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Ramkrishna Forgings

RKFORGE NSE
₹697.10 +5.65 (+0.82%)
P/E
118.55
View as Markdown
MCP
Close 4 Nov 2026 ₹697.10 +162.75 +30.5% 1Y
Start ₹534.35

Key Fundamentals

MicrocapAuto ComponentsConsumer Discretionary

Price-based figures as of · EPS basis: Consolidated · TTM

ROCE
5.60%
Debt to Equity
0.74
EPS (TTM)
₹5.88
Book Value
₹193.71
Market Cap
—
P/E (TTM)
118.55
P/B
3.60
ROE
2.51%
Dividend Yield
0.29%
EBITDA
₹656 Cr
52W High
₹772.80
52W Low
₹460.15
Day Range
₹682.00 – ₹703.50
Volume
7,58,895

Peer Comparison

Consumer Discretionary › Automobiles › Auto Components › Auto Components & Equipments

Ramkrishna Forgings peer comparison
Samvardhana Motherson International
₹159.4938.43₹1,68,660 Cr3.980.37%11.20%13.40%₹1,31,135 Cr₹4,556 Cr
Bosch
₹50,925.0063.56₹1,48,351 Cr10.110.54%14.60%21.50%₹21,088 Cr₹2,363 Cr
Bharat Forge
₹1,812.80122.74₹86,739 Cr7.650.48%12.00%12.60%₹17,543 Cr₹715 Cr
UNO Minda
₹1,196.9057.49₹67,494 Cr10.130.24%19.30%19.60%₹20,725 Cr₹1,291 Cr
Sona BLW Precision Forgings
₹893.7074.48₹56,293 Cr8.700.38%11.70%15.10%₹4,514 Cr₹746 Cr
Schaeffler India
₹3,507.2042.47₹55,555 Cr8.920.99%20.80%27.90%₹10,192 Cr₹1,292 Cr
Tube Investment
₹2,250.5071.81₹42,644 Cr5.620.16%9.95%17.10%₹23,754 Cr₹1,109 Cr
Ramkrishna Forgings (this company)
₹697.10118.55₹12,699 Cr3.600.29%2.51%5.60%₹4,440 Cr₹107 Cr
Median 8 companies₹1,504.8567.69₹61,893 Cr8.180.38%11.85%16.10%₹19,134 Cr₹1,200 Cr

Comparable companies in the same industry. Market cap, P/E and P/B use the latest price; other metrics are as reported in filings. A dash means the figure is not published for that company.

Tapetide Score

Data-driven rating, 0–100, as of . How it works →

Overall score

39 Weak

Data confidence 100/100

Category scores

Quality
57
Good
Returns, margins, earnings quality 22% weight
Valuation
34
Poor
Cheap vs sector & own history 24% weight
Growth
35
Poor
Sales & profit trajectory 9% weight
Financial Health
31
Poor
Solvency, leverage, coverage 9% weight
Momentum
66
Good
Trend strength, vol-adjusted 12% weight
Ownership
25
Poor
FII/DII/promoter flows 24% weight

The Tapetide Score is data analysis, not investment advice. Tapetide is not a SEBI-registered research analyst or investment adviser.

Key Insights

Strengths

1
  • Company's working capital requirements have reduced from 28.5 days to 13.1 days

Weaknesses

4
  • Stock is trading at 3.52 times its book value
  • Company has low interest coverage ratio.
  • Promoter holding has decreased over last quarter: -2.47%
  • Company has a low return on equity of 9.75% over last 3 years.

Technical Indicators

Technical signals: verdict and indicator counts
GroupSignalBearishNeutralBullish
OverallStrong Bullish3412
OscillatorsBearish342
Moving AveragesStrong Bullish0010

Key readings

RSI (14)
54.83
Neutral
MACD (12,26,9)
−6.10
Bullish
SMA (50)
696.97
Bullish
SMA (200)
604.60
Bullish

As of

Analyst Rating

Based on 6 analysts
HOLD50%

1 of 6 analysts rate Buy, 3 Hold, 2 Sell.

As of

BUY
1
17%
HOLD
3
50%
SELL
2
33%

Growth Rate

From the financial statements below. 10Y, 5Y, 3Y: compound annual growth to Mar 2026; 1Y: fiscal year to Mar 2026 against Mar 2025; TTM: four quarters to Jun 2026 against Jun 2025.

