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MM Forgings Ltd (MMFL)

Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 522241 NSE: MMFL Forgings | Small Cap | MM Forgings Share Price

₹452.90 -2.75 (-0.60%)

As on 30-Jun'26 16:59

MM Forgings Ltd (MMFL)

Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 522241 NSE: MMFL Forgings | Small Cap | MM Forgings Share Price

₹452.90 -2.75 (-0.60%)

As on 30-Jun'26 16:59

Key Metrics
Valuation Multiples
Market Cap
₹2,187 Cr.
Current Price
₹452.9
52-Week Low / High
₹276 / 526
TTM EPS
₹23.5
TTM Sales
₹1,529 Cr.
Book Value per Share
₹213.6
P/E Ratio
19.30
Higher than its 5-year historical median
Industry PE
89.4
Price to Book (P/B)
2.12
Lower than its 5-year historical median
Price to Sales (P/S)
1.43
Lower than its 5-year historical median
EV/EBITDA
10.13
In line with its 5-year historical median
Dividend Yield
0.88%
Profitability Efficiency
Return on Equity (ROE)
15.58%
In line with industry median
Return on Capital Employed (ROCE)
12.50%
Underperforms industry median
Return on Assets (ROA)
6.22%
Operating Profit Margin
19.9%
Net Profit Margin
9.23%
Gross Profit Margin
17.8%
Growth Momentum
1-yr vs 3-yr growth
Sales Growth (1 Year)
Slowing versus 3-year growth rate
-3.28%
Operating Profit Growth (1 Year)
Slowing versus 3-year growth rate
1.98%
Net Profit Growth (1 Year)
Slowing versus 3-year growth rate
-6.3%
Asset Quality
Promoter Holding
56.34%
Pledged shares (%) of Promoter's holding (%)
0.00%
Reserves
₹983 Cr.
Equity
₹48.3 Cr.
Face Value
₹10
All Time Low / High
₹1.34 / 725.00

MM Forgings stock performance

Key Ratios
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Quality

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Valuation

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Price Trend

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Q.1 Is MM Forgings Ltd a good quality company?
MM Forgings Ltd is a average quality company, based on a somewhat consistent multi-year financial track record.

This assessment is based on company’s performance on Revenue growth, ROCE, Equity and Assets, key margin ratios, cash conversion cycle, and debt to cash flow from operations and how it compares with its long term averages.

We have analysed the performance of the company on the following:

  • How has it performed on generating Profits?

    By checking its Revenue growth, Gross, Operating and Net Margins compared to its last 5-year median.

  • How efficiently has it utilized Capital?

    By checking its ROCE, ROA, ROE and its Cash Conversion Cycle.

  • How is it managing its Debt?

    By checking its Debt to Equity and Cash Flow from Operations.

How does MM Forgings Ltd performance compare with that of its Peers?
Q.1 Revenue growth of MM Forgings Ltd vs industry peers?
MM Forgings Ltd revenue CAGR is 15.22%, compared to the industry median CAGR of 10.29%, indicating faster growth and gaining its market share.
Q.1 Promoter shareholding and pledge status of MM Forgings Ltd?
Promoters hold 56.34% of the MM Forgings Ltd, with 0.00% of their stake pledged, indicating no pledge risk.
Q.1 Stock return of MM Forgings Ltd over the last decade?
Over the last 9 year(s), the stock has delivered a CAGR of 14.8% based on the current price.

10 Year X-Ray : 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

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

Sales 5024786219047277261,1051,4131,5271,4771,529
Sales YoY Gr.--4.8%29.7%45.7%-19.5%-0.2%52.2%27.9%8.1%-3.3%-
Adj EPS 10.4914.216.99.69.71926.13028.223.5
YoY Gr.--13.3%57.6%18.9%-43.2%0.7%97%37.5%14.8%-6%-
BVPS (₹) 57.965.276.490.497103.6119.6143169.1193.3213.6
Adj Net
Profit
50.143.468.481.346.246.691.8126145136113
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

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 15% 5% -0.8% 19.5%

Key Financial Parameters

Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25TTM
Return on
Equity %
19.414.62020.210.29.61719.919.315.611.5
Op. Profit
Mgn %
21.519.420.119.217.216.718.318.318.919.918
Net Profit
Mgn %
109.11196.46.48.38.99.59.27.4
Debt to
Equity
0.80.711.61.21.21.21.11.11.30.6
Working Cap
Days
10598125142179185154148175215115
Cash Conv.
Cycle
46394664696166729211719

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
Exceptional Items 0000000010
Interest 8101326333127304361
Depreciation 36394254535760697282
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%9.0%9.5%9.2%
Adjusted EPS (₹)10.49.014.216.99.69.719.026.230.128.2
Dividend Payout Ratio (%)14.50%16.70%17.60%14.80%26.10%25.90%15.80%11.50%13.30%14.20%

Valuation of MM Forgings - Standalone

YTD 1Y 3Y 5Y 10Y Max
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YTD 1Y 3Y 5Y 10Y Max
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YTD 1Y 3Y 5Y 10Y Max
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YTD 1Y 3Y 5Y 10Y Max
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Analyst's Notes

data not found
No data found!

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
Debt +1911833416314915325916548051,050
Long Term Debt98108168396335297346332387604
Short Term Debt9274173234157235245322418447
Minority Interest0000000000
Trade Payables302962487298115160163165
Others Liabilities 377480102108132155169211235
Total Liabilities 5386018521,2171,1401,2631,4391,6731,9962,384

Fixed Assets

Net Fixed Assets +262320365588653618650719818861
Gross Block5726687551,0321,1501,1711,2641,4301,6001,726
Accumulated Depreciation309348390444497554614711783865
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

Financial 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 Days1612.3021.7027.402333.7047.6051.1065.2086.30
Inventory Days55.2053.1056.2063.2079.9075.3059.7062.3073.1079.60
Payable Days50.10536448.8065.3089.3076.9074.3082.6092.60

Management X-Ray

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 (%)

Top 5 Mutual Funds Holding

Last Visited Stocks

Announcements

MM Forgings Ltd FAQs

The current trading price of MM Forgings on 30-Jun-2026 16:59 is ₹452.9.

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 29-Jun-2026 the market cap of MM Forgings stood at ₹2,186.7 Cr

The latest P/E ratio of MM Forgings as of 29-Jun-2026 is 19.30.

The latest P/B ratio of MM Forgings as of 29-Jun-2026 is 2.12.

The 52-week high of MM Forgings is ₹525.9 and the 52-week low is ₹276.1.

The TTM revenue is Trailing Twelve Months sales. The TTM revenue/sales of MM Forgings is ₹1,529 ( Cr.) .

Past 10 year's financial track record analysis by Moneyworks4me indicates that MM Forgings Ltd is a average quality company.

The key valuation ratios of MM Forgings Ltd's currently when compared to its past seem to suggest it is in the Undervalued zone.

The Price Trend analysis by MoneyWorks4Me indicates it is Semi Strong which suggest that the price of MM Forgings Ltd is likely to Rise-somewhat in the short term. However, please check the rating on Quality and Valuation before investing.

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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