Fundamental Analysis of MM Forgings Ltd (MMFL)

About the Company - MM Forgings Ltd (MMFL)

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. 1104.64 Cr. and Equity Capital is Rs. 24.14 Cr. for the Year ended 31/03/2022.

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

Basic Stock Data of MM Forgings Ltd (MMFL)

Last Updated: July 26, 2024, 10:21 pm

Market Cap	3,015 Cr.
Current Price	624
High / Low	730/412
Stock P/E	20.8
Book Value	169
Dividend Yield	0.64 %
ROCE	15.1 %
ROE	19.2 %
Face Value	10.0
PEG Ratio	0.87

Data Source: screener.in

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
EL Forge Ltd	49.1 Cr.	24.2	28.6/9.04	16.1	11.1	0.00 %	%	%	10.0
CIE Automotive India Ltd	22,446 Cr.	590	628/401	27.7	163	0.85 %	18.3 %	20.3 %	10.0
Amforge Industries Ltd	17.4 Cr.	12.1	17.2/5.53		8.83	0.00 %	3.55 %	3.17 %	2.00
Tirupati Forge Ltd	288 Cr.	27.8	32.7/7.95	43.4	4.81	0.00 %	18.8 %	15.4 %	2.00
Ramkrishna Forgings Ltd	15,210 Cr.	841	998/530	44.2	148	0.24 %	18.7 %	17.0 %	2.00
Industry Average	19,468.33 Cr	418.03		44.25	143.95	0.24%	12.03%	16.10%	5.44

MM Forgings Ltd (MMFL) Quarterly Results

Month	Sep 2020	Dec 2020	Mar 2021	Jun 2021	Sep 2021	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023
Sales	147	216	285	239	261	289	315	333	342	361	373	366	384
Expenses	122	183	229	196	214	233	260	273	280	295	307	303	312
Operating Profit	25	33	56	43	48	56	55	60	62	66	65	62	72
OPM %	17%	15%	20%	18%	18%	19%	17%	18%	18%	18%	18%	17%	19%
Other Income	5	6	3	4	5	4	5	1	5	6	5	6	5
Interest	8	8	8	7	7	7	6	6	7	8	7	10	9
Depreciation	13	14	17	15	15	15	15	15	17	17	17	18	18
Profit before tax	8	18	34	26	30	38	39	39	42	47	46	41	51
Tax %	21%	14%	12%	9%	9%	17%	76%	24%	25%	28%	35%	27%	28%
Net Profit	6	15	30	24	28	31	9	30	32	34	30	30	37
EPS in Rs	2.66	6.22	12.49	9.88	11.48	12.85	3.80	12.24	13.21	14.03	12.55	12.46	15.17

Last Updated: July 10, 2024, 7:45 pm

MM Forgings Ltd (MMFL) Quarterly Chart

MM Forgings Ltd (MMFL) Profit & Loss

Last Updated: July 10, 2024, 7:45 pm

Month	Mar 2012	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	TTM
Sales	350	361	411	503	502	478	621	904	727	726	1,105	1,409	1,510
Expenses	290	303	332	392	394	386	496	731	602	604	903	1,154	1,236
Operating Profit	60	58	79	111	108	93	124	173	125	121	202	256	274
OPM %	17%	16%	19%	22%	22%	19%	20%	19%	17%	17%	18%	18%	18%
Other Income	7	0	3	2	5	11	12	16	19	22	19	16	24
Interest	6	7	8	9	8	10	13	26	33	31	27	29	36
Depreciation	23	21	36	35	36	39	42	54	53	57	60	68	70
Profit before tax	39	30	38	69	69	55	82	109	57	55	133	175	192
Tax %	31%	19%	24%	26%	28%	21%	17%	25%	19%	15%	31%	28%
Net Profit	27	24	29	51	50	43	69	81	46	47	92	126	135
EPS in Rs	11.10	10.15	12.17	20.98	20.78	18.02	28.43	33.70	19.15	19.31	38.01	52.02	55.93
Dividend Payout %	14%	15%	16%	14%	14%	17%	18%	15%	26%	26%	16%	12%

