M M Forgings Ltd
MMFLM M Forgings Ltd's price has outrun its earnings. +40.4% in a year against EPS −19.9% — the market is paying now for delivery later.
The sharpest disagreement: the price moved +40.4% in a year while annual EPS moved −19.9% — the difference is re-rating, and re-rating has to be repaid with earnings.
The price is in a confirmed uptrend (26 weeks in) while the P/E sits at the 92nd percentile of its own 10-year range. Underneath, the last four quarters read improving — profit +36.4% year on year, and 157% of the last 3 years' profit arrived as cash. What settles it: whether earnings grow into a price that has already moved.
Price story Before the numbers, the tape. A stock price moves through four repeating seasons: a flat base (stage 1), an advance (2), a top (3), a decline (4). Where the price sits in that cycle frames everything below.
M M Forgings Ltd trades at ₹528, in a confirmed uptrend and 26 weeks into that stage. That is +22.2% against its own 200-day average. It sits at 100% of a 52-week range of ₹299 to ₹528. On relative strength it has been ahead of the NIFTY 500 on a trailing-13-week view for 2 straight weeks.
Today the stock is in a confirmed uptrend — week 26 of stage 2, confirmed. At ₹528 it trades +22.2% versus its 200-day average and sits at 100% of its 52-week range (₹299–₹528).
Against the market, two honest reads. Cumulative: over the last 10.4 years the stock moved +441% while the NIFTY 500 moved +280% — ahead of the index over the full window. Recent form: on a trailing-13-week view the stock has been ahead for 2 straight weeks — the ribbon below is that same metric, week by week.
What would end the trend, mechanically: two Friday closes in a row below the 200-day line. That is the exit rule — no debates.
→ The trend is one thing; the bill is another. Are you paying up for it? Next: the P/E sits at the 92nd percentile of its own range.
Valuation P/E is the price of ₹1 of annual profit: how many rupees the market pays for each rupee the company earns in a year.
M M Forgings Ltd trades at 27.2× P/E, at the pricey end of its own range (92nd percentile). Its long-run median P/E is 19.2×, measured across 10.4 years of weekly readings. This places the multiple against the stock’s own record, and says nothing about what the business is worth.
Today's P/E of 27.2× is at the pricey end of its own range (92nd percentile), against a long-run median of 19.2× measured over 10.4 years of weekly readings. This is a comparison against the stock's own history — not a claim about what it is worth.
🚨 Why the multiple sits where it does: over the past year annual EPS moved −19.9% against a +40.4% price move — the price outran earnings, pushing the multiple UP its own range.
The price move, decomposed: over 5y, of the +7.0%/yr price move, ~+17.9%/yr came from earnings growth and ~−10.9 pp from the multiple (compressing). The split is the honest approximate (price return minus earnings growth); it makes the rally itself visible instead of hiding it behind the percentile.
Put together: the multiple is full against its own past, so the story rests on the earnings line underneath it, not the multiple.
→ Cheap or dear rides on the earnings. Are they actually growing? Next: the fundamental stage — where the business sits in its arc, and how growth has compounded.
Stage: Deteriorating Every business sits somewhere on a fundamental arc, and this page names the spot before anything else. The last twelve quarters of revenue, profit and EPS growth — plus the return the business earns on its capital — are read as curves: Deteriorating (the curves are falling), Turning around (a trough has just formed and the last few quarters lift off it), Improving (the climb off the trough is sustained), Consistent (steadily positive with healthy returns), Topping out (still high but decelerating from the peak). When the curves genuinely disagree the read is Mixed; too little history is No read. CAGR (compound annual growth rate) is the smooth yearly pace that turns the starting value into the latest one — the fairest way to compare growth across different time spans. Read the columns together: if the 1-year number towers over the 10-year, recent growth is running hotter than the long-run trend. A dash means that window is not held, or the base year was a loss (where a growth rate is not meaningful).
M M Forgings Ltd reads as deteriorating on its fundamental arc. Deteriorating — profit and EPS growth are shrinking (profit growth −18.9% latest against +34.4% at its 12-quarter best), ROCE slipping at 12.0%. The read is built from 12 quarters across 4 curves, on full evidence.
