MarketFriction

M M Forgings Ltd

NSE MMFL · BSE 522241 · Auto Components & Equipments
₹571.95 -4.45%
NSE close2026-10-01
52 week range288.10 - 687.95
Market cap₹2,950 Cr.
P/E26.2
Price band 20% Delivery 49.6%

Price

Drag to pan, scroll or pinch to zoom. Ruler (or Shift + drag) measures a move.Dashed lines: 52 week high and low. Prices adjusted for splits and bonuses.

Financials

Consolidated, Rs crore
Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Sales397399398382398374371362385414430420
Expenses322323320309321301298298318344349346
Operating Profit757578737773736367698175
OPM %19%19%20%19%19%20%20%18%17%17%19%18%
Other Income5666746843163
Interest91113151615141821201816
Depreciation212120222323262524262830
Profit before tax504950424539402825263591
Tax %29%31%27%29%29%31%17%31%34%33%-26%1%
Net Profit353437303227331917184590
EPS in Rs7.346.947.626.236.615.506.893.973.433.649.2718.73
Mar 2009Mar 2010Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales2071586399347697521,1401,4621,5631,5251,5901,649
Expenses1751365097596376239311,1891,2701,2291,3101,357
Operating Profit3223130175132129209273293296280292
OPM %15%14%20%19%17%17%18%19%19%19%18%18%
Other Income87481920161222231670
Interest9613323832283042607876
Depreciation16124658606568798393103108
Profit before tax141274935352129177189166115178
Tax %28%12%18%29%21%11%29%28%29%26%14%
Net Profit1010616642469112813512399169
EPS in Rs2.112.1612.5713.568.689.5418.8426.4927.9625.5220.4435.07
Dividend Payout %18%17%20%18%29%26%16%11%14%16%20%
10 Years5 Years3 YearsTTM1 YearLast Year
Compounded Sales Growth%16%3%10%
Compounded Profit Growth%17%-8%1%
Stock Price CAGR19%9%12%100%
Return on Equity%16%14%10%
Mar 2008Mar 2009Mar 2010Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital61212122424242424244848
Reserves818392351403431463535649765845927
Borrowings1041111143856885665326857569311,1851,235
Other Liabilities29182490103113230170232249271286
Total Liabilities2202242428381,2181,1341,2501,4141,6611,9692,3502,496
Fixed Assets1011131304066517126757088049149641,101
CWIP222522273913173663124383335
Investments0003333222223410
Other Assets9786904025244065536477729089981,051
Total Assets2202242428381,2181,1341,2501,4141,6611,9692,3502,496
Mar 2008Mar 2009Mar 2010Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Cash from Operating Activity6232742728320150160149182228
Cash from Investing Activity-38-41-15-86-301-78-11-126-187-232-358-182
Cash from Financing Activity3218-7112281-2023141677185-38
Net Cash Flow0-0530831239-10-688
Free Cash Flow-41-92-89-288189-940-40-102-22140
CFO/OP30%86%125%18%30%221%20%85%74%62%81%87%
Mar 2008Mar 2009Mar 2010Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days352967363510565049648596
Inventory Days190149151178168140190147163176188171
Days Payable62196692508210879898295103
Cash Conversion Cycle16316015212115368139118123158178165
Working Capital Days142133155-40-11-6160-25-25-20-14-18
ROCE %15%12%9%14%9%8%14%15%15%12%9%
Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Promoters56.33%56.33%56.33%56.33%56.33%56.33%56.33%56.33%56.33%56.33%56.33%56.33%
FIIs1.72%1.93%2.28%2.85%3.41%3.75%3.09%1.79%1.76%1.74%1.85%2.44%
DIIs15.66%14.47%11.83%10.72%10.50%9.85%8.92%8.33%8.31%8.55%8.38%7.49%
Public26.29%27.27%29.56%30.10%29.75%30.06%31.65%33.54%33.59%33.38%33.44%33.73%
No. of Shareholders16,57018,42922,52927,47834,49433,87834,34935,74235,81134,24430,82829,930

