MM Forgings - Commercial Vehicle Recovery Boosts Demand Prospect:  ICICI Direct
A worker forges an automobile part in the forging department (Photographer Tomohiro Ohsumi/Bloomberg)

MM Forgings - Commercial Vehicle Recovery Boosts Demand Prospect: ICICI Direct

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BQ Blue’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages, asset managers and research agencies. These reports offer BloombergQuint’s subscribers an opportunity to expand their understanding of companies, sectors and the economy.

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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ICICI Direct MM Forging Company Update.pdf

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