🚨 Why it matters: falling curves mean every cheap-looking ratio below needs a discount for direction.
| 1yr | 3yr | 5yr | 10yr | |
|---|---|---|---|---|
| Revenue | +4.3% | +2.8% | +16.2% | +12.2% |
| Profit | −19.5% | −8.2% | +16.6% | +7.1% |
| EPS | −19.9% | −8.3% | +16.5% | +7.0% |
| Share price | +40.4% | +4.1% | +7.0% | +17.9% |
→ The stage names the trajectory. Next: the revenue line that produces it, quarter by quarter.
4-Factor Sector Score
42.8/100 — rank 14 of 19 in Castings, Forgings & Fastners · 96% evidence confidence
M M Forgings Ltd scores 42.8 out of 100 against the 19 companies it is compared with in Castings, Forgings & Fastners, ranking 14. Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
The four contributions add to the total exactly: 11.5 + 8.8 + 11.8 + 10.7 = 42.8. This is the SAME number shown on the sector comparison — it is computed once, for the whole peer set, and read here.
What would change it: The read weakens if profit growth turns negative or margin improvement reverses while sector-relative strength deteriorates.
Revenue Revenue is the top line: everything the company billed its customers in the period.
M M Forgings Ltd reported ₹430 Cr of revenue in the Mar 26 quarter, +15.9% year on year. That is the 2nd straight quarter of year-on-year growth. Over 10 years it has compounded at 12.2% a year. The last full year, FY26, came in at ₹1,590 Cr. The last four reported quarters add to ₹1,591 Cr.
M M Forgings Ltd reported ₹430 Cr of revenue in the Mar 26 quarter, +15.9% year on year. That is the 2nd straight quarter of year-on-year growth. Over 10 years it has compounded at 12.2% a year. The last full year, FY26, came in at ₹1,590 Cr. The last four reported quarters add to ₹1,591 Cr.
FY26 revenue came in at ₹1,590 Cr (+4.3% on the year), capping 10 years at 12.2% compound. The latest quarter (Mar 26) printed ₹430 Cr, +15.9% year on year — the 2nd consecutive quarter of year-over-year growth.
Pace check: the last four quarters averaged +4.5% growth against the decade's 12.2% — the current year is running slower than its own long-run rate.
Acceleration check: trailing-twelve-month revenue grew +4.3% over the last 4 quarters against +0.9%/yr over the last 8 — accelerating; TTM profit −18.9% vs −14.4%/yr — rolling over.
→ Revenue grew — did margins hold as it scaled? Next: 19.0% this quarter (−1.0 pp YoY).
Operating margin Operating margin is what is left of every ₹100 of sales after running the business, before interest and tax. It is the cleanest read on pricing power and cost control.
M M Forgings Ltd's operating margin is 19.0% in the Mar 26 quarter, −1.0 percentage points against the same quarter a year ago. Across 17 fiscal years the operating margin has ranged 14.0% to 22.0%. The current quarter sits inside that band.
M M Forgings Ltd's operating margin is 19.0% in the Mar 26 quarter, −1.0 percentage points against the same quarter a year ago. Across 17 fiscal years the operating margin has ranged 14.0% to 22.0%. The current quarter sits inside that band.
The latest quarter's operating margin is 19.0%, −1.0 pp against the same quarter a year ago. Across 17 fiscal years the operating margin has ranged 14.0%–22.0%.
🚨 Why the margin moved: operating margin went −0.9 pp year on year while gross margin went +0.5 pp — the loss came mostly below the gross line: operating leverage, with costs spread over a bigger revenue base.
→ Margins slipped — did that reach the bottom line? Next: profit +36.4% in the latest quarter.
Net profit Net profit is what survives every cost, interest and tax — the number EPS, dividends and book value all grow from.
M M Forgings Ltd earned ₹45.0 Cr of net profit in the Mar 26 quarter, +36.4% year on year. Full-year FY26 profit was ₹99.0 Cr. The 10-year compound rate is 7.1%. That is 10.5% of the quarter's revenue. The same quarter a year earlier earned ₹33.0 Cr.
M M Forgings Ltd earned ₹45.0 Cr of net profit in the Mar 26 quarter, +36.4% year on year. Full-year FY26 profit was ₹99.0 Cr. The 10-year compound rate is 7.1%. That is 10.5% of the quarter's revenue. The same quarter a year earlier earned ₹33.0 Cr.
