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Swing Capital

Rane (Madras) Ltd

NSE: RML BSE: 532661Metal

Established in 1960, Rane (Madras) Limited (RML) is part of the Rane Group of Companies, a leading auto component group based out of Chennai. RML has two divisions namely Steering and Linkages Division (SLD) and Light Metal Casting India Division (LMCI). Through its overseas subsidiary Rane Light Metal Castings Inc. (RLMCA), RML manufactures high pressure light metal casting components from its facility in Kentucky, USA.[1]

₹889
52W: ₹608 — ₹1055
PE 21.5 · Book ₹280 · +218% vs book
Market Cap₹2,457 Cr
Stock P/E21.5Price to Earnings
ROCE14.2%Return on Capital
ROE15.6%Return on Equity
Div. Yield0.87%Face Value ₹10

Strengths

  • +Company has been maintaining a healthy dividend payout of 22.0%

Weaknesses

  • −Stock is trading at 3.13 times its book value

Shareholding Pattern

Promoters70.45%
FIIs0.06%
DIIs0.97%
Public28.51%
CategoryJun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Promoters72.65%72.65%72.65%72.65%70.45%▼2.270.45%70.45%70.45%
FIIs0.01%0.21%▲0.20.08%▼0.10.09%▲0.00.03%▼0.10.04%▲0.00.05%▲0.00.06%▲0.0
DIIs0%0.13%▲0.10.13%0.12%▼0.01.04%▲0.91.04%1.03%▼0.00.97%▼0.1
Public27.35%27.01%▼0.327.15%▲0.127.15%28.48%▲1.328.48%28.48%28.51%▲0.0

Financial Statements

MetricDec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Sales5218538188498379028819201,0151,048
Expenses471782749775769822805840923950
Operating Profit50716974688076799298
OPM %10%8%8%9%8%9%9%9%9%9%
Net Profit111419203919233337
EPS ₹6.98.3511.5412.071.595.36.778.2711.8113.47

AI Insights

Revenue Trend

Mar 2026 revenue at ₹3,863Cr, up 13.4% YoY. OPM at 9%.

Debt Position

Borrowings at ₹730Cr. Debt-to-equity ratio: 0.98x. Moderate leverage.

Capex Cycle

CWIP at ₹69Cr (10% of fixed assets). Moderate ongoing capital expenditure.

Institutional Flow

DIIs: 0.97% (+0.86pp change). FIIs: 0.06% (+0.06pp change). Promoters hold 70.45%.

Margin & Efficiency

ROCE improving from 11% (Mar 2015) to 14% (Mar 2026). Working capital days: -17.

Valuation

PE 21.5x with 14.2% ROCE. Price is 217% above book value of ₹280. Dividend yield: 0.87%.

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