M M Forgings Ltd

M M Forgings Summary Chart Analysis Peers Quarters Profit & Loss Balance Sheet Cash Flow Ratios Investors Documents

M M Forgings Ltd

₹ 1,281 3.47%
01 Jul 2:46 p.m.
mmforgings.com BSE: 522241 NSE: MMFL
About

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]

Key Points

History
The Co. was established in 1946 and dealt in the retail business of imported Royal Enfield bikes. In 1974 it diversified to establish its first steel forging plant in Tamil Nadu. In 1990 it wound up its business of dealing in Royal Enfield Bikes & promoter's stake in Enfield India Limited was diluted to focus on the forging vertical. [1]

Website BSE NSE
  • Market Cap ₹ 3,092 Cr.
  • Current Price ₹ 1,281
  • High / Low ₹ 1,302 / 825
  • Stock P/E 21.4
  • Book Value ₹ 338
  • Dividend Yield 0.62 %
  • ROCE 15.1 %
  • ROE 19.2 %
  • Face Value ₹ 10.0
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Pros

Cons

  • Stock is trading at 3.71 times its book value
  • Company might be capitalizing the interest cost

* 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.

Peer comparison

Sector: Castings, Forgings & Fastners Industry: Castings & Forgings

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Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

Mar 2021 Jun 2021 Sep 2021 Dec 2021 Mar 2022 Jun 2022 Sep 2022 Dec 2022 Mar 2023 Jun 2023 Sep 2023 Dec 2023 Mar 2024
285 239 261 289 315 333 342 361 373 366 384 388 389
229 196 214 233 260 273 280 295 309 303 312 315 313
Operating Profit 56 43 48 56 55 60 62 66 64 62 72 73 75
OPM % 20% 18% 18% 19% 17% 18% 18% 18% 17% 17% 19% 19% 19%
3 4 5 4 5 1 5 6 5 6 5 7 7
Interest 8 7 7 7 6 6 7 8 7 10 9 11 13
Depreciation 17 15 15 15 15 15 17 17 18 18 18 19 18
Profit before tax 34 26 30 38 39 39 42 47 44 41 51 50 52
Tax % 12% 9% 9% 17% 76% 24% 25% 28% 36% 27% 28% 31% 26%
30 24 28 31 9 30 32 34 28 30 37 35 38
EPS in Rs 12.49 9.88 11.48 12.85 3.80 12.24 13.21 14.03 11.74 12.46 15.17 14.41 15.76
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Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024
361 411 503 502 478 621 904 727 726 1,105 1,413 1,527
303 332 392 394 386 496 731 602 604 903 1,154 1,239
Operating Profit 58 79 111 108 93 124 173 125 121 202 258 288
OPM % 16% 19% 22% 22% 19% 20% 19% 17% 17% 18% 18% 19%
0 3 2 5 11 12 16 19 22 19 16 26
Interest 7 8 9 8 10 13 26 33 31 27 30 43
Depreciation 21 36 35 36 39 42 54 53 57 60 69 72
Profit before tax 30 38 69 69 55 82 109 57 55 133 176 199
Tax % 19% 24% 26% 28% 21% 17% 25% 19% 15% 31% 28% 27%
24 29 51 50 43 69 81 46 47 92 126 145
EPS in Rs 10.15 12.17 20.98 20.78 18.02 28.43 33.70 19.15 19.31 38.01 52.36 60.25
Dividend Payout % 15% 16% 14% 14% 17% 18% 15% 26% 26% 16% 11% 13%
Compounded Sales Growth
10 Years: 14%
5 Years: 11%
3 Years: 28%
TTM: 8%
Compounded Profit Growth
10 Years: 18%
5 Years: 12%
3 Years: 46%
TTM: 15%
Stock Price CAGR
10 Years: 26%
5 Years: 21%
3 Years: 20%
1 Year: 34%
Return on Equity
10 Years: 17%
5 Years: 16%
3 Years: 19%
Last Year: 19%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024
Equity Capital 12 12 12 12 12 12 24 24 24 24 24 24
Reserves 160 184 226 268 303 357 412 444 476 554 666 792
146 151 190 214 224 381 688 566 532 680 756 925
46 31 45 45 51 86 93 105 230 181 227 254
Total Liabilities 363 378 473 538 589 836 1,217 1,140 1,263 1,439 1,673 1,996
196 200 225 262 320 365 588 653 618 650 719 818
CWIP 4 7 11 30 14 27 39 9 17 36 61 112
Investments 0 0 0 0 0 4 5 5 5 33 41 41
164 171 237 245 255 440 585 473 623 720 853 1,025
Total Assets 363 378 473 538 589 836 1,217 1,140 1,263 1,439 1,673 1,996

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024
57 35 106 123 107 -14 33 273 10 147 116 145
-30 -40 -63 -86 -69 -93 -275 -71 -12 -126 -160 -201
-28 6 21 -5 -25 137 249 -199 14 17 21 63
Net Cash Flow -0 1 64 32 13 30 8 2 13 38 -23 6

Ratios

Standalone Figures in Rs. Crores / View Consolidated

Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024
Debtor Days 34 26 21 11 13 33 32 6 61 55 59 76
Inventory Days 169 158 139 128 119 177 167 143 177 139 157 165
Days Payable 71 32 48 52 52 87 43 78 103 83 87 83
Cash Conversion Cycle 132 151 111 87 80 123 157 71 135 112 129 157
Working Capital Days 82 83 59 45 25 60 78 10 62 83 88 109
ROCE % 12% 13% 20% 17% 13% 15% 14% 8% 8% 14% 15% 15%

Shareholding Pattern

Numbers in percentages

2 Recently
Jun 2021Sep 2021Dec 2021Mar 2022Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024
56.34% 56.34% 56.34% 56.34% 56.34% 56.33% 56.33% 56.33% 56.33% 56.33% 56.33% 56.33%
0.13% 0.53% 0.77% 0.78% 0.82% 0.91% 1.16% 1.65% 1.64% 1.72% 1.93% 2.28%
21.76% 21.12% 21.22% 19.63% 17.99% 16.32% 16.65% 17.02% 16.59% 15.66% 14.47% 11.83%
21.77% 22.01% 21.68% 23.26% 24.86% 26.44% 25.85% 25.00% 25.44% 26.29% 27.27% 29.56%
No. of Shareholders 9,1918,9249,41411,39812,41915,39815,53014,77515,84416,57018,42922,529

* The classifications might have changed from Sep'2022 onwards. The new XBRL format added more details from Sep'22 onwards.

Classifications such as banks and foreign portfolio investors were not available earlier. The sudden changes in FII or DII can be because of these changes.

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