M M Forgings
M M Forgings Ltd valuation: P/E, P/B and sector benchmarks.
Twelve years of multiples investors have paid for M M Forgings Ltd, framed against the sector median so the premium or discount is obvious at a glance.
M M Forgings Ltd trades at a P/E of 21.91× and P/B of 2.34×.
Valuation
Profitability
Growth
Financial Health
M M Forgings Ltd financials: P&L, balance sheet, cash flow, ratios.
Twelve years of audited numbers for M M Forgings Ltd, switchable between annual and quarterly views, consolidated or standalone.
M M Forgings Ltd reports its full P&L, balance sheet, cash flow and ratios on this page — current market capitalisation of ₹2,170.26 Cr and reported EPS of ₹20.45.
| Period | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Revenue from Operations | 934 | 769 | 744 | 1,123 | 1,462 | 1,563 | 1,525 | 1,590 |
| Other Income | 16 | 19 | 18 | 31 | 12 | 20 | 23 | 16 |
| Total Income | 950 | 788 | 762 | 1,154 | 1,474 | 1,584 | 1,548 | 1,605 |
| Cost of Goods Sold (COGS) | 417 | 355 | 343 | 505 | 684 | 717 | 662 | 713 |
| Gross Profit | 517 | 414 | 401 | 618 | 778 | 846 | 863 | 877 |
| +Operating Expenses | 337 | 282 | 274 | 426 | 505 | 553 | 567 | 597 |
| EBITDA | 180 | 132 | 127 | 192 | 273 | 293 | 296 | 280 |
| +Non-Operating Expenses | 90 | 98 | 96 | 97 | 109 | 127 | 153 | 182 |
| Profit Before Tax (PBT) | 106 | 53 | 52 | 129 | 177 | 189 | 166 | 115 |
| +Tax Expense | 27 | 11 | 5 | 18 | 49 | 54 | 44 | 16 |
| Profit After Tax (PAT) | 79 | 42 | 47 | 111 | 128 | 135 | 122 | 99 |
| Earnings Per Share (EPS) | 16.33 | 8.68 | 9.67 | 22.99 | 26.50 | 27.92 | 25.24 | 20.44 |
| Diluted Shares Outstanding (Nos.) | 5 | 5 | 5 | 5 | 5 | 5 | 5 | 5 |
| +Additional Disclosures | 1,261 | 1,090 | 1,054 | 1,531 | 1,981 | 2,113 | 2,044 | 2,204 |
| Sales Growth % | — | -17.66 | -3.25 | 50.91 | 30.18 | 6.92 | -2.42 | 4.24 |
| YoY Sales Growth % | — | -17.66 | -3.25 | 50.91 | 30.18 | 6.92 | -2.42 | 4.24 |
| Material Cost % | 49 | 44 | 44 | 47 | 51 | 50 | 43 | 40 |
| Employee Cost % | 10 | 12 | 11 | 11 | 10 | 10 | 11 | 11 |
| Other Cost % | 26 | 25 | 26 | 27 | 25 | 26 | 27 | 26 |
| OPM % | 19 | 17 | 17 | 17 | 19 | 19 | 19 | 18 |
| Tax % | 26 | 21 | 10 | 14 | 28 | 29 | 26 | 14 |
| Profit Growth % | — | -46.83 | 11.42 | 137.66 | 15.27 | 5.35 | -9.60 | -19.03 |
| Gross Margin % | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| EBITDA Margin % | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Interest Coverage Ratio | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Additional Fields | 122 | 73 | 64 | 124 | 194 | 210 | 203 | 177 |
M M Forgings segment analysis: revenue and profit mix.
Disclosed business segments at M M Forgings with their share of revenue and profit, switchable between consolidated and standalone reporting.
M M Forgings discloses revenue and profit across multiple business segments — toggle between consolidated and standalone views to see the mix.
Segment-wise Financial Analysis
M M Forgings Ltd investment thesis: bull case, bear case, and the flip lines.
Why someone would buy M M Forgings Ltd, why someone wouldn't, and the quantitative tripwires that would force the call to flip.
M M Forgings Ltd's investment case rests on 7 positive markers and 8 flagged concerns drawn from the latest reported filings.
What you're getting.
MMFL exhibits a competitive Price-to-Earnings (PE) ratio of 13.30, lower than the sector PE of 14.29, suggesting potential undervaluation. Its Return on Equity (ROE) of 14.50% indicates efficient capital utilization and solid profitability for shareholders.
The company maintains a strong promoter holding of 56.3%, reflecting significant insider confidence in its long-term prospects. This stable ownership structure often signals management's commitment and alignment with shareholder interests.
MMFL demonstrates operational efficiency with a robust Operating Profit Margin (OPM) of 19.00% and a healthy Return on Capital Employed (ROCE) of 11.90%, indicating effective management of its core business activities.
A consistent dividend yield of 1.30% provides attractive income for investors, showcasing the company's commitment to shareholder returns. This yield is competitive within its industry, enhancing its appeal.
