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M M Forgings Limited MMFL NSEINFRA

Industrials · Metal Fabrication · India
https://www.mmforgings.com
Company Profile ↓
₹523.25
+47.18% 1Y
Mkt Cap₹2,526.33 Cr
P/E20.73
P/B2.55
Div. Yield1.53%
52W High₹523.40
52W Low₹295.42
Book Value₹202.51
EPS (TTM)₹25.24

Company Overview

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.

Why Investors Should Care

Reasonable Valuation

Trades at a P/E of 20.7, below the sector median of 29.6.

Positive Free Cash Flow

Generates positive free cash flow, funding growth and shareholder returns internally.

Recent Developments

  • Mar 2026 Revenue of ₹1,573.30 Cr (+4.1% YoY); net profit ₹98.12 Cr.
  • Trailing 12 Months Year-on-year growth — revenue +4.1%, earnings -19.4%.
  • 5-Year Trend Long-term compounding — revenue CAGR 2.5%, profit CAGR -8.5%.

Growth & Price Performance

Compounded Sales Growth

5 Years:2.48%
1 Year:4.13%

Compounded Profit Growth

5 Years:-8.47%
1 Year:-19.45%

Stock Price Performance

1 Year:+47.18%
6 Months:+31.68%
3 Months:+14.78%
1 Month:+11.64%

Highlights auto-generated from reported financials and price data; not investment advice. Verify with official filings before acting.

Technical Snapshot Bullish
52-Week Range 100% of range
₹295.42 ₹523.40
Trend Signals
  • Price vs 50-DMAAbove
  • Price vs 200-DMAAbove
  • RSI (14)70.18 · Overbought
Price Performance
1M+11.64%
3M+14.78%
6M+31.68%
1Y+47.18%
Valuation vs Sector

P/E of 20.73 is below the sector median of 29.60 — relatively cheaper than peers.

Auto-generated from price history and fundamentals; not investment advice.

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Price Chart

NSE TradingView

Fundamental Growth Charts

Interactive charts for Revenue, Net Income, EBITDA, Free Cash Flow, EPS, ROE, ROCE, Gross/Net/Operating Margin and more — switch metric and period using the dropdowns above. CAGR is computed across the displayed window (quarterly CAGR is annualised). Visual growth charts make it easy to spot multi-year compounding trends at a glance — far faster than reading raw numbers in a table.

PROS

  • Generates positive free cash flow.
  • In a confirmed uptrend (50-DMA above 200-DMA).

CONS

  • Earnings shrank at -8.5% CAGR over 5 years.

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

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Valuation

Stock P/E
20.73
Industry PE
29.60
Forward P/E
13.31
PEG Ratio
-
Book Value
₹202.51
Price to Book
2.55
P/S
1.57
EV/EBITDA
12.52
Dividend Yield
1.53%

Growth (CAGR)

Revenue 5Y
2.48%
Profit 5Y
-8.47%
Revenue (YoY)
4.13%
Earnings (YoY)
-19.45%

Profitability & Returns

ROCE
11.85%
ROE
10.03%
ROA
3.89%
Profit Margin
6.24%
Op Margin
11.24%
Gross Margin
45.29%
EPS (Latest Qtr)
₹9.27
EPS (TTM)
₹25.24

Balance Sheet & Liquidity

Debt/Equity
1.10
Quick Ratio
0.80
Current Ratio
1.18
Debt
₹1,073.76 Cr
Total Assets
₹2,524.38 Cr
Current Assets
₹1,057.85 Cr
Working Capital
₹157.86 Cr

Ownership

Promoter Holding
60.94%
Chg in Prom Hold
4.61%
FII / Inst Holding
7.75%
Chg in FII Hold
0.00%

Financial Snapshot

Enterprise Value
₹2,526.33 Cr
Total Revenue (TTM)
₹1,573.30 Cr
EBITDA
₹295.59 Cr
Free Cash Flow
₹40.33 Cr
Operating Cash Flow
₹229.69 Cr
Shares Outstanding
₹4.83 Cr
Gross Margin
45.29%
Payout Ratio
19.57%

Peer comparison

Peer companies in the same sector (Industrials).

