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Ramkrishna Forgings
CV + rail forgings. FY26 PAT collapsed (₹415→72 Cr) on inventory write-down discovered in stock audit — governance overhang now dominates the thesis.
Order book · Rail wheel JV (₹2.3K Cr order) + CV exports
Sell / Avoid
₹562
Mkt cap ₹10.2K Cr
P/E
127.0x
P/B
3.1x
ROCE
5.6%
ROE
2.6%
Div yield
0.36%
52W high
₹649
52W low
₹460
Promoter
43.4%
Score bridge (derived from real data)
Fundamental
32
Valuation
53
Technical
71
Moat (curated)
52
Fundamental = ROCE/ROE/OPM/growth/cash-conversion/leverage from Screener statements. Valuation = P/E, EV/EBITDA, P/B and distance-from-high. Technical = position in real 52-week range (full OHLCV indicators need a market-data API). Decision = weighted engine over all four.
52-week position
₹460now ₹562₹649
54/100
Technical rating B+
Price · 2 years · SMA 50/200 · as of 2026-07-20
NeutralMACD BullishGolden cross
RSI-14
RSI-14
47
vs SMA-50
-1.2%
vs SMA-200
3.0%
1Y return
-12.1%
Ann. vol
33%
Max DD 1Y
-27%
Annual trend · sales, PAT, OPM
Quarterly run-rate
Peer set · Forgings & Castings
| Company | Mkt cap | P/E | OPM | ROCE | Sales 3Y | PAT 3Y | D/E | Composite |
|---|---|---|---|---|---|---|---|---|
| Bharat Forge | ₹1.06 L Cr | 89.5x | 17% | 13.1% | 9.2% | 28.9% | 0.76x | 63 |
| Ramkrishna Forgings ◄ | ₹10.2K Cr | 127.0x | 15% | 5.6% | 9.9% | -33.8% | 0.74x | 49 |
Financial statements
Source: Screener.inSales 3Y CAGR
9.9%
PAT 3Y CAGR
-33.8%
OPM (latest)
15.0%
PAT margin
1.7%
D / E
0.74x
CFO / PAT
11.67x
EV / EBITDA
20.3x
FCF yield
-0.9%
Ratio history · computed per year
| Ratio | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|
| Sales growth YoY % | — | 37.6% | 16.0% | 8.9% | 5.1% |
| PAT growth YoY % | — | 25.3% | 17.3% | 42.6% | -82.7% |
| OPM % | 22% | 22% | 21% | 14% | 15% |
| PAT margin % | 8.5% | 7.8% | 7.9% | 10.3% | 1.7% |
| ROE % (PAT / net worth) | 18.4% | 18.8% | 11.0% | 13.7% | 2.2% |
| D / E (x) | 1.50 | 1.01 | 0.46 | 0.70 | 0.74 |
| Asset turnover (x) | 0.67 | 0.86 | 0.70 | 0.62 | 0.59 |
| CFO / PAT (x) | 0.22 | 3.00 | 2.13 | 0.08 | 11.67 |
Annual P&L · ₹ Cr
| Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|
| Sales | 2,320 | 3,193 | 3,705 | 4,034 | 4,238 |
| Operating profit | 518 | 694 | 774 | 561 | 625 |
| OPM % | 22% | 22% | 21% | 14% | 15% |
| Net profit | 198 | 248 | 291 | 415 | 72 |
| EPS ₹ | 12.36 | 15.52 | 16.11 | 22.93 | 3.95 |
Quarterly · ₹ Cr
| Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | |
|---|---|---|---|---|
| Sales | 1,099 | 947 | 1,015 | 908 |
| OPM % | 15% | 10% | 14% | 13% |
| PAT | 14 | 200 | 12 | -10 |
Balance sheet · ₹ Cr
| Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|
| Equity | 32 | 32 | 36 | 36 | 36 |
| Reserves | 1,046 | 1,290 | 2,598 | 3,001 | 3,254 |
| Borrowings | 1,618 | 1,333 | 1,207 | 2,126 | 2,449 |
| Total assets | 3,481 | 3,731 | 5,262 | 6,528 | 7,178 |
Cash flow · ₹ Cr
| Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|
| Operating | 43 | 745 | 621 | 33 | 840 |
| Investing | -354 | -299 | -1,117 | -912 | -929 |
| Financing | 280 | -438 | 625 | 722 | 235 |
Shareholding
Promoters
43.4%
FII
20.4%
DII
5.1%
Public
30.9%
Mkt cap
₹10.2K Cr
P/E
127.0x
52W range
₹460–649