Fundamentals

Market Cap₹ 2,950 Cr.
Current Price₹ 612
Stock P/E26.2
Book Value₹ 202
ROCE8.97 %
ROE10.5 %
Dividend Yield0.65 %
Face Value₹ 10.0
Compounded Sales Growth (TTM)10%
Compounded Profit Growth (TTM)1%
Consolidated figures.
Valuation
Market capRs 2,761 Cr
Enterprise valueRs 3,771 Cr
P/E (TTM)16.31x
Price to book2.83x
Price to sales1.67x
EV / EBITDA10.42x
EV / EBIT14.85x
EV / sales2.29x
Price to cash flow12.13x
Earnings yield6.13%
Dividend yield0.70%
P/E, 3-year average13.09x
P/B, 3-year average1.67x
P/E, 5-year average11.68x
P/B, 5-year average1.67x
Profitability
Operating margin (excl. other income)17.61%
Operating margin (incl. other income)18.63%
EBITDA margin21.95%
Pre-tax margin10.79%
Net profit margin10.27%
Net margin, latest quarter21.50%
ROE10.56%
ROCE9.00%
ROA4.07%
ROE, 3-year average14.56%
ROCE, 3-year average11.87%
ROA, 3-year average5.74%
ROE, 5-year average16.37%
ROCE, 5-year average12.98%
ROA, 5-year average6.47%
ROIC (approx.)11.00%
Tax rate14.07%
Other income / net worth1.66%
Growth
Sales growth (latest year)4.24%
Profit growth (latest year)-19.92%
Sales CAGR, 3 years2.84%
Sales CAGR, 5 years16.15%
Profit CAGR, 3 years-8.30%
Profit CAGR, 5 years16.46%
Sales growth QoQ-2.14%
Profit growth QoQ102.10%
Sales growth YoY (latest quarter)16.27%
Profit growth YoY (latest quarter)371.18%
Per share
EPS (TTM)Rs 35.07
EPS (latest year)Rs 20.44
EPS (latest quarter)Rs 18.73
EPS, 3-year averageRs 33.97
EPS, 5-year averageRs 38.52
Book value per shareRs 201.99
Sales per shareRs 341.48
Cash flow per shareRs 47.15
Free cash flow per shareRs 8.28
Dividend per share (latest year)Rs 4.00
Dividend per share, 3-year averageRs 5.33
Dividend per share, 5-year averageRs 5.60
Dividends
Dividend payout19.57%
Dividend payout, 3-year average16.51%
Dividend payout, 5-year average15.35%
Efficiency
Asset turnover0.64x
Fixed asset turnover1.44x
Inventory turnover3.04x
Inventory days120 days
Debtor days96 days
Debtors turnover3.80x
Creditor days103 days
Cash conversion cycle165 days
Working capital days-18 days
Leverage
Total debtRs 1,235 Cr
Cash and bankRs 225 Cr
Net debtRs 1,010 Cr
Debt to equity1.27x
Net debt / EBITDA2.79x
Interest coverage3.34x
Current ratio (filing 2026-03-31)1.18x
Quick ratio (filing 2026-03-31)0.80x
Trade payables (filing 2026-03-31)Rs 226 Cr
Owners' fund to total sources39.07%
Debt to assets49.49%
