ALFA Finder
The call ran from 1:01 PM to 1:58 PM IST (57 min).
Key takeaways
MM Forgings delivered strong Q2 volume growth but faces execution risks with a delayed heavy press and rising debt.
| Management target | Revenue 104.5% FY27 |
|---|
| Revenue growth | H1 FY27 revenue at ₹978 Cr; Q2 sales at ₹551 Cr. |
|---|---|
| Margins | Q2 EBITDA at 20%; targeting expansion through cost reduction and machining. |
| Order book | Visible orders support FY28 target of ₹2,400-₹2,500 Cr. |
| Demand visibility | Strong North American Class 8 truck demand; steady European replacement market. |
| Management confidence | Confident but defensive regarding heavy press delays and debt levels. |
Growth
H1 revenue reached ₹978 Cr with 44,000 tons; growth is volume-led and export-focused.
Outlook
Management targets ₹2,000 Cr revenue for FY27 and ₹2,400-₹2,500 Cr for FY28.
Risks
Heavy press delayed 6 months; rising working capital and debt levels pose liquidity risks.
Last quarter's promises, checked
Delivered
- Q2 EBITDA 20%+ goal → 20% (= BEAT)
Partly delivered
- Q2 volume 23k–25k t → ~24k t implied (44k H1 − 20k Q1) (= PARTIAL)
- FY27 volume 90k+ t → H1 44k t; H2 needs ~46k t (= PARTIAL)
Missed
- Gross debt ₹750–800Cr cap → ~₹1,200Cr total debt (= MISS)
- 16,500t heavy press in production by Q4 FY27 → delayed 6 months (= MISS)
- US share 19–20% (18% +1–2pp) → 16.5% (= MISS)
Summary by ALFA Finder, written with AI assistance from our own recording of the call, published . Open it on ALFA Filings ›
The results behind this call
M M Forgings Q2 FY27 Results: Net Profit ₹41.7 Cr, Up 125.4% YoY
M M Forgings Ltd reported revenue from operations of ₹548.4 Cr (+42.8% YoY) and net profit of ₹41.7 Cr (+125.4% YoY) for Q2 FY27.
- Key figure
- Net profit ₹41.7 Cr · +125.4% YoY
What management said last time
Full summary →From the call summary published .
Outlook they gave
Targeting 18% YoY revenue growth (₹1,800-1,900 Cr) for FY27; aiming for 110,000 tons volume run-rate by fiscal year-end.
Growth they described
16% YoY revenue growth led by machining share rising to 67%; EBITDA margins remained steady at 18% excluding other income.
Call details
| Company | MM Forgings Ltd |
|---|---|
| NSE symbol | MMFL |
| ISIN | INE227C01017 |
| Call | Q2 FY27 earnings call |
| Date | Friday, 13 November 2026 |
| Time | 1:00 PM IST |
| Length | 57 min |
| Audio | Our stream on YouTube ↗ |
MM Forgings Ltd: key numbers
- Share price
- ₹684.90
- Market cap
- ₹3,307 Cr
- Revenue (annual)
- ₹1,590 Cr
- Net profit (annual)
- ₹98.67 Cr
- P/E (TTM)
- 17.0×Sector 52.1×
- Promoter holding
- 56.34%+0.00% QoQ
- FII holding
- 3.10%Current quarter
Reference market data from a third-party provider, updated daily. Not a valuation or a recommendation.
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