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

Fair Value

₹479.45Overvalued by 24.61%vs CMP ₹636.00

P/E (24.2) × ROE (11.5%) × BV (₹214.00) × DY (0.63%)

₹295.06Overvalued by 53.61%vs CMP ₹636.00
MoS: -115.5% (Negative)Confidence: 68/100 (Moderate)Models: All 9: Overvalued
ModelCategoryValueWeightSignal
PE-ROEEarnings₹489.7523%Over (-23%)
Graham NumberEarnings₹318.9716%Over (-49.8%)
Earnings PowerEarnings₹12.0011%Over (-98.1%)
DCFCash Flow₹31.6914%Over (-95%)
Net Asset ValueAssets₹213.597%Over (-66.4%)
EV/EBITDAEnterprise₹556.459%Over (-12.5%)
Earnings YieldEarnings₹211.307%Over (-66.8%)
ROCE CapitalReturns₹381.577%Over (-40%)
Revenue MultipleRevenue₹305.985%Over (-51.9%)
Consensus (9 models)₹295.06100%Overvalued
Key Drivers: Wide model spread (₹12–₹556) — high uncertainty.

PE-ROE · Graham · EPV · DCF · NAV · EV/EBITDA · DDM · Earnings Yield · ROCE Capital · Revenue Multiple | CoE: 12% · Terminal: 4% · EPS CAGR: 2.1%

*Investments are subject to market risks

Analyst Summary

MM Forgings Ltd (MMFL) operates in the Forgings segment, NSE: MMFL | BSE: 522241, current market price is ₹636.00, market cap is 3,070 Cr.. At a glance, stock P/E is 24.2, ROE is 11.5 %, ROCE is 9.47 %, book value is 214, dividend yield is 0.63 %. The latest intrinsic value estimate is ₹295.06, around 53.6% below the current price, so expectations may already be running ahead of this modelled fair value. On operating trend, latest reported sales are about ₹1,477 Cr versus the prior period change of -3.3%, while latest net profit is about ₹136 Cr with a prior-period change of -6.2%. The 52-week range shown on this page is 690/276, which helps frame where the current quote sits within its recent trading band. Business context: About the Company - Qualitative AnalysisM 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 L5110…

This summary is generated from the stock page data available for MM Forgings Ltd (MMFL): Intrinsic Value & Share Price Analysis and is refreshed automatically when the underlying metrics change.

Investment Snapshot

51
MM Forgings Ltd (MMFL) scores 51/100 (Average)
Based on 5 dimensions: health, institutional flow, earnings quality, momentum, and peer comparison
Stock Health46/100 · Moderate
ROCE 9.5% AverageROE 11.5% AverageD/E 1.09 High debtInterest Coverage 0.0x RiskyProfitable 5/5 years Consistent
Smart Money50/100 · Moderate
FII holding up 0.68% (6mo) Slight increaseDII holding down 0.82% MF sellingPromoter holding at 56.3% Stable
Earnings Quality50/100 · Moderate
OPM stable around 20% Steady
Quarterly Momentum40/100 · Moderate
Revenue (4Q): -2% YoY FlatProfit (4Q): -26% YoY Declining
Industry Rank75/100 · Strong
P/E 24.2 vs industry 84.3 Cheaper than peersROCE 9.5% vs industry 9.3% AverageROE 11.5% vs industry 9.0% Above peers3Y sales CAGR: 10% Moderate

Weights: Health 30% · Earnings Quality 25% · Momentum 20% · Industry Rank 15% · Smart Money 10%. Scores are computed from reported financials and recalculated daily.

