M M Forgings Limited MMFL NSEINFRA

Industrials · Metal Fabrication · India

https://www.mmforgings.com

M M Forgings Limited, together with its subsidiaries, manufactures and sells steel forgings in India. The company offers sprocket, flange housing, connecting rod, rail forging, hub, knuckle, front axle beam, universal joint cross, steering and pivot arm, planetary wheel carrier, upper arm shaft, shifter fork, and rear axle spindle. It also provides yoke shaft, double yoke, crankshaft, link, yoke, fit yoke, lever, and high pressure valves body and bonnet. The company's products are used for passenger cars, commercial vehicles, off highway vehicles, value/oilfield, agriculture, and engineering components. The company was formerly known as The Madras Motors Ltd and changed its name to M M Forgings Limited in 1993. M M Forgings Limited was founded in 1945 and is based in Chennai, India.

Market & Price

Market Cap

₹2,162.77 Cr

Current Price

₹447.95

High / Low (52W)

₹502.85 / ₹298.10

Beta

0.92

Valuation

Stock P/E

21.93

Industry PE

27.78

Forward P/E

11.35

PEG Ratio

Book Value

₹191.85

Price to Book

2.33

P/S

1.36

EV/EBITDA

11.16

Dividend Yield

1.79%

Profitability & Returns

ROCE

14.43%

ROE

10.49%

ROA

4.54%

Profit Margin

6.17%

Op Margin

12.35%

EPS (Latest Qtr)

₹3.64

EPS (TTM)

₹20.43

Balance Sheet & Liquidity

Debt/Equity

1.26

Quick Ratio

0.76

Current Ratio

1.18

Debt

₹1,235.32 Cr

Total Assets

₹2,348.97 Cr

Current Assets

₹944.32 Cr

Working Capital

₹157.85 Cr

Ownership

Promoter Holding

60.94%

Chg in Prom Hold

FII / Inst Holding

7.71%

Chg in FII Hold

Financial Snapshot

Enterprise Value

₹3,125.36 Cr

Total Revenue (TTM)

₹1,589.87 Cr

EBITDA

₹279.98 Cr

Free Cash Flow

₹-74.81 Cr

Operating Cash Flow

₹229.69 Cr

Shares Outstanding

₹4.83 Cr

Gross Margin

45.86%

Payout Ratio

19.57%

Growth (CAGR)

Revenue 5Y

10.20%

Profit 5Y

10.23%

Revenue (YoY)

15.90%

Earnings (YoY)

37.20%

PROS

Compounding revenue at 10.2% over 5 years.
Profit CAGR of 10.2% over 5 years.
In a confirmed uptrend (50-DMA above 200-DMA).

CONS

No notable concerns flagged.

* The pros and cons are auto-generated from financial metrics.

Price Chart

NSE TradingView Screener.in

Fundamental Growth

Period: Metric:

Figures from the latest reported periods. CAGR is computed across the displayed window (quarterly CAGR is annualised assuming 4 quarters per year).

Peer comparison

Peer companies in the same sector (Industrials).

#	Name	CMP ₹	P/E	Mkt Cap	Div Yld %	ROCE %	ROE %	Rev CAGR 5Y %	Profit CAGR 5Y %
1	MMFL M M Forgings Limited NSEINFRA	447.95	21.93	₹2,162.77 Cr	1.79%	14.43%	10.49%	10.20%	10.23%
2	LT Larsen & Toubro Limited NIFTY50NSEAIINFRA	4,076.50	34.84	₹5.61 L Cr	0.93%	14.55%	16.95%	16.09%	15.38%
3	ADANIPORTS Adani Ports and Special Economic Zone Limited NIFTY50NSEINFRA	1,804.60	30.96	₹4.16 L Cr	0.42%	11.02%	15.59%	22.93%	34.11%
4	HAL Hindustan Aeronautics Limited NSEAIDEFENCEINFRAPSU	4,303.80	31.55	₹2.88 L Cr	1.16%	13.80%	23.98%	7.87%	16.08%
5	POWERINDIA Hitachi Energy India Limited NIFTY_MIDNSEINFRA	38,445.00	172.41	₹1.71 L Cr	0.02%	24.92%	21.04%	22.24%	119.12%
6	INDIGO InterGlobe Aviation Limited NSEINFRA	4,405.00	-	₹1.70 L Cr	0.24%	15.53%	-	44.12%	72.60%
7	CUMMINSIND Cummins India Limited NSEINFRA	5,881.00	68.97	₹1.63 L Cr	1.12%	34.95%	29.45%	16.07%	24.35%
8	CGPOWER CG Power and Industrial Solutions Limited NSEINFRA	917.45	118.99	₹1.44 L Cr	0.14%	19.35%	19.56%	21.67%	7.81%
9	POLYCAB Polycab India Limited NIFTY_MIDNSEAIINFRA	9,477.50	53.48	₹1.43 L Cr	0.37%	30.44%	24.58%	26.57%	28.11%

Quarterly Results

Figures in INR.

