MMF has undergone a large capacity expansion and improvement programme in the recent past. With capex spend of ~| 500 crore over the last three years, production capacities have grown ~54% from ~65,000 MT per annum to ~1 lakh MT per annum at present. MMF has added heavier press lines (6,300 tons, 7,000 tons, 8,000 tons) with a view to enhance offerings (acquired capabilities to provide 60-100 kg weight products vs. 2.53 kg weight products earlier). Amid soft demand scenario in key geographies, however, balance capex (of ~| 90-100 crore) would be backended and dependent on market recovery. Focus on increasing machining capabilities and value addition is expected to aid uptick in margins once...