Ramkrishna Forgings Q1 FY27: Growth broadens, margins strengthen
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Consolidated revenue (excluding other income) was INR 1,217 crore, EBITDA (excluding other income) was about INR 218 crore with 17.96 percent EBITDA margin, PBT was about INR 65 crore and PAT was about INR 47 crore.
Standalone export revenue in Q1 FY27 was INR 353.87 crore. Management guided that exports could be about 35 percent of consolidated revenue for FY27 and indicated 20 percent plus export growth for the year.
The company announced new orders of INR 278 crore from the automobile segment with a four-year program life and INR 15 crore from the metro segment of Indian Railways.
Management stated trial production has started and the company expects to submit the first 300 wheel samples to Indian Railways in August 2026 for testing and trials. Bulk production will be discussed after trials.
Management highlighted geopolitical-driven shipping delays leading to working capital pressure, and energy price volatility. Steel price increases are passed on with a one-quarter lag.
Net debt was stated at about INR 1,900 crore in Q1 FY27. Management reiterated guidance to reduce leverage by at least INR 500 crore in FY27.
Management guided total capex of about INR 350 crore for FY27, and also indicated another INR 20 to 30 crore investment from the company’s side for the rail JV phase 1.
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