MM Forgings Limited (IN:MMFL)
:MMFL
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MM Forgings Limited
(MMFL)
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Rating:72Outperform
Price Target:
₹514.00
▲(25.18% Upside)
Action:UpgradedDate: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
Integrated forgings + machining
MMFL's integrated model (forging plus value-added machining/finishing) lets it sell higher-value, ready-to-assemble parts. This creates stickier OEM relationships, reduces pure commodity exposure, and supports durable margin capture and contract longevity across cycles.
Negative Factors
Elevated financial leverage
Higher debt-to-equity increases interest and refinancing risk, reducing financial flexibility. With leverage elevated, the company is more vulnerable to demand downturns or cost shocks, constraining strategic optionality and capital allocation for months ahead.
Read all positive and negative factors
Positive Factors
Negative Factors
Integrated forgings + machining
MMFL's integrated model (forging plus value-added machining/finishing) lets it sell higher-value, ready-to-assemble parts. This creates stickier OEM relationships, reduces pure commodity exposure, and supports durable margin capture and contract longevity across cycles.
Read all positive factors
MM Forgings Limited (MMFL) vs. iShares MSCI India ETF (INDA)
Market Cap
₹22.42B
Dividend Yield1.07%
Average Volume (3M)24.04K
Price to Earnings (P/E)24.9
Beta (1Y)1.14
Revenue Growth-4.47%
EPS Growth-17.62%
CountryIN
Employees2,054
SectorIndustrials
Sector Strength72
IndustryManufacturing - Metal Fabrication
Share Statistics
EPS (TTM)5.30
Shares Outstanding48,281,600
10 Day Avg. Volume2,841
30 Day Avg. Volume24,036
Financial Highlights & Ratios
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 CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
₹600.00Price Target Upside46.13% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering1
EPS Forecast (FY)31.15
Revenue Forecast (FY)₹18.10B
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...
How the Company Makes Money
MMFL primarily makes money by producing and selling forged metal components and related value-added services to industrial customers. Key revenue streams typically include (1) sale of forgings (the base product), priced per part or per contract ba...
MM Forgings Limited Financial Statement Overview
Summary
Income Statement
82
Very Positive
Balance Sheet
75
Positive
Cash Flow
68
Positive
| 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
Positive
410.60
Price Trends
441.40
Positive
406.45
Positive
366.75
Positive
Market Momentum
5.80
Negative
60.22
Neutral
80.42
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 425.78, below the 50-day MA of 441.40, and above the 200-day MA of 366.75, indicating a bullish trend. The MACD of 5.80 indicates Negative momentum. The RSI at 60.22 is Neutral, neither overbought nor oversold. The STOCH value of 80.42 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 |
|---|---|---|---|---|---|---|---|
76 Outperform | ₹19.04B | 10.02 | ― | 0.95% | -4.65% | 9.95% | |
74 Outperform | ₹364.18B | 49.42 | ― | 0.65% | 7.34% | 2.27% | |
72 Outperform | ₹22.42B | 24.91 | ― | 1.07% | -4.47% | -17.62% | |
65 Neutral | ₹21.77B | 33.68 | ― | 0.24% | 6.08% | 49.44% | |
63 Neutral | $10.79B | 15.43 | 7.44% | 2.01% | 2.89% | -14.66% | |
58 Neutral | ₹29.10B | 49.83 | ― | 0.13% | 35.05% | 99.65% | |
54 Neutral | ₹97.02B | 174.30 | ― | 0.38% | -4.73% | -19.52% |
* Industrials Sector Average
IN:MMFL
MM Forgings Limited
463.25
112.63
32.12%
IN:GNA
GNA Axles Ltd
436.50
64.10
17.21%
IN:HIRECT
Hind Rectifiers Limited
897.30
411.73
84.79%
IN:HPL
HPL Electric & Power Limited
356.50
-92.67
-20.63%
IN:RKFORGE
Ramkrishna Forgings Ltd
535.30
-184.20
-25.60%
IN:SONACOMS
Sona BLW Precision Forgings Ltd.
594.50
141.89
31.35%
MM Forgings Limited Corporate Events
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...
MM Forgings Files Q3 FY26 Earnings Call Transcript With Exchanges
Feb 19, 2026
MM Forgings Limited has submitted to the stock exchanges the transcript of its Q3 FY26 post‑results earnings conference call with analysts and investors. The call, held on 17 February 2026, discussed the unaudited financial results for the q...
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.