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Anand Rathi Report
We expect MM Forgings Ltd. to post very strong growth in domestic medium and heavy commercial vehicles, driven by anticipated replacement demand assuming no further lockdowns, and strong exports.
The company is reasonably confident about export growth, given the strong momentum in Class-five and eight trucks in the U.S.
Accordingly, we expect strong growth.
Also, with more products from more press lines, we expect machining content to go up 55% from 52% now.
With strong volume growth driven by operating leverage and greater machining content, we expect margin expansion in FY22 and FY23.
Risk- Less-than-estimated volume growth.
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