M M Forgings Q1 FY27 Share Price & Earnings Call Analysis
- Market cap
- ₹2,384 Cr
- P/E
- 21.18
- ROE
- 10.49%
- PEG
- -2.52
- Price to sales
- 1.45
- Debt to equity
- 1.27
- 52W high / low
- ₹680 / ₹298
- Sales growth (5Y)
- 16.15%
- EBITDA margin
- 17.69%
- Net profit margin
- 6.16%
- Promoter holding
- 56.33%
- Sales (last year)
- ₹1,649 Cr
Guidance scorecard · Q1 FY27 call
What M M Forgings Ltd's management guided
RevenueQ1 FY27 call
10–20%- Targeting minimum sales of 25,000 tons per quarter in the next 2-3 quarters, aiming to increase to 27,000 and then 30,000 tons per quarter.
- Expected to cross 90,000 tons in sales this year, with a run rate of 1 lakh tons per annum starting Q2 onwards and potentially reaching 1.1 lakh tons in the next year.
- Anticipates turnover growth of around 18% this year, targeting INR 1,800-1,900 crores in revenue.
- Machining mix to remain strong, hovering between 65% to 68% of sales, reflecting capital investments made in the past 3 years.
2 more points from M M Forgings Ltd's call on revenue
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MarginsQ1 FY27 call
Up 0–2%See what M M Forgings Ltd said on margins — free account, 30 seconds.
CapexQ1 FY27 call
Planned- Overall machining capex of about INR1,100 crores invested historically, with INR1,000 crores in the last 10 years and INR625 crores in the last 5 years.
- INR150 crores capex planned for the current year; INR30-50 crores dedicated to replacement/debottlenecking.
- Focus on increasing capabilities in machining, including automation investment expected to triple to INR30-50 crores this fiscal.
- Adding forging equipment: a 16,500-ton press expected in production by Q4 of this fiscal; also a recently commissioned 4,000-ton press.
- Debottlenecking ongoing to improve capacity utilization by 15%-20%.
- Capex financed predominantly from internal accruals; gross debt to remain stable around INR750-800 crores.
2 more points from M M Forgings Ltd's call on capex
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FundraisingQ1 FY27 call
None plannedSee what M M Forgings Ltd said on fundraising — free account, 30 seconds.
Order bookQ1 FY27 call
Rising- As of Q1 FY27, MM Forgings has recorded about 20,000 tons of sales.
- From Q2 onwards, the company expects quarterly sales between 23,000 to 25,000 tons.
- Targets to cross 90,000 tons in annual sales for the current year.
- For the next year, aiming for 100,000 to 110,000 tons in sales volume.
- The company is experiencing strong demand, especially in machined orders.
- Order wins are coming from both domestic and export markets.
2 more points from M M Forgings Ltd's call on the order book
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Ranges are what management guided for revenue growth and margins on the latest earnings call. Not investment advice, and not a forecast of returns.
Potential multibaggers · Q2 FY27
This quarter's potential multibaggers
on management's own guidance
- Strong growth2
- Strong growth1
- Strong growth3
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Ranks describe management commentary on revenue and margin from the latest earnings call. Not investment advice.
Financials of M M Forgings Ltd
Quarterly Results, Profit & Loss, Balance Sheet, Cash Flows, and Ratios are shown below as separate sections.