Share Price and Basic Stock Data

Last Updated: August 25, 2026, 7:24 am

Market Cap 3,070 Cr.
Current Price 636
Intrinsic Value₹295.06
High / Low 690/276
Stock P/E24.2
Book Value 214
Dividend Yield0.63 %
ROCE9.47 %
ROE11.5 %
Face Value 10.0
PEG Ratio11.27

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

View Share Price Target for MM Forgings Ltd (MMFL)

Competitors

Stock Name ⇩Market Cap ⇩Current Price ⇩High / Low ⇩Stock P/E ⇩Book Value ⇩Dividend Yield ⇩ROCE ⇩ROE ⇩Face Value ⇩
MM Forgings Ltd (MMFL) 3,070 Cr. 636 690/27624.2 2140.63 %9.47 %11.5 % 10.0
Amic Forging Ltd 2,285 Cr. 1,979 2,057/1,06580.8 1980.00 %23.5 %16.8 % 10.0
Tirupati Forge Ltd 920 Cr. 70.7 83.9/30.1151 10.50.00 %7.53 %5.24 % 2.00
Kalyani Forge Ltd 247 Cr. 680 850/50420.0 2630.59 %12.2 %10.1 % 10.0
LGB Forge Ltd 144 Cr. 6.05 11.8/4.71 0.680.00 %2.12 %12.7 % 1.00
Industry Average15,326.40 Cr589.4484.31163.630.25%9.31%9.00%6.13

All Competitor Stocks of MM Forgings Ltd (MMFL)

Quarterly Result

MetricDec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025
Sales 361373366384388389369389364355349378405
Expenses 295309303312313313297313291282286315334
Operating Profit 66646372757572777372636372
OPM % 18%17%17%19%19%19%19%20%20%20%18%17%18%
Other Income 6565777868975
Interest 87109111315161515182120
Depreciation 17181818191819202023222222
Profit before tax 47444151535244494443312634
Tax % 28%36%27%28%29%26%27%27%27%16%28%32%25%
Net Profit 34283037373832363236221826
EPS in Rs 7.015.876.217.587.717.886.717.446.577.504.633.675.33

Last Updated: March 3, 2026, 8:46 pm

Quarterly Chart

Profit & Loss - Annual Report

Last Updated: February 25, 2026, 1:46 am

MetricMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025TTM
Sales 4115035024786219047277261,1051,4131,5271,4771,487
Expenses 3323923943864967316026049031,1541,2391,1831,217
Operating Profit 7911110893124173125121202258288294270
OPM % 19%22%22%19%20%19%17%17%18%18%19%20%18%
Other Income 32511121619221916263030
Interest 89810132633312730436175
Depreciation 36353639425453576069728290
Profit before tax 38696955821095755133176199180134
Tax % 24%26%28%21%17%25%19%15%31%28%27%24%
Net Profit 295150436981464792126145136102
EPS in Rs 6.0810.4910.399.0114.2116.849.579.6519.0026.1730.1228.2321.13
Dividend Payout % 16%14%14%17%18%15%26%26%16%11%13%14%

Profit & Loss Yearly Chart

YoY Net Profit Growth

Year2014-20152015-20162016-20172017-20182018-20192019-20202020-20212021-20222022-20232023-20242024-2025
YoY Net Profit Growth (%)75.86%-1.96%-14.00%60.47%17.39%-43.21%2.17%95.74%36.96%15.08%-6.21%
Change in YoY Net Profit Growth (%)0.00%-77.82%-12.04%74.47%-43.07%-60.60%45.38%93.57%-58.79%-21.88%-21.29%

MM Forgings Ltd (MMFL) has shown an inconsistent trend in YoY Net Profit Growth (%) in the last 11 years from 2014-2015 to 2024-2025.

No data available for the compounded sales growth chart.

Balance Sheet

Last Updated: July 7, 2026, 5:00 am

MonthMar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital 121212122424242424244848
Reserves 226268303357412444476554666792885983
Borrowings 1902142243816885665326807569251,1841,074
Other Liabilities 4545518693105230181227254266444
Total Liabilities 4735385898361,2171,1401,2631,4391,6731,9962,3842,549
Fixed Assets 2252623203655886536186507198188611,004
CWIP 11301427399173661112361299
Investments 00045553341412228
Other Assets 2372452554405854736237208531,0251,1391,217
Total Assets 4735385898361,2171,1401,2631,4391,6731,9962,3842,549

