Rane (Madras) Ltd.
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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 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
- 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
| Name | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| MOTHERSON | 163.80 | 39.47 | 172881.77 | 0.37 | 1075.66 | 77.48 | 35243.77 | 17.70 | 13.63 | 8.86 |
| BOSCHLTD | 48900.00 | 61.03 | 144235.93 | 0.55 | 706.10 | -36.74 | 5841.90 | 22.00 | 25.60 | 14.08 |
| UNOMINDA | 1230.45 | 59.10 | 71054.45 | 0.22 | 315.51 | 2.10 | 5556.85 | 23.79 | 20.74 | 11.14 |
| TIINDIA | 2685.25 | 85.70 | 51979.01 | 0.13 | 293.96 | -3.04 | 6215.33 | 20.20 | 27.33 | 8.81 |
| SONACOMS | 800.45 | 71.79 | 49958.36 | 0.42 | 178.51 | 46.67 | 1301.20 | 52.38 | 14.75 | 22.55 |
| ENDURANCE | 2754.35 | 39.95 | 38743.47 | 0.42 | 244.52 | 8.03 | 4314.89 | 30.01 | 18.33 | 12.42 |
| CRAFTSMAN | 11855.90 | 66.69 | 31008.43 | 0.09 | 150.55 | 116.31 | 2431.58 | 36.30 | 14.65 | 15.81 |
| ZFCVINDIA | 2471.00 | 56.33 | 28121.34 | 0.03 | 1044.78 | 753.75 | 10661.76 | 992.89 | 20.23 | 12.93 |
| SANSERA | 4133.05 | 74.02 | 25791.71 | 0.10 | 87.36 | 38.71 | 1021.26 | 33.27 | 14.29 | 19.18 |
| MSUMI | 36.71 | 38.80 | 24344.83 | 1.58 | 1453.20 | 915.51 | 34072.60 | 1273.43 | 43.72 | 7.58 |
| GABRIEL | 1361.00 | 81.04 | 24121.01 | 0.37 | 1081.26 | 925.35 | 14256.83 | 1055.00 | 26.37 | 11.71 |
| RML | 1362.95 | 31.64 | 3766.80 | 1.17 | 30.10 | 62.44 | 1041.62 | 18.29 | 14.64 | 8.34 |
Quarterly Results
Standalone Figures in Rs. Crores / View Consolidated
| 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 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 530 | 572 | 521 | 853 | 818 | 849 | 837 | 902 | 881 | 920 | 1,015 | 1,048 | 10,416 | |
| 480 | 520 | 471 | 782 | 749 | 775 | 769 | 822 | 805 | 840 | 923 | 950 | 10,076 | |
| Operating Profit | 50 | 52 | 50 | 71 | 69 | 74 | 68 | 80 | 76 | 79 | 92 | 98 | 341 |
| 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 | -121 | 0 | -4 | 5 | 3 | 1 | -8 | 1 | 2 | 3 | 2 | 90 | |
| Interest | 10 | 12 | 15 | 16 | 17 | 18 | 19 | 18 | 16 | 14 | 14 | 13 | 151 |
| Depreciation | 19 | 19 | 21 | 33 | 32 | 31 | 32 | 35 | 35 | 36 | 36 | 38 | 387 |
| Profit before Tax | 4 | -101 | 15 | 18 | 26 | 28 | 17 | 19 | 25 | 31 | 45 | 49 | 431 |
| 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 Profit | 3 | 7 | 11 | 14 | 19 | 20 | 3 | 9 | 19 | 23 | 33 | 37 | 322 |
| 1.83 | 4.45 | 6.90 | 4.91 | 6.79 | 7.10 | 0.94 | 3.12 | 6.77 | 8.27 | 11.81 | 13.47 | 11.63 |
Profit & Loss
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 989 | 1,214 | 1,370 | 1,101 | 1,147 | 1,555 | 2,124 | 2,142 | 3,406 | 3,863 | 4,024 | |
| 893 | 1,079 | 1,228 | 1,024 | 1,057 | 1,427 | 1,906 | 1,961 | 3,112 | 3,518 | 3,722 | |
| Operating Profit | 96 | 135 | 142 | 77 | 90 | 128 | 218 | 181 | 294 | 345 | 303 |
