Buy Or Sell Opportunity • May 15
Now 20% overvalued Over the last 90 days, the stock has fallen 4.1% to ₹446. The fair value is estimated to be ₹371, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has declined by 7.3%. Revenue is forecast to grow by 30% in 2 years. Earnings are forecast to grow by 106% in the next 2 years. Buy Or Sell Opportunity • Apr 08
Now 21% overvalued after recent price rise Over the last 90 days, the stock has risen 9.6% to ₹436. The fair value is estimated to be ₹360, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has declined by 7.3%. Revenue is forecast to grow by 30% in 2 years. Earnings are forecast to grow by 106% in the next 2 years. New Risk • Feb 21
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Indian stocks, typically moving 7.4% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Debt is not well covered by operating cash flow (14% operating cash flow to total debt). Minor Risks Paying a dividend despite having no free cash flows. Share price has been volatile over the past 3 months (7.4% average weekly change). Profit margins are more than 30% lower than last year (5.7% net profit margin). Price Target Changed • Feb 18
Price target increased by 29% to ₹589 Up from ₹458, the current price target is an average from 2 analysts. New target price is 25% above last closing price of ₹472. Stock is up 28% over the past year. The company is forecast to post earnings per share of ₹20.35 for next year compared to ₹25.24 last year. New Risk • Feb 15
New minor risk - Profit margin trend The company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 5.7% Last year net profit margin: 8.1% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. Currently, the following risks have been identified for the company: Major Risk Debt is not well covered by operating cash flow (14% operating cash flow to total debt). Minor Risks Paying a dividend despite having no free cash flows. Profit margins are more than 30% lower than last year (5.7% net profit margin). Reported Earnings • Feb 15
Third quarter 2026 earnings released: EPS: ₹3.64 (vs ₹5.50 in 3Q 2025) Third quarter 2026 results: EPS: ₹3.64 (down from ₹5.50 in 3Q 2025). Revenue: ₹4.17b (up 11% from 3Q 2025). Net income: ₹175.7m (down 34% from 3Q 2025). Profit margin: 4.2% (down from 7.1% in 3Q 2025). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 7.9% p.a. on average during the next 3 years, compared to a 13% growth forecast for the Metals and Mining industry in India. Over the last 3 years on average, earnings per share has fallen by 7% per year but the company’s share price has increased by 2% per year, which means it is well ahead of earnings. Annuncio • Feb 04
M M Forgings Limited to Report Q3, 2026 Results on Feb 13, 2026 M M Forgings Limited announced that they will report Q3, 2026 results on Feb 13, 2026 Valuation Update With 7 Day Price Move • Jan 05
Investor sentiment improves as stock rises 22% After last week's 22% share price gain to ₹433, the stock trades at a forward P/E ratio of 17x. Average forward P/E is 16x in the Metals and Mining industry in India. Total returns to shareholders of 5.6% over the past three years. Reported Earnings • Nov 17
Second quarter 2026 earnings released: EPS: ₹3.43 (vs ₹6.61 in 2Q 2025) Second quarter 2026 results: EPS: ₹3.43 (down from ₹6.61 in 2Q 2025). Revenue: ₹3.89b (down 2.4% from 2Q 2025). Net income: ₹165.7m (down 48% from 2Q 2025). Profit margin: 4.3% (down from 8.0% in 2Q 2025). The decrease in margin was primarily driven by lower revenue. Revenue is forecast to grow 7.4% p.a. on average during the next 3 years, compared to a 11% growth forecast for the Metals and Mining industry in India. Over the last 3 years on average, earnings per share has fallen by 1% per year but the company’s share price has fallen by 12% per year, which means it is performing significantly worse than earnings. Annuncio • Nov 04
M M Forgings Limited to Report Q2, 2026 Results on Nov 14, 2025 M M Forgings Limited announced that they will report Q2, 2026 results on Nov 14, 2025 Reported Earnings • Aug 07