Financials of M M Forgings Ltd
Quarterly Results
Quarter-by-quarter operating performance
| Mar 2023 | Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales + | 388 | 370 | 397 | 399 | 398 | 382 | 398 | 374 | 371 | 362 | 385 | 414 | 430 |
| Expenses + | 319 | 305 | 322 | 323 | 320 | 309 | 321 | 301 | 298 | 298 | 318 | 344 | 349 |
| Operating Profit | 70 | 65 | 75 | 75 | 78 | 73 | 77 | 73 | 73 | 63 | 67 | 69 | 81 |
| OPM % | 18% | 18% | 19% | 19% | 20% | 19% | 19% | 20% | 20% | 18% | 17% | 17% | 19% |
| Other Income + | 5 | 5 | 5 | 6 | 6 | 6 | 7 | 4 | 6 | 8 | 4 | 3 | 1 |
| Interest | 7 | 10 | 9 | 11 | 13 | 15 | 16 | 15 | 14 | 18 | 21 | 20 | 18 |
| Depreciation | 21 | 21 | 21 | 21 | 20 | 22 | 23 | 23 | 26 | 25 | 24 | 26 | 28 |
| Profit before tax | 47 | 40 | 50 | 49 | 50 | 42 | 45 | 39 | 40 | 28 | 25 | 26 | 35 |
| Tax % | 34% | 28% | 29% | 31% | 27% | 29% | 29% | 31% | 17% | 31% | 34% | 33% | -26% |
| Net Profit + | 31 | 29 | 35 | 34 | 37 | 30 | 32 | 27 | 33 | 19 | 17 | 18 | 45 |
| EPS in Rs | 6.37 | 6.00 | 7.34 | 6.94 | 7.62 | 6.23 | 6.61 | 5.50 | 6.89 | 3.97 | 3.43 | 3.64 | 9.27 |
Financials of M M Forgings Ltd
Profit & Loss
Annual income statement trend
| Mar 2008 | Mar 2009 | Mar 2010 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales + | 191 | 207 | 158 | 639 | 934 | 769 | 752 | 1,140 | 1,462 | 1,563 | 1,525 | 1,590 |
| Expenses + | 154 | 175 | 136 | 509 | 759 | 637 | 623 | 931 | 1,189 | 1,270 | 1,229 | 1,310 |
| Operating Profit | 37 | 32 | 23 | 130 | 175 | 132 | 129 | 209 | 273 | 293 | 296 | 280 |
| OPM % | 19% | 15% | 14% | 20% | 19% | 17% | 17% | 18% | 19% | 19% | 19% | 18% |
| Other Income + | 6 | 8 | 7 | 4 | 8 | 19 | 20 | 16 | 12 | 22 | 23 | 16 |
| Interest | 4 | 9 | 6 | 13 | 32 | 38 | 32 | 28 | 30 | 42 | 60 | 78 |
| Depreciation | 18 | 16 | 12 | 46 | 58 | 60 | 65 | 68 | 79 | 83 | 93 | 103 |
| Profit before tax | 20 | 14 | 12 | 74 | 93 | 53 | 52 | 129 | 177 | 189 | 166 | 115 |
| Tax % | 29% | 28% | 12% | 18% | 29% | 21% | 11% | 29% | 28% | 29% | 26% | 14% |
| Net Profit + | 14 | 10 | 10 | 61 | 66 | 42 | 46 | 91 | 128 | 135 | 122 | 99 |
| EPS in Rs | 2.98 | 2.11 | 2.16 | 12.57 | 13.56 | 8.68 | 9.54 | 18.84 | 26.49 | 27.96 | 25.24 | 20.44 |
| Dividend Payout % | 21% | 18% | 17% | 20% | 18% | 29% | 26% | 16% | 11% | 14% | 16% | 0% |
Financials of M M Forgings Ltd
Balance Sheet
Capital structure and asset base
| Mar 2008 | Mar 2009 | Mar 2010 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 6 | 12 | 12 | 12 | 24 | 24 | 24 | 24 | 24 | 24 | 48 | 48 |
| Reserves | 81 | 83 | 92 | 351 | 403 | 431 | 463 | 535 | 649 | 765 | 843 | 929 |
| Borrowings + | 104 | 111 | 114 | 385 | 688 | 566 | 532 | 685 | 756 | 931 | 1,185 | 1,074 |
| Other Liabilities + | 29 | 18 | 24 | 90 | 103 | 113 | 230 | 170 | 232 | 249 | 272 | 473 |
| Total Liabilities | 220 | 224 | 242 | 838 | 1,218 | 1,134 | 1,250 | 1,414 | 1,661 | 1,969 | 2,349 | 2,524 |
| Fixed Assets + | 101 | 113 | 130 | 406 | 651 | 712 | 675 | 708 | 804 | 914 | 964 | 1,101 |
| CWIP | 22 | 25 | 22 | 27 | 39 | 13 | 17 | 36 | 63 | 124 | 383 | 337 |
| Investments | 0 | 0 | 0 | 3 | 3 | 3 | 3 | 22 | 22 | 23 | 4 | 10 |
| Other Assets + | 97 | 86 | 90 | 402 | 524 | 406 | 553 | 647 | 772 | 908 | 997 | 1,077 |
