MM Forgings Ltd (MMFL): Share Price Analysis, Intrinsic Value & Fundamentals (2025)

Share Price and Basic Stock Data

Last Updated: March 13, 2025, 1:24 pm

Market Cap	1,697 Cr.
Current Price	352
High / Low	730/323
Stock P/E	12.3
Book Value	183
Dividend Yield	1.14 %
ROCE	15.1 %
ROE	19.2 %
Face Value	10.0
PEG Ratio	0.51

Stock P/E, Current Price, and Intrinsic Value Over Time

Stock P/E Current Price Intrinsic Value

View Share Price Target for MM Forgings Ltd (MMFL)

Competitors of MM Forgings Ltd (MMFL)

Stock Name ⇩	Market Cap ⇩	Current Price ⇩	High / Low ⇩	Stock P/E ⇩	Book Value ⇩	Dividend Yield ⇩	ROCE ⇩	ROE ⇩	Face Value ⇩
Happy Forgings Ltd	7,359 Cr.	782	1,300/778	27.7	182	0.51 %	22.7 %	18.7 %	2.00
EL Forge Ltd	46.2 Cr.	22.8	44.4/10.0	18.9	11.6	0.00 %	%	%	10.0
CIE Automotive India Ltd	14,600 Cr.	385	628/370	17.8	173	1.29 %	16.6 %	13.1 %	10.0
Amforge Industries Ltd	12.0 Cr.	8.36	15.5/7.52		8.93	0.00 %	3.55 %	3.17 %	2.00
Tirupati Forge Ltd	376 Cr.	36.3	72.9/14.0	44.4	5.32	0.00 %	18.3 %	15.0 %	2.00
Industry Average	9,636.00 Cr	285.69		138.91	147.85	0.33%	11.36%	12.82%	5.86

All Competitor Stocks of MM Forgings Ltd (MMFL)

Quarterly Result

Metric	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024
Sales	289	315	333	342	361	373	366	384	388	389	369	389	364
Expenses	233	260	273	280	295	309	303	312	313	313	297	313	291
Operating Profit	56	55	60	62	66	64	63	72	75	75	72	77	73
OPM %	19%	17%	18%	18%	18%	17%	17%	19%	19%	19%	19%	20%	20%
Other Income	4	5	1	5	6	5	6	5	7	7	7	8	6
Interest	7	6	6	7	8	7	10	9	11	13	15	16	15
Depreciation	15	15	15	17	17	18	18	18	19	18	19	20	20
Profit before tax	38	39	39	42	47	44	41	51	53	52	44	49	44
Tax %	17%	76%	24%	25%	28%	36%	27%	28%	29%	26%	27%	27%	27%
Net Profit	31	9	30	32	34	28	30	37	37	38	32	36	32
EPS in Rs	6.42	1.90	6.12	6.60	7.01	5.87	6.21	7.58	7.71	7.88	6.71	7.44	6.56

Last Updated: February 28, 2025, 6:23 pm

Below is a detailed analysis of the quarterly data for MM Forgings Ltd (MMFL) based on the most recent figures (Dec 2024) and their trends compared to the previous period:

For Sales, as of Dec 2024, the value is ₹364.00 Cr.. The value appears to be declining and may need further review. It has decreased from 389.00 Cr. (Sep 2024) to ₹364.00 Cr., marking a decrease of 25.00 Cr..
For Expenses, as of Dec 2024, the value is ₹291.00 Cr.. The value appears to be improving (decreasing) as expected. It has decreased from 313.00 Cr. (Sep 2024) to ₹291.00 Cr., marking a decrease of 22.00 Cr..
For Operating Profit, as of Dec 2024, the value is ₹73.00 Cr.. The value appears to be declining and may need further review. It has decreased from 77.00 Cr. (Sep 2024) to ₹73.00 Cr., marking a decrease of 4.00 Cr..
For OPM %, as of Dec 2024, the value is 20.00%. The value remains steady. There is no change compared to the previous period (Sep 2024) which recorded 20.00%.
For Other Income, as of Dec 2024, the value is ₹6.00 Cr.. The value appears to be declining and may need further review. It has decreased from 8.00 Cr. (Sep 2024) to ₹6.00 Cr., marking a decrease of 2.00 Cr..
For Interest, as of Dec 2024, the value is ₹15.00 Cr.. The value appears to be improving (decreasing) as expected. It has decreased from 16.00 Cr. (Sep 2024) to ₹15.00 Cr., marking a decrease of 1.00 Cr..
For Depreciation, as of Dec 2024, the value is ₹20.00 Cr.. The value remains steady. There is no change compared to the previous period (Sep 2024) which recorded 20.00 Cr..
For Profit before tax, as of Dec 2024, the value is ₹44.00 Cr.. The value appears to be declining and may need further review. It has decreased from 49.00 Cr. (Sep 2024) to ₹44.00 Cr., marking a decrease of 5.00 Cr..
For Tax %, as of Dec 2024, the value is 27.00%. The value remains steady. There is no change compared to the previous period (Sep 2024) which recorded 27.00%.
For Net Profit, as of Dec 2024, the value is ₹32.00 Cr.. The value appears to be declining and may need further review. It has decreased from 36.00 Cr. (Sep 2024) to ₹32.00 Cr., marking a decrease of 4.00 Cr..
For EPS in Rs, as of Dec 2024, the value is 6.56. The value appears to be declining and may need further review. It has decreased from ₹7.44 (Sep 2024) to 6.56, marking a decrease of ₹0.88.

