On consolidated basis
Quarter ended September 2025 compared with Quarter ended September 2024.
Net sales (including other operating income) of M M Forgings has declined 3.35% to Rs 384.93 crore. Operating profit margin has declined from 19.32% to 17.28%, leading to 13.55% decline in operating profit to Rs 66.52 crore. Raw material cost as a % of total sales (net of stock adjustments) decreased from 44.79% to 41.37%. Employee cost increased from 9.90% to 12.21%. Other expenses rose from 27.34% to 29.06%. Power and Oil fuel cost rose from 8.90% to 9.71%. Other income fell 44.30% to Rs 3.96 crore. PBIDT fell 16.16% to Rs 70.48 crore. Provision for interest rose 31.78% to Rs 21.23 crore. Loan funds rose to Rs 1,216.41 crore as of 30 September 2025 from Rs 1,098.70 crore as of 30 September 2024. Inventories declined from Rs 394.59 crore as of 30 September 2024 to Rs 371.43 crore as of 30 September 2025. Sundry debtors were higher at Rs 392.14 crore as of 30 September 2025 compared to Rs 321.35 crore as of 30 September 2024. Cash and bank balance rose to Rs 233.19 crore as of 30 September 2025 from Rs 218.17 crore as of 30 September 2024. Investments stood at Rs 3.84 crore as of 30 September 2025 to Rs 3.84 crore as of 30 September 2024. PBDT fell 27.52% to Rs 49.25 crore. Provision for depreciation rose 4.95% to Rs 24.18 crore. Fixed assets increased to Rs 1,386.67 crore as of 30 September 2025 from Rs 1,247.41 crore as of 30 September 2024. Profit before tax down 44.18% to Rs 25.07 crore. Share of profit/loss were nil in both the periods. Provision for tax was expense of Rs 8.5 crore, compared to Rs 13 crore. Effective tax rate was 33.91% compared to 28.95%. Minority interest was nil in both the periods. Net profit attributable to owners of the company decreased 48.07% to Rs 16.57 crore. Equity capital stood at Rs 48.28 crore as of 30 September 2025 to Rs 48.28 crore as of 30 September 2024. Per share face Value remained same at Rs 10.00. Promoters’ stake was 56.34% as of 30 September 2025 ,compared to 56.34% as of 30 September 2024 .
For year-to-date (YTD) results analysis.
Net sales (including other operating income) of M M Forgings has declined 4.34% to Rs 746.58 crore. Operating profit margin has declined from 19.23% to 17.39%, leading to 13.47% decline in operating profit to Rs 129.85 crore. Raw material cost as a % of total sales (net of stock adjustments) decreased from 45.52% to 43.24%. Employee cost increased from 9.98% to 11.77%. Other expenses rose from 26.21% to 27.46%. Power and Oil fuel cost rose from 8.81% to 9.72%. Other income fell 7.50% to Rs 11.71 crore. PBIDT fell 13.01% to Rs 141.56 crore. Provision for interest rose 29% to Rs 39.54 crore. Loan funds rose to Rs 1,216.41 crore as of 30 September 2025 from Rs 1,098.70 crore as of 30 September 2024. Inventories declined from Rs 394.59 crore as of 30 September 2024 to Rs 371.43 crore as of 30 September 2025. Sundry debtors were higher at Rs 392.14 crore as of 30 September 2025 compared to Rs 321.35 crore as of 30 September 2024. Cash and bank balance rose to Rs 233.19 crore as of 30 September 2025 from Rs 218.17 crore as of 30 September 2024. Investments stood at Rs 3.84 crore as of 30 September 2025 to Rs 3.84 crore as of 30 September 2024. PBDT fell 22.76% to Rs 102.02 crore. Provision for depreciation rose 9.35% to Rs 49.26 crore. Fixed assets increased to Rs 1,386.67 crore as of 30 September 2025 from Rs 1,247.41 crore as of 30 September 2024. Profit before tax down 39.38% to Rs 52.76 crore. Share of profit/loss were nil in both the periods. Provision for tax was expense of Rs 17 crore, compared to Rs 25.01 crore. Effective tax rate was 32.22% compared to 28.74%.Minority interest was nil in both the periods. Net profit attributable to owners of the company decreased 42.34% to Rs 35.76 crore. Equity capital stood at Rs 48.28 crore as of 30 September 2025 to Rs 48.28 crore as of 30 September 2024. Per share face Value remained same at Rs 10.00. Promoters’ stake was 56.34% as of 30 September 2025 ,compared to 56.34% as of 30 September 2024 .
