MM Forgings Limited (IN:MMFL)
:MMFL
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MM Forgings Limited
(MMFL)
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Rating:53Neutral
Price Target:
₹467.00
▲(13.74% Upside)
Action:Downgraded
Date:05/29/26
The score is held back mainly by weak cash-flow quality (negative free cash flow in most recent years) and meaningful leverage, despite decent profitability. Technicals are broadly neutral with longer-term trend support but negative MACD near term, while valuation is only average given a P/E of 25.65 and a modest ~0.87% dividend yield.
Positive Factors
Value-added manufacturing capabilities
MMFL's integrated forging plus machining and finishing capabilities create durable customer stickiness and allow capture of higher value per part. This vertical value-add supports deeper OEM relationships, steadier program awards and margin resilience versus pure-commodity suppliers over months.
Negative Factors
Persistent negative free cash flow
Repeated negative free cash flow signals that operating cash generation is not covering investments or working-capital needs. Over months this reduces financial flexibility, increases reliance on external funding, and constrains the company's ability to deleverage or fund growth without raising cost of capital.
Read all positive and negative factors
Positive Factors
Negative Factors
Value-added manufacturing capabilities
MMFL's integrated forging plus machining and finishing capabilities create durable customer stickiness and allow capture of higher value per part. This vertical value-add supports deeper OEM relationships, steadier program awards and margin resilience versus pure-commodity suppliers over months.
Read all positive factors
MM Forgings Limited (MMFL) vs. iShares MSCI India ETF (INDA)
Market Cap
₹22.74B
Dividend Yield1.07%
Average Volume (3M)24.04K
Price to Earnings (P/E)23.2
Beta (1Y)1.40
Revenue Growth4.24%
EPS Growth-19.47%
CountryIN
Employees2,054
SectorIndustrials
Sector Strength72
IndustryManufacturing - Metal Fabrication
Share Statistics
EPS (TTM)19.80
Shares Outstanding48,281,600
10 Day Avg. Volume2,841
30 Day Avg. Volume24,036
Financial Highlights & Ratios
PEG Ratio-0.95
Price to Book (P/B)1.82
Price to Sales (P/S)1.12
P/FCF Ratio-68.35
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)28
Revenue Forecast (FY)₹18.01B
MM Forgings Limited Business Overview & Revenue Model
Company Description
M M Forgings Limited, along with its associated companies, operates across India, specializing in the end-to-end process of designing, fabricating, and distributing steel forgings. These vital components serve a wide range of industries, including...
How the Company Makes Money
MMFL makes money by manufacturing and selling forged and value-added machined components to other businesses (B2B). Its revenue is primarily generated from (1) sale of forged components—produced by converting steel/alloy inputs into shaped parts t...
MM Forgings Limited Financial Statement Overview
Summary
Income Statement
68
Positive
Balance Sheet
56
Neutral
Cash Flow
38
Negative
| Breakdown | TTM | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 14.75B | 15.90B | 15.25B | 15.63B | 14.62B | 11.40B |
| Gross Profit | 6.18B | 4.49B | 4.70B | 3.32B | 3.07B | 4.73B |
| EBITDA | 2.98B | 2.80B | 3.19B | 3.15B | 2.85B | 2.24B |
| Net Income | 955.47M | 981.17M | 1.22B | 1.35B | 1.28B | 909.95M |
Balance Sheet | ||||||
| Total Assets | 24.83B | 25.24B | 23.70B | 19.68B | 16.64B | 14.14B |
| Cash, Cash Equivalents and Short-Term Investments | 2.33B | 2.25B | 2.18B | 2.10B | 2.18B | 2.26B |
| Total Debt | 12.16B | 10.74B | 10.51B | 9.31B | 7.56B | 6.85B |
| Total Liabilities | 15.56B | 15.46B | 14.77B | 11.79B | 9.90B | 8.55B |
| Stockholders Equity | 9.27B | 9.78B | 8.92B | 7.89B | 6.73B | 5.60B |
Cash Flow | ||||||
| Free Cash Flow | -474.74M | -260.93M | -2.61B | -1.23B | -321.50M | 378.84M |
| Operating Cash Flow | 406.18M | 1.63B | 1.82B | 1.31B | 1.67B | 1.51B |
| Investing Cash Flow | -797.20M | -1.93B | -3.84B | -2.32B | -1.85B | -1.26B |
| Financing Cash Flow | 543.57M | 374.87M | 2.51B | 944.99M | 164.89M | 141.17M |
MM Forgings Limited Technical Analysis
Positive
410.60
Price Trends
459.61
Positive
445.09
Positive
388.69
Positive
Market Momentum
2.52
Negative
59.89
Neutral
87.16
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:MMFL, the sentiment is Positive. The current price of 410.6 is below the 20-day moving average (MA) of 451.92, below the 50-day MA of 459.61, and above the 200-day MA of 388.69, indicating a bullish trend. The MACD of 2.52 indicates Negative momentum. The RSI at 59.89 is Neutral, neither overbought nor oversold. The STOCH value of 87.16 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for IN:MMFL.