Reserves and Borrowings Chart

Cash Flow

MonthMar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Cash from Operating Activity + 106123107-143327310147116145189240
Cash from Investing Activity + -63-86-69-93-275-71-12-126-160-201-330-157
Cash from Financing Activity + 21-5-25137249-19914172163149-77
Net Cash Flow 64321330821338-23686
Free Cash Flow 403127-114-257185-2036-40-76-18569
CFO/OP 111%130%130%4%33%226%13%86%61%61%84%93%

Free Cash Flow

MonthMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Free Cash Flow79.00-79.00-106.00-131.00-257.00-515.00-441.00-411.00-478.00-498.00-637.00293.00

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

MonthMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Debtor Days 26211113333266155597694
Inventory Days 158139128119177167143177139157165182
Days Payable 3248525287437810383878393
Cash Conversion Cycle 151111878012315771135112129157183
Working Capital Days -8-8-22-32-41-16-69-57-28-21-19-16
ROCE %13%20%17%13%15%14%8%8%14%15%15%12%

Financial Efficiency Indicators Chart

Share Holding Pattern

MonthSep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Promoters 56.33%56.33%56.33%56.33%56.33%56.33%56.33%56.33%56.33%56.33%56.33%56.33%
FIIs 1.72%1.93%2.28%2.85%3.41%3.75%3.09%1.79%1.76%1.74%1.85%2.44%
DIIs 15.66%14.47%11.83%10.72%10.50%9.85%8.92%8.33%8.31%8.55%8.38%7.49%
Public 26.29%27.27%29.56%30.10%29.75%30.06%31.65%33.54%33.59%33.38%33.44%33.73%
No. of Shareholders 16,57018,42922,52927,47834,49433,87834,34935,74235,81134,24430,82829,930

Shareholding Pattern Chart

No. of Shareholders

MM Forgings Ltd (MMFL): Intrinsic Value & Share Price Analysis - Shareholder trend analysis

Mutual Fund Holdings

Fund NameNo of SharesAUM (%)Amount Invested (Cr)Previous Number of SharesPrevious DatePercentage Change
HDFC Hybrid Equity Fund 1,804,178 0.31 73.84N/AN/AN/A
Tata Small Cap Fund 1,576,286 0.6 64.51N/AN/AN/A
ICICI Prudential Transportation and Logistics Fund 78,842 0.11 3.2340,1962026-01-25 07:48:1396.14%
ICICI Prudential Smallcap Fund 70,000 0.04 2.8678,3572026-02-23 06:17:53-10.67%

ROCE Trend

EPS Trend

Key Financial Ratios

MonthMar 25Mar 24Mar 23Mar 22Mar 21
FaceValue 10.0010.0010.0010.0010.00
Basic EPS (Rs.) 25.2455.9453.0037.6919.35
Diluted EPS (Rs.) 25.2455.9453.0037.6919.35
Cash EPS (Rs.) 44.5690.2485.6465.7645.59
Book Value[Excl.RevalReserv]/Share (Rs.) 184.60326.87278.93231.79201.80
Book Value[Incl.RevalReserv]/Share (Rs.) 184.60326.87278.93231.79201.80
Revenue From Operations / Share (Rs.) 315.89647.48605.56472.08324.18
PBDIT / Share (Rs.) 66.01129.79118.0192.3261.73
PBIT / Share (Rs.) 46.7095.4885.3664.2535.48
PBT / Share (Rs.) 34.3378.4973.3053.3821.61
Net Profit / Share (Rs.) 25.2455.9453.0037.6919.35
NP After MI And SOA / Share (Rs.) 25.2455.9453.0037.6919.35
PBDIT Margin (%) 20.8920.0419.4819.5519.04
PBIT Margin (%) 14.7814.7414.0913.6110.94
PBT Margin (%) 10.8612.1212.1011.306.66
Net Profit Margin (%) 7.998.638.757.985.96
NP After MI And SOA Margin (%) 7.998.638.757.985.96
Return on Networth / Equity (%) 13.6717.1219.0116.269.58
Return on Capital Employeed (%) 14.4218.8119.7916.4610.50
Return On Assets (%) 5.186.867.706.433.68
Long Term Debt / Equity (X) 0.670.490.490.620.61
Total Debt / Equity (X) 1.181.030.971.071.09
Asset Turnover Ratio (%) 0.700.860.950.810.60
Current Ratio (X) 1.201.171.191.311.17
Quick Ratio (X) 0.760.700.700.870.77
Inventory Turnover Ratio (X) 4.442.392.922.812.19
Dividend Payout Ratio (NP) (%) 15.8414.3011.3215.9125.84
Dividend Payout Ratio (CP) (%) 8.978.867.009.1210.96
Earning Retention Ratio (%) 84.1685.7088.6884.0974.16
Cash Earning Retention Ratio (%) 91.0391.1493.0090.8889.04
Interest Coverage Ratio (X) 5.337.409.648.044.23
Interest Coverage Ratio (Post Tax) (X) 3.044.165.314.232.28
Enterprise Value (Cr.) 2476.582705.022447.162413.961539.81
EV / Net Operating Revenue (X) 1.621.731.672.121.97
EV / EBITDA (X) 7.778.638.5910.8310.33
MarketCap / Net Operating Revenue (X) 1.081.351.381.791.53
Retention Ratios (%) 84.1585.6988.6784.0874.15
Price / BV (X) 1.842.672.993.652.45
Price / Net Operating Revenue (X) 1.081.351.381.791.53
EarningsYield 0.070.060.060.040.03

