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Ramkrishna Forgings Ltd.
NSE: RKFORGEIndustrialsMetal Fabrication
- Last close
- ₹591.10
- Day change
- −₹23.40 (−3.81%)vs
- Market cap
- ₹12,806 crIndian rupees
- Research updated
- 1 report
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About Ramkrishna Forgings
Ramkrishna Forgings Ltd. is an Indian industrial company specializing in the manufacture of forgings for the automotive and industrial sectors. Its primary function is to produce critical components that are integral to vehicle and machinery performance, such as axles, crankshafts, gears, and couplings. Known for its advanced technology and engineering expertise, the company serves a wide range of industries, including commercial vehicles, railways, mining, and oil and gas. Ramkrishna Forgings Ltd. plays a key role in the supply chain for both domestic and international markets, providing high-quality forged products that meet stringent industry standards. With a focus on innovation and customer satisfaction, the company has established itself as a significant player, contributing to the infrastructure and industrial backbone of India. Its operations support the growing demand for durable, precisely engineered components necessary for heavy-duty applications and transportation systems worldwide.
- Sector
- Industrials
- Industry
- Metal Fabrication
- Listing
- NSE: RKFORGE
- Employees
- 3,180
- Headquarters
- Kolkata, India
- ISIN
- INE399G01023
- Website
- ramkrishnaforgings.com
Public research · Report of
Business model & financial foundation
Ramkrishna Forgings (NSE: RKFORGE), Forged and machined components: revenue of ₹4,238 crore in FY26 (+5.1% on FY25), an EBITDA margin of 15.2%, net profit of ₹71.8 crore and net debt of ₹2,178 crore.
- Revenue, FY26 (₹ crore)
- 4,238
- consolidated
- Revenue growth, FY26
- +5.1%
- on FY25
- EBITDA margin, FY26
- 15.2%
- EBITDA (Operating EBITDA before other income and exceptionals) / revenue
- Net profit, FY26 (₹ crore)
- 71.8
- to owners
- Return on equity, FY26
- 2.3%
- on average equity
- Net debt, FY26 (₹ crore)
- 2,178
- Issuer net debt including liquid current investments
- Market capitalisation (₹ crore)
- 12,523
- at the close of 17 Oct 2026
Company profile
Manufactures forged and machined components for commercial vehicles, passenger vehicles, railways, mining and other industrial applications, with domestic and export customers. Consolidated accounts include casting/component and overseas subsidiaries and an equity-accounted rail-wheel joint venture. Inventory errors caused FY24 restatement and FY25 audit qualification; FY26 investigation concluded with no further adjustments and an unmodified audit opinion.
| Item | Value |
|---|---|
| Legal name | Ramkrishna Forgings Limited |
| Exchange and ticker | NSE: RKFORGE; BSE: 532527 |
| ISIN | INE399G01023 |
| CIN | L74210WB1981PLC034281 |
| Sector | Automobile and industrial components |
| Industry | Forged and machined components |
| Headquarters | Kolkata, India |
| Fiscal year end | March |
| Reporting basis and unit | consolidated, in ₹ crore |
| Auditor | S. R. Batliboi & Co. LLP and S. K. Naredi & Co. LLP (joint) |
| Market capitalisation | ₹12,523 crore (17 Oct 2026) |
| Shares outstanding | 18.14 crore shares (FY26) |
| Price | ₹691.5 (close, 17 Oct 2026) |
| 52-week range | ₹460.1 - ₹772.8 (to 17 Oct 2026) |
| Website | https://ramkrishnaforgings.com/ |
Corporate structure and shareholding
| Entity | Holding | Business |
|---|---|---|
| Ramkrishna Casting Solutions Limited (formerly JMT Auto Limited) | 100% | Casting and machined auto components; MAPL and Mal Metalliks amalgamated into it effective 25 March 2026. |
| Ramkrishna Forgings LLC, USA | 100% | US subsidiary serving overseas component customers. |
| Ramkrishna Forgings Mexico S.A. de C.V. | 100% | Mexican component operation, formerly Resortes Libertad; acquired August 2024. |
RTRWL is 51%-held but EQUITY-ACCOUNTED JV, not line-by-line subsidiary despite AOC1 heading. Produces forged railway wheels. ESOP trust included. ACIL merged into parent (effective 9 May 2025); MAPL/MMPL into RKCSL. GAISL disposed August 2024. Parent is ultimate holding company. S2 pp15,180,195,231,235.