Cash flow
Cash from Operating Activity (latest year)Rs 228 Cr
Cash from Investing Activity (latest year)Rs -182 Cr
Cash from Financing Activity (latest year)Rs -38 Cr
Net Cash Flow (latest year)Rs 8 Cr
Free cash flow (latest year)Rs 40 Cr
FCFE (approx.: FCF + change in debt)Rs 90 Cr
Cash from ops / profit, 5 years1.51x
Sales to cash flow6.98x
Statement figures
Net sales (TTM)Rs 1,649 Cr
Net sales (latest year)Rs 1,590 Cr
Sales (latest quarter)Rs 420 Cr
Operating profit excl. other income (latest year)Rs 280 Cr
Operating profit (latest quarter)Rs 75 Cr
Other income (TTM)Rs 70 Cr
EBITDA (TTM)Rs 362 Cr
PBDT (TTM)Rs 286 Cr
Profit before tax (TTM)Rs 178 Cr
Tax (latest year)Rs 16 Cr
Net profit (TTM)Rs 169 Cr
Net profit (latest year)Rs 99 Cr
Net profit (latest quarter)Rs 90 Cr
Depreciation (TTM)Rs 108 Cr
Depreciation (latest quarter)Rs 30 Cr
Interest (TTM)Rs 76 Cr
Cost of goods sold (latest year)Rs 1,016 Cr
Total expenditure (latest year)Rs 1,310 Cr
Total income (latest year)Rs 1,606 Cr
Share capitalRs 48 Cr
ReservesRs 927 Cr
Shareholders' fundsRs 975 Cr
Total assetsRs 2,496 Cr
Net blockRs 1,101 Cr
Capital work in progressRs 335 Cr
InvestmentsRs 10 Cr
ReceivablesRs 419 Cr
InventoryRs 334 Cr
Other liabilitiesRs 286 Cr
Shares outstanding (crore)4.83
Ownership
Promoter holding56.33% (+0.00 in a year)
Computed by MarketFriction from the consolidated statements. Returns use average balances.
P/E 16.3 is at the 19th percentile of its own 10.1-year range (median 22.1, low 5.8, high 136.0).
P/B 2.83 is at the 36th percentile (median 3.42).
Monthly. Market cap from split-adjusted price; profit and book value as reported by that month. A low percentile means cheap versus its own history, not cheap versus peers.
PeriodMMFLNifty 50Difference
1 week-6.7%-2.8% -3.9 pts
1 month-13.0%-6.8% -6.2 pts
3 months+13.9%-7.6% +21.5 pts
6 months+53.9%+0.4% +53.5 pts
1 year+73.5%-9.9% +83.4 pts
2 years-4.0%-13.6% +9.6 pts
3 years+30.4%+14.2% +16.2 pts
5 years+46.4%+27.9% +18.5 pts
5 mutual fund schemes hold about ₹233 Cr. Over three months 4 bought more and 1 sold (share counts, price move removed).
FundWeightEst. Cr3m shares
HDFC Aggressive Hybrid Fund0.53%117 +26%
Tata Small Cap Fund0.78%102 +20%
ICICI Pru Exports & Services Fund0.42%7 +425%
ICICI Pru Exports & Services Fund0.42%6 +425%
ICICI Pru Transportation and Logistics Fund0.00%0 -100%

