051	1,074
	248	274	336	368	426	472
Total equity & liabilities	1,267	1,430	1,664	1,961	2,370	2,524
	693	745	804	914	964	1,101
CWIP	—	—	63	124	383	337
Investments	3	22	22	23	4	10
	571	663	775	900	1,018	1,077
Total assets	1,267	1,430	1,664	1,961	2,370	2,524

₹ Cr	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	118	-42	27	283	20	151	167	131	183	230
	-75	-86	-301	-78	-11	-126	-185	-232	-358	-181
	-30	112	281	-202	4	13	11	95	183	-41
Net cash flow	13	30	8	3	12	39	-8	-6	8	8
Free cash flow	—	—	—	—	20	151	167	131	183	230
CFO / Operating profit %	—	—	—	214%	15.5%	78.8%	61.1%	44.8%	62%	82%

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Ratios

Annual operating, return, leverage and working-capital ratios.

Consolidated Standalone

Consolidated figures

Ratio	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	53.9%	53.9%	55.1%	53.2%	54.1%	56.6%	55.2%
EBITDA margin %	17.2%	17.1%	17.1%	18.7%	18.7%	19.4%	17.6%
EBIT margin %	9.4%	8.6%	11.1%	13.3%	13.4%	13.3%	11.1%
PAT margin %	5.5%	6.3%	9.9%	8.8%	8.6%	8%	6.2%
Working capital
Receivable days	—	65	56	50	64	89	105
Inventory days	—	190	147	168	176	188	171
Payable days	—	126	93	91	81	98	116
NWC days	—	130	111	128	159	180	160
Leverage
Current ratio	—	1.17	1.3	1.2	1.17	1.22	1.18
Debt to EBITDA	—	4.18	3.1	2.4	2.74	3.55	3.84
Debt to equity	—	1.09	1.06	0.97	1.02	1.18	1.1
Interest coverage	2.4	2.6	5.6	7	5.4	3.8	2.5
Asset turnover	—	0.59	0.79	0.88	0.8	0.64	0.63
Return ratios
Return on assets %	—	3.7%	7.8%	7.7%	6.9%	5.1%	3.9%
Return on capital employed %	—	10%	17.7%	20.8%	20.4%	16.1%	12%
Return on equity %	—	9.6%	19.8%	19%	17.1%	13.7%	10.1%

Derived from reported annual statements. ROCE uses EBIT over capital employed (total assets less current liabilities). Day counts average the opening and closing balance; receivables turn on revenue, inventory and payables on cost of goods sold.

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Shareholding

Quarterly ownership, named holders, insider transactions and disclosed deals.

Quarterly Annual

Every quarter filed · % of equity

Holder (%)	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	56.34%	56.34%	56.34%	56.34%	56.34%	56.34%	56.34%	56.34%	56.34%	56.34%	56.34%	56.34%
	1.72%	1.93%	2.28%	2.84%	3.41%	3.75%	3.09%	1.8%	1.76%	1.74%	1.86%	2.44%
	15.65%	14.47%	11.83%	10.72%	10.5%	9.85%	8.92%	8.33%	8.31%	8.55%	8.37%	7.49%
Government	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%
	26.29%	27.26%	29.55%	30.1%	29.75%	30.06%	31.65%	33.53%	33.59%	33.37%	33.43%	33.73%
No. of shareholders	—	—	—	—	—	—	—	—	35,811	34,244	30,828	29,930

Promoter holding up 0 percentage points since Sep 2023.

