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10 Yrs X-Ray 
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Ramkrishna Forgings Ltd (RKFORGE)
Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 532527 NSE: RKFORGE Forgings | Small Cap | Ramkrishna Forgings Share Price
₹726.05 27.15 (3.88%)
As on 07-Aug'26 16:59
Ramkrishna Forgings Ltd (RKFORGE)
Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 532527 NSE: RKFORGE Forgings | Small Cap | Ramkrishna Forgings Share Price
₹726.05 27.15 (3.88%)
As on 07-Aug'26 16:59
Key Metrics
Valuation Multiples
Market Cap
₹13,226 Cr.
Current Price
₹726.1
52-Week Low / High
₹460 / 726
TTM EPS
₹5.9
TTM Sales
₹4,439 Cr.
Book Value per Share
₹181.8
P/E Ratio
123.74
Higher than its 5-year historical median
Industry PE
94
Price to Book (P/B)
3.99
Higher than its 5-year historical median
Price to Sales (P/S)
2.98
Higher than its 5-year historical median
EV/EBITDA
21.23
Higher than its 5-year historical median
Dividend Yield
0.14%
Profitability Efficiency
Return on Equity (ROE)
2.31%
Underperforms industry median
Return on Capital Employed (ROCE)
5.56%
Underperforms industry median
Return on Assets (ROA)
1.05%
Operating Profit Margin
16%
Net Profit Margin
1.69%
Gross Profit Margin
10.5%
Growth Momentum
1-yr vs 3-yr growth
1-yr vs 3-yr growth
Sales Growth (1 Year)
Slowing versus 3-year growth rate
5.06%
Operating Profit Growth (1 Year)
Improving versus 3-year growth rate
14.91%
Net Profit Growth (1 Year)
Slowing versus 3-year growth rate
-78.34%
Asset Quality
Promoter Holding
43.39%
Pledged shares (%) of Promoter's holding (%)
15.56%
Reserves
₹3,275 Cr.
Equity
₹36.4 Cr.
Face Value
₹2
All Time Low / High
₹4.26 / 1064.00
Check Before You Invest
Quality
Somewhat GoodValuation
Somewhat OvervaluedCheck Valuation charts
Price Trend
Strong
Is Ramkrishna Forgings Ltd a good quality company?
Ramkrishna Forgings Ltd is a average quality company, based on a somewhat consistent multi-year financial track record.
This assessment is based on company’s performance on Revenue growth, ROCE, Equity and Assets, key margin ratios, cash conversion cycle, and debt to cash flow from operations and how it compares with its long term averages.
We have analysed the performance of the company on the following:
-
How has it performed on generating Profits?
By checking its Revenue growth, Gross, Operating and Net Margins compared to its last 5-year median.
-
How efficiently has it utilized Capital?
By checking its ROCE, ROA, ROE and its Cash Conversion Cycle.
-
How is it managing its Debt?
By checking its Debt to Equity and Cash Flow from Operations.
How does Ramkrishna Forgings Ltd performance compare with that of its Peers?
Revenue growth of Ramkrishna Forgings Ltd vs industry peers?
Ramkrishna Forgings Ltd revenue CAGR is 27.10%, compared to the industry median CAGR of 9.65%, indicating faster growth and gaining its market share.
Promoter shareholding and pledge status of Ramkrishna Forgings Ltd?
Promoters hold 43.39% of the Ramkrishna Forgings Ltd, with 15.56% of their stake pledged, indicating high pledge risk.
Stock return of Ramkrishna Forgings Ltd over the last decade?
Over the last 9 year(s), the stock has delivered a CAGR of 24% based on the current price.
10 Year X-Ray :
Analysis of Financial Track Record (Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end)
Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year endData adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end.
What is a Financial Track Record? How to read this chart in order to understand the data present here?
Financial track record gives insight into the company's performance on key parameters over the past ten years. MoneyWorks4me’s proprietary colour codes make it easy for retail investors to gauge the company’s past performance.
