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Ramkrishna Forgings Limited (RKFORGE)

📊 NSE: RKFORGE 🏢 Castings & Forgings 📅 Last Updated: 12/14/2025 11:37

📢 Recent Corporate Announcements

RKFORGE Assigned Voluntary ESG Score of 60 by ESG Risk Assessments & Insights

🟡 NEUTRAL ⭐ 2/10

OTHER 📅 08 Sep 2026, 12:20 PM

Ramkrishna Forgings Limited announced that ESG Risk Assessments & Insights Limited has voluntarily reviewed and assigned the company an ESG score of 60. The rating was conducted independently using publicly available information, without direct engagement or commissioning by the company. RKFORGE received the assessment report on September 7, 2026.

Assigned an Environmental, Social and Governance (ESG) score of 60
Voluntary and independent review based strictly on publicly available information
Company clarified it did not engage or commission the rating agency
Communication received by the company on September 7, 2026, at 3:11 p.m.

💡 Track future sustainability disclosures and BRSR filings to see if formal ESG mandates or borrower terms are impacted.

RKFORGE Allots 1,200 Equity Shares Under ESOP Scheme 2023

🟡 NEUTRAL ⭐ 1/10

ROUTINE 📅 05 Sep 2026, 03:21 PM

Ramkrishna Forgings Limited has approved the transfer of 1,200 equity shares to an employee under the RKF Limited Employee Stock Option Scheme 2023. The shares have a face value of Rs 2 each and were exercised at Rs 556 per share (including a premium of Rs 554 per share). The transfer will be executed via the Ramkrishna Forgings Limited Employee Welfare Trust. Given the total transaction value of approximately Rs 6.67 lakh against a market capitalization of Rs 22,737 crore, the event has negligible financial impact.

Allotment/transfer of 1,200 equity shares under the RKF Limited ESOP Scheme 2023
Exercise price fixed at Rs 556 per equity share (Face value Rs 2 + Premium Rs 554)
Transfer to be executed from Ramkrishna Forgings Limited Employee Welfare Trust to employee Mr. Pawan Kumar Kedia
Shares rank pari-passu in all respects with existing equity shares

💡 No action required as this is a standard administrative filing regarding a routine ESOP exercise.

RKFORGE Shareholders Approve All 7 AGM Resolutions Including MD Re-appointment & ₹5.10 Cr Commission

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 31 Aug 2026, 03:13 PM

Ramkrishna Forgings Limited has released the voting results and Scrutinizer's Report for its 44th Annual General Meeting held on August 29, 2026. All 7 ordinary and special resolutions were approved by shareholders with requisite majorities. Key approvals include the re-appointment of Mr. Naresh Jalan as Managing Director for 3 years starting November 5, 2026 (94.67% approval), payment of ₹510 Lakhs (₹5.10 Cr) excess remuneration by way of commission to directors for FY26 (87.58% approval), and the elevation of Mr. Chaitanya Jalan to Joint Managing Director until November 2029.

All 7 resolutions passed at the 44th AGM held on August 29, 2026, with a total of 308 shareholders casting valid votes.
Re-appointment of Mr. Naresh Jalan as Managing Director for 3 years w.e.f. November 5, 2026, approved with 94.67% votes in favour.
Special resolution approving payment of ₹510 Lakhs (₹5.10 Cr) excess remuneration/commission to Directors for FY26 approved with 87.58% votes in favour.
Change in designation of Mr. Chaitanya Jalan from Whole-time Director to Joint Managing Director approved with 92.18% votes in favour.

💡 Track execution under the re-appointed leadership and monitor future corporate governance/remuneration trends given institutional dissent (~26.3% institutional votes against MD reappointment and ~34.2% against director reappointment).

Ramkrishna Forgings Concludes 44th AGM; Re-Appoints MD Naresh Jalan for 3 Years

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 29 Aug 2026, 04:26 PM

Ramkrishna Forgings Limited conducted its 44th Annual General Meeting (AGM) on August 29, 2026, with 80 members attending virtually. Key resolutions tabled included the adoption of FY26 audited accounts, ratification of cost auditor remuneration, and the reappointment of Managing Director Naresh Jalan for a 3-year term from November 5, 2026, to November 4, 2029. Additionally, shareholders considered the designation change of Chaitanya Jalan to Joint Managing Director and approval for excess director remuneration for FY26. Formal voting results from the scrutinizer will be submitted within statutory timelines.

