M M Forgings Limited (MMFL.NS) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-143.6%

-₹217.40

vs ₹498.15 price

Levered DCF

-₹507.92

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

—

Rating

C+

Overall 2 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
P/E	18.18×	13.77×	15.87×	15.83×	22.43×	25.9×	9.62×	16.95×
P/B	1.82×	1.88×	2.72×	3.01×	3.65×	2.45×	0.89×	3.13×
P/S	1.12×	1.1×	1.37×	1.39×	1.79×	1.59×	0.52×	1.43×
EV / EBITDA	8.9×	7.88×	9.11×	8.98×	11.14×	12.6×	6.01×	10.68×
Gross margin	28.3%	30.8%	21.2%	21.0%	41.5%	38.2%	39.1%	41.1%
Operating margin	11.1%	13.3%	13.4%	13.3%	12.4%	8.5%	9.4%	13.0%
Net margin	6.2%	8.0%	8.6%	8.8%	8.0%	6.1%	5.5%	8.4%
Current ratio	1.18×	1.22×	1.17×	1.19×	1.32×	1.18×	1.14×	1.39×
Debt / equity	1.1×	1.18×	1.18×	1.12×	1.22×	1.26×	1.24×	1.62×
Interest coverage	2.26×	3.39×	4.96×	6.56×	5.08×	1.99×	1.9×	3.86×
Dividend yield	1.1%	1.2%	0.7%	0.7%	0.7%	0.2%	5.3%	1.0%
Payout ratio	19.7%	15.9%	10.7%	11.3%	16.0%	4.6%	50.7%	16.6%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	10.0%	13.7%	17.1%	19.0%	16.3%	9.5%	9.2%	18.5%
Return on invested capital	7.2%	7.4%	8.5%	9.6%	7.8%	5.0%	5.4%	7.9%
Return on assets	3.9%	5.1%	6.9%	7.7%	6.4%	3.6%	3.7%	6.5%
Free cash flow yield	-1.5%	-15.5%	-5.7%	-1.6%	1.9%	-1.0%	44.6%	-19.2%
Earnings yield	5.5%	7.3%	6.3%	6.3%	4.5%	3.9%	10.4%	5.9%
Enterprise value	₹26.3B	₹25.1B	₹28.6B	₹25.6B	₹25B	₹16.2B	₹7.9B	₹18.7B
Net debt / EBITDA	2.87×	2.61×	2.29×	1.88×	2.04×	3.33×	2.96×	3.03×
Cash conversion cycle (days)	139	146	119	126	111	127	53	127