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Ramkrishna Forgings Results: Latest Quarterly Results & Analysis

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Ramkrishna Forgings Ltd. 04 May 2026 12:56 PM

Q4FY26 & FY26 Result Announced for Ramkrishna Forgings Ltd.

Castings & Forgings company Ramkrishna Forgings announced Q4FY26 & FY26 results

Standalone Financial Highlights:

  • Revenue (excluding other income): For Q4FY26 stood at Rs 1,07,785 lakh, reflecting a YoY growth of 33% from Rs 80,962 lakh in Q4FY25 and a QoQ growth of 15% from Rs 93,960 lakh in Q3FY26. Standalone revenue for FY26 was reported at Rs 3,75,492 lakh, up 3% compared to Rs 3,63,430 lakh in FY25.
  • EBITDA (excluding other income): For Q4FY26, reached Rs 18,509 lakh, reflecting a YoY increase of 107% from Rs 8,936 lakh and a QoQ growth of 33% compared to Rs 13,868 lakh in Q3FY26. Standalone EBITDA for FY26 stood at Rs 56,643 lakh, a 16% increase compared to Rs 48,934 lakh in FY25.
  • Profit Before Tax (PBT before exceptional items): For Q4FY26, it was reported at Rs 6,901 lakh, up 151% QoQ compared to Rs 2,752 lakh in Q3FY26, and significantly higher than the loss of Rs 1,766 lakh in Q4FY25. Standalone PBT for FY26 stood at Rs 12,640 lakh, an increase of 5% from Rs 12,070 lakh in FY25.

Consolidated Financial Highlights:

  • Revenue (excluding other income): For Q4FY26 stood at Rs 1,21,678 lakh, showing a YoY growth of 28% from Rs 94,721 lakh in Q4FY25 and 11% QoQ growth from Rs 1,09,852 lakh in Q3FY26. Consolidated revenue for FY26 was Rs 4,23,808 lakh, up 5% compared to Rs 4,03,411 lakh in FY25.
  • EBITDA (excluding other income): For Q4FY26 stood at Rs 20,819 lakh, reflecting a growth of 111% YoY compared to Rs 9,850 lakh in Q4FY25 and a QoQ increase of 27% from Rs 16,337 lakh in Q3FY26. Consolidated EBITDA for FY26 stood at Rs 64,270 lakh, up 15% from Rs 55,956 lakh in FY25.
  • Profit Before Tax (PBT before exceptional items): For Q4FY26, reached Rs 6,433 lakh, reflecting a growth of 117% QoQ from Rs 2,969 lakh in Q3FY26, and significantly up from the loss of Rs 2,338 lakh in Q4FY25. Consolidated PBT for FY26 was Rs 11,258 lakh, down 24% from Rs 14,879 lakh in FY25.
  • Profit After Tax (PAT): Annual consolidated PAT for FY26 was reported at Rs 7,180 lakh.

Business Highlights

  • Total Revenue Breakup (Standalone):
    • Domestic Markets: Revenue for Q4FY26 was Rs 75,208 lakh, up 52% YoY and 14% QoQ. For FY26, domestic revenue was Rs 2,54,153 lakh, up 20% YoY from Rs 2,12,053 lakh.
    • Export Markets: Revenue for Q4FY26 stood at Rs 31,872 lakh, up 3% YoY and 18% QoQ. For FY26, exports stood at Rs 1,18,655 lakh, down 20% YoY from Rs 1,48,209 lakh.
    • Other Income & Export Incentive: Stood at Rs 1,045 lakh for Q4FY26.
  • Segment-wise Performance:
    • Total Forgings Sales: Total Forgings volume for Q4FY26 reached 51,747 tons, showing a 36% YoY growth from 38,127 tons. For FY26, volume was 1,82,746 tons, showing an 11% YoY growth from 1,65,251 tons in FY25.
    • Total Castings Sales: Total Castings volume for Q4FY26 was 4,739 tons, showing a 17% YoY growth from 4,061 tons. For FY26, volume reached 16,602 tons, showing a 12% YoY growth from 14,768 tons in FY25.