44th Annual General Meeting held virtually on August 29, 2026, attended by 80 members
Special resolution proposed for re-appointment of MD Naresh Jalan for 3 years (w.e.f. Nov 5, 2026, till Nov 4, 2029)
Approval sought for change in designation of Chaitanya Jalan to Joint Managing Director
Special resolution tabled for payment of excess remuneration to Directors for FY 2025-26

💡 Track the filing of the scrutinizer report and official voting results on stock exchanges within two working days to confirm passing of all resolutions.

RKFORGE Seeks Shareholder Nod to Reclassify 3.57% Promoter Group Stake to Public

🟡 NEUTRAL ⭐ 3/10

REGULATORY 📅 20 Aug 2026, 06:14 PM

Ramkrishna Forgings Limited has issued a Postal Ballot Notice seeking shareholder approval via Ordinary Resolution to reclassify MAA Chandi Financial Advisory Services Private Limited from the 'Promoter and Promoter Group' to the 'Public' category. The outgoing entity holds 65,00,000 equity shares, representing 3.57% of the company's total paid-up equity capital. Following the reclassification, the total Promoter & Promoter Group holding will decline from 43.39% to 39.82% (40.86% on a fully diluted basis). Remote e-voting opens on August 21, 2026, and concludes on September 19, 2026, with voting results expected on or before September 22, 2026.

Reclassification of 65,00,000 equity shares (3.57% of paid-up capital) held by MAA Chandi Financial Advisory Services from Promoter to Public category
Post-reclassification Promoter & Promoter Group shareholding will stand at 39.82% (7,25,44,606 shares) versus 59.98% Public holding
On a fully diluted basis (including 34,00,000 promoter warrants), promoter holding will be 40.86%
Remote e-voting begins August 21, 2026, and ends September 19, 2026; results to be announced by September 22, 2026

💡 Track the outcome of the postal ballot e-voting on September 22, 2026, and subsequent updated shareholding pattern filings.

RKFORGE Submits Auditor Certificate Confirming Receipt of ₹204.75 Cr Promoter Warrant Conversion

🟡 NEUTRAL ⭐ 3/10

FUNDRAISE 📅 19 Aug 2026, 02:30 PM

Ramkrishna Forgings has submitted a statutory auditor certificate under Regulation 169(5) of SEBI ICDR Regulations. The certificate verifies the receipt of consideration for 975,000 convertible warrants issued to a promoter at ₹2,100 each (aggregate value ₹204.75 Cr). This includes initial 25% application money of ₹51.19 Cr and subsequent 75% conversion amounts (₹1,575 per warrant) paid in two tranches for 640,000 warrants in March 2026 and 335,000 warrants (₹52.76 Cr) in June 2026.

Auditor certified compliance for 975,000 convertible warrants issued to promoter at ₹2,100 per warrant.
25% upfront application money received amounted to ₹51,18,75,000 (₹51.19 Cr) in August 2025.
Final tranche of 75% conversion money totaling ₹52,76,25,000 (₹52.76 Cr) realized for 335,000 warrants in June 2026.
Earlier tranche of 75% conversion money for 640,000 warrants was received on or before 27 March 2026.
Auditor confirmed funds were received directly from allottee bank account without circulation of funds.

💡 Track total promoter shareholding updates in subsequent quarterly filings to verify complete post-conversion equity base expansion.

RKFORGE Schedules 44th AGM for August 29, 2026; Dispatches FY26 Annual Report Links

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 13 Aug 2026, 12:27 PM

Ramkrishna Forgings Limited (RKFORGE) has scheduled its 44th Annual General Meeting (AGM) for August 29, 2026, at 11:30 AM via video conferencing. The company has dispatched physical letters to shareholders whose email addresses are not registered, providing web links to the FY 2025-26 Annual Report and AGM Notice. This filing is a procedural compliance under SEBI Regulation 36(1)(b). Additionally, the company reminded shareholders that KYC updates are mandatory for receiving dividend payments as per SEBI mandates effective April 1, 2024.

