Any current/future new fundraising through debt or equity?

MM Forgings Limited plans to increase its term loan debt by INR 200 crores in FY 2024. Current gross term loan debt stands at INR 430 crores, with approximately INR 300 crores denominated in foreign currency. Working capital debt is about INR 330 crores, some portion of which is also in foreign currency. The company is undertaking significant capex of around INR 500 crores, primarily for expanding machining capacity, forging debottlenecking, and about INR 100 crores earmarked for EV powertrain development via its subsidiary Abhinava Rizel. No explicit mention of equity fundraising was made dur

Any current/future capex/capital investment/strategic investment?

MM Forgings Limited has a capex plan of INR 500 crores for the next two years. Majority of the capex will be spent in the current year. Most of the capex is directed towards expanding machining capacity, with some towards forging and debottlenecking forging operations. Approximately INR 100 crores of the capex is allocated for the electric vehicle (EV) foray through their subsidiary Abhinava Rizel, focusing on power trains for EVs (passenger cars and LCVs initially). The company is aggressively pursuing automation via the addition of robots to new presses, including refurbished robots, to redu

Future growth expectations in sales/revenue/volumes?

Expected sales tonnage to increase from 72,000 tons in FY23 to around 90,000+ tons in FY24. Revenue guidance for FY24 is between INR 1,800 to INR 2,000 crores, with plans to cross INR 2,500 crores in the next 1-2 years. Domestic commercial vehicle (CV) market projected to grow 5%-12%, acting as a key growth driver. Passenger vehicle (PV) segment to back up growth with new products, although PV share remains smaller compared to CV. Incremental growth expected from new product launches and wallet share increases rather than pure market growth. Export sales expected to remain flattish o

Future growth expectations in earnings/operating earnings/profits/EPS?

MM Forgings expects sales tonnage to grow from 72,000 tons in FY23 to over 90,000 tons in FY24, implying about 25% volume growth. Revenue guidance for FY24 is INR 1,800 to INR 2,000 crores, with a target to cross INR 2,500 crores in the subsequent 1-2 years. Margins are expected to be maintained at a minimum baseline, with interplay between volume, margin, and inflationary pressures. EBITDA per ton is expected to stay broadly at FY23 levels (around INR 33,000–35,000). Growth drivers include new product launches, increased wallet share, and expansion in domestic CV and PV segments. Ex

Current/ Expected Orderbook/ Pending Orders?

The company projects achieving INR1,800 crores to INR2,000 crores in sales for the current year, supported by confirmed orders and a decent macroeconomic environment. Over the next one to two years, MM Forgings Ltd expects to cross about INR2,500 crores in sales. New product launches, including those developed previously and going into production this year, will contribute to increased volumes. The order book includes products recently launched and in the process of scaling up, with customer pull potentially accelerating ramp-up within six to nine months. The business is seeing a steady inflow

M M ForgingsQ4 FY23Auto Components

M M Forgings Q4 FY23 Earnings Call Analysis

Revenue, margin, capex, fundraise and order book outlook from management commentary.

Price: ₹572P/E: 26.4Market Cap: ₹3.0K CrSector: Auto Components

Management growth scorecard

Revenue

Category 2

Margin

Category 3

Fundraise

Yes

Order

Yes

Capex

Yes

3 of 5 growth signals are positive.

Full analysis

Revenue guidance

Category 2

Expected sales tonnage to increase from 72,000 tons in FY23 to around 90,000+ tons in FY24.
Revenue guidance for FY24 is between INR 1,800 to INR 2,000 crores, with plans to cross INR 2,500 crores in the next 1-2 years.
Domestic commercial vehicle (CV) market projected to grow 5%-12%, acting as a key growth driver.
Passenger vehicle (PV) segment to back up growth with new products, although PV share remains smaller compared to CV.
Incremental growth expected from new product launches and wallet share increases rather than pure market growth.
Export sales expected to remain flattish or slightly higher but not a major growth driver.
Capacity utilization currently around 65%, with optimal utilization expected near 85%-90%, supporting future volume growth.
Capex plan of INR 500 crores over next two years to support expansion, mainly this year.

Margin guidance

Category 3

MM Forgings expects sales tonnage to grow from 72,000 tons in FY23 to over 90,000 tons in FY24, implying about 25% volume growth.
Revenue guidance for FY24 is INR 1,800 to INR 2,000 crores, with a target to cross INR 2,500 crores in the subsequent 1-2 years.
Margins are expected to be maintained at a minimum baseline, with interplay between volume, margin, and inflationary pressures.
EBITDA per ton is expected to stay broadly at FY23 levels (around INR 33,000–35,000).
Growth drivers include new product launches, increased wallet share, and expansion in domestic CV and PV segments.
Export growth is expected to be flattish as a percentage of sales, around 30-35%.
Capex of about INR 500 crores planned over two years, partly enabling growth into EV powertrain components.
The company anticipates resilience despite inflation and rising manpower costs, supported by government wage policies.

See what M M Forgings management said on margin guidance — free account, 30 seconds.

Fundraise plans

Yes

MM Forgings Limited plans to increase its term loan debt by INR 200 crores in FY 2024.
Current gross term loan debt stands at INR 430 crores, with approximately INR 300 crores denominated in foreign currency.
Working capital debt is about INR 330 crores, some portion of which is also in foreign currency.
The company is undertaking significant capex of around INR 500 crores, primarily for expanding machining capacity, forging debottlenecking, and about INR 100 crores earmarked for EV powertrain development via its subsidiary Abhinava Rizel.
No explicit mention of equity fundraising was made during the call.

Order book

Yes

The company projects achieving INR1,800 crores to INR2,000 crores in sales for the current year, supported by confirmed orders and a decent macroeconomic environment.
Over the next one to two years, MM Forgings Ltd expects to cross about INR2,500 crores in sales.
New product launches, including those developed previously and going into production this year, will contribute to increased volumes.
The order book includes products recently launched and in the process of scaling up, with customer pull potentially accelerating ramp-up within six to nine months.
The business is seeing a steady inflow of orders particularly in the domestic CV and PV segments.
The company is cautiously optimistic about sustaining and growing the orderbook given market conditions, with continued customer engagements and wallet share gains especially in Europe and domestic markets.

See what M M Forgings management said on order book — free account, 30 seconds.

Capex plans

Yes

MM Forgings Limited has a capex plan of INR 500 crores for the next two years.
Majority of the capex will be spent in the current year.
Most of the capex is directed towards expanding machining capacity, with some towards forging and debottlenecking forging operations.
Approximately INR 100 crores of the capex is allocated for the electric vehicle (EV) foray through their subsidiary Abhinava Rizel, focusing on power trains for EVs (passenger cars and LCVs initially).
The company is aggressively pursuing automation via the addition of robots to new presses, including refurbished robots, to reduce manpower costs.
This strategic investment aims to increase capacity, improve efficiencies, and enter the growing EV segment.

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