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RKFORGE - Ramkrishna Forg.

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

📢 Recent Corporate Announcements

RKFORGE Expands Capacity by 40,000 TPA with New 8000 Ton Press Line

🟢 POSITIVE ⭐ 7/10

EXPANSION 📅 06 Mar 2026, 05:12 PM

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.

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

💡 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.

NCLT Approves Merger of Two Subsidiaries into Ramkrishna Casting Solutions

🟢 POSITIVE ⭐ 7/10

M&A 📅 28 Feb 2026, 12:16 PM

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.

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.

💡 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.

RKFORGE Opens Special One-Year Window for Physical Share Dematerialization

🟡 NEUTRAL ⭐ 3/10

REGULATORY 📅 10 Feb 2026, 05:35 PM

Ramkrishna Forgings Limited has announced a special one-year window for the transfer and dematerialization of physical securities, following a SEBI circular dated January 30, 2026. This window is open from February 5, 2026, to February 4, 2027, specifically for shares purchased or sold prior to April 1, 2019, that were previously rejected due to documentation deficiencies. All securities processed through this window will be credited in dematerialized form and will be subject to a mandatory one-year lock-in period from the date of registration. Investors must submit their requests to the company's Registrar and Transfer Agent, KFin Technologies Limited.

Special window for physical share transfer and demat open from February 5, 2026, to February 4, 2027.
Applies to securities sold or purchased prior to April 1, 2019, that faced previous processing rejections.
Mandatory one-year lock-in period applies to all shares transferred through this special window.
KFin Technologies Limited designated as the Registrar and Transfer Agent (RTA) for processing requests.

💡 Shareholders holding physical certificates from transactions prior to April 2019 should contact KFin Technologies to regularize their holdings. This is a procedural update and does not impact the company's financial fundamentals or business operations.

RKFORGE Q3 FY26: Revenue Up 21% QoQ to ₹1,098 Cr; EBITDA Margins Expand to 14.9%

🟢 POSITIVE ⭐ 8/10

EARNINGS 📅 02 Feb 2026, 06:27 PM

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.

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.

💡 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.

Ramkrishna Forgings Releases Q3 & 9M FY26 Earnings Call Audio Recording

🟡 NEUTRAL ⭐ 4/10

EARNINGS 📅 27 Jan 2026, 09:47 PM

Ramkrishna Forgings Limited has officially released the audio recording of its Q3 and 9M FY 2025-26 earnings conference call held on January 27, 2026. This filing ensures transparency by providing the public with access to management's discussion on the company's financial performance. The call follows the disclosure of results for the nine-month period ending December 31, 2025. Investors can use this resource to evaluate management's perspective on market conditions and operational efficiency.

Audio recording for Q3 & 9M FY 2025-26 earnings call made available on January 27, 2026.
The call was held at 5:00 P.M. IST following the quarterly results announcement.
Disclosure made under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
Recording link is hosted on the company's official website for investor access.

💡 Review the call recording to understand the management's outlook on the forging industry and specific revenue targets for FY26.

Ramkrishna Forgings Q3 FY26: Revenue Up 21% QoQ to ₹1,099 Cr; Secures ₹680 Cr New Orders

🟢 POSITIVE ⭐ 8/10

EARNINGS 📅 27 Jan 2026, 04:17 PM

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.

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.

💡 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.

RKFORGE Q3 Standalone PAT at ₹13.12 Cr; Revenue Dips 2.9% YoY to ₹939.51 Cr

🟡 NEUTRAL ⭐ 7/10

EARNINGS 📅 27 Jan 2026, 03:56 PM

Ramkrishna Forgings Limited reported a standalone revenue of ₹939.51 crore for the quarter ended December 31, 2025, a 2.9% decrease from ₹967.56 crore in the corresponding quarter of the previous year. Net profit (PAT) stood at ₹13.12 crore, down from ₹15.26 crore YoY, primarily due to an exceptional loss of ₹9.41 crore. The results include restated figures for the previous year following the merger of ACIL Limited and adjustments for inventory discrepancies identified in a fact-finding study. Profit Before Tax (PBT) showed a slight increase to ₹18.12 crore from ₹17.37 crore YoY.

Revenue from operations fell 2.9% YoY to ₹939.51 crore in Q3 FY26.
Standalone PAT decreased to ₹13.12 crore from ₹15.26 crore in the year-ago period.
Exceptional loss of ₹9.41 crore recorded during the quarter ended December 31, 2025.
Finance costs rose to ₹42.19 crore, up from ₹37.30 crore in Q3 FY25.
Company restated FY25 figures to account for the ACIL merger and inventory discrepancies in Work-in-Progress.

💡 The stock may see neutral movement as the market digests the impact of the ACIL merger and historical inventory adjustments. Investors should focus on the company's ability to manage rising finance costs and operational efficiency in upcoming quarters.

