Ramkrishna Forgings Limited (RKFORGE)

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Ramkrishna Forgings Limited (RKFORGE) · mywealthgrid

About

Ramkrishna Forgings Limited manufactures auto components and equipment for the discretionary automotive sector. With a market cap of ₹13,318 crore and recent quarterly revenues of ₹1,100–1,200 crore (Mar–Jun 2026), it operates at mid-cap scale in Indian auto components. Recent operating margins of 17–18% demonstrate operational capability, though a low ROE of 2.27% and extreme PE of 124.6 indicate significant earnings volatility and elevated valuation risk.

Face value: ₹2

Market cap

₹12,643 Cr

P/E

118.3×

P/B

3.8×

Dividend yield

0.3%

ROE

2.3%

ROCE

6.9%

Debt / equity

0.71

OPM

15.2%

EPS (TTM)

₹5.9

Book value

₹181.3

52-week high

—

52-week low

Key insights

Company research notes and source-linked reviews

Key risks

Valuation mismatch: PE of 124.6 paired with ROE of 2.27% suggests the market has priced significant future growth; verify if earnings improvement materializes or valuation faces compression risk.
Severe earnings volatility masks operational stability: Despite OPM ranging 13–18%, net profit swung from ₹55.94 crore (Mar 2026) to −₹9.5 crore (Sep 2025) and EPS from +3.09 to −0.53; identify root causes of below-the-line volatility (interest, tax, exceptional items).
Sector cyclicality evident in Sep–Oct 2025: Revenue fell to ₹800–907 crore and net profit near zero, showing sharp exposure to automotive discretionary cycles.
Moderate leverage (D/E 0.71) combined with volatile profits creates refinancing risk if earnings remain depressed or interest rates rise.

Generated analysis · source review pending

Growth drivers

Recent OPM improvement to 17–18% (Jun 2026) vs. 13–15% (Sep–Dec 2025) shows operational recovery; if sustained above 17% as revenue grows, operating leverage could expand earnings significantly.
Revenue recovery from ₹800 crore low (Sep 2025) to ₹1,100–1,200 crore (Mar–Jun 2026) indicates automotive cycle turning; verify if growth continues in industry or if Ramkrishna is gaining market share.
Despite recent earnings volatility, consistent OPM of 13–18% suggests underlying operational strength; resolution of below-the-line issues (interest, tax, exceptional items) could unlock substantial profit upside from the current ₹1,100+ crore revenue base.

Generated analysis · source review pending

2,528 historical price candles were omitted because the exchange source has not been verified.

₹695.5-2.7%1Y

Quick read

rule-based

Pros

+Profit CAGR of 28.3% over the last 5 years
+Revenue CAGR of 26.9% over the last 5 years
+Dividend payout of 34% of profit

Cons

−Weak interest coverage of 1.5×
−Expensive at 118.3× trailing earnings

Research score

Structured signal from quality, growth, valuation and momentum.

36/100

Business quality: 22
Growth: 56
Valuation: 30

Revenue & net profit

₹ crore, by fiscal year

RevenuePAT

Margins

% of revenue, by fiscal year

OPMPAT margin

Peers

Comparable companies from the narrowest available industry classification.

Part ofNIFTY SMALLCAP 250 NIFTY MIDSMALLCAP 400 NIFTY 500 NIFTY TOTAL MARKET

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Financials

Reported profit and loss, balance sheet, cash flow and growth history.

Annual Quarterly

Consolidated Standalone

Consolidated figures · ₹ crore

₹ Cr	Mar 2016	Mar 2017	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	969	960	1,216	1,289	2,320	3,193	3,955	4,034	4,238
COGS	0	0	505	639	1,161	1,455	1,811	2,000	2,162
Gross profit	—	—	711	650	1,160	1,738	2,143	2,035	2,076
	730	720	504	427	643	1,046	1,303	1,475	1,451
	239	239	207	223	517	692	840	560	625
OPM %	24.6%	24.9%	17%	17.3%	22.3%	21.7%	21.2%	13.9%	14.7%
Depreciation	53	69	121	117	169	202	258	271	333
Interest	54	75	79	80	96	120	152	166	210
	2	2	7	6	1	4	28	109	2
Profit before tax	—	—	15	32	253	374	459	231	84
Tax	20	6	5	11	55	126	118	-184	12
Tax %	—	—	34.5%	34.9%	21.8%	33.7%	25.6%	-79.5%	14.6%
	55	19	10	21	198	248	341	415	72
PAT margin %	5.6%	2%	0.8%	1.6%	8.5%	7.8%	8.6%	10.3%	1.7%
EPS (₹)	19.5	6.7	3	6.4	12.4	15.5	20.3	23	4
EPS adjusted (₹)	—	—	0.6	1.3	12.4	15.5	18.9	22.9	4
	10.2%	14.9%	0%	0%	13.7%	9.7%	7.4%	8.7%	—
Annual report	Annual report for Mar 2016	Annual report for Mar 2017	Annual report for Mar 2020	Annual report for Mar 2021	Annual report for Mar 2022	Annual report for Mar 2023	Annual report for Mar 2024	Annual report for Mar 2025	Annual report for Mar 2026

