MM Forgings Limited

NSE: MMFL · Unclassified

₹629.40+19.95%06 Nov 2026

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Instant answers about MM Forgings Limited — computed from its filings, no language model

Market cap₹3,039 cr

Current price₹629.40

High / Low₹680 / ₹298

P/E173.0

P/B2.74

Book value₹229.8

ROE1.6%

ROCE8.0%

Debt / equity1.02

Dividend yield0.64%

EPS (TTM)₹3.64

Face value₹10

Price & valuation

split & bonus adjusted · pick a metric and range

Annual performance

annual · ₹ crore · line = operating margin

showing latest 6 of 8 periods

	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26
Revenue	934	769	744	1,123	1,462	1,563	1,525	1,590
EBITDA	180	132	127	192	273	293	296	280
Operating margin	19.2%	17.2%	17.1%	17.1%	18.7%	18.7%	19.4%	17.6%
Interest	32	38	31	28	30	43	60	78
Depreciation	58	60	63	68	79	83	93	103
Profit before tax	106	53	52	129	177	189	166	115
Tax	27	11	5	18	49	54	44	16
Net profit	79	0	0	111	0	135	122	0
EPS ₹	32.66	17.37	19.35	45.98	53.00	55.84	25.24	20.44
Operating cash flow	—	—	—	151	167	131	183	230
Capex	—	—	—	0	0	0	0	0
Dividend paid	—	—	—	15	14	14	19	19
Total assets	—	—	—	—	1,664	1,961	2,370	2,524
Equity	—	—	—	—	673	789	892	978

Quarterly performance

last 32 quarters · ₹ crore

showing latest 8 of 32 periods

	SEP '18	DEC '18	MAR '19	JUN '19	SEP '19	DEC '19	MAR '20	JUN '20	SEP '20	DEC '20	MAR '21	JUN '21	SEP '21	DEC '21	MAR '22	JUN '22	SEP '22	MAR '23	JUN '23	SEP '23	DEC '23	MAR '24	JUN '24	SEP '24	DEC '24	MAR '25	JUN '25	SEP '25	DEC '25	MAR '26	JUN '26	SEP '26*
Revenue	231	266	243	224	189	188	169	81	160	223	293	247	273	296	322	338	358	388	370	397	399	397	382	398	374	371	362	385	414	430	410	128
Operating profit	45	51	45	42	34	32	24	7	27	35	59	45	49	57	54	57	67	70	65	75	75	78	73	77	73	73	63	67	69	81	64	29
Operating margin	19.5%	19.3%	18.4%	18.9%	18.1%	16.9%	14.2%	8.2%	16.7%	15.5%	20.3%	18.3%	18.0%	19.3%	16.9%	16.9%	18.7%	17.9%	17.7%	18.8%	18.9%	19.5%	19.1%	19.3%	19.5%	19.7%	17.5%	17.3%	16.8%	18.8%	15.7%	22.8%
Other income	3	6	5	3	5	5	6	8	5	6	2	3	4	3	6	6	4	5	5	4	5	6	6	7	4	6	8	4	3	1	17	-4
Interest	7	12	10	11	11	8	8	8	10	8	8	7	7	8	6	7	7	7	10	9	11	13	15	16	15	14	18	21	20	18	16	3
Depreciation	15	16	14	15	14	14	17	15	15	16	18	17	17	17	17	18	20	21	21	21	21	20	22	23	23	26	25	24	26	28	30	-3
Profit before tax	27	29	25	19	15	15	4	-8	7	18	35	25	29	36	38	38	44	47	40	50	49	50	42	45	39	40	28	25	26	35	91	-31
Tax	6	6	8	4	3	4	1	0	2	2	1	2	3	6	9	9	10	16	11	14	15	14	12	13	12	7	8	8	8	-9	1	18
Net profit	0	0	16	15	0	11	0	-8	0	0	0	23	27	29	28	28	33	0	29	35	34	37	30	32	0	33	0	17	18	0	0	0
EPS ₹	8.60	9.45	6.70	6.20	5.05	4.69	1.27	-3.31	2.24	6.27	14.14	9.49	10.99	12.18	11.77	11.73	13.69	12.75	12.01	14.69	13.90	15.24	12.47	6.61	5.50	6.90	3.97	3.43	3.64	9.27	18.73	-10.08
Revenue YoY	—	—	—	—	-18.3%	-29.2%	-30.7%	-63.9%	-14.9%	18.5%	74.1%	205.2%	70.2%	33.0%	9.9%	37.0%	30.9%	20.5%	9.5%	10.9%	—	2.4%	3.2%	0.4%	-6.2%	-6.8%	-5.4%	-3.3%	10.6%	15.9%	13.3%	-66.9%
Profit YoY	—	—	—	—	—	—	-100.0%	-152.0%	—	-100.0%	—	—	—	—	—	23.7%	24.6%	-100.0%	2.4%	7.3%	—	—	3.8%	-10.0%	-100.0%	-9.5%	-100.0%	-48.1%	—	-100.0%	—	-100.0%