Mar 26 profit was ₹45.0 Cr, +36.4% year on year. On the full year, FY26 printed ₹99.0 Cr (−19.5%), and the 10-year compound rate is 7.1%.
Why profit moved: revenue contributed +15.9% and the margin −1.0 pp — the quarter was revenue-led, with the margin roughly flat.
Pace comparison, last four quarters: profit −20.1% vs revenue +4.5%. Profit is growing slower than sales — costs are eating the growth before it reaches the bottom line.
→ Profit rose — but did the cash follow? Next: 157% of the last 3 years' profit arrived as cash.
Cash flow — the router The P&L says what was earned; the cash-flow statement says what actually arrived. Operating cash flow (CFO) against profit is the cleanest lie detector in the accounts.
Over the last 3 fiscal years 157% of M M Forgings Ltd's reported profit arrived as operating cash — the cash follows the profit. In FY26 that was ₹228 Cr of operating cash against ₹99.0 Cr of profit. After ₹192 Cr of capital spending, ₹36.0 Cr was left as free cash.
FY26: operating cash of ₹228 Cr against reported profit of ₹99.0 Cr, leaving free cash of ₹36.0 Cr after ₹192 Cr of capital spending. Across the last 3 fiscal years the conversion rate is 157% of profit.
Cash-flow readings here are annual — that is the resolution our series carries, so this section moves once a year.
Why conversion sits at 157%: the cash cycle stretched 26 days between FY21 and FY26 — more of each rupee of profit waits inside the cycle before arriving.
Router verdict: the bigger cash user is investment — capital spending ran 3.0× depreciation over three years, so the next section's job is to check what that build-out is buying.
→ So follow the cash to where it goes. Next: ₹848 Cr of building over 3 years.
Where the cash goes Working capital is the cash tied up between paying suppliers and getting paid: debtor days (customers owe), inventory days (stock waits), and the cash conversion cycle (the whole loop, in days of sales).
M M Forgings Ltd's cash conversion cycle runs 165 days in FY26, up from 139 days in FY21. Capital spending ran ₹848 Cr over the last 3 years. At FY26 sales of ₹1,590 Cr each day of that cycle holds about ₹4.4 Cr, so roughly ₹719 Cr sits inside the business at any moment.
FY26: debtors at 96 days, inventory at 171 days — roughly 5.6 months of stock waiting to sell; that is where the cash sits while it waits — for a full cycle of 165 days, looser than FY21's 139.
The full loop: cash goes out to suppliers and production on day 0; stock waits 171 days to sell; customers pay about 96 days after that; and suppliers themselves are paid at 103 days — netting out to the 165-day cycle.
In money terms: at FY26 sales of ₹1,590 Cr, each day of the cycle holds about ₹4.4 Cr — so the 165-day loop keeps roughly ₹719 Cr sitting inside the business at any moment.
On the investment side: capital spending of ₹848 Cr over the last 3 fiscal years against ₹279 Cr of depreciation — the company is building well ahead of wear-and-tear. Capital work-in-progress stands at ₹335 Cr (FY26) — capacity paid for but not yet earning.
The synthesis: the cash is going into capacity, not disappearing into the cycle — the question becomes whether the new capacity earns.
→ Does all this activity actually earn its cost of capital? Next: ROCE is 9% and the ROIC − WACC spread is −4.4 pp.
Return on capital Return on capital employed (ROCE) is the profit the whole business earns on all the money in it — equity and debt together. It is the single best test of whether growth creates value or just size.
M M Forgings Ltd earns a ROCE of 9% in FY26. That is up from a trough of 8% in FY21. Return on invested capital clears the cost of that capital by −4.4 percentage points, so growth here is not yet paying for the capital it uses. The wiring behind it is 6.2% net margin on 0.64× asset turns.
FY26 ROCE is 9%, recovered from a FY21 trough of 8% — the full ladder below shows the fall and the climb, undoctored.
🚨 Why the return is what it is — the wiring (FY26): 6.2% net margin × 0.64× asset turns × 2.56× balance-sheet leverage ≈ 10.2% on equity. Margin does its share; leverage is a meaningful part of the equation.
