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Ramkrishna Forgings Re-appoints Naresh Jalan as MD for 3-Year Term
Ramkrishna Forgings has approved the re-appointment of Mr. Naresh Jalan as Managing Director for a three-year term effective November 5, 2026. Under his leadership, the company has grown to become India's second-largest forging player by revenue, serving critical sectors like Automotive and Oil & Gas. The re-appointment, recommended by the Nomination and Remuneration Committee, is subject to shareholder approval at the 44th Annual General Meeting. Mr. Jalan brings over 27 years of industry experience and has been pivotal in the company's expansion into advanced machining and greenfield projects.
Key Highlights
Re-appointment of Mr. Naresh Jalan as Managing Director for a 3-year term starting November 5, 2026
Mr. Jalan possesses over 27 years of experience in the forging industry
Company is currently the second largest forging player in India in terms of revenue
Appointment is subject to shareholder approval at the upcoming 44th Annual General Meeting
💼 Action for Investors
Investors should view this as a positive move for leadership continuity, given Mr. Jalan's track record in scaling the company to its current market position. No immediate action is required as this ensures stability in the company's long-term strategic direction.
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RK Forge Reports Zero Deviation in Utilization of ₹150.78 Cr Raised via Warrants
Ramkrishna Forgings Limited (RKFORGE) has confirmed zero deviation in the utilization of funds raised through preferential issues for the quarter ended March 31, 2026. The company raised a total of ₹150.78 crore through two separate warrant-related transactions during the period. These funds were primarily deployed for the repayment of working capital loans and interest payments, as well as general corporate purposes. The monitoring agency, India Rating & Research Private Limited, has reviewed and verified the utilization of these funds.
Key Highlights
Raised ₹49.98 crore as 25% upfront payment for 34,00,000 warrants issued at ₹588 each.
Raised ₹100.80 crore from the conversion of 6,40,000 warrants into equity shares at ₹1,575 per warrant (75% balance).
Reported zero deviation or variation in the objects of the issue for both fund-raising events.
Funds were utilized for repayment of working capital demand loans and interest payments to strengthen the balance sheet.
India Rating & Research Private Limited acted as the monitoring agency for the fund utilization.
💼 Action for Investors
Investors should view the disciplined use of equity proceeds for debt/working capital repayment as a positive sign of financial management. This deleveraging is expected to improve the company's interest coverage ratio and overall profitability.
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RKFORGE Q4 FY26 Revenue Up 28% YoY to ₹1,217 Cr; EBITDA Margins Expand to 17.1%
Ramkrishna Forgings (RKFORGE) delivered a strong Q4 FY26 performance with consolidated revenue growing 28% YoY to ₹1,217 crore. EBITDA more than doubled YoY to ₹208.19 crore, with margins expanding significantly to 17.1% from 10.4% in the previous year. The company successfully concluded a heavy capex cycle, adding 43,000 MT of forging and 28,800 MT of casting capacity in Q4 alone. Management remains optimistic for FY27, backed by a robust order book of ₹3,074 crore secured during the fiscal year.
Key Highlights
Consolidated Q4 revenue increased 28% YoY to ₹1,217 crore and 11% on a QoQ basis.
EBITDA margins improved to 17.1% in Q4 FY26 compared to 10.4% in Q4 FY25.
Secured new orders worth ₹3,074 crore in FY26, including ₹594 crore in Q4.
Added significant capacities: 43,000 MT in forging and 28,800 MT in casting during Q4 FY26.
Net debt stood at ₹2,172 crore with a management focus on phased deleveraging over the next 2-3 years.
💼 Action for Investors
Investors should monitor the ramp-up of newly commissioned capacities and the execution of the ₹3,074 crore order book. The transition from a heavy capex phase to a focus on asset sweating and deleveraging is a positive signal for future free cash flow generation.
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Ramkrishna Forgings Declares Re. 1 Dividend, Re-appoints MD, and Allots ESOPs
Ramkrishna Forgings (RKFORGE) has declared a 1st interim dividend of Re. 1 per share for FY 2025-26, with a record date of May 8, 2026. The board approved the re-appointment of Mr. Naresh Jalan as Managing Director for a three-year term starting November 2026, ensuring leadership continuity. Additionally, the company is issuing 1,64,413 equity shares under its ESOP scheme at a price of Rs. 556 per share. The company also reported audited financial results for FY 2026 with an unmodified audit opinion.