Red flags

F-score 5 of 8
No red flags in the latest statements and filings.
Checks on the latest reported years: cash vs profit, accruals, receivables and inventory vs sales, dilution, debt, interest cover, equity, other income, losses, and auditor, top-management, insolvency and regulator filings in the last 12 months. A flag asks for an explanation; it is not a verdict.

Latest quarter

Jun 2026
Sales ₹420 Cr +16.0% vs Jun 2025. Net profit ₹90 Cr +373.7%.
Against our estimate for Jun 2026: sales +2.4%, profit +354.1% big beat. Our estimate for Sep 2026: sales Rs 446 Cr, profit Rs 33 Cr (how).

Activity

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No bulk or block deals on record.
Ex-dateActionFactor
2026-06-12Interim Dividend - Rs 4 Per Share
2025-07-30Dividend - Rs 4 Per Share
2024-07-16Bonus 1:10.5000
2024-06-14Interim Dividend - Rs 8 Per Share
2023-05-29Interim Dividend - Rs 6 Per Share
2022-06-06Interim Dividend - Rs 6 Per Share
2021-09-03 Annual General Meeting
2021-07-01 Nterim Dividend - Rs 5 Per Share
2020-09-21 Annual General Meeting
2020-03-19 Interim Dividend - Rs 5 Per Share
2019-08-21 Annual General Meeting
2019-06-07 Interim Dividend - Rs 2.5 Per Share
2019-02-22 Interim Div - Rs 2.50 Per Share
2018-07-18 Bonus 1:10.5000
2018-06-07 Interim Dividend- Rs 5 Per Share
2017-12-05 Interim Dividend - Rs 5/- Per Share
2017-09-18 Annual General Meeting
2017-06-01 Interim Dividend Re 1/- Per Share
2016-08-29 Annual General Meeting/Interim Dividend - Rs 5/- Per Share
2016-03-21 Interim Dividend - Rs 3/- Per Share
2015-11-19 Interim Dividend - Rs 3/- Per Share
2015-08-17Annual General Meeting
2015-05-28Interim Dividend - Rs 3/- Per Share
2014-11-03Interim Dividend - Rs 3/- Per Share
2014-08-22Annual General Meeting / Annual Closing
2014-05-27Interim Dividend - Rs 2/- Per Share
2014-02-17Interim Dividend - Rs 2/- Per Share
2013-08-23Annual General Meeting
2013-05-31Interim Dividend Rs 3 Per Share
2012-07-30Annual General Meeting
2012-05-30Interim Dividend Rs 3 Per Share
2011-08-08Annual General Meeting
2011-05-03Interim Dividend-Rs.3/- Per Share
2010-08-20Annual General Meeting And Dividend Rs.1.50 Per Share
2009-07-31Agm/Div-Rs.1.50 Per Share
2008-09-26Bonus - 1:10.5000
2008-08-12Agm/Dividend - 50%
2007-08-23Agm/Dividend-30%
DateTypeWhat it says
2026-09-10Concall / analyst meetSchedule of meet
2026-08-21Concall / analyst meetTranscript
2026-08-18General UpdatesGeneral Updates
2026-08-18Concall / analyst meetLink of Recording
2026-08-15General UpdatesGeneral Updates
2026-08-14ResignationResignation of Director/KMP/SMP
2026-08-14Change in Company Secretary/Change in Company Secretary/Compliance Officer
2026-08-14Board meeting outcomeMM Forgings Limited has submitted to the Exchange, the financial results for the period ended Jun 30, 2026.
2026-08-11Concall / analyst meetSchedule of meet
2026-08-10Shareholder meetingVoting results.
2026-08-08Shareholder meetingProceedings of Annual General Meeting held on August 08, 2026
2026-07-17Shareholder meetingNotice of Annual General Meeting to be held on August 08, 2026
2026-07-16Shareholder meetingIntimation of Annual General Meeting to be held on Saturday August 08, 2026 at 3 pm. (IST)
2026-07-10Amendment to AOA/MOAThe Amendment to AOA/MOA of the company.
2026-07-09Amalgamation/MergerThe receipt of Certified true copy of the order of Amalgamation of DVS Industries Private Limited, wholly owned subsidiary of the Company with M M For...
2026-06-30Amalgamation/MergerAmalgamation/Merger
2026-05-28General UpdatesInvestor Presentation for Q4FY26 and FY26
2026-05-27DividendBoard of Directors at its meeting held on May 27, 2026, declared Interim Dividend of Rs. 4 per equity share.
2026-05-27Record DateRecord date for the purpose of Dividend is 12-Jun-2026.
2026-05-27Board meeting outcomeMM Forgings Limited has submitted to the Exchange, the financial results for the period ended March 31, 2026.
2026-05-24General UpdatesUpdate on Board Meeting
2026-04-30Shareholder meetingVoting results.
2026-04-13Disclosure under SEBI TakeovSynmax Consultants & Trading Private Limited has Submitted to the Exchange a copy of Disclosure under Regulation 31(4) of the Securities and Exchange ...
2026-04-13Disclosure under SEBI TakeovVidyashankar Krishnan has Submitted to the Exchange a copy of Disclosure under Regulation 31(4) of the Securities and Exchange Board of India (Substan...
2026-04-11Credit RatingCredit Rating
Company filings to NSE, newest first. Routine notices (trading window, newspaper copies) are left out. Click a row for the filing.
No short selling reported to NSE in our files.
Short sales disclosed by brokers to NSE, by trade date. Collected since late September 2026.
Not on any NSE surveillance list in the latest file.

Quick answers

What is the market cap of M M Forgings Ltd?

M M Forgings Ltd (MMFL) has a market capitalisation of Rs 2,950 Cr. at the 2026-10-01 close.

What is the P/E ratio of M M Forgings Ltd?

M M Forgings Ltd trades at a P/E of 26.2 on trailing twelve-month profit, at the 2026-10-01 close.

What were M M Forgings Ltd's latest quarterly results?

In the Jun 2026 quarter, M M Forgings Ltd sales was Rs 420 Cr (+16.0% vs Jun 2025) and net profit was Rs 90 Cr.

What is the 52-week high and low of M M Forgings Ltd?

The 52-week high is Rs 687.95 and the 52-week low is Rs 288.10.

Data: NSE and BSE daily reports, company filings. Numbers only, not investment advice, not a SEBI-registered research service.AboutMethodologyFAQResearchContactTermsPrivacyDisclaimerUpdated 2026-10-03