The capstone test — ROIC − WACC: 7.6% − 12.0% = a −4.4 pp spread. The 12.0% is a standing assumption for the cost of capital in India, not a per-stock estimate — read the sign and the size of the spread, not the decimals. Negative — growth at these returns destroys value until the returns recover.
→ Returns like these — is the balance sheet borrowing to make them? Next: debt-to-equity is 1.27.
Debt Debt-to-equity says how much of the business is funded by borrowings. Low is the safe corner; the trend matters as much as the level.
M M Forgings Ltd carries total debt of ₹1,235 Cr against shareholder equity of ₹978 Cr as of Mar 26, a debt-to-equity of 1.26. On the annual view that ratio went from 1.22 in FY22 to 1.26 in FY26. Read the returns elsewhere on this page with that leverage in mind.
Mar 26: total debt of ₹1,235 Cr against shareholder equity of ₹978 Cr — a debt-to-equity of 1.26. On the annual view, debt-to-equity went from 1.22 (FY22) to 1.26 (FY26). Read the returns on this page with that leverage in mind.
→ Who owns this, and are they adding or leaving? Next: Domestic institutions cut 3.2 points over 8 quarters.
Ownership Who owns the stock, quarter by quarter: promoters (the controlling owners), foreign and domestic institutions, and the public. Steady accumulation by people close to the numbers is a signal; a quiet register is also an answer.
Domestic institutions cut 3.2 points of M M Forgings Ltd over 8 quarters, the biggest move on the register. That takes domestic institutions to 7.5% of the company. Foreign institutions moved −0.4 points over the same window, to 2.4%. The register is read on the four disclosed classes only; nothing is inferred between filings.
The register over the last two years — Domestic institutions: −3.2 points over 8 quarters to 7.5%; Foreign institutions: −0.4 points over 8 quarters to 2.4%; Promoters: +0.0 points over 8 quarters to 56.3%.
🚨 Why the register moved: domestic institutions drove it (−3.2 points) — distribution into the market’s bid.
→ One last check: does the safety math agree? Next: the balance-sheet safety line.
Safety line The Z-score estimates how far a company sits from balance-sheet distress — above roughly 3 is safe, below roughly 1.8 is the danger zone. It was built for manufacturers, so it is not applied to banks and lenders.
M M Forgings Ltd: the Z-score reads 2.15. A Z-score above roughly 3 reads as safe and below roughly 1.8 as the distress zone, so this sits in the grey band between the two. It is a distance-to-distress estimate from the balance sheet, not a forecast of failure.
Why it matters: a Z-score of 2.15 sits in the grey band — neither clearly safe nor clearly distressed.
The safety line in one sentence: the Z-score reads 2.15.
| Company | P/E | Mkt cap | Revenue | EPS | ROCE | Stage |
|---|---|---|---|---|---|---|
| M M Forgings Ltd this page | 27.2× | ₹2,664 Cr | Deteriorating | |||
| Bharat Forge Ltd | 91.1× | ₹1L Cr | Mixed | |||
| Sona BLW Precision Forgings Ltd | 61.5× | ₹44,707 Cr | Mixed | |||
| CIE Automotive India Ltd | 17.5× | ₹15,696 Cr | Turning around | |||
| Happy Forgings Ltd | 51.0× | ₹15,247 Cr | Consistent | |||
| Ramkrishna Forgings Ltd | 92.0× | ₹10,579 Cr | Deteriorating | |||
| Kennametal India Ltd | 52.2× | ₹6,116 Cr | Deteriorating | |||
| Balu Forge Industries Ltd | 20.3× | ₹5,264 Cr | Mixed | |||
| Uniparts India Ltd | 19.3× | ₹3,113 Cr | Mixed | |||
| Steelcast Ltd | 35.9× | ₹3,103 Cr | Topping out | |||
| Sundaram Clayton Ltd | — | ₹3,005 Cr | No read | |||
| Amic Forging Ltd | 70.5× | ₹1,992 Cr | No read | |||
| Amic Forging Ltd | 58.9× | ₹1,485 Cr | — | — | — | — |
| Gala Precision Engineering Ltd | 40.4× | ₹1,469 Cr | Turning around | |||
| Nelcast Ltd | 24.1× | ₹1,170 Cr | Turning around | |||
| Alicon Castalloy Ltd | 26.6× | ₹1,044 Cr | Mixed | |||
| Tirupati Forge Ltd | 151.0× | ₹951 Cr | Turning around | |||
| Uni Abex Alloy Products Ltd | 19.8× | ₹932 Cr | No read | |||
| Synergy Green Industries Ltd | 186.0× | ₹927 Cr | Mixed | |||
| Sterling Tools Ltd | 36.7× | ₹882 Cr | Mixed | |||
| Uni Abex Alloy Products Ltd | 16.7× | ₹581 Cr | Turning around |
Frequently asked questions
What is M M Forgings Ltd's share price today?