Overall, while many items appear to show a positive trend, any significant downward movement warrant further investigation.

Quarterly Chart

Profit & Loss - Annual Report

Last Updated: March 6, 2025, 3:29 pm

Metric	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	TTM
Sales	361	411	503	502	478	621	904	727	726	1,105	1,413	1,527	1,511
Expenses	303	332	392	394	386	496	731	602	604	903	1,154	1,239	1,214
Operating Profit	58	79	111	108	93	124	173	125	121	202	258	288	297
OPM %	16%	19%	22%	22%	19%	20%	19%	17%	17%	18%	18%	19%	20%
Other Income	0	3	2	5	11	12	16	19	22	19	16	26	28
Interest	7	8	9	8	10	13	26	33	31	27	30	43	59
Depreciation	21	36	35	36	39	42	54	53	57	60	69	72	77
Profit before tax	30	38	69	69	55	82	109	57	55	133	176	199	189
Tax %	19%	24%	26%	28%	21%	17%	25%	19%	15%	31%	28%	27%
Net Profit	24	29	51	50	43	69	81	46	47	92	126	145	138
EPS in Rs	5.07	6.08	10.49	10.39	9.01	14.21	16.84	9.57	9.65	19.00	26.17	30.12	28.59
Dividend Payout %	15%	16%	14%	14%	17%	18%	15%	26%	26%	16%	11%	13%

Profit & Loss Yearly Chart

YoY Net Profit Growth

Year	2013-2014	2014-2015	2015-2016	2016-2017	2017-2018	2018-2019	2019-2020	2020-2021	2021-2022	2022-2023	2023-2024
YoY Net Profit Growth (%)	20.83%	75.86%	-1.96%	-14.00%	60.47%	17.39%	-43.21%	2.17%	95.74%	36.96%	15.08%
Change in YoY Net Profit Growth (%)	0.00%	55.03%	-77.82%	-12.04%	74.47%	-43.07%	-60.60%	45.38%	93.57%	-58.79%	-21.88%

MM Forgings Ltd (MMFL) has shown an inconsistent trend in YoY Net Profit Growth (%) in the last 11 years from 2013-2014 to 2023-2024.

Growth

Compounded Sales Growth
10 Years:	14%
5 Years:	11%
3 Years:	28%
TTM:	0%

Compounded Profit Growth
10 Years:	18%
5 Years:	12%
3 Years:	46%
TTM:	4%

Stock Price CAGR
10 Years:	8%
5 Years:	16%
3 Years:	-5%
1 Year:	-20%

Return on Equity
10 Years:	17%
5 Years:	16%
3 Years:	19%
Last Year:	19%

Last Updated: Unknown

Balance Sheet

Last Updated: November 14, 2024, 8:31 pm

Month	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Sep 2024
Equity Capital	12	12	12	12	12	12	24	24	24	24	24	24	48
Reserves	160	184	226	268	303	357	412	444	476	554	666	792	837
Borrowings	146	151	190	214	224	381	688	566	532	680	756	925	1,098
Other Liabilities	46	31	45	45	51	86	93	105	230	181	227	254	327
Total Liabilities	363	378	473	538	589	836	1,217	1,140	1,263	1,439	1,673	1,996	2,310
Fixed Assets	196	200	225	262	320	365	588	653	618	650	719	818	785
CWIP	4	7	11	30	14	27	39	9	17	36	61	112	335
Investments	0	0	0	0	0	4	5	5	5	33	41	41	22
Other Assets	164	171	237	245	255	440	585	473	623	720	853	1,025	1,168
Total Assets	363	378	473	538	589	836	1,217	1,140	1,263	1,439	1,673	1,996	2,310

