RKFORGE
Ramkrishna Forgings share price & financials
- Price
- ₹588.7
- Market cap
- ₹11.4k Cr
- Calls analysed
- 6
Ramkrishna Forgings Limited Q1 FY27
What went well
- Consolidated revenue stood at ₹1,217 crores, registering a growth of 19.84% year-on-year.
- EBITDA excluding other income was ₹218.47 crores, up 47% year-on-year and 5% quarter-on-quarter.
- EBITDA margin improved to 17.96% from 17.11% in the previous quarter, reflecting better operating leverage and improved product mix.
What to watch
- Geopolitical issues are leading to shipping delays, increased working capital pressure, and potential escalation of energy prices.
- Energy prices are a major cost lever, and their uncontrolled rise poses a significant risk to profitability.
What Ramkrishna Forgings Limited does
Ramkrishna Forgings makes hot/warm/cold forged, machined, cast and fabricated metal components used in commercial vehicles, railways, mining and farm equipment, passenger vehicles, EVs, oil & gas, and industrial/steel/cement/power applications. It operates as a one-stop solution provider across hammer & upsetter forging, ring rolling, press lines, gear grinding, aluminium forging, casting and machining, selling to domestic and export (mainly North American and European) automotive and non-automotive OEMs. Through a majority-owned joint venture with Titagarh Rail Systems, it is also setting up a forged-wheel manufacturing plant to supply Indian Railways.
Segments
- Forgings (RKFL)
- Castings (RKCSL)
- Rail Wheel JV
- Mexico operations
- Manufacturing facilities
- 19 (18 in India, 1 in Mexico)
- India plant locations
- Jamshedpur (16 plants: RKFL-7, MAPL-3, RKCL-6), Howrah (West Bengal), Manesar
- Total installed capacity
- 3,95,800 MT (ring rolling, forging, press lines and casting combined)
- Press line capacity
- 2,39,050 MT
- Forging capacity
- 70,350 MT
- Ring rolling capacity
- 24,000 MT
Guidance record · Q1 FY27
what the last two calls moved 21 tracked 2 delivered 6 missed 13 open- EBITDA Margin Recovery missed said Q1 FY26 Promised: back to our old days of margins [21-22%] on a standalone basis by Q4 FY26 or Q1 FY27 Q1 FY27: Achieved 17.96% EBITDA margin in Q1 FY27, missing the target of 21-22% by the stated deadline.
- Rail Wheels JV Operations delayed said Q1 FY26 Promised: start operations by Jan 2026 Q1 FY27: Timeline pushed again. Trial production started, but samples submission now in August, with bulk production expected by Sep/Oct 2026.
- Promoter Capital Infusion delivered said Q4 FY25 Promised: commit to get this entire money [Rs. 204.75 Cr] before the end of this financial year [FY26] Q4 FY26: Achieved. Management commentary for FY27 debt reduction refers to the promoter funding having been received.
All 21 tracked — every revision, and every one management stopped mentioning.
Open the guidance ledgerQuarterly results
Q1 FY27: revenue up 19.9%, net profit up 291.7% against the same quarter last year.
| Line item | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 1,054 | 1,074 | 947 | 1,015 | 908 −14% | 1,099 +2% | 1,217 +29% | 1,217 +20% |
| EBITDA | 165 | 126 | 98 | 142 | 118 −28% | 162 +29% | 203 +107% | 218 +54% |
| Net profit | 140 | 21 | 200 | 12 | -10 −107% | 14 −33% | 56 −72% | 47 +292% |
How to read this
₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.
Performance +21.6% 1Y
1Y: ₹584.85 on 10 Sept 2025 → ₹711.2. High ₹755 (17 Aug 2026), low ₹462.7 (23 Mar 2026).
How the price took the results
close before → close after
- Q1 FY27
- −0.6%
- 24 Jul
- Q4 FY26
- +1.6%
- 4 May
- Q3 FY26
- −2.5%
- 27 Jan
- Q2 FY26
- −0.9%
- 12 Nov
The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.
