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M M Forgings BSE:522241 Stock Report

Last Price


Market Cap







25 Sep, 2022


Company Financials
522241 fundamental analysis
Snowflake Score
Future Growth0/6
Past Performance3/6
Financial Health4/6

522241 Stock Overview

M M Forgings Limited, together with its subsidiaries, designs, manufactures, and sells steel forgings for passenger cars, commercial vehicles, off highway, agricultural, and high pressure valves in India.

M M Forgings Competitors

Price History & Performance

Summary of all time highs, changes and price drops for M M Forgings
Historical stock prices
Current Share Price₹831.45
52 Week High₹1,057.20
52 Week Low₹646.00
1 Month Change-9.69%
3 Month Change-3.43%
1 Year Change0.84%
3 Year Change95.47%
5 Year Change161.11%
Change since IPO10,986.00%

Recent News & Updates

Shareholder Returns

522241IN Metals and MiningIN Market

Return vs Industry: 522241 exceeded the Indian Metals and Mining industry which returned -5.7% over the past year.

Return vs Market: 522241 matched the Indian Market which returned 0.5% over the past year.

Price Volatility

Is 522241's price volatile compared to industry and market?
522241 volatility
522241 Average Weekly Movement4.8%
Metals and Mining Industry Average Movement5.7%
Market Average Movement5.8%
10% most volatile stocks in IN Market9.1%
10% least volatile stocks in IN Market3.7%

Stable Share Price: 522241 is not significantly more volatile than the rest of Indian stocks over the past 3 months, typically moving +/- 5% a week.

Volatility Over Time: 522241's weekly volatility (5%) has been stable over the past year.

About the Company

19453,870Venkatramanan Krishnan

M M Forgings Limited, together with its subsidiaries, designs, manufactures, and sells steel forgings for passenger cars, commercial vehicles, off highway, agricultural, and high pressure valves in India. It offers closed die forgings, such as axle beams, steering knuckles, crankshaft, axle spindles, gear blanks, sockets, front hubs, ball studs, cross, and differential spiders. The company was formerly known as The Madras Motors Ltd and changed its name to M M Forgings Limited in 1993.

M M Forgings Fundamentals Summary

How do M M Forgings's earnings and revenue compare to its market cap?
522241 fundamental statistics
Market Cap₹20.07b
Earnings (TTM)₹962.35m
Revenue (TTM)₹12.37b


P/E Ratio


P/S Ratio

Earnings & Revenue

Key profitability statistics from the latest earnings report
522241 income statement (TTM)
Cost of Revenue₹5.97b
Gross Profit₹6.40b
Other Expenses₹5.44b

Last Reported Earnings

Jun 30, 2022

Next Earnings Date


Earnings per share (EPS)39.86
Gross Margin51.74%
Net Profit Margin7.78%
Debt/Equity Ratio122.4%

How did 522241 perform over the long term?

See historical performance and comparison



Current Dividend Yield


Payout Ratio
We’ve recently updated our valuation analysis.


Is 522241 undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score


Valuation Score 1/6

  • Price-To-Earnings vs Peers

  • Price-To-Earnings vs Industry

  • Price-To-Earnings vs Fair Ratio

  • Below Fair Value

  • Significantly Below Fair Value

  • Analyst Forecast

Key Valuation Metric

Which metric is best to use when looking at relative valuation for 522241?

Other financial metrics that can be useful for relative valuation.

522241 key valuation metrics and ratios. From Price to Earnings, Price to Sales and Price to Book to Price to Earnings Growth Ratio, Enterprise Value and EBITDA.
Key Statistics
Enterprise Value/Revenue2x
Enterprise Value/EBITDA10.9x
PEG Ration/a

Price to Earnings Ratio vs Peers

How does 522241's PE Ratio compare to its peers?

522241 PE Ratio vs Peers
The above table shows the PE ratio for 522241 vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyPEEstimated GrowthMarket Cap
Peer Average7.8x
513434 Tata Metaliks
500460 Mukand
500404 Sunflag Iron and Steel
522241 M M Forgings

Price-To-Earnings vs Peers: 522241 is expensive based on its Price-To-Earnings Ratio (20.9x) compared to the peer average (7.8x).