Profitability Ratios (%)

Liquidity Ratios

Liquidity Ratios (%)

Interest Coverage Ratios (%)

Valuation Ratios

[display_about_company_data title=”About the Company – Qualitative Analysis”]

FAQ

What is the intrinsic value of MM Forgings Ltd (MMFL) and is it undervalued?

As of 01 September 2026, MM Forgings Ltd (MMFL)'s intrinsic value is ₹295.06, which is 53.61% lower than the current market price of ₹636.00, suggesting the stock is overvalued. This is calculated using the PE ratio method factoring in ROE (11.5 %), book value (₹214), dividend yield (0.63 %), and 5-year EPS CAGR.

What is the current share price and 52-week range of MM Forgings Ltd (MMFL)?

MM Forgings Ltd (MMFL) is trading at ₹636.00 as of 01 September 2026, with a FY2026-2027 high of ₹690 and low of ₹276. The stock is currently near its 52-week high. Market cap stands at ₹3,070 Cr..

How does MM Forgings Ltd (MMFL)'s P/E ratio compare to its industry?

MM Forgings Ltd (MMFL) has a P/E ratio of 24.2, which is below the industry average of 84.31. Trading at a steep discount to peers could signal a value opportunity or reflect concerns about the company's fundamentals.

Is MM Forgings Ltd (MMFL) financially healthy?

Key indicators for MM Forgings Ltd (MMFL): ROCE of 9.47 % is on the lower side compared to the industry average of 9.31%. Dividend yield is 0.63 %.

Is MM Forgings Ltd (MMFL) profitable and how is the profit trend?

MM Forgings Ltd (MMFL) reported a net profit of ₹136 Cr in Mar 2025 on revenue of ₹1,477 Cr. Compared to ₹92 Cr in Mar 2022, the net profit shows an improving trend.

Does MM Forgings Ltd (MMFL) pay dividends?

MM Forgings Ltd (MMFL) has a dividend yield of 0.63 % at the current price of ₹636.00. The company pays dividends, though the yield is modest.

Last Updated: August 25, 2026, 7:24 am
Author: Getaka|Social: XLinkedIn
Stock Ticker - BSE: 522241 | NSE: MMFL
Disclaimer: This article is for informational purposes only and should not be construed as financial advice. The author is not a SEBI registered financial advisor and does not have any vested interest in MM Forgings Ltd (MMFL). Investors are advised to conduct their own due diligence and consult with a financial professional before making any investment decisions. The information provided in this article is based on publicly available data and the author's analysis, but it may not be comprehensive or up-to-date. The author and getaka.co.in are not responsible for any errors or omissions in the content. This article is not intended to promote any particular investment strategy or recommendation, and readers should consult with their own financial advisors before making any investment decisions. Data Source: NSE
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