MM Forgings hosted a conference call on Feb 17, 2026. In the conference call, the company was represented by Mr Vidyasankar Krishnan – Chairman and Managing Director and Mr Venkatakrishnan – Chief Financial Officer.

Key takeaways of the call

The company’s Q3 FY26 growth was primarily driven by volume.

The global economic environment continues to experience volatility amid evolving geopolitical developments. While tariff-related uncertainties among major economies have impacted global trade, companies are increasingly adapting by strengthening supply chains and improving operational resilience.

In Q3FY26, export activity remained measured due to tariff-related uncertainties, notably involving the United States. Despite these challenges, the industry demonstrated resilience, supported by underlying demand and ongoing structural improvements.

During 9M FY26, the company reported export sales of Rs 422.45 crore as against Rs 440.30 crore during 9M FY25.

Going forward, performance in the US and Europe is expected to improve, supported by favorable trade agreements between India and these regions, along with a recovery in Class 8 truck demand. These trade agreements are expected to reduce tariff-related uncertainties, and improve cost competitiveness.

Domestic performance will also improve in FY27 aided by supportive government policies and a favorable operating environment.

The company expects its revenue to grow by a minimum of Rs 300 crore on a year-on-year basis in FY27.

The additional capacity is expected to be commissioned by Q1 FY27.

Continued focus on operational efficiency, innovation, and cost optimization supported margins and business continuity.

The company expects to add new customers in coming months.

In 9M FY26, The Sales and EBIDTA of DVS Industries (one of the WoS of MMF) was Rs 72.94 crore and Rs 2.36 crore as against Rs 74.68 crore and Rs 3.54 crore respectively during 9M FY25.

The Company remains well-positioned to capitalize on emerging opportunities.

In 9M FY26, CVs contributed 75.5% to total revenue, PV 8.2%, Tractors 14.9% and others 1.4%.

In 9M FY26, exports contributed 37.9% to total revenue and domestic 62.1%.

Out of these exports, around 10.6% comes from US, South America 4.2%, Europe 21.6% and others 1.5%.

Within the domestic business, CVs accounted for 70% of revenue in 9M FY26, PVs at 10.6%, agri and off highway at 18.7%, and others at 0.7%.

In terms of product mix, forged components contributed 53% to revenue, and Forged & Machined 47%.

The company expects interest cost to reduce to Rs 55 crore in FY27.

In 9M FY26, Sales per ton was Rs 1.93 lakh compared to Rs 1.8 lakh in FY25.

The company is shifting from grid power to green power which will reduce its power cost in FY27.

In 9M FY26, capex stood at Rs 137 crore. Management guided capex of about Rs 170 crore for FY26 and Rs 150-170 crore for FY27.