₹ Cr	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity capital	33	33	32	32	32	36	36	36
Reserves	840	843	851	1,046	1,290	2,648	3,001	3,254
Minority interest	—	—	0	—	—	—	—	—
	820	881	1,229	1,591	1,307	1,118	2,013	2,335
	508	472	593	814	1,101	1,506	1,507	1,553
Total equity & liabilities	2,200	2,229	2,704	3,484	3,730	5,308	6,557	7,178
	1,114	1,166	1,240	1,473	1,693	2,428	2,992	3,762
CWIP	130	219	276	129	91	216	498	337
Investments	0	0	0	55	0	125	190	241
	957	844	1,188	1,826	1,947	2,538	2,878	2,839
Total assets	2,200	2,229	2,704	3,484	3,730	5,308	6,557	7,178

Segment results

As reported in NSE results XBRL. Segment result is before tax and finance costs.

Source XBRL ↗

Latest reported period · 31 Mar 2024 · ₹ crore

Segment	Revenue	Result	Assets	Liabilities
Forging Components	3,707.96	593.99	—	2,514.77
Others	250.34	17.4	—	109.16

SegmentFigure

Forging Components · revenue

₹ crore by fiscal year

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Ratios

Annual operating, return, leverage and working-capital ratios.

Consolidated Standalone

Consolidated figures

Ratio	Mar 2017	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	—	58.5%	50.4%	50%	54.4%	54.2%	50.4%	49%
EBITDA margin %	24.9%	17%	17.3%	22.3%	21.7%	21.2%	13.9%	15.2%
EBIT margin %	17.7%	7.1%	8.2%	15%	15.4%	14.7%	7.1%	7.3%
PAT margin %	2%	0.8%	1.6%	8.5%	7.8%	8.6%	10.3%	1.7%
Working capital
Receivable days	—	104	162	140	89	78	88	68
Inventory days	—	259	250	223	228	222	229	210
Payable days	—	1	247	191	199	205	197	193
NWC days	—	362	165	172	118	95	120	86
Leverage
Current ratio	—	1	1.08	1.27	1.26	1.53	1.1	1.15
Debt to EBITDA	—	4.25	5.52	3.08	1.89	1.33	3.6	3.63
Debt to equity	—	1.01	1.39	1.48	0.99	0.42	0.66	0.71
Interest coverage	2.3	1.2	1.4	3.6	4.1	4	1.9	1.5
Asset turnover	—	0.55	0.48	0.67	0.86	0.75	0.62	0.59
Return ratios
Return on assets %	—	0.4%	0.8%	5.7%	6.7%	6.4%	6.3%	1%
Return on capital employed %	—	6.5%	7.3%	18.9%	22.9%	20.3%	7.8%	6.9%
Return on equity %	—	1.1%	2.3%	18.4%	18.8%	12.7%	13.7%	2.2%

Derived from reported annual statements. ROCE uses EBIT over capital employed (total assets less current liabilities). Day counts average the opening and closing balance; receivables turn on revenue, inventory and payables on cost of goods sold.

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Shareholding

Quarterly ownership, named holders, insider transactions and disclosed deals.

Quarterly Annual

Every quarter filed · % of equity

Holder (%)	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	47.41%	43.14%	43.17%	43.17%	43.17%	43.16%	43.13%	43.13%	43.13%	43.13%	43.33%	43.39%
	18.13%	23.59%	24.54%	23.76%	24.25%	24.04%	24.47%	24.45%	22.71%	21.05%	21.74%	20.43%
	3.74%	3.62%	3.68%	4.27%	5.13%	5.41%	6%	3.59%	3.5%	4.02%	4.45%	5.09%
Government	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%
	30.62%	29.56%	28.53%	28.72%	27.44%	27.37%	26.27%	28.7%	30.54%	31.68%	30.36%	30.89%
No. of shareholders	—	—	—	—	—	—	—	—	1,20,495	1,19,647	1,09,027	1,05,810

Promoter holding down 4.02 percentage points since Sep 2023.