| Shareholding (% of shares) | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|
| Promoter | 43.13% | 43.13% | 43.33% | 43.39% |
| Promoter holding pledged | 15.76% | 15.76% | 15.63% | 15.56% |
| Foreign institutions | 22.71% | 21.05% | 21.74% | 20.43% |
| Domestic institutions | 3.50% | 4.02% | 4.45% | 5.09% |
| of which mutual funds | 1.09% | 0.98% | 1.33% | 1.91% |
| Retail | 11.76% | 12.29% | 11.32% | 11.44% |
The promoter holding pledged is a share of the promoter's own holding.
Business model
Ramkrishna Forgings (NSE: RKFORGE) supplies closed-die, press, ring-rolled and machined forgings and castings, mainly to domestic and overseas commercial-vehicle OEMs. It is diversifying into railways, oil and gas, off-highway and passenger vehicles. The consolidated group includes Ramkrishna Casting Solutions and US and Mexico operations. The 51% rail-wheel JV is equity-accounted, so it contributes a share of profit, not consolidated revenue. The company controls its metallurgy, machining and the qualification of new programmes. It does not control the steel cycle, OEM production schedules, US tariff policy or the pace of Indian Railways procurement. Its standalone mix moved from 40.8% exports in FY25 to 31.6% in FY26 and 32.3% in Q1 FY27.
| Segment | revenue, FY26 (₹ crore) | Share |
|---|---|---|
| Geography: India (memo, note 34) | 3,026 | 71.4% |
| Geography: Outside India (memo, note 34) | 1,212 | 28.6% |
Segments as the company reports them (consolidated); each share is of the segments' sum.
| Peer | Why the dossier compares them |
|---|---|
| Bharat Forge (BHARATFORG) | Closest large-scale diversified forged/machined component and export-CV exposure; broader defence mix differs. |
| MM Forgings (MMFL) | Direct Indian steel-forging and commercial-vehicle/export-cycle comparator. |
| Happy Forgings (HAPPYFORGE) | Machined heavy forgings and commercial-vehicle/off-highway mix comparator. |
| Balu Forge Industries (BALUFORGE) | Machined forgings/crankshaft and export comparator; much smaller and different product/customer mix. |
| Kalyani Forge (KALYANIFRG) | Smaller precision-forging manufacturing comparator; scale/mix caveat. |
Financial databook
| Profit and loss (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue from continuing operations | 2,074 | 2,859 | 3,705 | 4,034 | 4,238 |
| Cost of revenue (vendor classification) * | 1,433 | 1,945 | 2,438 | 2,545 | 2,719 |
| Other operating costs (vendor classification) * | 233.6 | 374.9 | 448.3 | 652.2 | 559.9 |
| EBITDA (vendor classification) * | 495.8 | 662.0 | 811.5 | 517.0 | 577.5 |
| Operating EBIT excluding other income and exceptional | 326.4 | 460.9 | 515.7 | 288.3 | 309.8 |
| Finance costs | 73.2 | 86.4 | 145.5 | 165.9 | 210.3 |
| Continuing PBT including share of JV losses | 253.2 | 374.4 | 397.5 | 147.7 | 84.0 |
| Continuing tax expense/(credit) | 55.2 | 126.3 | 114.7 | -183.9 | 12.2 |
| PAT continuing and discontinued operations | 198.0 | 248.1 | 291.2 | 415.0 | 71.8 |
| Diluted EPS total operations (₹) | 12.43 | 15.43 | 17.14 | 22.95 | 3.95 |
| Materials, traded purchases and inventory movement | 1,862 | 2,000 | 2,162 | ||
| Employee benefits expense | 188.4 | 249.8 | 258.8 | ||
| Power and fuel | 227.2 | 246.0 | 246.9 | ||
| Other expenses as reported (excluding power and fuel) | 654.5 | 979.2 | 927.6 | ||
| Other expenses including separate power and fuel | 881.7 | 1,225 | 1,174 | ||
| Operating EBITDA before other income and exceptionals | 772.9 | 559.6 | 642.7 | ||
| Other income | 28.1 | 26.4 | 13.1 | ||
| Depreciation and amortisation | 257.2 | 271.3 | 332.9 | ||
