New orders won in Q4
₹594 Cr
+42% YoY
Order book for FY27 execution stands at ₹1,550 crore, with 56% from automotive and 44% from non-automotive.
RAMKRISHNAFORGINGS
Other
15 May 2026
Ramkrishna Forgings Ltd — Q4 FY26
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).
✓ Verified against BSE filing
2-Min Summary
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.
Key Numbers
Railway revenue share
7.5%
+290 bps YoY
Railway segment share increased from 4.6% in FY25 to 7.5% in FY26, driven by strong order wins.
Casting capacity utilization target
85-90%
+45-50pp YoY
Management expects near-full utilization of 78,000-ton casting capacity in FY27, adding ₹400-500 crore revenue.
Trailer axle market share
4-5%
+4-5pp YoY
Trailer axle business generated ~₹120 crore in FY26; target is to double revenue to ₹250 crore and reach 10% market share in FY27.
Management Guidance
Rail wheel JV to supply 40,000 wheels in FY27
Commercial production of rail wheel plant to start in Q1 FY27, with contractual obligation to supply 40,000 wheels to Indian Railways in FY27.
revenueDebt reduction of ₹400-500 crore in FY27
Management targets significant debt reduction of ₹400-500 crore in FY27 through promoter funding and operational performance.
otherCapex of ₹300-400 crore in FY27
Capital expenditure for FY27 is expected to be ₹300-400 crore, primarily for value-add and JV contribution, with focus on consolidation.
capexEBITDA margin improvement of 100-150 bps
Management expects margins to improve by 100-150 bps from Q4 FY26 levels, contingent on passing on energy cost increases to customers.
marginsKey Risks
Energy cost pass-through uncertainty
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.
high · analyst_questionGeopolitical disruptions and supply chain
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.
medium · management_commentarySlow ramp-up in cold forging utilization
Cold forging capacity utilization is only ~40% due to prolonged approval cycles in passenger vehicle segment, delaying revenue contribution.
medium · data_observationExport mix improvement may lag
Despite guidance for higher export share, realization improvement depends on global demand recovery and tariff impacts, which remain uncertain.
low · analyst_questionNotable 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.