MM Forgings Ltd.
NSE: MMFL · Automobile & Ancillaries
Sector
Automobile & Ancillaries
Size band
Small cap
Market cap
1,968cr
P/E
19.3
ROE
15.6%
Dividend yield
1%
No price is shown on this page, live or delayed. It records what management said on the earnings call, and the company’s filings.
Measured against
Peer set
Auto Ancillaries - Castings/Forgings · 8 measured at Q1 FY27 · financials via Screener| Company | Operating margin | Revenue growth |
|---|---|---|
| Sona BLW Precision Forgings Ltd. | 23.0% | 52.3% |
| PTC Industries Ltd. | 25.0% | 97.9% |
| CIE Automotive India Ltd. | 15.0% | 10.6% |
| Ramkrishna Forgings Ltd. | 18.0% | 19.9% |
| Electrosteel Castings Ltd. | 7.0% | −8.5% |
| Steelcast Ltd. | 26.0% | 16.8% |
| MM Forgings Ltd. | 18.0% | 16.0% |
| Rama Steel Tubes Ltd. | 2.7% | −16.7% |
| Synergy Green Industries Ltd. | 6.0% | −10.7% |
What management said
14 statements on recordEarnings call · Q1 FY27 · 21 Aug 2026
- revenue growth / turnover→18%-odd growth; turnover in the region of around INR1,800 crores to INR1,900 crores· this year
“We can expect the same 18%-odd growth for this year also. So we should be looking at turnover in the region of around INR1,800 crores to INR1,900 crores.”
- machining mix→65% to 68% range· rest of the year
“Yes. I think it should hover in the 65% to 68% range.”
- gross debt→gross debt will remain at the approximately the same levels· this year
“So, we would be repaying about INR170 crores this year, and the same would be drawn back as further loans for future and for investments being made in this year. So gross debt will remain at the approximately the same levels.”
- capex→approximately INR150-odd crores· this year
“Yes, approximately INR150-odd crores.”
- forging capacity / equipment commissioning→16,500 ton press, which will go into production by end of this fiscal, in Q4· end of this fiscal, in Q4
“They're adding the 16,500 ton press, which will go into production by end of this fiscal, in Q4.”
- automation investment→INR40 crores to INR50 crores end of this fiscal; at least INR30 crores· end of this fiscal
“Absolutely. This number should triple, if not reach about INR50 crores, INR40 crores to INR50 crores end of this fiscal. At least, it should be in the region of INR30 crores.”
- capex revenue impact→result in increase in turnover in about 2 years from now 1 to 2 years from now· 1 to 2 years from now
“We would expect this to result in increase in turnover in about 2 years from now 1 to 2 years from now.”
- volume→23,000 tons to 25,000 tons minimum in Q2 and beyond; cross the 90,000 ton mark in this year· Q2 and beyond; this year
“We expect Q2 and beyond to be much better, should hover at around 24,000 tons for each quarter 23,000 tons to 25,000 tons minimum in Q2 and beyond. So we should as discussed or as we have been guiding, would expect to cross the 90,000 ton mark in this year.”
- volume→challenge the 1 lakh ton, 1,10,000 ton mark· next year
“And next year, challenge the 1 lakh ton, 1,10,000 ton mark.”
- quarterly volume target→hit 27,000 tons and then 30,000 tons per quarter
“Our internal target continues to hit 27,000 tons and then 30,000 tons per quarter.”
- gross debt levels→INR750 crores to INR800 crores· at this point of time
“No, we do not plan to increase debt beyond these levels. INR750 crores to INR800 crores is gross debt levels will stand at this point of time.”
- EBITDA margin→20-plus goal; squeeze out 2%, 3%
“I would say all previous listing, our target would remain a 20-plus goal. We have to squeeze out 2%, 3% from the system.”
- revenue→INR3,000 crores in revenue by FY30· FY30
“And sir, 2 quarters ago, you had mentioned about reaching INR3,000 crores in revenue by FY30. Do we still look to that number? Vidyashankar Krishnan: Yes.”
