RAMKRISHNA FORGINGS LTD

Manufactures forged and cast components for automotive and industrial customers. Forging Components is the dominant stream, accounting for 97.2% of segment revenue, with the residual 2.8% classified as Others (which includes casting). On the automotive side, the order mix is dominated by commercial vehicles, with passenger vehicles (predominantly EV) and two-wheelers growing; in Q1 FY27, of Rs. 278 cr of new auto orders, 82% was passenger vehicle and 18% two-wheeler. Non-auto demand is being built out via a rail wheel joint venture (target supply of 40,000 wheels in FY27 from a plant with full capacity of about 230,000 wheels), metro coach orders (Rs. 15 cr in Q1 FY27), and energy storage, mining, off-highway and railway wins. Q1 FY27 consolidated revenue was Rs. 1,217 cr, up 19.84% YoY, with EBITDA margin of 17.96% versus 17.11% in the prior quarter. Exports are 35% of consolidated revenue in Q1 FY27, led by North America (Class 8 trucks) and Europe. The Q1 FY27 board approved Rs. 170.52 cr of capex for a 4,000-tonne press line and passenger vehicle components, adding 8,800 MT of capacity by September 2027. Raw materials are the biggest cost at 48.4% of revenue, with depreciation at 7.9% and capex at 21.8%.