6 deals · 20 Dec 2021 – 27 May 2024

Date	Client	Type	Venue	Side	Quantity	Price	Value
27 May 2024	GRAVITON RESEARCH CAPITAL LLP	Bulk	NSE	Sell	1,29,192	₹1,260.09	₹16.28 Cr
27 May 2024	GRAVITON RESEARCH CAPITAL LLP	Bulk	NSE	Buy	1,29,192	₹1,259.63	₹16.27 Cr
18 Dec 2023	GRAVITON RESEARCH CAPITAL LLP	Bulk	NSE	Sell	1,49,019	₹1,009.19	₹15.04 Cr
18 Dec 2023	GRAVITON RESEARCH CAPITAL LLP	Bulk	NSE	Buy	1,49,019	₹1,007.30	₹15.01 Cr
20 Dec 2021	HDFC MUTUAL FUND	Bulk	BSE	Sell	2,90,699	₹692.50	₹20.13 Cr
20 Dec 2021	HDFC MUTUAL FUND	Bulk	BSE	Buy	2,90,699	₹692.50	₹20.13 Cr

1–6 of 6

1 / 1

Bulk deals are a client trading over 0.5% of the equity in a session, aggregated across their trades; block deals are single negotiated trades in the exchange’s block window. Each is reported by the exchange it was crossed on, so NSE and BSE rows are separate trades rather than the same trade twice.

Mr. KRISHNAN VIDYA SHANKARExecutive Director-Chairperson-CEO-MD
Mr. K VenkatramananExecutive Director
Mrs. Sumita VidyashankarNon-Executive - Non Independent Director
Mr. SHANKAR SUBRAMANIAN ATHREYANon-Executive - Independent Director
Mr. SRINIVASAN KRISHNAKUMARNon-Executive - Independent Director
Mr. SUBRAMANIAN RNon-Executive - Independent Director
Mr. Hari SankaranNon-Executive - Independent Director
Mr. RAMNATH NAGARAJANExecutive Director
Mr. KRISHNAKUMAR RAMANExecutive Director
Mrs. RAMA SIVARAMANNon-Executive - Independent Director
Mr. R. RaghunathanChief Financial Officer

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F&O

Current futures and options contracts with compact option-chain pages.

Not in the F&O segment

Only about 210 stocks have listed futures and options. Contracts appear here for those, refreshed after each close.

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Fund holders

Mutual-fund schemes that disclosed a holding in the company.

Portfolio month

Schemes holding

across 2 fund houses

Held by these funds

3.47%

of the company's equity

All mutual funds

7.13%

shareholding pattern, Jun 2026

Portfolios as of

August 2026

compared with July 2026

2 schemes · 2 fund houses

		Shares
SMALL CAP FUND	Tata Mutual Fund	15.76 L	102.47	0.78%	3.264%	-0
Exports and Services Fund	ICICI Prudential Mutual Fund	1.01 L	6.59	0.43%	0.21%	+79,496

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Documents

Annual reports, exchange filings, offer documents, ratings and earnings-call material.

Announcements

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Events

Upcoming dates and the company’s corporate-action history.

26

Interim dividend12 Jun 2026 · ex-date₹4
Final dividend30 Jul 2025 · ex-date₹4
Interim dividend14 Jun 2024 · ex-date₹8
Interim dividend29 May 2023 · ex-date₹6
Interim dividend6 Jun 2022 · ex-date₹6
Interim dividend1 Jul 2021 · ex-date₹5
Interim dividend19 Mar 2020 · ex-date₹5
Interim dividend7 Jun 2019 · ex-date₹2.5
Interim dividend22 Feb 2019 · ex-date₹2.5
Interim dividend7 Jun 2018 · ex-date₹5
Interim dividend5 Dec 2017 · ex-date₹5
Interim dividend1 Jun 2017 · ex-date₹1
Interim dividend29 Aug 2016 · ex-date₹5
Interim dividend21 Mar 2016 · ex-date₹3
Interim dividend19 Nov 2015 · ex-date₹3
Interim dividend28 May 2015 · ex-date₹3
Interim dividend3 Nov 2014 · ex-date₹3
Interim dividend27 May 2014 · ex-date₹2
Interim dividend17 Feb 2014 · ex-date₹2
Interim dividend31 May 2013 · ex-date₹3
Interim dividend30 May 2012 · ex-date₹3
Interim dividend3 May 2011 · ex-date₹3
Dividend dividend20 Aug 2010 · ex-date₹1.5
Dividend dividend31 Jul 2009 · ex-date₹1.5
Dividend dividend12 Aug 2008 · ex-date₹5
Dividend dividend23 Aug 2007 · ex-date₹3