27 deals · 27 Sept 2022 – 16 Jul 2026

Date	Client	Type	Venue	Side	Quantity	Price	Value
16 Jul 2026	SMALLCAP WORLD FUND INC	Bulk	NSE	Sell	12,89,711	₹573.88	₹74.01 Cr
25 Mar 2026	RIDDHI PORTFOLIO (P) LTD	Block	NSE	Buy	17,50,000	₹495.00	₹86.63 Cr
25 Mar 2026	NARESH JALAN	Block	NSE	Sell	17,50,000	₹495.00	₹86.63 Cr
25 Mar 2026	RIDDHI PORTFOLIO (P) LTD	Bulk	NSE	Buy	17,50,000	₹495.00	₹86.63 Cr
25 Mar 2026	NARESH JALAN	Bulk	NSE	Sell	17,50,000	₹495.00	₹86.63 Cr
30 Dec 2025	MORGAN STANLEY ASIA SINGAPORE PTE	Bulk	NSE	Buy	18,75,000	₹506.70	₹95.01 Cr
30 Dec 2025	SOCIETE GENERALE	Bulk	NSE	Sell	14,75,000	₹506.75	₹74.75 Cr
13 Nov 2025	GRAVITON RESEARCH CAPITAL LLP	Bulk	NSE	Sell	9,34,092	₹576.37	₹53.84 Cr
13 Nov 2025	GRAVITON RESEARCH CAPITAL LLP	Bulk	NSE	Buy	9,34,092	₹576.06	₹53.81 Cr
6 Jun 2025	GRAVITON RESEARCH CAPITAL LLP	Bulk	NSE	Sell	10,55,882	₹650.37	₹68.67 Cr

1–10 of 27

1 / 3

Mr. NARESH JALANExecutive Director-Chairperson related to Promoter-MD
Mr. MAHABIR PRASAD JALANNon-Executive - Non Independent Director
Mr. CHAITANYA JALANJoint Managing Director
Mr. LALIT KUMAR KHETANExecutive Director
Mr. MILESH GANDHIExecutive Director
Mr. SANJAY KOTHARINon-Executive - Independent Director
Mr. RANAVEER SINHANon-Executive - Independent Director
Mr. CHETAN RAMESHCHANDRA DESAINon-Executive - Independent Director
Mrs. REKHA BAGRYNon-Executive - Independent Director
Mrs. SUCHARITA BASU DENon-Executive - Independent Director
Rajesh MundhraCompany Secretary & Compliance Officer

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F&O

Current futures and options contracts with compact option-chain pages.

Not in the F&O segment

Only about 210 stocks have listed futures and options. Contracts appear here for those, refreshed after each close.

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Fund holders

Mutual-fund schemes that disclosed a holding in the company.

Portfolio month

Schemes holding

across 10 fund houses

Held by these funds

1.81%

of the company's equity

All mutual funds

1.91%

shareholding pattern, Jun 2026

Portfolios as of

August 2026

compared with July 2026

24 schemes · 10 fund houses

		Shares
Focused Fund	Old Bridge Mutual Fund	28.09 L	208.88	4.8%	1.545%	-0
Nifty Smallcap 250 Index Fund	Nippon India Mutual Fund	1.64 L	12.21	0.35%	0.09%	+2,007
Nifty Smallcap 250 Index Fund	SBI Mutual Fund	83,415	6.2	0.35%	0.046%	+933
(LIVE SCHEMES)	ITI Mutual Fund	65,670	4.88	1.32%	0.036%	-0
(Investment Manager for Motilal Oswal Mutual Fund)	Motilal Oswal Mutual Fund	60,468	4.5	0.35%	0.033%	+549
Nifty Smallcap 250 Index Fund	ICICI Prudential Mutual Fund	36,796	2.74	0.35%	0.02%	+749
Nifty 500 Equal Weight Index Fund	Nippon India Mutual Fund	18,986	1.41	0.27%	0.01%	+10
(Investment Manager for Motilal Oswal Mutual Fund)	Motilal Oswal Mutual Fund	16,419	1.22	0.04%	0.009%	+564

1–8 of 24

1 / 3

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Documents

Annual reports, exchange filings, offer documents, ratings and earnings-call material.

Announcements

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Events

Upcoming dates and the company’s corporate-action history.