Financials, as filed
Revenue grew 9.9% a year over 3 years, FY23 to FY26. Operating margin narrowed to 14.7%.
| Year ending | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Revenue | ₹3.2k Cr | ₹3.8k Cr | ₹4.0k Cr | ₹4.2k Cr |
| Operating profit | ₹692 Cr | ₹800 Cr | ₹558 Cr | ₹625 Cr |
| Operating margin | 21.7% | 21.3% | 13.8% | 14.7% |
| Interest | ₹120 Cr | ₹147 Cr | ₹166 Cr | ₹210 Cr |
| Depreciation | ₹202 Cr | ₹258 Cr | ₹271 Cr | ₹332 Cr |
| Net profit | ₹247 Cr | ₹314 Cr | ₹416 Cr | ₹72 Cr |
| Net margin | 7.7% | 8.3% | 10.3% | 1.7% |
| Cash from operations | ₹745 Cr | ₹621 Cr | ₹33 Cr | ₹840 Cr |
| Free cash flow | ₹390 Cr | ₹35 Cr | ₹-932 Cr | ₹-39 Cr |
| ROCE | 19.0% | 17.0% | 7.0% | 6.0% |
How to read this
From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.
Balance sheet
| Year ending | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|
| Equity capital | ₹32 Cr | ₹32 Cr | ₹32 Cr | ₹36 Cr | ₹36 Cr | ₹36 Cr |
| Reserves | ₹851 Cr | ₹1.0k Cr | ₹1.3k Cr | ₹2.6k Cr | ₹3.0k Cr | ₹3.3k Cr |
| Borrowings | ₹1.2k Cr | ₹1.6k Cr | ₹1.3k Cr | ₹1.2k Cr | ₹2.7k Cr | ₹2.4k Cr |
| Other liabilities | ₹587 Cr | ₹785 Cr | ₹1.1k Cr | ₹1.4k Cr | ₹1.1k Cr | ₹1.4k Cr |
| Total liabilities | ₹2.7k Cr | ₹3.5k Cr | ₹3.7k Cr | ₹5.3k Cr | ₹6.9k Cr | ₹7.2k Cr |
| Fixed assets | ₹1.2k Cr | ₹1.5k Cr | ₹1.7k Cr | ₹2.4k Cr | ₹3.0k Cr | ₹3.8k Cr |
| Capital work in progress | ₹276 Cr | ₹129 Cr | ₹91 Cr | ₹216 Cr | ₹815 Cr | ₹337 Cr |
| Investments | ₹0 Cr | ₹55 Cr | ₹0 Cr | ₹125 Cr | ₹210 Cr | ₹241 Cr |
| Other assets | ₹1.2k Cr | ₹1.8k Cr | ₹1.9k Cr | ₹2.5k Cr | ₹2.9k Cr | ₹2.8k Cr |
| Total assets | ₹2.7k Cr | ₹3.5k Cr | ₹3.7k Cr | ₹5.3k Cr | ₹6.9k Cr | ₹7.2k Cr |
How to read this
As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.
Who owns it
As disclosed at Jun 2026
Since Jun 2025, FIIs trimmed −4.02 pp while the public added +2.20 pp. The shareholder count shrank 7% to 1,05,810.
- Promoters
- 43.4%
- FIIs
- 20.4%
- DIIs
- 5.1%
- Public
- 30.9%
- Others
- 0.2%
Since Jun 2025
- FIIs −4.02 pp
- Public +2.20 pp
- DIIs +1.49 pp
How it drifted, 12 quarters
Over this window promoters fell from 47.4% to 43.4% — −4.0 pp.
Ownership split by quarter, oldest first. Sep '23: Promoters 47.4%, FIIs 18.1%, DIIs 3.7%, Public 30.6%, Others 0.1%.Dec '23: Promoters 43.1%, FIIs 23.6%, DIIs 3.6%, Public 29.6%, Others 0.1%.Mar '24: Promoters 43.2%, FIIs 24.5%, DIIs 3.7%, Public 28.5%, Others 0.1%.Jun '24: Promoters 43.2%, FIIs 23.8%, DIIs 4.3%, Public 28.7%, Others 0.1%.Sep '24: Promoters 43.2%, FIIs 24.3%, DIIs 5.1%, Public 27.4%, Others 0.0%.Dec '24: Promoters 43.2%, FIIs 24.0%, DIIs 5.4%, Public 27.4%, Others 0.0%.Mar '25: Promoters 43.1%, FIIs 24.5%, DIIs 6.0%, Public 26.3%, Others 0.1%.Jun '25: Promoters 43.1%, FIIs 24.4%, DIIs 3.6%, Public 28.7%, Others 0.1%.Sep '25: Promoters 43.1%, FIIs 22.7%, DIIs 3.5%, Public 30.6%, Others 0.1%.Dec '25: Promoters 43.1%, FIIs 21.1%, DIIs 4.0%, Public 31.7%, Others 0.1%.Mar '26: Promoters 43.3%, FIIs 21.8%, DIIs 4.5%, Public 30.4%, Others 0.1%.Jun '26: Promoters 43.4%, FIIs 20.4%, DIIs 5.1%, Public 30.9%, Others 0.2%.
