M M Forgings Ltd
M M Forgings Q2 FY26 earnings call: Revenue & Margins
Q2 FY26 earnings call: what management guided on revenue, margins and order book.
The short version
Sales have been flagging for 6 to 8 quarters due to customer delays and market changes but are now being reversed. Sales expected to improve starting H2 FY '26, with Q2 likely the lowest quarter.
From M M Forgings Ltd's Q2 FY26 earnings-call transcript · updated 23 Aug 2026.
Revenue & Sales Performance
- Sales have been flagging for 6 to 8 quarters due to customer delays and market changes but are now being reversed.
- Q2 FY26 expected to be the lowest quarter; sales rebound anticipated from H2 FY26 onwards, especially with new product development and North American market traction.
- Target to match or slightly be below previous year’s sales, with potential growth dependent on U.S. market recovery by mid-2026.
- Capacity expected to increase to about 140,000 tons next year, up from current ~75,000 tons utilization, aiming to produce 80,000 to 90,000 tons.
- INR 300 crores incremental revenue expected from commissioning a 16,500-ton press from FY27, with better margins on these products.
2 more points management made on revenue & sales performance
Profitability & Margins
See what M M Forgings Ltd said on profitability & margins — free account, 30 seconds.
Capital Expenditure Plans
- MM Forgings plans capital expenditure (capex) of INR70 crores in the second half of the current financial year 2025, focusing on productive assets only.
- For the next financial year, capex is expected to be around INR100-120 crores.
- Key investments include commissioning a 16,500-ton press by March/April 2026, expected to add INR300 crores turnover from FY27 onwards with better margins.
- An additional forging line with a 4,000-ton press is planned to raise capacity to approx. 140,000 tons next year.
- The company is tightly managing and rationalizing capex, postponing non-essential spending to strengthen the balance sheet.
- Some minor postponed capex (~INR25 crores) related to layout and material handling buildings is expected over the next two years.
2 more points management made on capital expenditure plans
Top-ranked in Auto Components
Ranked on what management guided this quarter
Rank buckets describe management commentary on revenue and margin. Not investment advice, and not a forecast of returns.
Fundraising & Capital Structure
See what M M Forgings Ltd said on fundraising & capital structure — free account, 30 seconds.
Order Book & Pipeline
- The transcript does not explicitly mention a specific figure for the current or expected order book or pending orders for MM Forgings Limited.
- However, it is mentioned that the wholly owned subsidiary Abhinava Rizel has an annual order of around INR 20-30 crores.
- There has been some drop in U.S. orders but gains in Europe.
- The management is working to recover lost market share and expects sales to improve as customer offtake normalizes.
- The expectation is of sales growth by at least INR 300 crores in the next 12 to 18 months, assuming market conditions stabilize.
2 more points management made on order book & pipeline
M M Forgings Ltd — Quarterly revenue & net profit
Reported quarterly figures (₹ Cr). Latest: revenue ₹430 Cr, net profit ₹45 Cr. Revenue and profit are scaled separately — hover a quarter for exact figures.
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What M M Forgings's management said in earlier quarters
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Frequently Asked Questions
What were M M Forgings Ltd Q2 FY26 results?
Sales have been flagging for 6 to 8 quarters due to customer delays and market changes but are now being reversed. Sales expected to improve starting H2 FY '26, with Q2 likely the lowest quarter.
What is M M Forgings Ltd share price analysis?
M M Forgings Ltd currently shows a neutral. The stock trades at a P/E of 25.3 with a market cap of ₹2,847 Cr. Investors should review the full earnings analysis for detailed insights.
Is M M Forgings Ltd planning capital expenditure?
MM Forgings plans capital expenditure (capex) of INR70 crores in the second half of the current financial year 2025, focusing on productive assets only. - For the next financial year, capex is expected to be around INR100-120 crores. - Key investments include commissioning a 16,500-ton press by March/April 2026, expected to add INR300 crores turnover from FY27 onwards with better margins. - An additional forging line with a 4,000-ton press is planned to raise capacity to approx.
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This analysis is AI-generated based on publicly available earnings data and the company's earnings call transcript. This is not investment advice. Please consult a SEBI-registered advisor before making investment decisions.