ICICI Direct has given Buy recommendation for MM Forgings recommended buy rating on the stock with a target price of Rs 925 in its research re with a target price of Rs. 925 in its research report issued on Aug 23, 2021

ICICI Direct’s research report on MM Forgings

MM Forging (MMF) is a prominent forging player serving India, Europe and US markets (FY21 geographical mix – domestic 50%, exports 50%). FY21 segment mix – CV 75%, PV 18%, Others 7% 1.2 lakh MT per annum production capacity; FY21 utilisation at ~40%


We value MMF at 16x PE on FY23E basis for a revised target price of Rs 925 per share (earlier target price Rs 790).

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