First quarter 2026 earnings released: EPS: ₹3.97 (vs ₹6.24 in 1Q 2025) First quarter 2026 results: EPS: ₹3.97 (down from ₹6.24 in 1Q 2025). Revenue: ₹3.69b (down 3.3% from 1Q 2025). Net income: ₹191.9m (down 36% from 1Q 2025). Profit margin: 5.2% (down from 7.9% in 1Q 2025). Revenue is forecast to grow 12% p.a. on average during the next 2 years, compared to a 10% growth forecast for the Metals and Mining industry in India. Over the last 3 years on average, earnings per share has increased by 4% per year but the company’s share price has fallen by 13% per year, which means it is significantly lagging earnings. Annuncio • Aug 01
M M Forgings Limited to Report Q1, 2026 Results on Aug 06, 2025 M M Forgings Limited announced that they will report Q1, 2026 results on Aug 06, 2025 Upcoming Dividend • Jul 23
Upcoming dividend of ₹4.00 per share Eligible shareholders must have bought the stock before 30 July 2025. Payment date: 29 August 2025. Payout ratio is a comfortable 16% but the company is not cash flow positive. Trailing yield: 1.1%. Lower than top quartile of Indian dividend payers (1.2%). Lower than average of industry peers (2.7%). Price Target Changed • Jun 18
Price target decreased by 21% to ₹530 Down from ₹669, the current price target is an average from 2 analysts. New target price is 47% above last closing price of ₹361. Stock is down 42% over the past year. The company is forecast to post earnings per share of ₹29.30 for next year compared to ₹25.24 last year. Reported Earnings • May 28
Full year 2025 earnings released: EPS: ₹25.24 (vs ₹27.97 in FY 2024) Full year 2025 results: EPS: ₹25.24 (down from ₹27.97 in FY 2024). Revenue: ₹15.5b (down 1.0% from FY 2024). Net income: ₹1.22b (down 9.8% from FY 2024). Profit margin: 7.9% (down from 8.6% in FY 2024). Revenue is forecast to grow 12% p.a. on average during the next 2 years, compared to a 10% growth forecast for the Metals and Mining industry in India. Over the last 3 years on average, earnings per share has increased by 10% per year but the company’s share price has fallen by 5% per year, which means it is significantly lagging earnings. Annuncio • May 26
M M Forgings Limited, Annual General Meeting, Aug 06, 2025 M M Forgings Limited, Annual General Meeting, Aug 06, 2025, at 16:30 Indian Standard Time. Annuncio • May 16
M M Forgings Limited to Report Q4, 2025 Results on May 24, 2025 M M Forgings Limited announced that they will report Q4, 2025 results on May 24, 2025 Annuncio • Mar 21
M M Forgings Limited Announces Shyamala S Unable to Accept the Position of Independent Director M M Forgings Limited announced with reference to the intimation dated 3 February 2025, wherein it was informed that the Board of Directors of the Company had, inter alia, approved the appointment of Smt. Shyamala S (DIN: 10895827) as a Non-Executive Independent Director, for a period of five
years, effective 31 March 2025. Further, vide the letter dated 3 February 2025, the Company had informed about the approval of Notice of Postal Ballot dated 3 February 2025, to be issued to the shareholders of the Company seeking their consent for the aforesaid appointment of Smt. Shyamala S. The company further informed that Smt. Shyamala S has communicated to the Board of Directors of the Company that she will be unable to accept the position of Independent Director due to her organization not granting approval for this appointment, effective 31 March 2025. The Board of Directors of the Company took note of the same through a circular resolution. Smt. Shyamala has also confirmed that there are no additional significant reasons for her above decision. Reported Earnings • Feb 04
Third quarter 2025 earnings released: EPS: ₹5.50 (vs ₹6.95 in 3Q 2024) Third quarter 2025 results: EPS: ₹5.50 (down from ₹6.95 in 3Q 2024). Revenue: ₹3.78b (down 5.3% from 3Q 2024). Net income: ₹265.1m (down 21% from 3Q 2024). Profit margin: 7.0% (down from 8.4% in 3Q 2024). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 13% p.a. on average during the next 3 years, compared to a 13% growth forecast for the Metals and Mining industry in India. Over the last 3 years on average, earnings per share has increased by 7% per year whereas the company’s share price has increased by 6% per year. Annuncio • Feb 03