Below is a detailed analysis of the balance sheet data for MM Forgings Ltd (MMFL) based on the most recent figures (Sep 2024) and their trends compared to the previous period:

For Equity Capital, as of Sep 2024, the value is ₹48.00 Cr.. The value appears strong and on an upward trend. It has increased from ₹24.00 Cr. (Mar 2024) to ₹48.00 Cr., marking an increase of 24.00 Cr..
For Reserves, as of Sep 2024, the value is ₹837.00 Cr.. The value appears strong and on an upward trend. It has increased from ₹792.00 Cr. (Mar 2024) to ₹837.00 Cr., marking an increase of 45.00 Cr..
For Borrowings, as of Sep 2024, the value is ₹1,098.00 Cr.. The value appears to be increasing, which may not be favorable. However, Borrowings exceed Reserves, which may signal higher financial risk. It has increased from ₹925.00 Cr. (Mar 2024) to ₹1,098.00 Cr., marking an increase of 173.00 Cr..
For Other Liabilities, as of Sep 2024, the value is ₹327.00 Cr.. The value appears to be increasing, which may not be favorable. It has increased from ₹254.00 Cr. (Mar 2024) to ₹327.00 Cr., marking an increase of 73.00 Cr..
For Total Liabilities, as of Sep 2024, the value is ₹2,310.00 Cr.. The value appears to be increasing, which may not be favorable. It has increased from ₹1,996.00 Cr. (Mar 2024) to ₹2,310.00 Cr., marking an increase of 314.00 Cr..
For Fixed Assets, as of Sep 2024, the value is ₹785.00 Cr.. The value appears to be declining and may need further review. It has decreased from ₹818.00 Cr. (Mar 2024) to ₹785.00 Cr., marking a decrease of 33.00 Cr..
For CWIP, as of Sep 2024, the value is ₹335.00 Cr.. The value appears strong and on an upward trend. It has increased from ₹112.00 Cr. (Mar 2024) to ₹335.00 Cr., marking an increase of 223.00 Cr..
For Investments, as of Sep 2024, the value is ₹22.00 Cr.. The value appears to be declining and may need further review. It has decreased from ₹41.00 Cr. (Mar 2024) to ₹22.00 Cr., marking a decrease of 19.00 Cr..
For Other Assets, as of Sep 2024, the value is ₹1,168.00 Cr.. The value appears strong and on an upward trend. It has increased from ₹1,025.00 Cr. (Mar 2024) to ₹1,168.00 Cr., marking an increase of 143.00 Cr..
For Total Assets, as of Sep 2024, the value is ₹2,310.00 Cr.. The value appears strong and on an upward trend. It has increased from ₹1,996.00 Cr. (Mar 2024) to ₹2,310.00 Cr., marking an increase of 314.00 Cr..

However, the Borrowings (1,098.00 Cr.) are higher than the Reserves (₹837.00 Cr.), which may signal higher financial risk.

Overall, while many items appear to show a positive trend, any significant downward movement or items where Borrowings exceed Reserves warrant further investigation.

Reserves and Borrowings Chart

Cash Flow

Month	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024
Cash from Operating Activity +	57	35	106	123	107	-14	33	273	10	147	116	145
Cash from Investing Activity +	-30	-40	-63	-86	-69	-93	-275	-71	-12	-126	-160	-201
Cash from Financing Activity +	-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

Free Cash Flow

Month	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024
Free Cash Flow	-88.00	-72.00	-79.00	-106.00	-131.00	-257.00	-515.00	-441.00	-411.00	-478.00	-498.00	-637.00

Free Cash Flow = Income Generated from Operational Activities - Borrowings - Capital Work in Progress (CWIP)

Consistent positive free cash flow is crucial for businesses as it indicates their ability to generate cash from their core operations. It provides financial flexibility, allowing companies to invest in growth opportunities, pay dividends to shareholders, reduce debt, and weather economic downturns more effectively.