Result PDF

Castings & Forgings company Ramkrishna Forgings announced Q3FY26 results

  • Revenue: Rs 109851.6 lakh against Rs 107378.18 lakh during Q3FY25, change 2%.
  • PBT: Rs 2969.33 lakh against Rs 2393.7 lakh during Q3FY25, change 24%.
  • PAT: Rs 1356.89 lakh against Rs 2090.17 lakh during Q3FY25, change -35%.
  • EPS: 0.75 for Q3FY26.

Result PDF

Industrial Products company Ramkrishna Forgings announced Q3FY25 results

Standalone Financial Highlights:

  • Revenue from Operation: Rs 95,272 lakh, change 5.5% YoY.
  • EBITDA & Margin: Rs 21,545 lakh, change 22.6% YoY, Margin 22.6% for Q3FY25.
  • ROCE: 15.5% for Q3FY25.

Consolidated Financial Highlights:

  • Revenue from Operation: Rs 1,07,378 lakh, change 7.9% YoY.
  • EBITDA & Margin: Rs 23,152 lakh, change 5.4% YoY, Margin 21.6% for Q3FY25.
  • ROCE: 15.5% for Q3FY25.

Naresh Jalan, Managing Director, Ramkrishna Forgings, said: We are pleased to report a strong performance in the third quarter with Consolidated Revenues higher by 8% on a YoY basis. This is despite de-growth growth in domestic CV volumes of 4%. Our growth has been driven by higher share of business across existing customers supported by ramp up of new components and order wins awarded in recent quarters. We have also witnessed sustained momentum in exports this quarter. In terms of order wins, we have received orders amounting to Rs 697 crore to be executed over a period of four years across from Non Auto segment including Railways.

The outlook remains exciting both for the near and medium term on the back of multiple growth levers of new products, new customers, new verticals being served and new capacities. We are set to commence offerings towards two-wheelers and passenger vehicles, in the coming months and quarters. This will enable further growth coming from the automotive sector, as we have not catered to these segments earlier. We are also excited by the prospects from new components as well as new assemblies. Capacity augmentation in cold forging and aluminum forging will aid growth, while newer, more automated lines and more value engineered lines, will enable higher value addition.

Our plan for streamlining of our subsidiaries is progressing well and we are set to scale up our offerings in casting which will complement our robust track record in forged products. With our recent entry into aluminum forging, we are also well positioned to address the opportunities from EV and hybrid vehicles. Our strategy of diversified growth, underpinned by a balanced approach to risk and return, will help us to drive sustained value creation for all stakeholders.”

Result PDF

Industrial Products company Ramkrishna Forgings announced Q2FY25 results

Financial Highlights:

  • Revenue: Rs 952 crore, compared to Rs 865 crore during Q2FY24, change 10.1% YoY.
  • EBITDA: Rs 212 crore, compared to Rs 198 crore during Q2FY24, change 7.0% YoY.
  • PAT: Rs 183 crore, compared to Rs 80 crore during Q2FY24, change 129.8% YoY.

Naresh Jalan, Managing Director, Ramkrishna Forgings said: “We continue to undertake steps to solidify our growth prospects. In addition to sustained momentum in order wins, we are engaging more deeply with our existing and prospective customers to offer comprehensive solutions. The addition of capacity and capabilities will ensure that we are well positioned to enhance wallet share across our customer set even as we build out several new offerings and further diversify the industries we serve. This multi-dimensional approach will not only allow us to scale efficiently but will also position us to lead in emerging sectoRs In this quarter, your company has received a significant order inflow, amounting to Rs 1,522 crore to be executed over a period of four years across various geographies and segment.

During the quarter, we have divested our stake in Hospitality Company - Globe All India Services Limited to Yatra Online Limited for an all cash consideration of Rs 128 crore. Further, our Board has approved investment of Rs 57.5 crore towards setting up of Aluminium forging capacity at Jamshedpur, which will cater primarily to EV segment, significantly enriching our presence in the EV market. This will ensure more optimum capital allocation with capital from non-core businesses being unlocked and divested into core, growth oriented areas. Further, our capacity expansion plans and initiatives to streamline our corporate structure continue to progress well.

