M M Forgings Ltd — Q3 FY26

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.