| Total Assets | 220 | 224 | 242 | 838 | 1,218 | 1,134 | 1,250 | 1,414 | 1,661 | 1,969 | 2,349 | 2,524 |
Financials of M M Forgings Ltd
Cash Flows
Operating, investing and financing cash movement
| Mar 2008 | Mar 2009 | Mar 2010 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash from Operating Activity + | 6 | 23 | 27 | 4 | 27 | 283 | 20 | 150 | 160 | 149 | 182 | |
| Cash from Investing Activity + | -38 | -41 | -15 | -86 | -301 | -78 | -11 | -126 | -187 | -232 | -358 | |
| Cash from Financing Activity + | 32 | 18 | -7 | 112 | 281 | -202 | 3 | 14 | 16 | 77 | 185 | |
| Net Cash Flow | 0 | -0 | 5 | 30 | 8 | 3 | 12 | 39 | -10 | -6 | 8 | |
| Free Cash Flow | -41 | -9 | 2 | -89 | -288 | 189 | -9 | 40 | -40 | -102 | -221 | |
| CFO/OP | 30% | 86% | 125% | 18% | 30% | 221% | 20% | 85% | 74% | 62% | 81% |
Financials of M M Forgings Ltd
Ratios
Working capital efficiency and return ratios
| Mar 2008 | Mar 2009 | Mar 2010 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debtor Days | 35 | 29 | 67 | 36 | 35 | 10 | 56 | 50 | 49 | 64 | 84 | 105 |
| Inventory Days | 190 | 149 | 151 | 178 | 168 | 140 | 190 | 147 | 163 | 176 | 188 | 171 |
| Days Payable | 62 | 19 | 66 | 92 | 50 | 82 | 108 | 79 | 89 | 82 | 95 | 116 |
| Cash Conversion Cycle | 163 | 160 | 152 | 121 | 153 | 68 | 139 | 118 | 123 | 158 | 178 | 160 |
| Working Capital Days | 142 | 133 | 155 | -40 | -11 | -61 | 60 | -25 | -25 | -20 | -14 | -16 |
| ROCE % | 15% | 12% | 9% | 14% | 9% | 8% | 14% | 15% | 15% | 12% | 9% |
Guidance history
How M M Forgings Ltd's guidance has moved, call by call
| Call | Revenue | Margins | Capex | Fundraising | Order book |
|---|---|---|---|---|---|
| Q1 FY27 call → | 10–20% | Up 0–2% | Planned | None planned | Rising |
| Q3 FY26 call → | 20–40% | Flat | Planned | Planned | Rising |
| Q3 FY26 call → | 10–20% | Up 0–2% | Planned | — | Rising |
| Q2 FY26 call → | 10–20% | Up 0–2% | Planned | Planned | Flat |
What management guided on each call, newest first. Not investment advice, and not a forecast of returns.
Momentum score · price trend
33 out of 100 — Cooling
Over the past year its share price has done worse than most of the stocks we track.
| Period | Share price change | Better than … of 1,910 stocks |
|---|---|---|
| Last 12 months | +60.6% | 88% |
| Last 6 months | −0.1% | 53% |
| Last 3 months | −7.7% | 47% |
The price is 27.4% below its all-time high of ₹680.2 (18 Aug 2026). Stocks more than 20% below their peak have their score halved, so 66 became 33.
How we calculate it
“Better than 30%” means that over that period the share price did better than 30 out of every 100 stocks we track (1,910 Indian companies worth ₹500 Cr or more, with at least a year of prices).
The score weighs the longer periods more: 40% × 12-month + 40% × 6-month + 20% × 3-month. For M M Forgings Ltd: 0.4 × 88 + 0.4 × 53 + 0.2 × 47 = 66, halved to 33 because the price is more than 20% below its all-time high.
Strengthening is 70 and above, Steady 40 to 70, Cooling below 40. Scores are recalculated every night after the market closes.
Full methodology →This describes only how the share price has moved up to 29 Oct 2026, compared with other stocks. It says nothing about the business, and it is not a prediction, a price target or a recommendation to buy or sell.