Overview

Detailed Summary

Rane Holdings Limited is a Chennai‑headquartered auto components holding company manufacturing and supplying steering and suspension systems, friction materials, valve‑train components, occupant safety products and light metal castings to OEMs and aftermarket customers across passenger vehicles, commercial vehicles, farm tractors, two‑/three‑wheelers, railways and stationary engines in over 30 countries.
Q3 FY26 consolidated revenue increased to Rs.1,539.3 crore (+23.6% YoY) with EBITDA of Rs.116.4 crore (+39.5% YoY) and margin expansion of 86 basis points to 7.6%. Despite operating improvement, consolidated PAT swung to a net loss of Rs.39.5 crore, principally due to RHL’s share of a Rs.84.63 crore warranty provision tied to a JV product recall.
Rane’s revenue is concentrated with 72% coming from India OEM and OES channels, while product mix is heavily skewed to steering and suspension (57%), with occupant safety at 20% and brakes, engine components, and light metal castings making up the remainder. Passenger vehicles account for roughly 65% of vehicle‑segment revenues, showing PV exposure.
Operationally, Rane reported multiple plant-level recognitions and process improvements including TIEI awards for light metal castings and engine component facilities, TPM Strong Commitment from CII, and accolades for brake business’s green energy initiatives. These operational awards suggest systematic lean and sustainability focus that could support productivity and customer credibility for Rane Holdings Limited.
Financial volatility in Q3 was driven by warranty provisioning at the ZF Rane JV, where a product recall led to a Rs.172.72 crore provision at the JV and RHL’s share of Rs.84.63 crore, highlighting contingent liability risk from JV operations and the importance of resolution timing for group profitability recovery.

Sector: Finance
Industry: NBFC-Holding Companies
Market Cap: 1,650 Cr
Volatility: Low Risk
P/E Ratio: 49.6
Industry P/E: 22.9
PEG Ratio: 1.9
P/B Ratio: 1.5
52W High: 1,835.00
52W Low: 1,130.05

Sales CAGR

1Y: 23.89%
3Y: 16.60%
5Y: 7.66%
10Y: 7.25%

Profit CAGR

1Y: 47.62%
3Y: 26.21%
5Y: 6.03%
10Y: 7.46%

ROE

TTM: 7.74%
3Y: 11.02%
5Y: 6.60%
10Y: 7.57%

ROCE

TTM: 11.34%
3Y: 15.89%
5Y: 11.56%
10Y: 13.74%

Technicals

‌

Forecasts

Peers

Symbol	Price	Market Cap	P/E	P/B	Div Yield (%)	ROE (%)	ROCE (%)	ROA (%)
RANEHOLDIN	1150.00	1,650 Cr	49.59	1.47	3.29	7.74	11.34	1.66
BLIL	70.90	1,574 Cr	12.18	1.16	6.06	12.62	24.00	7.91
BFINVEST	379.70	1,430 Cr	8.70	0.20	0.00	1.16	1.53	2.11
JINDALPHOT	1125.70	1,162 Cr	95.56	1.10	0.00	14.49	14.37	1.06
AFSL	201.00	1,018 Cr	7.33	0.86	0.00	10.36	10.53	3.74
STEL	529.90	952 Cr	33.08	0.51	0.00	0.92	1.24	1.45
MAXIND	148.00	778 Cr	-5.10	1.66	0.00	-32.20	-20.54	-17.74

Financial Statements

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Consolidated Quarterly Results (in ₹ Crores)

