MM Forgings Q2 revenue rises 42%, core PBT jumps 140%

M M FORGINGS LIMITED reported standalone revenue from operations of Rs 535.73 crore for the quarter ended September 30, 2026, up 42% year on year, while profit before exceptional items and tax rose 140% to Rs 64.71 crore. The result followed a June-quarter land-sale gain that was not repeated in Q2.

How did MM Forgings’ Q2 revenue change?

MM Forgings’ standalone revenue from operations rose to Rs 535.73 crore in Q2 FY27, from Rs 376.76 crore in Q2 FY26 and Rs 409.11 crore in Q1 FY27. Revenue increased by Rs 158.97 crore from a year earlier and by Rs 126.62 crore from the preceding quarter, based on unaudited results approved on November 5, 2026.

Other operating income was Rs 10.95 crore in Q2 FY27, compared with Rs 7.10 crore in Q2 FY26 and Rs 10.58 crore in Q1 FY27. Other income was Rs 4.28 crore, below both Rs 5.42 crore a year earlier and Rs 7.24 crore in the June 2026 quarter, while total income reached Rs 550.96 crore against Rs 389.28 crore in Q2 FY26.

What lifted MM Forgings’ core profit in Q2?

MM Forgings’ profit before exceptional items and tax was Rs 64.71 crore in Q2 FY27, compared with Rs 26.97 crore in Q2 FY26 and Rs 36.02 crore in Q1 FY27. The 140% year-on-year increase came without an exceptional item, and the Q2 figure was Rs 28.69 crore above the preceding quarter’s pre-exceptional profit.

Total expenses rose by Rs 123.95 crore year on year to Rs 486.26 crore, while total income increased by Rs 161.69 crore to Rs 550.96 crore. Material-consumption costs were Rs 219.32 crore, employee-benefit expenses were Rs 65.32 crore and other expenses were Rs 146.35 crore, compared with Rs 158.17 crore, Rs 46.19 crore and Rs 111.25 crore respectively in Q2 FY26.

Finance cost declined to Rs 18.78 crore from Rs 21.23 crore a year earlier, although it was higher than Rs 16.27 crore in Q1 FY27. Depreciation and amortisation was Rs 27.20 crore, versus Rs 24.11 crore in Q2 FY26 and Rs 29.76 crore in Q1 FY27. MM Forgings stated that it operates in only one segment, so the filing does not provide a segment-level explanation for the revenue or profit movement.

Why was MM Forgings’ reported profit lower than Q1?

MM Forgings’ reported profit before tax was Rs 64.71 crore in Q2 FY27, lower than Rs 100.30 crore in Q1 FY27 because the June quarter included a Rs 64.29 crore exceptional profit on sale of land. Without that land-sale gain, Q2’s pre-tax profit exceeded Q1’s Rs 36.02 crore pre-exceptional result.

Profit for the period was Rs 45.89 crore in Q2 FY27, compared with Rs 91.56 crore in Q1 FY27 and Rs 18.47 crore in Q2 FY26. Total tax expense was Rs 18.11 crore in Q2 FY27, against Rs 8.75 crore in Q1 FY27 and Rs 8.50 crore in Q2 FY26; the filing says tax on the June-quarter land-sale profit was included in current tax.

Basic and diluted earnings per share, not annualised, were Rs 9.51 in Q2 FY27, compared with Rs 18.96 in Q1 FY27 and Rs 3.83 in Q2 FY26. Paid-up equity share capital was unchanged at Rs 48.28 crore across the three quarterly columns, with a face value of Rs 10 per share.

What do MM Forgings’ half-year cash flow and balance-sheet figures show?

MM Forgings had Rs 256.42 crore of cash and cash equivalents at September 30, 2026, compared with Rs 224.49 crore at March 31, 2026. Total assets rose to Rs 2,676.18 crore from Rs 2,505.16 crore, while equity attributable to owners increased to Rs 1,125.62 crore from Rs 988.17 crore over the same period.

Net cash from operating activities was Rs 13.89 crore for the half year ended September 30, 2026, after working-capital movements. Trade receivables increased by Rs 76.70 crore and inventories increased by Rs 32.36 crore during the half year, while capital expenditure including capital work-in-progress was Rs 63.64 crore.

Capital work-in-progress rose to Rs 364.87 crore at September 30 from Rs 299.92 crore at March 31, while property, plant and equipment declined to Rs 999.63 crore from Rs 1,070.14 crore. Long-term borrowings were Rs 596.16 crore against Rs 602.01 crore, whereas short-term borrowings increased to Rs 531.91 crore from Rs 477.48 crore.

Conclusion

MM Forgings’ Q2 FY27 standalone result showed both revenue and pre-exceptional profit growth, with revenue reaching Rs 535.73 crore and profit before exceptional items and tax reaching Rs 64.71 crore. The comparison with Q1 is significant because Q1’s Rs 100.30 crore reported pre-tax profit included a Rs 64.29 crore profit on sale of land, which did not recur in Q2.

The next reported periods will show whether the Q2 revenue and core-profit level continues alongside Rs 364.87 crore of capital work-in-progress at September 30, 2026. Comparability also remains relevant because MM Forgings restated current and prior-period financial information following the June 29, 2026 National Company Law Tribunal order merging wholly owned D V S Industries Private Limited with an appointed date of April 1, 2024.