Who bought this quarter
since Mar 2026
Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.
- MAA CHANDI FINANCIAL ADVISORY SERVICES PRIVATE LIMITED (Formerly Ramkrishna Rail and Infrastructure Private Limited) newly disclosed 3.57% held
- Old Bridge Focused Fund Mutual fund newly disclosed 1.54% held
- LICI New Pension Plus Growth Fund Insurer newly disclosed 1.14% held
- Riddhi Portfolio Private Limited +0.09 pp 34.74% held
- Morgan Stanley Asia (Singapore) Pte. - Odi Foreign bank / ODI +0.06 pp 1.12% held
The same filing shows 1 holder trimming and 2 off the list — both are in the register beside this.
Who is on the register
Named in the Jun 2026 filing
Every holder of Ramkrishna Forgings Limited above SEBI's 1% disclosure line, and what changed since Mar 2026.
| Holder | Stake | Change |
|---|---|---|
| Riddhi Portfolio Private Limited | 34.74% | +0.09 pp |
| Smallcap World Fund, Inc Global fund house | 5.96% | −2.01 pp |
| MAA CHANDI FINANCIAL ADVISORY SERVICES PRIVATE LIMITED (Formerly Ramkrishna Rail and Infrastructure Private Limited) | 3.57% | newly disclosed |
| Lata Bhanshali | 2.89% | unchanged |
| Akash Bhanshali | 2.22% | unchanged |
| Chaitanya Jalan | 1.67% | unchanged |
| Blue Daimond Properties Pvt Ltd | 1.57% | unchanged |
| Old Bridge Focused Fund Mutual fund | 1.54% | newly disclosed |
| Naresh Jalan | 1.52% | unchanged |
| Blue Lotus Investment Fund FPI fund | 1.38% | unchanged |
| Massachusetts Institute Of Technology Endowment | 1.27% | unchanged |
| BNP Paribas Financial Markets - Odi Global fund house | 1.20% | unchanged |
A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.
Mutual funds in RKFORGE
Filings to Aug 2026
0 new, 4 added, 1 trimmed, 0 sold out — net +0.03 L shares (+1.1%).
- Held by funds
- ₹20 Cr
- 5 schemes
- Biggest holder
- Nippon India Nifty Smallcap 250 Index Fund
- ₹12 Cr · 0.3% of that fund
| Scheme | Holding | Last month | Held since |
|---|---|---|---|
| Nippon India Nifty Smallcap 250 Index Fund Nippon India Mutual Fund | ₹12 Cr | +0.02 L | Mar '24 |
| SBI Nifty Smallcap 250 Index Fund SBI Mutual Fund | ₹6 Cr | +0.01 L | Mar '24 |
| Nippon India Nifty 500 Equal Weight Index Fund Nippon India Mutual Fund | ₹1 Cr | +0.00 L | Sep '24 |
| SBI Nifty 500 Index Fund SBI Mutual Fund | ₹0 Cr | −0.00 L | Sep '24 |
| SBI Nifty Small Cap 250 ETF SBI Mutual Fund | ₹0 Cr | +0.00 L | May '26 |
HDFC, Nippon India and SBI schemes, from their monthly disclosures. Changes are counted in shares, so a price move never looks like buying or selling.
Mutual funds Aug 2026
4 added, 1 trimmed — net +2,946 shares (+1.1%)
- Funds are sitting on
- -18%
- vs est. average cost
- Held by funds
- ₹20 Cr
- 5 schemes · ≈ 0.14% of the company
- Biggest holder
- Nippon India Nifty Smallcap 250 Index Fund
- ₹12 Cr · 0.3% of that fund
Shares held by these funds +126%
Mar '24 2.68 L shares Jul '26
All earnings calls (6)
Read the Q1 FY27 call →Learn to analyse Ramkrishna Forgings Limited
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