Skip to content
thestock.space

MM Forgings (MMFL) had a P/E of 17.9× on 6 Nov 2026, below the industry P/E of 25.1×. It earns ROCE of 12% and ROE of 19%, and sales grew 2.8% a year over 3 years while net profit fell 8.3%. Its dividend yield is 0.6%, and debt is 1.02× equity. It is a small-cap company with a market cap of ₹3,039 Cr, ranked 18th of 71 Metal Fabrication companies by market cap; the shares rose 70% over the past year.

As of 6 Nov 2026Prices are delayed about 15 minutes; fundamentals are from the quarter ended Jun 2026.How we calculate this

past year
Open
₹589.90
Day high
₹629.60
Day low
₹561.50
Prev. close
₹524.70
Volume
49.9 L

Health check

3 good · 1 fair · 2 to check
  • ReturnsAhead

    +69.9% over a year, better than 6 of 7 peers.

  • Price tagCheaper

    P/E 17.9 vs industry 25.1.

  • GrowthSlow

    Sales +2.8%, profit −8.3% a year over 3 years.

  • ProfitabilityAverage

    ROCE 11.9% vs peer median 15.6%.

  • Balance sheetStretched

    Debt 1.02× equity, interest covered 2.5×, Piotroski 3 of 9.

  • Red flagsNone found

    No warning signs in the headline numbers.

Compared with 7 industry peers. Computed from reported figures. Educational, not a recommendation.

Metal Fabrication

70 listed peers. Screen the industry

Small cap

₹3,039 Cr, #18 of 71 in its industry by size.

Market sensitivity

Measuring against the NIFTY 50…

Key metrics

Last 12 months to Jun 2026: sales ₹1,808 Cr · profit ₹197 Cr
Market cap
₹3,039 Cr
Small cap
P/E
17.9
Industry 25.1
Price to book
2.74
Peers 7.00
Dividend yield
0.64%
ROE
19.3%
Peers 8.6%
ROCE
11.9%
Peers 15.6%
Debt to equity
1.02
Debt ₹1,135 Cr
EPS (TTM)
₹35.07
Face value ₹10
OPM (TTM)
17.9%
Net margin 10.9%
Sales growth
+16.8%
Latest quarter vs a year ago
Profit growth
+77.7%
Latest quarter vs a year ago
Price to sales
1.68
EV/EBITDA 11.9

Strengths and risks

Strengths

  • Return on equity of 19.3%.
  • Quarterly profit up 77.7% on a year ago.
  • Quarterly sales up 16.8% on a year ago.
  • P/E of 17.9 against an industry P/E of 25.1.
  • Positive operating cash flow in each of the last 4 years.

No obvious red flags in the headline numbers.

Derived automatically from reported figures. Not a recommendation.

About MM Forgings

M M Forgings Limited, together with its subsidiaries, manufactures and sells steel forgings in India. It offers sprocket, flange housing, connecting rod, connecting rod integral, rail forging, hub, knuckle, front axle beam, universal joint cross, steering and pivot arm, planetary wheel carrier, upper arm shaft, shifter fork, and rear axle spindle. The company also provides yoke shaft, double yoke, crankshaft, link, yoke, fit yoke, lever, and high pressure…

Headquarters
Chennai
Employees
2,327
Sector
Industrials
ISIN
INE227C01017
Website
mmforgings.com

Price range

52 weeks

₹295.20₹687.95

Today

₹561.50₹629.60
Avg volume (3M)
2.1 L
1-year return
plus 69.9%
From 52-week high
minus 8.5%