Key Highlights
Declared 1st Interim Dividend of Re. 1 per share on a face value of Rs. 2.
Re-appointed Mr. Naresh Jalan as Managing Director for a 3-year term effective November 5, 2026.
Allotted 1,64,413 equity shares to the ESOP Trust at an exercise price of Rs. 556 per share.
Paid-up equity share capital increased to 18,18,35,017 shares following the ESOP allotment.
Statutory auditors issued an unmodified opinion on the Standalone and Consolidated Financial Results for FY 2025-26.
💼 Action for Investors
Investors should track the dividend record date of May 8, 2026, and view the re-appointment of the Managing Director as a positive sign of management stability.
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RKFORGE Declares Re. 1 Dividend, Re-appoints MD, and Allots ESOPs
Ramkrishna Forgings (RKFORGE) has declared a 1st interim dividend of Re. 1 per share for FY26, with a record date of May 8, 2026. The board has approved the re-appointment of Mr. Naresh Jalan as Managing Director for a three-year term starting November 2026, ensuring leadership continuity. Additionally, the company allotted 1,64,413 equity shares under its ESOP scheme at a price of Rs. 556 per share. Two independent directors will retire on May 20, 2026, leading to a reconstitution of key board committees.
Key Highlights
Declared 1st Interim Dividend of Re. 1 per share (50% of face value) for FY 2025-26.
Re-appointed Mr. Naresh Jalan as Managing Director for a 3-year term effective November 5, 2026.
Allotted 1,64,413 equity shares at Rs. 556 per share, increasing paid-up capital to 18,18,35,017 shares.
Independent Directors Mr. Sandipan Chakravortty and Mr. Partha Sarathi Bhattacharyya to cease office on May 20, 2026.
Audit, NRC, and Capital Market committees reconstituted effective May 21, 2026.
💼 Action for Investors
Investors should ensure they hold shares by the May 8 record date to receive the Re. 1 dividend. The re-appointment of the MD is a positive sign for long-term strategic stability.
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RKFORGE Declares Re. 1 Dividend and Re-appoints MD Naresh Jalan for 3 Years
Ramkrishna Forgings (RKFORGE) has declared its first interim dividend of Re. 1 per share for FY 2025-26, with a record date of May 8, 2026. The board has approved the re-appointment of Mr. Naresh Jalan as Managing Director for a three-year term starting November 5, 2026, ensuring leadership continuity. Additionally, the company is issuing 1,64,413 equity shares under its ESOP scheme at Rs. 556 per share, totaling approximately Rs. 9.14 crore. Two independent directors will retire on May 20, 2026, following the completion of their second terms, leading to a reconstitution of board committees.
Key Highlights
Declared 1st Interim Dividend of Re. 1 per equity share (50% of face value) for FY 2025-26.
Re-appointed Naresh Jalan as Managing Director for a 3-year term effective November 5, 2026.
Allotted 1,64,413 equity shares to the ESOP Trust at Rs. 556 per share, totaling Rs. 9.14 crore.
Record date for dividend eligibility fixed as Friday, May 8, 2026.
Independent Directors Sandipan Chakravortty and Partha Sarathi Bhattacharyya to retire on May 20, 2026.
💼 Action for Investors
Investors should ensure they hold shares by the May 8 record date to qualify for the dividend and can view the MD's re-appointment as a positive sign for long-term strategic stability.
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RKFORGE Declares Re. 1 Dividend, Allots 1.64 Lakh ESOP Shares & Re-appoints MD
Ramkrishna Forgings has declared a 1st interim dividend of Re. 1 per share for FY 2025-26, with the record date set for May 8, 2026. The company approved the allotment of 1,64,413 equity shares to its ESOP trust at an exercise price of Rs. 556 per share, slightly increasing the total paid-up capital. Leadership stability is reinforced with the re-appointment of Mr. Naresh Jalan as Managing Director for a three-year term. Additionally, the board approved the audited financial results for FY 2025-26 with an unmodified audit opinion.
Key Highlights
Declared 1st interim dividend of Re. 1 per share (50% of face value) for FY 2025-26 with a record date of May 8, 2026.
Allotted 1,64,413 equity shares under ESOP 2023 at Rs. 556 per share, raising the paid-up capital to 18,18,35,017 shares.