M M Forgings Limited Announces Cessation of Kavitha Vijay as Non-Executive Independent Director, Effective March 31, 2025 M M Forgings Limited announced that the tenure of Smt. Kavitha Vijay (DIN: 01047261), as a Non-Executive Independent Director of the Company, concludes on 31 March 2025. Consequent to completion of tenure, Smt. Kavitha Vijay ceases to be a Director of the Company, effective 31 March 2025. Reported Earnings • Oct 27
Second quarter 2025 earnings released: EPS: ₹6.61 (vs ₹7.35 in 2Q 2024) Second quarter 2025 results: EPS: ₹6.61 (down from ₹7.35 in 2Q 2024). Revenue: ₹4.05b (up 2.2% from 2Q 2024). Net income: ₹319.1m (down 10.0% from 2Q 2024). Profit margin: 7.9% (down from 8.9% in 2Q 2024). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 13% p.a. on average during the next 2 years, compared to a 12% growth forecast for the Metals and Mining industry in India. Over the last 3 years on average, earnings per share has increased by 10% per year whereas the company’s share price has increased by 5% per year. Annuncio • Oct 21
M M Forgings Limited to Report Q2, 2025 Results on Oct 26, 2024 M M Forgings Limited announced that they will report Q2, 2025 results on Oct 26, 2024 Reported Earnings • Aug 13
First quarter 2025 earnings released: EPS: ₹12.47 (vs ₹6.01 in 1Q 2024) First quarter 2025 results: EPS: ₹12.47 (up from ₹6.01 in 1Q 2024). Revenue: ₹3.88b (up 4.7% from 1Q 2024). Net income: ₹301.1m (up 3.8% from 1Q 2024). Profit margin: 7.8% (in line with 1Q 2024). Revenue is forecast to grow 11% p.a. on average during the next 2 years, compared to a 11% growth forecast for the Metals and Mining industry in India. Over the last 3 years on average, earnings per share has increased by 15% per year whereas the company’s share price has increased by 14% per year. Annuncio • Aug 05
M M Forgings Limited to Report Q1, 2025 Results on Aug 12, 2024 M M Forgings Limited announced that they will report Q1, 2025 results on Aug 12, 2024 Reported Earnings • Jun 18
Full year 2024 earnings released: EPS: ₹55.94 (vs ₹53.00 in FY 2023) Full year 2024 results: EPS: ₹55.94 (up from ₹53.00 in FY 2023). Revenue: ₹15.6b (up 6.9% from FY 2023). Net income: ₹1.35b (up 5.5% from FY 2023). Profit margin: 8.6% (down from 8.8% in FY 2023). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 10% p.a. on average during the next 2 years, compared to a 11% growth forecast for the Metals and Mining industry in India. Over the last 3 years on average, earnings per share has increased by 22% per year whereas the company’s share price has increased by 21% per year. Upcoming Dividend • Jun 07
Upcoming dividend of ₹8.00 per share Eligible shareholders must have bought the stock before 14 June 2024. Payment date: 21 June 2024. Payout ratio is a comfortable 14% but the company is not cash flow positive. Trailing yield: 0.7%. Lower than top quartile of Indian dividend payers (1.2%). Lower than average of industry peers (3.1%). Reported Earnings • Jun 04
Full year 2024 earnings released: EPS: ₹56.20 (vs ₹53.00 in FY 2023) Full year 2024 results: EPS: ₹56.20 (up from ₹53.00 in FY 2023). Revenue: ₹15.6b (up 6.9% from FY 2023). Net income: ₹1.33b (up 4.3% from FY 2023). Profit margin: 8.5% (down from 8.8% in FY 2023). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 11% p.a. on average during the next 2 years, compared to a 10% growth forecast for the Metals and Mining industry in India. Over the last 3 years on average, earnings per share has increased by 22% per year whereas the company’s share price has increased by 26% per year. Valuation Update With 7 Day Price Move • Jun 04
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to ₹1,043, the stock trades at a forward P/E ratio of 16x. Average forward P/E is 16x in the Metals and Mining industry in India. Total returns to shareholders of 106% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ₹2,055 per share. Declared Dividend • Jun 01
