MM Forgings

₹857.7 -19.7 | 2.2%

WEBSITE BSE:522241 NSE : M.M.FORGINGS 23 Mar, 16:01

Market Cap ₹2088 Cr.

Stock P/E 16.5

P/B 3.2

Current Price ₹857.7

Book Value ₹ 272

Face Value 10

52W High ₹1047.4

Dividend Yield 0.69%

52W Low ₹ 731.3

Edit Ratio

MM Forgings Research see more...

EQUITY RESEARCH: MM FORGINGS LTD

Overview Inc. Year: 1946Industry: Forgings

MM Forgings Ltd is engaged inside the manufacture of metal forgings. The Company is a producer of automotive components. It manufactures metallic forgings in raw, semi-machined and completely machined stages in various grades of carbon, alloy, micro-alloy and stainless steels in the weight variety of 0.20 kilograms to 60 kilograms. The Company's manufacturing plants are positioned at Singampunari in Pasumpon Muthuramalingam District, Viralimalai in Pudukkottai District and Karainaithangal Village in Kanchipuram District, all in the state of Tamil Nadu. The Company has its Wind Farm at Panakudi Village in Tirunelveli District and at Meenakshipuram in Theni District. Its solar plant is positioned in Bommakkotai, Kalayar Karisalkulam Village. The Company has a battery of forging presses inside the variety of 1,600 lots (T) to 4,000 T. It has a battery of about 10 hammers with capacities starting from 0.75 T to 6 T. It has both friction drop hammers (belt kind) and air hammer.

Quarterly Price

Quarterly Monthly

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Peer Comparison

MM Forgings Quarterly Results

#(Fig in Cr.)	Sep 2020	Dec 2020	Mar 2021	Jun 2021	Sep 2021	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022
Net Sales	160	223	293	247	273	296	322	344	358	372
Other Income	5	6	2	3	4	3	6	-0	4	4
Total Income	165	229	295	250	277	299	328	344	361	376
Total Expenditure	134	184	234	201	224	239	268	281	291	299
Operating Profit	31	46	61	49	53	60	60	63	71	77
Interest	10	9	8	7	7	8	6	7	7	8
Depreciation	15	16	18	17	17	17	17	18	20	21
Exceptional Income / Expenses	0	0	1	0	0	1	1	0	0	0
Profit Before Tax	7	21	35	25	29	36	38	38	43	49
Provision for Tax	2	3	1	3	3	7	9	9	11	13
Profit After Tax	5	19	34	23	27	29	28	28	33	36
Adjustments	0	0	0	-0	-0	-0	0	-0	0	-0
Profit After Adjustments	5	19	34	23	27	29	28	28	33	36
Adjusted Earnings Per Share	2.2	7.8	14.1	9.5	11	12.2	11.8	11.7	13.6	14.8

MM Forgings Profit & Loss

#(Fig in Cr.)	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	TTM
Net Sales	639	934	769	752	1140	1396
Other Income	12	16	19	18	14	14
Total Income	651	950	788	770	1154	1409
Total Expenditure	509	754	637	623	931	1139
Operating Profit	142	196	151	146	223	271
Interest	13	32	38	32	28	28
Depreciation	46	58	60	65	68	76
Exceptional Income / Expenses	-8	0	0	2	1	1
Profit Before Tax	74	106	53	52	129	168
Provision for Tax	14	27	11	6	38	42
Profit After Tax	61	79	42	46	91	125
Adjustments	0	0	0	0	0	0
Profit After Adjustments	61	79	42	46	91	125
Adjusted Earnings Per Share	25.1	32.7	17.4	19.1	37.7	51.9

Growth Rates

#	1 Year	3 Year	5 Year	10 Year
Sales CAGR	52%	7%	0%	0%
Operating Profit CAGR	53%	4%	0%	0%
PAT CAGR	98%	5%	0%	0%

#	1 Year	3 Year	5 Year	10 Year
Share Price CAGR	-1%	67%	10%	37%
ROE Average	17%	12%	17%	17%
ROCE Average	13%	10%	13%	13%

MM Forgings Balance Sheet

#(Fig in Cr.)	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022
Shareholder's Funds	363	427	455	487	560
Minority's Interest	0	0	0	0	0
Borrowings	168	396	335	297	346
Other Non-Current Liabilities	17	37	33	30	32
Total Current Liabilities	305	357	311	441	488
Total Liabilities	853	1218	1134	1256	1426
Fixed Assets	406	651	712	675	708
Other Non-Current Assets	48	67	63	63	87
Total Current Assets	399	500	358	518	630
Total Assets	853	1218	1134	1256	1426