Ramkrishna Forgings Q3 FY26 PAT Plummets 91% YoY to ₹13.1 Cr; Revenue Dips to ₹939.6 Cr

🔴 NEGATIVE ⭐ 8/10

EARNINGS 📅 27 Jan 2026, 03:50 PM

Ramkrishna Forgings reported a sharp decline in profitability for the quarter ended December 31, 2025, with Net Profit falling to ₹13.12 crore from a restated ₹152.57 crore in the previous year. Revenue from operations also contracted slightly to ₹939.60 crore compared to ₹967.56 crore YoY. The bottom line was significantly impacted by an exceptional loss of ₹9.41 crore and high operational expenses. Furthermore, the company continues to manage the fallout from inventory discrepancies identified in April 2025, which necessitated the restatement of prior-year figures.

Net Profit (PAT) crashed by 91.4% YoY to ₹13.12 crore in Q3 FY26.
Revenue from operations declined 2.9% YoY to ₹939.60 crore from ₹967.56 crore.
Reported an exceptional loss of ₹9.41 crore during the quarter ended December 2025.
Finance costs remained elevated at ₹42.19 crore compared to ₹37.30 crore in the year-ago period.
Inventory discrepancies in Work-in-Progress (WIP) led to a restatement of Q3 FY25 comparative figures.

💡 Investors should exercise caution due to the significant margin compression and the lingering impact of inventory accounting issues. It is advisable to wait for management's guidance on volume growth and debt reduction before making new commitments.

Ramkrishna Forgings to Hold Q3 FY26 Earnings Call on January 27, 2026

🟡 NEUTRAL ⭐ 4/10

EARNINGS 📅 20 Jan 2026, 06:30 PM

Ramkrishna Forgings Limited has scheduled its Q3 FY 2025-26 earnings conference call for Tuesday, January 27, 2026, at 5:00 PM IST. The management team, including the Managing Director and CFO, will discuss the company's financial performance and future business strategy following the declaration of its unaudited results. This call provides a platform for analysts and investors to gain insights into the company's operational outlook and sector trends. The event is being organized by IIFL Securities and includes international toll-free access for global investors.

Earnings conference call scheduled for January 27, 2026, at 5:00 PM IST.
Management to discuss Q3 FY 2025-26 unaudited financial results and business strategy.
Key participants include MD Naresh Jalan, CFO Lalit Khetan, and other Whole-time Directors.
Universal access numbers for the call are +91 22 6280 1259 and +91 22 7115 8160.

💡 Investors should monitor the Q3 results and the subsequent call for management commentary on order book growth and margin sustainability. This is a routine but essential event for assessing the company's short-term performance.

Ramkrishna Forgings Adds 3,000 TPA Aluminium Forging Capacity for EV Market Entry

🟢 POSITIVE ⭐ 8/10

EXPANSION 📅 20 Jan 2026, 06:06 PM

Ramkrishna Forgings has officially commenced commercial production at its new Aluminium Forging facility in Jharkhand with a capacity of 3,000 TPA. This marks the company's strategic entry into the lightweight aluminium forging segment, specifically targeting the growing Electric Vehicle (EV) market. The project involved an investment of Rs. 57.50 crore, funded through a combination of debt and internal accruals. This expansion is expected to diversify the company's product portfolio and enhance its presence in the high-growth EV component sector.

New production capacity of 3,000 Tonnes Per Annum (TPA) for Aluminium Forging
Total investment of Rs. 57.50 crore for the facility at Plant V, Jharkhand
Strategic entry into the EV market via lightweight aluminium components
Commercial production commenced effective January 20, 2026
Project funded through a mix of debt and internal accruals

💡 Investors should view this as a positive move towards diversification and EV market penetration. Monitor the ramp-up of capacity utilization and its impact on margins, as aluminium forgings typically command higher premiums.

RKFORGE Allots 34 Lakh Warrants to Promoter at Rs 588, Raising Rs 199.92 Crore

🟢 POSITIVE ⭐ 7/10

FUNDRAISE 📅 14 Jan 2026, 03:15 PM

Ramkrishna Forgings Limited (RKFORGE) has successfully allotted 34,00,000 warrants to a promoter, Mr. Chaitanya Jalan, on a preferential basis. The warrants are issued at a price of Rs 588 each, totaling a consideration of Rs 199.92 crore. The company has already received the 25% upfront payment of Rs 49.98 crore, with the remaining 75% due within 18 months upon conversion into equity shares. This transaction will increase the specific promoter's stake from 1.68% to 3.48% on a fully diluted basis.

