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Rane Madras

Rane (Madras) Ltd

RML NSE
₹1,284.80

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P/E
29.83
View as Markdown
MCP
Close 4 Nov 2026 ₹1,284.80 +431.95 +50.6% 1Y
Start ₹852.85

Key Fundamentals

MicrocapAuto ComponentsConsumer Discretionary

Price-based figures at the close · EPS basis: Consolidated · TTM

ROCE
14.00%
Debt to Equity
1.00
EPS (TTM)
₹43.07
Book Value
₹271.58
Market Cap
—
P/E (TTM)
29.83
P/B
4.73
ROE
15.40%
Dividend Yield
1.22%
EBITDA
₹356 Cr
52W High
₹1,440.00
52W Low
₹608.50

Tapetide Score

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

Overall score

60 Good

Data confidence 100/100

Category scores

Quality
68
Strong
Returns, margins, earnings quality 22% weight
Valuation
57
Good
Cheap vs sector & own history 24% weight
Growth
56
Good
Sales & profit trajectory 9% weight
Financial Health
42
Weak
Solvency, leverage, coverage 9% weight
Momentum
89
Strong
Trend strength, vol-adjusted 12% weight
Ownership
49
Average
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

2
  • Company has delivered good profit growth of 30.5% CAGR over last 5 years
  • Company has been maintaining a healthy dividend payout of 25.2%

Weaknesses

2
  • Stock is trading at 4.78 times its book value
  • Company might be capitalizing the interest cost

Technical Indicators

Technical signals: verdict and indicator counts
GroupSignalBearishNeutralBullish
OverallStrong Bullish1612
OscillatorsBullish162
Moving AveragesStrong Bullish0010

Key readings

RSI (14)
53.04
Neutral
MACD (12,26,9)
−11.17
Bullish
SMA (50)
1,271.49
Bullish
SMA (200)
1,004.25
Bullish

As of

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+16.00%
5Y+24.98%
3Y+17.95%
1Y+13.42%
TTM+16.03%

Net profit

Net profit growth by window
10Y+23.47%
5YTurned to profit
3Y+52.79%
1Y+181.58%
TTM+183.33%

Operating cash flow

Operating cash flow growth by window
10Y+21.59%
5Y+36.63%
3Y+35.51%
1Y−30.70%
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−0.19 pp
5Y+6.38 pp
3Y+1.01 pp
1Y+0.49 pp
TTM+0.35 pp

Revenue by year

Revenue by year, ₹ crore
Mar 2017₹1,195 Cr
Mar 2018₹1,400 Cr
Mar 2019₹1,555 Cr
Mar 2020₹1,277 Cr
Mar 2021₹1,267 Cr
Mar 2022₹1,742 Cr
Mar 2023₹2,354 Cr
Mar 2024₹3,463 Cr
Mar 2025₹3,406 Cr
Mar 2026₹3,863 Cr

Net profit by year

Net profit by year, ₹ crore
Mar 2017₹4.00 Cr
Mar 2018₹24.00 Cr
Mar 2019₹2.00 Cr
Mar 2020−₹46.00 Cr
Mar 2021−₹61.00 Cr
Mar 2022₹11.00 Cr
Mar 2023₹30.00 Cr
Mar 2024₹55.00 Cr
Mar 2025₹38.00 Cr
Mar 2026₹107 Cr

AI Analysis — Bull vs Bear

Generated 6 Jul 2026
AI opinion · based on fundamentals
Risk medium

Rane (Madras) Ltd trades at a market cap of ₹3,417 Cr with a PE of 30.9x and PB of 4.43x. The company has delivered strong compounded profit growth of 47% CAGR over 3 years and 31% over 5 years, while maintaining a dividend yield of 1.33%. ROE has averaged 19% over the last 3 years but moderated to 15% in the most recent year.