44th Annual General Meeting scheduled for August 29, 2026, at 11:30 A.M. (IST)
Annual Report for the Financial Year 2025-26 made available via digital web-links
Compliance with SEBI Regulation 36(1)(b) regarding dispatch to non-registered email shareholders
Mandatory KYC update reminder for dividend eligibility effective from April 1, 2024
Shareholders urged to register email addresses with KFin Technologies Limited (RTA) or Depository Participants

💡 Investors should access the provided web-links to review the FY 2025-26 Annual Report for detailed management discussion and financial performance. Ensure KYC details are updated with the RTA to avoid issues with future dividend disbursements.

RKFORGE to hold 44th AGM on Aug 29; Naresh Jalan proposed for 3-year MD re-appointment

🟡 NEUTRAL ⭐ 3/10

BOARD_MEETING 📅 05 Aug 2026, 06:57 PM

Ramkrishna Forgings Limited (RKFORGE) has scheduled its 44th Annual General Meeting (AGM) for August 29, 2026. A key agenda item is the re-appointment of Mr. Naresh Jalan as Managing Director for a three-year term effective November 5, 2026. The company is also seeking shareholder approval for the FY26 audited financial statements, which show a TTM PAT of ‡72 Cr on a revenue of ‡4,239 Cr. Additionally, the board has proposed a ‡5 lakh remuneration for cost auditors for the financial year ending March 31, 2027.

44th Annual General Meeting scheduled for August 29, 2026, at 11:30 A.M. IST via video conferencing.
Proposed re-appointment of Naresh Jalan as Managing Director for a 3-year term starting November 5, 2026.
Cost Auditor remuneration for FY27 proposed at ‡5,00,000 plus applicable taxes and expenses.
Cut-off date for e-voting eligibility is set for Saturday, August 22, 2026.
Remote e-voting period will run from August 26 (9:00 AM) to August 28, 2026 (5:00 PM).

💡 Investors should review the full Annual Report for management's detailed outlook on the 'inadequate profits' mentioned in the explanatory statement and the progress of the railway wheel JV.

297% PAT Growth in Q1 FY27; RKFORGE Secures Rs 293 Cr New Orders

🟢 POSITIVE ⭐ 7/10

EARNINGS 📅 30 Jul 2026, 04:20 PM

RKFORGE reported a robust Q1 FY27 with PAT surging 297% YoY to Rs 46.88 Cr on revenue of Rs 1,217 Cr, which grew 19.8% YoY. EBITDA margins expanded to 17.96% from 17.11% in the previous quarter, driven by a better product mix and operating leverage as major capex cycles conclude. The company bagged new orders worth Rs 293 Cr during the quarter, with 82% of the automotive orders coming from the Passenger Vehicle segment. Management is now pivoting from capital expenditure to asset sweating and debt reduction, targeting a significant revenue contribution from its Railway Wheel JV by FY28.

Net profit (PAT) increased by 297% YoY to Rs 46.88 Cr in Q1 FY27.
Secured new business worth Rs 278 Cr from the automotive segment and Rs 15 Cr from the Metro segment.
EBITDA margin improved to 17.96%, up from 17.11% in the preceding quarter.
Passenger Vehicle order book is now balanced 50-50 between Electric Vehicles (EV) and Internal Combustion Engine (ICE) components.
Railway Wheel JV targets Rs 1,600-1,700 Cr in annual revenue by FY28 at 80-85% utilization.

💡 Monitor the company's progress in reducing its Rs 1,828 Cr debt as it enters an asset-sweating phase. Watch for the execution timeline of the Railway Wheel JV, which is expected to be a major growth driver by FY28.

Q1 PAT up 298% YoY to ₹47 Cr; ₹170 Cr Capex announced for PV components

🟢 POSITIVE ⭐ 8/10

EARNINGS 📅 27 Jul 2026, 05:05 PM

RKFORGE reported a strong YoY performance for Q1 FY27, with revenue growing 19.8% to ₹1,217 Cr and PAT surging 297.6% to ₹47 Cr. EBITDA margins expanded significantly by 332 bps YoY to 17.96%, driven by a better business mix and operating leverage. The company announced a new ₹170 Cr capex (approx. 5.2% of Net Worth) to expand forging capacity and enter passenger vehicle components. Despite the strong YoY growth, PAT saw a sequential decline of 16.2% compared to Q4 FY26.