Free Cash Flow Chart

Financial Efficiency Indicators

Month	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%

Financial Efficiency Indicators Chart

Share Holding Pattern

Month	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Jul 2024
Promoters	56.34%	56.34%	56.34%	56.33%	56.33%	56.33%	56.33%	56.33%	56.33%	56.33%	56.33%	56.33%
FIIs	0.77%	0.78%	0.82%	0.91%	1.16%	1.65%	1.64%	1.72%	1.93%	2.28%	2.85%	2.65%
DIIs	21.22%	19.63%	17.99%	16.32%	16.65%	17.02%	16.59%	15.66%	14.47%	11.83%	10.72%	10.56%
Public	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	9,414	11,398	12,419	15,398	15,530	14,775	15,844	16,570	18,429	22,529	27,478	30,760

Shareholding Pattern Chart

No. of Shareholders

Mutual Fund Holdings

Fund Name	No of Shares	AUM (%)	Amount Invested (Cr)	Previous Number of Shares	Previous Date	Percentage Change
HDFC Hybrid Equity Fund - Regular Plan	1,214,000	0.29	72.52	17,400	2025-03-12	6877.01%
Sundaram Small Cap Fund	286,238	0.5	17.1	17,400	2025-03-12	1545.05%
Navi Flexi Cap Fund	50,000	1.08	2.99	17,400	2025-03-12	187.36%
Navi Aggressive Hybrid Fund	17,400	0.94	1.04	17,400	2025-03-12	0%
Navi ELSS Tax Saver Fund - Regular Plan	11,000	0.98	0.66	17,400	2025-03-12	-36.78%

ROCE Trend

EPS Trend

Key Financial Ratios

Month	Mar 24	Mar 23	Mar 22	Mar 21	Mar 20
FaceValue	10.00	10.00	10.00	10.00	10.00
Basic EPS (Rs.)	55.94	53.00	37.69	19.35	17.28
Diluted EPS (Rs.)	55.94	53.00	37.69	19.35	17.28
Cash EPS (Rs.)	90.24	85.64	65.76	45.59	41.95
Book Value[Excl.RevalReserv]/Share (Rs.)	326.87	278.93	231.79	201.80	188.48
Book Value[Incl.RevalReserv]/Share (Rs.)	326.87	278.93	231.79	201.80	188.48
Revenue From Operations / Share (Rs.)	647.48	605.56	472.08	324.18	318.62
PBDIT / Share (Rs.)	129.79	118.01	92.32	61.73	62.44
PBIT / Share (Rs.)	95.48	85.36	64.25	35.48	37.77
PBT / Share (Rs.)	78.49	73.30	53.38	21.61	21.91
Net Profit / Share (Rs.)	55.94	53.00	37.69	19.35	17.28
NP After MI And SOA / Share (Rs.)	55.94	53.00	37.69	19.35	17.28
PBDIT Margin (%)	20.04	19.48	19.55	19.04	19.59
PBIT Margin (%)	14.74	14.09	13.61	10.94	11.85
PBT Margin (%)	12.12	12.10	11.30	6.66	6.87
Net Profit Margin (%)	8.63	8.75	7.98	5.96	5.42
NP After MI And SOA Margin (%)	8.63	8.75	7.98	5.96	5.42
Return on Networth / Equity (%)	17.12	19.01	16.26	9.58	9.16
Return on Capital Employeed (%)	18.81	19.79	16.46	10.50	11.08
Return On Assets (%)	6.86	7.70	6.43	3.68	3.67
Long Term Debt / Equity (X)	0.49	0.49	0.62	0.61	0.73
Total Debt / Equity (X)	1.03	0.97	1.07	1.09	1.08
Asset Turnover Ratio (%)	0.86	0.95	0.81	0.60	0.61
Current Ratio (X)	1.17	1.19	1.31	1.17	1.14
Quick Ratio (X)	0.70	0.70	0.87	0.77	0.71
Inventory Turnover Ratio (X)	2.39	2.92	2.81	2.19	1.97
Dividend Payout Ratio (NP) (%)	14.30	11.32	15.91	25.84	33.99
Dividend Payout Ratio (CP) (%)	8.86	7.00	9.12	10.96	14.00
Earning Retention Ratio (%)	85.70	88.68	84.09	74.16	66.01
Cash Earning Retention Ratio (%)	91.14	93.00	90.88	89.04	86.00
Interest Coverage Ratio (X)	7.40	9.64	8.04	4.23	3.94
Interest Coverage Ratio (Post Tax) (X)	4.16	5.31	4.23	2.28	2.09
Enterprise Value (Cr.)	2705.02	2447.16	2413.96	1539.81	716.41
EV / Net Operating Revenue (X)	1.73	1.67	2.12	1.97	0.93
EV / EBITDA (X)	8.63	8.59	10.83	10.33	4.75
MarketCap / Net Operating Revenue (X)	1.35	1.38	1.79	1.53	0.52
Retention Ratios (%)	85.69	88.67	84.08	74.15	66.00
Price / BV (X)	2.67	2.99	3.65	2.45	0.88
Price / Net Operating Revenue (X)	1.35	1.38	1.79	1.53	0.52
EarningsYield	0.06	0.06	0.04	0.03	0.10