Bull Case 8
  • Compounded profit growth of 47% CAGR over 3 years and 31% over 5 years indicates strong earnings momentum
  • TTM profit growth of 150% shows a sharp acceleration in recent earnings
  • 3-year average ROE of 19% reflects efficient capital deployment relative to auto ancillary peers
  • Compounded sales growth of 18% over 3 years and 25% over 5 years demonstrates consistent top-line expansion
  • Healthy dividend payout ratio of 25.2% signals management confidence in sustaining cash flows
  • Stock CAGR of 33% over 1 year and 27% over 5 years shows sustained investor interest and price momentum
  • 10-year compounded sales growth of 16% and profit growth of 22% indicate a long-duration compounder track record
  • TTM revenue growth of 13% continues to outpace broader GDP and auto sector volume growth
Bear Case 7
  • Stock trades at 4.43x book value, well above historical norms for the auto component sector
  • Potential capitalization of interest costs raises concerns about true profitability and accounting quality
  • ROE declined from a 3-year average of 19% to 15% in the last year, signaling possible return compression
  • 10-year ROE of only 9% suggests the recent improvement may not be structurally sustainable
  • TTM sales growth of 13% is decelerating compared to the 3-year CAGR of 18% and 5-year CAGR of 25%
  • Dividend yield of 1.33% offers limited income cushion at current valuations
  • Market cap of ₹3,417 Cr with a 30.9x PE implies the stock is pricing in continued high growth with limited room for execution misses

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

AI News Digest

121d ago

TL;DR: Rane Madras is pursuing inorganic growth with the ₹370 crore friction business acquisition from Hindustan Composites, which scales it to a ₹1,000 crore platform in that segment. No material headwinds are visible in recent news flow. Governance signals are clean with unencumbered promoter holdings and board refreshment. The trend is modestly improving as the acquisition should drive revenue diversification and scale benefits going forward.

Positives 1
  • Friction biz acquisition ₹370Cr Jun 30

    Rane Madras acquires Hindustan Composites' friction business for ₹370 crore, creating a ₹1,000 crore platform and expanding its product portfolio.

Neutral 2
  • New Independent Director appointed Jun 30

    Ramkumar Lakshminarayanan appointed as Independent Director from July 1, 2026 to April 8, 2031, subject to shareholder approval.

  • Promoter shares unencumbered Jun 15

    Nisshinbo Holdings declared no encumbrance on 16,75,011 shares (6.06% stake) in Rane Madras for FY26, signaling clean promoter holding.

Quarterly Results

₹ Cr
RML quarterly results, ₹ crore
Particulars Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026Sep 2026
Sales
588
611
521
853
818
849
837
901
881
919
1,015
1,048
1,042
1,237
Expenses
546
579
474
784
753
777
771
823
806
841
924
952
955
1,128
Operating Profit
42
32
47
69
65
72
66
79
75
79
91
96
87
109
OPM %
7%
5%
9%
8%
8%
9%
8%
9%
8%
9%
9%
9%
8%
9%
Other Income
−17
−85
1
−4
1.51
2
2
−8
3
4.09
3.96
4
9
345
Interest
14
13
15
16
14.83
18
20
18
17
15
15
12
15
21
Depreciation
24
24
21
33
32
32
33
36
36
37
36
38
39
44
PBT
−13
−90
13
16
21
24
15
17
25
30
43
49
41
389
Tax %
7%
−120%
29%
31%
32%
34%
97%
62%
25%
28%
29%
24%
27%
16%
Net Profit
−14
18
9
11
15
16
0
7
19
21
31
37
30
327
EPS (₹)
−8.9
10.93
5.59
6.62
8.99
9.91
0.24
4.01
6.7
7.77
11.04
13.37
10.89
—

Sep 2026: from the results filed on 3 Nov 2026, ahead of the full statement, so some rows are blank.

Profit & Loss

₹ Cr
RML profit and loss, annual, ₹ crore
Particulars Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales
876
1,195
1,400
1,555
1,277
1,267
1,742
2,354
3,463
3,406
3,863
4,024
Expenses
797
1,106
1,273
1,438
1,230
1,236
1,667
2,171
3,193
3,122
3,522
3,672
Operating Profit
79
89
127
117
47
31
75
184
270
284
341
352
OPM %
9%
7%
9%
8%
3.7%
2.5%
4.3%
8%
8%
8%
9%
9%
Other Income
−2
11
9
10
12
7
52
6
−102
2
12
18
Interest
19
30
34
35
38
28
21
35
68
76
59.3
58
Depreciation
41
57
61
66
66
66
81
97
132
132
147
151
PBT
17
13
40
26
−45
−55
26
58
−32
78
146
162
Tax %
27%
66%
40%
91%
2%
10%
58%
49%
−269%
52%
26%
—
Net Profit
13
4
24
2
−46
−61
11
30
55
38
107
119
EPS (₹)
12.05
4.11
20.87
2.02
−36.26
−41.98
6.55
18.46
33.67
23.15
38.89
43.07
Div. Payout %
37%
146%
58%
420%
0%
0%
0%
0%
0%
35%
41%
—