| OPM % | 9.71% | 11.09% | 10.35% | 6.99% | 7.83% | 8.21% | 10.24% | 8.44% | 8.63% | 8.94% | 7.52% |
| 3 | 6 | 11 | -15 | -59 | 7 | -214 | -139 | -1 | 8 | 16 | |
| Interest | 28 | 30 | 29 | 33 | 24 | 22 | 29 | 51 | 73 | 59 | 57 |
| Depreciation | 45 | 50 | 53 | 52 | 52 | 61 | 73 | 81 | 130 | 145 | 148 |
| Profit before Tax | 26 | 60 | 70 | -23 | -45 | 51 | -98 | -91 | 90 | 150 | 168 |
| Tax % | 21.41% | 30.53% | 32.86% | -4.18% | -12.54% | 28.87% | -28.98% | 116.41% | 44.79% | 25.57% | 25.59% |
| Net Profit | 21 | 42 | 47 | -24 | -51 | 37 | -127 | 15 | 50 | 111 | 125 |
| EPS | 19.66 | 36.94 | 40.38 | -20.37 | -39.51 | 23.94 | -77.80 | 9.15 | 30.49 | 40.32 | — |
| 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
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 11 | 12 | 12 | 13 | 15 | 16 | 16 | 16 | 16 | 28 |
| 160 | 250 | 299 | 280 | 284 | 359 | 231 | 245 | 661 | 746 | |
| 301 | 275 | 332 | 365 | 322 | 449 | 525 | 609 | 675 | 664 | |
| Trade Payables | 173 | 234 | 191 | 154 | 263 | 292 | 325 | 285 | 497 | 549 |
| 48 | 60 | 69 | 57 | 70 | 93 | 111 | 86 | 315 | 471 | |
| Total Liabilities | 693 | 830 | 904 | 870 | 953 | 1,209 | 1,208 | 1,242 | 2,165 | 2,456 |
| 320 | 343 | 342 | 334 | 316 | 368 | 393 | 431 | 673 | 720 | |
| Capital Work in Progress | 27 | 14 | 12 | 10 | 15 | 16 | 16 | 13 | 59 | 69 |
| 0 | 0 | 1 | 80 | 107 | 174 | 40 | 29 | 46 | 58 | |
| 110 | 136 | 155 | 133 | 132 | 191 | 232 | 240 | 433 | 497 | |
| 0 | 0 | 0 | 0 | 0 | 0 | 0 | 340 | 709 | 797 | |
| Cash & Bank | 3 | 6 | 11 | 17 | 7 | 8 | 14 | 19 | 30 | 41 |
| 232 | 331 | 384 | 295 | 375 | 452 | 513 | 169 | 215 | 275 | |
| Total Assets | 693 | 830 | 904 | 870 | 953 | 1,209 | 1,208 | 1,242 | 2,165 | 2,456 |
Cash Flows
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 94 | 86 | 91 | 125 | 117 | 44 | 165 | 130 | 339 | 221 | |
| Cash from Investing | -60 | -70 | -87 | -134 | -95 | -176 | -173 | -250 | -174 | 3 |
| Cash from Financing | -28 | -1 | 21 | 24 | -23 | 149 | 50 | 125 | -173 | -203 |
| 1 | 3 | 5 | 6 | -12 | 2 | 7 | 5 | -7 | 21 |
Ratios
Standalone Figures in Rs. Crores / View Consolidated
| 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
2026-09-05 - 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 - 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 - Rane (Madras) Limited has informed the Exchange about Transcript
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 - Rane (Madras) Limited has informed the Exchange about Investor Presentation
2026-08-20 - Details of appointment of Senior Management Personnel is enclosed.
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 - 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 - 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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Rane (Madras) Ltd.
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