MMFL

MM Forgings share price & financials

Price
₹469.8
Market cap
₹3.2k Cr
Sector
Automobile and Auto Components
Calls analysed
5
Latest concall · Q1 FY27 · call held 17 Aug 2026

MM Forgings Limited Q1 FY27

Revenue ₹427 cr +16%EBITDA ₹82 cr EBITDA Margin 18%

What went well

  • Revenue increased by 15.7% YoY to INR427 crores in Q1 FY27.
  • Profit Before Tax (PBT) grew significantly by 30% YoY.
  • Machining mix reached 67%, contributing to better gross margins, and is expected to remain high at 65-68%.

What to watch

  • Power and fuel costs were elevated in Q1 due to the West Asian conflict, though they have stabilized post-Q1.
  • Employee and other expenses increased in Q1 due to annual increments and new hires, though these are expected to stabilize.
Read the full call →

What MM Forgings Limited does

M M Forgings hot-forges and machines heavy automotive components — principally crankshafts and front axle beams — supplied to commercial vehicle, passenger vehicle and agri/off-highway equipment manufacturers in India and export markets including the US and Europe. It runs a network of forging and machining plants across Tamil Nadu, Uttarakhand and Uttar Pradesh, backed by its own windfarm and solar sites for captive green power. Through subsidiary Abhinava Rizel, the company is also building an electric-vehicle motor business targeted initially at three-wheelers.

Segments

  • Commercial Vehicle
  • Passenger Vehicle
  • Agri and Off-Highway
  • Others
Installed forging capacity
~1,45,000 tonnes per annum, being expanded toward ~1,50,000 tonnes with new press commissioning
Manufacturing plants
8 forging/machining plants across Tamil Nadu, Uttarakhand and Uttar Pradesh
New forging presses under commissioning
16,500-tonne press (crankshafts and heavier front axle beams) and a 4,000-tonne press
Captive renewable power sites
4 windfarm sites (Panakudi, Theni, Tenkasi, Kallapalayam) and 2 solar sites (Aruppukottai, Viralimalai) for captive green power
Quality certification
All plants ISO 9001 / IATF 16949 certified
Dedicated automation unit
Plant 7 – Industrial Automation Division, Chennai
Founded 1946Headquarters Chennai, Tamil Nadu, IndiaEmployees 4,171 (2025-03-31) Company website

Guidance record · Q1 FY27

what the last two calls moved 14 tracked 2 delivered 3 missed 9 open
  • Machined Products Mix delivered said Q4 FY25 Promised: I would see this number at around 65% in this fiscal or in the next one. Q1 FY27: Achieved. Machined mix reported at 67% for the quarter, exceeding the target.
  • FY26 Capex Spend went quiet said Q4 FY25 Promised: this year, we expect to spend a total of Rs. 300 crores in terms of CAPEX Q1 FY27: FY26 has concluded. No final capex number for FY26 was provided. Focus shifted to FY27 capex plan.
  • 16,500 Ton Press Commissioning Timeline delayed said Q4 FY25 Promised: commissioned by around September to December of this year, in Q3 of this fiscal... start production from January onwards. Q1 FY27: Further delayed. Now expected to go into production by end of this fiscal, in Q4 FY27.

All 14 tracked — every revision, and every one management stopped mentioning.

Open the guidance ledger

Quarterly results

Q1 FY27: revenue up 20.3%, net profit up 59.1% against the same quarter last year.

₹ Cr · quarterly
Line itemQ2 FY25Q3 FY25Q4 FY25Q1 FY26Q2 FY26Q3 FY26Q4 FY26Q1 FY27
Revenue389 364 355 349 378 −3%405 +11%413 +16%420 +20%
EBITDA77 73 72 63 63 −18%72 −1%78 +8%75 +19%
Net profit36 32 36 22 18 −50%26 −19%48 +33%35 +59%
How to read this

₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.

Performance +94.4% 1Y

₹300₹400₹500₹600₹700Sept 25Oct 25Dec 25Jan 26Mar 26Apr 26Jun 26Jul 26Sept 26Q2 FY26 — 17 Nov 2025Q3 FY26 — 5 Mar 2026Q1 FY27 — 17 Aug 2026

1Y: ₹324.9 on 10 Sept 2025 → ₹631.7. High ₹680.2 (18 Aug 2026), low ₹298.1 (10 Nov 2025).

How the price took the results

close before → close after

Q1 FY27
+7.2%
17 Aug
Q3 FY26
+0.7%
5 Mar
Q2 FY26
+2.4%
17 Nov

The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.

Financials, as filed

Revenue grew 3.1% a year over 3 years, FY23 to FY26. Operating margin held at 17.9%.

Year endingFY23FY24FY25FY26
Revenue₹1.4k Cr₹1.5k Cr₹1.5k Cr₹1.5k Cr
Operating profit₹252 Cr₹285 Cr₹294 Cr₹276 Cr
Operating margin17.9%18.7%19.9%17.9%
Interest₹28 Cr₹43 Cr₹61 Cr₹77 Cr
Depreciation₹67 Cr₹73 Cr₹82 Cr₹91 Cr
Net profit₹124 Cr₹142 Cr₹136 Cr₹114 Cr
Net margin8.8%9.3%9.2%7.4%
Cash from operations₹116 Cr₹145 Cr₹189 Cr₹240 Cr
Free cash flow₹-40 Cr₹-76 Cr₹-185 Cr₹69 Cr
ROCE15.0%15.0%12.0%9.0%
How to read this

From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.