After reviewing the key financial ratios for MM Forgings Ltd (MMFL), here is a detailed analysis based on the latest available data and recent trends:

For FaceValue, as of Mar 24, the value is 10.00. This value is within the healthy range. There is no change compared to the previous period (Mar 23) which recorded 10.00.
For Basic EPS (Rs.), as of Mar 24, the value is 55.94. This value is within the healthy range. It has increased from 53.00 (Mar 23) to 55.94, marking an increase of 2.94.
For Diluted EPS (Rs.), as of Mar 24, the value is 55.94. This value is within the healthy range. It has increased from 53.00 (Mar 23) to 55.94, marking an increase of 2.94.
For Cash EPS (Rs.), as of Mar 24, the value is 90.24. This value is within the healthy range. It has increased from 85.64 (Mar 23) to 90.24, marking an increase of 4.60.
For Book Value[Excl.RevalReserv]/Share (Rs.), as of Mar 24, the value is 326.87. It has increased from 278.93 (Mar 23) to 326.87, marking an increase of 47.94.
For Book Value[Incl.RevalReserv]/Share (Rs.), as of Mar 24, the value is 326.87. It has increased from 278.93 (Mar 23) to 326.87, marking an increase of 47.94.
For Revenue From Operations / Share (Rs.), as of Mar 24, the value is 647.48. It has increased from 605.56 (Mar 23) to 647.48, marking an increase of 41.92.
For PBDIT / Share (Rs.), as of Mar 24, the value is 129.79. This value is within the healthy range. It has increased from 118.01 (Mar 23) to 129.79, marking an increase of 11.78.
For PBIT / Share (Rs.), as of Mar 24, the value is 95.48. This value is within the healthy range. It has increased from 85.36 (Mar 23) to 95.48, marking an increase of 10.12.
For PBT / Share (Rs.), as of Mar 24, the value is 78.49. This value is within the healthy range. It has increased from 73.30 (Mar 23) to 78.49, marking an increase of 5.19.
For Net Profit / Share (Rs.), as of Mar 24, the value is 55.94. This value is within the healthy range. It has increased from 53.00 (Mar 23) to 55.94, marking an increase of 2.94.
For NP After MI And SOA / Share (Rs.), as of Mar 24, the value is 55.94. This value is within the healthy range. It has increased from 53.00 (Mar 23) to 55.94, marking an increase of 2.94.
For PBDIT Margin (%), as of Mar 24, the value is 20.04. This value is within the healthy range. It has increased from 19.48 (Mar 23) to 20.04, marking an increase of 0.56.
For PBIT Margin (%), as of Mar 24, the value is 14.74. This value is within the healthy range. It has increased from 14.09 (Mar 23) to 14.74, marking an increase of 0.65.
For PBT Margin (%), as of Mar 24, the value is 12.12. This value is within the healthy range. It has increased from 12.10 (Mar 23) to 12.12, marking an increase of 0.02.
For Net Profit Margin (%), as of Mar 24, the value is 8.63. This value is within the healthy range. It has decreased from 8.75 (Mar 23) to 8.63, marking a decrease of 0.12.
For NP After MI And SOA Margin (%), as of Mar 24, the value is 8.63. This value is within the healthy range. It has decreased from 8.75 (Mar 23) to 8.63, marking a decrease of 0.12.
For Return on Networth / Equity (%), as of Mar 24, the value is 17.12. This value is within the healthy range. It has decreased from 19.01 (Mar 23) to 17.12, marking a decrease of 1.89.
For Return on Capital Employeed (%), as of Mar 24, the value is 18.81. This value is within the healthy range. It has decreased from 19.79 (Mar 23) to 18.81, marking a decrease of 0.98.
For Return On Assets (%), as of Mar 24, the value is 6.86. This value is within the healthy range. It has decreased from 7.70 (Mar 23) to 6.86, marking a decrease of 0.84.
