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CIN: L51102TN1946PLC001473 PHONE: +91-44-7160 1000 GST: 33AAACM2164L1ZL FAX: +91-44-71601 010 Website: www.mmforgings.com CORPORATE OFFICE: SVK TOWERS, 8™ FLOOR, A25 INDUSTRIAL ESTATE, GUINDY, CHENNAI - 600032, INDIA. Date: 17 August 2026 The Deputy General Manager National Stock Exchange of India Ltd Corporate Relationship Department. ‘Exchange Plaza’, Bandra – Kurla Complex, Bombay Stock Exchange Limited, Bandra (E), Mumbai – 400 051 Rotunda Building, P.J. Towers, First Floor, New Trading Wing, Dalal Street, MUMBAI –400 001 Dear Sirs, Ref.: NSE: security code- MMFL –EQ; BSE: Security Code -522241 Sub.: Unaudited Financial Results for the quarter ended 30 June 2026 - published. The published unaudited financial results for the quarter ended 30 June 2026 is enclosed for your records, as per Regulation 47 of SEBI (LODR) Regulations, 2015. It was published in: 1. Makkal Kural and 2. Business Line Please take it on records. Thanking you, Yours faithfully, For M M FORGINGS LIMITED S.MUTHUKRISHNAN Company Secretary Enclosed: as above CHENNAI Your Money businessline. portfolio 3 SUNDAY-AUGUST16-2026 Balance sheet is India Inc’s new source of freedom CHARGED UP. With profitability at a high, the next phase of investment will not only help corporates sustain it but also achieve long-term earnings growth OUTLOOK Sai Prabhakar Yadavalli Looking ahead, India Inc appears bl. research bureau well placed to launch the next phase of investment. The need for Each quarter, India Inc’s profit fresh capital expenditure is be- numbers hog the limelight, while coming clearer as fixed asset another set of numbers — crucial turnover, has risen closer to peak for sustaining profits for the long at 1.65 times in FY26. Further term — get lesser attention than sales growth is, therefore, likely they deserve: Balance-sheet to require asset addition. At the strength. Stronger balance sheets same time, EBITDA and PAT mar- allow for more aggressive invest- gins are also near peak levels, of- ments which can drive growth in fering companies both the incent- future. ive and the capacity to invest. In this analysis, we do a status With balance sheets at their check on balance-sheet strength strongest in years, a new capital of India Inc. addition cycle looks increasingly Over the past five years, India likely. Recent commentary from Inc has had to navigate an unusu- banks also points to credit growth ally turbulent economic land- being driven by MSMEs and the scape. corporate sector. This suggests The pandemic, geopolitical up- that the investment cycle may be heaval, sharp swings in commod- supported by stronger access to ity prices, disinflationary pres- credit as well. sures and rapid technology-led The nature of capital expendit- disruption have all tested the resi- GETTY IMAGES/ISTOCKPHOTO ure is also changing. Investment lience of companies in both the momentum is shifting from tradi- global and domestic economy. sharp differences in sectoral set expansion. During FY22-26, tional heavy industries toward al- Yet, despite the scale of these trends. ROBUST OUTLOOK steel reported revenue and gross ternative and emerging sectors shocks, corporate India has block growth of 3 per cent and 10 such as renewables, energy stor- Looking ahead, India Inc emerged with its balance sheet CORPORATE RESILIENCE per cent CAGR respectively, age, AI infrastructure, data appears well placed to largely intact, helped by stronger The strongest evidence of corpor- while cement recorded 10 per centres, indigenous defence, elec- launch the next phase of financial discipline and sustained ate resilience is visible in debt cent and 15 per cent CAGR tric mobility and hybrid technolo- investment earnings growth. metrics. Excluding BFSI compan- growth on the same measures. gies. These areas are gaining pri- That resilience matters be- ies, the remaining 654 firms show Sales growth has lagged asset ority as companies respond to cause the next five years are likely amarked improvement across in- The automobile industry is in growth because both sectors have energy-transition goals, digital- to present a different set of struc- terest coverage, net debt-to- the midst of a strong upcycle. De- been building capacity ahead of isation, supply-chain localisation tural challenges. EBITDA and debt-to-equity ra- mand for four-wheelers, higher future demand but have retained and evolving mobility standards. Artificial intelligence could tios. Interest coverage ratio feature content, sport utility financial leverage targets. Conventional energy and refining bring disruptions of its own, en- (EBIT/interest cost) measuring vehicles and electric vehicles, The caution shown by steel and players are also redirecting ergy markets may remain volatile companies’ ability to pay interest along with the impact of the BS- cement companies reflects les- spending toward net-zero path- and trade protectionism is expec- cost is at its highest point now at VI transition and tighter safety sons from the over-leveraging ways, including renewable power, ted to become a persistent head- 5.7 times compared to an average regulations, has supported both cycle of 2008-15. In the current charging networks and cleaner wind to growth. With a stronger of 4.9 times in last four years. realisations and volume growth. phase, they have reduced debt fuel infrastructure. financial buffer now in place, In- Simultaneously, Debt to equity Modest price increases have not even as they expanded capacity. Additional demand pools are dia Inc has an opportunity to in- (0.46 Vs 0.54 average) and Net derailed demand, and the GST Although leverage is now rising emerging in hospitals and hotels, vest for the next phase of expan- debt to EBITDA (1.4 Vs 1.6 aver- rate cut enacted late last year con- again, buoyant steel and cement where expansion is being suppor- sion rather than merely defend age) which measure the debt tinues to have a positive effect, ac- prices, along with expectations of ted by stronger cash flows, wider against uncertainty. levels of a company are at their cording to leading companies in lower raw material costs such as growing at 13 per cent CAGR in keep debt metrics elevated. geographic reach and healthier This analysis is based on 760 lowest as well. the sector. Strong earnings have, coal and energy, should help sup- FY22-26, matched by asset Refineries face a different chal- balance sheets. Overall, the capex companies for which all relavent This improvement has been led in turn, helped automakers port the additional debt if the op- growth of 11 per cent CAGR. lenge. Companies, including Reli- narrative is becoming less de- financial data (Source Capitaline) mainly by automobiles, and also strengthen their balance sheets erating environment remains With the sector expected to ance, were on an expansion path pendent on traditional sectors is available across each of the last by steel and cement in the last and improve debt indicators. favourable. nearly double current capacity by before the recent crude price and more anchored in alternative five years, including 94 from the two years, although each sector’s Steel and cement have fol- Other sectors present a more 2031-32, major players such as shock. energy, digital infrastructure, de- banking, financial services and in- progress has been driven by dif- lowed a different route. These mixed picture. Refineries and NTPC and the Adani Group are If supply disruptions do not fence indigenisation, healthcare surance (BFSI) sector, across the ferent factors. But Refineries and sectors have not benefited from power generation have not seen pursuing conventional, renew- normalise, the sector’s financials and organised services. If India past five years. Power generation sectors con- the same pace of sales growth, but the same steady improvement in able and even nuclear generation, could remain under pressure, for- Inc can use its strengthened bal- The data highlightnot only the tinue to invest in capac [Showing first 8,000 characters — download PDF for full document]