MM Forgings Ltd (MMFL) Profit & Loss Yearly Chart

MM Forgings Ltd (MMFL) Growth

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:	27%
5 Years:	27%
3 Years:	21%
1 Year:	31%

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

Last Updated: July 24, 2024, 5:22 pm

MM Forgings Ltd (MMFL) Balance Sheet

Last Updated: July 10, 2024, 7:45 pm

Month	Mar 2012	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Sep 2023
Equity Capital	12	12	12	12	12	12	12	24	24	24	24	24	24
Reserves	140	160	184	226	268	303	357	412	444	476	554	665	731
Borrowings	154	146	151	190	214	224	381	688	566	532	680	752	709
Other Liabilities	34	46	31	45	45	51	86	93	105	230	181	229	280
Total Liabilities	340	363	378	473	538	589	836	1,217	1,140	1,263	1,439	1,670	1,745
Fixed Assets	188	196	200	225	262	320	365	588	653	618	650	712	686
CWIP	3	4	7	11	30	14	27	39	9	17	36	59	142
Investments	0	0	0	0	0	0	4	5	5	5	33	50	50
Other Assets	149	164	171	237	245	255	440	585	473	623	720	850	868
Total Assets	340	363	378	473	538	589	836	1,217	1,140	1,263	1,439	1,670	1,745

MM Forgings Ltd (MMFL) Reserves and Borrowings Chart

MM Forgings Ltd (MMFL) 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

MM Forgings Ltd (MMFL) Financial Efficiency Indicators

Month	Mar 2012	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023
Debtor Days	24	34	26	21	11	13	33	32	6	61	55	59
Inventory Days	212	169	158	139	128	119	177	167	143	177	139	156
Days Payable	44	71	32	48	52	52	87	43	78	103	83	86
Cash Conversion Cycle	192	132	151	111	87	80	123	157	71	135	112	129
Working Capital Days	96	82	83	59	45	25	60	78	10	62	83	88
ROCE %	13%	12%	13%	20%	17%	13%	15%	14%	8%	8%	14%	15%

MM Forgings Ltd (MMFL) Financial Efficiency Indicators Chart

MM Forgings Ltd (MMFL) 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

MM Forgings Ltd (MMFL) Shareholding Pattern Chart

No. of MM Forgings Ltd (MMFL) Shareholders

MM Forgings Ltd (MMFL) Mutual Fund Holdings

Fund Name	No of Shares	AUM (%)	Amount Invested (Cr)	Previous Number of Shares	Previous Date	Percentage Change
Tata Small Cap Fund	788,143	1.09	69.12	607,000	2024-07-26	29.84%
HSBC Small Cap Fund - Regular Plan	762,400	0.52	66.86	607,000	2024-07-26	25.6%
HDFC Hybrid Equity Fund - Regular Plan	607,000	0.25	53.23	607,000	2024-07-26	0%
Franklin India Smaller Companies Fund	492,227	0.4	43.17	607,000	2024-07-26	-18.91%
HDFC Multi Cap Fund	290,699	0.25	25.49	607,000	2024-07-26	-52.11%
PGIM India Small Cap Fund	269,463	1.62	23.63	607,000	2024-07-26	-55.61%
Franklin Build India Fund	156,624	0.8	13.74	607,000	2024-07-26	-74.2%
Sundaram Small Cap Fund	143,119	0.44	12.55	607,000	2024-07-26	-76.42%
LIC MF Multi Cap Fund	72,607	0.85	6.37	607,000	2024-07-26	-88.04%
HDFC Transportation and Logistics Fund	35,000	0.5	3.07	607,000	2024-07-26	-94.23%

MM Forgings Ltd (MMFL) ROCE Trend

MM Forgings Ltd (MMFL) EPS Trend

MM Forgings Ltd (MMFL) 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

MM Forgings Ltd (MMFL) Profitability Ratios (%)

MM Forgings Ltd (MMFL) Liquidity Ratios

MM Forgings Ltd (MMFL) Liquidity Ratios (%)

MM Forgings Ltd (MMFL) Interest Coverage Ratios (%)

MM Forgings Ltd (MMFL) Valuation Ratios

Fair Value

Fair Value: 679.24

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.