Ramkrishna Forgings Ltd has performed well in some of the past ten years indicating its past ten year financial track record is somewhat good
Value Creation ⓘ
| Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROCE % ⓘ | 6.8% | 13.8% | 15.8% | 5.2% | 5.7% | 14.7% | 18.7% | 19.1% | 7.1% | 5.6% | - |
| Value Creation Index ⓘ | -0.5 | 0.0 | 0.1 | -0.6 | -0.6 | 0.1 | 0.3 | 0.4 | -0.5 | NA | - |
Growth Parameters ⓘ |
|||||||||||
| Sales ⓘ | 921 | 1,491 | 1,931 | 1,216 | 1,289 | 2,320 | 3,193 | 3,955 | 4,034 | 4,238 | 4,439 |
| Sales YoY Gr. | - | 61.9% | 29.5% | -37% | 6% | 80% | 37.6% | 23.9% | 2% | 5.1% | - |
| Adj EPS ⓘ | 0.5 | 5.8 | 7.3 | 0.8 | 1.2 | 12.4 | 16 | 18.6 | 18.4 | 5.6 | 5.9 |
| YoY Gr. | - | 966.7% | 27.3% | -89.2% | 55.7% | 907.3% | 29.1% | 16.1% | -0.8% | -69.9% | - |
| BVPS (₹) ⓘ | 32.4 | 46.2 | 53.1 | 53.3 | 54.8 | 67 | 80.7 | 148 | 166.5 | 176 | 181.8 |
| Adj Net Profit ⓘ | 7.8 | 93.9 | 119 | 12.8 | 19.7 | 198 | 256 | 336 | 333 | 101 | 107 |
| Cash Flow from Ops. ⓘ | 144 | 127 | 267 | 254 | 140 | 43.1 | 745 | 621 | 32.6 | 840 | - |
| Debt/CF from Ops. ⓘ | 6.7 | 6.7 | 3.4 | 3.9 | 8.8 | 37 | 1.8 | 1.8 | 61.8 | 2.8 | - |
CAGR ⓘ
| 9 Years | 5 Years | 3 Years | 1 Years | |||||
|---|---|---|---|---|---|---|---|---|
| Sales ⓘ | 18.5% | 26.9% | 9.9% | 5.1% | ||||
| Adj EPS ⓘ | 29.6% | 35.2% | -29.7% | -69.9% | ||||
| BVPSⓘ | 20.7% | 26.3% | 29.7% | 5.7% | ||||
| Share Price | 24.3% | 31.3% | 7.2% | 24.2% | ||||
Key Financial Parameters ⓘ
| Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Return on Equity % ⓘ | 1.7 | 15.3 | 14.7 | 1.5 | 2.2 | 20.2 | 21.3 | 16.8 | 11.7 | 3.2 | 3.3 |
| Op. Profit Mgn % ⓘ | 17.6 | 19.4 | 20 | 17.6 | 17.4 | 22.3 | 22.1 | 21.3 | 14.2 | 16 | 16.1 |
| Net Profit Mgn % ⓘ | 0.8 | 6.3 | 6.2 | 1.1 | 1.5 | 8.5 | 8 | 8.5 | 8.3 | 2.4 | 2.4 |
| Debt to Equity ⓘ | 2.1 | 1.1 | 1.1 | 1.1 | 1.4 | 1.5 | 1 | 0.4 | 0.7 | 0.7 | - |
| Working Cap Days ⓘ | 273 | 211 | 184 | 274 | 277 | 232 | 217 | 204 | 240 | 237 | 108 |
| Cash Conv. Cycle ⓘ | 119 | 118 | 126 | 186 | 185 | 149 | 134 | 120 | 141 | 133 | 9 |
Valuation of Ramkrishna Forgings - Consolidated
Analyst's Notes
No data found!