Re-appointed Mr. Naresh Jalan as Managing Director for a 3-year term effective November 5, 2026.
Audited FY26 financial results approved with an unmodified opinion from joint statutory auditors S.R. Batliboi & Co. and S.K. Naredi & Co.
Two independent directors to cease office on May 20, 2026, leading to a reconstitution of Audit and NRC committees.
💼 Action for Investors
Investors should ensure they hold shares by the May 8 record date to qualify for the interim dividend. The re-appointment of the MD and the clean audit report provide confidence in the company's governance and leadership continuity.
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Ramkrishna Forgings Declares Re. 1 Interim Dividend; Sets Record Date for May 8, 2026
Ramkrishna Forgings has declared its first interim dividend of Re. 1 per share for FY 2025-26, which is 50% of the face value of Rs. 2. The company has fixed May 8, 2026, as the record date to determine eligible shareholders for this payout. Alongside the dividend, the board approved the allotment of 1,64,413 equity shares under its 2023 ESOP scheme at an exercise price of Rs. 556 per share. Leadership continuity is also addressed with the re-appointment of Managing Director Naresh Jalan for a further three-year term starting November 2026.
Key Highlights
Declared 1st interim dividend of Re. 1 per equity share (50% of face value) for FY 2025-26.
Fixed Friday, May 8, 2026, as the Record Date for dividend eligibility.
Approved allotment of 1,64,413 equity shares to the ESOP Trust at Rs. 556 per share.
Re-appointed Mr. Naresh Jalan as Managing Director for a 3-year term effective November 5, 2026.
Post-allotment, the company's paid-up equity share capital increased to 18,18,35,017 shares.
💼 Action for Investors
Investors interested in the dividend should ensure they hold the stock before the May 8 record date. The re-appointment of the MD and the ESOP allotment at a premium suggest management confidence in long-term value creation.
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Ramkrishna Forgings Declares Re. 1 Interim Dividend; Re-appoints MD for 3 Years
Ramkrishna Forgings (RKFORGE) has declared its first interim dividend of Re. 1 per share for FY 2025-26, with a record date set for May 8, 2026. The board also approved the re-appointment of Mr. Naresh Jalan as Managing Director for a three-year term, ensuring leadership continuity. Additionally, the company allotted 1,64,413 equity shares under its ESOP scheme at an exercise price of Rs. 556 per share. The audited financial results for the year ended March 31, 2026, were approved with an unmodified audit opinion, signaling financial transparency.
Key Highlights
Declared 1st Interim Dividend of Re. 1 per equity share (50% of face value) for FY 2025-26.
Fixed May 8, 2026, as the Record Date for the purpose of dividend payment.
Re-appointed Mr. Naresh Jalan as Managing Director for a 3-year term effective November 5, 2026.
Approved allotment of 1,64,413 equity shares to the ESOP Trust at a price of Rs. 556 per share.
Joint Statutory Auditors issued an Unmodified Opinion on the FY 2025-26 audited financial results.
💼 Action for Investors
Investors seeking dividend income should ensure they hold shares before the May 8 record date. The re-appointment of the Managing Director provides stability and is a positive signal for the company's long-term strategic execution.
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Ramkrishna Forgings Declares Re. 1 Dividend and Re-appoints MD; FY26 Results Approved
Ramkrishna Forgings has approved its audited financial results for FY26 and declared a first interim dividend of Re. 1 per share (50% of face value). The board confirmed the re-appointment of Mr. Naresh Jalan as Managing Director for a three-year term starting November 2026, ensuring leadership continuity. Additionally, the company allotted 1,64,413 equity shares under its ESOP scheme at an exercise price of Rs. 556 per share, raising approximately Rs. 9.14 crore. Two independent directors will step down in May 2026 following the completion of their second terms, leading to a reconstitution of key board committees.
Key Highlights
Declared 1st Interim Dividend of Re. 1 per share (50% of FV) for FY 2025-26 with a record date of May 8, 2026.
Re-appointed Mr. Naresh Jalan as Managing Director for a 3-year term effective November 5, 2026.
Allotted 1,64,413 equity shares to the ESOP Trust at Rs. 556 per share, totaling approximately Rs. 9.14 crore.
Paid-up equity share capital increased from 18,16,70,604 to 18,18,35,017 shares post-ESOP allotment.