| Signed exceptional gain/(loss) continuing operations | 0.00 | 0.00 | -10.7 | ||
| PAT attributable to NCI | 0.00 | 0.00 | 0.00 | ||
| Signed equity-accounted JV share of loss | -0.69 | -1.11 | -17.9 | ||
| PAT attributable to owners | 291.2 | 415.0 | 71.8 | ||
| PAT from continuing operations | 282.9 | 331.6 | 71.8 | ||
| PAT from discontinued operations | 8.33 | 83.5 | 0.00 | ||
| Continuing deferred tax charge/(credit) | 0.97 | -193.0 | 12.1 | ||
| Continuing current tax before earlier-year adjustment | 113.6 | 13.7 | 0.00 | ||
| Continuing tax adjustments for earlier years | 0.06 | -4.54 | 0.10 | ||
| PBDIT including other income before exceptional | 801.0 | 585.9 | 655.8 |
| Balance sheet (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Total consolidated equity | 1,078 | 1,322 | 2,634 | 3,037 | 3,290 |
| Borrowings excluding leases and accrued interest | 1,633 | 1,333 | 1,118 | 2,013 | 2,335 |
| Cash and cash equivalents | 36.2 | 775.2 | 173.1 | 16.0 | 162.2 |
| Net trade receivables | 890.6 | 0.00 | 849.9 | 975.4 | 794.9 |
| Inventories | 709.1 | 906.9 | 1,050 | 1,254 | 1,246 |
| Trade payables including acceptances and MSME | 608.2 | 791.5 | 1,017 | 1,080 | 1,145 |
| Property plant and equipment net | 8.18 | 8.32 | 2,118 | 2,660 | 3,440 |
| Capital work in progress | 129.5 | 90.7 | 216.2 | 497.5 | 336.7 |
| Total assets | 3,484 | 3,730 | 5,258 | 6,557 | 7,178 |
| Issuer net debt including liquid current investments | 898.2 | 1,993 | 2,178 | ||
| Current and noncurrent lease liabilities | 88.2 | 113.7 | 113.7 | ||
| Total liabilities | 2,624 | 3,520 | 3,888 | ||
| Current investments deducted in issuer net debt | 52.1 | 8.87 | 3.59 | ||
| Other intangible assets | 51.5 | 52.0 | 48.7 | ||
| Year-end shares net of treasury shares | 18.08 | 18.10 | 18.14 | ||
| Legal issued shares before treasury elimination | 18.08 | 18.10 | 18.17 | ||
| Restricted/other bank balances excluded from issuer net debt | 3.90 | 4.15 | 0.67 | ||
| Goodwill | 75.7 | 70.7 | 70.7 | ||
| Equity-accounted strategic rail-wheel JV investment | 63.1 | 179.3 | 237.2 |
| Cash flow (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| CFO continuing and discontinued operations | -248.2 | 444.4 | 621.1 | 32.5 | 839.8 |
| Free cash flow (vendor definition) * | -256.8 | 388.5 | 31.9 | -944.3 | -85.4 |
| Cash dividends paid (positive outflow) | -4.80 | -27.2 | 24.4 | 36.2 | 18.1 |
| Cash purchases PPE and intangible assets incl CWIP advances | -299.4 | -354.9 | 588.7 | 976.9 | 925.1 |
| Gross long-term borrowing repayments | 506.6 | 340.2 | 342.0 | ||
| Cash payments acquisitions excluding JV contributions | 430.3 | 2.00 | 0.00 | ||
| CFO less cash capex | 32.3 | -944.3 | -85.3 | ||
| Cash equity contribution to rail-wheel JV | 117.3 | 68.9 |
| Other reported lines (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Shares outstanding * | 15.99 | 15.99 | 16.84 | 18.08 | 18.08 |
| Contingent liabilities including guarantees / equity (%) | 7.7% | 17.7% | |||
| Issuer net debt / operating EBITDA (x) | 1.16x | 3.56x | 3.39x | ||
| Operating EBIT / total finance costs (x) | 3.54x | 1.74x | 1.47x | ||
| Capital commitments net of advance | 422.2 | 324.9 | 220.6 | ||
| Weighted diluted shares for EPS | 16.99 | 18.08 | 18.17 | ||
| Political contribution in other expenses | 17.5 | 0.00 | |||
| Materials cost / revenue (x) | 0.50x | 0.50x | 0.51x | ||
| Employee cost / revenue (x) | 0.05x | 0.06x | 0.06x | ||
| Other expenses including power / revenue | 0.24x | 0.30x | 0.28x | ||
| Signed continuing tax / continuing PBT | 0.29x | -1.24x | 0.15x | ||