Earlier results (standalone, Sep '07 – Jun '18)

₹ crore · from BSE, before the NSE XBRL filings begin

MM Forgings Limited reports consolidated figures above. Quarterly consolidated results only became mandatory in India in 2019, so the earlier history available is the standalone company only (excluding subsidiaries). It is shown separately so the two bases are never mixed.

Full years

showing latest 8 of 10 periods

	FY09†	FY10†	FY11†	FY12†	FY13†	FY14†	FY15†	FY16†	FY17†	FY18†
Revenue	207	158	270	350	361	411	503	502	478	621
Operating profit	35	22	53	60	58	79	102	108	93	124
Operating margin	17.0%	14.1%	19.6%	17.3%	16.0%	19.2%	20.2%	21.5%	19.4%	20.1%
Other income	8	7	2	0	1	3	2	5	11	12
Interest	9	6	6	6	7	8	9	8	10	13
Depreciation	17	12	20	23	21	36	—	36	39	42
Profit before tax	17	12	30	31	30	38	69	69	55	82
Tax	8	1	-1	5	6	9	18	19	12	14
Net profit	9	10	31	27	24	29	51	50	43	69

Quarters

showing latest 8 of 44 periods

	SEP '07†	DEC '07†	MAR '08†	JUN '08†	SEP '08†	DEC '08†	MAR '09†	JUN '09†	SEP '09†	DEC '09†	MAR '10†	JUN '10†	SEP '10†	DEC '10†	MAR '11†	JUN '11†	SEP '11†	DEC '11†	MAR '12†	JUN '12†	SEP '12†	DEC '12†	MAR '13†	JUN '13†	SEP '13†	DEC '13†	MAR '14†	JUN '14†	SEP '14†	DEC '14†	MAR '15†	JUN '15†	SEP '15†	DEC '15†	MAR '16†	JUN '16†	SEP '16†	DEC '16†	MAR '17†	JUN '17†	SEP '17†	DEC '17†	MAR '18†	JUN '18†
Revenue	46	48	55	53	63	50	41	32	33	43	50	56	69	69	77	81	86	90	93	91	92	84	94	100	102	102	107	125	125	126	127	124	128	126	124	119	119	120	120	127	142	152	200	201
Operating profit	9	9	11	10	11	8	7	3	3	7	9	9	15	14	15	15	16	15	15	15	16	13	14	18	19	19	22	28	28	19	27	27	28	28	26	23	21	24	24	25	29	32	39	40
Operating margin	19.0%	18.9%	19.8%	18.9%	17.7%	15.2%	15.9%	10.0%	8.9%	16.0%	18.4%	16.5%	21.2%	20.2%	19.8%	18.0%	18.1%	16.8%	16.4%	16.4%	17.2%	15.3%	15.1%	18.5%	18.5%	18.9%	20.7%	22.2%	22.3%	15.4%	21.1%	21.6%	21.9%	22.0%	20.5%	19.6%	18.0%	20.3%	19.6%	19.7%	20.6%	20.8%	19.3%	20.0%
Other income	2	1	1	3	3	1	1	2	2	1	2	2	0	0	0	0	0	0	0	0	0	0	0	2	0	0	0	0	0	1	1	1	1	1	2	3	4	2	3	4	3	1	4	2
Interest	1	1	1	2	2	2	3	2	2	2	1	1	1	1	1	1	2	2	1	2	2	2	2	2	2	2	2	2	2	3	2	2	2	2	2	2	2	3	3	3	3	3	4	4
Depreciation	4	4	5	5	5	4	3	2	2	3	4	4	5	5	5	6	5	5	7	6	6	4	5	9	9	9	10	9	9	—	8	9	9	9	9	10	10	10	10	10	10	10	10	14
Profit before tax	5	5	6	6	7	2	2	1	2	4	6	5	8	7	9	7	9	8	7	7	8	7	8	10	9	9	11	17	17	18	17	17	18	18	17	14	14	14	14	15	19	19	29	25
Tax	1	1	1	1	2	0	5	0	0	0	1	0	3	2	-6	1	3	2	-2	1	2	1	1	2	2	2	4	4	4	4	6	4	5	5	6	4	3	4	1	3	5	4	1	6
Net profit	4	4	4	5	6	2	-3	1	2	3	5	5	5	5	15	6	6	6	9	6	6	6	7	8	7	7	8	13	13	13	11	13	13	13	11	10	10	10	13	12	14	15	27	19
EPS ₹	6.66	5.81	7.46	8.19	9.20	2.88	-4.80	0.81	1.32	2.73	3.77	4.05	4.45	4.52	12.77	4.95	—	5.04	7.21	5.00	5.01	4.58	5.66	6.45	5.52	5.84	6.48	10.97	10.89	—	9.21	10.71	10.84	10.86	9.09	8.66	8.42	8.34	10.56	10.02	11.49	12.56	22.68	15.38
Revenue YoY	—	—	—	—	37.3%	3.7%	-24.2%	-38.2%	-47.2%	-14.7%	21.2%	71.3%	107.1%	61.7%	53.6%	46.1%	25.2%	30.0%	21.1%	12.3%	6.8%	-6.3%	0.7%	9.4%	11.0%	21.7%	14.3%	24.9%	22.9%	23.3%	17.8%	-0.3%	1.8%	-0.0%	-1.7%	-4.2%	-7.2%	-4.4%	-3.2%	6.9%	19.6%	26.4%	65.6%	57.7%
Profit YoY	—	—	—	—	38.1%	-50.4%	-164.4%	-80.2%	-71.4%	89.7%	—	399.0%	237.7%	65.5%	238.9%	22.3%	11.9%	11.2%	-43.6%	1.0%	0.7%	-8.9%	-21.5%	29.0%	10.1%	27.5%	14.5%	70.0%	97.3%	85.1%	42.2%	-2.4%	-0.5%	0.5%	-1.3%	-19.1%	-22.3%	-23.2%	16.2%	15.8%	36.6%	50.5%	114.7%	53.5%

