MM Forgings Limited (MMFL) AI Stock Analysis

• Market Cap: ₹19.15B
• Dividend Yield: 1.07%
• Average Volume (3M): 24.04K
• Price to Earnings (P/E): 24.9
• Beta (1Y): 1.16
• Revenue Growth: -4.47%
• EPS Growth: -17.62%
• Country: IN
• Employees: 2,054
• Sector: Industrials
• Sector Strength: 72
• Industry: Manufacturing - Metal Fabrication
• EPS (TTM): 5.30
• Shares Outstanding: 48,281,600
• 10 Day Avg. Volume: 2,841
• 30 Day Avg. Volume: 24,036
• PEG Ratio: -1.43
• Price to Book (P/B): 1.88
• Price to Sales (P/S): 1.10
• P/FCF Ratio: -6.44
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: ₹600.00
• Price Target Upside: 46.13% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 1
• EPS Forecast (FY): 20.35
• Revenue Forecast (FY): ₹15.47B

• Rating: 72 Outperform
• Price Target: ₹509.00 ▲(23.96% Upside)
• Action: Upgraded Date: 01/06/26
• Date: Action: Upgraded 01/06/26

The score is driven primarily by solid financial performance (strong growth and stable operating profitability), tempered by leverage and weak free cash flow due to heavy capex. Technically, the trend is strong but overbought conditions raise near-term risk. Valuation is broadly reasonable but not especially cheap and the dividend yield is modest.

Positive Factors

Multi-year revenue growth

Consistent multi-year revenue expansion with stable gross margins indicates durable demand for core forgings and effective cost control. Over 2–6 months this underpins predictable top-line cash generation and supports reinvestment, pricing power, and dealer/OEM supply relationships.

Negative Factors

Elevated leverage

Elevated debt-to-equity raises refinancing and interest-rate sensitivity risk, constraining financial flexibility for acquisitions, dividend policy, or weathering demand slowdowns. Over several months, high leverage can force prioritization of debt service over strategic investments, limiting optionality.

MM Forgings Limited Business Overview & Revenue Model

Company Description

M M Forgings Limited, together with its subsidiaries, designs, manufactures, and sells steel forgings for passenger cars, commercial vehicles, off highway, agricultural, and high pressure valves in India. It offers closed die forgings, such as axl...

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M M Forgings Limited, together with its subsidiaries, designs, manufactures, and sells steel forgings for passenger cars, commercial vehicles, off highway, agricultural, and high pressure valves in India. It offers closed die forgings, such as axl...

How the Company Makes Money

MM Forgings Limited generates revenue primarily through the sale of its forged products to various industries, including automotive and aerospace. The company operates on a business-to-business (B2B) model, where it provides customized forging sol...

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MM Forgings Limited generates revenue primarily through the sale of its forged products to various industries, including automotive and aerospace. The company operates on a business-to-business (B2B) model, where it provides customized forging sol...

MM Forgings Limited Financial Statement Overview

Breakdown	TTM	Mar 2025	Mar 2024	Mar 2023	Mar 2022	Mar 2021
Income Statement
Total Revenue	14.75B	15.25B	15.63B	14.62B	11.40B	7.52B
Gross Profit	6.18B	4.70B	3.32B	3.07B	4.73B	2.87B
EBITDA	2.98B	3.19B	3.15B	2.85B	2.24B	1.29B
Net Income	955.47M	1.22B	1.35B	1.28B	909.95M	460.59M
Balance Sheet
Total Assets	24.83B	23.70B	19.68B	16.64B	14.14B	12.67B
Cash, Cash Equivalents and Short-Term Investments	2.33B	2.18B	2.10B	2.18B	2.26B	1.88B
Total Debt	12.16B	10.51B	9.31B	7.56B	6.85B	6.15B
Total Liabilities	15.56B	14.77B	11.79B	9.90B	8.55B	7.80B
Stockholders Equity	9.27B	8.92B	7.89B	6.73B	5.60B	4.87B
Cash Flow
Free Cash Flow	-474.74M	-2.61B	-1.23B	-321.50M	378.84M	-121.28M
Operating Cash Flow	406.18M	1.82B	1.31B	1.67B	1.51B	197.51M
Investing Cash Flow	-797.20M	-3.84B	-2.32B	-1.85B	-1.26B	-114.09M
Financing Cash Flow	543.57M	2.51B	944.99M	164.89M	141.17M	32.86M

MM Forgings Limited Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 410.60
• 50DMA: Negative
• 100DMA: Positive
• 200DMA: Positive
• MACD: Positive
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:MMFL, the sentiment is Negative. The current price of 410.6 is below the 20-day moving average (MA) of 434.31, below the 50-day MA of 436.34, and above the 200-day MA of 363.11, indicating a neutral trend. The MACD of -8.18 indicates Positive momentum. The RSI at 35.04 is Neutral, neither overbought nor oversold. The STOCH value of 20.58 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for IN:MMFL.

MM Forgings Limited Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
SONACOMS	74 Outperform	₹303.74B	49.42	―	0.65%	7.34%	2.27%
MMFL	72 Outperform	₹19.15B	24.91	―	1.07%	-4.47%	-17.62%
GNA	72 Outperform	₹16.28B	10.02	―	0.95%	-4.65%	9.95%
Sector *	63 Neutral	$10.79B	15.43	7.44%	2.01%	2.89%	-14.66%
HPL	60 Neutral	₹17.61B	33.68	―	0.24%	6.08%	49.44%
HIRECT	58 Neutral	₹24.41B	24.91	―	0.13%	35.05%	99.65%
RKFORGE	54 Neutral	₹88.08B	174.30	―	0.38%	-4.73%	-19.52%

MM Forgings Limited Corporate Events