Full year results analysis.
Net sales (including other operating income) of M M Forgings has declined 2.42% to Rs 1525.18 crore. Operating profit margin has jumped from 18.73% to 19.41%, leading to 1.11% rise in operating profit to Rs 296.07 crore. Raw material cost as a % of total sales (net of stock adjustments) decreased from 47.90% to 43.36%. Employee cost increased from 9.26% to 10.64%. Other expenses rose from 24.81% to 26.57%. Power and Oil fuel cost fell from 9.08% to 9.03%. Other income rose 10.54% to Rs 22.65 crore. PBIDT rose 1.72% to Rs 318.72 crore. Provision for interest rose 40.48% to Rs 59.79 crore. Loan funds rose to Rs 1,051.38 crore as of 31 March 2025 from Rs 810.60 crore as of 31 March 2024. Inventories declined from Rs 344.91 crore as of 31 March 2024 to Rs 341.69 crore as of 31 March 2025. Sundry debtors were higher at Rs 352.32 crore as of 31 March 2025 compared to Rs 275.17 crore as of 31 March 2024. Cash and bank balance rose to Rs 217.94 crore as of 31 March 2025 from Rs 209.80 crore as of 31 March 2024. Investments declined from Rs 22.84 crore as of 31 March 2024 to Rs 3.84 crore as of 31 March 2025. PBDT fell 4.37% to Rs 258.93 crore. Provision for depreciation rose 12.62% to Rs 93.26 crore. Fixed assets increased to Rs 1,347.77 crore as of 31 March 2025 from Rs 1,037.78 crore as of 31 March 2024. Profit before tax down 11.85% to Rs 165.67 crore. Share of profit/loss were nil in both the periods. Extraordinary items were decreased to Rs 0.06 crore. Provision for tax was expense of Rs 43.87 crore, compared to Rs 54.45 crore. Effective tax rate was 26.47% compared to 28.77%. Minority interest was nil in both the periods. Net profit attributable to owners of the company decreased 9.60% to Rs 121.86 crore. Equity capital increased from Rs 24.14 crore as of 31 March 2024 to Rs 48.28 crore as of 31 March 2025. Per share face Value remained same at Rs 10.00. Promoters’ stake was 56.34% as of 31 March 2025 ,compared to 56.34% as of 31 March 2024 . Cash flow from operating activities increased to Rs 183.45 crore for year ended March 2025 from Rs 148.67 crore for year ended March 2024. Cash flow used in acquiring fixed assets during the year ended March 2025 stood at Rs 402.74 crore, compared to Rs 253.81 crore during the year ended March 2024. Other highlights
In H1 FY26, CVs contributed 79% to total
revenue, PV 10.8%, Tractors 9.8% and others 0.4%.
In H1 FY26, exports contributed 38.6% to
total revenue and domestic 61.4%.
Management Comments :
Shri. Vidyashankar Krishnan Chairman and
Managing Director said, “The global economic landscape remains characterized by
ongoing volatility and shifting geopolitical dynamics. Rising concerns over
potential tariff escalations, especially among leading economies have
introduced additional complexity into global supply chains, disrupting the
movement of goods and raw materials across borders. The performance of the
Indian automotive industry, particularly on the export front, has softened
during H1FY26 amid global economic slowdown and macroeconomic headwinds.
