MM Forgings Ltd is engaged in the manufacturing and trading of steel forgings, specializing in the production and sale of iron and steel forgings in India. The company was incorporated on 21 February 1946, originally known as The Madras Motors Ltd, and later changed its name to M M Forgings Limited in 1993. Founded in 1945, the company is based in Chennai, India.
The company has a rich history, evolving from its beginnings as a motorcycle dealer to become one of India's prominent steel forging manufacturers. Initially dealing in imported Royal Enfield motorcycles, it diversified to establish steel forging plants. The first steel forging plant was established in Tamil Nadu in 1974. By 1990, the company divested its motorcycle business to concentrate solely on the forging vertical.
MM Forgings Ltd offers steel forgings in raw, semi-machined, and fully machined stages, utilizing various grades of carbon, alloy, micro-alloy, and stainless steels. These forgings range in weight from 0.20 Kg to 60 Kg. The company, along with its subsidiaries, designs, manufactures, and sells steel forgings for a diverse range of applications, including passenger cars, commercial vehicles, off-highway vehicles, agricultural machinery, and high-pressure valves across India.
The company's comprehensive product portfolio includes closed die forgings such as axle beams, steering knuckles, crankshafts, axle spindles, gear blanks, sockets, front hubs, ball studs, cross, and differential spiders. Specific product categories and examples include:
- Passenger Cars: Sprocket, flange housing, connecting rod, rail forging, hub, and knuckle.
- Commercial Vehicles: Front axle beam, universal joint cross, steering arm, planetary wheel carrier, pivot arm, upper arm shaft, shifter fork, and rear axle spindle.
- Agricultural: Yoke shaft, double yoke, and various single, two, three, and six-cylinder crankshafts.
The Company operates multiple manufacturing plants strategically located in Tamil Nadu: Singampunari (Sivagangai District), Viralimalai (Pudukkottai District), and Karainaithangal Village (Kanchipuram District). Additionally, it has a machining plant on Kursi Road, Barabanki, in Uttar Pradesh.
MM Forgings manufactures carbon and alloy steel forgings, with individual pieces weighing between 15 kg and 60 kg, at its two forging units in Singampunari and Viralimalai. These two units have a combined capacity of 15,000 tonnes per annum (tpa). The company has consistently expanded its manufacturing capabilities, increasing its installed capacity for steel forgings from 15,000 tpa to 20,000 tpa in 2001, and further to 26,500 tpa by the end of the financial year 2003-04.
MM Forgings Ltd manufactures closed die forgings and is a significant exporter of its products, primarily serving Original Equipment Manufacturers (OEMs) in the North American and European markets. The company has established itself as a reliable supplier to major industrial customers, with a clientele that includes prominent names like Ashok Leyland, BEML, BHEL, Audco Valves, and Tractor Engineers.
Based on the latest financial data as of July 8th, 2025:
- Market Capitalization: ₹1,764.93 Crore
- P/E (Price-to-Earnings) Ratio: 14.48
- P/B (Price-to-Book) Ratio: 2.24
- Operating Revenue Range: Over INR 500 Crore for the financial year ending March 31, 2024.
Annual Performance (FY2024-25 vs. FY2023-24):
- Net Profit: Declined 9.60% to ₹121.86 Crore (FY2024-25) from ₹134.80 Crore (FY2023-24).
- Sales: Declined 2.34% to ₹1,510.93 Crore (FY2024-25) from ₹1,547.12 Crore (FY2023-24).
- EBITDA: Increased by 12.86% over the previous year.
- Book Net worth: Increased by 18.52%.
Quarterly Performance (Q4 FY2024-25 vs. Q4 FY2023-24):
- Net Profit: Declined 9.54% to ₹33.29 Crore (Q4 FY2024-25) from ₹36.80 Crore (Q4 FY2023-24).
- Sales: Declined 6.85% to ₹369.64 Crore (Q4 FY2024-25) from ₹396.84 Crore (Q4 FY2023-24).
As of March 2025, the company's authorized share capital stands at INR 51.00 Crore, with a total paid-up capital of INR 48.28 Crore. Promoter holding in M M Forgings Ltd has remained at 56.34% as of March 2025, consistent with July 2024 data. The company is governed by a board of 10 directors, including Sumita Vidyashankar and Raman Krishnakumar.
In a move to strengthen its governance framework, M M Forgings appointed Rama Sivaraman (DIN: 07425519) as an Additional Director, holding the position of Non-Executive Independent Director (woman Independent Director) for a five-year term, effective March 31, 2025.
MM Forgings Ltd has a strong commitment to quality, evidenced by its accreditation with the ISO 9002 certificate during 1994-95. The company has also benefited from a technical collaboration with Tokai Corporation of Japan, which has significantly enhanced its quality standards and productivity. This partnership underscores the company's dedication to adopting advanced manufacturing processes and maintaining high-quality outputs.
The global economic landscape presents both challenges and opportunities for MM Forgings Ltd. Vidyashankar Krishnan, chairman and managing director, notes the complexity of the global economy, citing geopolitical tensions, rising sovereign debt, persistent inflationary pressures, and extreme weather conditions as contributing factors to uncertainty.
Despite these global dynamics, the company remains focused on quality and innovation. Recent developments include the anticipation of a potential $4-5 million sales hit if proposed US green norms are rolled back. However, the company views this as a temporary impact, with potential pre-buy sales boosting revenue by $3-4 million in 2026 if the norms are implemented by 2027.
MM Forgings Ltd continues to be a significant player in India's steel forging industry. Its established manufacturing capabilities, diverse product portfolio, and strategic market positioning enable it to serve various industrial sectors both domestically and internationally, while actively navigating the evolving global market environment.
