US tariff uncertainty
Effective tariff under Section 232 could range from 18% to 25%, impacting export competitiveness. Management noted fine print is not yet out.
MMFORGINGS / Q3-FY26 / risks
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M M Forgings · Material risks, their source context, and severity in the latest available quarter.
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Material risks this quarter
high
Competitive domestic pricing pressure
Domestic market pricing is tight, with competitors offering price reductions, limiting margin expansion despite higher machining mix.
Euro depreciation risk on forex swaps
If the euro depreciates sharply against the rupee, the company could lose on its interest rate swaps, though export earnings provide a natural hedge.
Slow ramp-up of 16,500-ton press
The new press will contribute minimal revenue in FY27; full potential of ₹300 crore revenue is expected only by FY29, delaying returns on capex.