| PAT owners / rounded diluted EPS (inferred only) (crore shares) | 16.99 | 18.08 | 18.18 | ||
| Other income / revenue (x) | 0.01x | 0.01x | 0.00x | ||
| Closing receivables / annual revenue x 365 (days) | 84 | 88 | 68 | ||
| Closing inventory / annual materials COGS x 365 (days) | 206 | 229 | 210 | ||
| Closing trade payables / annual materials COGS x 365 (days) | 199 | 197 | 193 | ||
| Group revenue less domestic/export forging tonne-price core | 571.7 | 659.3 | |||
| CFO / PAT attributable to owners (x) | 2.13x | 0.08x | 11.7x | ||
| Cash capex / CFO | 0.95x | 30.0x | 1.10x | ||
| (PAT owners less CFO) / closing total assets (x) | -0.06x | 0.06x | -0.11x | ||
| Receivable days plus inventory days less payable days | 90 | 120 | 86 | ||
| Receivables YoY growth less revenue YoY growth (pp) (%) | 5.9% | -23.6% | |||
| CWIP aged 2-3 years (consolidated ageing schedule) | 1.52 | 3.55 | |||
| CWIP aged more than 3 years (consolidated ageing schedule) | 1.64 | 2.08 | |||
| CWIP aged over 2 years (2-3y plus >3y) | 3.17 | 5.64 | |||
| Interest/bank charges incurred in year in CWIP pre-operative pending allocation | 14.0 | 41.4 | |||
| Total pre-operative expenditure added to CWIP pending allocation in year | 22.3 | 120.9 | |||
| Trial-run cost included in PPE additions | 72.6 | 32.6 |
| Quarterly profit and loss (₹ crore) | Q2FY25 | Q3FY25 | Q4FY25 | Q1FY26 | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue from operations | 1,054 | 1,074 | 947.2 | 1,015 | 907.5 | 1,099 | 1,217 | 1,217 |
| EBIT excluding other income | 105.3 | 62.5 | 13.8 | 68.9 | 42.2 | 79.0 | 119.7 | 119.0 |
| Finance cost | 38.5 | 42.2 | 48.6 | 48.6 | 53.3 | 51.1 | 57.3 | 57.1 |
| PBT from continuing operations | 69.0 | 23.9 | -23.7 | 17.3 | -10.3 | 18.1 | 58.9 | 64.7 |
| Tax on continuing operations | 11.0 | 2.95 | -223.5 | 5.53 | -0.77 | 4.54 | 2.92 | 17.9 |
| Profit after tax total | 139.6 | 20.9 | 199.8 | 11.8 | -9.50 | 13.6 | 55.9 | 46.9 |
| Diluted EPS total (₹) | 7.71 | 1.16 | 11.04 | 0.65 | -0.52 | 0.75 | 3.07 | 2.53 |
| COGS: materials+purchases+inventory change | 524.1 | 552.3 | 481.0 | 498.1 | 434.2 | 605.5 | 624.2 | 559.1 |
| Cost of materials consumed | 527.0 | 553.5 | 506.0 | 482.9 | 438.5 | 551.5 | 577.2 | 630.7 |
| Purchase of traded goods | 0.00 | 0.00 | 2.52 | 0.54 | 2.39 | 1.30 | 1.23 | 0.00 |
| Inventory change, increase negative | -2.87 | -1.28 | -27.5 | 14.6 | -6.63 | 52.7 | 45.8 | -71.6 |
| Employee benefits expense | 66.1 | 65.4 | 57.0 | 66.5 | 68.6 | 66.7 | 57.0 | 75.5 |
| Power and fuel | 62.3 | 63.1 | 61.8 | 65.9 | 60.6 | 52.0 | 68.3 | 77.6 |
| Other expenses incl power and fuel | 297.7 | 329.8 | 310.7 | 302.1 | 282.2 | 262.9 | 327.4 | 363.7 |
| EBITDA excluding other income | 165.7 | 126.3 | 98.5 | 148.6 | 122.5 | 163.4 | 208.2 | 218.5 |
| Other income | 2.51 | 3.64 | 11.5 | 3.63 | 5.75 | 1.83 | 1.91 | 3.44 |
| Depreciation and amortisation | 60.4 | 63.8 | 84.7 | 79.7 | 80.4 | 84.4 | 88.4 | 99.4 |
| Exceptional items, sign-bearing | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | -10.4 | -0.28 | 0.00 |
| Share of JV profit or loss, sign-bearing | -0.34 | -0.08 | -0.27 | -6.66 | -4.85 | -1.15 | -5.19 | -0.61 |
| Profit from discontinued operations | 81.6 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Non-controlling interests | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Profit attributable to owners | 139.6 | 20.9 | 199.8 | 11.8 | -9.50 | 13.6 | 55.9 | 46.9 |
Consolidated, as reported. Lines marked * are the market-data provider's figures; the rest are extracted from the company's filings or derived from them. n.d. not disclosed, n.r. not retrieved, n.a. not applicable.
