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Rane (Madras) Ltd.

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ranegroup.comBSE: 532661NSE: RML
Market Cap₹ 3,761 Cr.
Current Price
High / Low₹ 1,440 / 608
Stock P/E31.6
Book Value₹ 282
Price to Book2.29
Dividend Yield1.18 %
ROCE14.6 %
ROE15.2 %
Face Value₹ 10

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ABOUT

KEY POINTS

Revenue Breakup Mar 2026 • Steering & Suspension Linkage Products, Steering Gear Products & Hydraulic Products: 53.9% • Brake Linings, Disc pads, Clutch facings, Railway brake blocks and others: 20.0% • Valves, Guides & Tappets: 14.7%

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

  • Latest quarter profit grew 62.4% YoY, showing strong momentum
  • Company has delivered good sales growth of 25.0% CAGR over last 5 years
  • Strong cash generation - operating cash flow backs reported profits (CFO/PAT 4.42x)
  • Company has consistently been profitable over the last 5 years
  • Company has been maintaining a healthy dividend payout of 41.1%

CONS

  • Company has a low return on capital employed of 7.5%
  • Company has a low return on equity of 8.2% over last 3 years
  • Promoter holding has decreased over last 2 years: -2.2pp
  • Equity base is being diluted - shares outstanding up 69.9%
  • Recurring exceptional / one-off items are inflating headline profit

* The pros and cons are machine generated based on quantitative rules.

Peer comparison

Automobile and Auto ComponentsAutomobile & AncillariesAuto Ancillary
Part ofNIFTY 50NIFTY 500NIFTY LARGEMIDCAP 250NIFTY 100NIFTY 200
S.No.Name
1.MOTHERSON164.3039.59173409.490.371075.6677.4835243.7717.7013.638.86
2.BOSCHLTD48388.7560.40142727.940.56706.10-36.745841.9022.0025.6014.08
3.UNOMINDA1202.4057.7569434.660.22315.512.105556.8523.7920.7411.14
4.TIINDIA2607.2583.2150469.140.13293.96-3.046215.3320.2027.338.81
5.SONACOMS788.9570.7649240.610.43178.5146.671301.2052.3814.7522.55
6.ENDURANCE2696.7539.1137933.250.43244.528.034314.8930.0118.3312.42
7.CRAFTSMAN11663.7565.6130505.880.10150.55116.312431.5836.3014.6515.81
8.ZFCVINDIA2548.9058.1029007.880.031044.78753.7510661.76992.8920.2312.93
9.SANSERA4130.2073.9725773.920.1087.3638.711021.2633.2714.2919.18
10.MSUMI36.3038.3724072.931.601453.20915.5134072.601273.4343.727.58
11.GABRIEL1345.4580.1123845.410.371081.26925.3514256.831055.0026.3711.71
12.RML1360.7531.593760.721.1830.1062.441041.6218.2914.648.34
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
5886115218538188498379018819191,0151,04810,416
54657947478475377777182380684192495210,096
Operating Profit423247696572667975799196320
OPM %7.21%5.22%9.02%8.12%7.92%8.52%7.90%8.74%8.49%8.57%8.95%9.12%3.08%
-17-851-4622-8323490
Interest141315161718201817151512155
Depreciation242421333232333636373638394
Profit before Tax-13-9013162124151725304349410
Tax %-7.42%119.67%29.43%30.71%31.79%33.50%97.45%61.53%25.22%27.66%28.61%23.87%26.62%
Net Profit000034-7-2719213137301
-8.9010.935.593.895.295.830.142.376.707.7711.0413.3710.89

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
1,1951,4001,5551,2771,2671,7422,3542,2393,4063,8634,024
1,1071,2731,4381,2331,2361,6672,1712,0923,1223,5223,727
Operating Profit88127117443175184147284341297
OPM %7.40%9.08%7.50%3.47%2.48%4.29%7.80%6.56%8.33%8.83%7.39%
11910157526-10131218
Interest3034353828213557766058
Depreciation5761666666819791132147151
Profit before Tax134026-45-552658-10378146162
Tax %65.61%39.60%90.56%-2.20%-10.22%58.25%48.65%102.95%51.67%26.26%26.51%
Net Profit4242-46-611130338107119
EPS4.1121.402.07-37.96-47.666.9718.461.8623.1438.89—
Dividend Payout %145.97%57.52%420.44%0.00%0.00%0.00%0.00%0.00%34.57%41.15%—

