Ramkrishna Forgings Ltd.
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ABOUT
KEY POINTS
Revenue Breakup Mar 2024 • Forging components: 93.7% • Others: 6.3%
AI Sector View
AI GENERATEDAutomobile and Auto Components
Domestic auto demand remains strong across categories, with total vehicles registered up 27% YoY (2026-07), passenger vehicle sales up 14% YoY (2026-06), 2-wheelers up 23% YoY (2026-06), and tractor sales up 18% YoY (2026-07). Core demand is reinforced by vehicle sales of 395199 units (Jul/26) and car registrations of 457810 units (Jul/26), outweighing FPI outflows of INR -11826 crore over 3 months to 2026-08-31. The stance stays positive because fundamentals are stronger than positioning.
PROS
- Company has delivered good profit growth of 28.3% CAGR over last 5 years
- Latest quarter profit grew 297.8% YoY, showing strong momentum
- Company has consistently been profitable over the last 5 years
- Company has delivered good sales growth of 26.9% CAGR over last 5 years
- Strong cash generation - operating cash flow backs reported profits (CFO/PAT 2.01x)
CONS
- Recent results are weak - TTM profit is down 94.9% versus prior year
- Company has a low return on capital employed of 10.6%
- Interest coverage is weak at 1.4x - earnings barely cover interest
- Free cash flow has been persistently negative
- Valuation is stretched - P/E of 121.1 is well above its own 5-year median (36.6)
- Operating margins have contracted to 15.2% from 21.9%
* The pros and cons are machine generated based on quantitative rules.
Peer comparison
| Name | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| BHARATFORG | 1940.00 | 131.33 | 92749.19 | 0.44 | -89.89 | -131.67 | 4639.94 | 18.71 | 12.46 | 15.05 |
| HAPPYFORGE | 2167.15 | 62.47 | 20453.29 | 0.18 | 91.46 | 39.24 | 449.42 | 27.03 | 18.19 | 31.34 |
| RKFORGE | 710.70 | 121.12 | 12946.91 | 0.14 | 46.88 | 297.76 | 1216.67 | 19.84 | 5.56 | 17.91 |
| BALUFORGE | 533.25 | 24.16 | 6473.22 | 0.03 | 66.09 | 15.89 | 300.72 | 28.95 | 22.95 | 28.19 |
| MMFL | 632.10 | 18.02 | 3051.88 | 0.63 | 90.42 | 371.26 | 420.48 | 18.71 | 9.00 | 17.82 |
| HILTON | 18.11 | 18.27 | 93.21 | 0.00 | 18.06 | 11940.00 | 589.56 | 2573.74 | 7.92 | 6.93 |
| GANGAFORGE | 1.58 | 0.00 | 53.25 | 0.00 | 10.58 | 3748.28 | 71.85 | 827.58 | 4.06 | 9.34 |
Quarterly Results
Consolidated Figures in Rs. Crores / View Standalone
| Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 892 | 899 | 996 | 974 | 959 | 1,054 | 1,074 | 947 | 1,015 | 908 | 1,099 | 1,217 | 1,217 | |
| 700 | 698 | 776 | 786 | 790 | 888 | 947 | 849 | 867 | 785 | 935 | 1,009 | 1,155 | |
| Operating Profit | 192 | 200 | 220 | 188 | 169 | 166 | 126 | 98 | 149 | 123 | 163 | 208 | 62 |
| OPM % | 21.51% | 22.29% | 22.07% | 19.29% | 17.62% | 15.73% | 11.76% | 10.40% | 14.64% | 13.50% | 14.87% | 17.11% | 5.09% |
| 5 | 4 | 1 | 18 | 9 | 3 | 4 | 11 | 4 | 6 | -9 | 2 | 3 | |
| Interest | 36 | 38 | 39 | 34 | 36 | 39 | 42 | 49 | 49 | 53 | 51 | 57 | 57 |
| Depreciation | 57 | 61 | 68 | 72 | 62 | 60 | 64 | 85 | 80 | 80 | 84 | 88 | 99 |
| Profit before Tax | 104 | 106 | 114 | 100 | 79 | 69 | 24 | -23 | 24 | -5 | 19 | 64 | 65 |
| Tax % | 24.22% | 25.01% | 25.98% | 34.26% | 32.56% | 15.81% | 12.32% | 955.86% | 23.06% | 14.18% | 23.57% | 4.56% | 27.58% |
| Net Profit | 0 | 0 | 0 | 0 | 809 | 1,898 | 996 | 200 | 12 | -95 | 14 | 56 | 47 |
| 4.91 | 4.95 | 4.89 | 3.61 | 2.92 | 3.21 | 1.16 | 11.04 | 0.65 | -0.53 | 0.75 | 3.09 | 2.58 |
Profit & Loss
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 921 | 1,491 | 1,931 | 1,216 | 1,289 | 2,320 | 3,193 | 3,955 | 4,034 | 4,238 | 4,440 | |
| 759 | 1,202 | 1,545 | 1,008 | 1,065 | 1,802 | 2,499 | 3,113 | 3,473 | 3,593 | 3,884 | |
| Operating Profit | 162 | 289 | 386 | 208 | 224 | 518 | 694 | 842 | 561 | 645 | 556 |
| OPM % | 17.57% | 19.37% | 19.97% | 17.13% | 17.34% | 22.34% | 21.73% | 21.30% | 13.91% | 15.22% | 12.52% |
| 8 | 4 | 3 | 7 | 6 | 1 | 4 | 29 | 26 | 2 | 2 | |
| Interest | 78 | 73 | 84 | 80 | 81 | 97 | 122 | 154 | 167 | 213 | 219 |
| Depreciation | 75 | 85 | 121 | 121 | 117 | 169 | 202 | 258 | 271 | 333 | 353 |
| Profit before Tax | 17 | 135 | 184 | 15 | 32 | 253 | 374 | 459 | 148 | 84 | 143 |