Metric	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025
Revenue	-	372.49 Cr	383.89 Cr	354.21 Cr	377.83 Cr	412.25 Cr
Cost of Revenue	-	191.12 Cr	297.90 Cr	200.60 Cr	197.49 Cr	230.02 Cr
Gross Profit	-	181.37 Cr	86.00 Cr	153.60 Cr	180.34 Cr	182.22 Cr
Operating Expenses	-	130.89 Cr	38.68 Cr	115.36 Cr	137.99 Cr	139.04 Cr
Operating Income	-	50.48 Cr	47.31 Cr	38.24 Cr	42.35 Cr	43.19 Cr
EBITDA	-	76.68 Cr	79.40 Cr	71.07 Cr	70.49 Cr	72.57 Cr
Interest Expense	-	15.49 Cr	13.65 Cr	18.30 Cr	21.23 Cr	20.35 Cr
Pretax Income	-	38.55 Cr	40.19 Cr	27.69 Cr	25.07 Cr	26.07 Cr
Tax Provision	-	12.00 Cr	6.86 Cr	8.50 Cr	8.50 Cr	8.50 Cr
Net Income	-	26.55 Cr	33.33 Cr	19.19 Cr	16.57 Cr	17.57 Cr
Diluted EPS	6.61	5.50	-	3.97	3.43	3.64

Profit & Loss (Annual)

Figures in INR.

Metric	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Revenue	1,139.63 Cr	1,461.88 Cr	1,563.07 Cr	1,525.18 Cr
Cost of Revenue	665.86 Cr	903.55 Cr	968.74 Cr	894.78 Cr
Gross Profit	473.77 Cr	558.34 Cr	594.33 Cr	630.40 Cr
Operating Expenses	332.83 Cr	364.30 Cr	384.31 Cr	427.58 Cr
Operating Income	140.95 Cr	194.04 Cr	210.02 Cr	202.82 Cr
EBITDA	224.35 Cr	285.34 Cr	314.62 Cr	318.78 Cr
Interest Expense	27.73 Cr	29.57 Cr	42.32 Cr	59.79 Cr
Pretax Income	128.86 Cr	176.96 Cr	189.49 Cr	165.73 Cr
Tax Provision	37.86 Cr	49.01 Cr	54.45 Cr	43.87 Cr
Net Income	91.00 Cr	127.95 Cr	135.04 Cr	121.86 Cr
Diluted EPS	18.84	26.50	55.94	25.24

Compounded Sales Growth

5 Years:	10.20%
1 Year:	15.90%

Compounded Profit Growth

5 Years:	10.23%
1 Year:	37.20%

Stock Price Performance

1 Year:	+21.00%
6 Months:	+39.68%
3 Months:	-2.83%
1 Month:	-9.40%

Balance Sheet (Annual)

Figures in INR.

Metric	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Total Assets	1,414.23 Cr	1,660.83 Cr	1,969.01 Cr	2,348.97 Cr
Current Assets	618.79 Cr	740.32 Cr	867.16 Cr	944.32 Cr
Cash & Equivalents	226.02 Cr	218.05 Cr	209.26 Cr	217.20 Cr
Inventory	203.80 Cr	305.80 Cr	344.91 Cr	341.69 Cr
Receivables	156.85 Cr	196.63 Cr	276.22 Cr	352.32 Cr
Total Liabilities	854.68 Cr	987.47 Cr	1,179.92 Cr	1,457.33 Cr
Current Liabilities	469.43 Cr	620.51 Cr	743.14 Cr	786.47 Cr
Long Term Debt	349.97 Cr	331.53 Cr	387.02 Cr	603.86 Cr
Total Debt	684.55 Cr	755.90 Cr	930.83 Cr	1,185.24 Cr
Total Equity	559.55 Cr	673.01 Cr	788.73 Cr	891.28 Cr
Shares Outstanding	4.83 Cr	4.83 Cr	4.83 Cr	4.83 Cr

Cash Flows (Annual)

Figures in INR.

Metric	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Operating Cash Flow	150.43 Cr	160.31 Cr	148.67 Cr	181.62 Cr
Investing Cash Flow	-125.55 Cr	-187.17 Cr	-232.12 Cr	-358.21 Cr
Financing Cash Flow	14.12 Cr	16.49 Cr	77.07 Cr	184.72 Cr
Capital Expenditure	-113.38 Cr	-201.15 Cr	-253.81 Cr	-402.74 Cr
Free Cash Flow	37.04 Cr	-40.84 Cr	-105.15 Cr	-221.12 Cr
Net Change in Cash	38.99 Cr	-10.37 Cr	-6.39 Cr	8.13 Cr

Ratios (Annual)

Figures in %.

Metric	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Gross Margin %	41.6%	38.2%	38.0%	41.3%
Operating Margin %	12.4%	13.3%	13.4%	13.3%
Net Margin %	8.0%	8.8%	8.6%	8.0%
ROE %	16.3%	19.0%	17.1%	13.7%
ROCE %	14.9%	18.7%	17.1%	13.0%

Shareholding Pattern

Insiders

60.94%

Institutions

7.71%

Public Float

19.74%

Analyst View

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MMFL · Industrials