Revenue

Revenue growth by window
10Y+16.66%
5Y+26.88%
3Y+9.90%
1Y+5.06%
TTM+8.58%

Net profit

Net profit growth by window
10Y+2.73%
5Y+27.94%
3Y−33.78%
1Y−82.65%
TTM−71.31%

Operating cash flow

Operating cash flow growth by window
10Y+23.23%
5Y+43.10%
3Y+4.08%
1YTiny base
TTM—

TTM: Reported once a year, so there is no trailing-twelve-month figure.

Operating margin· change in pp

Operating margin growth by window
10Y−5.14 pp
5Y−2.59 pp
3Y−6.95 pp
1Y+0.88 pp
TTM+2.80 pp

Revenue by year

Revenue by year, ₹ crore
Mar 2017₹921 Cr
Mar 2018₹1,491 Cr
Mar 2019₹1,931 Cr
Mar 2020₹1,216 Cr
Mar 2021₹1,289 Cr
Mar 2022₹2,320 Cr
Mar 2023₹3,193 Cr
Mar 2024₹3,705 Cr
Mar 2025₹4,034 Cr
Mar 2026₹4,238 Cr

Net profit by year

Net profit by year, ₹ crore
Mar 2017₹11.00 Cr
Mar 2018₹95.00 Cr
Mar 2019₹120 Cr
Mar 2020₹10.00 Cr
Mar 2021₹21.00 Cr
Mar 2022₹198 Cr
Mar 2023₹248 Cr
Mar 2024₹291 Cr
Mar 2025₹415 Cr
Mar 2026₹72.00 Cr

Analyst Forecasts

Forecast For
FY27 consensus · EBITDA
₹761 Cr +16.0% vs FY26
Reported High Mean Low

AI Analysis — Bull vs Bear

Generated 14 Aug 2026
AI opinion · based on fundamentals
Risk high

Ramkrishna Forgings Ltd is a mid-cap auto-ancillary company with a market cap of ~₹13,374 crore trading at a PE of 125x. FY25 consolidated revenue grew 9% YoY to ~₹4,034 crore, but TTM profit declined 60% and the 3-year ROE stands at ~10%. The company is in a heavy capex phase with total forging capacity reaching 268,400 metric tons after major additions in FY25.

Bull Case 8
  • FY25 revenue grew 9% YoY to ~₹4,034 crore, with 5-year sales CAGR of 27% demonstrating strong top-line compounding
  • Significant capacity expansion in FY25 — added 25,000 tons cold forging and 14,250 tons hot/warm forging, bringing total installed capacity to 268,400 metric tons with further expansion to 311,400 tons planned by Q1FY26
  • Working capital efficiency improved sharply from 28.5 days to 13.1 days, freeing up cash for operations and debt servicing
  • 5-year compounded profit growth of 30% indicates the earnings decline is recent and the longer-term trend has been positive
  • Stock has delivered a 10-year CAGR of 25% and 5-year CAGR of 31%, reflecting long-term value creation
  • Export revenue share was 44.3% in Q1FY25 (up from 42.5% in FY24), providing geographic diversification and dollar-denominated earnings
  • Management targets ₹10,000 crore revenue by FY30 with 15-20% annual volume growth, supported by a strong order book and new product lines including EV and non-automotive components
  • FY25 PAT of ~₹332 crore was higher than FY24's ₹283 crore on a full-year basis, suggesting underlying profitability improvement despite quarterly volatility
Bear Case 8
  • PE ratio of 125x is extremely elevated for a cyclical auto-ancillary company, implying very high growth expectations already priced in
  • TTM profit declined 60% and 3-year compounded profit growth is -32%, indicating severe recent earnings deterioration
  • Low interest coverage ratio signals that debt servicing is consuming a significant share of operating profits, elevating financial risk
  • Debt-to-equity ratio of 0.74x with heavy ongoing capex (₹170 crore additional expansion announced) could stretch the balance sheet further if margins stay compressed
  • 3-year ROE of only 9.75-10% is below cost of equity for most investors, yet the stock trades at 4.05x book value — a significant premium for that level of return
  • Last year ROE collapsed to 3%, indicating very poor capital efficiency in the most recent period
  • Dividend yield of just 0.14% offers negligible income support to shareholders during periods of capital depreciation
  • Export mix dropped from ~44% to ~32% due to tariff-related disruptions, exposing the company to geopolitical and trade policy risks

This is AI-generated analysis, not financial advice. Do your own due diligence.

AI News Digest

80d ago

TL;DR: Ramkrishna Forgings is recovering from a brutal FY26 where PAT fell 78%, but Q1FY27 shows strong sequential improvement with 298% profit growth and margin expansion. The ₹170 crore capex signals management confidence in demand, though export weakness and elevated finance costs remain risks. Institutional selling by SMALLCAP World Fund adds near-term overhang. The trend appears to be improving operationally, but the stock needs sustained margin recovery and export stabilisation to rebuild confidence.

