Ramkrishna Forgings

RKFORGE

NSE

BSE

SectorAutomobiles

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Company insights, generated from the most recent coverage.

Domestic wheel production would reduce working capital cycles by 60-80 days and improve EBITDA margins by 200-250 bps through forex savings and lower logistics costs.
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Investment in domestic wheel manufacturing capacity is contingent on securing the 200-locomotive follow-on order from Indian Railways to ensure volume certainty and break-even economics.
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The Quarter story

The two most recent quarterly results, compared side-by-side.

Production and margins are strengthening, but new order wins are slowing down.

Production volumes grow from 46,473 MT in Q1 FY26 to 66,894 MT in Q1 FY27, showing steady output scaling.

Order wins drop from 1,116 INR in Q2 FY26 to 293 INR in Q1 FY27, warning of a weaker pipeline.

EBITDA margin improves from 14.4% in Q1 FY26 to 17.96% in Q1 FY27, confirming stronger pricing power.

Press utilization falls back to 60% in Q1 FY27 from 74% in Q3 FY26, signaling demand volatility.

Ring rolling utilization recovers to 127% in Q1 FY27 from 88% in Q2 FY26, indicating sustained high demand.

Forgings utilization eases to 64% in Q1 FY27 from 70% in Q4 FY26, reflecting seasonal normalization.

Press production rises from 28,231 MT in Q1 FY26 to 35,689 MT in Q1 FY27, reflecting consistent capacity leverage.

About the company

Ramkrishna Forgings Limited is an Indian forging company incorporated in 1981. It manufactures and sells forged components for automobiles, railway wagons, coaches, and engineering parts. The company operates manufacturing facilities in Jharkhand and West Bengal. Its products include forgings for various industries, such as automotive, railways, mining, and general engineering. Ramkrishna Forgings has expanded its production capacity over the years, adding new equipment and technologies. The company serves major original equipment manufacturers and operates in two segments: Forging components and Others. It supplies critical safety items for railway passenger coaches and locomotives. In 2023, RKFL Engineering Industry Private Limited became a wholly owned subsidiary of the company.

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