NSE: RKFORGE · BSE: 532527
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%. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Forging Components (97%), Others (3%). Cyclical, asset-heavy auto components manufacturer diversifying beyond automotive into rail, energy, aerospace and semiconductors.
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 2,320 | 3,193 | 3,955 | 4,034 | 4,238 |
| EBITDA (ex other income) | 517 | 692 | 839 | 558 | 632 |
| margin % | 22.3 | 21.7 | 21.2 | 13.8 | 14.9 |
| Owners' profit | 198 | 248 | 341 | 415 | 72 |
| EPS, as reported (₹) | 12.43 | 15.52 | 20.27 | 22.95 | 3.97 |
| ROE % · ROCE % | 18.4 · 16.9 | 18.8 · 21.9 | 12.7 · 16.3 | 13.7 · 7.3 | 2.2 · 6.2 |
| Debt / equity (x) | 1.48 | 0.99 | 0.42 | 0.66 | 0.71 |
| Cash from operations | 43 | 745 | 621 | 33 | 840 |
| Capex | (300) | (357) | (589) | (977) | (924) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 1,054 | 1,074 | 947 | 1,015 | 908 | 1,099 | 1,217 | 1,217 |
| Profit before tax | 136 | 129 | (24) | 17 | (10) | 19 | 64 | 65 |
| Net profit | 190 | 100 | 200 | 12 | (9) | 14 | 56 | 47 |
| EPS (₹) | 10.49 | 5.51 | 11.04 | 0.65 | (0.53) | 0.75 | 3.09 | 2.58 |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| SAMVRDHNA MTHRSN INTL LTD | 1,69,176 | 38.6 | 3.87 | 15.1 | 9.4 | 8.2 | 17.1 | 9.0 |
| BOSCH LIMITED | 1,39,756 | 59.1 | 9.41 | 34.3 | 18.7 | 24.1 | 15.6 | 17.9 |
| BHARAT FORGE LTD | 83,937 | 118.9 | 8.78 | 30.3 | 11.4 | 13.2 | 21.6 | 8.8 |
| UNO MINDA LIMITED | 63,520 | 52.8 | 8.75 | 29.1 | 17.7 | 15.7 | 25.3 | 10.4 |
| SCHAEFFLER INDIA LIMITED | 56,735 | 45.3 | 9.23 | — | 10.4 | 14.1 | — | 19.4 |
| SONA BLW PRECISION FRGS L | 54,705 | 78.5 | 8.92 | 47.5 | 10.3 | 12.9 | — | 25.1 |
| TUBE INVEST OF INDIA LTD | 41,237 | 67.9 | 2.90 | 15.9 | 7.9 | 12.4 | 30.3 | 10.6 |
| ENDURANCE TECHNO. LTD. | 32,484 | 33.5 | 4.75 | 15.9 | 13.9 | 15.6 | 17.4 | 13.2 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 110.6 | 25.3 | 112 of 119 | 6% |
| P/B | 3.6 | 3.2 | 62 of 117 | 46% |
| ROCE | 2.0 | 12.6 | 111 of 125 | 11% |
| ROE | 2.2 | 11.7 | 104 of 117 | 11% |
| Debt / Equity | 0.7 | 0.3 | 94 of 117 | 20% |
| EBITDA margin | 18.2 | 12.2 | 26 of 118 | 79% |
| Revenue growth | 19.8 | 20.2 | 59 of 113 | 48% |
| Profit growth | 297.8 | 24.4 | 6 of 115 | 96% |
| Market cap | 11849 | 1460 | 26 of 126 | 80% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 27 Oct 2026 · Q2 and H1 FY27 results call scheduled for 30 October 2026 | board shareholder meetings | low | — | — |
| 27 Oct 2026 · Interim dividend record date fixed at 6 November 2026 | corporate actions | medium | — | — |
| 27 Oct 2026 · Board meeting set for September results and interim dividend | results | medium | — | — |
| 27 Oct 2026 · Board to review September results and consider interim dividend | results | low | — | — |
| 12 Oct 2026 · Routine RTA compliance certificate for Q2 FY27 filed with exchanges | compliance | minimal | — | — |
| 5 Oct 2026 · Plant visit for institutional investors and analysts on 9 October 2026 | board shareholder meetings | low | — | — |
| 30 Sept 2026 · Trading window closed for Q2 results from 1 October 2026 | compliance | minimal | — | — |
| 29 Sept 2026 · Ramkrishna Forgings grants 57,340 ESOPs to employees at Rs 532 | management changes | medium | — | — |
| 25 Sept 2026 · Promoter Chaitanya Jalan converts warrants, stake rises to 3.47% | ownership changes | high | — | — |
| 25 Sept 2026 · Promoter Chaitanya Jalan converts 34 lakh warrants into shares | ownership changes | medium | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.