25

Interim dividend8 May 2026 · ex-date₹1
Interim dividend6 Jun 2025 · ex-date₹1
Interim dividend31 Oct 2024 · ex-date₹1
Interim dividend10 May 2024 · ex-date₹1
Interim dividend30 Oct 2023 · ex-date₹1
Interim dividend9 May 2023 · ex-date₹0.5
Interim dividend31 Jan 2023 · ex-date₹0.5
Interim dividend1 Nov 2022 · ex-date₹0.5
Final dividend8 Sept 2022 · ex-date₹0.2
Interim dividend28 Jul 2022 · ex-date₹0.5
Interim dividend28 Jan 2022 · ex-date₹0.5
Interim dividend21 Oct 2021 · ex-date₹0.5
Interim dividend5 Aug 2021 · ex-date₹0.5
Dividend dividend29 Aug 2019 · ex-date₹1.5
Dividend dividend12 Sept 2018 · ex-date₹1
Dividend dividend7 Sept 2017 · ex-date₹1
Dividend dividend15 Sept 2016 · ex-date₹2
Dividend dividend3 Sept 2015 · ex-date₹2
Dividend dividend5 Jun 2014 · ex-date₹1
Dividend dividend11 Jul 2013 · ex-date₹1
Dividend dividend19 Jul 2012 · ex-date₹2
Dividend dividend20 Jun 2011 · ex-date₹2
Dividend dividend29 Jul 2010 · ex-date₹1
Dividend dividend21 Aug 2008 · ex-date₹1
Dividend dividend5 Sept 2007 · ex-date₹1

1

Board meeting to consider results24 Jul 2026

1

Face value ₹10 → ₹214 Mar 2022 · ex-date

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Announcements

Latest exchange announcements, filings and downloadable documents.

1 month 3 months 6 months 1 year All

131 announcementsExport CSV

30 Sept 2026, 11:03 amInsider Trading / SAST

Closure of Trading Window

Closure of Trading Window PDF

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Ratio	Mar 2017	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	—	58.5%	50.4%	50%	54.4%	54.2%	50.4%	49%
EBITDA margin %	24.9%	17%	17.3%	22.3%	21.7%	21.2%	13.9%	15.2%
EBIT margin %	17.7%	7.1%	8.2%	15%	15.4%	14.7%	7.1%	7.3%
PAT margin %	2%	0.8%	1.6%	8.5%	7.8%	8.6%	10.3%	1.7%
Working capital
Receivable days	—	104	162	140	89	78	88	68
Inventory days	—	259	250	223	228	222	229	210
Payable days	—	1	247	191	199	205	197	193
NWC days	—	362	165	172	118	95	120	86
Leverage
Current ratio	—	1	1.08	1.27	1.26	1.53	1.1	1.15
Debt to EBITDA	—	4.25	5.52	3.08	1.89	1.33	3.6	3.63
Debt to equity	—	1.01	1.39	1.48	0.99	0.42	0.66	0.71
Interest coverage	2.3	1.2	1.4	3.6	4.1	4	1.9	1.5
Asset turnover	—	0.55	0.48	0.67	0.86	0.75	0.62	0.59
Return ratios
Return on assets %	—	0.4%	0.8%	5.7%	6.7%	6.4%	6.3%	1%
Return on capital employed %	—	6.5%	7.3%	18.9%	22.9%	20.3%	7.8%	6.9%
Return on equity %	—	1.1%	2.3%	18.4%	18.8%	12.7%	13.7%	2.2%