M M Forgings Ltd trades at ₹528, +40.4% over the past year. The company is valued at ₹2,664 Cr. The stock sits at 100% of its 52-week range of ₹299–₹528, +22.2% versus its 200-day average. On the tape, the price is in a confirmed uptrend, 26 weeks in. — as of 24 July 2026.
What were M M Forgings Ltd's latest quarterly results?
M M Forgings Ltd reported revenue of ₹430 Cr and net profit of ₹45.0 Cr for the Mar 26 quarter. Revenue rose 15.9% and profit rose 36.4% year on year. Earnings per share were ₹9.27. The operating margin was 19.0%, 1.0 pp lower than a year earlier. — as of 24 July 2026.
What is M M Forgings Ltd's revenue?
M M Forgings Ltd reported revenue of ₹430 Cr in the Mar 26 quarter, +15.9% year on year. For the full FY26 fiscal year, revenue was ₹1,590 Cr (+4.3%). Over the last 10 years revenue compounded at 12.2% a year. — as of 24 July 2026.
What is M M Forgings Ltd's profit?
M M Forgings Ltd earned ₹45.0 Cr of net profit in the Mar 26 quarter, +36.4% year on year. Full-year FY26 profit was ₹99.0 Cr. The operating margin ran 19.0% in the latest quarter. — as of 24 July 2026.
What is M M Forgings Ltd's market cap?
M M Forgings Ltd's market capitalisation is ₹2,664 Cr at a share price of ₹528. Market cap is the share price multiplied by shares outstanding, so it is restated whenever the price moves. — as of 24 July 2026.
What is M M Forgings Ltd's P/E ratio?
M M Forgings Ltd trades at a P/E of 27.2×, at the 92nd percentile of its own 10-year range, against a long-run median of 19.2×. This is a comparison with the stock's own history, not a value call — as of 24 July 2026.
Does M M Forgings Ltd pay a dividend?
Yes — M M Forgings Ltd's dividend payout was 20% of profit in FY26, and it recorded a payout in each of its last 17 reported fiscal years. This page holds the payout ratio, not a per-share amount. — as of 24 July 2026.
Is M M Forgings Ltd overvalued?
On its own history, M M Forgings Ltd looks expensive against its own history: its P/E of 27.2× sits at the 92nd percentile of its 10-year range (long-run median 19.2×). That is a percentile read against the stock's own past, not a price opinion or a direction call. — as of 24 July 2026.
Is M M Forgings Ltd growing?
Yes — M M Forgings Ltd is growing: latest-quarter revenue +15.9% year on year, profit +36.4%, and the margin −1.0 pp at 19.0%. The 10-year compound rates are 12.2% (revenue) and 7.1% (profit). The earnings engine currently reads: improving — as of 24 July 2026.
How is M M Forgings Ltd performing?
M M Forgings Ltd is in a confirmed uptrend, 26 weeks in. Its latest quarter's revenue rose 15.9% and profit rose 36.4% year on year. Against the NIFTY 500 it has been ahead on a trailing-13-week view for 2 weeks. This describes what the data did, not a rating. — as of 24 July 2026.
What stage is M M Forgings Ltd in?
Deteriorating — profit and EPS growth are shrinking (profit growth −18.9% latest against +34.4% at its 12-quarter best), ROCE slipping at 12.0%. The read comes from the last 12 quarters of growth (revenue growth +4.3% latest, profit growth −18.9% latest, eps growth −19.5% latest) plus the ROCE curve, classified by deterministic rules — a trajectory read, not a buy or sell call — as of 24 July 2026.
