M M Forgings

MM Forgings delivered a decent Q3 FY26 with 11.3% YoY revenue growthCurrent reported value: 11.3% YoY revenue growth. No comparable prior figure is available in the source record., driven by 3% volume improvementCurrent reported value: 3% volume improvement. No comparable prior figure is available in the source record. and better realizations. Export markets, especially the US, showed sequential recovery after eight months of weakness, while Europe contributed through market share gains. Gross margins improved 3% YoY to 56.3% in 9M FY26, but EBITDA margin remained around 17%Current reported value: 17%. No comparable prior figure is available in the source record. due to rising power and labor costs. Management guided for ₹300 crore revenue growth in FY27Current reported value: ₹300 crore revenue growth in FY27. No comparable prior figure is available in the source record. from existing operations, supported by a strong domestic CV cycle (10% growth expected) and export recovery. Interest costs are targeted to drop from ₹80 crore run-rate to ₹55 croreCurrent reported value: ₹55 crore. No comparable prior figure is available in the source record. via swaps and rate negotiations, while power cost savings of ₹15 crore are expected from green energy. The 16,500-ton press will contribute minimally in FY27. Key risk: competitive domestic pricing and potential US tariff volatility could pressure margins.