Consolidated Revenue increased 19.8% YoY to ₹1,217 Cr in Q1 FY27
PAT surged 297.6% YoY to ₹47 Cr, though it declined 16.2% sequentially from ₹56 Cr
EBITDA margins improved to 17.96% from 14.64% in the same quarter last year
Announced ₹170 Cr capex for a 4,000 MT press line and passenger vehicle component manufacturing
Total installed capacity reached 3,95,800 MT as of June 30, 2026

💡 Monitor the execution timeline of the ₹170 Cr capex and the progress of the railway wheel JV, which is expected to be a major revenue contributor by FY28.

RKFORGE Releases Q1 FY27 Earnings Call Audio Recording Link

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 25 Jul 2026, 12:07 PM

Ramkrishna Forgings Limited (RKFORGE) has disclosed the audio recording link for its Q1 FY27 earnings conference call, which took place on July 24, 2026. The call addressed the company's unaudited standalone and consolidated financial results for the quarter ended June 30, 2026. This is a standard post-earnings administrative filing to ensure transparency for all shareholders. Investors can access the recording to hear management's perspective on the company's 15-20% growth target and the progress of its various acquisitions.

Earnings conference call conducted on July 24, 2026, at 4:30 PM IST
Covers financial results for the first quarter ended June 30, 2026
Management commentary typically addresses the 15-20% expected growth rate and railway wheel JV progress
Recording is hosted on the company's official website as per SEBI Regulation 30

💡 Investors should listen to the recording specifically for updates on the execution timeline of the railway wheel JV, which targets Rs 1,600-1,700 Cr in revenue by FY28.

Rs 52.76 Cr raised via warrant conversion; zero deviation in fund utilization

🟡 NEUTRAL ⭐ 3/10

FUNDRAISE 📅 24 Jul 2026, 04:55 PM

Ramkrishna Forgings Limited (RKFORGE) has confirmed zero deviation in the utilization of Rs 52.76 Cr raised through the conversion of 3,35,000 warrants by a promoter entity, Riddhi Portfolio Private Limited. The funds were raised on June 9, 2026, at a conversion price of Rs 1,575 per warrant. The proceeds were primarily allocated to general corporate purposes (Rs 51.18 Cr) and working capital repayment (Rs 1.58 Cr). This fundraise is relatively small, representing approximately 0.5% of the company's current market capitalization.

Rs 52.76 Cr raised through the conversion of 3,35,000 warrants into equity shares
Conversion price fixed at Rs 1,575 per warrant, significantly higher than the current market price of Rs 575.9
Rs 51.18 Cr (97% of proceeds) utilized for General Corporate Purposes
Rs 1.58 Cr utilized for repayment of working capital loans and interest
Zero deviation reported from the objects of the issue for the quarter ended June 30, 2026

💡 Investors should focus on the company's execution of its railway wheel JV and defense sector expansion, as this small fundraise is primarily for general liquidity and routine debt management.

RKFORGE Q1 FY27 Revenue up 19.8% to ₹1,217 Cr; PBT Surges 172% YoY

🟢 POSITIVE ⭐ 7/10

EARNINGS 📅 24 Jul 2026, 03:15 PM

Ramkrishna Forgings (RKFL) reported a strong start to FY27 with consolidated revenue growing 19.8% YoY to ₹1,217 Cr. Profitability showed significant improvement as PBT surged 172.5% YoY to ₹65 Cr, driven by better operating leverage and a shift toward higher value-added segments. EBITDA margins expanded by 332 bps YoY to 17.96%. The company is actively diversifying into Railways, Aerospace, and Semiconductors to reduce its historical dependence on the cyclical MHCV sector.

Consolidated Revenue increased 19.8% YoY to ₹1,217 Cr for Q1 FY27.
Consolidated PBT grew by 172.5% YoY to ₹65 Cr compared to ₹24 Cr in Q1 FY26.
EBITDA Margin expanded to 17.96% from 14.64% in the same quarter last year.
Domestic market revenue grew 20.3% YoY to ₹735.07 Cr, now representing 67.7% of standalone revenue.
Added 40,000 MT Press line capacity and 28,800 MT Casting capacity in Q4 FY26, which are currently ramping up.

💡 Watch for the execution timeline of the Railway Wheel JV, which is expected to contribute ₹1,600-1,700 Cr in revenue by FY28, and monitor the utilization levels of the newly added 40,000 MT press capacity.

