Key takeaway: During the earnings call held on March 5, 2026, management reported a recovery in the third quarter and expressed optimism for the fourth quarter, anticipating a slight growth in turnover compared to the previous year. The Chairman, Vidyashankar Krishnan, noted that the US market had faced challenges, with sales dropping from 16-17% to 9% of total sales, but indicated a strong recovery in the truck market. Management highlighted ongoing investments of 1,000 crores over the past five years and projected a goal of 20% growth for the next fiscal year, contingent on stable macroeconomic conditions. They acknowledged challenges related to manpower costs and fuel availability but mentioned efforts to reduce interest and power costs. The company plans to commission new presses to increase capacity utilization significantly. Management also discussed their Capex plans for FY27, estimating around 160 crores, and emphasized a focus on improving customer delivery and operational excellence.

Key takeaway: During the earnings call held on February 17, 2026, management reported that MM Forgings Limited experienced an 11.3% year-on-year sales growth for Q3 FY '26, driven by a 3% increase in volumes and improved sales realization. The U.S. export market showed signs of recovery, contributing positively after a weak start to the year. However, management noted a decline in gross margins due to changes in product and geographical mix, alongside rising power and labor costs. They emphasized ongoing efforts to mitigate these impacts. Management set a capex plan of INR 175 crores for the year, with INR 137 crores already invested. They expressed optimism about future growth, particularly in the commercial vehicle sector, and anticipated a reduction in interest costs due to favorable market conditions. The company aims to enhance shareholder value through strategic capacity additions and cost management initiatives.