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Ramkrishna Forgings Ltd.

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ramkrishnaforgings.comBSE: 532527NSE: RKFORGE
Market Cap₹ 13,245 Cr.
Current Price
High / Low₹ 773 / 460
Stock P/E113.0
Book Value₹ 181
Price to Book2.67
Dividend Yield0.14 %
ROCE6.1 %
ROE2.8 %
Face Value₹ 2

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ABOUT

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 25.3% CAGR over last 5 years
  • Latest quarter profit grew 142.6% YoY, showing strong momentum
  • Company has delivered good sales growth of 23.9% CAGR over last 5 years
  • Strong cash generation - operating cash flow backs reported profits (CFO/PAT 1.74x)
  • Company has a consistent dividend-paying track record

CONS

  • Recent results are weak - TTM profit is down 74.0% versus prior year
  • Company has a low return on capital employed of 11.4%
  • Interest coverage is weak at 1.7x - earnings barely cover interest
  • Free cash flow has been persistently negative
  • Valuation is stretched - P/E of 113.0 is well above its own 5-year median (38.3)
  • Operating margins have contracted to 15.1% from 22.4%

* 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.BHARATFORG1950.00132.0093227.280.44-89.89-131.674639.9418.7112.4615.05
2.HAPPYFORGE2236.2564.4621105.440.1891.4639.24449.4227.0318.1931.34
3.RKFORGE727.05123.9113244.760.1446.88297.761216.6719.845.5617.91
4.BALUFORGE536.6524.316514.500.0366.0915.89300.7228.9522.9528.19
5.MMFL644.1518.363110.060.6290.42371.26420.4818.719.0017.82
6.HILTON18.4818.6495.110.0018.0611940.00589.562573.747.926.93
7.GANGAFORGE1.600.0053.920.0010.583748.2871.85827.584.069.34
Detailed Comparison with:

Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
8368659038968869719688109378019401,0781,097
6486676957247398278597208026938018931,030
Operating Profit1881982081721471441088913510813918567
OPM %22.43%22.89%22.98%19.23%16.59%14.83%11.18%11.04%14.39%13.47%14.76%17.17%6.11%
53214610331048-634
Interest34373630323437434145424747
Depreciation57596366565456746870727280
Profit before Tax101105110906515917-18290186971
Tax %23.80%24.60%25.33%36.06%34.68%14.21%12.15%1276.95%26.75%24.49%27.59%25.05%26.99%
Net Profit778082584313615208220135252
4.814.984.753.202.357.530.8411.481.190.020.732.852.87

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
8811,4351,8071,1121,2882,2853,0013,4903,6343,7553,915
7231,1511,4269071,0581,7582,3322,6953,1443,1873,417
Operating Profit158285380204230528669795491568499
OPM %17.90%19.84%21.05%18.39%17.89%23.10%22.30%22.78%13.50%15.13%12.74%
94365242312299
Interest767080767794116137148178181
Depreciation7584121120116169201244241283294
Profit before Tax161341821441266356437224117159
Tax %32.85%29.47%34.60%33.30%32.61%22.42%33.76%25.30%-79.73%25.88%26.21%
Net Profit1195119102820723632640287117
EPS3.8030.0036.512.948.7112.9114.6518.0422.204.77—
Dividend Payout %26.25%3.44%4.10%0.00%0.00%3.87%13.57%11.09%9.01%20.98%—

COMPOUNDED SALES GROWTH

10 Years:
15%
5 Years:
24%
3 Years:
8%

COMPOUNDED PROFIT GROWTH

10 Years:
5%
5 Years:
25%
3 Years:
-28%

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:
11%
Last Year:
3%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

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
4377218348388511,0551,2622,6272,9513,141
9668619019711,2261,6161,3057441,4811,542
Trade Payables2762892652074295757649419691,025
104133154129149203332548397618
Total Liabilities1,8122,0372,1862,1782,6873,4813,6954,8975,8336,363
1,0161,0681,1061,1671,2331,4661,6851,9182,4472,973
Capital Work in Progress504413021627212585175350188
19191919197419374461562
2292993313574306838691,0041,0851,079
0000000760944867
Cash & Bank102267324216014129
4966065974166661,100995505532564
Total Assets1,8122,0372,1862,1782,6873,4813,6954,8975,8336,363

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
14914831425813285845636101678
Cash from Investing-108-110-254-225-226-353-297-958-755-702
Cash from Financing-37-15-17-26164279-471440502141
-102064-3610118-152117

Ratios

Standalone Figures in Rs. Crores / View Consolidated

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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