Ramkrishna Forgings Ltd

RKFORGE

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Market Cap

₹ 9,424 Cr

P/E

42.26

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Investment Checklist

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Performance

STEADY PERFORMER

Valuation

OVERVALUED

Growth

STABLE

Profitability

LOW MARGIN

Technicals

Bearish

Risk

MODERATE RISK

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Price

PE Ratio

Price

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Overview

Detailed Summary

Ramkrishna Forgings Limited manufactures and sells forged components for automobiles, railway wagons, and engineering parts, operating from multiple locations in India.

Despite a challenging global environment with geopolitical tensions and high input costs, the company reports efforts in expanding domestic business through investment in railways and passenger vehicle components.

Financial results for Q2 FY'26 showed a decline in revenue and profitability due to tariffs, forex losses, and operational disruptions across geographies.

Initiatives like the issuance of warrants and amalgamation processes reflect efforts to reinforce capital structure and operational capabilities for future growth.

Strategic gains include significant orders in the railway segment, reflecting diversification and market expansion away from traditional automotive reliance.

Sector

Castings, Forgings & Fastners

Industry

Forgings - Large

Market Cap

9,424 Cr

Volatility

Moderate Risk

P/E Ratio

42.3

Industry P/E

39.1

PEG Ratio

2.3

P/B Ratio

3.1

52W High

1,019.90

52W Low

512.00

Sales CAGR

8.90%

16.72%

26.73%

10Y

16.00%

Profit CAGR

42.52%

24.84%

110.97%

10Y

24.76%

ROE

TTM

7.27%

13.65%

13.10%

10Y

11.80%

ROCE

TTM

3.43%

13.19%

12.99%

10Y

13.02%

Technicals

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Forecasts

No. of Analysts

11

1Y Price Target

618.88 ▲ 19.65%

Q3 EPS Estimate

Q3 Revenue Estimate

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Price, EPS and Revenue Projections

Strong SellSellHoldBuyStrong Buy

Hold

Strong Buy

Buy

Hold

Sell

Strong Sell

updated on

Dec 03, 2025

Peers

Symbol	Price	Market Cap	P/E	P/B	Div Yield (%)	ROE (%)	ROCE (%)	ROA (%)
CIEINDIA	397.50	15,080 Cr	18.82	2.18	1.76	11.41	14.50	8.00
HAPPYFORGE	1070.65	10,111 Cr	37.27	5.16	0.28	13.85	17.31	11.79
RKFORGE	520.60	9,424 Cr	42.26	3.07	0.38	7.27	3.43	3.24
BALUFORGE	653.00	7,449 Cr	30.57	5.96	0.02	19.52	23.37	15.99
KENNAMET	2175.00	5,175 Cr	44.19	8.01	1.28	17.66	23.61	14.11
MMFL	358.00	1,728 Cr	18.09	1.86	1.12	10.31	9.25	3.85
TAPARIA	12.14	18 Cr	0.13	0.05	411.90	33.51	45.11	27.87

Financial Statements

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Consolidated Quarterly Results (in ₹ Crores)

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Total Figures

QoQ Changes

Total Figures

	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025
Sales	892	899	1,058	1,023	959	1,054	1,074	947	1,015	908
Expenses	700	698	833	806	755	821	842	849	867	785
Operating Profit	192	200	225	217	204	233	232	99	149	123
OPM %	21.51	22.29	21.23	21.25	21.26	22.09	21.56	10.40	14.64	13.50
Other Income	4.66	3.77	1.41	18	8.38	2.17	3.56	11	-3.03	0.90
Interest	36	38	41	36	37	39	42	49	49	53
Depreciation	57	61	68	72	62	60	64	85	80	80
Profit Before Tax	104	106	117	128	114	136	129	-24	17	-10
Tax %	24.22	25.10	25.99	26.83	30.40	20.46	22.81	944.95	31.93	7.50
Net Profit	79	79	87	94	79	108	100	200	12	-9.50
EPS in Rs	4.28	4.59	5.01	5.18	4.46	10.47	5.50	11.04	0.65	-0.52

Consolidated Profit Loss (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
Sales	992	1,509	1,931	1,216	1,289	2,320	3,193	3,955	4,034	4,090
Expenses	759	1,203	1,547	1,009	1,066	1,803	2,501	3,115	3,475	3,379
Operating Profit	233	306	384	207	223	517	692	840	560	711
OPM %	23.48	20.26	19.88	17.04	17.28	22.28	21.68	21.24	13.87	17.39
Other Income	7.37	4.36	3.11	6.80	5.59	1.46	3.96	28	25	14
Interest	77	73	82	79	80	96	120	152	166	178
Depreciation	75	85	121	121	117	169	202	258	271	289
Profit Before Tax	17	135	184	15	32	253	374	459	148	259
Tax %	33.44	29.72	34.62	34.46	34.89	21.79	33.74	25.62	-124.50	-62.10
Net Profit	11	95	120	9.70	21	198	248	341	332	419
EPS in Rs	—	—	7.15	0.54	1.15	10.99	13.69	19.07	31.47	16.67
Dividend Payout %	25.64	3.32	4.08	0.00	0.00	13.68	12.96	9.96	8.71	—

