We recently met the management of MM Forgings (MMF) (earlier Madras Motors) and visited their plant to understand their business model. The company started its forging operations in 1974 and largely caters to the forging requirements of OEMs. MMF has three plants in India with a current capacity of 53,000 MT, which is expected to touch 65,000 MT in FY17E. The company is phasing out its Hammers (forging process) & moving towards more productive & margin accretive press forgings. MMF has diversified revenue mix geography-wise, with India, Europe & US...