Ramkrishna Forgings Limited has submitted to the Exchange, the financial results for the period ended Jun 30, 2025.
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Ramkrishna Forgings reported Q1 FY26 (quarter ended June 30, 2025) standalone revenue of Rs 93,668.81 lakhs, up about 8% from the restated Rs 86,633.70 lakhs in Q1 FY25. Consolidated revenue rose about 6% to Rs 1,01,525.59 lakhs. However, standalone profit after tax fell nearly 50% to Rs 2,151.45 lakhs (vs Rs 4,252.36 lakhs restated), and consolidated PAT from continuing operations plunged about 78% to Rs 1,178.63 lakhs. EPS on a standalone basis dropped to Rs 1.19 from Rs 2.35. The joint venture Ramkrishna Titagarh Rail Wheels contributed a loss share of Rs 666.38 lakhs, and total investment in this JV has reached Rs 18,869.87 lakhs. The auditors (S.R. Batliboi & Co. LLP and S.K. Naredi & Co. LLP) issued an unmodified review report but included Emphasis of Matter paragraphs highlighting (a) inventory discrepancies in work-in-progress identified during the FY25 physical verification, with Q1 FY24 comparatives restated (PAT was originally Rs 7,307.91 lakhs vs restated Rs 4,690.09 lakhs) and (b) excess managerial remuneration of Rs 693 lakhs for FY25 pending shareholder approval. The board also approved re-appointment of Whole-time Director Lalit Kumar Khetan, re-appointment of Singhi & Co. as internal auditors, and the 43rd AGM has been rescheduled from August 30 to September 20, 2025.
Revenue growth is positive but the steep fall in profits — driven by higher costs, increased depreciation and share of JV losses — is a concern for short-term earnings. The auditor's emphasis on inventory discrepancies (restated prior numbers) and pending approval for excess director remuneration may dent investor confidence and warrant close scrutiny in the upcoming AGM.