For Long Term Debt / Equity (X), as of Mar 24, the value is 0.49. This value is within the healthy range. There is no change compared to the previous period (Mar 23) which recorded 0.49.
For Total Debt / Equity (X), as of Mar 24, the value is 1.03. This value exceeds the healthy maximum of 1. It has increased from 0.97 (Mar 23) to 1.03, marking an increase of 0.06.
For Asset Turnover Ratio (%), as of Mar 24, the value is 0.86. It has decreased from 0.95 (Mar 23) to 0.86, marking a decrease of 0.09.
For Current Ratio (X), as of Mar 24, the value is 1.17. This value is below the healthy minimum of 1.5. It has decreased from 1.19 (Mar 23) to 1.17, marking a decrease of 0.02.
For Quick Ratio (X), as of Mar 24, the value is 0.70. This value is below the healthy minimum of 1. There is no change compared to the previous period (Mar 23) which recorded 0.70.
For Inventory Turnover Ratio (X), as of Mar 24, the value is 2.39. This value is below the healthy minimum of 4. It has decreased from 2.92 (Mar 23) to 2.39, marking a decrease of 0.53.
For Dividend Payout Ratio (NP) (%), as of Mar 24, the value is 14.30. This value is below the healthy minimum of 20. It has increased from 11.32 (Mar 23) to 14.30, marking an increase of 2.98.
For Dividend Payout Ratio (CP) (%), as of Mar 24, the value is 8.86. This value is below the healthy minimum of 20. It has increased from 7.00 (Mar 23) to 8.86, marking an increase of 1.86.
For Earning Retention Ratio (%), as of Mar 24, the value is 85.70. This value exceeds the healthy maximum of 70. It has decreased from 88.68 (Mar 23) to 85.70, marking a decrease of 2.98.
For Cash Earning Retention Ratio (%), as of Mar 24, the value is 91.14. This value exceeds the healthy maximum of 70. It has decreased from 93.00 (Mar 23) to 91.14, marking a decrease of 1.86.
For Interest Coverage Ratio (X), as of Mar 24, the value is 7.40. This value is within the healthy range. It has decreased from 9.64 (Mar 23) to 7.40, marking a decrease of 2.24.
For Interest Coverage Ratio (Post Tax) (X), as of Mar 24, the value is 4.16. This value is within the healthy range. It has decreased from 5.31 (Mar 23) to 4.16, marking a decrease of 1.15.
For Enterprise Value (Cr.), as of Mar 24, the value is 2,705.02. It has increased from 2,447.16 (Mar 23) to 2,705.02, marking an increase of 257.86.
For EV / Net Operating Revenue (X), as of Mar 24, the value is 1.73. This value is within the healthy range. It has increased from 1.67 (Mar 23) to 1.73, marking an increase of 0.06.
For EV / EBITDA (X), as of Mar 24, the value is 8.63. This value is within the healthy range. It has increased from 8.59 (Mar 23) to 8.63, marking an increase of 0.04.
For MarketCap / Net Operating Revenue (X), as of Mar 24, the value is 1.35. This value is within the healthy range. It has decreased from 1.38 (Mar 23) to 1.35, marking a decrease of 0.03.
For Retention Ratios (%), as of Mar 24, the value is 85.69. This value exceeds the healthy maximum of 70. It has decreased from 88.67 (Mar 23) to 85.69, marking a decrease of 2.98.
For Price / BV (X), as of Mar 24, the value is 2.67. This value is within the healthy range. It has decreased from 2.99 (Mar 23) to 2.67, marking a decrease of 0.32.
For Price / Net Operating Revenue (X), as of Mar 24, the value is 1.35. This value is within the healthy range. It has decreased from 1.38 (Mar 23) to 1.35, marking a decrease of 0.03.
For EarningsYield, as of Mar 24, the value is 0.06. This value is below the healthy minimum of 5. There is no change compared to the previous period (Mar 23) which recorded 0.06.