Management X-Ray
Shareholding Pattern
Promoter's Holding & Share Pledging
| Pledged * | 5.77 | 5.77 | 5.77 | 5.77 | 5.76 | 5.76 | 15.76 | 15.76 | 15.63 | 15.56 |
* Pledged shares as % of Promoter's holding (%)
Financials
| PARTICULARS | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 |
|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 921 | 1,491 | 1,931 | 1,216 | 1,289 | 2,320 | 3,193 | 3,955 | 4,034 | 4,238 |
| Operating Expenses ⓘ + | 759 | 1,202 | 1,545 | 1,008 | 1,065 | 1,802 | 2,499 | 3,113 | 3,473 | 3,593 |
| Operating Profit ⓘ | 162 | 289 | 386 | 208 | 224 | 518 | 694 | 842 | 561 | 645 |
| Operating Profit Margin (%) | 17.6% | 19.4% | 20.0% | 17.1% | 17.3% | 22.3% | 21.7% | 21.3% | 13.9% | 15.2% |
| Other Income ⓘ + | 8 | 4 | 3 | 7 | 6 | 1 | 4 | 29 | 26 | 13 |
| Interest ⓘ | 78 | 73 | 84 | 80 | 81 | 97 | 122 | 154 | 167 | 213 |
| Depreciation ⓘ | 75 | 85 | 121 | 121 | 117 | 169 | 202 | 258 | 271 | 333 |
| Profit Before Tax ⓘ | 17 | 135 | 184 | 15 | 32 | 253 | 374 | 459 | 148 | 84 |
| Tax ⓘ | 6 | 40 | 64 | 5 | 11 | 55 | 126 | 118 | -184 | 12 |
| Profit After Tax | 11 | 95 | 120 | 10 | 21 | 198 | 248 | 341 | 332 | 72 |
| PAT Margin (%) | 1.2% | 6.4% | 6.2% | 0.8% | 1.6% | 8.5% | 7.8% | 8.6% | 8.2% | 1.7% |
| Adjusted EPS (₹) | 0.8 | 5.8 | 7.4 | 0.6 | 1.3 | 12.4 | 15.5 | 18.9 | 22.9 | 4.0 |
| Dividend Payout Ratio (%) | 25.60% | 3.40% | 4.10% | 0% | 0% | 4% | 12.90% | 10.60% | 8.70% | 25.30% |
| PARTICULARS | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 | |
|---|---|---|---|---|---|---|---|---|---|---|---|
Equity and Liabilities | |||||||||||
| Shareholders Fund + | 465 | 753 | 866 | 870 | 875 | 1,071 | 1,291 | 2,675 | 3,014 | 3,193 | |
| Debt + | 875 | 753 | 820 | 881 | 1,135 | 1,456 | 1,138 | 916 | 1,793 | 1,972 | |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
| Trade Payables | 300 | 301 | 279 | 214 | 433 | 608 | 792 | 1,017 | 1,080 | 1,145 | |
| Others Liabilities ⓘ | 218 | 274 | 272 | 266 | 266 | 390 | 574 | 806 | 651 | 849 | |
| Total Liabilities ⓘ | 1,858 | 2,080 | 2,237 | 2,231 | 2,709 | 3,525 | 3,794 | 5,413 | 6,539 | 7,159 | |
Fixed Assets | |||||||||||
| Net Fixed Assets ⓘ + | 1,024 | 1,076 | 1,114 | 1,175 | 1,240 | 1,473 | 1,693 | 2,428 | 2,992 | 3,761 | |
| CWIP ⓘ | 50 | 44 | 130 | 219 | 276 | 129 | 91 | 216 | 498 | 337 | |
| Investments ⓘ | 0 | 0 | 0 | 0 | 0 | 55 | 0 | 125 | 190 | 241 | |
| Inventories | 229 | 299 | 331 | 359 | 438 | 709 | 907 | 1,100 | 1,254 | 1,246 | |
| Trade Receivables | 444 | 515 | 510 | 343 | 573 | 891 | 775 | 850 | 975 | 795 | |
| Cash Equivalents | 2 | 1 | 3 | 3 | 68 | 38 | 47 | 177 | 20 | 163 | |
| Others Assets ⓘ | 109 | 146 | 150 | 132 | 114 | 229 | 281 | 516 | 609 | 616 | |
| Total Assets ⓘ | 1,858 | 2,080 | 2,237 | 2,231 | 2,709 | 3,525 | 3,794 | 5,413 | 6,539 | 7,159 | |
| PARTICULARS | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash Flow From Operating Activity ⓘ + | 144 | 127 | 267 | 254 | 140 | 43 | 745 | 621 | 33 | 840 |
| Cash Flow From Investing Activity ⓘ + | -107 | -110 | -254 | -231 | -222 | -354 | -299 | -1,117 | -912 | -929 |
| Cash Flow From Financing Activity ⓘ + | -37 | -17 | -12 | -22 | 147 | 280 | -438 | 625 | 722 | 235 |
| Net Cash Flow ⓘ | -1 | 0 | 1 | 1 | 65 | -31 | 8 | 129 | -157 | 146 |
| PARTICULARS | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 |
|---|---|---|---|---|---|---|---|---|---|---|
| Ratios | ||||||||||
| ROE (%) | 2.4 | 15.59 | 14.84 | 1.12 | 2.37 | 20.35 | 21.01 | 17.22 | 11.66 | 2.31 |
| ROCE (%) | 6.84 | 13.76 | 15.81 | 5.19 | 5.65 | 14.66 | 18.73 | 19.06 | 7.12 | 5.56 |
| Asset Turnover Ratio | 0.56 | 0.77 | 0.89 | 0.54 | 0.52 | 0.74 | 0.87 | 0.86 | 0.68 | 0.62 |
| PAT to CFO Conversion(x) | 13.09 | 1.34 | 2.23 | 25.4 | 6.67 | 0.22 | 3 | 1.82 | 0.1 | 11.67 |
| Working Capital Days | ||||||||||
| Receivable Days | 143.90 | 115.90 | 96.80 | 127.90 | 129.60 | 115.10 | 95.20 | 75 | 82.60 | 76.20 |
| Inventory Days | 82.50 | 63.90 | 59.60 | 103.50 | 112.80 | 90.20 | 92.40 | 92.60 | 106.50 | 107.70 |
| Payable Days | 220 | 103.70 | 48.20 | 85.90 | 105.60 | 96.30 | 89.60 | 77.20 | 90.50 | 84.60 |
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Ramkrishna Forgings Ltd FAQs
The current trading price of Ramkrishna Forgings on 07-Aug-2026 16:59 is ₹726.0.