Balance Sheet

₹ Cr
RML balance sheet, annual, ₹ crore
Particulars Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital
11
11
12
12
13
15
16
16
16
16
28
Reserves
140
147
218
218
171
167
212
225
642
655
723
Borrowings
338
362
357
417
470
470
585
668
851
813
752
Other Liabilities
212
267
315
290
268
380
417
439
613
785
1,018
Total Liabilities
701
787
902
937
922
1,032
1,230
1,349
2,122
2,269
2,521
Fixed Assets
361
365
386
386
382
415
477
490
667
693
739
CWIP
7
28
16
16
50
31
18
29
45
73
95
Investments
0
0
0
1
1
1
1
1
11
7
8
Other Assets
333
394
499
535
489
586
733
829
1,398
1,496
1,679
Total Assets
701
787
902
937
922
1,032
1,230
1,349
2,122
2,269
2,521

Cash Flow

₹ Cr
RML cash flow, annual, ₹ crore
Particulars Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Operating
31
88
65
45
69
46
−6
88
191
316
219
Investing
−74
−77
−78
−60
−103
−80
−124
−106
−148
−146
10
Financing
43
−7
14
26
34
21
134
35
−55
−176
−207
Net Cash Flow
0
4
1
11
0
−13
5
17
−12
−6
23
Free Cash Flow
−44
10
−13
−15
−34
−34
−106
−20
−2
159
84
CFO/EBITDA
47
103
62
56
164
176
12
67
85
111
78

Ratios

RML financial ratios, annual
Particulars Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days
67
57
64
58
55
78
74
65
63
76
75
Inventory Days
75
76
73
71
80
81
76
67
82
81
80
Days Payable
117
118
123
89
97
150
115
91
83
93
88
Cash Conversion Cycle
25
15
14
39
38
9
35
41
62
64
67
Working Capital Days
−36
−33
−16
−16
−36
−42
−20
−14
3
−6
−17
ROCE %
—
9%
13%
10%
−1%
−4%
0%
12%
12%
11%
14%

Insights

Beta

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

Log in to view Rane Madras insights

63 extracted metrics across FY09–FY27.

Shareholding Pattern

As of Sep 2026

  • Promoters 70.46%
  • Public 23.37%
  • Others 5.06%
  • DIIs 0.78%
  • FIIs 0.34%

No promoter shares pledged as of Sep 2026

Change vs previous quarter

Documents

  • Q1 FY27 concall · Aug 2026
    Transcript PPT
  • Q4 FY26 concall · May 2026
    PPT
  • Q3 FY26 concall · Feb 2026
    PPT
  • Q2 FY26 concall · Nov 2025
    PPT
  • Q1 FY26 concall · Aug 2025
    Transcript PPT

Frequently Asked Questions about Rane Madras

What does Rane (Madras) Ltd do?
Established in 1960, Rane (Madras) Limited (RML) is part of the Rane Group of Companies, a leading auto component group based out of Chennai. RML has two divisions namely Steering and Linkages Division (SLD) and Light Metal Casting India Division (LMCI).
Where is Rane (Madras) Ltd (RML) listed?
Rane (Madras) Ltd trades as RML on the NSE and under code 532661 on the BSE.
Which sector does Rane (Madras) Ltd belong to?
Rane (Madras) Ltd is classified under the Automobiles sector, in the Auto Components industry.
What is the PE ratio of Rane (Madras) Ltd?
Rane (Madras) Ltd trades at a PE ratio of 29.83 as of 4 Nov 2026, on earnings per share of ₹43.07, against a book value of ₹271.58 per share.
What is the 52-week high and low of Rane (Madras) Ltd?
Over the last 52 weeks Rane (Madras) Ltd has traded between ₹608.5 and ₹1,440 as of 4 Nov 2026.
Does Rane (Madras) Ltd pay dividends?
Rane (Madras) Ltd has a dividend yield of 1.22%.
What is the Return on Equity (ROE) of Rane (Madras) Ltd?
Rane (Madras) Ltd reported a return on equity of 15.40%. Its debt-to-equity ratio is 1.00.

Company Information

Established in 1960, Rane (Madras) Limited (RML) is part of the Rane Group of Companies, a leading auto component group based out of Chennai. RML has two divisions namely Steering and Linkages Division (SLD) and Light Metal Casting India Division (LMCI). Through its overseas subsidiary Rane Light Metal Castings Inc. (RLMCA), RML manufactures high pressure light metal casting components from its facility in Kentucky, USA.

Website ranegroup.com
CEO Mr. Harish Lakshman B.E, M.S.M
Employees 2,556
Listed 30 Aug 2005
Face Value ₹10

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