#NameCMP ₹P/E Mkt CapDiv Yld % ROCE %ROE % Rev CAGR 5Y %Profit CAGR 5Y %
1 MMFL M M Forgings Limited NSEINFRA 523.25 20.73 ₹2,526.33 Cr 1.53% 11.85% 10.03% 2.48% -8.47%
2 LT Larsen & Toubro Limited NIFTY50NSEAIINFRA 3,849.40 32.93 ₹5.30 L Cr 0.96% 14.55% 14.72% 16.09% 15.38%
3 ADANIPORTS Adani Ports and Special Economic Zone Limited NIFTY50NSEINFRA 1,834.20 31.50 ₹4.23 L Cr 0.42% 10.97% 13.32% 22.93% 34.11%
4 BEL Bharat Electronics Limited NIFTY50NSEAIDEFENCEINFRAPSU 410.75 56.42 ₹3.00 L Cr 1.05% 31.88% 25.27% 16.63% 26.64%
5 HAL Hindustan Aeronautics Limited NSEAIDEFENCEINFRAPSU 4,463.30 32.75 ₹2.98 L Cr 0.44% 13.80% 22.21% 7.87% 16.08%
6 INDIGO InterGlobe Aviation Limited NSEINFRA 5,202.50 -84.07 ₹2.01 L Cr 0.24% 4.02% -34.31% 16.59% -227.40%
7 CUMMINSIND Cummins India Limited NSEINFRA 5,535.50 64.97 ₹1.53 L Cr 1.17% 34.95% 27.87% 16.07% 24.35%
8 ABB ABB India Limited NSEAIINFRA 6,951.50 88.30 ₹1.47 L Cr 0.58% 28.45% 21.29% 15.41% 17.97%
9 POWERINDIA Hitachi Energy India Limited NIFTY_MIDNSEINFRA 33,005.00 148.92 ₹1.47 L Cr 0.02% 24.92% 19.09% 22.24% 119.12%
Financial Statements Quarterly Results · Profit & Loss · Balance Sheet · Cash Flows · Ratios

Quarterly Results

Figures in INR.

Metric Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Revenue 388.00 Cr370.00 Cr397.00 Cr399.00 Cr398.00 Cr382.00 Cr398.00 Cr374.00 Cr369.64 Cr354.21 Cr377.83 Cr412.25 Cr429.01 Cr
Cost of Revenue --------202.66 Cr200.60 Cr197.49 Cr230.02 Cr232.70 Cr
Gross Profit --------166.98 Cr153.60 Cr180.34 Cr182.22 Cr196.32 Cr
Operating Expenses 319.00 Cr305.00 Cr322.00 Cr323.00 Cr320.00 Cr309.00 Cr321.00 Cr301.00 Cr119.67 Cr115.36 Cr137.99 Cr139.04 Cr143.24 Cr
Operating Income 49.00 Cr44.00 Cr54.00 Cr54.00 Cr58.00 Cr51.00 Cr54.00 Cr50.00 Cr47.31 Cr38.24 Cr42.35 Cr43.19 Cr53.08 Cr
EBITDA 70.00 Cr65.00 Cr75.00 Cr75.00 Cr78.00 Cr73.00 Cr77.00 Cr73.00 Cr79.31 Cr71.07 Cr70.49 Cr72.57 Cr81.47 Cr
Interest Expense 7.00 Cr10.00 Cr9.00 Cr11.00 Cr13.00 Cr15.00 Cr16.00 Cr15.00 Cr13.65 Cr18.30 Cr21.23 Cr20.35 Cr18.31 Cr
Pretax Income 47.00 Cr40.00 Cr50.00 Cr49.00 Cr50.00 Cr42.00 Cr45.00 Cr39.00 Cr40.09 Cr27.69 Cr25.07 Cr26.07 Cr35.44 Cr
Tax Provision 15.98 Cr11.20 Cr14.50 Cr15.19 Cr13.50 Cr12.18 Cr13.05 Cr12.09 Cr8.50 Cr8.50 Cr8.50 Cr8.50 Cr-9.35 Cr
Net Income 31.00 Cr29.00 Cr35.00 Cr34.00 Cr37.00 Cr30.00 Cr32.00 Cr27.00 Cr31.59 Cr19.19 Cr16.57 Cr17.57 Cr44.79 Cr
Diluted EPS 6.376.007.346.947.626.236.615.506.553.973.433.649.27

Profit & Loss (Annual)

Figures in INR.

