Ramkrishna Forgings Ltd(RKFORGE)

NSE: RKFORGEBSE: 532527

₹ 591.6-3.62%refreshed 23 Oct, 03:30 pm ISTMarket cap: ₹ 10,978 crWebsite: www.ramkrishnaforgings.comUpdated: 24 Oct 2026

About

Ramkrishna Forgings Ltd is a Kolkata-based maker of closed-die steel forgings and castings for commercial vehicles, passenger vehicles, railways and industrial customers in India and overseas, with primary operations in Jharkhand. It reported revenue of Rs 4238.08 Cr in FY26. It describes itself as the largest forging company in Eastern India and among the top forging companies nationwide. It is expanding into castings, rail wheels, non-ferrous forgings and overseas machining.^[1][2]

Business segments

Forging Components was 93.7% of revenue (Rs 3,707.96 Cr) in FY24 at a 16.0% EBIT margin; Others was 6.3% (Rs 250.34 Cr) at a 6.9% EBIT margin.^[3]
Railways was 7.5% of standalone revenue in FY26, up from 4.6% in FY25.^[4]
Exports were 32.3% of consolidated revenue in Q1 FY27 (₹353.87 crores), with North America at ₹222 crores and Europe at ₹128 crores.^[5]

Products and processes

Forging capabilities cover closed die forgings, press forgings and ring rolling, with entry into warm and cold forgings (FY25 annual report).^[2]
Makes axle and transmission parts for commercial vehicles, including front axle beams and steering knuckles, plus parts for non-auto segments (FY25).^[2]
Operations run end to end from forging through machining, heat treatment and painting (FY25).^[2]
Aluminium forging reached bulk supply as of Q1 FY27; stainless steel forging has orders from Q4 FY27; Inconel and titanium forgings are 8-10 quarters from significant revenue.^[5]
Trailer axle business generated ~₹120 crores in FY26 at ~4-5% market share; management targets ₹250 crores and 10% share in FY27.^[4]

Manufacturing capacity and utilisation

Total installed forging and casting capacity is ~3,95,800 MT (annualised); overall utilisation was 68% in Q1 FY27.^[5]
In Q1 FY27 ring rolling ran at 127% utilisation, castings at 79% and press lines at 60%; cold forging expected above 70% by Q3 FY27.^[5]
Press facility utilisation averaged around 58.50% in FY25.^[2]
A 45,000 MT+ casting facility was commissioned by March 2026, with 85-90% utilisation guided for FY27.^[4]
The FY25 senior management list shows plant heads for Plants I, III, IV, V, VI and VII.^[2]

Operating volumes and order wins

Production volume was 196,023 tons in FY25 vs 187,144 tons in FY24.^[2]
Domestic forging volume was 50,557 MT and export forging volume 14,630 MT in Q1 FY27.^[5]
Casting volume reached 8,593 MT in Q1 FY27, up 84.8% YoY.^[5]
Domestic forging realisation was ₹2.40 lac/ton and export realisation ₹2.05 lac/ton in Q1 FY27.^[5]
New auto order wins in Q1 FY27 totalled ₹278 crores over a 4-year program life; 82% (₹228 crores) PV/EV and 18% two-wheelers, all domestic.^[5]

Customers and markets

Customers span CV OEMs (dominant), PV OEMs (entry stage), Indian Railways (bulk bogie frame supplies commenced) and off-highway/energy sectors (Q3 FY26).^[6]
Customers include Tier-1 suppliers in the United States and OEMs in Europe, with presence in Europe, North America and Asia (FY25).^[2]
The FY25 annual report names reliance on the auto sector and a few large OEM and Tier-1 customers as a concentration risk.^[2]
Orders received from 2 large domestic PV makers, 3 international PV OEMs and 1 EV export customer as of Q3 FY26.^[6]
North America Class 8 trucks are the primary export segment.^[5]

Expansion and capex

FY27 capex guidance is ~₹350 crores including ~₹20-30 crores remaining JV contribution; the next major growth capex wave is deferred to FY28.^[5]
Rail wheel JV: trial production started; 300 sample wheels due to Indian Railways in August 2026; bulk supply targeted for September-October 2026.^[5]
Mexico machining unit began production in Q1 FY27 against ₹200 crores of five-year orders from a major North American customer; significant revenue expected from Q3 FY27.^[7][5]
Indian Railways indicated ₹2,000 crores of bogie assembly demand for the coming year (Q3 FY26 commentary).^[6]

Management targets

Management guides 20%+ export revenue growth in FY27, aiming for its highest-ever export year.^[5]
Management targets consolidated revenue of ₹8,000 crores by FY29.^[5]

Market Cap

₹10,978 Cr

High / Low

₹772 / 460

Stock P/E

117.6

Price / Book

3.8

Book Value

₹181

EPS

₹4.0

No. of Shares

18.17 Cr

ROCE

5.7%

ROE

2.3%

OPM

7.6%

Debt / Equity

0.71

Sales

₹4,238 Cr

Net Profit

₹72 Cr

Promoter holding

40.9%

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Signal history

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Ramkrishna Forgings Ltd(RKFORGE)

About

Business segments

Products and processes

Manufacturing capacity and utilisation

Operating volumes and order wins

Customers and markets

Expansion and capex

Management targets

Signal history

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