Rane (Madras) Ltd(RML)

NSE: RMLBSE: 532661

₹ 1,165.3-2.89%refreshed 23 Oct, 03:30 pm ISTMarket cap: ₹ 3,221 crNext results: 3 Nov 2026Website: www.ranegroup.comUpdated: 24 Oct 2026

About

Rane (Madras) Limited is an Indian auto components manufacturer supplying steering & linkages, brake components, engine components, and light metal castings to OEMs across passenger vehicles, commercial vehicles, farm tractors, and two-wheelers. The company reported FY26 consolidated revenue of Rs. 3,862.92 Cr, with a 10-year revenue CAGR of 9%. International markets accounted for 27% of FY26 revenue, and the company serves customers in 30+ countries.^[1]

Business segments

The company reports a single segment, components for the transportation industry (FY25 annual report).^[2]
Steering & Linkages: Rs. 316 Cr in Q1 FY27; supplies steering columns, linkages, and suspension components to domestic and international OEMs. FY25 total: Rs. 1,592.1 Cr vs Rs. 1,616.5 Cr in FY24.^[3][2]
Brake Components: Rs. 111 Cr in Q1 FY27; supplies brake linings, disc pads, electronic parking brake pads, sintered clutch buttons, and MEMU/metro brake blocks.^[3]
Engine Components: Rs. 96 Cr in Q1 FY27; supplies valves and related parts to tractor OEMs. FY25 total: Rs. 495.4 Cr vs Rs. 499.9 Cr in FY24.^[3][2]
Light Metal Castings: Rs. 46 Cr in Q1 FY27; aluminium castings mainly for domestic PV OEMs. FY25 total: Rs. 262.1 Cr vs Rs. 260.0 Cr in FY24.^[3][2]
Aftermarket Products: Rs. 194 Cr in Q1 FY27 (14% of sales mix); consolidated under one business unit in FY25. FY25 total: Rs. 540.8 Cr vs Rs. 519.5 Cr in FY24.^[3][2]

Products and R&D

Brake portfolio includes copper-free CV disc pads for North America and electronic parking brake pads for the LMV segment, developed in FY25.^[2]
R&D is developing an electric steering column and Rack & Pinion gear assembly for a 2.5-tonne electric SUV, and next-generation ECUs for column-mounted electric steering.^[2]
R&D is upgrading test capabilities to validate hydrogen fuel applications, alongside a vehicle NVH test capability to measure judder and creep groan noise.^[2]
Engine Components business is localising Nickel alloy procurement with suppliers to reduce import dependency in valves.^[2]

Key operating numbers

Domestic OE sales grew 13% YoY in Q1 FY27, led by passenger vehicle and farm tractor segments.^[3]
International customer sales grew 24% YoY in Q1 FY27, driven by strong offtake of steering products.^[3]
Aftermarket sales: Rs. 194 Cr in Q1 FY27, up 28% YoY from Rs. 115 Cr in Q1 FY26.^[3]
In Q4 FY26, CV India OEM grew 23% vs industry 19%; Farm Tractor grew 32% vs industry; PV grew 8% vs industry 11%.^[4]
Brake Components total sales were Rs. 478.2 Cr in FY25, up 12.5% YoY; exports grew 39.1% in FY25.^[2]
Engine component exports fell 12.9% in FY25 on lower customer offtake; steering exports were hit by a drop in North American ATV business.^[2]

Customers and markets

Passenger vehicles contributed 52% of revenue in Q3 FY26; commercial vehicles 24% in Q3 FY26.^[5]
Major customers include Indian automotive OEMs; also serves Korean OEMs and a global heavy commercial OEM, with Engine Components supplying an international tractor OEM.^[2]
Aftermarket strategy targets B and C towns to mitigate competitive pressure; Brake Components commenced supplies to the US market in FY25 and is expanding to Africa and the Middle East.^[2]

Order book

Q1 FY27 new business wins: 24 programs, lifetime value over Rs. 2,040 Cr, 54% export LTV share, average program life approximately six years, including EV applications.^[3]
Q3 FY26: Steering & Linkages won Rs. 115 Cr of new orders including Rs. 75 Cr from international customers; Brake Components won Rs. 20 Cr.^[5]
Q2 FY26: Steering & Linkages won Rs. 153 Cr from domestic customers; Engine Components Rs. 19 Cr; Brake Components Rs. 25 Cr; Light Metal Casting Rs. 3 Cr internationally.^[6]
In FY25 the steering business won new orders worth over INR 500 Crores (Rack & Pinion, Ball Joints).^[2]

Expansion and acquisitions

RML acquired Hindustan Composites Limited's friction business at an enterprise value of Rs. 370 Cr; HCL friction had FY26 revenue of Rs. 315 Cr and PBT of Rs. 40 Cr.^[3]
The combined RML and HCL friction business is expected to form a Rs. 1,000+ Cr revenue platform, per Q1 FY27 management commentary.^[3]
HCL acquisition adds two manufacturing plants in Maharashtra, expanding RML's friction production footprint.^[3]
Mexico greenfield plant (RACM) was expected to start commercial production by mid FY25, per the FY24 annual report.^[7]

Recent developments

In September 2026, RML sold 3.48 acres of surplus freehold land at Velachery, Chennai for Rs. 361.18 Cr, receiving Rs. 200 Cr so far; possession has been transferred.^[8]
Net Debt:Equity was 0.94x at end of FY26 vs 1.16x at the start of FY26; ROCE rose 303 bps YoY to 14.4%.^[4]
Rane Engine Valve Limited and Rane Brake Lining Limited were to be amalgamated into RML w.e.f. 1 Apr 2024 (9:20 and 21:20 swap ratios), subject to approvals.^[7]
US casting subsidiary LMCA was divested on 14 Sep 2023 due to poor US offtake.^[7]
Rane Foundation's polytechnic, which graduated 2,120 students over 14 years, is being progressively closed by end of academic year 2025-26 due to declining enrolment.^[2]

Market Cap

₹3,221 Cr

High / Low

₹1,439 / 613

Stock P/E

29.7

Price / Book

4.7

Book Value

₹272

EPS

₹38.9

No. of Shares

2.76 Cr

ROCE

14.1%

ROE

15.1%

OPM

5.4%

Debt / Equity

0.84

Sales

₹3,863 Cr

Net Profit

₹107 Cr

Promoter holding

70.5%

Loading chart…

Signal history

AI Deep Dive

The analysis Screener can't give you

Our models read the latest earnings call, annual report, and financials end-to-end - then grade management, value the business, and flag the risks. Unlock all of it for this company:

Verdict
The headline call - descriptive label, conviction, and the synthesis behind it.
Valuation
Guidance-anchored P&L bridge - worst / average / best multiple cases.
Walk the talk
Did management deliver on past guidance? A commitment-by-commitment scorecard.
Red flags
Forensic and governance risk pointers, severity-ranked.
Balance sheet
Solvency and earnings-quality score.
Concall briefs
Quarter-by-quarter earnings-call briefs - what changed and why.

₹49 unlocks this company for 90 days, ₹299 for a full year - bundles bring it lower. Built on public disclosures - educational, not investment advice.

AI Deep Dive

Verdict

Locked

The headline call - descriptive label, conviction, and the synthesis behind it.

Company data

Financials