Returns & margins

trailing-twelve-month, per quarter

showing latest 8 of 26 periods

	JUN '19	SEP '19	DEC '19	MAR '20	JUN '20	SEP '20	DEC '20	MAR '21	JUN '21	SEP '21	DEC '21	MAR '22	JUN '22	SEP '22	DEC '23	MAR '24	JUN '24	SEP '24	DEC '24	MAR '25	JUN '25	SEP '25	DEC '25	MAR '26	JUN '26	SEP '26
ROE	—	—	—	—	—	—	—	—	—	—	—	—	—	19.2%	13.3%	17.1%	17.2%	15.5%	11.6%	10.7%	7.3%	5.4%	7.3%	3.5%	3.5%	1.6%
ROCE	—	—	—	—	—	—	—	—	—	—	—	—	—	17.9%	15.3%	14.6%	15.0%	28.3%	27.6%	11.6%	11.1%	9.3%	9.0%	9.4%	12.4%	8.0%
Net margin	3.3%	3.4%	5.1%	3.5%	0.5%	0.6%	-1.3%	-1.1%	2.5%	4.8%	7.1%	9.4%	9.2%	9.1%	6.3%	8.6%	8.6%	8.4%	6.4%	6.2%	4.3%	3.3%	4.4%	2.1%	2.1%	1.3%
EBITDA margin	19.0%	18.7%	18.1%	17.2%	15.4%	14.9%	14.5%	16.8%	18.0%	18.2%	19.0%	18.1%	17.7%	17.9%	18.3%	18.7%	19.1%	19.2%	19.4%	19.4%	19.0%	18.5%	17.8%	17.6%	17.2%	17.6%
Debt / equity	—	—	—	—	—	—	—	—	—	—	—	—	—	0.65	0.96	1.02	1.02	—	—	1.18	1.18	1.31	1.31	1.10	1.10	1.02
Interest coverage	3.47	2.97	2.82	2.39	1.74	1.54	1.62	2.57	3.69	4.64	5.30	5.67	6.00	6.46	6.08	5.45	5.02	4.40	3.96	3.77	3.38	2.91	2.62	2.46	3.34	3.12
Asset turnover	—	—	—	—	—	—	—	—	—	—	—	—	—	0.89	0.90	0.80	0.80	0.69	0.68	0.64	0.63	0.60	0.62	0.63	0.65	0.52

