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Rane (Madras) Ltd.

•
ranegroup.comBSE: 532661NSE: RML
Market Cap₹ 3,767 Cr.
Current Price
High / Low₹ 1,424 / 608
Stock P/E30.2
Book Value₹ 291
Price to Book2.22
Dividend Yield1.17 %
ROCE14.6 %
ROE15.4 %
Face Value₹ 10

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ABOUT

KEY POINTS

Revenue Breakup Mar 2026 • Steering & Suspension Linkage Products, Steering Gear Products & Hydraulic Products: 54.0% • 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 71.7% YoY, showing strong momentum
  • Company has delivered good sales growth of 27.5% CAGR over last 5 years
  • Strong cash generation - operating cash flow backs reported profits (CFO/PAT 3.93x)
  • Company has been maintaining a healthy dividend payout of 39.7%
  • Working capital cycle has improved - days down from -2 to -13
  • Company generates healthy free cash flow

CONS

  • Company has a low return on capital employed of 7.9%
  • 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.MOTHERSON163.8039.47172881.770.371075.6677.4835243.7717.7013.638.86
2.BOSCHLTD48900.0061.03144235.930.55706.10-36.745841.9022.0025.6014.08
3.UNOMINDA1230.4559.1071054.450.22315.512.105556.8523.7920.7411.14
4.TIINDIA2685.2585.7051979.010.13293.96-3.046215.3320.2027.338.81
5.SONACOMS800.4571.7949958.360.42178.5146.671301.2052.3814.7522.55
6.ENDURANCE2754.3539.9538743.470.42244.528.034314.8930.0118.3312.42
7.CRAFTSMAN11855.9066.6931008.430.09150.55116.312431.5836.3014.6515.81
8.ZFCVINDIA2471.0056.3328121.340.031044.78753.7510661.76992.8920.2312.93
9.SANSERA4133.0574.0225791.710.1087.3638.711021.2633.2714.2919.18
10.MSUMI36.7138.8024344.831.581453.20915.5134072.601273.4343.727.58
11.GABRIEL1361.0081.0424121.010.371081.26925.3514256.831055.0026.3711.71
12.RML1362.9531.643766.801.1730.1062.441041.6218.2914.648.34
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
5305725218538188498379028819201,0151,04810,416
48052047178274977576982280584092395010,076
Operating Profit505250716974688076799298341
OPM %9.46%9.11%9.62%8.35%8.41%8.73%8.17%8.83%8.59%8.60%9.05%9.31%3.27%
-17-1210-4531-8123290
Interest101215161718191816141413151
Depreciation191921333231323535363638387
Profit before Tax4-10115182628171925314549431
Tax %25.19%107.17%25.23%25.99%26.65%29.25%85.17%54.75%25.03%26.43%27.26%23.74%25.35%
Net Profit37111419203919233337322
1.834.456.904.916.797.100.943.126.778.2711.8113.4711.63

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
9891,2141,3701,1011,1471,5552,1242,1423,4063,8634,024
8931,0791,2281,0241,0571,4271,9061,9613,1123,5183,722
Operating Profit961351427790128218181294345303
OPM %9.71%11.09%10.35%6.99%7.83%8.21%10.24%8.44%8.63%8.94%7.52%
3611-15-597-214-139-1816
Interest2830293324222951735957
Depreciation4550535252617381130145148
Profit before Tax266070-23-4551-98-9190150168
Tax %21.41%30.53%32.86%-4.18%-12.54%28.87%-28.98%116.41%44.79%25.57%25.59%
Net Profit214247-24-5137-1271550111125
EPS19.6636.9440.38-20.37-39.5123.94-77.809.1530.4940.32—
Dividend Payout %30.52%33.32%21.54%0.00%0.00%0.00%0.00%0.00%26.24%39.68%—

COMPOUNDED SALES GROWTH

10 Years:
16%
5 Years:
27%
3 Years:
22%

COMPOUNDED PROFIT GROWTH

10 Years:
23%
5 Years:
—
3 Years:
—

STOCK PRICE CAGR

10 Years:
12%
5 Years:
29%
3 Years:
23%
1 Year:
65%

RETURN ON EQUITY

10 Years:
3%
5 Years:
0%
3 Years:
11%
Last Year:
15%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

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
160250299280284359231245661746
301275332365322449525609675664
Trade Payables173234191154263292325285497549
48606957709311186315471
Total Liabilities6938309048709531,2091,2081,2422,1652,456
320343342334316368393431673720
Capital Work in Progress27141210151616135969
0018010717440294658
110136155133132191232240433497
0000000340709797
Cash & Bank3611177814193041
232331384295375452513169215275
Total Assets6938309048709531,2091,2081,2422,1652,456

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
94869112511744165130339221
Cash from Investing-60-70-87-134-95-176-173-250-1743
Cash from Financing-28-12124-2314950125-173-203
1356-12275-721

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
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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