Overall, while many metrics show healthy performance, any figures highlighted in red or significant downward trends warrant further investigation.

Profitability Ratios (%)

Liquidity Ratios

Liquidity Ratios (%)

Interest Coverage Ratios (%)

Valuation Ratios

Fair Value

Fair Value of MM Forgings Ltd (MMFL) as of March 13, 2025 is: ₹349.68

Calculation basis:

Fair value = P/E Ratio * (Return on Equity / 100) * Book Value * (1 + Dividend Yield / 100)
P/E Ratio (Price-to-Earnings Ratio): Represents the price of the stock relative to its earnings per share. A higher P/E ratio indicates that investors are willing to pay a higher price for the stock.
Return on Equity (ROE): Measures a company's profitability relative to its shareholder equity. It showcases the company's ability to generate profits using the investment made by its shareholders, offering valuable insight into its operational efficiency and financial performance.
Book Value: Represents the net asset value of the company per share. It is calculated as the total assets minus intangible assets and liabilities, divided by the number of outstanding shares.
Dividend Yield: The ratio of the annual dividend per share to the current market price per share. It offers valuable insights into the profitability of an investment through dividends.

This formula allows us to gauge the fair value of the stock by analyzing its fundamental indicators.

As of March 13, 2025, MM Forgings Ltd (MMFL) is Overvalued by 0.66% compared to the current share price 352.00

Intrinsic Value of MM Forgings Ltd (MMFL) as of March 13, 2025 is: 434.52

Calculation basis:

Intrinsic value = P/E Ratio * (Return on Equity / 100) * Book Value * (1 + Dividend Yield / 100) * (1 + EPS CAGR for Last 5 Years)
P/E Ratio (Price-to-Earnings Ratio): Represents the price of the stock relative to its earnings per share. A higher P/E ratio indicates that investors are willing to pay a higher price for the stock.
Return on Equity (ROE): Measures a company's profitability relative to its shareholder equity. It showcases the company's ability to generate profits using the investment made by its shareholders, offering valuable insight into its operational efficiency and financial performance.
Book Value: Represents the net asset value of the company per share. It is calculated as the total assets minus intangible assets and liabilities, divided by the number of outstanding shares.
Dividend Yield: The ratio of the annual dividend per share to the current market price per share. It offers valuable insights into the profitability of an investment through dividends.
EPS CAGR (Compound Annual Growth Rate): Represents the geometric mean growth rate of earnings per share over the last 5 years. It provides insight into the historical growth trajectory of the company's earnings.

This formula allows us to gauge the intrinsic value of the stock by analyzing its fundamental indicators along with EPS growth.

As of March 13, 2025, MM Forgings Ltd (MMFL) is Undervalued by 23.44% compared to the current share price 352.00

Last 5 Year EPS CAGR: 24.26%

*Investments are subject to market risks

Strength and Weakness

Strength	Weakness
The company has shown consistent growth in sales (402.85 cr) and profit (97.00 cr) over the years.	The stock has a low average ROCE of 13.67%, which may not be favorable. The stock has a high average Working Capital Days of 65.33, which may not be favorable. The stock has a high average Cash Conversion Cycle of 120.42, which may not be favorable. The company has higher borrowings (503.92) compared to reserves (436.85), which may suggest financial risk.

