MM Forgings Ltd (MMFL) Stock Analysis: Valuation, Latest Results, Financial Ratios & DeciZen Rating

BSE: 522241 | NSE: MMFL | Forgings | Small Cap

MM Forgings Share Price

351.65 -12.00 -3.30%
as on 05-Dec'25 16:59

MM Forgings Ltd (MMFL) Stock Analysis: Valuation, Latest Results, Financial Ratios & DeciZen Rating

BSE: 522241 | NSE: MMFL | Forgings | Small Cap

DeciZen - make an informed investing decision on MM Forgings

Based on:

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1. Quality


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2. Valuation


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3. Price Trend


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MM Forgings stock performance -

Key Ratios
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P/E Ratio (SA):
15.73
Market Cap:
1,697.8 Cr.
52-wk low:
276.1
52-wk high:
582.6

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10 Year X-Ray of MM Forgings: Login to view analysis.

Analysis of Financial Track Record

Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end
Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end

Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end.

Financial track record gives insight into the company's performance on key parameters over the past ten years. MoneyWorks4me’s proprietary colour codes make it easy for retail investors to gauge the company’s past performance.
MM Forgings Ltd has performed well in some of the past ten years indicating its past ten year financial track record is somewhat good

Value Creation

Value Creation Index Colour Code Guide

Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25TTM
ROCE % 16.9%12.6%14.7%14.4%8.4%8%13.5%15.2%15.2%12.5%-
Value Creation
Index
0.2-0.10.10.0-0.4-0.40.00.10.1-0.1-

Growth Parameters

Growth Parameters Colour Code Guide

Sales 5024786219047277261,1051,4131,5271,4771,428
Sales YoY Gr.--4.8%29.7%45.7%-19.5%-0.2%52.2%27.9%8.1%-3.3%-
Adj EPS 10.4914.216.99.69.71926.13028.222.4
YoY Gr.--13.3%57.6%18.9%-43.2%0.7%97%37.5%14.8%-6%-
BVPS (₹) 57.965.276.490.497103.6119.6143169.1193.3201.6
Adj Net
Profit
50.143.468.481.346.246.691.8126145136108
Cash Flow from Ops. 123107-13.632.627310.2147116145189-
Debt/CF from Ops. 1.72.1-2821.12.160.14.66.56.46.3-

CAGR

CAGR Colour Code Guide

9 Years 5 Years 3 Years 1 Years
Sales 12.7%15.2%10.2%-3.3%
Adj EPS 11.8%24.1%14.1%-6%
BVPS14.3%14.8%17.3%14.3%
Share Price 10.4% 10% -7.9% -35.3%

Key Financial Parameters

Performance Ratio Colour Code Guide

Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25TTM
Return on
Equity %
19.414.62020.210.29.61719.919.315.611.3
Op. Profit
Mgn %
21.519.420.119.217.216.718.318.318.919.919
Net Profit
Mgn %
109.11196.46.48.38.99.59.27.6
Debt to
Equity
0.80.711.61.21.21.21.11.11.30.7
Working Cap
Days
10598125142179185154148175215124
Cash Conv.
Cycle
46394664696166729211748

Recent Performance Summary

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Latest Financials - MM Forgings Ltd.

Standalone Consolidated
TTM EPS (₹) 22.4 19.8
TTM Sales (₹ Cr.) 1,428 1,474
BVPS (₹.) 201.6 192
Reserves (₹ Cr.) 925 879
P/BV 1.74 1.83
PE 15.73 17.77
From the Market
52 Week Low / High (₹) 276.05 / 582.60
All Time Low / High (₹) 1.34 / 725.00
Market Cap (₹ Cr.) 1,698
Equity (₹ Cr.) 48.3
Face Value (₹) 10
Industry PE 43.1

Management X-Ray of MM Forgings:

Shareholding Pattern

Promoter's Holding & Share Pledging

Pledged *0.000.000.000.000.000.000.000.000.000.00
* Pledged shares as % of Promoter's holding (%)

Valuation of MM Forgings - Standalone Basis

YTD 1Y 3Y 5Y 10Y Max
mw4me loader

YTD 1Y 3Y 5Y 10Y Max
mw4me loader

YTD 1Y 3Y 5Y 10Y Max
mw4me loader

YTD 1Y 3Y 5Y 10Y Max
mw4me loader

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Event Update

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Analyst's Notes

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No data found!

