M M Forgings Ltd(MMFL)

NSE: MMFLBSE: 522241

₹ 480.5-1.12%refreshed 23 Oct, 03:30 pm ISTMarket cap: ₹ 2,320 crWebsite: www.mmforgings.comUpdated: 24 Oct 2026

About

MM Forgings Ltd (MMFL) is a Chennai-based manufacturer of closed-die steel forgings and machined components, supplying commercial vehicles, passenger vehicles, and off-highway equipment OEMs in India and overseas. In FY26 the company reported revenue of ₹1,589.87 crores, with an installed forging capacity of 1,45,000 tons and ~4,171 employees as of March 2025. It is one of India's larger independent forging houses, operating in a domestic forging market estimated at $5.2 billion in 2024.^[1][2][3]

Business segments

Commercial vehicles accounted for 71% of sales in Q1 FY27, down from 80% in H1 FY26, as the overall mix gradually broadens.^[4][5]
Machined (value-added) components reached 67% of sales in Q1 FY27 vs 33% directly forged, up from 53% in 9M FY26 and 51% in Q1 FY26.^[4][6][3]
Exports were 36.5% of sales in Q1 FY27 vs 39% in Q1 FY26; exports were 38.6% in H1 FY26 and 40.2% in Q1 FY26.^[4][5][3]
Heavy forgings represented 42% of sales in Q1 FY27, compared with 43% at the prior year-end.^[4]

Products and capabilities

The company makes closed-die steel forgings and machined parts for CV, PV, agri and off-highway applications, including front axle beams, crankshafts, and driveline components.^[2][3]
CV and M&LCV crankshaft volumes reached ~7,000 units/month in Q1 FY26, up from ~1,500/month, targeting 10,000/month; agri crankshafts were at 16,000 - 17,000/month.^[3]
Wholly-owned subsidiary Abhinava Rizel is developing PMSM electric motors and EV controllers; it secured its first customer and entered initial Start of Production (SOP) ramp-up by Q1 FY27.^[4][5]
The company holds ISO 9001 and TS 16949 Quality Management certifications.^[2]

Manufacturing capacity and utilisation

Installed forging capacity is 1,45,000 tons per year as of FY25; a 16,500-ton press and a 4,000-ton press are being added, which will bring total capacity to 1,50,000 tons.^[2][6]
Machining capacity is ~5.5 lakh parts per month as of Q1 FY26; ₹1,100 crores was invested cumulatively in machining over the last three years (₹625 crores in the last five years).^[3][4]
Capacity utilisation (forging and machining combined) was ~60% in Q1 FY26; the FY26 full-year forging run-rate trajectory was 70,000 - 75,000 tons.^[3][6]
FY26 full-year forging volumes were ~78,000 tons; Q1 FY27 volumes were ~20,200 tons, with Q2+ guided at 23,000 - 25,000 tons per quarter to exceed 90,000 tons for FY27.^[4]
From 18 January 2026 the company transitioned fully to contracted green power, saving ~₹15 crores per annum (~100 bps EBITDA at current revenue levels).^[6]

Key operating metrics

Sales realisation was ₹2.02 lakhs/ton in Q1 FY27, up from ₹1.93 lakhs/ton in the prior quarter; it was ₹1.92 lakhs/ton in Q1 FY26.^[4][3]
EBITDA margin (excluding other income) was 18% in Q1 FY27 and in Q1 FY26; operational margin was 17.3 - 17.5% in H1 FY26 vs 19.5% in H1 FY25.^[4][5]
EBITDA per ton was ₹38,000 in H1 FY26, down from ₹40,500 in H1 FY25.^[5]
Raw material expense in FY25 was ₹647.42 crores, representing 43% of turnover.^[2]
Order book stood at ₹300 crores in Q2 FY26, with ₹200 crores expected to be realised in FY27.^[5]