At the heart of our strategy is a relentless focus on operational excellence. We are committed to executing with precision, ensuring that every aspect of our business delivers value, from manufacturing to service delivery. By deepening our engagement with high-quality customers and partners, we will continue to provide the exceptional solutions and support that our stakeholders expect. This disciplined approach to business execution will drive not only top-line growth but also enhance the overall customer experience, further solidifying our market position.

Throughout this journey, we remain committed in creating sustained value for our shareholdeRs As we diversify our growth initiatives, we will maintain a balanced approach to risk and return, ensuring that every decision we make contributes to long-term value creation. Our focus will be on generating consistent returns, optimizing capital allocation, and enhancing operational efficiencies, all while staying true to our mission of delivering superior performance and shareholder value."

Result PDF

Industrial Products company Ramkrishna Forgings announced Q1FY25 results:

Financial Highlights:

  • Revenue: Rs 868 crore, up by 4% YoY
  • EBITDA: Rs 201 crore, up by 7% YoY
  • PAT:  Rs 73 crore, down by 5% YoY

Operational Highlights:

  • The Board of Directors have approved the acquisition of Resortes Libertad, S.A. de C.V. in Mexico. The new entity in Mexico is proposed to be named as Ramkrishna Forgings Mexico S.A. DE C.V. and the registered office will be in Monterrey Mexico. The Company has taken a factory space on lease at Monterrey, Mexico and will start its machining & warehousing operations from Q3FY25 onwards.
  • The Board of Directors have approved the merger of ACIL Ltd with the company. Both the entities bring unique strengths, and the merger will enhance market presence, operational efficiency, innovation and excellence
  • Overall capacity utilization stood at 86% for Q1FY25 vs 91% in Q4FY24 and 92% in Q1FY24. The drop in utilization is due to addition of capacity in during the quarter.
  • Domestic Markets (Standalone):
    • In Q1FY25, sales volume was 23,217 T, as compared to 24,182 T in Q1FY24.
    • Revenue for Q1FY25 stands at Rs 46,745 Lakh as compared to Rs 48,243 Lakh in Q1FY24.
  • Exports Markets (Standalone)
    • In Q1FY25, sales volume was 15,322 T as compared to 13,963 T in Q1FY24 representing a YoY increase of 9.7%.
    • Revenue grew by 13.6% in Q1FY25 to Rs 39,267 Lakh as compared to Rs 34,564 Lakh in Q1FY24. 

Commenting on the results Naresh Jalan, Managing Director, Ramkrishna Forgings said: “I am pleased to share our financial performance and strategic milestones for this quarter. Our revenues on a standalone basis stood at Rs 868 crore, reflecting our strong market presence and operational efficiency. Our adjusted EBITDA was Rs 201 crore, yielding an impressive EBITDA margin of 23.1%. Our Profit After Tax (PAT) for the quarter was Rs 73 crore.

We received a significant order inflow, amounting to Rs 1,679 crore to be executed over a period of four years. The order book also includes an undercarriage business order from a metro car in the railway segment, contributing to our diversification into the non-auto space.

The Board of directors approved the merger of ACIL Limited with the company. The merger will provide the significant synergies & cost savings and opportunities to expand market drive further growth. In addition, the Board of Directors have also approved the acquisition of Resortes Libertad, S.A. DE C.V. in Mexico. This acquisition marks a significant step in our strategic expansion, and the new entity is proposed to be named as Ramkrishna Forgings Mexico S.A. DE C.V. We plan to commence our machining and warehousing operations from Q3 FY25 onwards.

These developments underscore our commitment to expanding our global footprint, diversifying our business portfolio, and delivering sustainable growth. We are confident that these strategic initiatives will position us for continued success and create long-term value for our stakeholders.