COMPOUNDED SALES GROWTH

10 Years:
16%
5 Years:
25%
3 Years:
18%

COMPOUNDED PROFIT GROWTH

10 Years:
24%
5 Years:
—
3 Years:
53%

STOCK PRICE CAGR

10 Years:
11%
5 Years:
29%
3 Years:
21%
1 Year:
62%

RETURN ON EQUITY

10 Years:
0%
5 Years:
9%
3 Years:
8%
Last Year:
15%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

Corporate actions

2026

Jul 29

₹ 1.60

Rs.16.0000 per share(160%)Final Dividend

2025

Jul 29

₹ 0.80

Rs.8.0000 per share(80%)Final Dividend

2018

Jul 17

₹ 0.75

Rs.7.5000 per share(75%)Final Dividend

2018

Feb 1

₹ 0.45

Rs.4.5000 per share(45%)Interim Dividend

2017

Aug 14

₹ 0.40

Rs.4.0000 per share(40%)Final Dividend

2017

Feb 2

₹ 0.20

Rs.2.0000 per share(20%)Interim Dividend

2016

Mar 17

₹ 0.45

Interim Dividend

Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital11121213151616161628
147213218163157212225240643723
370361444478479580661627694685
Trade Payables197256216189294319347285498551
677772829511712990318472
Total Liabilities7919209639261,0391,2451,3791,2592,1702,458
365386386382415477490453693739
Capital Work in Progress28161650311829277395
0011111278
126153172157159211254241434497
0000000339709796
Cash & Bank67181971229243547
267357371318426524577173219276
Total Assets7919209639261,0391,2451,3791,2592,1702,458

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
92786577559123120316219
Cash from Investing-77-78-60-103-80-124-106-119-14711
Cash from Financing-71426342113435-14-176-207
41110-13517-13-723

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
72.6572.6572.6572.6570.4570.4570.4570.4570.45
0.010.210.080.090.030.040.050.060.33
0.000.130.130.121.021.021.010.950.77
Government0.000.000.000.000.000.000.000.000.00
27.3527.0127.1527.1528.5028.4928.4928.5328.44

Documents

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

2026-09-05
Spurt in Volume

2026-09-05 - Significant increase in volume has been observed in Rane (Madras) Limited. The Exchange, in order to ensure that investors have latest relevant information about the company and to inform the market place so that the interest of the investors is safeguarded, had written to the company. Rane (Madras) Limited has submitted their response.

2026-09-04
Spurt in Volume

2026-09-04 - Significant increase in volume has been observed in Rane (Madras) Limited. The Exchange, in order to ensure that investors have latest relevant information about the company and to inform the market place so that the interest of the investors is safeguarded, has written to the company. The response from the company is awaited.

2026-08-27
Analysts/Institutional Investor Meet/Con. Call Updates

2026-08-27 - Rane (Madras) Limited has informed the Exchange about Transcript

2026-08-21
Analysts/Institutional Investor Meet/Con. Call Updates

2026-08-21 - The Audio Recordings of the Earnings Conference Call is available in the investor information section of the website of the Company at the web-link https://ranegroup.com/investor/rane-madras-limited/.

2026-08-20
Investor Presentation

2026-08-20 - Rane (Madras) Limited has informed the Exchange about Investor Presentation

2026-08-20
Change in Management

2026-08-20 - Details of appointment of Senior Management Personnel is enclosed.

2026-08-20
Press Release

2026-08-20 - Press Release in connection with completion of acquisition of friction business of M/s. Hindustan Composites Limited is enclosed.

2026-08-20
Acquisition

2026-08-20 - The Company has today, i.e. August 20, 2026, completed the acquisition of the friction business of M/s. Hindustan Composites Limited, pursuant to fulfilment of the conditions precedent and customary closing conditions as per the Business Transfer Agreement.

2026-08-18
Analysts/Institutional Investor Meet/Con. Call Updates

2026-08-18 - We hereby inform that an "Earnings Conference Call" is scheduled on, Friday, August 21, 2026 at 15:00 hours (IST).

News

Recent coverage and analyst commentary for RML

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