M M Forgings Ltd

- MM Forgings Limited has embarked on a significant capital expenditure (capex) plan worth INR 500 crores starting this year, focused mainly on expanding machining capacity and adding a large 6,300-ton press. - There is no specific mention of new fundraising through debt or equity in the transcript. - The company is evaluating capacity expansion plans but has not frozen any new capex beyond the ongoing INR 500 crores. - Management noted that capital is not an issue, but capex allocation is to be carefully managed. - No direct references to raising fresh debt or equity funding were made in the call.

- The company has embarked on a capex of INR 500 crores starting this year. - Approximately INR 200-300 crores of this is allocated to expanding machining capacity. - Around INR 100 crores is directed towards forging capacity enhancement. - Another INR 100 crores is focused on the electric vehicle (EV) or electrical side. - They plan to add one 6,300-ton press, increasing total press capacity to about 30,000 tons by Q2 of the next fiscal year (June to September). - Capex spent till the first nine months is approximately INR 200 crores. - Expected capex spend in Q4 is INR 60 crores to INR 70 crores. - The company is evaluating additional capacity expansion plans beyond the ongoing capex but has not finalized anything yet. - EV business is initially renting premises and plans to build factory premises later near Chennai.

- FY'23 revenue target: INR 14-15 billion (INR 1,400-1,500 crores). - FY'24 revenue expectation: Beyond INR 2,000 crores. - FY'25 revenue: Expected to be further above INR 2,000 crores. - Volume growth: 20%-25% expected growth in tonnage and revenues next year (FY'24). - Capacity utilization end of year: Around 65%-70% of 110,000 tons capacity, with plans to augment press capacity to 30,000 tons. - Growth driven by a mix of Indian market demand and export markets (India 60%-65%, Europe 15%, US 15%). - Positive outlook for CV and PV segments, supported by India's growing economy and "China plus one" strategy globally. - Introduction of new products and increased machining share expected to improve realizations and drive growth beyond industry rates. - Moderate growth potential in EV segment with order wins and planned powertrain offerings by FY'24 and FY'25.

- MM Forgings expects overall growth of 20% to 25% in the next year, aiming for revenues around INR 1,800 to 2,000 crores. - EBITDA margins are targeting to improve towards 20% in FY'24, with recent quarters showing margins near 18-19.6%. - Growth is driven by increased tonnage, heavier products, and higher machining share (now 60% of sales). - The company anticipates higher realizations due to product mix improvements. - FY'24 revenue targets are beyond INR 2,000 crores, with FY'25 expected to maintain or exceed this level, subject to macroeconomic conditions. - Expansion plans include INR 500 crore capex primarily for machining and one large 6,300 ton press installation to boost capacity. - Positive outlook on CV and PV segments, supported by scrappage policy and domestic demand resilience despite macro concerns. - Export volumes to US and Europe expected to grow, benefiting from China-plus-one strategies and new product wins.

- The transcripts do not provide a specific current or expected order book or pending orders figure for MM Forgings Limited. - However, Vidyashankar Krishnan mentions positive momentum in orders, including: - Order wins in the European market contributing to export growth. - New product wins in the CV segment expected to drive growth above industry levels. - Initial EV order wins at the startup Abhinava Rizel for off-road motor applications. - There is optimism about volume growth in FY’24 versus FY’23, especially in North America, Europe, and India. - Trucking demand and government scrappage policies are seen as drivers for sustained order inflows. - The company expects overall improvement with a bullish outlook on CV and PV sales domestically and internationally. - No explicit quantitative order backlog value or complete pending order details were disclosed.