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Swing Capital

Ramkrishna Forgings Ltd

NSE: RKFORGE BSE: 532527Auto

Ramkrishna Forgings Ltd is primarily engaged in manufacturing and sale of forged components of automobiles, railway wagons & coaches and engineering parts. [1][2] It is the 2nd largest forging player in India.[3]

₹565
52W: ₹460 — ₹692
PE 110 · Book ₹180 · +214% vs book
Market Cap₹10,279 Cr
Stock P/E110Price to Earnings
ROCE6.19%Return on Capital
ROE2.98%Return on Equity
Div. Yield0.36%Face Value ₹2

Strengths

  • +Company's working capital requirements have reduced from 32.9 days to 24.7 days

Weaknesses

  • −Stock is trading at 3.09 times its book value
  • −Company has low interest coverage ratio.
  • −Company has a low return on equity of 8.50% over last 3 years.
  • −Dividend payout has been low at 14.4% of profits over last 3 years

Shareholding Pattern

Promoters43.33%
FIIs21.75%
DIIs4.45%
Public30.37%
CategoryJun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Promoters43.17%43.17%43.16%▼0.043.12%▼0.043.12%43.12%43.12%43.33%▲0.2
FIIs23.76%24.26%▲0.524.04%▼0.224.48%▲0.424.45%▼0.022.71%▼1.721.05%▼1.721.75%▲0.7
DIIs4.27%5.12%▲0.95.41%▲0.36%▲0.63.6%▼2.43.5%▼0.14.03%▲0.54.45%▲0.4
Public28.72%27.43%▼1.327.37%▼0.126.27%▼1.128.7%▲2.430.55%▲1.931.69%▲1.130.37%▼1.3

Financial Statements

MetricDec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Sales9038968869719688109378019401,078
Expenses695724739827859720802693801893
Operating Profit20817214714410889135108139185
OPM %23%19%17%15%11%11%14%13%15%17%
Net Profit825843136152082201352
EPS ₹4.553.22.357.530.8411.481.190.020.722.84

AI Insights

Revenue Trend

Mar 2026 revenue at ₹3,755Cr, up 3.3% YoY. OPM at 15%.

Debt Position

Borrowings at ₹1,828Cr. Debt-to-equity ratio: 0.56x. Moderate leverage.

Capex Cycle

CWIP at ₹188Cr (6% of fixed assets). Moderate ongoing capital expenditure.

Institutional Flow

DIIs: 4.45% (+0.25pp change). FIIs: 21.75% (+5.41pp change). Promoters hold 43.33%.

Margin & Efficiency

ROCE declining from 10% (Mar 2015) to 6% (Mar 2026). Working capital days: 25.

Valuation

PE 110x with 6.19% ROCE. Price is 214% above book value of ₹180. Dividend yield: 0.36%.

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