Balance sheet

equity vs borrowings over time · ₹ crore

showing latest 6 of 9 periods

	SEP '22	MAR '23	SEP '23	MAR '24	SEP '24	MAR '25	SEP '25	MAR '26	SEP '26
Share capital	24	24	24	24	48	48	48	48	48
Other equity / reserves	597	649	713	765	803	844	879	929	1,061
Total equity	621	673	737	789	852	892	927	978	1,110
Borrowings	403	654	710	804	—	1,051	1,216	1,074	1,135
Current liabilities	139	623	583	743	—	792	803	900	906
Non-current liabilities	717	368	414	429	—	686	753	646	650
Total assets	1,477	1,664	1,735	1,961	2,279	2,370	2,483	2,524	2,666
Property, plant & equipment	798	804	775	914	898	964	1,077	1,101	1,031
Capital work-in-progress	—	63	154	124	350	383	310	337	405
Investments	22	22	22	23	—	4	4	10	15
Inventories	233	316	308	345	395	342	371	334	370
Receivables	181	202	199	275	—	373	392	457	496
Cash & equivalents	216	218	225	209	217	217	232	225	256

Cash flow

annual · ₹ crore · line = free cash flow

	FY22	FY23	FY24	FY25	FY26
Cash from operations	151	167	131	183	230
Cash from investing	-126	-185	-232	-358	-181
Cash from financing	13	11	94	183	-41
Capex	0	0	0	0	0
Free cash flow	151	167	131	183	230
Dividends paid	15	14	14	19	19

Where the assets sit

Sep '26 · ₹ crore

Fixed assets (PPE)

₹1,031 cr39%

CWIP

₹405 cr15%

Investments

₹15 cr1%

Inventories

₹370 cr14%

Receivables

₹496 cr19%

Cash & equivalents

₹256 cr10%

Other assets

₹91 cr3%

Peer comparison

largest in Unclassified · this company in bold

Company	Market cap ₹cr	Price	P/E	P/B	ROE
Avantel Limited	36,86,04,549	138.69	—	1059360.68	0.0%
Ducol Organics And Colours Limited	19,55,275	120.00	—	20089.13	0.0%
Jio Platforms Limited	12,57,181	1,406.40	—	3.57	—
SBI Funds Management Limited	1,01,750	499.55	—	—	—
Tamilnadu Telecommunication Limited	91,314	9.93	—	—	—
Manipal Health Enterprises Limited	76,294	646.70	—	—	—
INDO-MIM Limited	59,042	1,219.50	—	—	—
AvenuesAI Limited	45,138	129.25	153.6	9.51	6.2%
Dhoot Transmission Limited	32,761	1,601.60	—	8.11	—
3M India Limited	31,071	27,570.00	53.8	17.57	32.7%
MM Forgings Limited	3,039	629.40	173.0	2.74	1.6%

StoxGud checklist: Neutral setup · 4/10

Price above 50-day average
Price above 200-day average
50-day average above 200-day (uptrend)
RSI in healthy 40–70 zone
Positive 1-year return
Return on equity above 15%
Debt to equity below 1
Revenue growing year on year
Net profit margin above 10%
P/E below industry median

A rules-based screen of trend, momentum, quality and valuation. Educational only — not a buy or sell recommendation.

Returns & technicals

1 month+11.2%

6 months+26.8%

1 year+104.6%

3Y CAGR+10.0%

5Y CAGR+6.0%

10Y CAGR+17.7%

50-day avg₹574.59

200-day avg₹503.68

RSI (14)71

FAQs

What is the share price of MM Forgings Limited?

MM Forgings Limited (MMFL) closed at ₹629.40 on NSE on 06 Nov 2026.

What is the market cap of MM Forgings Limited?

₹3,039 crore at the latest close.

What is the P/E ratio of MM Forgings Limited?

173.0, on trailing-twelve-month earnings from its filings.

How fast is MM Forgings Limited growing?

MM Forgings Limited: revenue has compounded at 2.8% a year over three years. Latest-quarter revenue is down 66.9% year on year, profit down 100.0%.

How profitable is MM Forgings Limited?

On a trailing-twelve-month basis return on equity is 1.6%, return on capital employed 8.0%, operating margin 17.6%, net margin 1.3%.

How much debt does MM Forgings Limited have?

MM Forgings Limited is moderately geared: debt to equity is 1.02 with borrowings of ₹1,135 cr against cash of ₹256 cr (balance sheet of 2026-09-30). Operating profit covers interest 3.1 times.

Financials parsed from MM Forgings Limited's own XBRL filings to NSE (consolidated), ₹ crore unless marked. Quarterly from SEP '18, annual from FY19, balance sheet from Sep '22. * = derived (full year or half year minus earlier quarters). Information only, not investment advice.