- volume→25,000 tons of sales at a bare minimum in the coming 2 quarters to 3 quarters· coming 2 quarters to 3 quarters
“I expect that M M Forgings would do strong in the quarters to come, with about targeting 25,000 tons of sales at a bare minimum in the coming 2 quarters to 3 quarters.”
Taken from management commentary on the company’s earnings call and quoted verbatim. These are statements of intent made by the company, not forecasts by Bharatstox, and nothing here records whether they were met.
On air
2 calls · outcomes not trackedRecorded as stated on air, with the analyst's SEBI registration status where it was given. Anchor calls carry no registration and are marked. Bharatstox does not make, endorse or repeat these calls, and none of them is our view.
| Channel & show | Aired | Stated target | Stated stop | Outcome |
|---|---|---|---|---|
| NDTV ProfitNDTV Profit · no registration attached | 18 Aug | +5.7% | -3.2% | still open |
| NDTV ProfitNDTV Profit · no registration attached | 4 Aug | +9.0% | -3.6% | still open |
Shareholding
change across 4 filings| Category | Jun 26 | Mar 26 | Dec 25 | Sep 25 | Change |
|---|---|---|---|---|---|
| Promoters | 56.3 | 56.3 | 56.3 | 56.3 | 0.0 |
| Foreign institutions | 2.4 | 1.9 | 1.7 | 1.8 | +0.6 |
| Domestic institutions | 7.5 | 8.4 | 8.6 | 8.3 | −0.8 |
| Retail & others | 33.7 | 33.4 | 33.4 | 33.6 | +0.1 |
As filed with the exchange for the periods ending Sep 25 to Jun 26.
Filings
latest 25 of 201- Analysts/Institutional Investor Meet/Con. Call Updates21 Aug 2026
- Earnings Call Transcript for Q1 FY 2721 Aug 2026
- General Updates18 Aug 2026
- Analysts/Institutional Investor Meet/Con. Call Updates18 Aug 2026
- Copy of Newspaper Publication17 Aug 2026
- Resignation of Director/KMP/SMP14 Aug 2026
- Change in Company Secretary/Compliance Officer14 Aug 2026
- Outcome of Board Meeting14 Aug 2026
- Analysts/Institutional Investor Meet/Con. Call Updates11 Aug 2026
- Shareholders meeting10 Aug 2026
- Copy of Newspaper Publication20 Jul 2026
- Shareholders meeting17 Jul 2026
- Copy of Newspaper Publication17 Jul 2026
- Shareholders meeting16 Jul 2026
- Amendment to AOA/MOA10 Jul 2026
- Amalgamation/Merger9 Jul 2026
- Intimation of receipt of Certified true copy of order and the effective date in respect of amalgamation of DVS Industries Private Limited, wholly owned subsidiary of the Company with the Company.9 Jul 2026
- Certificate under SEBI (Depositories and Participants) Regulations, 20188 Jul 2026
- Amalgamation/Merger30 Jun 2026
- Trading Window29 Jun 2026
- General Updates28 May 2026
- Dividend27 May 2026
- Record Date27 May 2026
- Outcome of Board Meeting27 May 2026
- Copy of Newspaper Publication30 Apr 2026
The 25 most recent of 201 filings we hold for MMFL, back to January 2024. Every filing, by day.
Disclaimer
Guidance is quoted from management commentary on quarterly earnings calls; the words are the company's own and the targets are theirs, not ours. Peer comparisons use quarterly financials sourced from Screener, with every company measured at the same fiscal quarter; the peer set is companies sharing the same industry classification, and comparisons are descriptive, not a ranking or a view. Broadcast calls are reproduced as stated on air, attributed, with the analyst's SEBI registration status where given; they are not our calls and not our view. Filings are reproduced as companies filed them to the NSE and BSE; Bharatstox does not verify, endorse or comment on their contents. This page is for informational and educational purposes only and does not constitute investment advice, research, or a recommendation to buy or sell any security. Investing in securities markets is subject to market risks. Read all related documents carefully before investing.