Company	Mkt Cap	EV	Revenue	EBITDA	OPM	PAT	NPM	ROCE	ROE	WC Days
Samvardhana Motherson International LimitedMOTHERSONMOTHERSON	₹1,65,731 Cr	₹1,81,626 Cr	₹1,31,135 Cr	₹12,541 Cr	9.4%	₹4,380 Cr	3.2%	12.6%	10.2%	-26
Bosch LimitedBOSCHLTDBOSCHLTD	₹1,34,166 Cr	₹1,34,166 Cr	₹21,088 Cr	₹2,832 Cr	13.2%	₹2,363 Cr	13.8%	21%	19.4%	13
Bharat Forge LimitedBHARATFORGBHARATFORG	₹89,644 Cr	₹96,518 Cr	₹17,543 Cr	₹2,963 Cr	17.4%	₹706 Cr	6.5%	17.9%	11.5%	136
Uno Minda LimitedUNOMINDAUNOMINDA	₹64,160 Cr	₹66,698 Cr	₹20,725 Cr	₹2,280 Cr	11.5%	₹1,202 Cr	6.5%	19.3%	19.1%	37
Schaeffler India LimitedSCHAEFFLERSCHAEFFLER	₹60,732 Cr	₹60,787 Cr	₹10,505 Cr	₹1,917 Cr	18.2%	₹1,253 Cr	11.9%	27.3%	20.2%	68
Sona Blw Precision Forgings LimitedSONACOMSSONACOMS	₹50,071 Cr	₹50,314 Cr	₹4,935 Cr	₹1,207 Cr	24.7%	₹686 Cr	14.1%	14.6%	11%	121
Tube Investments Of India LimitedTIINDIATIINDIA	₹45,302 Cr	₹45,695 Cr	₹23,754 Cr	₹2,260 Cr	9.9%	₹607 Cr	4.9%	15.4%	9.6%	41
Endurance Technologies LimitedENDURANCEENDURANCE	₹36,602 Cr	₹37,928 Cr	₹15,592 Cr	₹2,058 Cr	13.5%	₹970 Cr	6.5%	18.5%	15.2%	-6
Exide Industries LimitedEXIDEINDEXIDEIND	₹34,803 Cr	₹35,896 Cr	₹18,829 Cr	₹1,954 Cr	10.4%	₹932 Cr	4.8%	8.9%	6.1%	42
Dhoot Transmission LimitedDHOOTTRANSDHOOTTRANS	₹29,518 Cr	₹30,359 Cr	₹4,525 Cr	₹711 Cr	15.7%	₹397 Cr	8.8%	30.8%	23.1%	69
Craftsman Automation LimitedCRAFTSMANCRAFTSMAN	₹26,897 Cr	₹30,238 Cr	₹8,717 Cr	₹1,357 Cr	15.3%	₹465 Cr	4.8%	16.1%	12.5%	74
Sansera Engineering LimitedSANSERASANSERA	₹26,686 Cr	₹27,144 Cr	₹3,753 Cr	₹696 Cr	18.1%	₹351 Cr	9.3%	14.7%	11.1%	98

Date	Category	Subject	Filing
30 Sept 2026, 11:03 am	Insider Trading / SAST Closure of Trading Window	Closure of Trading Window	PDF
29 Sept 2026, 1:46 pm	Company Update General	Grant Of Esops Under RKF Limited Employee Stock Option Scheme 2023	PDF
22 Sept 2026, 11:08 am	Company Update General	Announcement Under Regulation 30 (LODR)-ESG Rating	PDF
21 Sept 2026, 4:58 pm	Company Update General	Disclosure Under Regulation 30 And 31A Of The SEBI (Listing Obligations And Disclosure Requirements) Regulations, 2015	PDF
21 Sept 2026, 4:49 pm	AGM/EGM Postal Ballot	Shareholder Meeting / Postal Ballot-Outcome of Postal_Ballot	PDF
18 Sept 2026, 4:28 pm	Company Update General	Announcement Under Regulation 30 (LODR)-ESG Rating	PDF
18 Sept 2026, 4:01 pm	Company Update General	Announcement Under Regulation 30 (LODR)-ESG Rating	PDF
16 Sept 2026, 8:30 pm	Company Update Analyst / Investor Meet	Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation	PDF

₹ Cr	Mar 2016	Mar 2017	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	104	153	254	140	43	745	621	33	840
	-169	-74	-231	-222	-354	-299	-1,117	-916	-929
	67	-80	-22	147	280	-438	625	727	235
Net cash flow	1	-1	1	65	-31	8	129	-157	146
Free cash flow	-68	78	—	-91	-257	389	32	-944	-84
CFO / Operating profit %	43.4%	63.9%	122.6%	62.7%	8.3%	107.7%	73.9%	5.8%	130.7%

Ramkrishna Forgings Limited

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Segment results

Forging Components · revenue

Ratios

Shareholding

F&O

Not in the F&O segment

Fund holders

Documents

Announcements

Events

25

1

1

Announcements

25

1

1

Not in the F&O segment

Announcements

Annual reports

Credit ratings

Investor Presentation and earnings call

Segment results

Forging Components · revenue

Compounded sales growth

Compounded profit growth

Return on equity

Ramkrishna Forgings Limited

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Profit & loss

Balance sheet

Segment results

Forging Components · revenue

Ratios

Ratio timeline

Shareholding

Quarterly record

Bulk & block deals

Board and management

F&O

Not in the F&O segment

Fund holders

Documents

Announcements

Events

Dividends25

Board meetings1

Stock splits1

Announcements

Dividends25

Board meetings1

Stock splits1

Ratio timeline

Not in the F&O segment

Quarterly record

Bulk & block deals

Board and management

Announcements

Annual reports

Credit ratings

Investor Presentation and earnings call

Profit & loss

Balance sheet

Segment results

Forging Components · revenue

Cash flow

Compounded returns

Compounded sales growth

Compounded profit growth

Return on equity

25

1

1

25

1

1