Metrics dashboard
| Metric | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue growth | 76.5% | 37.9% | 29.6% | 8.9% | 5.1% |
| EBITDA margin | 20.9% | 13.9% | 15.2% | ||
| Net margin | 7.9% | 10.3% | 1.7% | ||
| Return on equity | 14.7% | 14.6% | 2.3% | ||
| Return on capital employed | 13.5% | 17.2% | 16.1% | 6.5% | 5.8% |
| Return on assets | 6.5% | 7.0% | 1.0% | ||
| Net debt (₹ crore) | 898.2 | 1,993 | 2,178 | ||
| Net debt / EBITDA | 1.16x | 3.56x | 3.39x | ||
| Interest cover | 4.46x | 5.33x | 3.54x | 1.74x | 1.47x |
| Asset turnover | 0.67x | 0.79x | 0.82x | 0.68x | 0.62x |
| Receivable days | 157 | 0 | 84 | 88 | 68 |
| Inventory days (on revenue) | 125 | 116 | 103 | 113 | 107 |
| Payable days (on revenue) | 107 | 101 | 100 | 98 | 99 |
| Cash conversion | 2.13x | 0.08x | 11.7x | ||
| Capex intensity | 14.4% | 12.4% | 15.9% | 24.2% | 21.8% |
| Free cash flow (₹ crore) | -547.6 | 89.5 | 32.3 | -944.3 | -85.3 |
| Dividend payout | 8.4% | 8.7% | 25.2% | ||
| EPS, diluted (₹) | 12.43 | 15.43 | 17.14 | 22.95 | 3.95 |
| Book value per share (₹) | 145.7 | 167.8 | 181.3 |
Computed from the statements above:
- Revenue growth: revenue over the previous year's, less one.
- EBITDA margin: EBITDA (Operating EBITDA before other income and exceptionals) / revenue.
- Net margin: net profit to owners / revenue.
- Return on equity: net profit to owners / average equity.
- Return on capital employed: EBIT / average equity plus borrowings.
- Return on assets: net profit to owners / average total assets.
- Net debt (₹ crore): Issuer net debt including liquid current investments; negative is net cash.
- Net debt / EBITDA: net debt / EBITDA (Operating EBITDA before other income and exceptionals).
- Interest cover: EBIT / finance cost.
- Asset turnover: revenue / average total assets.
- Receivable days: receivables / revenue x 365.
- Inventory days (on revenue): inventory / revenue x 365.
- Payable days (on revenue): payables / revenue x 365.
- Cash conversion: cash from operations / net profit to owners.
- Capex intensity: capital expenditure / revenue.
- Free cash flow (₹ crore): cash from operations less capital expenditure.
- Dividend payout: dividends paid / net profit to owners.
- EPS, diluted (₹): as reported (Diluted EPS total operations).
- Book value per share (₹): equity / shares outstanding.
Source: the company's filings and disclosures as extracted into Mool's company dossier (version 1, information to 17 Oct 2026); market data at the close of 17 Oct 2026. Every figure is read from the dossier's files or computed from them; the account of the business model is the analyst's, from the dossier's workings.
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