Dividend increased to ₹8.00 Dividend of ₹8.00 is 33% higher than last year. Ex-date: 7th June 2024 Payment date: 21st June 2024 Dividend yield will be 0.7%, which is lower than the industry average of 6.1%. Sustainability & Growth Dividend is covered by earnings (11% earnings payout ratio) but the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has increased by an average of 12% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 40% over the next 2 years, which should provide support to the dividend and adequate earnings cover. Annuncio • May 31
M M Forgings Limited, Annual General Meeting, Jul 08, 2024 M M Forgings Limited, Annual General Meeting, Jul 08, 2024, at 15:00 Indian Standard Time. Annuncio • May 17
M M Forgings Limited to Report Q4, 2024 Results on May 29, 2024 M M Forgings Limited announced that they will report Q4, 2024 results on May 29, 2024 Board Change • May 01
High number of new directors There are 7 new directors who have joined the board in the last 3 years. Whole Time Director & Director of Commercial Ramnath Nagarajan was the last director to join the board, commencing their role in 2024. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Valuation Update With 7 Day Price Move • Apr 19
Investor sentiment improves as stock rises 23% After last week's 23% share price gain to ₹1,058, the stock trades at a forward P/E ratio of 15x. Average forward P/E is 17x in the Metals and Mining industry in India. Total returns to shareholders of 139% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ₹1,313 per share. Price Target Changed • Apr 04
Price target increased by 9.2% to ₹1,195 Up from ₹1,094, the current price target is an average from 2 analysts. New target price is 36% above last closing price of ₹878. Stock is up 5.9% over the past year. The company is forecast to post earnings per share of ₹61.55 for next year compared to ₹53.00 last year. Annuncio • Mar 22
M M Forgings Limited Announces Board Appointments, Effective 01 April 2024 M M Forgings Limited announced that the shareholders of the Company, through Postal Ballot, had approved the appointment of Shri. Ramnath Nagarajan, as a Director in the rank of Whole Time Director of the Company, with the designation as Director -Commercial on the Board, for a period of five years, effective 01 April 2024 and Shri. Krishnakumar Raman, as a Director in the rank of Whole Time Director of the Company, with the designation as Director - Operations on the Board, for a period of five years, effective 01 April 2024. Accordingly, their designation as a Senior Managerial Personnel in the Company shall be changed to Whole-time Director effective from 01 April 2024. They shall continue to hold as a Member of Risk Management Committee as a Director effective 01 April 2024. Shri. Ramnath Nagarajan, aged 57 years, holding DIN 00081516, is a Chartered Accountant and Cost Accountant by profession, has been associated with the Company for 22 years. He is responsible for the overall marketing function and has been playing a vital role towards the growth of the Company in export markets. Shri. Krishnakumar Raman, aged 52 years, DIN 00070743, has been associated with the Company since April 2022. He is taking care of operational activities reporting to the Vice Chairman and Managing Director. He is an MS in Engineering from IIT Madras. He has specialized in Modern Production and Project Planning Techniques (UK). He has a qualified PG degree in PGCBM from XLRI. Reported Earnings • Feb 14
Third quarter 2024 earnings released: EPS: ₹13.90 (vs ₹14.83 in 3Q 2023) Third quarter 2024 results: EPS: ₹13.90 (down from ₹14.83 in 3Q 2023). Revenue: ₹3.99b (up 7.2% from 3Q 2023). Net income: ₹334.2m (down 6.6% from 3Q 2023). Profit margin: 8.4% (down from 9.6% in 3Q 2023). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 14% p.a. on average during the next 2 years, compared to a 8.7% growth forecast for the Metals and Mining industry in India. Over the last 3 years on average, earnings per share has increased by 32% per year but the company’s share price has only increased by 25% per year, which means it is significantly lagging earnings growth. Annuncio • Jan 10
M M Forgings Limited to Report Q3, 2024 Results on Feb 07, 2024 M M Forgings Limited announced that they will report Q3, 2024 results at 3:30 PM, Indian Standard Time on Feb 07, 2024 Valuation Update With 7 Day Price Move • Dec 21
