NSE: RML · BSE: 532661
RANE (MADRAS) LIMITED
Manufactures friction materials and related automotive components, serving both original equipment manufacturers and the aftermarket. The business is acquiring Hindustan Composites' friction business on a slump sale basis for ₹370 crore in cash; the acquired unit, which includes the COMPO brand and two Maharashtra plants, posted ₹315.04 crore of revenue and ₹40.29 crore of profit before tax in FY26. Post-acquisition, the combined friction revenue is expected to exceed ₹1,000 crore. The company also runs an aftermarket products division, headed until recently by a separate president-level role. In FY26, total revenue was ₹3,862.92 crore with a net profit of ₹107.48 crore and an EBITDA margin of 9.11%. Raw materials are the dominant cost at 55.8% of revenue, followed by employees at 13.4% and other operating expenses at 18.8%, with depreciation at 3.8% and capex at 4.9% of revenue. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Friction materials and components, Aftermarket products. Auto components manufacturer focused on friction materials, cyclical with aftermarket exposure
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 17 | 24 | 2,239 | 3,406 | 3,863 |
| EBITDA (ex other income) | 1 | 2 | 40 | 269 | 336 |
| margin % | 6.9 | 7.3 | 1.8 | 7.9 | 8.7 |
| Owners' profit | 0 | 0 | 0 | 38 | 0 |
| EPS, as reported (₹) | 6.97 | 18.46 | 1.85 | 13.62 | 38.89 |
| ROE % · ROCE % | 4.7 · 8.9 | 12.4 · 17.6 | 1.2 · (8.3) | 5.6 · 15.9 | 14.3 · 22.2 |
| Debt / equity (x) | 2.52 | 2.72 | 2.74 | 1.13 | 0.84 |
| Cash from operations | (0) | 1 | 120 | 316 | 219 |
| Capex | (1) | (1) | (137) | (185) | (191) |
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 | 529 | 522 | 901 | 881 | 919 | 1,015 | 1,048 | 1,042 |
| Profit before tax | 0 | 0 | 17 | 25 | 30 | 43 | 49 | 41 |
| Net profit | (1) | (0) | 7 | 19 | 21 | 31 | 37 | 30 |
| EPS (₹) | (0.42) | (0.14) | 2.37 | 6.70 | 7.77 | 11.04 | 13.37 | 10.89 |
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) | 28.4 | 25.3 | 63 of 119 | 48% |
| P/B | 4.5 | 3.2 | 78 of 117 | 33% |
| ROCE | 15.8 | 12.6 | 43 of 125 | 66% |
| ROE | 14.3 | 11.7 | 42 of 117 | 65% |
| Debt / Equity | 0.8 | 0.3 | 98 of 117 | 16% |
| EBITDA margin | 9.2 | 12.2 | 87 of 118 | 27% |
| Revenue growth | 18.3 | 20.2 | 63 of 113 | 45% |
| Profit growth | 62.4 | 24.4 | 36 of 115 | 69% |
| Market cap | 3382 | 1460 | 43 of 126 | 66% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 5 Oct 2026 · Promoter Meenakshi Ganesh acquires 1,105 shares via transmission | ownership changes | low | — | — |
| 5 Oct 2026 · Routine filing: Confirmation of share dematerialisation for July to September 2026 | compliance | minimal | — | — |
| 30 Sept 2026 · Sale of 3.48-acre Velachery land completed for Rs. 361.18 cr | strategic transactions | high | — | — |
| 30 Sept 2026 · Newspaper notice on re-lodgement window for physical share transfers | compliance | minimal | — | — |
| 29 Sept 2026 · Trading window closed ahead of Q2 results board meeting | results | low | — | — |
| 29 Sept 2026 · Board to consider Q2 FY27 unaudited financial results on Nov 3 | results | low | — | — |
| 7 Sept 2026 · No material info pending on volume movement | regulatory legal | low | — | — |
| 7 Sept 2026 · BSE seeks clarification on volume movement | regulatory legal | medium | — | — |
| 5 Sept 2026 · Clarification on volume spurt - no pending material info | regulatory legal | medium | — | — |
| 4 Sept 2026 · Exchange seeks clarification after significant rise in trading volume | regulatory legal | 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.