Independent Directors Mr. Sandipan Chakravortty and Mr. Partha Sarathi Bhattacharyya to cease office on May 20, 2026.
💼 Action for Investors
Investors should note the dividend record date of May 8, 2026, to ensure eligibility for the Re. 1 payout. The re-appointment of the Managing Director provides stability and suggests a continuation of the company's current growth trajectory.
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Ramkrishna Forgings Declares Re. 1 Dividend and Re-appoints MD for 3 Years
Ramkrishna Forgings has approved its audited financial results for the fiscal year ended March 31, 2026, and declared a 1st interim dividend of Re. 1 per share for FY 2025-26. The company confirmed the re-appointment of Mr. Naresh Jalan as Managing Director for a three-year term starting November 2026, ensuring leadership continuity. Additionally, the board approved the allotment of 1,64,413 equity shares under the ESOP 2023 scheme at a price of Rs. 556 per share. Two independent directors will cease their terms on May 20, 2026, leading to a reconstitution of key board committees.
Key Highlights
Declared 1st Interim Dividend of Re. 1 per equity share (50% of face value) for FY 2025-26.
Fixed May 8, 2026, as the Record Date for the purpose of dividend payment.
Re-appointed Mr. Naresh Jalan as Managing Director for a 3-year term effective November 5, 2026.
Allotted 1,64,413 equity shares at Rs. 556 per share, increasing paid-up capital to 18,18,35,017 shares.
Announced the cessation of two Independent Directors effective May 20, 2026, following term completions.
💼 Action for Investors
Investors should monitor the record date of May 8, 2026, for dividend eligibility. The leadership continuity through the MD's re-appointment is a positive sign for strategic stability.
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RKFORGE Board Meeting on May 1 to Consider Q4 Results and 1st Interim Dividend for FY26
Ramkrishna Forgings Limited has scheduled a board meeting on May 01, 2026, to approve the audited financial results for the quarter and full year ended March 31, 2026. The board will also consider declaring the first interim dividend for the financial year 2025-26. The company has pre-emptively fixed May 08, 2026, as the record date for the dividend, subject to board approval. This announcement provides clarity on both earnings timelines and potential immediate shareholder returns.
Key Highlights
Board meeting scheduled for May 01, 2026, to approve Q4 and FY26 audited results.
Proposal for the 1st Interim Dividend for the Financial Year 2025-26 to be considered.
Record date for the proposed interim dividend is set for May 08, 2026.
Trading window for designated persons remains closed until 48 hours post-result declaration.
💼 Action for Investors
Investors should monitor the May 1st meeting for the dividend amount and financial performance. To be eligible for the dividend, shares must be held prior to the May 8th record date.
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RKFORGE Promoter Exercises 640,000 Warrants at Rs 2,100; Auditor Confirms Compliance
Ramkrishna Forgings Limited (RKFORGE) has received the remaining 75% consideration for 640,000 warrants exercised by its promoter. These warrants were part of a preferential issue of 975,000 warrants priced at a significant premium of Rs 2,098 per share (total price Rs 2,100). The statutory auditor, S.K. Naredi & Co. LLP, has certified that the company is in compliance with SEBI ICDR Regulations regarding the receipt of these funds. This conversion increases the promoter's stake and provides a substantial capital infusion for the company.
Key Highlights
Promoter exercised 640,000 warrants out of a total 975,000 issued on a preferential basis.
The warrants were issued at a price of Rs 2,100 per share, including a premium of Rs 2,098.
The company received the 75% balance payment (Rs 1,575 per warrant) for the exercised portion in March 2026.
Initial 25% application money of Rs 51.19 crore for the total issue was received in August 2025.
Statutory auditors confirmed compliance with SEBI ICDR Regulation 169(4) regarding fund receipt and documentation.
💼 Action for Investors
The exercise of warrants at a high premium of Rs 2,098 indicates strong promoter confidence in the company's long-term value. Investors should view this capital infusion and increased promoter commitment as a positive signal for the stock's stability and growth prospects.
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RKFORGE Starts 28,800 MT Casting Production with ₹249 Crore Investment
Ramkrishna Forgings (RKFORGE) has commenced commercial production of its new Horizontal Casting Line, 'DISA FLEX 80', at its Jharkhand facility as of March 31, 2026. This project adds 28,800 metric tonnes per annum of capacity, marking a strategic entry into the automotive casting segment where the company previously had nil capacity. The expansion involved a total investment of ₹249 crores, financed through a combination of debt and internal accruals. This move allows the company to offer a more comprehensive product suite to its automotive clients and target new customers in the casting space.