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ₹1,017, the stock trades at a forward P/E ratio of 14x. Average forward P/E is 14x in the Metals and Mining industry in India. Total returns to shareholders of 157% over the past three years. Reported Earnings • Nov 11
Second quarter 2024 earnings released: EPS: ₹14.69 (vs ₹13.69 in 2Q 2023) Second quarter 2024 results: EPS: ₹14.69 (up from ₹13.69 in 2Q 2023). Revenue: ₹3.97b (up 11% from 2Q 2023). Net income: ₹348.7m (up 5.9% from 2Q 2023). Profit margin: 8.8% (down from 9.2% in 2Q 2023). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 14% p.a. on average during the next 2 years, compared to a 7.4% growth forecast for the Metals and Mining industry in India. Over the last 3 years on average, earnings per share has increased by 43% per year but the company’s share price has only increased by 36% per year, which means it is significantly lagging earnings growth. Annuncio • Oct 31
M M Forgings Limited to Report Q2, 2024 Results on Nov 09, 2023 M M Forgings Limited announced that they will report Q2, 2024 results on Nov 09, 2023 Annuncio • Aug 12
M M Forgings Limited Approves Board Appointments M M Forgings Limited at the Annual General Meeting held on 11 August 2023, approved appointment of Shri. Shankar Athreya as a Non-Executive Independent Director for five years term effective 11 August 2023 and appointment ofShri. Hari Sankaran as a Non-Executive Independent Director for five years term effective 01 April 2024. Annuncio • Jul 28
M M Forgings Limited to Report Q1, 2024 Results on Aug 12, 2023 M M Forgings Limited announced that they will report Q1, 2024 results at 3:30 PM, Indian Standard Time on Aug 12, 2023 Reported Earnings • Jul 19
Full year 2023 earnings released: EPS: ₹53.00 (vs ₹37.69 in FY 2022) Full year 2023 results: EPS: ₹53.00 (up from ₹37.69 in FY 2022). Revenue: ₹14.6b (up 28% from FY 2022). Net income: ₹1.28b (up 41% from FY 2022). Profit margin: 8.8% (up from 8.0% in FY 2022). The increase in margin was driven by higher revenue. Revenue is forecast to grow 11% p.a. on average during the next 2 years, compared to a 4.2% growth forecast for the Metals and Mining industry in India. Over the last 3 years on average, earnings per share has increased by 52% per year but the company’s share price has increased by 68% per year, which means it is tracking significantly ahead of earnings growth. Annuncio • Jun 23
M M Forgings Limited, Annual General Meeting, Aug 11, 2023 M M Forgings Limited, Annual General Meeting, Aug 11, 2023, at 12:00 Indian Standard Time. Upcoming Dividend • May 22
Upcoming dividend of ₹6.00 per share at 0.7% yield Eligible shareholders must have bought the stock before 29 May 2023. Payment date: 15 June 2023. Payout ratio is a comfortable 11% but the company is not cash flow positive. Trailing yield: 0.7%. Lower than top quartile of Indian dividend payers (1.6%). Lower than average of industry peers (7.6%). Reported Earnings • May 18
Full year 2023 earnings released: EPS: ₹53.00 (vs ₹37.69 in FY 2022) Full year 2023 results: EPS: ₹53.00 (up from ₹37.69 in FY 2022). Revenue: ₹14.7b (up 29% from FY 2022). Net income: ₹1.28b (up 40% from FY 2022). Profit margin: 8.7% (up from 8.0% in FY 2022). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 52% per year but the company’s share price has increased by 78% per year, which means it is tracking significantly ahead of earnings growth. Annuncio • Feb 14
M M Forgings Limited Announces Executive Changes M M Forgings Limited announced that at its board meeting held on February 14, 2023, Smt. J Sumathi (Membership no. A8621), Company Secretary & Compliance Officer of the Company, will be retiring on 31 March 2023 (close of business hours). On the recommendation of the Nomination and Remuneration Committee, the Board of Directors approved the appointment of Shri. Chandrasekar S, holding Membership No. A34736 as the Company Secretary and Compliance Officer (Key Managerial Personnel) of the company effective from 01 April 2023. Appointment of Shri. Chandrasekar S as Company Secretary and Compliance officer under the category of Key Managerial Personnel of the Company effective 01 April 2023, consequent to superannuation of Smt. J Sumathi from the position of Company Secretary & Compliance Officer of the company effective the closure of business hours on 31 March 2023. Shri Chandrasekar S, aged 32, is an associate member of the Institute of Company Secretaries of India (Membership No. A34736). He has around eight years of experience in the secretarial function including two plus years in Listed Company exposure. Reported Earnings • Feb 14
