MM Forgings Limited — Investor Meet, 21-11-2025: Analysts/Institutional Investor Meet/Con. Call Updates

MM Forgings' H1 FY26 saw turnover at INR 758 Cr and PAT at INR 36 Cr, with EBITDA margin at 19%. Sales to North America significantly dropped, impacting performance. Management expects H2 FY26 to improve, forecasting INR 750-800 Cr revenue as the US Class VIII truck market rebounds from November. FY27 is anticipated as a breakout year, driven by the new 16,500-ton press commissioning, expected to add INR 300 Cr turnover from Q2 FY27 with better margins. Net debt remains stable at INR 855 Cr, considered peak for current operations. The company is actively working to reduce interest costs and strengthen its balance sheet with internal accruals.