| Tax % | 33.44% | 29.72% | 34.62% | 34.46% | 34.89% | 21.79% | 33.74% | 25.62% | -124.50% | 14.54% | 17.21% |
| Net Profit | 11 | 95 | 120 | 10 | 21 | 198 | 248 | 341 | 332 | 72 | 118 |
| EPS | 3.90 | 30.09 | 36.75 | 2.97 | 6.44 | 12.43 | 15.43 | 18.89 | 22.93 | 3.96 | — |
| Dividend Payout % | 25.56% | 3.43% | 4.07% | 0.00% | 0.00% | 4.04% | 12.89% | 10.59% | 8.72% | 25.27% | — |
COMPOUNDED SALES GROWTH
- 10 Years:
- 15%
- 5 Years:
- 27%
- 3 Years:
- 10%
COMPOUNDED PROFIT GROWTH
- 10 Years:
- 3%
- 5 Years:
- 28%
- 3 Years:
- -34%
STOCK PRICE CAGR
- 10 Years:
- 25%
- 5 Years:
- 29%
- 3 Years:
- 3%
- 1 Year:
- 22%
RETURN ON EQUITY
- 10 Years:
- 11%
- 5 Years:
- 15%
- 3 Years:
- 10%
- Last Year:
- 2%
Balance Sheet
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 29 | 33 | 33 | 33 | 32 | 32 | 32 | 36 | 36 | 36 |
| 436 | 720 | 834 | 837 | 843 | 1,039 | 1,259 | 2,639 | 2,978 | 3,157 | |
| 988 | 883 | 931 | 1,009 | 1,249 | 1,630 | 1,371 | 1,034 | 1,923 | 2,094 | |
| Trade Payables | 300 | 301 | 279 | 214 | 433 | 608 | 792 | 1,017 | 1,080 | 1,145 |
| 105 | 144 | 161 | 138 | 151 | 217 | 341 | 687 | 522 | 727 | |
| Total Liabilities | 1,858 | 2,080 | 2,237 | 2,231 | 2,709 | 3,525 | 3,794 | 5,413 | 6,539 | 7,159 |
| 1,024 | 1,076 | 1,114 | 1,175 | 1,240 | 1,473 | 1,693 | 2,428 | 2,992 | 3,761 | |
| Capital Work in Progress | 50 | 44 | 130 | 219 | 276 | 129 | 91 | 216 | 498 | 337 |
| 0 | 0 | 0 | 0 | 0 | 55 | 0 | 125 | 190 | 241 | |
| 229 | 299 | 331 | 359 | 438 | 709 | 907 | 1,100 | 1,254 | 1,246 | |
| 0 | 0 | 0 | 0 | 0 | 0 | 0 | 850 | 975 | 795 | |
| Cash & Bank | 2 | 1 | 3 | 3 | 68 | 38 | 47 | 177 | 20 | 163 |
| 553 | 660 | 659 | 475 | 686 | 1,120 | 1,057 | 516 | 609 | 616 | |
| Total Assets | 1,858 | 2,080 | 2,237 | 2,231 | 2,709 | 3,525 | 3,794 | 5,413 | 6,539 | 7,159 |
Cash Flows
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 148 | 152 | 311 | 261 | 141 | 91 | 814 | 621 | 33 | 840 | |
| Cash from Investing | -107 | -110 | -254 | -231 | -222 | -354 | -299 | -1,117 | -912 | -929 |
| Cash from Financing | -37 | -17 | -12 | -22 | 147 | 280 | -438 | 625 | 722 | 235 |
| -1 | 0 | 1 | 1 | 65 | -31 | 8 | 129 | -157 | 146 |
Ratios
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
Documents
Corporate disclosures, annual reports, credit ratings, and concall transcripts
2026-09-11 - Ramkrishna Forgings Limited has informed the Exchange about Schedule of meet
2026-09-08 - Ramkrishna Forgings Limited has informed the Exchange about Announcement Under Regulation 30 (LODR)-ESG Rating
2026-09-05 - Ramkrishna Forgings Limited has informed the Exchange regarding Allotment of 1200 Equity Shares pursuant to RKF Limited Employee Stock Option Scheme 2023 ( ESOP Scheme )
2026-08-31 - Ramkrishna Forgings Limited has submitted the Exchange a copy of the Scrutinizer's report of the 44th Annual General Meeting held on August 29, 2026. Further, the company has informed the Exchange regarding Voting Results.
2026-08-29 - Ramkrishna Forgings Limited has informed the Exchange regarding Proceedings of 44th Annual General Meeting held on August 29, 2026
2026-08-21 - Ramkrishna Forgings Limited has informed the Exchange about Copy of Newspaper Publication with respect to Postal ballot Notice of the Company
2026-08-20 - Ramkrishna Forgings Limited has informed the Exchange regarding Notice of Postal Ballot along with explanatory statement, seeking approval of the Members for reclassification of MAA Chandi Financial Advisory Services Private Limited (formerly Ramkrishna Rail and Infrastructure Private Limited), a member of Promoter Group, from ''Promoter and Promoter Group'' Category to ''Public'' Category.
2026-08-19 - Ramkrishna Forgings Limited has informed the Exchange regarding 'Submission of Certificate from Statutory Auditor in terms of Regulation 169(5) of the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018 ( SEBI ICDR Regulations )'.
2026-08-13 - Ramkrishna Forgings Limited has informed the Exchange regarding 'Letter to Shareholders whose email address are not registered providing web-link of Annual Report'.
News
Recent coverage and analyst commentary for RKFORGE
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