Result PDF

Industrial products company Ramkrishna Forgings announced consolidated Q4FY24 & FY24 results:

Financial Highlights:

  • Revenue: Ramkrishna Forgings reported a substantial increase in revenue to Rs 3,490 crore, marking a 16% year-over-year growth.
  • EBITDA: EBITDA followed suit with an impressive surge, reaching Rs 794 crore, corresponding to a 19% increase compared to the previous year.
  • Profit After Tax (PAT): The company witnessed a significant jump in PAT, climbing to Rs 326 crore, a 38% rise from the preceding year.

Domestic markets operational highlights:

  • Sales volume saw a moderate decline quarter over quarter from 24,611 MT (Q4 FY23) to 23,412 MT (Q4 FY24), with revenue for Q4FY24 at Rs 47,660 Lakhs against Rs 49,037 Lakhs in Q4FY23. However, a 13.7% year-over-year revenue growth was reported in FY24.

Export markets operational highlights:

  • Exports sales volume increased by 18.3% for Q4FY24 and 22.5% for the full year compared to the same periods of the previous year. There was an 18.5% revenue increase for the same quarter and a 19.3% rise annually.

Commenting on the results Naresh Jalan, Managing Director said, Ramkrishna Forgings said: “During the year, on a standalone basis, the company registered a strong performance across segments & geographies, with YoY growth of 16% in revenues and 38% in profitability. EBITDA margin stood at 22.7% driven by operating leverage and a sharp focus on cost control.

We continued with our relentless pursuit of excellence and strategic growth initiatives. In the quarter gone by, we successfully secured a notable Rs 270 crore order for the Vande Bharat Train Set, a pivotal achievement in our ongoing rail infrastructure development efforts. Furthermore, our recent contract worth USD220 million in the North American market reflects our strategic expansion and focused approach.

In Q4FY24, our board gave an approval for a manufacturing facility in Mexico. This will facilitate our ability to serve newer geographies more efficiently.

Our continued focus on improving financial metrics such as ROCE and ROE, alongside efforts to reduce debt, positions us for sustainable growth and increased flexibility in pursuing opportunities. Overall, our performance emphasizes our commitment to excellence and long-term value creation for stakeholdeRs”

Result PDF

Industrial Products company Ramkrishna Forgings announced Q3FY24 results:

Financial Performance Highlights:

  • Total Income: Ramkrishna Forgings reported a significant increase in total income, reaching Rs 90,288 lakh, a 20% YoY improvement.
  • EBITDA: Earnings before interest, tax, depreciation, and amortization amounted to Rs 20,750 lakh, marking a substantial 25% growth from the previous year.
  • EBITDA Margin: The margin for the quarter stood at 23.0%, a positive change of 90 basis points on a YoY basis.
  • PAT (Profit After Tax): PAT escalated to Rs 8,226 lakh, with a YoY gain of 43%, with margins increasing by 140 basis points to 9.1%.

Operational Highlights:

  • Capacity Utilization: The company achieved a capacity utilization of 96% in Q3FY24, showing continued improvement from 88% in Q2FY24 and 86% in Q3FY23.
  • Sales Volume: Q3FY24 sales volume increased by 35.6% YoY to 28,263 MT, and 9MFY24 sales volume rose by 22.8% to 76,277 MT.
  • Domestic Market Revenue: Revenue in the domestic market surged by 32.3% in Q3FY24 to Rs 55,456 lakh, and the revenue over the nine months grew by 20.2% to Rs 150,825 lakh.
  • Export Market Sales: In the export market, the sales volume in Q3FY24 rose by 6.2% YoY to 13,323 MT, and revenue for the quarter increased by 4.1% to Rs 34,047 lakh.

Strategic and Corporate Developments:

  • Fundraising Through QIP: The company successfully raised Rs 1,000 crore through its first-ever Qualified Institutional Placement (QIP).
  • Acquisition Update: Received a written order from NCLT New Delhi approving the resolution plan for acquiring ACIL Limited.

Commenting on the results Naresh Jalan, Managing Director, Ramkrishna Forgings, said: “During the quarter, the company registered a strong performance across segments & geographies, with YoY growth of 20% in revenues and 43% in profitability. EBITDA margins stood at 23% driven by operating leverage and a sharp focus on cost control.

