Announcement
Announcement Under Regulation 30 (LODR)-ESG Rating 18 Sep - Independent reviewer assigned Ramkrishna Forgings an ESG score of 61.26 on publicly available information.
Source: Bse
Ramkrishna Forgings Limited (RKFORGE)
Large CapAuto stocks · Large cap · NSE
Ramkrishna Forgings Limited (RKFORGE) is an Indian manufacturer of forged and cast products. It serves diverse sectors including Commercial Vehicles, Railways, Mining, Earth Moving & Farm Equipment, Oil & Gas, and Industrial Components. The company has a global presence with manufacturing facilities in India and Mexico, offering hot, warm, cold, and aluminum forging, casting, and machining solutions.
Data qualityFresh enough for analysisQuote updated 21 Oct, 05:57 pm ISTDetails
Quote21 Oct, 05:57 pm IST
Base fundamentals14 Oct 2026 · screener
Latest result24 Jul, 08:00 pm IST
Score21 Oct, 04:30 am IST · v4.3-runtime-valuation
Tags02 May 2026
Coverage13/14 · 93%
Valuation2026-07-20 · Rf 6.8% · Auto P/E 25.7 (n=127)
Technical timing lens
Trend score and candlestick chart
43NeutralSMA20 -2.9% / mo · MACD − · sector -2.2pp vs Nifty 500 (3M)
Stock trend: 43
Sector RS: 44
Sector 3M: -7.8% vs Nifty 500 -5.6%
Auto FPI tailwindNot confirmed
Latest mapped FPI equity flow was not positive. View sector evidence
Technical chart
RKFORGED candles · FIT view+12.9%Latest close ₹635.75 on 2026-10-21
Bar
-6.5%
RSI
33
MACD hist
-5.45
52W pos
56%
2026-10-21O ₹680.00H ₹681.70L ₹628.10C ₹635.75Vol 10.1L sh
Up bar
Down bar
EMA 20
EMA 50
Volume + 20D avg
Result date
RSI(14)
MACD / signal
Market context
Relative performance and chart statistics
Adjusted completed-session prices, rebased to 100
RKFORGENifty AutoNifty 500
- RKFORGE
- +10.3%
- Nifty 500
- -6.5%
- Nifty Auto
- -7.8%
- Vs Nifty 500
- +16.8 pp
Chart stats
21 Oct 2026- From 52W high
- -17.7%
- 52W range position
- 56%
- ATR (14)
- 4.0%
- Volume vs 20D
- 1.97x
- Avg traded value
- ₹38.3 Cr
- 20D price channel
- ₹628.1 - ₹741
₹772.8
₹460.2 - ₹772.8
₹25.2
Latest completed session
20-session average
37.5% annualized volatility
Research snapshot
What the evidence says now
Weak fundamentals, management trust needs verification, price trend argues for patience, and recent execution is weak.
Suggested next step
Check latest quarters
Result consistency is weak; verify whether the thesis is improving or deteriorating.
U-Score
Legacy · OVERVALUED29
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Excellent90
Revenue +19.9% · PAT +291.7% YoY
Technical
Neutral43
Price trend and sector-relative-strength timing.
Valuation
Legacy model-180.5%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Mixed Trust59
medium confidence · 3/4 claims checked
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Latest result
Quarter ended 30 Jun 2026
Excellent · 90/100Rev +20% YoY · PAT +292% YoY · margin expansion · operating leverage
Filed 24 Jul 2026
Open results browser →| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹1,217 Cr | +19.9% | +0.0% |
| EBITDA | ₹218 Cr | +53.5% | +7.4% |
| Operating margin | 18.0% | +400 bps | +100 bps |
| PAT | ₹47 Cr | +291.7% | -16.1% |
| PAT margin | 3.9% | +268 bps | -74 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Fundamentals
Valuation
- P/E
- 112.00
- P/B
- 3.83
- EV/EBITDA
- 14.57
- Market Cap
- 12909.00Cr
Profitability
- ROE
- 2.51%
- ROCE
- 5.60%
- ROA
- 1.49%
- Dividend Y
- 0.14%
Growth (CAGR)
- Revenue 5Y
- 27.00%
- EPS 5Y
- 30.00%
- Revenue 3Y
- 10.00%
- EPS 3Y
- -32.00%
Balance Sheet
- Debt/Equity
- 0.74
- Interest Coverage
- 3.20×
- Altman Z
- 3.74
- Book Value
- 181.00
Cash Flow
- FCF Yield
- —
- FCF Positive Y
- 5/5
- OCF
- 840.00 Cr
- EPS TTM
- 5.88
Shareholding
- Promoter Hold
- 39.82%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 75%
Financial History
Updated 20/10/2026
Revenue
₹ CrLatest: 4,440+4.8% vs prev
Net Profit
₹ CrLatest: 72.0-82.7% vs prev
Return on Equity
%Latest: 2.2-84.0% vs prev
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Daily technical trend read
Bearish setupTrend is weak — long-term uptrend intact. RSI 33.