Consolidated Balance Sheet (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Equity Capital	29	29	33	33	33	32	32	32	36	36
Reserves	442	440	726	840	843	851	1,046	1,290	2,648	3,001
Borrowings	828	875	753	820	885	1,139	1,618	1,333	1,207	2,126
Other Liabilities	386	514	545	508	468	682	787	1,075	1,417	1,393
Total Liabilities	1,685	1,858	2,056	2,200	2,229	2,704	3,484	3,730	5,308	6,557
Fixed Assets	947	1,024	1,076	1,114	1,175	1,240	1,473	1,693	2,428	2,992
CWIP	35	50	44	130	219	276	129	91	216	498
Investments	0.11	0.11	0.11	0.11	0.11	0.11	55	0.11	125	190
Other Assets	702	783	937	957	835	1,188	1,826	1,947	2,538	2,878
Total Assets	1,685	1,858	2,056	2,200	2,229	2,704	3,484	3,730	5,308	6,557

Consolidated Cash Flows (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Cash from Operating Activity	104	144	127	267	254	140	43	745	621	33
Cash from Investing Activity	-169	-107	-110	-254	-231	-222	-354	-299	-1,117	-912
Cash from Financing Activity	67	-37	-17	-12	-22	147	280	-438	625	722
Net Cash Flow	0.61	-0.78	0.11	1.34	0.54	65	-31	8.35	129	-157

Shareholdings

Shareholding History

Quarterly

Yearly

Quarterly

	Mar 2023	Jun 2023	Sep 2023	Nov 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025
Promoters	46.34%	46.33%	47.46%	43.18%	43.18%	43.20%	43.21%	43.17%	43.17%	43.18%	43.18%	43.18%
FIIs	14.83%	16.37%	18.15%	23.69%	23.61%	24.56%	23.78%	24.26%	24.04%	24.51%	24.48%	22.74%
DIIs	4.77%	4.21%	3.74%	4.32%	3.62%	3.69%	4.27%	5.13%	5.41%	6.01%	3.60%	3.50%
Public	34.06%	33.09%	30.65%	28.81%	29.59%	28.54%	28.74%	27.44%	27.37%	26.30%	28.74%	30.58%
Total Shareholders	60,137	66,242	83,358	80,737	85,637	83,396	96,223	89,585	95,357	98,142	1,13,670	1,20,495

Market Transactions

Date	Party	Category	Type	Avg Price (₹)	Total Value (₹)	Quantity	Percent Traded
Mar 04, 2025	Riddhi portfolio private limited	Insider - Promoter	Acquisition	610.60	1.22 Cr	20,000	0.01
Feb 13, 2025	Sanjay kothari	Insider - Director	Acquisition	666.33	3.33 Cr	50,000	—
Oct 30, 2024	Radhika jalan	Insider - Promoter	Acquisition	890.68	0.98 Cr	11,000	—
Mar 14, 2024	Riddhi portfolio private limited	Insider - Promoter	Acquisition	629.89	1.89 Cr	30,000	0.01
Feb 20, 2024	Riddhi portfolio private limited	Insider - Promoter	Acquisition	715.00	0.13 Cr	1,865	0.00
Feb 13, 2024	Riddhi portfolio private limited	Insider - Promoter	Acquisition	700.00	0.85 Cr	12,194	0.00
Dec 27, 2023	Naresh jalan	Insider - Promoter & Director	Acquisition	725.33	0.42 Cr	5,775	0.00
Oct 03, 2023	Lalit kumar khetan	Insider - Director	Acquisition	205.00	2.05 Cr	1,00,000	—
Oct 03, 2023	Eastern credit capital privat...	Insider - Promoter	Acquisition	205.00	20.50 Cr	10,00,000	0.62
Oct 03, 2023	Naresh jalan	Insider - Promoter	Acquisition	205.00	61.50 Cr	30,00,000	1.86

Projection

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Announcements

Last 7 days

Newest

Sentiment

Voting Results

2 days ago

Voting Results of Extra Ordinary General Meeting

The Voting Results and Scrutinizer's Report for the Extra Ordinary General Meeting held by Ramkrishna Forgings Limited on December 12, 2025, indicate that all special business resolutions were passed with requisite majority.

Shareholder Meeting

3 days ago

Outcome of Extra Ordinary General Meeting

The Extra Ordinary General Meeting of Ramkrishna Forgings Limited was held on December 12, 2025, where resolutions including a preferential issue of warrants were approved.

Documents

Presentations

Concalls

Reports

Presentations

Investor Presentation

Q1 FY26

Investor Presentation

Q4 FY25

Investor Presentation

Q3 FY25

Investor Presentation

Q2 FY25

Investor Presentation

Q1 FY25

Investor Presentation

Q4 FY24

Investor Presentation

Q3 FY24

Investor Presentation

Q3 FY24

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Overview

Detailed Summary

Ramkrishna Forgings Limited manufactures and sells forged components for automobiles, railway wagons, and engineering parts, operating from multiple locations in India.

Financial results for Q2 FY'26 showed a decline in revenue and profitability due to tariffs, forex losses, and operational disruptions across geographies.

Initiatives like the issuance of warrants and amalgamation processes reflect efforts to reinforce capital structure and operational capabilities for future growth.

Strategic gains include significant orders in the railway segment, reflecting diversification and market expansion away from traditional automotive reliance.

Sector

Castings, Forgings & Fastners

Industry

Forgings - Large

Market Cap

9,424 Cr

Volatility

Moderate Risk

P/E Ratio

42.3

Industry P/E

39.1

PEG Ratio

2.3

P/B Ratio

3.1

52W High

1,019.90

52W Low

512.00

Sales CAGR

8.90%

16.72%

26.73%

10Y

16.00%

Profit CAGR

42.52%

24.84%

110.97%

10Y

24.76%

ROE

TTM

7.27%

13.65%

13.10%

10Y

11.80%

ROCE

TTM

3.43%

13.19%

12.99%

10Y

13.02%