Peers · Metal Fabrication

Compare with peersScreen the whole industry
Company
BHARATFORGBharat Forge1,740.00minus 0.74%85,029121.87.2315.6%6.7%14.7%9.7%26.9%0.49%plus 32.3%
INDOMIMINDO-MIM1,219.50minus 3.93%60,302101.120.9422.8%21.3%28.6%15.8%4.9%0.00%plus 64.4%
PTCILPTC Industries24,335.00plus 0.04%38,564290.623.737.9%8.6%24.6%40.7%57.8%0.00%plus 41.4%
ZETWERKZetwerk Manufacturing Businesses164.89minus 1.10%27,937–−2.47−13.0%−36.0%0.1%56.9%–0.00%plus 19.3%
HAPPYFORGEHappy Forgings1,694.50minus 10.00%15,99649.07.0018.9%15.2%30.6%9.8%13.1%0.24%plus 85.8%
RKFORGERamkrishna Forgings693.85minus 4.25%13,08768.43.514.7%5.6%17.1%10.5%−33.9%0.58%plus 35.6%
GRAVITAGravita India1,493.90minus 0.07%10,88327.34.1118.1%16.2%9.3%14.9%23.5%0.52%minus 15.4%
MMFLMM Forgings629.40plus 19.95%3,03917.92.7411.9%10.6%10.7%2.8%−8.3%0.64%plus 69.9%
Median of 7 peers–−1.10%27,93784.77.0015.6%8.6%17.1%14.9%18.3%0.24%35.6%

Quarterly results

Consolidated, ₹ crore
SalesSelect a row below to chart it
₹ CrJun 25Sep 25Dec 25Mar 26Jun 26
351378412429410
287311343348335
63.466.569.380.874.9
18.1%17.6%16.8%18.8%18.3%
7.843.20.76.3
18.321.220.318.316.3
25.124.226.227.729.9
27.725.126.135.435.1
30.7%33.9%32.6%−26.4%2.6%
19.216.617.644.834.2
3.983.433.649.2718.73

Profit & loss

Yearly, ₹ crore
Sales CAGR 3Y
+2.8%
Profit CAGR 3Y
−8.3%
EPS CAGR 3Y
−8.3%
ROE
19.3%
Net profitSelect a row below to chart it
₹ CrMar 2023Mar 2024Mar 2025Mar 2026
1,4621,5631,5251,590
–+6.9%minus 2.4%+4.2%
1,1891,2701,2291,310
273293296280
18.7%18.7%19.4%17.6%
1220.522.615.6
29.642.359.878.2
78.882.893.3103
0.51.30.10.5
177189166115
27.7%28.7%25.7%14.1%
12813512398.7
–+5.5%minus 8.8%minus 19.9%
26.5055.9425.5220.44

EPS is shown as reported. The EPS CAGR above adjusts earlier years for the 2:1 on Jul 2024 split/bonus; dilution from new shares is not adjusted.

Forecast

Your assumptions, not a prediction

Balance sheet

At each financial year end, ₹ crore
Total assetsSelect a row below to chart it
₹ CrMar 2023Mar 2024Mar 2025Mar 2026
24.124.148.348.3
649765845927
7569311,1851,235
232249271286
1,6611,9692,3502,496
8641,0351,3451,433
62.6124383335
22.322.83.89.8
218210218225
494578400493
1,6611,9692,3502,496

Cash flow

Yearly, ₹ crore
Cash from operationsSelect a row below to chart it
₹ CrMar 2023Mar 2024Mar 2025Mar 2026
160149182228
−187−232−358−182
16.577.1185−38.1
−10.4−6.48.17.5
−201−254−403−190
−40.8−105−22137.7
−14.5−14.5−19.3−19.3

Shareholding pattern

Source: NSE filings
56.3%
promoters
  • Promoters56.34%
  • Public43.66%
  • As of 30 Sep 2026
QuarterSplitPromotersPublicPromoter change
30 Sep 202656.34%43.66%0.00
30 Jun 202656.34%43.66%0.00
31 Mar 202656.34%43.66%0.00
31 Dec 202556.34%43.66%0.00
30 Sep 202556.34%43.66%–

Major shareholders

NSE filing

Filings & events

News

No recent news coverage found.

My notes

Private to you