M M Forgings is a manufacturer of forged and machined metal components that has spent over 50 years evolving from a basic component supplier into a vertically integrated Tier-1 partner to the world’s automotive giants. Incorporated in 1946 and renamed in 1993, the company took nearly half a century to build the engineering reputation that now sees its critical parts-like front axle beams and crankshafts-shipped from its Tamil Nadu plants to customers across 15 countries. The recurring approach that explains everything else is a philosophy of joint development with customers, cost competitiveness, and relentless vertical integration, buying up machining lines and subsidiaries to capture more value from every forged part it sells. # Business segments A single-engine business built around one core competence-steel forgings-with two small, early-stage subsidiaries placing bets on the electric future that the core business’s cash flows are funding. ## 1. Steel forgings: the core engine, machining its way up the value chain **The company makes the strong, safety-critical metal parts inside vehicles and engines, and it increasingly machines those parts itself to earn a higher price per piece.** - **Paid per part, with steel costs passed through** - it sells forged and machined components on a per-unit basis to OEMs and Tier-1 suppliers, and changes in steel prices are generally passed on to customers, insulating it from raw material swings. - **Commercial vehicles are the anchor** - roughly 80% of sales come from commercial vehicle applications, with passenger cars at 10% and off-highway and engineering making up the rest, so the company’s fortunes are tied to the global truck and bus cycle. - **Machining is how it makes more money** - the company sells parts both “as forged” and “forged and machined,” with machining being a value-added service that improves margins; in FY26, 54% of its product mix was forged and machined, up from 42% a decade earlier. - **Bought, not just built, to get bigger in crankshafts** - it acquired a series of crankshaft machining lines and companies, including the 2021 purchase of Cafoma Autoparts, which together lifted its total machined crankshaft capacity to 60,000 per month and made it a top-tier integrated crankshaft supplier in India. - **A 16,500-ton press is the next leap** - it is commissioning what it calls the world’s largest hot forging mechanical press, targeted for mid-2026, to produce heavier crankshafts and front axle beams largely for export markets, with an expected turnover of about ₹300 crores from that line alone. ## 2. Electric vehicle powertrains: a bet on the post-engine future **Through its 88%-owned start-up Abhinava Rizel, the company designs integrated motor, controller, and gearbox systems for electric vehicles-a business that has yet to generate sales but is building intellectual property for the same customers its forgings business already serves.** - **Designs motors from a blank sheet** - Abhinava Rizel develops EV motors using a proprietary hybrid topology that combines two motor types, and it can build motors that use light rare earth magnets, ferrite magnets, or no magnets at all, giving it flexibility if magnet supply chains are disrupted. - **Aims to sell a complete 3-in-1 package** - Abhinava Rizel is developing controllers using Gallium Nitride and Silicon Carbide technologies alongside its motors and gearboxes, so it can offer an integrated “Controller+Motor+Gearbox” solution for everything from two-wheelers to commercial vehicles. - **Still pre-revenue, with a first customer in sight** - as of late 2025, the subsidiary had not yet started generating sales, but a customer acquired in May 2025 had placed sample orders with a potential estimated at ₹20-30 crores, though progress was delayed by magnet supply disruption from China. - **Leverages the parent’s brand, not its technology** - the EV business has very little to do with forging technology, but it serves the same automotive customers, and the brand equity from the forgings business helps it get a foot in the door. ## 3. Electrical components: a small start-up in alternators and beyond **The wholly-owned subsidiary Suvarchas Vidyut was set up to produce electrical and electronic components and subassemblies, and is currently progressing with alternator sales and adding newer products.** - **A clean-sheet start-up from 2022** - incorporated with a modest paid-up capital of ₹1 crore, its stated objects are to make electrical and electronic components for industrial, consumer, and automotive applications. - **Early-stage and incremental** - the company is progressing with alternator sales and the addition of newer products, representing a small, exploratory diversification rather than a material business line today. # Group structure and partners **The company is simplifying its corporate structure by merging its machining subsidiaries into the parent, while keeping its electric-vehicle and electrical-component bets in separate entities.** - **DVS Industries is being absorbed** - this wholly-owned crankshaft machining subsidiary, acquired in 2018, received NCLT approval for amalgamation into M M Forgings in June 2026, and will dissolve upon filing, with all employees transferring to the parent on terms not less favourable. - **Cafoma Autoparts has already been merged** - acquired in October 2021 for ₹33 crores, this 40-year-old machining company with a 20,000 sq.m plant at Ranipet was amalgamated effective May 2024 to achieve synergies, economies of scale, and lower administrative costs. - **Abhinava Rizel and Suvarchas Vidyut remain separate** - the 88%-owned EV powertrain start-up and the wholly-owned electrical components subsidiary are held outside the parent, ring-fencing their development-stage risks and opportunities.