Chennai-based MM Forgings Ltd witnessed stronger traction in the domestic market during the March 2026 quarter, with India accounting for a higher share of revenue, even as demand from key export markets such as the US and Europe softened amid global economic uncertainties.
According to the company’s Q4FY26 and FY26 financial presentation, domestic sales contribution rose to 71 per cent in the fourth quarter from 63 per cent in the preceding quarter. In comparison, the US market share declined to 10 per cent from 15.5 per cent, while Europe’s contribution dropped to 16 per cent from 19 per cent. South America, however, showed improvement, with sales contribution increasing to 3.1 per cent from 1.1 per cent.
For Q4FY26, the company posted a 36 per cent rise in consolidated net profit to ₹45 crore, up from ₹33 crore in the corresponding quarter last year. Revenue for the quarter increased 12 per cent to ₹423 crore from ₹377 crore.
For the full year FY26, consolidated net profit declined 18 per cent to ₹99 crore from ₹122 crore in FY25, despite revenue rising 4 per cent to ₹1,606 crore from ₹1,548 crore.
In FY26, sales in India increased to 64.5 per cent as against 61.5 per cent in the previous year; Europe to 20 per cent (12 per cent); US to 10.3 per cent (16 per cent) and South America to 3.9 per cent (7.9 per cent), the presentation said.
Vidyashankar Krishnan, CMD, MM Forgings Limited, said global economic conditions during FY26 remained mixed due to geopolitical developments, regional conflicts, trade uncertainties, shifting trade policies among major economies and commodity price volatility.
Krishnan added that demand visibility across key customer segments remained encouraging, aided by strengthening domestic market conditions and gradual improvement in export enquiries from select geographies.
The company is also continuing capacity augmentation and process optimisation initiatives to strengthen manufacturing capabilities and operational readiness for future growth opportunities, he said.
The company’s domestic sales grew by 9.5 per cent on the back of a strong domestic commercial vehicle market and a passenger vehicle market. However, in the US and Europe, overall economic activity slowed. In the US, the truck segment is very slow and moribund, leading to a sharp decline in sales there in the previous fiscal and Europe looked steady, he told businessline. However, the Class 8 heavy truck market in US is looking this calendar year, he added.
Published on May 29, 2026
