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ICICI Direct Report
MM Forgings Ltd. is a forgings player (total capacity 1.1 lakh metric tonne per annum, FY20 production at approximately 46,000 metric tonne) serving domestic, U.S. and European automotive industry - with commercial vehicle, passenger vehicle forming 75%, 18%, respectively, of FY20 sales and off-highway and others contributing the rest.
India was ~45% of FY20 sales with exports at ~55% (mainly to Europe, U.S.).
Higher utilisation levels are also expected to be the chief margin accretion lever in the next few years at MM Forgings.
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