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

₹ 640 2.32%
22 Jul - close price
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 ₹ 3,081 Cr.
  • Current Price ₹ 640
  • High / Low ₹ 730 / 412
  • Stock P/E 23.0
  • Book Value ₹ 163
  • Dividend Yield 0.63 %
  • ROCE 14.6 %
  • ROE 18.4 %
  • Face Value ₹ 10.0
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Pros

Cons

  • Stock is trading at 3.92 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

Consolidated Figures in Rs. Crores / View Standalone

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
296 247 273 296 324 344 358 372 388 370 397 399 398
236 201 224 239 268 281 291 299 319 305 322 323 320
Operating Profit 59 46 49 57 56 63 67 73 70 65 75 75 78
OPM % 20% 19% 18% 19% 17% 18% 19% 20% 18% 18% 19% 19% 20%
3 3 4 3 5 -0 4 4 5 5 5 6 6
Interest 8 7 7 8 6 7 7 8 7 10 9 11 13
Depreciation 18 17 17 17 17 18 20 21 21 21 21 21 20
Profit before tax 36 26 29 36 38 38 43 49 47 40 50 49 50
Tax % 11% 10% 9% 18% 78% 25% 24% 27% 34% 28% 29% 31% 27%
32 23 27 29 8 28 33 36 31 29 35 34 37
EPS in Rs 6.57 4.78 5.49 6.09 1.74 5.86 6.82 7.41 6.37 6.00 7.34 6.94 7.62
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Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

Mar 2006 Mar 2007 Mar 2008 Mar 2009 Mar 2010 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024
166 177 191 207 158 639 934 769 752 1,140 1,462 1,563
137 143 154 175 136 509 759 637 623 931 1,189 1,270
Operating Profit 29 34 37 32 23 130 175 132 129 209 273 293
OPM % 18% 19% 19% 15% 14% 20% 19% 17% 17% 18% 19% 19%
4 6 6 8 7 4 8 19 20 16 12 22
Interest 3 4 4 9 6 13 32 38 32 28 30 42
Depreciation 14 17 18 16 12 46 58 60 65 68 79 83
Profit before tax 16 19 20 14 12 74 93 53 52 129 177 189
Tax % 27% 25% 29% 28% 12% 18% 29% 21% 11% 29% 28% 29%
12 14 14 10 10 61 66 42 46 91 128 135
EPS in Rs 2.44 2.87 2.98 2.11 2.16 12.57 13.56 8.68 9.54 18.84 26.49 27.96
Dividend Payout % 15% 13% 21% 18% 17% 20% 18% 29% 26% 16% 11% 14%
Compounded Sales Growth
10 Years: %
5 Years: 11%
3 Years: 28%
TTM: 7%
Compounded Profit Growth
10 Years: %
5 Years: 13%
3 Years: 45%
TTM: 5%
Stock Price CAGR
10 Years: 28%
5 Years: 27%
3 Years: 21%
1 Year: 40%
Return on Equity
10 Years: %
5 Years: 16%
3 Years: 19%
Last Year: 18%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

Mar 2006 Mar 2007 Mar 2008 Mar 2009 Mar 2010 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024
Equity Capital 6 6 6 12 12 12 24 24 24 24 24 24
Reserves 59 70 81 83 92 351 403 431 463 535 649 765
65 63 104 111 114 385 688 566 532 685 756 931
20 20 29 18 24 90 103 113 230 170 232 248
Total Liabilities 149 160 220 224 242 838 1,218 1,134 1,250 1,414 1,661 1,968
68 82 101 113 130 406 651 712 675 708 804 914
CWIP 9 11 22 25 22 27 39 13 17 36 63 124
Investments 0 0 0 0 0 3 3 3 3 22 22 23
71 66 97 86 90 402 524 406 553 647 772 907
Total Assets 149 160 220 224 242 838 1,218 1,134 1,250 1,414 1,661 1,968

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

Mar 2006 Mar 2007 Mar 2008 Mar 2009 Mar 2010 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024
10 34 6 23 27 4 27 283 20 150 160 131
-12 -26 -38 -41 -15 -86 -301 -78 -11 -126 -187 -232
1 -7 32 18 -7 112 281 -202 3 14 16 94
Net Cash Flow -1 0 0 -0 5 30 8 3 12 39 -10 -6

Ratios

Consolidated Figures in Rs. Crores / View Standalone

Mar 2006 Mar 2007 Mar 2008 Mar 2009 Mar 2010 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024
Debtor Days 37 33 35 29 67 36 35 10 56 50 49 64
Inventory Days 145 120 190 149 151 178 168 140 190 147 163 176
Days Payable 35 33 62 19 66 92 50 82 108 79 89 81
Cash Conversion Cycle 146 120 163 160 152 121 153 68 139 118 123 158
Working Capital Days 126 105 142 133 155 60 80 13 60 82 81 107
ROCE % 17% 15% 12% 9% 14% 9% 8% 14% 15% 15%

Shareholding Pattern

Numbers in percentages

2 Recently
Dec 2021Mar 2022Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Jul 2024
56.34% 56.34% 56.34% 56.33% 56.33% 56.33% 56.33% 56.33% 56.33% 56.33% 56.33% 56.33%
0.77% 0.78% 0.82% 0.91% 1.16% 1.65% 1.64% 1.72% 1.93% 2.28% 2.85% 2.65%
21.22% 19.63% 17.99% 16.32% 16.65% 17.02% 16.59% 15.66% 14.47% 11.83% 10.72% 10.56%
21.68% 23.26% 24.86% 26.44% 25.85% 25.00% 25.44% 26.29% 27.27% 29.56% 30.10% 30.46%
No. of Shareholders 9,41411,39812,41915,39815,53014,77515,84416,57018,42922,52927,47830,760

* 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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