Escalating tariff tensions, especially involving the United States, have
further dampened export momentum, adversely affecting auto component shipments
from several countries. Additionally, rising input costs, evolving regulatory
frameworks, and muted retail sentiment have collectively weighed on the
sector’s overall performance. During H1FY26, the Company experienced a modest,
market-driven moderation in growth. Nevertheless, our unwavering focus on
operational efficiency, innovation, and cost optimization continues to
strengthen our long-term growth trajectory. Supported by strong business
fundamentals, the Company remains well-positioned to sustain its resilience and
deliver enduring value. I herewith present the performance of the Company for
the period ended 30 Sept’2025.”
| M M Forgings : Consolidated Results | | | Quarter ended | Year to Date | Year ended |
|---|
| Particulars | 202509 | 202409 | Var.(%) | 202509 | 202409 | Var.(%) | 202503 | 202403 | Var.(%) |
|---|
| Net Sales (including other operating income) | 384.93 | 398.26 | -3.35 | 746.58 | 780.46 | -4.34 | 1,525.18 | 1,563.07 | -2.42 | | OPM (%) | 17.28 | 19.32 | -204 bps | 17.39 | 19.23 | -184 bps | 19.41 | 18.73 | 68 bps | | OP | 66.52 | 76.95 | -13.55 | 129.85 | 150.07 | -13.47 | 296.07 | 292.83 | 1.11 | | Other Inc. | 3.96 | 7.11 | -44.30 | 11.71 | 12.66 | -7.50 | 22.65 | 20.49 | 10.54 | | PBIDT | 70.48 | 84.06 | -16.16 | 141.56 | 162.73 | -13.01 | 318.72 | 313.32 | 1.72 | | Interest | 21.23 | 16.11 | 31.78 | 39.54 | 30.65 | 29.00 | 59.79 | 42.56 | 40.48 | | PBDT | 49.25 | 67.95 | -27.52 | 102.02 | 132.08 | -22.76 | 258.93 | 270.76 | -4.37 | | Depreciation | 24.18 | 23.04 | 4.95 | 49.26 | 45.05 | 9.35 | 93.26 | 82.81 | 12.62 | | PBT | 25.07 | 44.91 | -44.18 | 52.76 | 87.03 | -39.38 | 165.67 | 187.95 | -11.85 | | Share of Profit/(Loss) from Associates | 0 | 0 | - | 0 | 0 | - | 0 | 0 | - | | PBT before EO | 25.07 | 44.91 | -44.18 | 52.76 | 87.03 | -39.38 | 165.67 | 187.95 | -11.85 | | EO Income | 0 | 0 | - | 0 | 0 | - | 0.06 | 1.3 | -95.38 | | PBT after EO | 25.07 | 44.91 | -44.18 | 52.76 | 87.03 | -39.38 | 165.73 | 189.25 | -12.43 | | Taxation | 8.5 | 13 | -34.62 | 17 | 25.01 | -32.03 | 43.87 | 54.45 | -19.43 | | PAT | 16.57 | 31.91 | -48.07 | 35.76 | 62.02 | -42.34 | 121.86 | 134.8 | -9.60 | | Minority Interest (MI) | 0 | 0 | - | 0 | 0 | - | 0 | 0 | - | | Net profit | 16.57 | 31.91 | -48.07 | 35.76 | 62.02 | -42.34 | 121.86 | 134.8 | -9.60 | | P/(L) from discontinued operations net of tax | 0 | 0 | - | 0 | 0 | - | 0 | 0 | - | | Net profit after discontinued operations | 16.57 | 31.91 | -48.07 | 35.76 | 62.02 | -42.34 | 121.86 | 134.8 | -9.60 | | EPS (Rs)* | 3.43 | 6.61 | -48.07 | 7.41 | 12.85 | -42.34 | 25.23 | 27.65 | -8.75 | | | * EPS is on current equity of Rs 48.28 crore, Face value of Rs 10, Excluding extraordinary items. | | # EPS is not annualised | | bps : Basis points | | EO : Extraordinary items | | Figures in Rs crore | | Source: Capitaline Corporate Database |
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