Key Highlights
Commenced commercial production of 28,800 metric tonnes p.a. Horizontal Casting Line
Total capital investment of ₹249.00 Crores for the new facility
Project funded through a mix of debt and internal accruals
Facility located at Plant VIII in Saraikela-Kharswan, Jharkhand
Strategic diversification into automotive casting to provide a complete product bouquet
💼 Action for Investors
Investors should view this as a positive growth catalyst that diversifies the revenue stream beyond traditional forgings. Monitor the capacity utilization levels and margin impact of this new segment in upcoming quarterly results.
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RKFORGE Allots 6.4 Lakh Equity Shares to Promoter; Raises Rs 100.8 Crore
Ramkrishna Forgings Limited (RKFORGE) has allotted 6,40,000 equity shares to its promoter entity, Riddhi Portfolio Private Limited, following the exercise of warrants. This conversion has brought in Rs 100.80 crore, representing the final 75% payment of the total issue price of Rs 2,100 per share. The company's total paid-up equity capital has now increased to 18,16,70,604 shares. This exercise of warrants by the promoter group signals strong internal confidence in the company's future growth trajectory.
Key Highlights
Allotment of 6,40,000 equity shares to promoter group entity Riddhi Portfolio Private Limited.
Capital infusion of Rs 100.80 crore received as the 75% balance exercise price.
Total warrant issue price fixed at Rs 2,100 per share (Face Value Rs 2).
Post-issue paid-up capital increased to Rs 36.33 crore consisting of 18.17 crore shares.
3,35,000 warrants still remain pending for conversion from the original 9,75,000 allotment.
💼 Action for Investors
The promoter's decision to convert warrants at a significant price of Rs 2,100 per share is a bullish indicator of long-term value. Investors should view this as a sign of management's commitment and confidence in the company's valuation.
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RKFORGE Completes Merger of Two Subsidiaries into Ramkrishna Casting Solutions
Ramkrishna Forgings Limited has successfully completed the internal restructuring of its subsidiaries following NCLT approval. Mal Metalliks Private Limited and Multitech Auto Private Limited have merged into Ramkrishna Casting Solutions Limited (formerly JMT Auto Limited). The merger became effective on March 25, 2026, with a retrospective appointed date of January 01, 2024. This consolidation of wholly-owned entities is expected to streamline operations and reduce administrative overheads.
Key Highlights
Mal Metalliks and Multitech Auto merged into Ramkrishna Casting Solutions Limited
The Scheme of Amalgamation became effective on March 25, 2026
Appointed date for the merger is set as January 01, 2024
Both transferor companies stand dissolved without winding up
All entities involved are 100% owned subsidiaries or step-down subsidiaries of RKFORGE
💼 Action for Investors
This is an internal corporate restructuring that does not change the consolidated ownership of the company. Investors should view this as a positive step toward operational efficiency and cost optimization.
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RKFORGE Expands Capacity by 40,000 TPA with New 8000 Ton Press Line
Ramkrishna Forgings Limited has commenced commercial production of a new 8000 Ton Hot Forging Press Line at its Jharkhand facility as of March 06, 2026. This expansion adds 40,000 Tonnes Per Annum (TPA) to the company's existing capacity, bringing the total forging capacity to 3,11,400 TPA. The project required an investment of Rs. 80.00 crore, which was financed through a mix of debt and internal accruals. Given the existing capacity utilization of 73.20% as of December 2025, this addition is strategically timed to capture further market demand.
Key Highlights
Added 40,000 TPA capacity through a new 8000 Ton Hot Forging Press Line
Total forging production capacity increased to 3,11,400 Tonnes Per Annum
Total investment of Rs. 80.00 crore funded via debt and internal accruals
Existing capacity utilization was 73.20% as of December 31, 2025
Commercial production at Plant V, Jharkhand, effective from March 06, 2026
💼 Action for Investors
Investors should monitor the utilization ramp-up of the new capacity and its subsequent impact on quarterly revenue growth. The expansion signals management's confidence in sustained demand for forging products in the automotive and industrial sectors.
