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Swing Capital

M M Forgings Ltd

NSE: MMFL BSE: 522241Metal

M M Forgings Limited is engaged in the business of manufacturing Steel Forgings in raw, semi-machined and fully machined stages in various grades of Carbon, Alloy, Micro-Alloy and Stainless Steels. [1]

₹440
52W: ₹276 — ₹527
PE 20.8 · Book ₹202 · +118% vs book
Market Cap₹2,124 Cr
Stock P/E20.8Price to Earnings
ROCE12.5%Return on Capital
ROE15.6%Return on Equity
Div. Yield0.9%Face Value ₹10

Weaknesses

  • −Company might be capitalizing the interest cost
  • −Debtor days have increased from 76.4 to 94.4 days.

Shareholding Pattern

Promoters56.33%
FIIs1.85%
DIIs8.38%
Public33.44%
CategoryJun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Promoters56.33%56.33%56.33%56.33%56.33%56.33%56.33%56.33%
FIIs2.85%3.41%▲0.63.75%▲0.33.09%▼0.71.79%▼1.31.76%▼0.01.74%▼0.01.85%▲0.1
DIIs10.72%10.5%▼0.29.85%▼0.78.92%▼0.98.33%▼0.68.31%▼0.08.55%▲0.28.38%▼0.2
Public30.1%29.75%▼0.430.06%▲0.331.65%▲1.633.54%▲1.933.59%▲0.133.38%▼0.233.44%▲0.1

Financial Statements

MetricSep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025
Sales384388389369389364355349378405
Expenses312313313297313291282286315334
Operating Profit72757572777372636372
OPM %19%19%19%19%20%20%20%18%17%18%
Net Profit37373832363236221826
EPS ₹7.587.717.886.717.446.577.54.633.675.33

AI Insights

Revenue Trend

TTM revenue at ₹1,487Cr, up 0.7% YoY. OPM at 18%.

Debt Position

Borrowings at ₹1,216Cr. Debt-to-equity ratio: 1.31x. High leverage — monitor closely.

Capex Cycle

CWIP at ₹281Cr (29% of fixed assets). Significant capex underway — growth runway building.

Institutional Flow

DIIs: 8.38% (-8.21pp change). FIIs: 1.85% (+0.21pp change). Promoters hold 56.33%.

Margin & Efficiency

ROCE declining from 13% (Mar 2014) to 12% (Mar 2025). Working capital days: -16.

Valuation

PE 20.8x with 12.5% ROCE. Price is 118% above book value of ₹202. Dividend yield: 0.9%.

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