Metric Mar 2008Mar 2009Mar 2010Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Revenue 191.00 Cr207.00 Cr158.00 Cr639.00 Cr934.00 Cr769.00 Cr752.00 Cr-1,461.88 Cr1,563.07 Cr1,510.93 Cr1,573.30 Cr
Cost of Revenue --------903.55 Cr968.74 Cr799.55 Cr860.81 Cr
Gross Profit --------558.34 Cr594.33 Cr711.39 Cr712.49 Cr
Operating Expenses 154.00 Cr175.00 Cr136.00 Cr509.00 Cr759.00 Cr637.00 Cr623.00 Cr-364.30 Cr384.31 Cr508.57 Cr535.63 Cr
Operating Income 19.00 Cr16.00 Cr11.00 Cr84.00 Cr117.00 Cr72.00 Cr64.00 Cr-194.04 Cr210.02 Cr202.82 Cr176.86 Cr
EBITDA 37.00 Cr32.00 Cr23.00 Cr130.00 Cr175.00 Cr132.00 Cr129.00 Cr-285.34 Cr314.62 Cr318.72 Cr295.59 Cr
Interest Expense 4.00 Cr9.00 Cr6.00 Cr13.00 Cr32.00 Cr38.00 Cr32.00 Cr-29.57 Cr42.32 Cr59.79 Cr78.20 Cr
Pretax Income 20.00 Cr14.00 Cr12.00 Cr74.00 Cr93.00 Cr53.00 Cr52.00 Cr-176.96 Cr189.49 Cr165.68 Cr114.27 Cr
Tax Provision 5.80 Cr3.92 Cr1.44 Cr13.32 Cr26.97 Cr11.13 Cr5.72 Cr-49.01 Cr54.45 Cr43.87 Cr16.15 Cr
Net Income 14.00 Cr10.00 Cr10.00 Cr61.00 Cr66.00 Cr42.00 Cr46.00 Cr-127.95 Cr135.04 Cr121.81 Cr98.12 Cr
Diluted EPS 2.982.112.1612.5713.568.689.5418.8426.5055.9425.24-

Balance Sheet (Annual)

Figures in INR.

Metric Mar 2008Mar 2009Mar 2010Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Total Assets 220.00 Cr224.00 Cr242.00 Cr838.00 Cr1,218.00 Cr1,134.00 Cr1,250.00 Cr-1,660.83 Cr1,969.01 Cr2,348.97 Cr2,524.38 Cr
Current Assets --------740.32 Cr867.16 Cr944.32 Cr1,057.85 Cr
Cash & Equivalents --------218.05 Cr209.26 Cr217.20 Cr224.56 Cr
Inventory --------305.80 Cr344.91 Cr341.69 Cr334.06 Cr
Receivables --------196.63 Cr276.22 Cr352.32 Cr456.62 Cr
Total Liabilities --------987.47 Cr1,179.92 Cr1,457.33 Cr1,546.25 Cr
Current Liabilities --------620.51 Cr743.14 Cr786.47 Cr900.00 Cr
Long Term Debt --------331.53 Cr387.02 Cr603.86 Cr596.15 Cr
Total Debt 104.00 Cr111.00 Cr114.00 Cr385.00 Cr688.00 Cr566.00 Cr532.00 Cr-755.90 Cr930.83 Cr1,185.24 Cr1,073.76 Cr
Total Equity 87.00 Cr95.00 Cr104.00 Cr363.00 Cr427.00 Cr455.00 Cr487.00 Cr-673.01 Cr788.73 Cr891.28 Cr977.77 Cr
Shares Outstanding --------4.83 Cr4.83 Cr4.83 Cr4.83 Cr

Cash Flows (Annual)

Figures in INR.

