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Ramkrishna Forgings Ltd.

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ramkrishnaforgings.comBSE: 532527NSE: RKFORGE
Market Cap₹ 12,947 Cr.
Current Price
High / Low₹ 773 / 460
Stock P/E121.1
Book Value₹ 182
Price to Book2.65
Dividend Yield0.14 %
ROCE5.6 %
ROE2.3 %
Face Value₹ 2

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ABOUT

KEY POINTS

Revenue Breakup Mar 2024 • Forging components: 93.7% • Others: 6.3%

AI Sector View

AI GENERATED

Automobile and Auto Components

Buy

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.

Confidence
74%
View full sector analysis →

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

Automobile and Auto ComponentsAutomobile & AncillariesForgings
Part ofNIFTY TOTAL MKTNIFTY 500NIFTY SMLCAP 250
S.No.Name
1.BHARATFORG1940.00131.3392749.190.44-89.89-131.674639.9418.7112.4615.05
2.HAPPYFORGE2167.1562.4720453.290.1891.4639.24449.4227.0318.1931.34
3.RKFORGE710.70121.1212946.910.1446.88297.761216.6719.845.5617.91
4.BALUFORGE533.2524.166473.220.0366.0915.89300.7228.9522.9528.19
5.MMFL632.1018.023051.880.6390.42371.26420.4818.719.0017.82
6.HILTON18.1118.2793.210.0018.0611940.00589.562573.747.926.93
7.GANGAFORGE1.580.0053.250.0010.583748.2871.85827.584.069.34
Detailed Comparison with:

Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
8928999969749591,0541,0749471,0159081,0991,2171,217
7006987767867908889478498677859351,0091,155
Operating Profit1922002201881691661269814912316320862
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%
541189341146-923
Interest36383934363942494953515757
Depreciation57616872626064858080848899
Profit before Tax104106114100796924-2324-5196465
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 Profit00008091,89899620012-95145647
4.914.954.893.612.923.211.1611.040.65-0.530.753.092.58

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
9211,4911,9311,2161,2892,3203,1933,9554,0344,2384,440
7591,2021,5451,0081,0651,8022,4993,1133,4733,5933,884
Operating Profit162289386208224518694842561645556
OPM %17.57%19.37%19.97%17.13%17.34%22.34%21.73%21.30%13.91%15.22%12.52%
8437614292622
Interest787384808197122154167213219
Depreciation7585121121117169202258271333353
Profit before Tax17135184153225337445914884143
Tax %33.44%29.72%34.62%34.46%34.89%21.79%33.74%25.62%-124.50%14.54%17.21%
Net Profit1195120102119824834133272118
EPS3.9030.0936.752.976.4412.4315.4318.8922.933.96—
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

Corporate actions

2026

May 8

₹ 0.50

First Interim Dividend

2025

Jun 6

₹ 0.50

Rs.1.0000 per share(50%)Interim Dividend

2024

Oct 31

₹ 0.50

First Interim Dividend

2024

May 10

₹ 0.50

Second Interim Dividend

2023

Oct 30

₹ 0.50

First Interim Dividend

2023

May 9

₹ 0.25

Interim Dividend

2023

Jan 31

₹ 0.25

Dividend

2022

Nov 1

₹ 0.25

Second Interim Dividend

2022

Sep 8

₹ 0.10

Rs.0.2000 per share(10%)Final Dividend

2022

Jul 28

₹ 0.25

First Interim Dividend

2022

Jan 28

₹ 0.05

Re.0.5000 per share (5%) Third Interim Dividend

2021

Oct 21

₹ 0.05

Re.0.5000 per share (5%) Second Interim Dividend

2021

Aug 5

₹ 0.05

Rs.0.5000 per share(5%)Interim Dividend

2018

Sep 12

₹ 0.10

Rs.1.0000 per share(10%)Dividend

2017

Sep 7

₹ 0.10

Rs.1.0000 per share(10%)Dividend

2016

Sep 15

₹ 0.20

Rs.2.0000 per share(20%)Dividend

2015

Sep 3

₹ 0.20

Rs.2.0000 per share(20%)Dividend

Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital29333333323232363636
4367208348378431,0391,2592,6392,9783,157
9888839311,0091,2491,6301,3711,0341,9232,094
Trade Payables3003012792144336087921,0171,0801,145
105144161138151217341687522727
Total Liabilities1,8582,0802,2372,2312,7093,5253,7945,4136,5397,159
1,0241,0761,1141,1751,2401,4731,6932,4282,9923,761
Capital Work in Progress504413021927612991216498337
00000550125190241
2292993313594387099071,1001,2541,246
0000000850975795
Cash & Bank213368384717720163
5536606594756861,1201,057516609616
Total Assets1,8582,0802,2372,2312,7093,5253,7945,4136,5397,159

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
1481523112611419181462133840
Cash from Investing-107-110-254-231-222-354-299-1,117-912-929
Cash from Financing-37-17-12-22147280-438625722235
-101165-318129-157146

Ratios

Consolidated Figures in Rs. Crores / View Standalone

Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026

Shareholding Pattern

Numbers in percentages

Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
43.1743.1743.1643.1343.1343.1343.1343.3343.39
23.7624.2624.0424.4824.4522.7121.0521.7520.43
4.275.125.416.003.603.504.034.455.06
Government0.000.000.000.000.000.000.000.000.00
28.8027.4527.3926.4028.8330.6731.8030.4831.12

Documents

Corporate disclosures, annual reports, credit ratings, and concall transcripts

2026-09-11
Analysts/Institutional Investor Meet/Con. Call Updates

2026-09-11 - Ramkrishna Forgings Limited has informed the Exchange about Schedule of meet

2026-09-08
General Updates

2026-09-08 - Ramkrishna Forgings Limited has informed the Exchange about Announcement Under Regulation 30 (LODR)-ESG Rating

2026-09-05
ESOP/ESOS/ESPS

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
Shareholders meeting

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
Shareholders meeting

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
Copy of Newspaper Publication

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
Shareholders meeting

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
Updates

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
Updates

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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