RKFORGE

Ramkrishna Forgings Limited

Forgings and castings for automotive and non-automotive sectors including rail wheels

Consumer Discretionary›Automobile and Auto Components›Auto Components›Auto Components & Equipments

ramkrishnaforgings.com(opens the company website in a new tab)
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Key metrics

Price as of 2026-10-16

Stock price
₹691.45
Market cap
12,831 Cr
Stock P/E
117.5
P/B
3.80
Dividend yield
0.1%
ROE (FY26)
2.2%
ROCE (FY26)
5.2%
Operating margin (FY26)
7.3%
Debt / equity (FY26)
0.71
OCF / EBITDA (FY26)
130.7%
OCF / EBITDA (3Y)
73.1%

Full years shown; sign in free for the trailing twelve months. Learn about these metrics →

Price & valuation

Share price and valuation multiples (P/E, P/B and more) over time.

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Compare with peers

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What you need to know

RK Forge (Ramkrishna Forgings) makes forged and cast steel components for the auto industry and for non-auto users such as railways, mining and farm equipment, selling in India and abroad.

Company snapshot

26thBy market cap

Ranked among 94 companies in Auto Components & Equipments.

Segment mix

Reportable segments as of 2024-12-31 (Consolidated). Revenue share = segment revenue ÷ total revenue.

Largest segment: 100.0% of revenue

SegmentRevenue shareRevenuePBTAssets
Forging Components
100.0%
3,088 Cr598 Cr—
Others
2.8%
88 Cr0 Cr—

Shares add up to 103% because segment revenues are before inter-segment eliminations.

What we see

Concerns
  • ✗Net margin is very thin at 1.7% — little room for error if costs rise.
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Statement tables · Consolidated

Switches quarterly, P&L, balance sheet, and cash flow. Key metrics and ratios stay on consolidated when available.

Amounts in ₹ Cr · tap + to expand rows

Quarterly results

Quarterly · ₹ Cr · tap + rows to expand

MetricSept 2023Dec 2023Mar 2024Jun 2024Sept 2024Dec 2024Mar 2025Jun 2025Sept 2025Dec 2025Mar 2026Jun 2026
Sales981 Cr1,058 Cr1,023 Cr1,005 Cr1,054 Cr1,074 Cr947 Cr1,015 Cr908 Cr1,099 Cr1,217 Cr1,217 Cr
Operating expenses (approx.)776 Cr833 Cr806 Cr797 Cr821 Cr842 Cr849 Cr867 Cr785 Cr935 Cr1,009 Cr998 Cr
EBITDA206 Cr224 Cr217 Cr208 Cr233 Cr232 Cr99 Cr149 Cr123 Cr163 Cr208 Cr218 Cr
OPM %20.9%21.2%21.3%20.7%22.1%21.6%10.4%14.6%13.5%14.9%17.1%18.0%
Other income4 Cr2 Cr19 Cr9 Cr3 Cr4 Cr11 Cr4 Cr6 Cr2 Cr2 Cr3 Cr
Interest39 Cr41 Cr36 Cr38 Cr39 Cr42 Cr49 Cr49 Cr53 Cr51 Cr57 Cr57 Cr
Depreciation61 Cr68 Cr72 Cr62 Cr60 Cr64 Cr85 Cr80 Cr80 Cr84 Cr88 Cr99 Cr
Profit before tax110 Cr117 Cr128 Cr116 Cr233 Cr129 Cr-24 Cr17 Cr-10 Cr18 Cr59 Cr65 Cr
Tax %25.1%26.0%26.8%30.3%18.4%22.8%945.0%31.9%7.5%25.1%5.0%27.6%
Net profit82 Cr87 Cr94 Cr81 Cr190 Cr100 Cr200 Cr12 Cr-9 Cr14 Cr56 Cr47 Cr
EPS (₹)₹5.14₹5.02₹5.19₹4.48₹10.49₹5.51₹11.04₹0.65₹-0.53₹0.75₹3.09₹2.58

Profit & loss (annual)

Annual · last column is TTM · ₹ Cr · tap + to expand

MetricMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales992 Cr1,509 Cr1,931 Cr1,216 Cr1,289 Cr2,320 Cr3,193 Cr3,955 Cr4,034 Cr4,238 CrSign in free for the trailing twelve months
Operating expenses (approx.)830 Cr1,221 Cr1,547 Cr1,009 Cr1,066 Cr1,803 Cr2,501 Cr3,115 Cr3,475 Cr3,595 CrSign in free for the trailing twelve months
EBITDA162 Cr288 Cr384 Cr207 Cr223 Cr517 Cr692 Cr840 Cr560 Cr643 CrSign in free for the trailing twelve months
OPM %16.3%19.1%19.9%17.0%17.3%22.3%21.7%21.2%13.9%15.2%Sign in free for the trailing twelve months
Other income7 Cr4 Cr3 Cr7 Cr6 Cr1 Cr4 Cr29 Cr26 Cr13 CrSign in free for the trailing twelve months
Interest77 Cr73 Cr82 Cr79 Cr80 Cr96 Cr120 Cr152 Cr166 Cr210 CrSign in free for the trailing twelve months
Depreciation75 Cr85 Cr121 Cr121 Cr117 Cr169 Cr202 Cr258 Cr271 Cr333 CrSign in free for the trailing twelve months
Profit before tax17 Cr135 Cr184 Cr15 Cr32 Cr253 Cr374 Cr459 Cr247 Cr84 CrSign in free for the trailing twelve months
Tax %33.4%29.7%34.6%34.5%34.9%21.8%33.7%25.6%-68.1%14.5%Sign in free for the trailing twelve months
Net profit11 Cr95 Cr120 Cr10 Cr21 Cr198 Cr248 Cr341 Cr415 Cr72 CrSign in free for the trailing twelve months
EPS (₹)₹3.91₹30.23₹36.85₹2.97₹6.44₹12.43₹15.52₹20.27₹22.95₹3.97Sign in free for the trailing twelve months
Dividend payout %————0.0%2.4%11.0%7.2%8.7%25.2%Sign in free for the trailing twelve months
Sign in free for the trailing twelve months