Customers and geographic mix

The CV segment is the dominant end-market at 71% of sales in Q1 FY27; the shift from multi-axle trucks to tractor-trailer configurations has structurally reduced domestic front-axle content per vehicle.^[4][5]
US revenues rose to 18% of sales in Q1 FY27 vs ~16% in Q1 FY26, driven by Class 8 truck demand recovery; all contracts are CIF with customs duties borne by customers.^[4][3]
Europe revenues declined four consecutive quarters to ₹59 crores in Q1 FY27 from a peak of ₹89 crores in Q2 FY26; management states no business has been lost.^[4]
Europe rose from 12% of sales in FY25 to 21.4% in H1 FY26 as the company added new clients; it has since normalised to 14% of sales in Q1 FY27.^[5][4]
Export/domestic split was ~30%/70% by tonnage in 9M FY26; export sales were ₹422.45 crores in 9M FY26 vs ₹440.30 crores in 9M FY25.^[6]

Expansion and capex

A 4,000-ton press went into production in the last weeks of Q1 FY27 (June 2026).^[4]
A 16,500-ton press - described as the world's largest hot forging mechanical press - targets commissioning in Q4 FY27 (delayed from June - July 2026); it carries ~₹300 crores of incremental revenue potential at 10 - 20% higher price per part vs existing portfolio.^[4][5]
FY27 capex is ~₹150 crores (₹30 - 50 crores replacement/debottlenecking; remainder growth); automation investment to reach ₹30 - 50 crores by year-end.^[4]
A ₹400 crore growth capex programme targeting steel forgings, metalworking, and non-auto industrial segments is being contemplated, contingent on a QIP or preferential allotment.^[4]
Abhinava Rizel (EV subsidiary) had cumulative investment of ~₹70 crores as of 9M FY26.^[6]

Recent developments

Abhinava Rizel secured its first EV customer and entered initial SOP ramp-up by Q1 FY27, ahead of the previously guided Q4 FY27 commercial production date.^[4]
The company sold land at Oragadam, Chennai in Q1 FY27 for a gross profit of ₹64 crores (₹58 crores net of taxes); proceeds to reduce working capital and borrowings.^[4]
A crankshaft supply programme for a domestic PV OEM entered production from December 2025, after a delay of approximately one year.^[6]
Wholly-owned subsidiary Cafoma Autoparts Private Limited was amalgamated into MM Forgings with effect from 27 May 2024 (appointed date 1 April 2023).^[2]
The board has passed an enabling resolution for a QIP or preferential allotment; execution is contingent on market conditions.^[4]
Interest cost reduction programme: an interest rate swap converted rupee term loans to euro exposure; target interest cost for FY27 is ~₹55 crores vs ~₹80 crores FY26 run rate.^[6]

Market Cap

₹2,320 Cr

High / Low

₹690 / 276

Stock P/E

15.1

Price / Book

2.6

Book Value

₹203

EPS

₹20.4

No. of Shares

4.83 Cr

ROCE

9.6%

ROE

10.5%

OPM

12.0%

Debt / Equity

1.10

Sales

₹1,590 Cr

Net Profit

₹99 Cr

Promoter holding

56.3%

Loading chart…

Signal history

AI Deep Dive

The analysis Screener can't give you

Our models read the latest earnings call, annual report, and financials end-to-end - then grade management, value the business, and flag the risks. Unlock all of it for this company:

Verdict
The headline call - descriptive label, conviction, and the synthesis behind it.
Valuation
Guidance-anchored P&L bridge - worst / average / best multiple cases.
Walk the talk
Did management deliver on past guidance? A commitment-by-commitment scorecard.
Red flags
Forensic and governance risk pointers, severity-ranked.
Balance sheet
Solvency and earnings-quality score.
Concall briefs
Quarter-by-quarter earnings-call briefs - what changed and why.

₹49 unlocks this company for 90 days, ₹299 for a full year - bundles bring it lower. Built on public disclosures - educational, not investment advice.

AI Deep Dive

Verdict

Locked

The headline call - descriptive label, conviction, and the synthesis behind it.

Company data

Financials