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Revenue
₹1,216.78 Cr
verified against source
Revenue YoY
28%
reported change
EBITDA
₹208.19 Cr
latest reported figure
Source
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record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
Ramkrishna Forgings delivered a strong Q4 FY26 with consolidated revenue of ₹1,216.78 crore (+28% YoY) and EBITDA of ₹208.19 crore (+111% YoY), driven by robust domestic auto demand and railway segment growth (7.5% of revenue vs 4.6% a year ago). EBITDA margin expanded 220 bps QoQ to 17.1%. The company secured new orders worth ₹594 crore, with 56% from automotive and 44% from non-automotive (energy storage). The rail wheel JV is on track for commercial production in Q1 FY27, targeting 40,000 wheels in FY27. Management guided for 80%+ capacity utilization by year-end, debt reduction of ₹400-500 crore, and margin improvement of 100-150 bps if energy cost pass-through is achieved. Key risk: inability to pass on rising energy costs could pressure margins.
Colored figures show movement against the previous available record.
Guidance to track
- Commercial production of rail wheel plant to start in Q1 FY27, with contractual obligation to supply 40,000 wheels to Indian Railways in FY27.
- Management targets significant debt reduction of ₹400-500 crore in FY27 through promoter funding and operational performance.
- Capital expenditure for FY27 is expected to be ₹300-400 crore, primarily for value-add and JV contribution, with focus on consolidation.
- Management expects margins to improve by 100-150 bps from Q4 FY26 levels, contingent on passing on energy cost increases to customers.
Risks flagged
- Rising gas and energy costs due to geopolitical tensions may not be fully passed on to customers, pressuring margins. Management noted discussions are advanced but not yet concluded.
- Middle East conflict and energy price volatility could disrupt operations and increase shipping costs (up 15-20% with 15-20 day delays). Management acknowledged the risk but expects compensation.
- Cold forging capacity utilization is only ~40% due to prolonged approval cycles in passenger vehicle segment, delaying revenue contribution.
- Despite guidance for higher export share, realization improvement depends on global demand recovery and tariff impacts, which remain uncertain.
Key quotes
- We are looking at almost 80% utilization this year in terms of our capacity means close to around 3,50,000 tons of overall forging and casting put together.
- We are looking to reduce the debt by at least 400 to 500 crore in this year.
- We have not yet been able to pass on the energy price increases. We have already discussions and I think discussions are in advanced stage.
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