We are committed to maintaining a sound financial position. The success of our QIP of 1,000 crore further strengthens our financial foundation, providing additional resources for strategic initiatives. The recent approval by NCLT Delhi for the acquisition of ACIL Limited aligns with our strategies, positioning us for a healthy and robust expansion in the next phase.

The commercial vehicle segment, especially post the festive season, has seen steady growth due to increased fleet utilization amid heightened economic and infrastructure activities. We expect this positive momentum to continue in the coming quarters.

We're committed to global expansion, diversifying products, exploring high-margin niche products, and increasing productivity through automation. Despite potential global disruptions affecting demand, we remain optimistic about sustaining momentum, supported by strong cash flow. We appreciate the continued trust and support of our stakeholders in this exciting growth phase.”

Result PDF

Other Industrial Products company Ramkrishna Forgings announced Q1FY24 results:

  • Q1FY24 vs Q1FY23:
    • Revenue: Rs 83,595 crore vs Rs 65,075 crore, up 28% YoY
    • EBITDA: Rs 18,754 crore vs Rs 14,370 crore, up 31% YoY
    • EBITDA Margin: 22.4% vs 22.1%
    • PAT: Rs 7,697 crore vs Rs 4,726 crore, up 63% YoY
    • PAT Margin: 9.2% vs 7.3%
  • Overall capacity utilization was 92% for Q1FY24, 103% in Q4FY23 and 78% in Q1FY23
  • The board has approved an investment to acquire Multitech Auto Private Limited and its wholly-owned subsidiary Mal Metalliks Private Limited

Commenting on the results Naresh Jalan, Managing Director, Ramkrishna Forgings said: “Our company is committed to stringent capital allocation practices, aimed at improving return ratios and generating higher shareholder value. We prioritize sustainable growth and profitability by carefully evaluating investment opportunities and integrating sustainability principles into our operations. Through automation and artificial intelligence, we are in the process of enhancing operational efficiency, increasing productivity, and addressing evolving customer demands. Our focus on improving return on capital employed (ROCE) and return on equity (ROE) drives financial performance.

We remain vigilant and closely monitor macroeconomic risks, proactively mitigating them by prioritizing customer relationships and delivering excellent service. We are dedicated to proactively positioning ourselves for future growth and increasing our market share. Our strategic focus revolves around preparing for improved market conditions, ensuring that we are well-prepared to seize opportunities. This includes our efforts to enhance our capacity, aligning our actions with our long-term vision to thrive and succeed in the future.

Additionally, we are actively working towards reducing our debt burden, targeting a Debt to EBITDA level of 1:1 by FY25. This disciplined approach will strengthen our financial position, reduce risks, and provide us with the flexibility to pursue growth opportunities.”

 

 

Result PDF

Industrial Products company Ramkrishna Forgings announced Q4FY23 & FY23:

  • Q4FY23 vs Q4FY22:
    • Total Income: Rs 83,540 lakh vs Rs 68,324 lakh, up 22%
    • EBITDA: Rs 18,816 lakh vs Rs 15,102 lakh, up 25%
    • EBITDA Margin: 22.5% vs 22.1%
    • PAT: Rs 6,682 lakh vs Rs 8,665 lakh, down 23%
    • PAT Margin: 8.0% vs 12.7%
  • FY23 vs FY22:
    • Total Income: Rs 3,00,100 lakh vs Rs 2,28,537 lakh, up 31%
    • EBITDA: Rs 66,819 lakh vs Rs 52,697 lakh, up 27%
    • EBITDA Margin: 22.3% vs 23.1%
    • PAT: Rs 23,559 lakh vs Rs 20,650 lakh, up 14%
    • PAT Margin: 7.9% vs 9.0%

Commenting on the results Naresh Jalan, Managing Director, Ramkrishna Forgings said: “Our business model is both diverse and robust, which has resulted in a sustained growth momentum. Our strategy to expand our product offering in conjunction with the high customer demand has led to a 31% year-on-year increase in revenues for this fiscal year. Our global geographical outreach has enabled us to secure new orders and strengthen our order book.