Key Ratios of MM Forgings

Adj EPS (Rs.)

Sales (Cr.)

ROE (%)

ROCE (%)

Profit And Loss

(All Figures are in Crores.)
PARTICULARSMar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25
Sales5024786219047277261,1051,4131,5271,477
Operating Expenses 3943864967316026049031,1541,2391,183
Manufacturing Costs9697122169136129188257289272
Material Costs209203258409334347504675715647
Employee Cost 47475676767099112116127
Other Costs 423960775558112110119137
Operating Profit 10893124173125121202258288294
Operating Profit Margin (%) 21.5%19.4%20.1%19.2%17.2%16.7%18.3%18.3%18.9%19.9%
Other Income 5111216192219162530
Interest 8101326333127304361
Depreciation 36394254535760697282
Exceptional Items 0000000010
Profit Before Tax 6955821095755133176199180
Tax 1912142711841505444
Profit After Tax 50436981464792126145136
PAT Margin (%) 10.0%9.1%11.0%9.0%6.4%6.4%8.3%8.9%9.5%9.2%
Adjusted EPS (₹)10.49.014.216.99.69.719.026.230.128.2
Dividend Payout Ratio (%)14%17%18%15%26%26%16%11%13%14%

Balance Sheet

(All Figures are in Crores.)
PARTICULARSMar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25

Equity and Liabilities

Shareholders Fund 280315369436468500578690816933
Share Capital 12121224242424242448
Reserves 268303357412444476553666792885
Minority Interest0000000000
Debt1911833416314915325916548051,050
Long Term Debt98108168396335297346332387604
Short Term Debt9274173234157235245322418447
Trade Payables302962487298115160163165
Others Liabilities 377480102108132155169211235
Total Liabilities 5386018521,2171,1401,2631,4391,6731,9962,384

Fixed Assets

Gross Block5726687551,0321,1501,1711,2641,4301,6001,726
Accumulated Depreciation309348390444497554614711783865
Net Fixed Assets 262320365588653618650719818861
CWIP 301427399173661112361
Investments 00455533414122
Inventories7366125188131169193289322322
Trade Receivables1517577912122166229316382
Cash Equivalents 121134164172174187225205209217
Others Assets 3650109146156146136129177218
Total Assets 5386018521,2171,1401,2631,4391,6731,9962,384

Cash Flow

(All Figures are in Crores.)
PARTICULARSMar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25
Cash Flow From Operating Activity 123107-143327310147116145189
PBT 6955821095755133176199180
Adjustment 393843657070748695118
Changes in Working Capital 3327-120-116155-109-33-103-118-50
Tax Paid -18-13-18-25-9-5-27-42-32-59
Cash Flow From Investing Activity -86-69-93-275-71-12-126-160-201-330
Capex -91-81-101-289-88-30-111-156-220-374
Net Investments -00-4-100-28-17-119
Others 5111215161813131925
Cash Flow From Financing Activity -5-25137249-19915172163149
Net Proceeds from Shares 00000000024
Net Proceeds from Borrowing 161060228-62-3749-1855217
Interest Paid -8-10-13-26-33-31-27-30-43-61
Dividend Paid -12-7-8-13-200-12-14-14-19
Others -0-189861-848378365-12
Net Cash Flow 321330821338-2368

Finance Ratio

PARTICULARSMar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25
Ratios
ROE (%)19.3614.6220.0420.210.229.6217.0219.9419.3115.58
ROCE (%)16.8512.6214.714.378.388.0213.515.215.1812.5
Asset Turnover Ratio0.980.840.850.870.620.60.820.910.830.67
PAT to CFO Conversion(x)2.462.49-0.20.415.930.211.60.9211.39
Working Capital Days
Receivable Days16122227233448516586
Inventory Days55535663807560627380
Payable Days50536449658977748393

MM Forgings Ltd Stock News

MM Forgings Ltd FAQs

The current trading price of MM Forgings on 05-Dec-2025 16:59 is ₹351.6.
Market capitalization or market cap is determined by multiplying the current market price of a company's shares with the total number of shares outstanding. As of 04-Dec-2025 the market cap of MM Forgings stood at ₹1,697.8.
The latest P/E ratio of MM Forgings as of 04-Dec-2025 is 15.73.
The latest P/B ratio of MM Forgings as of 04-Dec-2025 is 1.74.
The 52-week high of MM Forgings is ₹582.6 and the 52-week low is ₹276.1.
The TTM revenue is Trailing Twelve Months sales. The TTM revenue/sales of MM Forgings is ₹1,428 ( Cr.) .

