NSE: MMFL | BSE: 522241

Mid-range Performer

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344.20 7.75 (2.30%)

52.84% Fall from 52W High

48,366 NSE+BSE Volume

NSE 08 May, 2025 3:31 PM (IST)

1,661.9

Market Cap

Below industry Median

1.2

Beta 1Year

High Volatility

M M Forgings Ltd. share price target and research reports

Latest analyst research reports with target prices and PDF download for MMFL, BSE:522241 M M Forgings Ltd.

M M Forgings Ltd.

22 Jun 2021

344.20

2.30%

MM Forging : Q4FY21 Result Review

Hold: M M Forgings Ltd.

Target

IDBI Capital

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...

M M Forgings Ltd. has an average target of 720.00 from 2 brokers.

M M Forgings Ltd.

19 Mar 2021

344.20

2.30%

Auto Sector Update

Buy: M M Forgings Ltd.

ICICI Securities Limited

actual policy draft is expected to be made public over the next few weeks. The ministry press release states that commercial vehicles beyond 15 years old and that fail to obtain a fitness certificate from automated fitness centres (adhering to global standards), will be de-registered and declared as end of life vehicles. In case of private vehicles, those over 20 years old, and which fail the testing or re-registration will be declared as end of life vehicles. Voluntary scrappage policy or Voluntary Vehicle-Fleet Modernization Programme (VVMP) is aimed at curbing pollution, replacing the existing fleet...

M M Forgings Ltd. has lost -40.11% in the last 1 Year

M M Forgings Ltd.

30 Dec 2020

344.20

2.30%

MM Forgings

Buy: M M Forgings Ltd.

Recommendation Target

ICICI Securities Limited

MMF has come out of a heavy capex cycle (~| 480 crore spent in FY18-20), spent on augmenting tonnage and overall capacity. Expected benefits from demand revival in key markets alongside gradual return to erstwhile margin trajectory makes us turn positive on MMF. Accordingly, we value the company at 15x FY23E EPS of | 35.3/share to arrive at a target price of | 530 (revised from | 330 earlier). We upgrade the stock from HOLD to BUY. We have not included the financials of MMF subsidiary i.e. DVS Industries (FY20...

M M Forgings Ltd. has lost -40.11% in the last 1 Year

M M Forgings Ltd.

31 Oct 2020

344.20

2.30%

MM Forgings Ltd.

Accumulate: M M Forgings Ltd.

Target

CD Equisearch

On the back of an already difficult last fiscal when CV segment posted negative sales growth of 28.8% in n India, deterred by the pandemic, the demand for automobiles declined sharply in the first six mothns this fiscal across India and globally. The demand for CV's in India and light weight...

M M Forgings Ltd. is trading below its 50 day SMA of 346.6

M M Forgings Ltd.

24 Aug 2020

344.20

2.30%

MM Forgings

Hold: M M Forgings Ltd.

ICICI Securities Limited

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...

M M Forgings Ltd. has lost -28.60% in the last 6 Months

M M Forgings Ltd.

26 Feb 2020

344.20

2.30%

MM Forgings Ltd.

Accumulate: M M Forgings Ltd.

Recommendation Target

CD Equisearch

The Company is a manufacturer of automotive components. It manufactures steel forgings in raw, semi-machined machined and fully machined stages in various...

M M Forgings Ltd. has lost -28.60% in the last 6 Months

M M Forgings Ltd.

14 Nov 2019

344.20

2.30%

MM Forging: Q2FY20 Result Review

Accumulate: M M Forgings Ltd.

IDBI Capital

MM Forgings (MMFG) Q2FY20 standalone revenue stood at Rs1.8bn; below our estimates of Rs1.9bn due to slowdown in domestic truck market and European truck market. EBITDA margin for the quarter stood at 18.2% vs our estimate of 18.8% mainly...

M M Forgings Ltd. has an average target of 720.00 from 2 brokers.

M M Forgings Ltd.

31 Jul 2019

344.20

2.30%

M M Forgings Ltd

Buy: M M Forgings Ltd.

Recommendation Target

CD Equisearch

egistered a sales decline of 12.3% (yoy) during first three months of current fiscal (source: SIAM). Slowdown in demand has also led to accumulation of inventory ory at dealers which is likely to continue with advent of new safety and emission norms, prompting leading Indian car makers like Maruti Suzuki to cut production (its sales...

M M Forgings Ltd. is trading above its 30 day SMA of 343.0

M M Forgings Ltd.

27 Dec 2018

344.20

2.30%

M M Forgings Ltd.

Accumulate: M M Forgings Ltd.

Recommendation Target

CD Equisearch

ICRA, a Indian credit rating agency, maintains stable outlook for the CV segment despite liquidity crunch and declining profitability from fleet operators, supported by increased infrastructure activities as a result of stable demand from core freight generating sectors like steel, cement and Exim trade. M&HCV; segment, which has so far remained indifferent to revision in axle load carrying norms, thereby reflecting a healthy...