Price to Earnings Ratio vs Industry

How does 522241's PE Ratio compare vs other companies in the IN Metals and Mining Industry?

Price-To-Earnings vs Industry: 522241 is expensive based on its Price-To-Earnings Ratio (20.9x) compared to the Indian Metals and Mining industry average (13.3x)

Price to Earnings Ratio vs Fair Ratio

What is 522241's PE Ratio compared to its Fair PE Ratio? This is the expected PE Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

522241 PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio20.9x
Fair PE Ration/a

Price-To-Earnings vs Fair Ratio: Insufficient data to calculate 522241's Price-To-Earnings Fair Ratio for valuation analysis.

Share Price vs Fair Value

What is the Fair Price of 522241 when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: 522241 (₹831.45) is trading above our estimate of fair value (₹258.63)

Significantly Below Fair Value: 522241 is trading above our estimate of fair value.

Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

Analyst Forecast: Target price is more than 20% higher than the current share price and analysts are within a statistically confident range of agreement.

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Future Growth

How is M M Forgings forecast to perform in the next 1 to 3 years based on estimates from 0 analysts?

Future Growth Score


Future Growth Score 0/6

  • Earnings vs Savings Rate

  • Earnings vs Market

  • High Growth Earnings

  • Revenue vs Market

  • High Growth Revenue

  • Future ROE


Forecasted Materials industry annual growth in earnings

In this section we usually present revenue and earnings growth projections based on the consensus estimates of professional analysts to help investors understand the company’s ability to generate profit. But as M M Forgings has not provided enough past data and has no analyst forecast, its future earnings cannot be reliably calculated by extrapolating past data or using analyst predictions.

This is quite a rare situation as 97% of companies covered by SimplyWall St do have past financial data.

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  • Examine M M Forgings's financial health to determine how well-positioned it is against times of financial stress by looking at its level of debt over time and how much cash it has left.
  • M M Forgings competitive advantages and company strategy can generally be found in its financial reports archived here.

Past Performance

How has M M Forgings performed over the past 5 years?

Past Performance Score


Past Performance Score 3/6

  • Quality Earnings

  • Growing Profit Margin

  • Earnings Trend

  • Accelerating Growth

  • Earnings vs Industry

  • High ROE


Historical annual earnings growth

Earnings and Revenue History

Quality Earnings: 522241 has high quality earnings.

Growing Profit Margin: 522241's current net profit margins (7.8%) are lower than last year (8.5%).

Past Earnings Growth Analysis

Earnings Trend: 522241's earnings have grown by 8.4% per year over the past 5 years.

Accelerating Growth: 522241's earnings growth over the past year (24%) exceeds its 5-year average (8.4% per year).

Earnings vs Industry: 522241 earnings growth over the past year (24%) underperformed the Metals and Mining industry 28.8%.

Return on Equity

High ROE: 522241's Return on Equity (17.2%) is considered low.

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Financial Health

How is M M Forgings's financial position?

Financial Health Score


Financial Health Score 4/6

  • Short Term Liabilities

  • Long Term Liabilities

  • Debt Level

  • Reducing Debt

  • Debt Coverage

  • Interest Coverage

Financial Position Analysis

Short Term Liabilities: 522241's short term assets (₹6.2B) exceed its short term liabilities (₹4.7B).

Long Term Liabilities: 522241's short term assets (₹6.2B) exceed its long term liabilities (₹3.8B).

Debt to Equity History and Analysis

Debt Level: 522241's net debt to equity ratio (82%) is considered high.

Reducing Debt: 522241's debt to equity ratio has increased from 71% to 122.4% over the past 5 years.

Debt Coverage: 522241's debt is well covered by operating cash flow (22.1%).

Interest Coverage: 522241's interest payments on its debt are well covered by EBIT (8.2x coverage).

Balance Sheet

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What is M M Forgings's current dividend yield, its reliability and sustainability?

Dividend Score


Dividend Score 4/6

  • Notable Dividend

  • High Dividend

  • Stable Dividend

  • Growing Dividend

  • Earnings Coverage

  • Cash Flow Coverage


Current Dividend Yield

Dividend Yield vs Market

Notable Dividend: 522241's dividend (0.72%) is higher than the bottom 25% of dividend payers in the Indian market (0.35%).