Is M M Forgings Ltd in an uptrend?
Yes — the price is in a confirmed uptrend (week 26 of stage 2), trading +22.2% versus its 200-day average and at 100% of its 52-week range. Price stages cycle base → advance → top → decline, and the stage names where this stock sits in that cycle — as of 24 July 2026.
Is M M Forgings Ltd beating the market?
On recent form, yes — M M Forgings Ltd has been ahead of the NIFTY 500 on a trailing-13-week view for 2 straight weeks, the same metric the week-by-week ribbon on this page draws. Separately, on the cumulative view: over the last 10.4 years the stock moved +441% against the NIFTY 500's +280% — ahead of the index over the full window. — as of 24 July 2026.
Will M M Forgings Ltd's share price go up?
This page publishes no price forecast for M M Forgings Ltd. What it measures instead: the share price is ₹528, the price is in a confirmed uptrend 26 weeks in. Its P/E of 27.2× sits at the 92nd percentile of its own 10-year range. — as of 24 July 2026.
Who owns M M Forgings Ltd?
Promoters hold 56.3% of M M Forgings Ltd, foreign institutions 2.4%, domestic institutions 7.5% and the public 33.7% (latest quarter). The biggest move on the register over the last two years: Domestic institutions cut 3.2 points over 8 quarters. — as of 24 July 2026.
Does M M Forgings Ltd have too much debt?
It carries real leverage — M M Forgings Ltd's debt-to-equity is 1.27, and operating profit covers the interest bill 4×. FY26 borrowings were ₹1,235 Cr against equity of ₹975 Cr. Read the returns on this page with that leverage in mind — as of 24 July 2026.
What is M M Forgings Ltd's capex?
M M Forgings Ltd spent ₹848 Cr on capital expenditure over the last 3 fiscal years, a figure derived from the change in fixed assets plus depreciation. In FY26 alone that was ₹192 Cr, with ₹335 Cr in capital work-in-progress — capacity paid for but not yet earning. — as of 24 July 2026.
What is M M Forgings Ltd's cash flow?
M M Forgings Ltd generated ₹228 Cr of operating cash flow in FY26 and ₹36.0 Cr of free cash flow after ₹192 Cr of capital spending. Reported profit that year was ₹99.0 Cr, so operating cash ran ahead of profit. Cash-flow resolution for India is annual. — as of 24 July 2026.
Is M M Forgings Ltd's profit real cash?
Yes — over the last 3 fiscal years, 157% of M M Forgings Ltd's reported profit arrived as operating cash. In FY26, operating cash was ₹228 Cr against reported profit of ₹99.0 Cr. The cash then goes mostly into building capacity. Cash-flow resolution is annual — as of 24 July 2026.
How financially safe is M M Forgings Ltd?
On the balance sheet, the Z-score reads 2.15 — above roughly 3 is safe, below roughly 1.8 is the distress zone. That is in the grey band — neither clearly safe nor clearly distressed. — as of 24 July 2026.
Where is M M Forgings Ltd in its business cycle?
M M Forgings Ltd's FY26 operating margin was 18.0%, against a 17-year band of 14.0%–22.0%: mid-band by its own history — neither the peak that precedes mean-reversion nor the trough that precedes recovery. The latest quarter ran 19.0%. Profitability versus a company's own long band is the cleanest cycle clock this page holds — as of 24 July 2026.
What could break the M M Forgings Ltd story?
The sharpest disagreement: the price moved +40.4% in a year while annual EPS moved −19.9% — the difference is re-rating, and re-rating has to be repaid with earnings. Mechanically, two Friday closes in a row below the 200-day average would end the price trend — that is the exit rule this page tracks — as of 24 July 2026.
Is M M Forgings Ltd a stock worth studying right now?
This is not investment advice. The machine read: M M Forgings Ltd's price has outrun its earnings. +40.4% in a year against EPS −19.9% — the market is paying now for delivery later. The sharpest open question: whether earnings grow into a price that has already moved. Every number on this page is drawn deterministically from the raw series, with no forecasts and no price opinions — as of 24 July 2026.