MM Forgings Cash Flow

#(Fig in Cr.)	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022
Opening Cash & Cash Equivalents	134	164	172	175	187
Cash Flow from Operating Activities	4	27	283	20	151
Cash Flow from Investing Activities	-86	-301	-78	-11	-126
Cash Flow from Financing Activities	112	281	-202	3	13
Net Cash Inflow / Outflow	30	8	3	12	39
Closing Cash & Cash Equivalent	164	172	175	187	226

MM Forgings Ratios

#	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022
Earnings Per Share (Rs)	25.1	32.66	17.37	19.08	37.69
CEPS(Rs)	44.34	56.71	42.04	45.83	65.76
DPS(Rs)	10	5	5	5	6
Book NAV/Share(Rs)	150.2	176.99	188.48	201.8	231.79
Core EBITDA Margin(%)	20.35	19.25	17.18	17.11	18.31
EBIT Margin(%)	13.73	14.73	11.88	11.14	13.74
Pre Tax Margin(%)	11.61	11.35	6.9	6.87	11.31
PAT Margin (%)	9.49	8.44	5.45	6.12	7.98
Cash Profit Margin (%)	16.76	14.66	13.19	14.71	13.93
ROA(%)	11.07	7.61	3.56	3.85	6.79
ROE(%)	25.99	19.96	9.5	9.78	17.39
ROCE(%)	18.16	14.78	8.56	7.89	13.37
Receivable days	26.15	29.87	26.35	33.07	43.62
Inventory Days	45	62.83	78.44	76.39	61.29
Payable days	55.52	54.22	70.56	96.06	77.35
PER(x)	20.69	16.65	9.56	25.95	22.46
Price/Book(x)	3.46	3.07	0.88	2.45	3.65
Dividend Yield(%)	0.96	0.92	3.01	1.01	0.71
EV/Net Sales(x)	2.31	1.96	1.03	2.16	2.19
EV/Core EBITDA(x)	10.37	9.34	5.25	11.08	11.21
Net Sales Growth(%)	303.09	46.26	-17.66	-2.22	51.53
EBIT Growth(%)	382.41	57	-33.59	-8.36	86.92
PAT Growth(%)	481.73	30.11	-46.83	9.87	97.56
EPS Growth(%)	481.73	30.11	-46.83	9.87	97.56
Debt/Equity(x)	1.06	1.61	1.24	1.26	1.22
Current Ratio(x)	1.31	1.4	1.15	1.17	1.29
Quick Ratio(x)	0.89	0.85	0.71	0.77	0.87
Interest Cover(x)	6.5	4.36	2.39	2.61	5.65
Total Debt/Mcap(x)	0.31	0.52	1.41	0.51	0.33

MM Forgings Shareholding Pattern

#	Sep 2020	Dec 2020	Mar 2021	Jun 2021	Sep 2021	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022
Promoter	56.34	56.34	56.34	56.34	56.34	56.34	56.34	56.34	56.34	56.34
FII	0.01	0.42	0.89	0.13	0.53	0.77	0.78	0.82	0.91	1.16
DII	21.88	21.23	21.05	21.76	21.12	21.22	19.63	17.98	16.32	16.65
Public	21.77	22.01	21.73	21.77	22.01	21.68	23.26	24.86	26.44	25.86
Others	0	0	0	0	0	0	0	0	0	0
Total	100	100	100	100	100	100	100	100	100	100

#	Sep 2020	Dec 2020	Mar 2021	Jun 2021	Sep 2021	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022
Promoter	1.36	1.36	1.36	1.36	1.36	1.36	1.36	1.36	1.36	1.36
FII	0	0.01	0.02	0	0.01	0.02	0.02	0.02	0.02	0.03
DII	0.53	0.51	0.51	0.53	0.51	0.51	0.47	0.43	0.39	0.4
Public	0.53	0.53	0.52	0.53	0.53	0.52	0.56	0.6	0.64	0.62
Others	0	0	0	0	0	0	0	0	0	0
Total	2.41	2.41	2.41	2.41	2.41	2.41	2.41	2.41	2.41	2.41