- Price above SMA200 (long-term uptrend) but mid-term MAs not aligned.
- SMA20 falling (~3.0% over last month) — short-term momentum negative.
- RSI(14) at 33 — falling, no extreme reading.
- MACD below signal, histogram expanding negatively — bearish momentum building.
- 18% off 52W high · 38% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Nifty 500 leadership
Relative Strength & Trend Stage
89
RS percentile
Stage 2 UptrendEstablished S2
1M return
-5.4%
3M return
+21.9%
6M return
+23.0%
1Y return
+27.1%
RS 1D
0
RS 20D
+1
Sector rank
#10
Industry rank
#14
Stage evidence
- Price is 10.9% above the 30-week proxy.
- The 50-DMA is above the 30-week proxy and its slope is rising +3.4%.
- Both 3-month and 6-month returns are positive.
50-DMA
price below
200-DMA
price above
S2 entered
15 Jul 2026
S2 age
67 trading sessions
Sector
neutral
Industry
weakening
Relative-strength line vs Nifty 500 (base 100)
262 observations
21 Oct 2026Value 127.34-6.33%
RS vs Nifty 500127
Valuation & peers
U-Score 29 · legacy U-Score band OVERVALUED · valuation evidence and comparable companies
Valuation & peers
U-Score 29 · legacy U-Score band OVERVALUED · valuation evidence and comparable companies
OVERVALUED
Fundamental score breakdown
U band · OVERVALUEDValuation0/30
Growth16/25
Quality0/20
Balance Sheet4/15
Cash Flow4/10
Piotroski
8/9 (+5)
Penalties
0
Raw sum
29
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
29/100 · legacy band OVERVALUED
Positive drivers
- Piotroski is strong at 8/9.
- Growth contributes 16/25 to the score.
- Cash flow contributes 4/10 to the score.
Main drags
- Fair-value margin of safety is negative at -180.5%.
- Valuation is weaker at 0/30; verify the latest quarterly trend.
- Quality is weaker at 0/20; verify the latest quarterly trend.
Sector valuation model
Consumer valuation: PE/PEG and brand-quality premium
Consumer franchises can deserve higher multiples, but only when growth quality supports them.
Primary lens
PE and PEG relative to growth, ROE, margins, and brand strength.
Secondary checks
Volume growth, pricing power, distribution, same-store or category growth.
Main risk check
Premium valuation needs durable growth and margin resilience.
PE
112.0
PB
3.8
EV/EBITDA
14.6
ROE
2.5%
ROCE
5.6%
FCF Yield
—
Debt/Equity
0.7
MoS
-180.5%
Score movement
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Stored run: 21 Oct 2026
v4.3-runtime-valuation
Final score
29
Previous: 29
Legacy U-Score band
OVERVALUED
Previous: OVERVALUED
Margin of safety
-180.5%
Previous: -202.2%
Score history
12 stored score snapshots. Latest stored move: +0 points.
21 Oct 2026
v4.3-runtime-valuation
29
29
29
29
29
29
29
29
29
29
29
29
Factor attribution
No pillar movement versus the latest stored run. Historical score trend will appear after snapshot storage is enabled.
Modelled fair value
Graham Number
₹154.75
-310.8% MoS
Growth-justified P/E
38.5
Growth-justified Value
₹226.67
-180.5% MoS
PEG
3.73
Comparable companies
Peers
Business-comparable peers in Auto — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.
Ticker
Name
Why peer
Score
PE
ROE
MoS
Verdict
JBMA
Small
JBM Auto Limited
Auto Components
match 165
34
55.4
15.7%
-45%
WATCHLIST
SSWL
Small
Steel Strips Wheels Limited
Auto Components
match 160
38
30.4
11.0%
+21%
WATCHLIST
WHEELS
Small
Wheels India Limited
Auto Components
match 159
50
36.3
15.8%
+5%
FAIR VALUE
VSTTILLERS
Small
V.S.T Tillers Tractors Limited
Auto Components
match 159
31
33.6
10.0%
-70%
OVERVALUED
JAMNAAUTO
Micro
Jamna Auto Industries Limited
Auto Components
match 158
62
24.1
22.3%
+38%
UNDERVALUED
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business and thesis
Where growth can come from, and what can break the case
Thesis intactReviewed 2026-06-03T18:28:43.263Z
Management commentary snapshot
RKFORGE reports strong Q4 FY26 with consolidated revenue up 28% YoY and 11% QoQ, driven by robust domestic demand and export recovery. PBT surged 111% YoY and 117% QoQ, reflecting improved business conditions and diversification strategy.
