M M Forgings Ltd
M M Forgings Q4 FY25 earnings call: Revenue & Margins
Q4 FY25 earnings call: what management guided on revenue, margins and order book.
The short version
Sales volumes are expected to remain around previous year’s levels, with potential to regain the 3% sales loss experienced last year through ongoing and planned investments. - Raw material price fluctuations are treated as pass-through costs and do not impact long-term sales growth; focus will be on increasing value-added parts sales to improve realizations. - Growth drivers include the commercial vehicle (CV) market, passenger car market, and emerging discussions for components related to electric vehicles (EVs). - Export sales may remain sluggish with a 10%-15% expected slowdown due to global trade uncertainties, but new customer acquisitions could add around Rs. MM Forgings aims to regain a 3% sales loss from the previous year through current and ongoing investments. - Market conditions are expected to be slightly positive, supporting growth momentum. - Focus on higher value-added machined components, with an expectation to increase their contribution from 58% to around 65%-70% in the medium term, which should improve EBITDA margins. - EBITDA margin is targeted to reach around 20% by Q3-Q4 FY '26 and maintain or improve thereafter. - Capacity expansions via Rs.
From M M Forgings Ltd's Q4 FY25 earnings-call transcript · updated 23 Aug 2026.
Revenue & Sales Performance
- Sales volumes are expected to remain around previous year’s levels, with potential to regain the 3% sales loss experienced last year through ongoing and planned investments.
- Raw material price fluctuations are treated as pass-through costs and do not impact long-term sales growth; focus will be on increasing value-added parts sales to improve realizations.
- Growth drivers include the commercial vehicle (CV) market, passenger car market, and emerging discussions for components related to electric vehicles (EVs).
- Export sales may remain sluggish with a 10%-15% expected slowdown due to global trade uncertainties, but new customer acquisitions could add around Rs. 100 crores in export sales by FY '27 and FY '28.
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Profitability & Margins
See what M M Forgings Ltd said on profitability & margins — free account, 30 seconds.
Capital Expenditure Plans
- FY '25 CAPEX was around Rs. 400 crores, primarily towards large press (Rs. 150 crores), direct machining investments (Rs. 100 crores), and forging equipment (Rs. 50 crores).
- No forging capacity was added in FY '25; current forging capacity is slated at 16,500 tons with an additional ~5,000 tons expected in Q3-Q4 FY '26.
- For FY '26, planned CAPEX is about Rs. 300 crores, funded mostly by internal accruals and some fresh term loans (~Rs. 160 crores).
- CAPEX focus is primarily on machining and production capacities related to existing customers and products, particularly in the commercial vehicle and passenger car segments.
- New large 16,500-ton press is expected to be commissioned by Q3-Q4 FY '26 and start production January onwards.
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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
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Order Book & Pipeline
- MM Forgings' order book is about 5 months deep at any point in time.
- Orders on hand are scheduled and reflect business won through long-term customer relationships.
- The company emphasizes retaining current customers and products, with no orders lost recently or expected to be lost soon.
- The order book volume fluctuates based on end customer demand.
- Growth in new orders is uncertain; discussions with several customers are ongoing, particularly for export markets.
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M M Forgings Ltd — Quarterly revenue & net profit
Reported quarterly figures (₹ Cr). Latest (Q4 FY26): 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 Ltd's management said in earlier quarters
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Frequently Asked Questions
What were M M Forgings Ltd Q4 FY25 results?
Sales volumes are expected to remain around previous year’s levels, with potential to regain the 3% sales loss experienced last year through ongoing and planned investments. - Raw material price fluctuations are treated as pass-through costs and do not impact long-term sales growth; focus will be on increasing value-added parts sales to improve realizations. - Growth drivers include the commercial vehicle (CV) market, passenger car market, and emerging discussions for components related to electric vehicles (EVs). - Export sales may remain sluggish with a 10%-15% expected slowdown due to global trade uncertainties, but new customer acquisitions could add around Rs. MM Forgings aims to regain a 3% sales loss from the previous year through current and ongoing investments. - Market conditions are expected to be slightly positive, supporting growth momentum. - Focus on higher value-added machined components, with an expectation to increase their contribution from 58% to around 65%-70% in the medium term, which should improve EBITDA margins. - EBITDA margin is targeted to reach around 20% by Q3-Q4 FY '26 and maintain or improve thereafter. - Capacity expansions via Rs.
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?
FY '25 CAPEX was around Rs.
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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.