1

Board meeting to consider results14 Aug 2026

3

Bonus 1:116 Jul 2024 · ex-date
Bonus 1:118 Jul 2018 · ex-date
Bonus 1:126 Sept 2008 · ex-date

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Announcements

Latest exchange announcements, filings and downloadable documents.

1 month 3 months 6 months 1 year All

90 announcementsExport CSV

10 Sept 2026, 12:56 pmCompany Update

Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation

Analyst / Investor Meet PDF

21 Aug 2026, 5:46 pmCompany Update

Announcement under Regulation 30 (LODR)-Earnings Call Transcript

Earnings Call Transcript PDF

18 Aug 2026, 5:20 pmCompany Update

Announcement under Regulation 30 (LODR)-Investor Presentation

Investor Presentation PDF

18 Aug 2026, 11:18 amCompany Update

Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Outcome

Analyst / Investor Meet PDF

17 Aug 2026, 4:03 pmCompany Update

Announcement under Regulation 30 (LODR)-Newspaper Publication

Newspaper Publication PDF

15 Aug 2026, 11:35 pmCompany Update

Update On The Unaudited Standalone And Consolidated Financial Results Q1FY27

General PDF

14 Aug 2026, 8:06 pmCompany Update

Appointment of Company Secretary and Compliance Officer

Appointment of Company Secretary / Compliance Officer PDF

14 Aug 2026, 8:01 pmCompany Update

Announcement under Regulation 30 (LODR)-Resignation of Company Secretary / Compliance Officer

Resignation of Company Secretary / Compliance Officer PDF

Date	Category	Subject	Filing
10 Sept 2026, 12:56 pm	Company Update Analyst / Investor Meet	Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation	PDF
21 Aug 2026, 5:46 pm	Company Update Earnings Call Transcript	Announcement under Regulation 30 (LODR)-Earnings Call Transcript

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Ratio	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	53.9%	53.9%	55.1%	53.2%	54.1%	56.6%	55.2%
EBITDA margin %	17.2%	17.1%	17.1%	18.7%	18.7%	19.4%	17.6%
EBIT margin %	9.4%	8.6%	11.1%	13.3%	13.4%	13.3%	11.1%
PAT margin %	5.5%	6.3%	9.9%	8.8%	8.6%	8%	6.2%
Working capital
Receivable days	—	65	56	50	64	89	105
Inventory days	—	190	147	168	176	188	171
Payable days	—	126	93	91	81	98	116
NWC days	—	130	111	128	159	180	160
Leverage
Current ratio	—	1.17	1.3	1.2	1.17	1.22	1.18
Debt to EBITDA	—	4.18	3.1	2.4	2.74	3.55	3.84
Debt to equity	—	1.09	1.06	0.97	1.02	1.18	1.1
Interest coverage	2.4	2.6	5.6	7	5.4	3.8	2.5
Asset turnover	—	0.59	0.79	0.88	0.8	0.64	0.63
Return ratios
Return on assets %	—	3.7%	7.8%	7.7%	6.9%	5.1%	3.9%
Return on capital employed %	—	10%	17.7%	20.8%	20.4%	16.1%	12%
Return on equity %	—	9.6%	19.8%	19%	17.1%	13.7%	10.1%