Headwinds 2
  • FY26 PAT crashes 78% Aug 5

    PAT dropped 78.47% to ₹865 crore for FY26, driven by higher finance costs and export declines, despite a 15.75% rise in EBITDA to ₹566 crore.

  • SMALLCAP World Fund exits stake Jul 17

    SMALLCAP World Fund sold 4.56M shares on July 15, 2026 via open market, reducing its stake to 4.48%, signalling institutional concern.

Positives 3
  • Q1FY27 profit surges 298% YoY Jul 27

    Consolidated net profit jumped 298% YoY to ₹46.88 crore in Q1FY27, with revenue up 19.8% to ₹1,216.67 crore and EBITDA margin expanding to 17.96%.

  • ₹170 crore capex for expansion Jul 27

    Company announced ₹170.52 crore capex for a new 4000 MT press line, signalling capacity growth.

  • Zero fatalities, emissions down 9.4% Aug 5

    BRSR report shows zero workplace fatalities and a 9.40% reduction in Scope 1 & 2 emissions for FY26, with a net zero target by 2040.

Neutral 3
  • Promoter entity reclassified to public Aug 6

    Maa Chandi Financial Advisory Services Pvt Ltd reclassified from promoter to public category after receiving NOCs from BSE and NSE under SEBI LODR Regulation 31A.

  • 44th AGM on August 29 Aug 5

    AGM scheduled for August 29, 2026 with key resolutions including re-appointing Naresh Jalan as MD and redesignating Chaitanya Jalan to Joint MD.

  • Q1FY27 earnings call held Jul 25

    Earnings conference call for Q1FY27 was held on July 24, 2026 at 4:30 PM IST with MD and CFO participation.

Quarterly Results

₹ Cr
RKFORGE quarterly results, ₹ crore
Particulars Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026Sep 2026
Sales
892
899
996
974
959
1,054
1,074
947
1,015
908
1,099
1,217
1,217
1,405
Expenses
700
699
776
786
791
888
948
849
873
790
936
1,014
999
1,149
Operating Profit
192
200
220
188
169
165
126
98
142
118
162
203
218
256
OPM %
22%
22%
22%
19%
18%
16%
12%
10%
14%
13%
15%
17%
18%
18%
Other Income
5
7
4
19
11
84
4
11
4
6
−9
2
3
—
Interest
36
38
39
35.69
36
39
42
49
49
53
51
57
57
62
Depreciation
57
61
68
72
62
60
64
85
80
80
84
88
99
103
PBT
104
109
117
100
80
151
24
−24
17
−10
19.26
59
65
95
Tax %
24%
24%
25%
34%
32%
7%
12%
−945%
32%
−8%
25%
5%
28%
26%
Net Profit
79
82
87
66
55
140
21
200
12
−10
14
56
47
71
EPS (₹)
4.91
5
4.8
3.66
3.03
7.72
1.16
11.04
0.65
−0.52
0.75
3.08
2.57
—

Sep 2026: from the results filed on 30 Oct 2026, ahead of the full statement, so some rows are blank.

Profit & Loss

₹ Cr
RKFORGE profit and loss, annual, ₹ crore
Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales
754
908
921
1,491
1,931
1,216
1,289
2,320
3,193
3,705
4,034
4,238
4,440
Expenses
623
727
758
1,202
1,545
1,008
1,065
1,802
2,499
2,931
3,474
3,611
3,739
Operating Profit
131
181
163
289
386
209
224
518
694
774
561
627
701
OPM %
17%
20%
18%
19%
20%
17%
17%
22%
22%
21%
14%
15%
16%
Other Income
12
2
7
4
3
6
5
1
4
36
109
2
2
Interest
32
55
78
73
84
80
81
97
122
147
167
210
219
Depreciation
32
53
75
85
121
121
117
169
202
257
271
333
353
PBT
79
75
17
135
184
15
32
253
374
406
231
84
131
Tax %
5%
27%
33%
30%
35%
34%
35%
22%
34%
28%
−80%
15%
—
Net Profit
75
55
11
95
120
10
21
198
248
291
415
72
107
EPS (₹)
5.49
3.81
0.78
5.82
7.36
0.59
1.29
12.36
15.52
16.11
22.93
3.95
5.88
Div. Payout %
7%
11%
26%
3%
4%
0%
0%
14%
13%
12%
9%
25%
—

