Double-digit EBITDA margin target for FY27
Full-year EBITDA margin target of 10%+ for RML, with Q3 expected as the inflection point due to price pass-through completion, improved product mix, and Hindustan Composites accretion.
RANEHOLDIN / guidance tracker
Keep management guidance in view.
Rane Holdings · forward-looking guidance across the available source record.
Research layer active
Guidance tracker
What management said would happen.
margins
Capex of ₹270-300 crore for RML in FY27
Includes order advancements pulled forward from FY28; ZF Rane capex at ₹20 crore; total including Hindustan Composites integration costs.
Net debt to reach below ₹1,000 crore by FY27 year-end
Peak debt expected ~₹1,000 crore during heavy capex/acquisition outflow period; land parcel sales (Valary + others) and phased receipts to partially fund; target D/E of 0.5x by March 2028.
Integration of Hindustan Composites friction business over 12-18 months
Transaction completed in Q1; integration to proceed in phased manner to maximize synergies; acquired business has ~11-13% EBITDA margin with 40% railway revenue exposure.