RKFORGE delivered robust Q4 FY26 results, supported by strong domestic demand and recovering exports. The diversification strategy into non-auto sectors like Railways and Energy is yielding tangible results, strengthening the earnings profile. With major capacities commissioned, the focus shifts to utilization ramp-up and operating leverage, positioning the company for continued growth in FY27.
Current business mix
Revenue Break-up FY26 (Standalone)
Latest issuer-disclosed distribution across 6 reported categories.
Domestic Auto47.0%
Railways7.5%
Mining, Earth Moving & Farm Equipment5.9%
Miscellaneous (Industrial Components, Steel, Cement & Power)8.0%
Exports - Auto26.7%
Exports - Others4.9%
Growth engines
Diversification into Non-Auto Sectors
Railways, oil & gas, off-highway, and mining segments have emerged as meaningful contributors, strengthening earnings resilience.
Ramp-up of New Capacities
Focus on utilization ramp-up of newly commissioned forging and casting capacities to drive FY27+ earnings.
New Product Wins
New product wins across domestic and export markets are expected to be a key earnings driver.
Railways Opportunity
Assembling Boogies for LHB and Vande Bharat trains presents a significant growth opportunity.
Capacity and execution
Press Line Capacity (RKFL)
Added Press line Capacity of 3,000MT on January 20, 2026, and 40,000MT on March 06, 2026.
Press Line Capacity (RKCSL)
Added Press line Capacity of 18,000 MT on December 31, 2025.
Casting Capacity (RKFL)
Added Casting Capacity of 28,800 MT on March 31, 2026. An additional 16,200 MT casting capacity to be added in Q1 FY27.
Rail Wheel JV Facility
Asia's 2nd largest wheel manufacturing facility (228,000 forged wheels annual capacity) in Chennai is nearing completion, with commercial operations expected by end of June 2026.
Tailwinds
Robust Domestic Demand
Domestic demand remains robust across key segments, supporting healthy capacity utilisation and operational momentum.
Export Market Recovery
Exports have witnessed a recovery, with customer demand reviving steadily despite earlier disruptions.
Healthy Order Book
A healthy order book provides strong revenue visibility for the coming periods.
Operating Leverage
Improving demand conditions and better operating leverage are expected to position the company well for value creation.
Headwinds
Impact from Mexico Subsidiary
Q4 PBT was impacted by ₹4.5 crore loss from the Mexico subsidiary.
Geopolitical and Tariff Disruptions
Exports faced disruption and volatility earlier in the year due to tariff-related developments and geopolitical issues, though recovery is noted.
Risk radar
Execution Risk in New Ventures
Successful ramp-up and profitability of the Rail Wheel JV and Mexico facility are crucial for future earnings.
High Debt Levels
Closing debt (net of cash) was ₹2,172 crore, with peak debt during the year at ₹2,407 crore, indicating significant leverage.
Raw Material Price Volatility
As an auto ancillary, the company is exposed to raw material price fluctuations, though pass-through mechanisms are not explicitly detailed.
Management accountability
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
Analyst reading lens
Compare BOTH
The MD's statement explicitly highlights both QoQ and YoY growth for consolidated revenues and PBT, indicating that both sequential momentum and annual performance are critical for assessing the company's trajectory and recovery.
Sector KPIs management disclosed
Consolidated Revenue
Consolidated revenues of ₹1,217 crore in Q4 FY26, higher by 11% on a QoQ basis and by 28% on a YoY basis.
Consolidated PBT
Profit Before Tax improved to ₹64 crore in Q4 FY26 as against ₹30 crore in the previous quarter (QoQ 117%) and -₹23 crore in Q4 FY25 (YoY 111%).
Consolidated EBITDA
EBITDA of ₹208 crore in Q4 FY26, up 27% QoQ and 111% YoY.
Forgings Volume
Forgings volume was 38,805 tons in Q4 FY26, up 15% QoQ and 36% YoY.
Management forward view
Strong FY27 Outlook
FY27 is poised to be a strong year for the Company, driven by improving demand and diversification.
Focus on Utilization and Profitability
The company enters the next phase focused on utilisation ramp-up, operating leverage, and profitable growth.
Balance Sheet Deleveraging
A phased deleveraging of the balance sheet is planned over the next 2-3 years to strengthen cash generation.