The Auto Components & Equipments industry, where MMFL operates, is poised for growth driven by increasing automobile demand. This sector expansion presents a significant opportunity for MMFL to scale its operations and market share.
What can break it.
MMFL experienced a significant 36.30% decline in quarterly profit (PAT Qtr. 19.2 Cr), raising concerns about its short-term financial performance and profitability. This sharp drop warrants close monitoring for underlying issues.
The company carries a high debt-to-equity ratio of 1.33, indicating substantial reliance on borrowed capital. This elevated debt level increases financial risk and vulnerability to interest rate fluctuations or economic downturns.
Recent stock price volatility, with a 52-week range from ₹276.00 to ₹583.00, highlights potential instability and risk for investors. This wide fluctuation could impact investor sentiment and overall returns.
Quarterly sales saw a decline of 5.37% (Sales Qtr. 362 Cr), suggesting a potential slowdown in revenue generation. This trend, coupled with profit decline, indicates challenges in market demand or competitive landscape.
The auto components industry is highly competitive, with larger peers like Bosch and Bharat Forge exhibiting higher ROCE (21.11%, 12.18% respectively). This intense competition could pressure MMFL's margins and market share.
What would change my mind.
Trim if P/E re-rates above 28. The valuation cushion thins from there.
Reassess if quarterly profit growth prints below 0% for two consecutive quarters. The bull case relies on compounding earnings.
Watch interest coverage if debt-to-equity climbs above 126.80. Balance sheet risk re-prices growth multiples fast.
Exit if ROE slips below 8%. The operating engine is no longer compounding capital efficiently.
M M Forgings Ltd peer comparison — same-sector benchmarks.
Same-sector listed peers ranked on P/E, market cap, dividend yield and growth — M M Forgings Ltd is highlighted for quick read-across.
Quick Compare
Peer Comparison
M M Forgings Ltd technical analysis: indicators, pivots and CPR.
Live RSI, MACD and moving-average signals plus today's pivot and Central Pivot Range levels for M M Forgings Ltd — derived from the live tape, not yesterday's close.
M M Forgings Ltd last traded at ₹448 with an intraday range of ₹441–₹452.2 — live indicator, pivot and CPR signals below.
Pivot points
Standard pivot — most widely referenced.
Pivot levels · Classic
Live: ₹448.00| Level | Price (₹) | Distance | % Δ |
|---|---|---|---|
| R4 | 475.53 | +27.53 | +6.15% |
| R3 | 464.33 | +16.33 | +3.65% |
| R2 | 458.27 | +10.27 | +2.29% |
| R1 | 453.13 | +5.13 | +1.15% |
| PIVOT | 447.07 | -0.93 | -0.21% |
| CURRENT | 448.00 | — | — |
| S1 | 419.53 | -28.47 | -6.35% |
| S2 | 430.73 | -17.27 | -3.85% |
| S3 | 435.87 | -12.13 | -2.71% |
| S4 | 441.93 | -6.07 | -1.35% |
MMFL is trading Above CPR, indicating Bullishness
CPR is Average
Day's range: 447.4 ~ 452.2
Trading Above opening range, showing Bullishness
M M Forgings Ltd delivery volume — last 20 sessions of conviction.
Daily traded volume and delivery percentage for M M Forgings Ltd over 20 sessions — the gap between intraday flipping and genuine accumulation.
Latest session delivery in M M Forgings Ltd stood at 47.5% of traded volume, against a 20-day average of 50.1%.
M M Forgings announcements: results, concalls, ratings, M&A.
Filings M M Forgings sent to the exchanges, sequenced as they hit the tape — concall transcripts, results, credit ratings and presentations.
M M Forgings files concall transcripts, results, credit ratings and corporate-action notices on the NSE and BSE exchange portals — latest 69 documents below.
Copy of Newspaper Publication
MM Forgings Limited has informed the Exchange about Copy of Newspaper Publication
General Updates
MM Forgings Limited has informed the Exchange about Investor Presentation for Q4FY26 and FY26
General Updates
MM Forgings Limited has informed the Exchange about Update on Board Meeting
Copy of Newspaper Publication
MM Forgings Limited has informed the Exchange about Copy of Newspaper Publication
Shareholders meeting
MM Forgings Limited has submitted the Exchange a copy Srutinizers report of Postal Ballot. Further, the company has informed the Exchange regarding…
Investor decks & rating reports.
M M Forgings dividend history, splits and bonus issues.
Every dividend, stock split and bonus issue M M Forgings has declared, sequenced by announce and record date.
M M Forgings corporate-action history below covers all declared dividends, stock splits and bonus issues recorded with NSE and BSE.
About M M Forgings Ltd: business, sector, key facts.
What M M Forgings Ltd does, where it operates, the people running it, and the numbers that describe the entity behind the ticker.
M M Forgings Ltd operates in the Industrials, listed as NSE: MMFL, BSE: 522241.
M M Forgings Limited (MMFL) is an Indian company specializing in the manufacturing and sale of steel forgings. Their primary business focuses on producing a wide range of forged steel components used across diverse sectors. Established in 1945 and initially known as The Madras Motors Ltd., the company rebranded as M M Forgings Limited in 1993, solidifying its position within the forging industry.
