On consolidated basis
Quarter ended December 2025 compared with Quarter ended December 2024.
Net sales (including other operating income) of M M Forgings has increased 10.57% to Rs 413.64 crore. Operating profit margin has declined from 19.55% to 16.76%, leading to 5.20% decline in operating profit to Rs 69.34 crore. Raw material cost as a % of total sales (net of stock adjustments) increased from 40.43% to 42.73%. Employee cost increased from 11.21% to 12.19%. Other expenses fell from 28.15% to 27.02%. Power and Oil fuel cost rose from 9.01% to 9.44%. Other income fell 9.01% to Rs 3.23 crore. PBIDT fell 5.37% to Rs 72.57 crore. Provision for interest rose 31.38% to Rs 20.35 crore. PBDT fell 14.67% to Rs 52.22 crore. Provision for depreciation rose 15.45% to Rs 26.15 crore. Profit before tax down 32.37% to Rs 26.07 crore. Share of profit/loss were nil in both the periods. Provision for tax was expense of Rs 8.5 crore, compared to Rs 12 crore. Effective tax rate was 32.60% compared to 31.13%. Minority interest was nil in both the periods. Net profit attributable to owners of the company decreased 33.82% to Rs 17.57 crore. Promoters’ stake was 56.34% as of 31 December 2025 ,compared to 56.34% as of 31 December 2024 .
For year-to-date (YTD) results analysis.
Net sales (including other operating income) of M M Forgings has increased 0.49% to Rs 1160.23 crore. Operating profit margin has declined from 19.33% to 17.17%, leading to 10.76% decline in operating profit to Rs 199.19 crore. Raw material cost as a % of total sales (net of stock adjustments) decreased from 43.96% to 43.07%. Employee cost increased from 10.35% to 11.91%. Other expenses rose from 26.81% to 27.31%. Power and Oil fuel cost rose from 8.87% to 9.63%. Other income fell 7.61% to Rs 14.94 crore. PBIDT fell 10.54% to Rs 214.13 crore. Provision for interest rose 29.83% to Rs 59.89 crore. PBDT fell 20.18% to Rs 154.24 crore. Provision for depreciation rose 11.39% to Rs 75.41 crore. Profit before tax down 37.21% to Rs 78.83 crore. Share of profit/loss were nil in both the periods. Provision for tax was expense of Rs 25.5 crore, compared to Rs 37.01 crore. Effective tax rate was 32.35% compared to 29.47%.Minority interest was nil in both the periods. Net profit attributable to owners of the company decreased 39.79% to Rs 53.33 crore. Promoters’ stake was 56.34% as of 31 December 2025 ,compared to 56.34% as of 31 December 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 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%.
Management Comments :
Shri. Vidyashankar Krishnan Chairman and
Managing Director said, “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. During FY26, the Indian automotive industry,
particularly exports, operated under global economic moderation and
macroeconomic headwinds. 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. For the nine month ended 31
December 2025, the Company delivered a stable performance, broadly in line with
industry trends. Continued focus on operational efficiency, innovation, and cost
optimization supported margins and business continuity. Strong internal
processes, disciplined cost management and resilient fundamentals have enabled
the Company to navigate the evolving environment effectively. Backed by a
robust balance sheet and a clear long-term strategic outlook, the Company
remains well-positioned to capitalize on emerging opportunities and deliver
sustainable value to its stakeholders. I hereby present the performance of the
Company for the nine month ended 31 December 2025.”
| M M Forgings : Consolidated Results | | | Quarter ended | Year to Date | Year ended |
|---|
| Particulars | 202512 | 202412 | Var.(%) | 202512 | 202412 | Var.(%) | 202503 | 202403 | Var.(%) |
|---|
| Net Sales (including other operating income) | 413.64 | 374.09 | 10.57 | 1,160.23 | 1,154.54 | 0.49 | 1,525.18 | 1,563.07 | -2.42 | | OPM (%) | 16.76 | 19.55 | -279 bps | 17.17 | 19.33 | -216 bps | 19.41 | 18.73 | 68 bps | | OP | 69.34 | 73.14 | -5.20 | 199.19 | 223.20 | -10.76 | 296.07 | 292.83 | 1.11 | | Other Inc. | 3.23 | 3.55 | -9.01 | 14.94 | 16.17 | -7.61 | 22.65 | 20.49 | 10.54 | | PBIDT | 72.57 | 76.69 | -5.37 | 214.13 | 239.37 | -10.54 | 318.72 | 313.32 | 1.72 | | Interest | 20.35 | 15.49 | 31.38 | 59.89 | 46.13 | 29.83 | 59.79 | 42.56 | 40.48 | | PBDT | 52.22 | 61.20 | -14.67 | 154.24 | 193.24 | -20.18 | 258.93 | 270.76 | -4.37 | | Depreciation | 26.15 | 22.65 | 15.45 | 75.41 | 67.7 | 11.39 | 93.26 | 82.81 | 12.62 | | PBT | 26.07 | 38.55 | -32.37 | 78.83 | 125.54 | -37.21 | 165.67 | 187.95 | -11.85 | | Share of Profit/(Loss) from Associates | 0 | 0 | - | 0 | 0 | - | 0 | 0 | - | | PBT before EO | 26.07 | 38.55 | -32.37 | 78.83 | 125.54 | -37.21 | 165.67 | 187.95 | -11.85 | | EO Income | 0 | 0 | - | 0 | 0.04 | - | 0.06 | 1.3 | -95.38 | | PBT after EO | 26.07 | 38.55 | -32.37 | 78.83 | 125.58 | -37.23 | 165.73 | 189.25 | -12.43 | | Taxation | 8.5 | 12 | -29.17 | 25.5 | 37.01 | -31.10 | 43.87 | 54.45 | -19.43 | | PAT | 17.57 | 26.55 | -33.82 | 53.33 | 88.57 | -39.79 | 121.86 | 134.8 | -9.60 | | Minority Interest (MI) | 0 | 0 | - | 0 | 0 | - | 0 | 0 | - | | Net profit | 17.57 | 26.55 | -33.82 | 53.33 | 88.57 | -39.79 | 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 | 17.57 | 26.55 | -33.82 | 53.33 | 88.57 | -39.79 | 121.86 | 134.8 | -9.60 | | EPS (Rs)* | 3.64 | 5.50 | -33.82 | 11.05 | 18.34 | -39.77 | 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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