Thesis monitor
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Rail Wheel JV Commercial Operations | Expected by end of June 2026. | Timely commissioning and initial production ramp-up of the 228,000 forged wheels capacity. |
| Mexico Facility Bulk Production | Expected from second week of May. | Successful commencement of bulk commercial production and its contribution to export revenue and profitability. |
| Capacity Utilization Ramp-up | Forgings 70%, Press 68%, Casting 85% in Q4 FY26. | Improvement in utilization rates across newly added forging and casting capacities to drive operating leverage. |
| Debt Reduction | Closing Debt (net of Cash) ₹2,172 crore. | Progress on phased deleveraging of the balance sheet over the next 2-3 years as guided by management. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Show extracted source claims
revenue outlookcontradictedquantified
We will be able to maintain our commentary of double-digit growth for the full year.
Timeframe: full yearDirection: positiveConfidence: high
"we will be able to maintain our commentary of double-digit growth for the full year."
Outcome check: Revenue YoY averaged 15.4% across 2 later quarter(s).
project executionnot yet verifiable
Our wheel plant is confident to start operations from March '26 onwards and trial runs to start from January onwards.
Timeframe: January onwards, March '26 onwardsDirection: positiveConfidence: confident
"confident to start operations from March '26 onwards and trial runs to start from January onwards."
revenue outlookdelivered
The third and fourth quarter is going to be extremely surprising and extremely on the upside of the results.
Timeframe: Q3 & Q4 FY26Direction: positiveConfidence: medium
"third and fourth quarter is going to be extremely surprising and extremely on the upside of the results."
Outcome check: Revenue YoY averaged 15.4% across 2 later quarter(s).
revenue outlookdelivered
Our newly launched vertical supplying castings to railways is well positioned to scale up meaningfully in the coming quarters.
Timeframe: coming quartersDirection: positiveConfidence: high
"well positioned to scale up meaningfully in the coming quarters."
Outcome check: Revenue YoY averaged 15.4% across 2 later quarter(s).
Trust Score
59Mixed Trust · medium confidenceClaim-tested Trust
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Mixed Trust: Management has 67% delivered/partly-delivered outcomes on 3 checked claims, with 1 adverse claim outcome. It ranks around the 25th percentile of the scored universe and 11th percentile within Auto. Main check: financial discipline is weak at 30/100.
Mixed Trust: 3/4 extracted management claims have outcome checks; 67% were fully delivered and 0 were partially delivered. 1 claim(s) were contradicted or failed. Key concern: 3 latest quarters had PAT decline worse than 25% YoY.
Computed 21 Oct 2026
management-trust-v1
39 extracted concalls · 3/4 claims matched
Score band
Mixed Trust
Usable, but needs evidence. Treat guidance with a margin of safety.
Relative rank
25th percentile
overall median 67 · Auto: 11th pctile, median 74 · Large: 14th pctile, median 73
Evidence depth
Early sample
3/4 claims checked. Use as directional, not final.
Claim delivery
67% delivered or partly delivered
3/4 claims checked · 1 contradicted/failed claim
How to read this Trust Score
Mixed Trust · medium confidenceWhat it measures
Reliability of management and financial delivery, using management claims matched with later outcomes.
Confidence
Useful directional evidence exists, but still verify the latest filings.
Investor use
Needs extra due diligence; demand valuation comfort and recent improvement.
Read Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Promoter
70
acceptable · holding, pledge, alignment
Cash flow
67
acceptable · profit to cash conversion
Balance sheet
73
acceptable · leverage and solvency
Discipline
30
weak · capital discipline
Results
39
weak · quarterly consistency
Trust positives
- ▸Promoter pledge is zero.
- ▸5 years of positive FCF.
- ▸3/4 latest quarters had positive YoY revenue growth.
Trust risks
- ▸3 latest quarters had PAT decline worse than 25% YoY.
- ▸Promoter holding fell 3.3%.
- ▸ROCE is low at 5.6%.
- ▸ROE is low at 2.5%.
Continue researching Ramkrishna Forgings Limited
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 16 Sep - Pursuant to Regulation 30 of the SEBI (LODR) Regulations, 2015, we would like to inform you that the management ....
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 11 Sep - Pursuant to Regulation 30 of the SEBI (LODR) Regulations, 2015, we would like to inform you that the management ....
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Allotment of ESOP / ESPS 5 Sep - Allotment of Equity Shares pursuant to RKF Limited Employee Stock Option Schene 2023 ("ESOP Scheme")
Source: Bse
Annual report
Annual Report 2026
Source: Bse
Annual report
Annual Report 2025
Source: Bse
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.