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MM Forgings Targets 20% Growth in FY27; Capacity to Reach 150,000 Tons
MM Forgings expects a strong recovery with a 20% revenue growth target for FY27, driven by a rebound in the US Class 8 truck market and domestic CV demand. The company is commissioning new 16,500-ton and 4,000-ton presses to reach a total capacity of 150,000 tons, aiming for over 90,000 tons of utilization next year. Financial efficiency is set to improve through ₹15 crore in annual power savings from green energy and ₹30-35 crore in interest cost reductions. While debt stands at ₹1,200 crore, management plans to keep it static while focusing on increasing the high-margin machining mix.
Key Highlights
Targeting 20% revenue growth in FY27 as US export contribution recovers from a low of 9%
Total forging capacity to reach 150,000 tons with new presses commissioned by Q2 FY27
Expected annual savings of ₹15 crore from green power transition and ₹30-35 crore in interest costs
Volume guidance set at 90,000 to 110,000 tons for FY27, up from 70,000-75,000 tons in FY26
Planned Capex of ₹160-200 crore for FY27 primarily for machining and completion of large presses
💼 Action for Investors
Investors should monitor the timely commissioning of the 16,500-ton press by July-August 2026 and the subsequent ramp-up in utilization levels. The projected 20% growth and significant cost-saving measures provide a positive outlook for margin expansion in the coming fiscal year.
MM Forgings Q3 FY26: 11.3% Sales Growth; Targets ₹45Cr Cost Savings in FY27
MM Forgings reported an 11.3% YoY sales growth in Q3 FY26, supported by a 3% volume increase and recovering demand in the US Class 8 truck market. The company is implementing aggressive cost-cutting measures, targeting ₹25-30 crore in interest savings through debt restructuring and ₹15 crore in power savings via green energy. Management has guided for a revenue increase of at least ₹300 crore in FY27, bolstered by the commissioning of a new 16,500-ton press. While current margins faced pressure from a shift in product mix, the outlook for exports and domestic CV markets remains optimistic for the next 12-18 months.
Key Highlights
Sales grew 11.3% YoY with a 7% sequential improvement, driven by a 3% volume growth in Q3.
Interest costs are projected to drop from ₹80 crore to ₹55 crore in FY27 due to interest rate swaps and debt renegotiations.
Planned capex of ₹175 crore for FY26 and ₹150-170 crore for FY27 to expand capacity and automation.
Management expects ₹15 crore in power cost savings in FY27 by shifting from grid power to green power.
Revenue guidance for FY27 indicates an addition of at least ₹300 crore over the FY26 closing base.
💼 Action for Investors
Investors should focus on the company's ability to execute its cost-saving initiatives and the ramp-up of the 16,500-ton press, which are critical for margin recovery. The stock remains a strong proxy for the recovery in the global and domestic commercial vehicle cycles.
MM Forgings YTD Dec FY26: Consolidated PAT Drops 39.8% to ₹53.33 Cr Despite Flat Revenue
MM Forgings reported a stagnant revenue performance for the nine months ended December 2025, with consolidated revenue at ₹1,160.22 crore compared to ₹1,154.54 crore in the previous year. Profitability took a significant hit as consolidated PAT fell by nearly 40% to ₹53.33 crore, primarily due to rising finance costs and higher operating expenses. While domestic sales showed slight improvement to ₹693.44 crore, export revenues declined to ₹422.45 crore amid global macroeconomic headwinds and tariff uncertainties in the US market. EBITDA margins also contracted, reflecting pressure on operational efficiency in a volatile global environment.
Key Highlights
Consolidated PAT declined 39.8% YoY to ₹53.33 crore from ₹88.57 crore in YTD Dec FY25.
Standalone EBITDA fell to ₹218.69 crore from ₹243.00 crore, indicating significant margin compression.
Finance costs rose sharply to ₹59.89 crore compared to ₹46.13 crore in the prior year period.
Domestic revenue grew to ₹693.44 crore, while export revenue dipped to ₹422.45 crore due to global trade uncertainties.
Standalone EPS dropped to ₹13.63 from ₹20.72 in the corresponding nine-month period.
💼 Action for Investors
Investors should exercise caution as the company faces severe margin pressure and a rising interest burden despite stable top-line performance. Close monitoring of export recovery and management's strategy to mitigate rising finance costs is advised.
MM Forgings Q3 PAT Jumps 45% QoQ to ₹25.75 Cr; Revenue Up 11% YoY
MM Forgings Limited reported a sequential recovery in Q3 FY26, with Net Profit rising 45.4% to ₹25.75 crore compared to the previous quarter. Revenue from operations grew 9% QoQ and 11.4% YoY to reach ₹403.94 crore. However, on a year-on-year basis, the quarterly Net Profit is down 18.8% from ₹31.71 crore. The nine-month performance shows a significant decline in profitability, with PAT falling to ₹65.80 crore from ₹100.06 crore in the previous year, largely due to higher finance and depreciation costs.
Key Highlights
Revenue from operations stood at ₹403.94 crore, up 11.4% YoY and 9% QoQ.
Net Profit for the quarter reached ₹25.75 crore, a strong recovery from ₹17.71 crore in Q2 FY26.
Finance costs for the nine-month period increased by 29.8% YoY to ₹59.89 crore.
9M FY26 Net Profit declined by 34.2% YoY to ₹65.80 crore compared to ₹100.06 crore in 9M FY25.
Quarterly EPS improved to ₹5.33 from ₹3.67 in the preceding quarter, though lower than ₹6.57 YoY.
💼 Action for Investors
Investors should focus on the sequential improvement in margins and revenue growth as a sign of recovery, while remaining cautious about the significant YoY profit decline and rising interest burdens. The stock may react positively to the QoQ turnaround, but long-term stability depends on controlling operational and finance costs.
MM Forgings Q3 FY26 PAT Drops 18.8% YoY to ₹25.75 Cr; Revenue Rises 11.4%
MM Forgings Limited reported a mixed performance for Q3 FY26, with revenue from operations growing 11.4% YoY to ₹403.94 crore. However, Net Profit for the quarter declined by 18.8% YoY to ₹25.75 crore, primarily due to a sharp increase in finance costs and operational expenses. On a positive note, the company showed a strong sequential recovery, with PAT jumping 45.4% compared to the ₹17.71 crore recorded in Q2 FY26. The cumulative nine-month (9M) profit remains significantly lower at ₹65.80 crore compared to ₹100.06 crore in the previous year.
Key Highlights
Revenue from operations increased 11.4% YoY to ₹40,393.51 lakhs in Q3 FY26.
Net Profit declined 18.8% YoY to ₹2,575.46 lakhs from ₹3,170.94 lakhs in Q3 FY25.
Sequential PAT growth was robust at 45.4% compared to the September 2025 quarter.
Finance costs rose significantly to ₹2,034.88 lakhs from ₹1,548.61 lakhs in the year-ago period.
9M FY26 PAT stands at ₹6,580.46 lakhs, a 34.2% decline from ₹10,006.22 lakhs in 9M FY25.
💼 Action for Investors
Investors should monitor the company's ability to manage rising finance costs and stabilize margins, as the 9-month profitability shows a significant downward trend. While the sequential recovery is a positive sign, a cautious approach is advised until YoY profit growth resumes.