Stock Analysis

Considering all of the following key financial indicators, prospective investors are encouraged to conduct thorough research and seek professional guidance before considering any investment in MM Forgings Ltd (MMFL):
1. Net Profit Margin: 8.63%
  - Net Profit Margin: This metric indicates the percentage of profit a company makes from its total revenue. A higher net profit margin is generally desirable as it reflects better profitability.
2. ROCE: 18.81% (Industry Average ROCE: 11.36%)
  - ROCE (Return on Capital Employed): ROCE measures a company's profitability and the efficiency with which its capital is employed. A higher ROCE indicates efficient use of capital.
3. ROE%: 17.12% (Industry Average ROE: 12.82%)
  - ROE (Return on Equity): ROE measures a company's profitability relative to shareholders' equity. A higher ROE indicates efficient use of shareholders' funds.
4. Interest Coverage Ratio (Post Tax): 4.16
  - Interest Coverage Ratio: The interest coverage ratio measures a company's ability to cover its interest payments on outstanding debt. A ratio greater than 2 is generally considered healthy as it indicates the company can meet its interest obligations comfortably.
5. Quick Ratio: 0.7
  - Quick Ratio: The quick ratio assesses a company's ability to cover its short-term liabilities with its most liquid assets. A ratio higher than 1 suggests the company can meet its short-term obligations without relying heavily on inventory.
6. Stock P/E: 12.3 (Industry average Stock P/E: 138.91)
  - Stock P/E (Price-to-Earnings) Ratio: The P/E ratio compares a company's current share price to its earnings per share. A lower P/E ratio relative to industry peers or historical values may indicate that the stock is undervalued.
7. Total Debt / Equity: 1.03
  - Total Debt / Equity: This ratio measures a company's financial leverage by comparing its total debt to its total equity. A lower ratio indicates lower financial risk and greater financial stability.
The current analysis is available for review. It's important to conduct thorough research and consider consulting with financial professionals before making any investment decisions.
Stock Rating:

About the Company - Qualitative Analysis

M M Forgings Ltd. is a Public Limited Listed company incorporated on 21/02/1946 and has its registered office in the State of Tamil Nadu, India. Company's Corporate Identification Number(CIN) is L51102TN1946PLC001473 and registration number is 001473. Currently Company is involved in the business activities of Forging, pressing, stamping and roll-forming of metal; powder metallurgy. Company's Total Operating Revenue is Rs. 1527.08 Cr. and Equity Capital is Rs. 24.14 Cr. for the Year ended 31/03/2024.

INDUSTRY	ADDRESS	CONTACT
Forgings	�SVK Towers�, Chennai (Madras) Tamil Nadu 600032	mmforge@mmforgings.com http://www.mmforgings.com

Management
Name	Position Held
Mr. Vidyashankar Krishnan	Chairman & Managing Director
Mr. K Venkatramanan	Joint Managing Director
Mrs. Sumita Vidyashankar	Non Executive Director
Mr. Ramnath Nagarajan	Director - Commercial
Mr. Krishnakumar Raman	Director - Operations
Mrs. Kavitha Vijay	Independent Director
Mr. Shankar Athreya	Independent Director
Mr. S Krishnakumar	Independent Director
Mr. R Subramanian	Independent Director
Mr. Hari Sankaran	Independent Director

FAQ

What is the latest intrinsic value of MM Forgings Ltd (MMFL)?

The latest intrinsic value of MM Forgings Ltd (MMFL) as on 13 March 2025 is 349.68, which is 0.66% lower than the current market price of ₹352.00, indicating the stock is overvalued by 0.66%. The intrinsic value of MM Forgings Ltd (MMFL) is calculated using PE ratio method. The stock has a market capitalization of ₹1,697 Cr. and recorded a high/low of ₹730/323 during the current fiscal year 2024-2025. As of Sep 2024, the company has reserves of ₹837 Cr and total liabilities of ₹2,310 Cr.

What is the Market Cap of MM Forgings Ltd (MMFL)?

The Market Cap of MM Forgings Ltd (MMFL) is 1,697 Cr..

What is the current Stock Price of MM Forgings Ltd (MMFL) as on 13 March 2025?

The current stock price of MM Forgings Ltd (MMFL) as on 13 March 2025 is ₹352.

What is the High / Low of MM Forgings Ltd (MMFL) stocks in FY 2024-2025?

In FY 2024-2025, the High / Low of MM Forgings Ltd (MMFL) stocks is ₹730/323.

What is the Stock P/E of MM Forgings Ltd (MMFL)?

The Stock P/E of MM Forgings Ltd (MMFL) is 12.3.

What is the Book Value of MM Forgings Ltd (MMFL)?

The Book Value of MM Forgings Ltd (MMFL) is 183.

What is the Dividend Yield of MM Forgings Ltd (MMFL)?

The Dividend Yield of MM Forgings Ltd (MMFL) is 1.14 %.

What is the ROCE of MM Forgings Ltd (MMFL)?

The ROCE of MM Forgings Ltd (MMFL) is 15.1 %.

What is the ROE of MM Forgings Ltd (MMFL)?

The ROE of MM Forgings Ltd (MMFL) is 19.2 %.

What is the Face Value of MM Forgings Ltd (MMFL)?

The Face Value of MM Forgings Ltd (MMFL) is 10.0.