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MM Forgings Limited Q3 FY26 earnings call summary

NSE: MMFL · BSE: 522241

Earnings call of 5 Mar 2026, summarised by AI from the filing.

Management expects 20% revenue growth next year, subject to stable macroeconomic conditions.

Key takeaways

  1. FY27 growth Management expects 20% revenue growth next year, subject to stable macroeconomic conditions.
  2. US recovery US share of sales fell from 16-17% to 9% in FY26, but Class 8 truck orders shot through the roof in February.
  3. Manpower costs Manpower costs and availability continue to be a huge challenge; productivity focus and robots planned.

Original filing on BSE

MM Forgings Limited Q1 FY27 results

As filed: Revenue ₹410 cr (+13% year on year), EBITDA ₹64.4 cr (+2% year on year), PAT ₹90.4 cr (+25% year on year), EBITDA margin 15.7% (−170 bps).

The Q1 FY27 score, against the company's own trend, is for premium members.

Earlier results and the share price after them

  • Q4 FY26: Revenue ₹430 cr (+16% year on year), EBITDA ₹80.8 cr (+9% year on year), PAT ₹44.7 cr (+36% year on year), EBITDA margin 18.8% (−114 bps). Score 73 of 100, Above trend. Revenue and profit growth were well above the company's own trend; EBITDA growth was above it. EBITDA margin fell 114 bps year on year. Tax rate -26%. Share price after the results: +0.1% in 29 days (Nifty 500: +0.6%).
  • Q3 FY26: Revenue ₹414 cr (+11% year on year), EBITDA ₹69.3 cr (−5% year on year), PAT ₹17.6 cr (−35% year on year), EBITDA margin 16.8% (−276 bps). Score 52 of 100, In line with trend. Revenue growth was well above the company's own trend; EBITDA growth was below it; profit growth was well below it. EBITDA margin fell 276 bps year on year. Revenue grew on the previous quarter, against its usual seasonal pattern. Share price after the results: −7.7% in 28 days (Nifty 500: −8.2%).
  • Q2 FY26: Revenue ₹385 cr (−3% year on year), EBITDA ₹66.0 cr (−14% year on year), PAT ₹17.0 cr (−47% year on year), EBITDA margin 17.1% (−220 bps). Score 15 of 100, Below trend. Revenue growth was below the company's own trend; EBITDA and profit growth were well below it. EBITDA margin fell 220 bps year on year. Tax rate 36%. Profit fell 11% from last quarter. Share price after the results: +19.0% in 28 days (Nifty 500: −0.5%).
  • Q1 FY26: Revenue ₹362 cr (−5% year on year), EBITDA ₹63.0 cr (−14% year on year), PAT ₹19.0 cr (−37% year on year), EBITDA margin 17.4% (−171 bps). Score 6 of 100, Below trend. Revenue, EBITDA and profit growth were well below the company's own trend. EBITDA margin fell 171 bps year on year. Other income 29% of PBT. Profit fell 42% from last quarter. Share price after the results: −4.7% in 30 days (Nifty 500: +0.7%).
  • Q4 FY25: Revenue ₹371 cr (−7% year on year), EBITDA ₹74.0 cr (−3% year on year), PAT ₹33.0 cr (−11% year on year), EBITDA margin 20.0% (+80 bps). Score 30 of 100, Below trend. Revenue and EBITDA growth were well below the company's own trend; profit growth was below it. EBITDA margin rose 80 bps year on year. Share price after the results: −3.0% in 30 days (Nifty 500: +1.0%).
  • Q3 FY25: Revenue ₹374 cr (−6% year on year), EBITDA ₹73.0 cr (−4% year on year), PAT ₹27.0 cr (−21% year on year), EBITDA margin 19.5% (+47 bps). Score 25 of 100, Below trend. EBITDA margin rose 47 bps year on year. Not enough history for a trend yet: scored on growth alone. Revenue fell 6% from last quarter.
  • Q2 FY25: Revenue ₹398 cr (0% year on year), EBITDA ₹77.0 cr (+3% year on year), PAT ₹32.0 cr (−9% year on year), EBITDA margin 19.4% (+46 bps). Score 32 of 100, Below trend. EBITDA margin rose 46 bps year on year. Not enough history for a trend yet: scored on growth alone.

Past price moves after results do not indicate future moves. Not a recommendation.

MM Forgings Limited earnings call, investor presentation and press release summaries

Figures from the company's filings with NSE and BSE. Not investment advice.