MM Forgings

₹1148 26.8 | 2.4%

WEBSITE BSE:522241 NSE : M.M.FORGINGS 10 May, 16:01

Market Cap ₹2771 Cr.

Stock P/E 21.7

P/B 3.6

Current Price ₹1148

Book Value ₹ 319.3

Face Value 10

52W High ₹1207.9

Dividend Yield 0.52%

52W Low ₹ 829.8

Edit Ratio

MM Forgings Research see more...

EQUITY RESEARCH: MM FORGINGS LTD

Overview Inc. Year: 1946Industry: Forgings

MM Forgings Ltd is engaged inside the manufacture of metal forgings. The Company is a producer of automotive components. It manufactures metallic forgings in raw, semi-machined and completely machined stages in various grades of carbon, alloy, micro-alloy and stainless steels in the weight variety of 0.20 kilograms to 60 kilograms. The Company's manufacturing plants are positioned at Singampunari in Pasumpon Muthuramalingam District, Viralimalai in Pudukkottai District and Karainaithangal Village in Kanchipuram District, all in the state of Tamil Nadu. The Company has its Wind Farm at Panakudi Village in Tirunelveli District and at Meenakshipuram in Theni District. Its solar plant is positioned in Bommakkotai, Kalayar Karisalkulam Village. The Company has a battery of forging presses inside the variety of 1,600 lots (T) to 4,000 T. It has a battery of about 10 hammers with capacities starting from 0.75 T to 6 T. It has both friction drop hammers (belt kind) and air hammer.

MM Forgings Share Price

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Peer Comparison

MM Forgings Quarterly Results

#(Fig in Cr.)	Sep 2021	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023
Net Sales	273	296	324	344	358	372	388	370	397	399
Other Income	4	3	4	-0	4	4	5	5	4	5
Total Income	277	299	328	344	361	376	393	375	401	404
Total Expenditure	224	239	268	281	291	299	319	305	322	323
Operating Profit	53	60	60	63	71	77	74	71	79	81
Interest	7	8	6	7	7	8	7	10	9	11
Depreciation	17	17	17	18	20	21	21	21	21	21
Exceptional Income / Expenses	0	0	0	0	0	0	0	0	0	0
Profit Before Tax	29	35	37	38	43	49	46	40	49	49
Provision for Tax	3	7	29	9	11	13	16	11	14	15
Profit After Tax	27	29	7	28	33	36	31	29	35	33
Adjustments	-0	-0	0	-0	0	-0	0	0	0	0
Profit After Adjustments	27	29	7	28	33	36	31	29	35	33
Adjusted Earnings Per Share	11	12	3.1	11.7	13.6	14.8	12.7	12	14.4	13.8

MM Forgings Profit & Loss

#(Fig in Cr.)	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	TTM
Net Sales	639	934	769	752	1140	1462	1554
Other Income	12	16	19	18	14	12	19
Total Income	651	950	788	770	1154	1474	1573
Total Expenditure	509	754	637	623	931	1189	1269
Operating Profit	142	196	151	146	223	285	305
Interest	13	32	38	32	28	30	37
Depreciation	46	58	60	65	68	79	84
Exceptional Income / Expenses	-8	0	0	2	1	0	0
Profit Before Tax	74	106	53	52	129	177	184
Provision for Tax	14	27	11	6	38	49	56
Profit After Tax	61	79	42	46	91	128	128
Adjustments	0	0	0	0	-0	-0	0
Profit After Adjustments	61	79	42	46	91	128	128
Adjusted Earnings Per Share	25.1	32.7	17.4	19.1	37.7	53	52.9

Growth Rates

#	1 Year	3 Year	5 Year	10 Year
Sales CAGR	28%	24%	18%	0%
Operating Profit CAGR	28%	24%	15%	0%
PAT CAGR	41%	45%	16%	0%

#	1 Year	3 Year	5 Year	10 Year
Share Price CAGR	31%	36%	17%	32%
ROE Average	21%	16%	15%	17%
ROCE Average	15%	12%	12%	13%

MM Forgings Balance Sheet

#(Fig in Cr.)	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023
Shareholder's Funds	363	427	455	487	560	673
Minority's Interest	0	0	0	0	0	0
Borrowings	168	396	335	297	350	332
Other Non-Current Liabilities	17	37	33	30	35	35
Total Current Liabilities	305	357	311	441	469	619
Total Liabilities	853	1218	1134	1256	1414	1660
Fixed Assets	406	651	712	675	708	804
Other Non-Current Assets	48	67	63	63	87	116
Total Current Assets	399	500	358	518	619	740
Total Assets	853	1218	1134	1256	1414	1660

