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MM Forgings Limited
(MMFL)
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Rating:57Neutral
Price Target:
₹503.00
▼(-9.03% Downside)
Action:Reiterated
Date:08/19/26
The score is held back primarily by weak cash-flow quality (frequently negative free cash flow) and meaningful leverage, despite decent profitability. Technicals are supportive with strong upside momentum and price above major moving averages, but valuation is less attractive due to a high P/E and low dividend yield.
Positive Factors
Long-term revenue growth
Revenue growth across 2021–2026, including solid expansion in 2024 and 2026, indicates the forging business has expanded over the longer cycle. Although uneven, a growing top line can support scale, customer retention, and reinvestment in capacity and value-added parts.
Negative Factors
Meaningful leverage
Debt consistently exceeding equity and rising through 2026 increases MMFL’s fixed financial obligations and reduces flexibility during weaker operating periods. Leverage can also constrain investment choices, making the company more dependent on sustained profitability and reliable cash generation.
Read all positive and negative factors
Positive Factors
Negative Factors
Long-term revenue growth
Revenue growth across 2021–2026, including solid expansion in 2024 and 2026, indicates the forging business has expanded over the longer cycle. Although uneven, a growing top line can support scale, customer retention, and reinvestment in capacity and value-added parts.
Read all positive factors
MM Forgings Limited (MMFL) vs. iShares MSCI India ETF (INDA)
Market Cap
₹23.27B
Dividend Yield0.83%
Average Volume (3M)2.75K
Price to Earnings (P/E)20.6
Beta (1Y)1.36
Revenue Growth9.58%
EPS Growth2.00%
CountryIN
Employees4,171
SectorGeneral
Sector StrengthN/A
IndustryManufacturing - Metal Fabrication
Share Statistics
EPS (TTM)23.42
Shares Outstanding48,281,600
10 Day Avg. Volume2,586
30 Day Avg. Volume2,748
Financial Highlights & Ratios
PEG Ratio-0.95
Price to Book (P/B)1.82
Price to Sales (P/S)1.12
P/FCF Ratio-68.35
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)32.25
Revenue Forecast (FY)₹18.20B
MM Forgings Limited Business Overview & Revenue Model
Company Description
M M Forgings Limited, together with its subsidiaries, manufactures and sells steel forgings in India. The company offers sprocket, flange housing, connecting rod, rail forging, hub, knuckle, front axle beam, universal joint cross, steering and piv...
How the Company Makes Money
MMFL primarily makes money by manufacturing and selling forged metal components (and, where applicable, value-added processed parts such as machined/finished forgings) to customers that integrate these components into their own equipment or vehicl...
MM Forgings Limited Financial Statement Overview
Summary
Income Statement
68
Positive
Balance Sheet
56
Neutral
Cash Flow
38
Negative
| Breakdown | TTM | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 16.42B | 15.90B | 15.25B | 15.63B | 14.62B | 11.40B |
| Gross Profit | 5.40B | 4.49B | 4.70B | 3.32B | 3.07B | 4.73B |
| EBITDA | 2.96B | 2.96B | 3.19B | 3.15B | 2.85B | 2.24B |
| Net Income | 1.13B | 981.17M | 1.22B | 1.35B | 1.28B | 909.95M |
Balance Sheet | ||||||
| Total Assets | 0.00 | 25.24B | 23.70B | 19.68B | 16.64B | 14.14B |
| Cash, Cash Equivalents and Short-Term Investments | 2.25B | 2.25B | 2.18B | 2.10B | 2.18B | 2.26B |
| Total Debt | 0.00 | 10.74B | 10.51B | 9.31B | 7.56B | 6.85B |
| Total Liabilities | -9.76B | 15.46B | 14.77B | 11.79B | 9.90B | 8.55B |
| Stockholders Equity | 9.76B | 9.78B | 8.92B | 7.89B | 6.73B | 5.60B |
Cash Flow | ||||||
| Free Cash Flow | -474.74M | -260.93M | -2.61B | -1.23B | -321.50M | 378.84M |
| Operating Cash Flow | 406.18M | 1.63B | 1.82B | 1.31B | 1.67B | 1.51B |
| Investing Cash Flow | -797.20M | -1.93B | -3.84B | -2.32B | -1.85B | -1.26B |
| Financing Cash Flow | 543.57M | 374.87M | 2.51B | 944.99M | 164.89M | 141.17M |
MM Forgings Limited Technical Analysis
Negative
552.90
Price Trends
594.39
Negative
554.25
Negative
497.33
Negative
Market Momentum
-31.46
Positive
30.83
Neutral
24.72
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:MMFL, the sentiment is Negative. The current price of 552.9 is above the 20-day moving average (MA) of 542.07, below the 50-day MA of 594.39, and above the 200-day MA of 497.33, indicating a bearish trend. The MACD of -31.46 indicates Positive momentum. The RSI at 30.83 is Neutral, neither overbought nor oversold. The STOCH value of 24.72 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for IN:MMFL.
MM Forgings Limited Peers Comparison
UnderperformOutperform
Sector (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
66 Neutral | ₹52.25B | 18.41 | ― | 0.03% | 30.79% | 22.38% | |
65 Neutral | ₹169.43B | 51.40 | ― | 0.22% | 15.53% | 21.46% | |
57 Neutral | ₹23.27B | 20.61 | ― | 0.83% | 9.58% | 2.00% | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% | |
54 Neutral | ₹813.69M | 8.99 | ― | 1.70% | 76.93% | -22.99% | |
50 Neutral | ₹8.62B | 136.82 | ― | 0.11% | 42.34% | -20.35% | |
43 Neutral | ₹461.70M | -7.42 | ― | ― | -17.43% | -2365.00% |
* General Sector Average
IN:MMFL
MM Forgings Limited
482.00
176.86
57.96%
IN:BALUFORGE
Balu Forge Industries Ltd
444.25
-194.61
-30.46%
IN:GANGAFORGE
Ganga Forging Ltd.
1.37
-1.39
-50.43%
IN:HAPPYFORGE
Happy Forging Limited
1,794.80
779.16
76.72%
IN:HILTON
Hilton Metal Forging Limited
15.81
-22.39
-58.62%
IN:TIRUPATIFL
Tirupati Forge Ltd.
66.26
25.44
62.32%
MM Forgings Limited Corporate Events
MM Forgings Clarifies ₹56.25 Crore Exceptional Gain from Oragadam Land Sale
Aug 15, 2026
MM Forgings Limited has clarified that an exceptional item of ₹56.25 crore recorded in its unaudited standalone and consolidated financial results for the quarter ended June 30, 2026 relates to profit from the sale of assets in the following...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.