Balance Sheet

₹ Cr
RKFORGE balance sheet, annual, ₹ crore
Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital
27
29
29
33
33
33
32
32
32
36
36
36
Reserves
383
442
440
726
840
843
851
1,046
1,290
2,598
3,001
3,254
Borrowings
735
882
957
845
912
993
1,233
1,618
1,333
1,207
2,126
2,449
Other Liabilities
297
332
433
452
417
361
587
785
1,076
1,422
1,364
1,423
Total Liabilities
1,442
1,685
1,858
2,056
2,201
2,230
2,703
3,481
3,731
5,262
6,528
7,162
Fixed Assets
532
947
1,024
1,076
1,114
1,175
1,240
1,473
1,693
2,428
2,992
3,762
CWIP
316
35
50
44
130
219
276
129
91
216
498
337
Investments
0
0
0
0
0
0
0
55
0
125
190
241
Other Assets
594
702
783
936
957
836
1,187
1,823
1,947
2,492
2,848
2,823
Total Assets
1,442
1,685
1,858
2,056
2,201
2,230
2,703
3,481
3,731
5,262
6,528
7,162

Cash Flow

₹ Cr
RKFORGE cash flow, annual, ₹ crore
Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Operating
44
104
144
127
267
254
140
43
745
621
33
840
Investing
−272
−169
−107
−110
−254
−231
−222
−354
−299
−1,117
−912
−929
Financing
214
67
−37
−17
−12
−22
147
280
−438
625
722
235
Net Cash Flow
−14
1
−1
0
1
1
65
−31
8
129
−157
146
Free Cash Flow
−247
−67
34
15
13
27
−91
−256
390
35
−932
−39
CFO/EBITDA
45
66
91
52
81
125
63
17
117
99
30
136

Ratios

RKFORGE financial ratios, annual
Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days
145
136
176
126
96
103
162
140
89
84
88
68
Inventory Days
169
206
227
153
131
260
252
251
228
207
230
211
Days Payable
150
164
298
154
110
155
248
215
199
199
197
193
Cash Conversion Cycle
164
178
105
125
117
208
166
176
118
91
121
86
Working Capital Days
−3
−4
−65
16
20
−1
6
46
38
54
19
13
ROCE %
11%
10%
7%
14%
16%
5%
6%
15%
19%
17%
7%
6%

Insights

Beta

AI-extracted from concalls & annual reports · figures as reported, with sources

Log in to view Ramkrishna Forgings insights

63 extracted metrics across FY10–FY27.

Shareholding Pattern

As of Sep 2026

  • Promoters 40.93%
  • Public 21.32%
  • FIIs 17.05%
  • Others 14.98%
  • DIIs 5.73%

16.12% of promoter holding pledged as of Sep 2026

Change vs previous quarter

Not shown for some quarters: Others. Not available separately for this quarter: the shareholding filing gives Public and Others as one figure, shown under Public, so Others is left blank rather than estimated.

Documents

Frequently Asked Questions about Ramkrishna Forgings

What does Ramkrishna Forgings Ltd do?
Ramkrishna Forgings Ltd is primarily engaged in manufacturing and sale of forged components of automobiles, railway wagons & coaches and engineering parts. It is the 2nd largest forging player in India.
Where is Ramkrishna Forgings Ltd (RKFORGE) listed?
Ramkrishna Forgings Ltd trades as RKFORGE on the NSE and under code 532527 on the BSE.
Which sector does Ramkrishna Forgings Ltd belong to?
Ramkrishna Forgings Ltd is classified under the Automobiles sector, in the Auto Components industry.
What is the PE ratio of Ramkrishna Forgings Ltd?
Ramkrishna Forgings Ltd trades at a PE ratio of 118.55 as of 4 Nov 2026, on earnings per share of ₹5.88, against a book value of ₹193.71 per share.
What is the 52-week high and low of Ramkrishna Forgings Ltd?
Over the last 52 weeks Ramkrishna Forgings Ltd has traded between ₹460.15 and ₹772.8 as of 4 Nov 2026.
Does Ramkrishna Forgings Ltd pay dividends?
Ramkrishna Forgings Ltd has a dividend yield of 0.29%.
What is the Return on Equity (ROE) of Ramkrishna Forgings Ltd?
Ramkrishna Forgings Ltd reported a return on equity of 2.51%. Its debt-to-equity ratio is 0.74.

Company Information

Ramkrishna Forgings Ltd is primarily engaged in manufacturing and sale of forged components of automobiles, railway wagons & coaches and engineering parts. It is the 2nd largest forging player in India.

Website ramkrishnaforgings.com
CEO Mr. Naresh Jalan
Employees 2,776
Listed 5 May 2004
Face Value ₹2

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