View Standalone

Total Figures

QoQ Changes

Total Figures

	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025
Revenue	928	837	870	831	917	1,241	1,374	1,341	1,399	1,535
Expenses	858	747	787	758	835	1,162	1,278	1,239	1,302	1,423
Interest	17	18	17	17	20	24	24	21	19	19
Financing Profit	53	72	66	56	61	54	71	81	78	93
Financing Margin %	5.73	8.59	7.58	6.71	6.69	4.33	5.20	6.03	5.55	6.04
Other Income	-64	19	14	10	222	13	9.95	33	21	-66
Depreciation	35	32	35	33	35	47	52	50	52	52
Profit Before Tax	-46	59	45	33	248	19	29	63	47	-25
Tax %	211.82	18.29	14.78	40.28	25.21	77.94	59.65	9.11	33.05	-55.49
Net Profit	51	48	38	20	185	4.22	12	57	31	-40
EPS in Rs	28.46	27.28	21.99	9.19	124.44	2.27	6.58	35.57	16.45	-35.41
Gross NPA %	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Net NPA %	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00

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
Revenue	2,232	2,342	2,549	2,155	2,035	2,677	3,508	3,530	4,362	4,362
Expenses	1,829	2,056	2,319	2,013	1,923	2,512	3,189	3,208	4,034	4,034
Interest	43	44	48	51	40	34	50	71	86	86
Financing Profit	360	242	182	91	72	132	270	250	242	242
Financing Margin %	16.12	10.34	7.12	4.24	3.54	4.91	7.69	7.09	5.55	5.55
Other Income	127	144	156	28	-5.19	30	28	72	54	255
Depreciation	106	118	126	128	120	129	142	137	168	168
Profit Before Tax	186	221	212	-8.02	-54	33	156	185	128	329
Tax %	42.54	39.26	37.58	-5.99	-54.15	117.80	32.35	-40.00	84.43	32.82
Net Profit	182	149	116	-10	-60	35	87	150	221	221
EPS in Rs	93.41	91.26	72.65	-1.91	-35.42	16.90	43.61	86.67	142.48	23.19
Dividend Payout %	9.14	15.93	26.03	-421.05	0.00	70.96	38.98	28.84	26.18	—

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	14	14	14	14	14	14	14	14	14	14
Reserves	576	699	790	851	808	750	762	794	892	1,092
Borrowings	513	411	455	501	535	661	777	853	822	995
Other Liabilities	792	723	826	867	809	856	915	931	918	1,461
Total Liabilities	1,896	1,847	2,086	2,233	2,167	2,282	2,468	2,592	2,646	3,561
Fixed Assets	980	780	805	797	805	801	843	866	799	1,140
CWIP	21	32	28	33	52	35	28	38	45	131
Investments	0.00	254	339	385	365	356	341	320	345	334
Other Assets	896	780	913	1,017	945	1,090	1,256	1,368	1,458	1,955
Total Assets	1,896	1,847	2,086	2,233	2,167	2,282	2,468	2,592	2,646	3,561

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	174	160	132	110	180	132	15	186	233	513
Cash from Investing Activity	-157	-26	-66	-87	-124	-96	-114	-152	-105	-196
Cash from Financing Activity	-20	-129	-50	-16	-33	-36	65	-14	-138	-324
Net Cash Flow	-3.17	5.19	16	7.26	24	0.35	-34	20	-9.42	-7.28

Shareholdings

Shareholding History

Quarterly

Yearly

Quarterly

	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025
Promoters	46.57%	46.57%	46.57%	46.57%	46.57%	46.57%	46.55%	46.55%	46.55%	46.55%	46.55%	46.55%
FIIs	0.50%	0.47%	0.39%	0.41%	0.40%	0.49%	0.92%	0.86%	0.81%	0.83%	1.06%	0.82%
DIIs	1.54%	1.54%	2.02%	1.70%	1.59%	1.77%	3.15%	3.81%	3.84%	3.83%	4.03%	4.09%
Public	51.38%	51.42%	51.02%	51.32%	51.43%	51.17%	49.38%	48.79%	48.80%	48.79%	48.36%	48.55%
Total Shareholders	14,364	14,101	14,236	14,145	14,132	14,277	15,415	15,911	15,869	15,968	16,248	15,993

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Q3 FY26

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