Ramkrishna Forgings Limited (RKFORGE)
₹591.10 -3.81% last close, 23 Oct
📈 Share price & events
Latest quarterly results (Q1 FY27)
In its latest reported quarter, Q1 FY27, Ramkrishna Forgings' revenue was ₹1,217 Cr (+19.8% year on year, -0.0% on the previous quarter), and net profit ₹46.9 Cr (+297.7% year on year); the operating margin was 18.0%.
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹1,217 | +19.8% | -0.0% |
| Operating profit | ₹218 | +47.0% | +7.6% |
| Net profit | ₹46.9 | +297.7% | -16.3% |
| Operating margin | 18.0% | — | — |
RKFORGE delivery percentage
NSE end-of-day data for
On Fri, 23 Oct 2026, 48.61% of the RKFORGE shares traded on NSE were taken to delivery, against the stock's own 20-session average of 49.69%. That is close to its usual level.
Delivery in the last 5 sessions: 48.1% · 50.6% · 51.9% · 46.8% · 48.6%
A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed
📢 Recent Corporate Announcements
Ramkrishna Forgings has allotted 34,00,000 equity shares of face value ₹2 each to promoter Mr. Chaitanya Jalan upon warrant conversion. The allotment follows the receipt of the remaining 75% warrant exercise price of ₹441 per warrant, totaling ₹149.94 crore. Total issue price per warrant was ₹588, reflecting a total equity capital mobilization of ₹199.92 crore. Following this allotment, the company's paid-up equity share capital increases to ₹37.11 crore across 18,55,70,017 shares.
- Allotment of 34,00,000 equity shares at ₹588 per share pursuant to warrant conversion
- Receipt of ₹149.94 crore representing the balance 75% payment (₹441 per warrant)
- Issued and paid-up capital expanded to ₹37,11,40,034 divided into 18,55,70,017 shares
- Zero warrants remain pending for conversion by the promoter allottee
Ramkrishna Forgings Limited announced the results of its Postal Ballot concluded on September 19, 2026. Shareholders approved the reclassification of promoter group entity Maa Chandi Financial Advisory Services Private Limited to the public category with an ordinary resolution. The resolution received 93.81% of total votes cast in favor (107,879,507 votes) out of 114,997,957 valid votes cast. Notably, 30.07% of public institutional votes (7,111,861 votes) were cast against the proposal.
- Resolution passed with 93.8099% votes in favor and 6.1901% against
- Total of 114,997,957 valid votes cast across 519 voting members
- Public institutions cast 16,537,794 votes (69.93%) in favor and 7,111,861 votes (30.07%) against
- Public non-institutional shareholders voted 99.96% in favor (18,808,849 votes)
- Voting period ran via e-voting from August 21, 2026 to September 19, 2026
Ramkrishna Forgings Limited disclosed that Niche Ninety-Nine Capability and Certifications (OPC) Private Limited has assigned the company an ESG score of 61.26. The evaluation was conducted voluntarily based purely on publicly available information. The company clarified that it did not engage or commission the rating agency for this review. The intimation was received by RKFL on September 17, 2026, and notified under Regulation 30.
- Assigned an Environmental, Social, and Governance (ESG) score of 61.26
- Review conducted voluntarily by Niche Ninety-Nine Capability and Certifications (OPC) Private Limited
- Company confirmed it did not hire or engage the agency for this assessment
- Assessment was based entirely on publicly available data, received on September 17, 2026, at 18:52 IST
Ramkrishna Forgings Limited has announced a schedule of physical group meetings with analysts and institutional investors in Mumbai from September 21 to September 23, 2026. The meetings are set to commence at 10:00 A.M. onwards on all three days. The company confirmed that no unpublished price sensitive information (UPSI) will be shared and no presentation will be made. With a current market cap of Rs 22,346 Cr and TTM revenue of Rs 4,440 Cr, this is a routine institutional interaction.
- Physical group meetings with analysts/investors scheduled across 3 days: September 21, 22, and 23, 2026
- Meetings will begin daily at 10:00 A.M. onwards in Mumbai
- Company confirmed no unpublished price sensitive information (UPSI) will be shared
- No investor presentation will be made during these meetings
Ramkrishna Forgings Limited has announced a scheduled physical plant visit for institutional investors/analysts on Monday, September 21, 2026. The visit will take place at the company's Jamshedpur facilities starting from 1:00 PM IST onwards. The company confirmed that no unpublished price sensitive information (UPSI) will be shared and no presentation will be made. This is a standard corporate investor relations interaction with no direct financial impact.
- Institutional investor plant visit scheduled for September 21, 2026
- Meeting timing set for 1:00 P.M Onwards in physical/in-person mode
- Location designated at the Jamshedpur plant facilities
- Company confirmed no UPSI will be shared and no presentation will be delivered
Ramkrishna Forgings Limited has announced a virtual group meeting with analysts and institutional investors scheduled for Thursday, September 17, 2026. The company stated that no unpublished price sensitive information (UPSI) will be shared during the interaction. Furthermore, no new presentation will be made during the session. This is a routine investor relations update and does not impact reported financials.
- Virtual group meeting scheduled with analysts and institutional investors for Thursday, 17 September, 2026
- Intimation submitted pursuant to Regulation 30 of SEBI LODR Regulations, 2015
- No unpublished price sensitive information (UPSI) is proposed to be shared
- No investor presentation will be made during the call
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.
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
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.
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
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
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.
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
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).
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.
Company profilewritten 14 Dec 2025
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.
Geographic Concentration Risk
Over 40% of revenue is concentrated in the export markets of Europe and North America.
Third Party Dependencies
High dependency on the top 10 OEM customers who account for 60% of total revenue.
Technology Obsolescence Risk
Risk of obsolescence for certain engine-related forged parts due to the global shift toward Electric Vehicles.
Credit & Counterparty Risk
Receivables are managed under a stringent policy, standing at approximately 99 days as of March 31, 2025.