Rs 170.52 Cr Capex Approved for Passenger Vehicle Expansion and 8,800 MT Capacity Addition

🟢 POSITIVE ⭐ 8/10

EXPANSION 📅 24 Jul 2026, 02:52 PM

Ramkrishna Forgings (RKFORGE) has approved a capital expenditure of Rs 170.52 crore to establish a 4,000 MT press line and expand into the passenger vehicle segment for export markets. This expansion will add 8,800 MT of capacity by September 2027, representing a ~2.8% increase over current forging capacity. The board also re-designated Chaitanya Jalan as Joint Managing Director and noted the receipt of Rs 153.56 crore from warrant conversions during recent quarters. These moves signal a strategic shift toward diversifying the revenue base away from heavy commercial vehicles.

Approved Rs 170.52 crore investment for a new 4,000 MT press line targeting passenger vehicle exports.
Planned capacity addition of 8,800 MT expected to be operational by September 2027.
Mr. Chaitanya Jalan re-designated as Joint Managing Director with a tenure until November 8, 2029.
Received Rs 153.56 crore in warrant subscription payments (Rs 100.80 cr and Rs 52.76 cr) in recent periods.
Current forging capacity utilization stands at 68% on a base of 3,11,400 MT.

💡 Watch for the execution timeline of the new press line and the company's ability to secure export orders in the passenger vehicle segment to utilize the 8,800 MT additional capacity.

RKFORGE Approves ₹170.52 Cr Capex for Passenger Vehicle Expansion and Management Re-designation

🟢 POSITIVE ⭐ 7/10

EXPANSION 📅 24 Jul 2026, 02:42 PM

Ramkrishna Forgings (RKFORGE) has approved a capital expenditure of ₹170.52 crore to establish a 4,000 MT press line specifically for the passenger vehicle export market. This investment, representing approximately 5.2% of the company's net worth, aims to add 8,800 MT of capacity by September 2027. Additionally, the board has elevated Mr. Chaitanya Jalan to Joint Managing Director until November 2029, ensuring leadership continuity. The company also approved its Q1 FY27 financial results and re-appointed Singhi & Co. as internal auditors.

Approved ₹170.52 crore investment for a new 4,000 MT press line targeting passenger vehicles.
Proposed capacity addition of 8,800 MT to be completed by September 2027.
Existing forging capacity stands at 3,11,400 MT with a current utilization of 68%.
Mr. Chaitanya Jalan re-designated as Joint Managing Director with a tenure until November 8, 2029.
Financing for the expansion will be a mix of equity and debt.

💡 Monitor the execution timeline of the ₹170.52 crore project and the company's ability to secure export orders in the passenger vehicle segment to utilize the new 8,800 MT capacity.

View All RKFORGE Announcements on Live Market Tracking →

💰 Financial Performance

Revenue Growth by Segment

Consolidated revenue grew 8.9% YoY to INR 4,038.2 Cr in FY25. In Q2 FY26, standalone revenue grew 18% YoY to INR 800.79 Cr, while consolidated revenue grew 14% YoY to INR 907.53 Cr. H1 FY26 consolidated revenue reached INR 1,922.79 Cr, a 4% YoY increase.

Geographic Revenue Split

Exports contribute over 40% of total revenue, primarily to Europe and North America. Direct exports to the US are limited to 5-6% of total revenue. This geographic split exposes the company to global macroeconomic cycles and currency fluctuations.

Profitability Margins

Operating margins were restated to 14.4% for FY25 (down from 21.4% in FY24) due to a significant inventory discrepancy. H1 FY26 consolidated EBITDA margin stood at 14.1%. The company targets a long-term margin of 17-18% through a premix of casting and forging products.

EBITDA Margin

Consolidated EBITDA for H1 FY26 was INR 271.15 Cr, representing a 14.1% margin and a 19% YoY growth. Standalone EBITDA for Q2 FY26 grew 25% YoY to INR 107.89 Cr with a 13.5% margin.

Capital Expenditure

Actual consolidated capex in FY25 was INR 840 Cr, significantly higher than the planned INR 535 Cr. Planned capex for FY26 is INR 460 Cr, aimed at capacity expansion and technology upgrades.