Balance sheet

Year endingFY21FY22FY23FY24FY25FY26
Equity capital₹24 Cr₹24 Cr₹24 Cr₹24 Cr₹48 Cr₹48 Cr
Reserves₹476 Cr₹554 Cr₹666 Cr₹792 Cr₹925 Cr₹983 Cr
Borrowings₹532 Cr₹680 Cr₹756 Cr₹925 Cr₹1.2k Cr₹1.2k Cr
Other liabilities₹230 Cr₹181 Cr₹227 Cr₹254 Cr₹331 Cr₹282 Cr
Total liabilities₹1.3k Cr₹1.4k Cr₹1.7k Cr₹2.0k Cr₹2.5k Cr₹2.5k Cr
Fixed assets₹618 Cr₹650 Cr₹719 Cr₹818 Cr₹977 Cr₹1.0k Cr
Capital work in progress₹17 Cr₹36 Cr₹61 Cr₹112 Cr₹281 Cr₹299 Cr
Investments₹5 Cr₹33 Cr₹41 Cr₹41 Cr₹22 Cr₹28 Cr
Other assets₹623 Cr₹720 Cr₹853 Cr₹1.0k Cr₹1.2k Cr₹1.2k Cr
Total assets₹1.3k Cr₹1.4k Cr₹1.7k Cr₹2.0k Cr₹2.5k Cr₹2.5k Cr
How to read this

As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.

Who owns it

As disclosed at Jun 2026

Since Jun 2025, DIIs trimmed −0.84 pp while FIIs added +0.65 pp. The shareholder count shrank 16% to 29,930.

Promoters
56.3%
FIIs
2.4%
DIIs
7.5%
Public
33.7%

Since Jun 2025

  • DIIs −0.84 pp
  • FIIs +0.65 pp
  • Public +0.19 pp

How it drifted, 12 quarters

Over this window DIIs fell from 15.7% to 7.5% — −8.2 pp.

Sep '23Dec '24Jun '26

Ownership split by quarter, oldest first. Sep '23: Promoters 56.3%, FIIs 1.7%, DIIs 15.7%, Public 26.3%.Dec '23: Promoters 56.3%, FIIs 1.9%, DIIs 14.5%, Public 27.3%.Mar '24: Promoters 56.3%, FIIs 2.3%, DIIs 11.8%, Public 29.6%.Jun '24: Promoters 56.3%, FIIs 2.9%, DIIs 10.7%, Public 30.1%.Sep '24: Promoters 56.3%, FIIs 3.4%, DIIs 10.5%, Public 29.8%.Dec '24: Promoters 56.3%, FIIs 3.8%, DIIs 9.8%, Public 30.1%.Mar '25: Promoters 56.3%, FIIs 3.1%, DIIs 8.9%, Public 31.6%.Jun '25: Promoters 56.3%, FIIs 1.8%, DIIs 8.3%, Public 33.5%.Sep '25: Promoters 56.3%, FIIs 1.8%, DIIs 8.3%, Public 33.6%.Dec '25: Promoters 56.3%, FIIs 1.7%, DIIs 8.6%, Public 33.4%.Mar '26: Promoters 56.3%, FIIs 1.9%, DIIs 8.4%, Public 33.4%.Jun '26: Promoters 56.3%, FIIs 2.4%, DIIs 7.5%, Public 33.7%.

Who was buying across the market this quarter →

Who bought this quarter

since Mar 2026

Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.

The same filing shows 0 holders trimming and 0 off the list — both are in the register beside this.

Who is on the register

Named in the Jun 2026 filing

Every holder of MM Forgings Limited above SEBI's 1% disclosure line, and what changed since Mar 2026.

HolderStakeChange
Synmax Consultants And Trading Pvt Ltd 24.01%unchanged
Krishnan Vidya Shankar 11.27%unchanged
K Venkatramanan 10.71%unchanged
Sivasundar Private Ltd 3.88%unchanged
HDFC Mutual Fund Mutual fund3.74%unchanged
Tata Mutual Fund Mutual fund3.26%unchanged
S Lakshman 3.08%unchanged
Lakshmi Ramachandran 2.35%unchanged
Srinivasan V 1.75%unchanged
Sandhya G Parikh 1.38%unchanged
Chinmay G Parikh 1.37%unchanged
Catamaran Ventures Llp 1.02%newly disclosed

A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.

Mutual funds in MMFL

Filings to Jul 2026

0 new, 0 added, 0 trimmed, 0 sold out — net +0.00 L shares (+0.0%).

Held by funds
₹99 Cr
1 schemes
Biggest holder
HDFC Hybrid Equity Fund
₹99 Cr · 0.4% of that fund
SchemeHoldingLast month
HDFC Hybrid Equity Fund HDFC Mutual Fund₹99 Crheld

HDFC, Nippon India and SBI schemes, from their monthly disclosures. Changes are counted in shares, so a price move never looks like buying or selling.

Mutual funds Jul 2026

0 added, 0 trimmed — net 0 shares (+0.0%)

Funds are sitting on
+24%
vs est. average cost
Held by funds
₹99 Cr
1 schemes · ≈ 2.7% of the company

Shares held by these funds +0%

Aug '23 18.04 L shares Jul '26

What the price assumes

Growth trap

To justify its price of ₹632, this stock must grow earnings at 17% every year for 7 years. Our analysis caps realistic growth at ~-3%. At that growth it is worth ₹217 — downside of 66%.

Growth the price implies
17.2% a year
for 7 years, fading to 4%
It has actually compounded at
-2.8% a year
net profit, FY23–FY26 · EPS -2.7%
The gap
0.2 pp
-66% downside if it only repeats history
Price today ₹631.7 Value at the reference growth ₹216.75

Change the assumptions yourself →

All earnings calls (5)

Read the Q1 FY27 call →

Learn to analyse MM Forgings Limited

Guides on how to read this kind of business and the numbers that matter.