Undervalued: 8.85% compared to the current price 624

Intrinsic Value: 841.62

Calculation basis:

Fair 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 fair value of the stock by analyzing its fundamental indicators along with EPS growth.

Undervalued: 34.88% compared to the current price 624

Last 5 Year EPS CAGR: 23.91%

*Investments are subject to market risks

Strength and Weakness of MM Forgings Ltd (MMFL) Stock

Strength	Weakness
The company has shown consistent growth in sales (429.69 cr) and profit (84.85 cr) over the years.	The stock has a low average ROCE of 13.50%, which may not be favorable. The stock has a high average Working Capital Days of 64.25, which may not be favorable. The stock has a high average Cash Conversion Cycle of 123.33, which may not be favorable. The company has higher borrowings (454.42) compared to reserves (403.50), which may suggest financial risk.

FAQ

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

The latest fair value of MM Forgings Ltd (MMFL) is ₹679.24.

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

The Market Cap of MM Forgings Ltd (MMFL) is 3,015 Cr..

What is the current Stock Price of MM Forgings Ltd (MMFL) as on 27 July 2024?

The current stock price of MM Forgings Ltd (MMFL) as on 27 July 2024 is 624.

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

In FY 2024, the High / Low of MM Forgings Ltd (MMFL) stocks is 730/412.

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

The Stock P/E of MM Forgings Ltd (MMFL) is 20.8.

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

The Book Value of MM Forgings Ltd (MMFL) is 169.

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

The Dividend Yield of MM Forgings Ltd (MMFL) is 0.64 %.

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.

About the Company - MM Forgings Ltd (MMFL)

Basic Stock Data of MM Forgings Ltd (MMFL)

Competitors of MM Forgings Ltd (MMFL)

MM Forgings Ltd (MMFL) Quarterly Results

MM Forgings Ltd (MMFL) Quarterly Chart

MM Forgings Ltd (MMFL) Profit & Loss

MM Forgings Ltd (MMFL) Profit & Loss Yearly Chart

MM Forgings Ltd (MMFL) Growth

MM Forgings Ltd (MMFL) Balance Sheet

MM Forgings Ltd (MMFL) Reserves and Borrowings Chart

MM Forgings Ltd (MMFL) Cash Flow

MM Forgings Ltd (MMFL) Financial Efficiency Indicators

MM Forgings Ltd (MMFL) Financial Efficiency Indicators Chart

MM Forgings Ltd (MMFL) Share Holding Pattern

MM Forgings Ltd (MMFL) Shareholding Pattern Chart

No. of MM Forgings Ltd (MMFL) Shareholders

MM Forgings Ltd (MMFL) Mutual Fund Holdings

MM Forgings Ltd (MMFL) ROCE Trend

MM Forgings Ltd (MMFL) EPS Trend

MM Forgings Ltd (MMFL) Key Financial Ratios

MM Forgings Ltd (MMFL) Profitability Ratios (%)

MM Forgings Ltd (MMFL) Liquidity Ratios

MM Forgings Ltd (MMFL) Liquidity Ratios (%)

MM Forgings Ltd (MMFL) Interest Coverage Ratios (%)

MM Forgings Ltd (MMFL) Valuation Ratios

Fair Value

Strength and Weakness of MM Forgings Ltd (MMFL) Stock

FAQ

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

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

What is the current Stock Price of MM Forgings Ltd (MMFL) as on 27 July 2024?

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

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

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

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

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

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

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

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