MM Forgings Ltd

MM Forgings Limited - Trading Window closed from 01 October 2026 till end of 48 hours after the declaration of unaudited financial results to the Stock Exchange for the quarter ending 30 September 2026.

Meeting Details

• Date: 15 September 2026; Time: not disclosed; Type: Group Interaction, Virtual.
• Organizer: MM Forgings Limited.

Participants

• Investor/Analyst: Nuvama Professional Clients Group.
• Company representatives: MM Forgings Limited management; specific roles not disclosed.

Purpose

• Purpose: investor/analyst meet to discuss publicly available information; no UPSI expected.

Additional Notes

• Schedule subject to change.

Financial Performance

• Q1 FY27 net sales: INR427 crores vs INR369 crores year ago.
• EBITDA: INR82 crores; EBITDA margin: 18%.
• Revenue growth: 16% YoY; PBT growth: 30%.
• One-off land sale gains: INR60 crores sale; INR58 crores net of taxes; INR64 crores gross.
• Domestic 63.5%, exports 36.5%; CV share 71%; machining 67%; forging 33%.
• Sales per ton: INR202,000 vs INR193,000.

Operational Trends & Mix

• Domestic sales share 63.5%; exports 36.5%.
• Geography mix: India 63.5%; U.S. 18%; Europe 14%; South America 4%; Others 1%.
• Machining share of sales: 67%; Forging share: 33%.
• Machining mix expected to stay ~65–68%.
• Labor costs higher in Q1 due to increments; run-rate expected to stabilize.
• Abhinava Rizel: first business; SOP start of production; ramp-up.

Capex & Capacity

• Capex guidance for the year: INR150 crores; replacement capex: INR30–50 crores.
• 16,500-ton forging press to production by end of this fiscal; 4,000-ton press already in production.
• Automation investment so far: ~INR7.5–10 crores; likely INR40–50 crores by year-end.
• Machining capex: total ~INR1,100 crores; last 5 years ~INR625 crores; last 10 years ~INR1,000 crores.
• Capex will be funded largely from internal accruals; no debt beyond ₹750–800 crores planned.
• Guidance: 1Q21-? (capex mix) replacement vs growth; debottlenecking to raise utilization.

Balance Sheet & Liquidity

• Gross debt around INR750 crores; plan to repay ~INR170 crores this year.
• Debt to be drawn later for investments; gross debt expected to stay around current level.
• Land sale proceeds to be used to reduce working capital and capex and borrowings.

Outlook & Guidance

• Turnover guidance of INR1,800–INR1,900 crores for the year.
• Machining mix target around 65–68%.
• QIP enabling resolution discussed; timing not fixed.
• Volumetric targets: ~25,000 tons per quarter minimum for next 2–3 quarters; ramp to 27,000–30,000 per quarter.
• Capacity utilization target around 120,000 tons by year-end.

Q&A Highlights

• U.S. CV tailwinds; hyperscalers driving domestic forging demand.
• Europe demand stable; US share ~18%; growth outlook across regions.
• Capex cadence: strong focus on machining; debottlenecking investments.
• Working capital management: AI tools to reduce inventory; target faster WIP turnover.
• QIP update: board has passed enabling resolution; timing under consideration.

Financial Highlights

• Standalone revenue ₹427.01 Cr, up 16% YoY.
• Consolidated revenue ₹426.76 Cr, up 16% YoY.
• Standalone EBITDA ₹82.33 Cr, up 16% YoY.
• Consolidated EBITDA ₹81.22 Cr, up 14% YoY.
• Standalone PBT ₹36.30 Cr, up 30% YoY.
• Consolidated PBT ₹35.07 Cr, up 26% YoY.
• Standalone PAT ₹91.66 Cr, up 373% YoY.
• Consolidated PAT ₹90.42 Cr, up 375% YoY.
• PAT includes ₹56.25 Cr land-sale profit (exceptional item).

Strategic & Operational Updates

• FY26 momentum improved; export markets resilient; domestic opportunities improving.
• Commissioning of 16,500-tonne press strengthens capabilities and exports.
• Large machined-product programmes ramping up for PV and Off-Highway.
• Focus on productivity, technology upgrades, and automation; inflation mitigation with customers.
• Healthy order pipeline and diversified customer base.
• Strong manufacturing capabilities and sound financial position.
• Export resilience with domestic demand improving.

Leadership & Governance

• Chairman and MD Vidyashankar Krishnan outlines transformation and growth trajectory.

Meeting Details

• Date: 17 August 2026; time not disclosed.
• Type: group analyst/investor conference call; mode not specified.

Participants

• Key company participant: Company Secretary.

Purpose

• Discuss unaudited results for quarter ended 30 June 2026.

Additional Notes

• Audio recording available; link provided in filing.

Asset sale exceptional item

• Exceptional item of ₹56.25 crore (net) arises from sale of assets in Q1 FY27.
• Pertains to sale of land near Oragadam, Chennai.
• Included in unaudited standalone and consolidated results for quarter ended 30 June 2026.
• Requests record and compliance with SEBI LODR regulations.

Appointment & Resignation Details

• Chandrasekar S resigned as Company Secretary and Compliance Officer effective 14 Aug 2026 due to personal commitments.
• Shri S. Muthukrishnan appointed Company Secretary and Compliance Officer (KMP) effective 14 Aug 2026; Fellow ICSI, 18+ years.

Appointment

• Shri. S. Muthukrishnan appointed as Company Secretary and Compliance Officer, effective 14 August 2026.

Profile

• Fellow ICSI member with 18+ years in governance and regulatory affairs.

Role & Authority

• Designated as Key Managerial Personnel for CS & CO responsibilities.

Remuneration & Terms

• Remuneration and terms governed by NRC and Board from time to time.

Identity

• Membership No. F9420.