Metric Mar 2008Mar 2009Mar 2010Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Operating Cash Flow 6.00 Cr23.00 Cr27.00 Cr4.00 Cr27.00 Cr283.00 Cr20.00 Cr-160.31 Cr148.67 Cr181.62 Cr229.69 Cr
Investing Cash Flow -38.00 Cr-41.00 Cr-15.00 Cr-86.00 Cr-301.00 Cr-78.00 Cr-11.00 Cr--187.17 Cr-232.12 Cr-358.21 Cr-181.47 Cr
Financing Cash Flow 32.00 Cr18.00 Cr-7.00 Cr112.00 Cr281.00 Cr-202.00 Cr3.00 Cr-16.49 Cr77.07 Cr184.72 Cr-40.71 Cr
Capital Expenditure -47.00 Cr-32.00 Cr-25.00 Cr-93.00 Cr-315.00 Cr-94.00 Cr-29.00 Cr--201.15 Cr-253.81 Cr-402.74 Cr-189.36 Cr
Free Cash Flow -41.00 Cr-9.00 Cr2.00 Cr-89.00 Cr-288.00 Cr189.00 Cr-9.00 Cr--40.84 Cr-105.15 Cr-221.12 Cr40.33 Cr
Net Change in Cash 0-05.00 Cr30.00 Cr8.00 Cr3.00 Cr12.00 Cr--10.37 Cr-6.39 Cr8.13 Cr7.50 Cr

Ratios (Annual)

Figures in %.

Metric Mar 2008Mar 2009Mar 2010Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Gross Margin % --------38.2%38.0%47.1%45.3%
Operating Margin % 9.9%7.7%7.0%13.1%12.5%9.4%8.5%-13.3%13.4%13.4%11.2%
Net Margin % 7.3%4.8%6.3%9.5%7.1%5.5%6.1%-8.8%8.6%8.1%6.2%
ROE % 16.1%10.5%9.6%16.8%15.5%9.2%9.4%-19.0%17.1%13.7%10.0%
ROCE % --------18.7%17.1%13.0%10.9%

Shareholding Pattern

Insiders
60.94%
Institutions
7.75%
Public Float
19.84%

Analyst View

Loading analyst coverage…

Latest News

Recent headlines for MMFL

Google News Mon, 08 Jun 2026

Is It Smart To Buy M M Forgings Limited (NSE:MMFL) Before It Goes Ex-Dividend? - simplywall.st

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Google News Sat, 03 Jan 2026

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Google News Sun, 23 Jul 2017

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Google News Fri, 08 Jun 2018

Is MM Forgings Limited’s (NSE:MMFL) CEO Overpaid Relative To Its Peers? - Yahoo Finance

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MMFL — Frequently Asked Questions

What is the current share price of M M Forgings Limited (MMFL)?

As of 2026-07-15 09:52 IST, M M Forgings Limited (MMFL) trades at ₹523.25 on NSE. Its 52-week range is ₹295.42 to ₹523.40.

What is the market capitalisation of MMFL?

M M Forgings Limited (MMFL) has a market capitalisation of ₹2,526.33 Cr on NSE.

What is the P/E ratio of MMFL?

MMFL trades at a trailing price-to-earnings (P/E) ratio of 20.73. The industry average P/E is 29.60. Its price-to-book (P/B) ratio is 2.55.

Does MMFL pay a dividend?

M M Forgings Limited (MMFL) currently offers a dividend yield of 1.53%.

What is the return on equity (ROE) of MMFL?

MMFL has a return on equity (ROE) of 10.03%. Its return on capital employed (ROCE) is 11.85%.

Is MMFL a good stock to buy?

This page provides a data-driven analysis of M M Forgings Limited (MMFL), including valuation ratios, profitability, growth trends, auto-generated pros and cons, peer comparison and AI exposure. Review these fundamentals alongside your own research and risk tolerance. This is informational content, not investment advice.

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