As of March 31, 2023, we have successfully reduced our gross debt by 21%, and it currently stands at Rs. 1,24,100 lakhs. We remain committed to reduce debt. The commercial vehicle segment has experienced steady growth following the festive season due to high fleet utilization resulting from increased economic and infrastructure activity.

I am delighted to announce that we have renewed our long-term contract with an Overseas Tier 1 customer based in North America, which includes an additional new product range. Furthermore, the consortium of Ramkrishna Forgings Limited and Titagarh Wagons Limited has received the LOA from the Ministry of Railways, Government of India, for 'Manufacturing and Supply of Forged Wheels under long-term agreement under Aatma Nirbhar Bharat.'

We anticipate that the commercial vehicle market will continue to grow, and we are committed to maintaining our strong market share by focusing on a customer-centric approach that offers advanced and value-added products worldwide.”

 

 

Result PDF

Other industrial products company Ramkrishna Forgings announced Q3FY23 results:

  • Q3FY23:
    • Total income EBITDA at Rs 75,231 lakh, up 24% YoY
    • EBITDA at Rs 16,628 lakh, up 19% YoY
    • PAT Rs 5,757 lakhs, up 28% YoY
  • Domestic Markets:
    • In Q3FY23, sales volume was 20,842 MT, a YoY increase of 8.7%. In 9MFY23, sales volume was 62,099 MT, a YoY increase of 31.6% over 9MFY22
    • Revenue grew by 22.3% in Q3FY23 to Rs 41,911 lakh as compared to Q3FY22. Revenue grew by 52.4% YoY in 9MFY23 to Rs 125,462 lakh
    • Realization per tonne improved by 8.8% to Rs 1.90 lakh per tonne in Q3FY23 as compared to Rs 1.75 lakh per tonne in Q3FY22 and improved by 11.3% to Rs 1.94 lakh per MT in 9MFY23 as against Rs 1.74 lakh per tonne in 9MFY22
  • Exports Markets
    • In Q3FY23, sales volume was 12,548 MT, a YoY increase of 21.3% over Q3FY22. In 9MFY23, sales volume was 33,967 MT, a YoY increase of 4.5% over 9MFY22.
    • Revenue grew by 25.9% in Q3FY23 to Rs 32,691 lakh, as compared to Q3FY22. Revenue grew by 16.8% YoY in 9MFY23 to Rs 89,539 lakh
    • Realization per tonne improved by 7% to Rs 2.43 lakh per tonne in Q3FY23, as compared to Rs 2.27 per tonne in Q3FY22 and improved by 10.9% to Rs 2.46 lakh per tonne in 9MFY23 as against Rs 2.22 lakh per tonne in 9MFY22.

Commenting on the results, Naresh Jalan, Managing Director, Ramkrishna Forgings Limited, said: “Our diverse and robust business model has led to a sustained growth momentum, primarily driven by our strategic decision to enhance product offering coupled with high customer demand. These efforts have enabled us to achieve a 24% increase in operating revenues year-over-year.

Our global geographical outreach helped us to secure new orders and further strengthen the order book. In the first nine months of FY23, we won contracts worth Rs 77,470 lakh from 8 contracts spanning various geographies including North America & Europe.

As of December 31, 2022, we have reduced our gross debt by 23% and it currently stands at Rs 1,28,689 lakh. We will continue to focus on reducing debt with the goal to become net debt-free by FY25.

The commercial vehicle segment has seen steady growth following the festive season, due to high utilization of fleets resulting from increased economic and infrastructure activity. The momentum is expected to continue, and the overall commercial vehicle market is predicted to remain strong. Also, with the acquisition of Tsuyo & JMT Auto, we plan to expand and diversify our Company, resulting in increased scale and market reach. Our efforts are focused on customer-centric approach to offer advanced and value-added products across the globe and maintain our strong market share.”

Result PDF

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