Credit Rating & Borrowing

Crisil downgraded the long-term rating to 'Crisil AA-' from 'Crisil AA' in 2025, maintaining a 'Watch Negative' status. External borrowings rose to INR 2,013 Cr as of March 31, 2025, leading to a Net Debt to EBITDA ratio of 3.5x.

⚙️ Operational Drivers

Raw Materials

Forging quality steel and steel scrap are the primary raw materials. Costs are highly sensitive to global commodity price movements, which are directly linked to the company's top-line pricing.

Capacity Expansion

The company is establishing a railway wheel JV (Ramkrishna Titagarh Rail Wheels Limited) with a capacity of 40,000 wheels per year, targeting INR 1,600-1,700 Cr in revenue by FY28 at 80-85% utilization.

Raw Material Costs

Raw material costs are a major component of the cost structure; a restatement of INR 270.74 Cr was required in FY25 to rectify erroneous entries in material consumption and scrap accounting.

Manufacturing Efficiency

The company targets 80-85% capacity utilization for its new railway wheel JV by FY28. Manufacturing efficiency is being addressed through the implementation of stronger internal controls and SAP process streamlining.

Logistics & Distribution

Distribution costs are impacted by the high export volume (40% of revenue) to Europe and North America, making the company susceptible to global shipping rate volatility.

📈 Strategic Growth

Expected Growth Rate

15-20%

Growth Strategy

Growth will be driven by the railway wheel JV (INR 1,600-1,700 Cr potential), a new focus on the defense sector, and inorganic growth from acquisitions like ACIL, Multitech Auto, and Mal Metalliks. The company is also shifting toward higher value-add products like B2C axles.

Products & Services

Forged and machined components for MHCVs, railway wheels, axles, railway wagon parts, coaches, and precision engineering components.

Brand Portfolio

Ramkrishna Forgings (RKFL), Multitech Auto, Mal Metalliks, Ramkrishna Casting Solutions.

New Products/Services

Railway wheels (40,000 units/year capacity) and value-added B2C axles are expected to be major revenue contributors by FY28.

Market Expansion

Expansion into the Mexican market via the acquisition of Ramkrishna Forgings Mexico S.A. de C.V. in August 2024 to better serve the North American automotive hub.

Market Share & Ranking

RKFL is one of the largest manufacturers of forged automotive components in India with a longstanding presence of over four decades.

Strategic Alliances

A 51:49 joint venture with Titagarh Rail Systems Limited for the manufacture of railway wheels.

🌍 External Factors

Industry Trends

The industry is shifting toward value-added machined components and green manufacturing. RKFL is positioning itself by diversifying into non-auto segments like railways and defense to mitigate auto-cyclicality.

Competitive Landscape

Operates in a competitive auto-component market but maintains a healthy position through integrated operations and economies of scale following recent acquisitions.

Competitive Moat

Moat is built on 40 years of OEM relationships, deep technical expertise in complex forgings, and high entry barriers in the railway wheel manufacturing segment.

Macro Economic Sensitivity

Highly sensitive to global macroeconomic trends, particularly in the automotive and railway sectors of Europe and North America.

Consumer Behavior

Shift toward EVs and stricter pollution norms (BS-VI) is forcing a change in product mix toward components that are powertrain-neutral.

Geopolitical Risks

Global volatility, currency movements, and trade barriers in key export markets (Europe/NA) pose significant risks to the 40% export revenue stream.

⚖️ Regulatory & Governance

Industry Regulations

Susceptible to changes in pollution norms (BS-VI), EV mandates, and labor regulations across its manufacturing facilities in Jharkhand and West Bengal.

Environmental Compliance

The company is integrating ESG into its corporate strategy and investing in green manufacturing technologies to meet evolving environmental regulations.

Taxation Policy Impact

The post-tax impact of the inventory discrepancy was INR 202.60 Cr on a gross loss of INR 270.74 Cr, implying an effective tax benefit/rate of approximately 25%.

Legal Contingencies

The company received NCLT approval for the merger of its subsidiary ACIL Limited with itself in March 2025.

⚠️ Risk Analysis

Key Uncertainties

The primary uncertainty is the effectiveness of new internal controls to prevent further inventory discrepancies (INR 270.74 Cr impact) and the successful ramp-up of the railway wheel JV.