High Dividend: 522241's dividend (0.72%) is low compared to the top 25% of dividend payers in the Indian market (1.6%).

Stability and Growth of Payments

Stable Dividend: 522241's dividend payments have been volatile in the past 10 years.

Growing Dividend: 522241's dividend payments have increased over the past 10 years.

Earnings Payout to Shareholders

Earnings Coverage: With its low payout ratio (15.1%), 522241's dividend payments are well covered by earnings.

Cash Payout to Shareholders

Cash Flow Coverage: With its reasonably low cash payout ratio (38.2%), 522241's dividend payments are well covered by cash flows.

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How experienced are the management team and are they aligned to shareholders interests?


Average management tenure


Venkatramanan Krishnan (53 yo)





Shri. Krishnan Venkatramanan, B.E., is Joint Managing Director of MM Forgings Ltd. since February 24, 1999. Mr. Venkatramanan has many years of experience.He has been a Director of MM Forgings Limited sin...

CEO Compensation Analysis

Compensation vs Market: Venkatramanan's total compensation ($USD367.39K) is above average for companies of similar size in the Indian market ($USD220.07K).

Compensation vs Earnings: Venkatramanan's compensation has been consistent with company performance over the past year.

Leadership Team

Experienced Management: 522241's management team is seasoned and experienced (14.5 years average tenure).

Board Members

Experienced Board: 522241's board of directors are seasoned and experienced ( 17.7 years average tenure).


Who are the major shareholders and have insiders been buying or selling?

Insider Trading Volume

Insider Buying: Insufficient data to determine if insiders have bought more shares than they have sold in the past 3 months.

Ownership Breakdown

Dilution of Shares: Shareholders have not been meaningfully diluted in the past year.

Top Shareholders

Top 24 shareholders own 67.26% of the company
OwnershipNameSharesCurrent ValueChange %Portfolio %
Symax Consultants & Trading Pvt. Ltd.
5,796,000₹4.8b0%no data
Vidyashankar Krishnan
2,875,445₹2.4b5.71%no data
Venkatramanan Krishnan
2,584,960₹2.1b0%no data
Franklin Resources, Inc.
Sivasundar (P) Limited
937,200₹779.2m0%no data
S. Lakshman
743,998₹618.6m0%no data
Lakshmi Ramachandran
567,980₹472.2m0%no data
Varadarajan Srinivasan
373,996₹311.0m0.27%no data
SBI Funds Management Limited
Sandhya Parikh
246,451₹204.9m0%no data
LIC Mutual Fund Asset Management Limited
Tata Asset Management Limited
Dimensional Fund Advisors LP
76,430₹63.5m12.46%no data
Ajay Ramachandran
54,000₹44.9m0%no data
Sumita Vidyashankar
32,800₹27.3m0%no data
Matthews International Capital Management, LLC
15,223₹12.7m0%no data
V. Vaidyanathan
10,500₹8.7m0%no data
IDBI Asset Management Limited
Vijay Ramachandran
7,512₹6.2m0%no data
Acadian Asset Management LLC
3,800₹3.2m0%no data
Investor Education and Protection Fund (IEPF)
2,421₹2.0m0%no data
R. Venkatakrishnan
2,400₹2.0m0%no data
A. Gopalakrishnan
1,600₹1.3m0%no data
J. Sumathi
400₹332.6k0%no data

Company Information

M M Forgings Limited's employee growth, exchange listings and data sources

Key Information

  • Name: M M Forgings Limited
  • Ticker: 522241
  • Exchange: BSE
  • Founded: 1945
  • Industry: Steel
  • Sector: Materials
  • Implied Market Cap: ₹20.072b
  • Shares outstanding: 24.14m
  • Website:

Number of Employees


  • M M Forgings Limited
  • A 24/25, SVK Towers
  • 8th Floor
  • Chennai
  • Tamil Nadu
  • 600032
  • India


TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
522241BSE (Mumbai Stock Exchange)YesEquity SharesININRDec 2001
MMFLNSEI (National Stock Exchange of India)YesEquity SharesININRDec 2001

Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2022/09/25 00:00
End of Day Share Price2022/09/23 00:00
Annual Earnings2022/03/31

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.