Buy MM Forgings; target of Rs 1162: CD Equisearch

CD Equisearch is bullish on MM Forgings has recommended buy rating on the stock with a target price of Rs 1162 in its research report dated April 19, 2023.

Broker Research

April 20, 2023 / 13:38 IST

buy

26 Aug, 2025 12:21

Volume

Todays L/H

CD Equisearch's research report on MM Forgings

MM Forgings is a manufacturer of automotive components. It manufactures steel forgings in raw, semi-machined and fully machined stages in various grades of carbon, alloy, micro-alloy and stainless steels. The Company reported 24.9% y-o-y growth i rise in operating profit by 18.4% y-o-y to Rs 66.46 crs from Rs 56.12 crs. With a bullish outlook on the Indian market significant growth from commercial vehicle segment in India. In Q3FY23 India contributed around 60% to total sales and company sees this grow to 65% in coming years. The management expects incur huge expenditure in infrastructure development and it also expects pick up in scrappage policy. The company is forging supplier to a component supplier.

Outlook

MMFL would rely on increased value addition (read: machining) to ward off competition On balance, we retain our revised target price of Rs 1162 (previous target Rs 1080) based on 20x FY24e earnings over a period of 9-12 months.

For all recommendations report, click here