M M Forgings Limited (NSE: MMFL/BSE: 522241), a leading Indian manufacturer of forged and machined components, reported a steady financial performance for the nine-month period (9M) ended December 31, 2025, navigating a volatile global economic landscape marked by geopolitical shifts and trade uncertainties.
Standalone Financial Metrics (YTD Dec FY’26)
- Revenue from Operations: ₹1,131.83 crore
- EBITDA: ₹218.69 crore
- Profit Before Tax (PBT): ₹91.30 crore
- Profit After Tax (PAT): ₹65.80 crore
- Earnings Per Share (EPS): ₹13.63
- Total Income: ₹1,153.19 crore
- Operating Expenses: ₹934.50 crore
- Domestic Sales: ₹693.44 crore
- Export Sales: ₹422.45 crore
Consolidated Financial Metrics (YTD Dec FY’26)
- Revenue from Operations: ₹1,160.22 crore
- EBITDA: ₹214.12 crore
- Profit Before Tax (PBT): ₹78.83 crore
- Profit After Tax (PAT): ₹53.33 crore
- Earnings Per Share (EPS): ₹11.05
- Total Income: ₹1,175.16 crore
- Operating Expenses: ₹961.04 crore
On a consolidated basis, which includes the performance of subsidiaries such as DVS Industries, Suvarchas Vidyut, and Abhinava Rizel, 9M revenue reached ₹1,160.22 crore with an EBITDA of ₹214.12 crore.
Key Operational-Financial Metrics
- Sales per ton: ₹1.93 lakhs (increased from ₹1.80 lakhs in FY25)
- Product Mix (by Sales): 53% Forged & Machined components and 47% Forged components
- Geographic Revenue Split: India accounts for 62.1% of overall sales, followed by Europe at 21.6% and the US at 10.6%.
Business Model
MMFL manufactures forged and machined components, primarily for the commercial vehicle segment (75.5% of revenue). Its business model emphasizes value-addition, with machined products comprising 53% of sales. MMFL operates globally across India, Europe, and the US, adhering to strict IATF and ISO standards.
Operational Highlights & Business Mix
- The company showed significant progress in its product value, with sales per ton increasing to ₹1.93 lakhs, compared to ₹1.80 lakhs in FY25 .
- MMFL’s business mix continues to shift toward higher-value offerings; forged and machined components now account for 53% of sales, while pure forged products make up the remaining 47%.
- Domestic sales emerged as a point of strength, growing to ₹693.44 crore in the 9M period. Conversely, export activity remained measured, totaling ₹422.45 crore, as global markets reacted to macroeconomic headwinds.
Geographic Presence & Target Segments
- India remains the cornerstone of MMFL’s operations, contributing 62.1% of overall revenue.
- International presence is led by Europe (21.6%), followed by the United States (10.6%) and South America (4.2%).
- The company is heavily geared toward the Commercial Vehicle segment, which generates 75.5% of its overall revenue.
- Other key target segments include:
- Agri and Off-Highway: 14.9%
- Passenger Vehicles: 8.2%
- Others: 1.4%
Management Commentary & Guidance
Chairman and Managing Director Shri. Vidyashankar Krishnan noted that the Indian automotive industry, particularly exports, has operated under global moderation. Also specifically cited “tariff-related uncertainties, notably involving the United States” as a factor in measured export activity during Q3. Despite these challenges, Krishnan expressed confidence in the company’s “robust balance sheet” and “disciplined cost management”.
Management guidance suggests the company is well-positioned to capitalize on emerging structural improvements in the industry and deliver sustainable value.
Key Takeaway
While global trade tensions have tempered export growth, M M Forgings’ strong domestic performance and successful transition toward machined components have preserved its margins. The company remains a dominant player in the commercial vehicle forging space, supported by high operational resilience and a strategic long-term outlook.