MM Forgings Cash Flow

#(Fig in Cr.)	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023
Opening Cash & Cash Equivalents	134	164	172	175	187	226
Cash Flow from Operating Activities	4	27	283	20	150	169
Cash Flow from Investing Activities	-86	-301	-78	-11	-126	-187
Cash Flow from Financing Activities	112	281	-202	3	14	10
Net Cash Inflow / Outflow	30	8	3	12	39	-8
Closing Cash & Cash Equivalent	164	172	175	187	226	218

MM Forgings Ratios

#	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023
Earnings Per Share (Rs)	25.1	32.66	17.37	19.08	37.69	53
CEPS(Rs)	44.34	56.71	42.04	45.83	65.76	85.64
DPS(Rs)	10	5	5	5	6	6
Book NAV/Share(Rs)	150.2	176.99	188.48	201.8	231.79	278.78
Core EBITDA Margin(%)	20.35	19.25	17.18	17.11	18.31	18.66
EBIT Margin(%)	13.73	14.73	11.88	11.14	13.74	14.13
Pre Tax Margin(%)	11.61	11.35	6.9	6.87	11.31	12.1
PAT Margin (%)	9.49	8.44	5.45	6.12	7.98	8.75
Cash Profit Margin (%)	16.76	14.66	13.19	14.71	13.93	14.14
ROA(%)	11.07	7.61	3.56	3.85	6.82	8.32
ROE(%)	25.99	19.96	9.5	9.78	17.39	20.76
ROCE(%)	18.16	14.78	8.56	7.89	13.35	15.45
Receivable days	26.15	29.87	26.35	33.07	43.62	44.13
Inventory Days	45	62.83	78.44	76.39	61.29	63.62
Payable days	55.52	54.22	70.56	96.06	76.39	73.74
PER(x)	20.69	16.65	9.56	25.95	22.46	15.72
Price/Book(x)	3.46	3.07	0.88	2.45	3.65	2.99
Dividend Yield(%)	0.96	0.92	3.01	1.01	0.71	0.72
EV/Net Sales(x)	2.31	1.96	1.03	2.16	2.2	1.74
EV/Core EBITDA(x)	10.37	9.34	5.25	11.08	11.23	8.95
Net Sales Growth(%)	303.09	46.26	-17.66	-2.22	51.53	28.28
EBIT Growth(%)	382.41	57	-33.59	-8.36	86.92	31.89
PAT Growth(%)	481.73	30.11	-46.83	9.87	97.56	40.6
EPS Growth(%)	481.73	30.11	-46.83	9.87	97.56	40.6
Debt/Equity(x)	1.06	1.61	1.24	1.26	1.22	1.12
Current Ratio(x)	1.31	1.4	1.15	1.17	1.32	1.19
Quick Ratio(x)	0.89	0.85	0.71	0.77	0.88	0.7
Interest Cover(x)	6.5	4.36	2.39	2.61	5.65	6.98
Total Debt/Mcap(x)	0.31	0.52	1.41	0.51	0.33	0.38

MM Forgings Shareholding Pattern

#	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024
Promoter	56.34	56.34	56.34	56.34	56.34	56.34	56.34	56.34	56.34	56.34
FII	0.77	0.78	0.82	0.91	1.16	1.65	1.64	1.72	1.93	2.28
DII	21.22	19.63	17.98	16.32	16.65	17.01	16.59	15.65	14.47	11.83
Public	21.68	23.26	24.86	26.44	25.86	25	25.43	26.29	27.27	29.55
Others	0	0	0	0	0	0	0	0	0	0
Total	100	100	100	100	100	100	100	100	100	100

#	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024
Promoter	1.36	1.36	1.36	1.36	1.36	1.36	1.36	1.36	1.36	1.36
FII	0.02	0.02	0.02	0.02	0.03	0.04	0.04	0.04	0.05	0.06
DII	0.51	0.47	0.43	0.39	0.4	0.41	0.4	0.38	0.35	0.29
Public	0.52	0.56	0.6	0.64	0.62	0.6	0.61	0.63	0.66	0.71
Others	0	0	0	0	0	0	0	0	0	0
Total	2.41	2.41	2.41	2.41	2.41	2.41	2.41	2.41	2.41	2.41

Pros

Debtor days have improved from 76.39 to 73.74days.
Company has reduced debt.

Cons

Stock is trading at 3.6 times its book value.

* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.

MM Forgings News

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MM Forgings

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MM Forgings Research see more...

Overview Inc. Year: 1946Industry: Forgings

MM Forgings Share Price

Alert Data

Quarterly Price

Peer Comparison

MM Forgings Quarterly Results

MM Forgings Profit & Loss

Growth Rates

MM Forgings Balance Sheet

MM Forgings Cash Flow

MM Forgings Ratios

MM Forgings Shareholding Pattern

MM Forgings News

IPO

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