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M M Forgings (522241) investor relations material
M M Forgings Q2 25/26 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 25/26 earnings summary17 Nov, 2025
Executive summary
Sales for the period were INR 742 crores, down from INR 773 crores year-over-year, with domestic sales stable and exports declining by INR 28 crores.
Global economic volatility and geopolitical tensions disrupted supply chains and impacted export momentum, especially in the automotive sector.
H1FY26 saw modest, market-driven moderation in growth, but operational efficiency and cost optimization supported resilience.
The company expects FY sales to be close to last year's levels, with a rebound anticipated in H2 as U.S. CV market restocks.
A 16,500-ton press, the world's largest hot forging mechanical press, will be commissioned by March/April, expected to add INR 300 crores in turnover.
Financial highlights
Standalone revenue from operations for H1FY26 was ₹726.50 cr, down from ₹757.96 cr in H1FY25; consolidated revenue was ₹746.58 cr, down from ₹780.45 cr.
Standalone EBITDA for H1FY26 was ₹141.59 cr (17.3% margin, excluding other income); consolidated EBITDA was ₹141.56 cr.
Standalone PAT for H1FY26 was ₹40.05 cr, down from ₹68.35 cr in H1FY25; consolidated PAT was ₹35.76 cr, down from ₹62.02 cr.
Sales per ton increased to ₹1.93 lakh in H1FY26 from ₹1.80 lakh in FY25.
Gross debt at end of Q2: INR 1,062 crores; net debt: INR 850 crores.
Outlook and guidance
FY revenue expected to be similar to previous year, with H2 sales projected at INR 750–800 crores.
Order book of INR 300 crores, with INR 200 crores to be realized by FY 2027.
FY 2027 anticipated as a breakout year, with new capacity and market recovery.
CapEx for H2: INR 70 crores; next year: INR 100–120 crores.
Capacity utilization expected to rise to 80,000–90,000 tons next year.
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Next M M Forgings earnings date
Q3 25/262 Feb, 2026
Next M M Forgings earnings date
Q3 25/262 Feb, 2026
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