Third quarter 2023 earnings released: EPS: ₹14.83 (vs ₹12.18 in 3Q 2022) Third quarter 2023 results: EPS: ₹14.83 (up from ₹12.18 in 3Q 2022). Revenue: ₹3.76b (up 27% from 3Q 2022). Net income: ₹358.0m (up 22% from 3Q 2022). Profit margin: 9.5% (in line with 3Q 2022). Over the last 3 years on average, earnings per share has increased by 47% per year but the company’s share price has only increased by 31% per year, which means it is significantly lagging earnings growth. Annuncio • Feb 01
M M Forgings Limited to Report Q3, 2023 Results on Feb 13, 2023 M M Forgings Limited announced that they will report Q3, 2023 results on Feb 13, 2023 Reported Earnings • Nov 16
Second quarter 2023 earnings released: EPS: ₹13.69 (vs ₹10.99 in 2Q 2022) Second quarter 2023 results: EPS: ₹13.69 (up from ₹10.99 in 2Q 2022). Revenue: ₹3.61b (up 32% from 2Q 2022). Net income: ₹329.2m (up 24% from 2Q 2022). Profit margin: 9.1% (in line with 2Q 2022). Over the last 3 years on average, earnings per share has increased by 39% per year but the company’s share price has only increased by 31% per year, which means it is significantly lagging earnings growth. Reported Earnings • Aug 11
First quarter 2023 earnings released: EPS: ₹11.73 (vs ₹9.49 in 1Q 2022) First quarter 2023 results: EPS: ₹11.73 (up from ₹9.49 in 1Q 2022). Revenue: ₹3.44b (up 39% from 1Q 2022). Net income: ₹283.2m (up 24% from 1Q 2022). Profit margin: 8.2% (down from 9.3% in 1Q 2022). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 30% per year but the company’s share price has increased by 37% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Jun 03
Investor sentiment improved over the past week After last week's 17% share price gain to ₹910, the stock trades at a forward P/E ratio of 18x. Average forward P/E is 7x in the Metals and Mining industry in India. Total returns to shareholders of 75% over the past three years. Upcoming Dividend • May 30
Upcoming dividend of ₹6.00 per share Eligible shareholders must have bought the stock before 06 June 2022. Payment date: 23 June 2022. Payout ratio is a comfortable 13% and this is well supported by cash flows. Trailing yield: 0.8%. Lower than top quartile of Indian dividend payers (1.7%). Lower than average of industry peers (6.0%). Reported Earnings • May 28
Full year 2022 earnings released: EPS: ₹45.98 (vs ₹19.35 in FY 2021) Full year 2022 results: EPS: ₹45.98 (up from ₹19.35 in FY 2021). Revenue: ₹11.2b (up 44% from FY 2021). Net income: ₹1.10b (up 135% from FY 2021). Profit margin: 9.8% (up from 6.0% in FY 2021). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 25% per year but the company’s share price has only increased by 14% per year, which means it is significantly lagging earnings growth. Price Target Changed • Apr 27
Price target increased to ₹1,081 Up from ₹982, the current price target is provided by 1 analyst. New target price is 29% above last closing price of ₹839. Stock is up 81% over the past year. The company posted earnings per share of ₹19.35 last year. Valuation Update With 7 Day Price Move • Apr 04
Investor sentiment improved over the past week After last week's 19% share price gain to ₹927, the stock trades at a trailing P/E ratio of 18.4x. Average trailing P/E is 13x in the Metals and Mining industry in India. Total returns to shareholders of 71% over the past three years. Price Target Changed • Mar 23
Price target increased to ₹1,081 Up from ₹982, the current price target is provided by 1 analyst. New target price is 26% above last closing price of ₹860. Stock is up 78% over the past year. The company posted earnings per share of ₹19.35 last year. Reported Earnings • Feb 08
