MM Forgings (MMFL)' numbers for 4QFY2016 have come in marginally below our estimates. Its top-line for the quarter de-grew by 1.7% yoy to Rs124cr, which is below our estimate of Rs129cr. The EBITDA declined by 4.5% yoy to Rs26cr while the EBITDA margin declined marginally by 60bp yoy to 20.5% (against our estimate of 21.0%). Further, the ..