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NCLT Approves Merger of Two Subsidiaries into Ramkrishna Casting Solutions
The NCLT Kolkata Bench has officially sanctioned the merger of Mal Metalliks Private Limited and Multitech Auto Private Limited into Ramkrishna Casting Solutions Limited. All three entities are wholly-owned subsidiaries of Ramkrishna Forgings Limited, making this an internal consolidation to streamline the group structure. The merger is effective from the appointed date of January 1, 2024, and is designed to eliminate cost duplication and improve administrative control. This move simplifies the group's legal structure and is expected to enhance operational synergies and cash flow management.
Key Highlights
NCLT Kolkata Bench sanctioned the Scheme of Amalgamation via an order pronounced on February 27, 2026.
The merger involves two subsidiaries (Mal Metalliks and Multitech Auto) and one transferee subsidiary (Ramkrishna Casting Solutions).
The appointed date for the amalgamation is January 1, 2024, ensuring retrospective financial and operational consolidation.
The restructuring aims to reduce the number of legal entities and multiplicity of regulatory compliances within the RKFORGE group.
The merger is expected to result in cost-efficient operations and better resource mobilization for the transferee company.
💼 Action for Investors
This internal restructuring is a positive step toward operational efficiency and cost rationalization. Investors should maintain their positions as the core business structure becomes leaner without any equity dilution.
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RKFORGE Q3 FY26: Revenue Up 21% QoQ to ₹1,098 Cr; EBITDA Margins Expand to 14.9%
Ramkrishna Forgings reported a strong sequential recovery with Q3 FY26 revenue reaching ₹1,098 crores, a 21% increase over the previous quarter. EBITDA grew 33% QoQ to ₹163 crores, with margins expanding by 140 basis points to 14.9% driven by domestic demand and GST rationalization benefits. The company secured new orders worth ₹680 crores and successfully reduced debt by ₹350 crores during the quarter. Management is focusing on scaling the Railway segment and ramping up new capacities in aluminum forging and casting.
Key Highlights
Consolidated revenue grew 21% QoQ to ₹1,098 crores, supported by a sharp rebound in domestic automotive demand.
EBITDA margins improved to 14.9% from 13.5% in the previous quarter, with absolute EBITDA rising 29% YoY to ₹163 crores.
The company secured new orders worth ₹680 crores with a 4-year program life, including ₹406 crores from the CV segment.
Net debt was reduced by ₹350 crores to ₹2,250 crores, with a target to bring it below ₹2,000 crores by the end of FY26.
Railway segment is gaining momentum with bogie assembly supplies and a potential ₹2,000 crore demand pipeline from Indian Railways.
💼 Action for Investors
Investors should monitor the ramp-up of the new aluminum and casting facilities, which are expected to drive utilization from 66% toward 80%+. The significant debt reduction and focus on high-value railway orders make this a positive long-term growth story.
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Ramkrishna Forgings Q3 FY26: Revenue Up 21% QoQ to ₹1,099 Cr; Secures ₹680 Cr New Orders
Ramkrishna Forgings (RKFL) reported a strong sequential recovery in Q3 FY26, with consolidated revenue rising 21% QoQ to ₹1,099 crore. While export markets faced a 27.5% YoY decline due to global headwinds, the domestic business grew by 13% YoY, providing stability. The company successfully turned around its bottom line, reporting a PBT of ₹29.69 crore compared to a loss of ₹5.43 crore in Q2 FY26. RKFL continues its diversification strategy, securing ₹680 crore in new orders during the quarter, with 34% from non-automotive segments.
Key Highlights
Consolidated EBITDA grew 33% QoQ to ₹163.37 crore with margins expanding to 14.9%.
Secured new orders worth ₹680 crore in Q3, bringing the 9M FY26 total order wins to ₹2,480 crore.
Domestic revenue reached ₹662 crore, up 13% YoY, while North American export share dropped to 55.2% from 71.3% YoY.
Aluminum forging capacity commissioned; additional 85,000 MT of forging and casting capacity expected in Q4 FY26.
Total projected sales from new orders over the next four years estimated at ₹9,041 crore.
💼 Action for Investors
Investors should focus on the upcoming commissioning of the 85,000 MT capacity in Q4 FY26 and the ramp-up of the railway and aluminum forging segments. The company's ability to offset export weakness with domestic growth and non-auto diversification makes it a resilient play in the forging space.