MMFL's product portfolio is extensive and caters to a variety of applications. They offer a comprehensive selection of forgings including sprockets, flange housings, connecting rods, rail forgings, hubs, knuckles, front axle beams, universal joint crosses, steering and pivot arms, planetary wheel carriers, upper arm shafts, shifter forks, and rear axle spindles. Beyond these core offerings, their product line also encompasses yoke shafts, double yokes, crankshafts, links, yokes, fit yokes, levers, and high-pressure valve bodies and bonnets.
The company's clientele spans several key industries. A significant portion of their production serves the automotive sector, supplying components for passenger cars and commercial vehicles. Their forgings also find applications in off-highway vehicles, the oil and gas industry (value/oilfield), agriculture, and general engineering applications. This broad reach into diverse markets demonstrates the adaptability and versatility of MMFL's manufacturing capabilities and the wide-ranging utility of their steel forgings.
In essence, MMFL's business model revolves around supplying high-quality steel forgings to a diverse customer base across various industrial segments. Their long history and established presence in the Indian market, coupled with their extensive product range and commitment to serving diverse sectors, position them as a significant player within the steel forging industry.
Questions investors ask about M M Forgings Ltd (MMFL).
Quick answers grounded in this page's data — price action, fundamentals, ratios and ownership.
01What is the current share price of M M Forgings Ltd (MMFL)?
The current share price of M M Forgings Ltd (MMFL) is ₹448. Today, the stock has gained by ₹2.50 (0.56%), trading in a range of ₹441 to ₹452.2. The stock opened at ₹452.2 with a trading volume of 27,629 shares.
02Is M M Forgings Ltd stock a good investment for long-term?
M M Forgings Ltd can be considered for long-term investment based on several factors. The company has a market capitalization of ₹2,170.26 crores, P/E ratio of 21.91, ROE of 10.49%, and ROCE of 11.90%. The dividend yield stands at 1.80%. However, investment decisions should be based on your financial goals, risk appetite, and thorough research. It's recommended to consult with a SEBI-registered financial advisor before making investment decisions.
03What is the 52-week high and low price of M M Forgings Ltd stock?
The 52-week high price of M M Forgings Ltd (MMFL) is ₹0, while the 52-week low is ₹0. Currently trading at ₹448, the stock is Infinity% away from its 52-week low and -Infinity% below its 52-week high. These levels help investors understand the stock's price volatility and trading range over the past year.
04Should I buy M M Forgings Ltd stock at the current price?
Whether to buy M M Forgings Ltd stock at ₹448 depends on multiple factors. The stock is currently trading with a P/E ratio of 21.91 and P/B ratio of 2.34. Today's performance shows a gain of 0.56%. Consider analyzing the company's fundamentals, technical indicators, industry trends, and your investment horizon. Compare these metrics with industry peers and consult a financial advisor for personalized advice.
05What is the dividend yield of M M Forgings Ltd and when is the next dividend?
M M Forgings Ltd offers a dividend yield of 1.80%, which means for every ₹100 invested at the current price of ₹448, you can expect to receive approximately ₹1.80 annually as dividends. The face value of the stock is ₹10.00. For information about the next dividend announcement and ex-dividend date, please check the company's official announcements or visit the BSE/NSE websites.
06What are the key financial ratios and metrics of M M Forgings Ltd?
M M Forgings Ltd's key financial metrics include: P/E Ratio: 21.91, P/B Ratio: 2.34, ROE: 10.49%, ROCE: 11.90%, Dividend Yield: 1.80%, EPS: ₹20.45, Book Value: ₹191.85, and Debt-to-Equity: 126.30. The company's market cap stands at ₹2,170.26 crores. These metrics help evaluate the company's valuation, profitability, and financial health.
07How is M M Forgings Ltd stock performing today in the market?
M M Forgings Ltd stock opened at ₹452.2 and is currently trading at ₹448, showing a gain of ₹2.50 (0.56%). The intraday high is ₹452.2 and low is ₹441. The trading volume stands at 27,629 shares, indicating moderate market participation today.
08What is the P/E ratio of M M Forgings Ltd and what does it indicate?
M M Forgings Ltd has a Price-to-Earnings (P/E) ratio of 21.91, which means investors are willing to pay ₹21.91 for every ₹1 of earnings. With an EPS of ₹20.45, this P/E ratio indicates moderate valuation in line with market standards. Compare this with industry peers and historical P/E ratios for better context.
The data, ratios and commentary about M M Forgings Ltd (MMFL) on this page are published for educational and informational purposes only and are not investment, legal or tax advice. StockeZee is not a SEBI-registered investment adviser, research analyst or portfolio manager, and no content here should be construed as a recommendation to buy, hold or sell any security. Live and historical market data may be delayed, revised by the exchanges, or contain errors; figures sourced from third-party feeds and corporate disclosures may not always be current. Past performance is not indicative of future results, and equity investments carry the risk of capital loss. Before acting on anything you read here, please consult a SEBI-registered financial advisor and read all scheme-related documents carefully.
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