MM Forgings Limited Peers Comparison
UnderperformOutperform
Sector (63)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
70 Outperform | ₹137.19B | 45.46 | ― | 0.28% | 9.76% | 12.72% | |
63 Neutral | $10.79B | 15.43 | 7.44% | 2.01% | 2.89% | -14.66% | |
61 Neutral | ₹50.91B | 17.84 | ― | 0.02% | 10.89% | 12.11% | |
55 Neutral | ₹1.18B | 23.07 | ― | ― | 41.29% | -41.91% | |
54 Neutral | ₹5.97B | 94.99 | ― | ― | 41.31% | -30.95% | |
53 Neutral | ₹22.74B | 23.21 | ― | 1.07% | 4.24% | -19.47% | |
43 Neutral | ₹346.44M | -10.85 | ― | ― | -17.59% | -710.30% |
* Industrials Sector Average
IN:MMFL
MM Forgings Limited
470.00
110.82
30.85%
IN:BALUFORGE
Balu Forge Industries Ltd
448.35
-197.60
-30.59%
IN:GANGAFORGE
Ganga Forging Ltd.
2.51
-1.60
-38.93%
IN:HAPPYFORGE
Happy Forging Limited
1,466.45
507.34
52.90%
IN:HILTON
Hilton Metal Forging Limited
23.95
-36.49
-60.37%
IN:TIRUPATIFL
Tirupati Forge Ltd.
47.98
5.60
13.21%
MM Forgings Limited Corporate Events
MM Forgings Releases FY26 Performance Update Investor Presentation
May 27, 2026
MM Forgings Limited has released an investor presentation providing a performance update linked to its audited financial results for FY26, covering the fourth quarter and full-year period. The disclosure, filed with both the Bombay Stock Exchange ...
MM Forgings to Weigh Dividend Alongside Annual Results at Forthcoming Board Meet
May 24, 2026
MM Forgings Limited has notified exchanges that its board meeting on 27 May 2026 will not only review and approve the audited standalone and consolidated financial results for the quarter and year ended 31 March 2026, but will also consider declar...
CARE reaffirms MM Forgings’ A/Stable and A1 credit ratings amid steady performance
Apr 11, 2026
MM Forgings Limited announced that CARE Ratings has reaffirmed its credit ratings on the company’s bank facilities, maintaining long-term facilities at CARE A with a stable outlook and short-term facilities at CARE A1, alongside a reduction ...
MM Forgings to Weigh Fundraising Plan and Share Capital Increase
Mar 21, 2026
MM Forgings Limited has scheduled a board meeting on 25 March 2026 to consider raising funds through the issuance of equity shares or other eligible securities, potentially via qualified institutional placement, alongside a proposed increase in au...
MM Forgings Releases Analyst Call Transcript on Q3 FY26 Results
Mar 9, 2026
MM Forgings Limited has notified stock exchanges that it has released the transcript of its analyst and investor conference call held on March 5, 2026, discussing unaudited financial results for the quarter and nine months ended December 31, 2025....
MM Forgings posts analyst call recording on Q3 FY26 results for investors
Mar 6, 2026
MM Forgings has disclosed that an audio recording is available of its analyst and investor conference call held on 5 March 2026 during the Auto Ancillaries Virtual Investor Conference hosted by Emkay Global Financial Services. The call discussed t...
MM Forgings Schedules Virtual Auto Ancillaries Investor Conference
Mar 1, 2026
MM Forgings Limited has notified the exchanges that its management will participate in a virtual investor conference focused on auto ancillaries on 5 March 2026. The session, organized by Emkay Global Financial Services, will be a group meeting wi...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.