MM Forgings (MMFG) Q4FY21 result was ahead of our estimates on all parameters. EBITDA margin stood at 19.8% vs our estimates of 16.1% due to lower operating expenses. Currently revenue contribution from export market for MMFG is ~52% whereas NA/European contributes ~20%/22% respectively. We believe NA/European market to recover strongly on the back of strong GDP growth forecast. On Domestic front, we expect domestic CV industry to grow in double digit from multiyear low base due to higher push in Infrastructure and construction activity by Govt. We raise our revenue/EBITDA estimates by 7%/5% and 8%/2% for FY22/FY23 factoring the stronger...