About MM Forgings Ltd

The journey of MM Forgings started as Madras Motors Limited in year 1946 as dealers of “Royal Enfield Motor Cycles, UK” in India. 1960s and 70s witnessed a boom in the automotive industry in India and all over the world. With the foresight and vision of their founding Managing Director S EKrishnan, they forayed into the forging business with a forge shop in Singampunari (Plant 1), Tamilnadu in year 1974 with a capacity of 780 MT per Annum.

By the mid eighties, their forging business expanded steadily and their capacity reached 3000 MT per annum. Their dealership business was closed in theyear 1990. In year 1991, they have launched a new state of the art forging facility at Viralimalai, Tamil Nadu with a capacity of 3000 MT per annum.

They have rechristened their self as “MM Forgings Limited” in year 1993. MM as Madras Motors stands to show their roots. In year 1994, they had a major capacity addition at their Viralimalai plant(Plant 2) to 12000 MT per annum with funding from their initial public offering and financial participation from major financial institutions.

They consolidated their business during the period of 1994-2002. They have secured the confidence of major automobile manufacturers around the world. They took over Gears India Limited, Chennai, India in 1999 and established it as their Plant 3. This is a machining unit. They took over this company to cater to the demands of their customers to supply forgings in machined condition.

As the demand rose steadily over the years, they started a roll shop at Padappai (Plant 4) near Chennai in year 2002 to manufacture transmission shafts. In the same year the company commenced a wind farm near Panakudi, Tamil Nadu for generating power through non conventional methods to hedge burgeoning power costs.

To consolidate their operations, they have shifted their machine shop from Plant 3 to their Padappai facility. They have added forging capacity in this facility by adding 3 press lines in the year of 2004-2005. During these years, they have also invested heavily on their machine shop by adding CNC machines, Vertical machining centers, Horizontal Machining centers, Special purpose machines thereby developing into a full fledged machining facility.

MM Forgings has the expertise in forging wide variety of components. The company is flexible to volumes and we intend to provide one stop shop for our customers with value added services.

Product range of the company includes:

MM Forgings manufactures steel forgings in raw, semi-machined and fully machined stages in various grades of Carbon, Alloy, Micro-Alloy and Stainless Steels in the weight range of 0.20 Kg to 60 Kg.The company caters to the forging requirements of almost all sections of industry.

Milestones:

  • 1945- Incorporated as 'The Madras Motors Ltd' to trade Royal Enfield Motors of U.K.
  • 1974 -Forge Shop division started at Singampunari - 780 MTPA
  • 1974-90 -Forging activities quickly overtake dealership as Plant 1 steadily reaches 3000 MTPA capacity by mid-eighties.
  • 1990 -Last dealership of motorcyles (at Madras) closed down.
  • 1991 -Plant 2 commissioned at Viralimalai - 3000 MTPA
  • 1993 -Renamed as MM Forgings Limited to reflect the company's line of activity.
  • 1994 -Expansion of Plant 2 to 12000 MTPA with funding from IPO, IDBI & ICICI
  • 1994-ISO 9002 certified by NQA(now EAQA of UK)
  • 1999 -QS 9000 certified by AQA. Take Over of Gears India, Chennai. Established as Plant 3
  • 2002- Establishment of P4 with Roll Shop at Padappai, near Chennai to cater to the growing demands of customers for rolled forgings.Commenced Wind Farm at Panakudi (Plant 5) in Tirunelveli District for generaling power.
  • 2003 -Shifted Machine Shop to P4 to streamline operations. TPM kicked off at Plants 1 & 2
  • 2004 -Major capacity expansion to 30,000 MT with addition of 4 Press lines and expansion of machining lines. Launching High Performance Organization at Plant 4.

Achievements/ recognition:

  • Certified to ISO 9001: 2000 by NQAQSR, USA
  • Certified to QS9000 , discontinued recently
  • Recipient of EEPC (Engineering Export Promotion Council) award for export excellence for 14 consecutive years.
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