Third quarter 2022 earnings: Revenues and EPS in line with analyst expectations Third quarter 2022 results: EPS: ₹12.18 (up from ₹5.81 in 3Q 2021). Revenue: ₹2.99b (up 34% from 3Q 2021). Net income: ₹294.1m (up 57% from 3Q 2021). Profit margin: 9.8% (up from 8.4% in 3Q 2021). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Over the last 3 years on average, earnings per share has increased by 8% per year whereas the company’s share price has increased by 13% per year. Price Target Changed • Nov 26
Price target increased to ₹982 Up from ₹896, the current price target is provided by 1 analyst. New target price is 19% above last closing price of ₹823. Stock is up 119% over the past year. The company posted earnings per share of ₹19.35 last year. Reported Earnings • Nov 09
Second quarter 2022 earnings released: EPS ₹10.99 (vs ₹2.24 in 2Q 2021) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2022 results: Revenue: ₹2.77b (up 73% from 2Q 2021). Net income: ₹265.2m (up 390% from 2Q 2021). Profit margin: 9.6% (up from 3.4% in 2Q 2021). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 11% per year but the company’s share price has increased by 15% per year, which means it is well ahead of earnings. Reported Earnings • Aug 15
First quarter 2022 earnings released: EPS ₹9.49 (vs ₹3.31 loss in 1Q 2021) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2022 results: Revenue: ₹2.50b (up 209% from 1Q 2021). Net income: ₹229.0m (up ₹308.8m from 1Q 2021). Profit margin: 9.2% (up from net loss in 1Q 2021). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 27% per year but the company’s share price has increased by 9% per year, which means it is well ahead of earnings. Reported Earnings • Jun 26
Full year 2021 earnings released: EPS ₹19.35 (vs ₹17.28 in FY 2020) The company reported a decent full year result with improved earnings and profit margins, although revenues were weaker. Full year 2021 results: Revenue: ₹7.44b (down 3.3% from FY 2020). Net income: ₹467.1m (up 12% from FY 2020). Profit margin: 6.3% (up from 5.4% in FY 2020). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 37% per year but the company’s share price has increased by 2% per year, which means it is well ahead of earnings. Reported Earnings • Feb 10
Third quarter 2021 earnings released: EPS ₹5.81 (vs ₹4.69 in 3Q 2020) The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: ₹2.23b (up 19% from 3Q 2020). Net income: ₹187.1m (up 65% from 3Q 2020). Profit margin: 8.4% (up from 6.0% in 3Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 36% per year but the company’s share price has only fallen by 2% per year, which means it has not declined as severely as earnings. Is New 90 Day High Low • Feb 04
New 90-day high: ₹514 The company is up 54% from its price of ₹334 on 06 November 2020. The Indian market is up 23% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Metals and Mining industry, which is up 39% over the same period. Is New 90 Day High Low • Jan 15
New 90-day high: ₹492 The company is up 58% from its price of ₹312 on 16 October 2020. The Indian market is up 26% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Metals and Mining industry, which is up 48% over the same period. Is New 90 Day High Low • Dec 12
New 90-day high: ₹457 The company is up 53% from its price of ₹298 on 11 September 2020. The Indian market is up 17% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Metals and Mining industry, which is up 24% over the same period. Is New 90 Day High Low • Nov 25
New 90-day high: ₹361 The company is up 27% from its price of ₹284 on 27 August 2020. The Indian market is up 10.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Metals and Mining industry, which is up 8.0% over the same period. Reported Earnings • Nov 14
Second quarter 2021 earnings released: EPS ₹2.24 The company reported a poor second quarter result with weaker earnings, revenues and profit margins. Second quarter 2021 results: Revenue: ₹1.65b (down 13% from 2Q 2020). Net income: ₹54.2m (down 56% from 2Q 2020). Profit margin: 3.3% (down from 6.5% in 2Q 2020). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 21% per year but the company’s share price has only fallen by 7% per year, which means it has not declined as severely as earnings.