Allotment of 34,00,000 warrants at an issue price of Rs 588 per warrant.
Total fundraise size of Rs 199.92 crore with Rs 49.98 crore received as upfront payment.
Promoter Mr. Chaitanya Jalan's holding to increase from 1.68% to 3.48% post-conversion.
Warrants are convertible into equity shares (1:1 ratio) within a maximum period of 18 months.
Pricing at Rs 588 per share indicates strong promoter commitment and confidence in the company's valuation.

💡 Investors should take this as a positive signal as the promoter is increasing their stake at a defined price, showing long-term confidence. Monitor the company's future announcements regarding the utilization of these funds for expansion or debt reduction.

Ramkrishna Forgings Submits SEBI Compliance Certificate for Q3 FY26

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 09 Jan 2026, 11:17 AM

Ramkrishna Forgings Limited has filed its quarterly compliance certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018. The certificate, issued by KFin Technologies Limited, confirms that the details of securities dematerialized or rematerialized during the quarter ended December 31, 2025, have been correctly reported to the stock exchanges. This is a standard administrative filing required by all listed companies in India to maintain transparency in shareholding records. No financial performance data or strategic updates were included in this specific announcement.

Compliance with Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018.
Covers the reporting period for the quarter ended December 31, 2025.
Confirmation provided by Registrar and Transfer Agent (RTA) KFin Technologies Limited.
Verification that dematerialized security details have been furnished to BSE and NSE.

💡 No action is required as this is a routine regulatory filing. Investors should continue to monitor the company's upcoming quarterly financial results for material performance updates.

Ramkrishna Forgings to Close Trading Window from Jan 1, 2026, for Q3 Results

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 30 Dec 2025, 12:01 PM

Ramkrishna Forgings Limited has announced the closure of its trading window for all designated persons and their immediate relatives starting January 1, 2026. This action is in compliance with SEBI's insider trading regulations ahead of the announcement of financial results for the quarter and nine-month period ending December 31, 2025. The window will remain closed until 48 hours after the results are officially disclosed to the stock exchanges. This is a standard procedure to prevent insider trading before sensitive financial information becomes public.

Trading window closure starts on Thursday, January 1, 2026
Closure pertains to the Unaudited Standalone and Consolidated Financial Results for Q3 and 9M ending Dec 31, 2025
Window will reopen 48 hours after the financial results are declared to the stock exchanges
Compliance with SEBI (Prohibition of Insider Trading) Regulations, 2015

💡 This is a routine regulatory filing and does not require any immediate action. Investors should wait for the upcoming earnings announcement to assess the company's financial performance.

RKFORGE to Raise ₹199.92 Cr via Preferential Issue of 34 Lakh Warrants to Promoters

🟢 POSITIVE ⭐ 7/10

FUNDRAISE 📅 23 Dec 2025, 12:04 PM

Ramkrishna Forgings (RKFORGE) is proceeding with a preferential issue of 34,00,000 warrants to its promoters to raise approximately ₹199.92 crores. A major portion of the proceeds, ₹149.94 crores, is earmarked for debt repayment, while ₹49.98 crores will be used for general corporate purposes. Upon full conversion of these warrants, the promoter group's shareholding is projected to increase from 43.13% to 44.47%. This capital infusion reflects strong promoter confidence and a strategic focus on deleveraging the balance sheet over the next 24 months.

Issuance of 34,00,000 warrants to promoters, each convertible into one equity share of ₹2 face value.
Total fundraise estimated at ₹199.92 crores, with ₹149.94 crores dedicated to debt repayment.
Promoter group shareholding to increase from 43.13% to 44.47% post-conversion.
Individual promoter Chaitanya Jalan's stake to rise significantly from 1.68% to 3.48%.
Funds for debt repayment and corporate purposes to be utilized within 24 months of receipt.

💡 Investors should view the promoter's capital commitment and the emphasis on debt reduction as positive indicators for the company's financial stability. Monitor the progress of debt reduction and the impact on interest coverage ratios in upcoming quarters.

Ramkrishna Forgings Reports Nil Physical Share Transfer Requests for November 2025

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 20 Dec 2025, 03:19 PM

Ramkrishna Forgings Limited has filed its monthly report regarding the re-lodgement of transfer requests for physical shares for November 2025. The report, issued by Kfin Technologies Limited (the Registrar and Transfer Agent), confirms that no requests were received during the period. This disclosure is a routine compliance requirement under the SEBI circular dated July 2, 2025. There is no impact on the company's financial performance or shareholding structure from this filing.

Zero requests were received for the re-lodgement of physical share transfers in November 2025.
The report was submitted in compliance with SEBI Circular No. SEBI/HO/MIRSD-PoD/P/CIR/2095/97.
Kfin Technologies Limited, the company's RTA, confirmed the 'Nil' status for the month.
No shares were processed, approved, or rejected during this reporting window.

💡 This is a routine regulatory filing with no material impact on the company's fundamentals. Investors do not need to take any action.

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.