Company	Mkt Cap	EV	Revenue	EBITDA	OPM	PAT	NPM	ROCE	ROE	WC Days
Samvardhana Motherson International LimitedMOTHERSONMOTHERSON	₹1,65,731 Cr	₹1,81,626 Cr	₹1,31,135 Cr	₹12,541 Cr	9.4%	₹4,380 Cr	3.2%	12.6%	10.2%	-26
Bosch LimitedBOSCHLTDBOSCHLTD	₹1,34,166 Cr	₹1,34,166 Cr	₹21,088 Cr	₹2,832 Cr	13.2%	₹2,363 Cr	13.8%	21%	19.4%	13
Bharat Forge LimitedBHARATFORGBHARATFORG	₹89,644 Cr	₹96,518 Cr	₹17,543 Cr	₹2,963 Cr	17.4%	₹706 Cr	6.5%	17.9%	11.5%	136
Uno Minda LimitedUNOMINDAUNOMINDA	₹64,160 Cr	₹66,698 Cr	₹20,725 Cr	₹2,280 Cr	11.5%	₹1,202 Cr	6.5%	19.3%	19.1%	37
Schaeffler India LimitedSCHAEFFLERSCHAEFFLER	₹60,732 Cr	₹60,787 Cr	₹10,505 Cr	₹1,917 Cr	18.2%	₹1,253 Cr	11.9%	27.3%	20.2%	68
Sona Blw Precision Forgings LimitedSONACOMSSONACOMS	₹50,071 Cr	₹50,314 Cr	₹4,935 Cr	₹1,207 Cr	24.7%	₹686 Cr	14.1%	14.6%	11%	121
Tube Investments Of India LimitedTIINDIATIINDIA	₹45,302 Cr	₹45,695 Cr	₹23,754 Cr	₹2,260 Cr	9.9%	₹607 Cr	4.9%	15.4%	9.6%	41
Endurance Technologies LimitedENDURANCEENDURANCE	₹36,602 Cr	₹37,928 Cr	₹15,592 Cr	₹2,058 Cr	13.5%	₹970 Cr	6.5%	18.5%	15.2%	-6
Exide Industries LimitedEXIDEINDEXIDEIND	₹34,803 Cr	₹35,896 Cr	₹18,829 Cr	₹1,954 Cr	10.4%	₹932 Cr	4.8%	8.9%	6.1%	42
Dhoot Transmission LimitedDHOOTTRANSDHOOTTRANS	₹29,518 Cr	₹30,359 Cr	₹4,525 Cr	₹711 Cr	15.7%	₹397 Cr	8.8%	30.8%	23.1%	69
Craftsman Automation LimitedCRAFTSMANCRAFTSMAN	₹26,897 Cr	₹30,238 Cr	₹8,717 Cr	₹1,357 Cr	15.3%	₹465 Cr	4.8%	16.1%	12.5%	74
Sansera Engineering LimitedSANSERASANSERA	₹26,686 Cr	₹27,144 Cr	₹3,753 Cr	₹696 Cr	18.1%	₹351 Cr	9.3%	14.7%	11.1%	98

Mm Forgings Limited

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Ratios

Shareholding

F&O

Not in the F&O segment

Fund holders

Documents

Announcements

Events

26

1

3

Announcements

26

1

3

Not in the F&O segment

Announcements

Annual reports

Credit ratings

Investor Presentation and earnings call

Compounded sales growth

Compounded profit growth

Return on equity

Mm Forgings Limited

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Profit & loss

Balance sheet

Cash flow

Ratios

Ratio timeline

Shareholding

Quarterly record

Bulk & block deals

Board and management

F&O

Not in the F&O segment

Fund holders

Documents

Announcements

Events

Dividends26

Board meetings1

Bonus issues3

Announcements

Dividends26

Board meetings1

Bonus issues3

Ratio timeline

Not in the F&O segment

Quarterly record

Bulk & block deals

Board and management

Announcements

Annual reports

Credit ratings

Investor Presentation and earnings call

Profit & loss

Balance sheet

Cash flow

Compounded returns

Compounded sales growth

Compounded profit growth

Return on equity

26

1

3

26

1

3