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Revenue
₹414 Cr
verified against source
Revenue YoY
11.3%
reported change
EBITDA
Pending
latest reported figure
Source
screener in
record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
MM Forgings delivered a decent Q3 FY26 with 11.3% YoY revenue growth, driven by 3% volume improvement 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% due to rising power and labor costs. Management guided for ₹300 crore revenue growth in FY27 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 crore 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.
Colored figures show movement against the previous available record.
Guidance to track
- Management expects revenue to increase by ₹300 crore in FY27 from FY26 exit run-rate, driven by export recovery (₹50-75 crore from US) and domestic volume growth.
- Interest costs expected to drop from current ₹80 crore run-rate to ₹55 crore in FY27 via interest rate swaps and lower domestic rates.
- Shifting to green power is expected to save ₹15 crore in FY27.
- Capital expenditure for FY27 is planned in the range of ₹150-170 crore, primarily for ongoing projects.
Risks flagged
- Effective tariff under Section 232 could range from 18% to 25%, impacting export competitiveness. Management noted fine print is not yet out.
- Domestic market pricing is tight, with competitors offering price reductions, limiting margin expansion despite higher machining mix.
- If the euro depreciates sharply against the rupee, the company could lose on its interest rate swaps, though export earnings provide a natural hedge.
- The new press will contribute minimal revenue in FY27; full potential of ₹300 crore revenue is expected only by FY29, delaying returns on capex.
Key quotes
- We expect our interest rate to come down to in the region of 55 crores for the next year or slightly lower... from around a run rate of 80 crores this year.
- We would expect a 75 cr increase in sales because of the return of exports particularly the US market 50 to 75 crores.
- If the euro depreciates with regard to the rupee, we will gain. If the euro appreciates with regard to the rupee, we will lose.
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