Ramkrishna Forgings Q2 revenue rises on domestic exports

Ramkrishna Forgings Limited reported standalone revenue of Rs 1,262.80 crore in Q2 FY27, up 56.1% year on year, led by a Rs 305.15 crore increase in domestic revenue and a Rs 146.55 crore rise in exports. North American export revenue reached Rs 301.69 crore, while forging and casting volumes increased.

How much did RKFL revenue grow in Q2 FY27?

RKFL’s standalone total revenue increased to Rs 1,262.80 crore in Q2 FY27 from Rs 808.93 crore in Q2 FY26, a 56.1% year-on-year rise, and from Rs 1,101.68 crore in Q1 FY27, a 14.6% sequential increase. The total includes domestic sales, export sales, other income and export incentives, and differs from consolidated revenue of Rs 1,405 crore for the quarter.

Domestic revenue was the largest contributor at Rs 821.57 crore, compared with Rs 516.42 crore a year earlier and Rs 735.07 crore in Q1 FY27. This was 59.1% year-on-year growth and 11.8% quarter-on-quarter growth. Export revenue reached Rs 424.52 crore, up 52.7% from Rs 277.97 crore in Q2 FY26 and 20.0% from Rs 353.87 crore in Q1 FY27.

For H1 FY27, RKFL’s standalone revenue was Rs 2,364.48 crore, compared with Rs 1,750.04 crore in H1 FY26, a 35.1% increase. Domestic revenue rose 38.1% to Rs 1,556.64 crore, ahead of the 30.4% increase in export revenue to Rs 778.39 crore. Other income and export incentives grew 13.4% to Rs 29.45 crore.

Which production trends supported RKFL domestic sales?

Higher domestic forging and casting output accompanied RKFL’s domestic revenue increase, with domestic forging volume rising to 37,048 tonnes in Q2 FY27 from 26,763 tonnes in Q2 FY26. Export forging volume also increased to 16,056 tonnes from 12,646 tonnes. Total forging volume consequently climbed 34.8% year on year to 53,104 tonnes.

Domestic forging realisation was Rs 2.08 lakh per tonne in Q2 FY27, above Rs 1.78 lakh per tonne in Q2 FY26 but below Rs 2.13 lakh per tonne in Q1 FY27. Export forging realisation rose to Rs 2.52 lakh per tonne from Rs 2.19 lakh per tonne a year earlier and Rs 2.42 lakh per tonne sequentially. Export realisation was Rs 44,000 per tonne above domestic realisation in Q2 FY27.

Casting volume in the domestic market increased 126.5% year on year to 11,583 tonnes in Q2 FY27, from 5,113 tonnes in Q2 FY26, and exceeded the 8,593 tonnes recorded in Q1 FY27. Casting realisation rose to Rs 1.33 lakh per tonne, compared with Rs 1.27 lakh per tonne a year before and Rs 1.31 lakh per tonne in the preceding quarter.

The H1 comparison showed the same volume and realisation movement. Total forging volume increased to 1,00,116 tonnes in H1 FY27 from 83,580 tonnes in H1 FY26, while domestic casting volume more than doubled to 20,176 tonnes from 9,763 tonnes. H1 domestic forging realisation improved to Rs 2.11 lakh per tonne from Rs 1.81 lakh per tonne, and export realisation increased to Rs 2.47 lakh per tonne from Rs 2.29 lakh per tonne.

How did North America change RKFL export growth?

North America accounted for most of RKFL’s Q2 FY27 export increase, generating Rs 301.69 crore against Rs 128.74 crore in Q2 FY26 and Rs 222.25 crore in Q1 FY27. The Q2 amount was more than double the prior-year quarter and represented roughly 71% of total quarterly export revenue of Rs 424.52 crore.

Europe generated Rs 120.95 crore in Q2 FY27, below Rs 146.96 crore in Q2 FY26 and Rs 128.41 crore in Q1 FY27. Asia and other markets contributed Rs 1.88 crore, compared with Rs 2.27 crore a year earlier. The increase in North America therefore lifted total exports despite lower revenue from Europe and Asia and other markets.

North America’s contribution had also changed at the annual level. It accounted for 58.0% of Rs 1,186.55 crore of export revenue in FY26, compared with 71.3% of Rs 1,482.09 crore in FY25. Europe represented 41.3% of exports in FY26, up from 27.9% in FY25, while Asia and other markets remained below 1% in both years.

RKFL’s broader revenue mix remained weighted to the domestic market in H1 FY27. Domestic activities accounted for 66.9% of revenue, including domestic auto at 48.4%, while total exports were 33.1%. Within exports, auto accounted for 29.6% and other exports 3.5%, while oil and gas represented 0.2% of revenue.

What capacity and orders could support RKFL’s next phase?

RKFL reported 72% total capacity utilisation in Q2 FY27, up from 68% in Q1 FY27 and 62% in Q2 FY26, calculated on annualised installed capacity. Q2 production was 70,925 metric tonnes against installed capacity of 3,95,800 metric tonnes. Casting utilisation rose to 88% from 69% a year earlier, while forgings utilisation increased to 69% from 53%.

Capacity additions disclosed by RKFL included 3,000 metric tonnes of press capacity on January 20, 2026, and 40,000 metric tonnes on March 6, 2026, at Ramkrishna Forgings Limited. It also added 28,800 metric tonnes of casting capacity on March 31, 2026, while Ramkrishna Casting Solutions Limited added an 18,000-metric-tonne press line on December 31, 2025.

RKFL secured new orders worth Rs 673 crore in Q2 FY27, with a stated programme life of four years. India accounted for Rs 323 crore, North America Rs 272 crore and Europe Rs 78 crore. The order flow was split 48% domestic and 52% export, extending the company’s order coverage across both markets.

Commercial vehicles accounted for Rs 304 crore of Q2 order wins, light vehicles for Rs 272 crore, farm equipment for Rs 90 crore and electric vehicles for Rs 7 crore. Management stated that its priorities include higher capacity utilisation, scaling casting and aluminium forging operations, and expanding railways, passenger vehicles and higher-value-added products. It also cited the Mexico facility as strengthening proximity to international customers.

Conclusion

RKFL’s Q2 FY27 standalone revenue expansion reflected a Rs 305.15 crore year-on-year increase in domestic revenue and a Rs 146.55 crore increase in exports. Higher forging volumes, a 126.5% rise in casting volume and North American revenue of Rs 301.69 crore explain the reported growth mix, even as European export revenue declined from the prior-year quarter.

The next indicators are whether the Rs 673 crore of four-year order wins convert into sales and whether capacity utilisation progresses from 72%. Management’s disclosed plan is to raise utilisation, scale casting and aluminium forging operations, and grow railways, passenger vehicles and higher-value-added products while navigating global trade policy, geopolitical and supply-chain uncertainty.