The latest four quarters added up, next to each full year

Balance sheet

Annual · ₹ Cr · tap + rows to expand

MetricMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity capital29 Cr33 Cr33 Cr33 Cr32 Cr32 Cr32 Cr36 Cr36 Cr36 Cr
Reserves440 Cr726 Cr840 Cr843 Cr851 Cr1,046 Cr1,290 Cr2,648 Cr3,001 Cr3,254 Cr
Borrowings875 Cr753 Cr820 Cr881 Cr1,135 Cr1,591 Cr1,307 Cr1,118 Cr2,013 Cr2,335 Cr
Other liabilities514 Cr544 Cr508 Cr472 Cr687 Cr814 Cr1,101 Cr1,506 Cr1,507 Cr1,553 Cr
Total liabilities1,858 Cr2,056 Cr2,200 Cr2,229 Cr2,704 Cr3,484 Cr3,730 Cr5,308 Cr6,557 Cr7,178 Cr
Fixed assets (net)1,016 Cr1,068 Cr1,107 Cr1,160 Cr1,224 Cr1,436 Cr1,657 Cr2,118 Cr2,660 Cr3,440 Cr
CWIP50 Cr44 Cr130 Cr219 Cr276 Cr129 Cr91 Cr216 Cr498 Cr337 Cr
Investments0.10 Cr0.10 Cr0.10 Cr0.10 Cr0.10 Cr55 Cr0.10 Cr125 Cr190 Cr241 Cr
Loans & advances———14 Cr2 Cr1 Cr1 Cr0.83 Cr1 Cr1 Cr
Inventories229 Cr299 Cr331 Cr359 Cr432 Cr709 Cr907 Cr1,100 Cr1,254 Cr1,246 Cr
Trade receivables444 Cr515 Cr510 Cr343 Cr569 Cr891 Cr775 Cr850 Cr975 Cr795 Cr
Cash & bank1 Cr1 Cr2 Cr3 Cr67 Cr36 Cr45 Cr173 Cr16 Cr162 Cr
Other assets118 Cr129 Cr120 Cr132 Cr134 Cr226 Cr255 Cr725 Cr963 Cr956 Cr
Total assets1,858 Cr2,056 Cr2,200 Cr2,229 Cr2,704 Cr3,484 Cr3,730 Cr5,308 Cr6,557 Cr7,178 Cr

Cash flows

Annual · ₹ Cr · tap + rows to expand · last column includes FCF

MetricMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Cash from operating activity144 Cr122 Cr267 Cr254 Cr140 Cr43 Cr745 Cr621 Cr33 Cr840 Cr
Cash from investing-107 Cr-110 Cr-254 Cr-231 Cr-222 Cr-354 Cr-299 Cr-1,117 Cr-916 Cr-929 Cr
Cash from financing-37 Cr-13 Cr-12 Cr-22 Cr147 Cr280 Cr-438 Cr625 Cr727 Cr235 Cr
Net cash flow-0.78 Cr0.11 Cr1 Cr0.54 Cr65 Cr-31 Cr8 Cr129 Cr-157 Cr146 Cr
Free cash flow (OCF − Capex)34 Cr10 Cr13 Cr27 Cr-91 Cr-257 Cr389 Cr32 Cr-944 Cr-85 Cr

Ratios

MetricMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
ROCE %7.0%13.7%15.7%5.3%5.5%13.1%18.8%16.1%8.2%5.2%
ROE %2.4%12.5%13.8%1.1%2.3%18.4%18.8%12.7%13.7%2.2%
Debtor days1631249610316114088788868
Inventory days197149128235247213206214219221
Days payable259150108140246182180198189203
Cash conversion cycle1011241161981621701159511886
OCF / EBITDA %88.8%42.5%69.7%122.6%62.7%8.3%107.7%73.9%5.8%130.7%
OCF / EBITDA % (3 years)——64.0%73.3%81.2%46.1%64.8%68.8%66.9%73.1%
Debt / equity1.870.990.941.011.291.480.990.420.660.71
Current ratio0.821.081.141.001.081.271.261.531.101.15
Net debt / EBITDA5.40—2.134.244.793.011.821.133.573.38