Market capitalization or market cap is determined by multiplying the current market price of a company's shares with the total number of shares outstanding. As of 06-Aug-2026 the market cap of Ramkrishna Forgings stood at ₹13,226.5 Cr
The latest P/E ratio of Ramkrishna Forgings as of 06-Aug-2026 is 112.9.
The latest P/B ratio of Ramkrishna Forgings as of 06-Aug-2026 is 4.01.
The 52-week high of Ramkrishna Forgings is ₹726.0 and the 52-week low is ₹460.1.
The TTM revenue is Trailing Twelve Months sales. The TTM revenue/sales of Ramkrishna Forgings is ₹3,915 ( Cr.) .
Past 10 year's financial track record analysis by Moneyworks4me indicates that Ramkrishna Forgings Ltd is a average quality company.
The key valuation ratios of Ramkrishna Forgings Ltd's currently when compared to its past seem to suggest it is in the Somewhat overvalued zone.
The Price Trend analysis by MoneyWorks4Me indicates it is Strong which suggest that the price of Ramkrishna Forgings Ltd is likely to Rise in the short term. However, please check the rating on Quality and Valuation before investing
About Ramkrishna Forgings Ltd
Ramkrishna Forgings Limited was founded on November 11, 1981.On a bed of integrity, fuelled by burning ambition, years of staying true to their principles and tireless endeavour has produced rich results. It became a limited company on May 25, 1995. And today its is an organisation manned by qualified people, with state-of-the-art manufacturing facilities and international levels of quality control.
The company is in the approved panel of R.D.S.O. for the manufacture of Screw Couplings, Draw Gear Assembly, Snubber Assembly, Hanger, Block Hanger Side Frame Key and various other forgings items of Railway Coaches and Wagon. It is also in the approved panel of Hindustan Motors Ltd., TELCO Ltd., BEML Ltd., and many other engineering units. The company is an ISO 9002 approved unit accredited by BVQI since 15th August 2000 for manufacture & supply of open & closed plain carbon and low alloy steel forgings in the as- Forged, Heat Treated and Machined condition for Railways, Automobile and General Engineering Purposes.
Apart from standard products, the company undertakes turnkey development of forgings and stampings from raw samples. It also designs and develops special dies for customers. Whatever be the requirement customer knows that Ramkrishna Forgings will deliver the specified quality and within specified time to its satisfaction.
The company also exports its products to Germany, USA, Mexico, Brazil, Bangladesh, Sri Lanka and Japan.
Product range of the company include:
- AS Forged & Heat Treated Items
- Machined Items
Apart from standard products, the company undertakes turnkey development of forgings and stampings from raw samples. It also designs and develops special dies for customers. Whatever be the requirement customer knows that Ramkrishna Forgings will deliver the specified quality and within specified time to its satisfaction.
Different divisions of the company are:
- Raw material & cutting section
- Die making
- Raw material heating
- Open Die/ Close Die
- Upset forging
- Ring Rolling
- Heat treatment
- Shot blasting
- Machining
- Cad Cam Facility
Achievements/ recognition:
- ISO 9001 (2000) By BVQI
- ISO/TS 16949 (Plant I)
- ISO/TS 16949 (Plant III & IV)
Future plans:
- Projects under commissioning- Gear Cutting Facilities & Horizontal Machining Centre - Different Types of Gears & machining of assembly for automobile Industry.
- Expansion Programme- Ring Rolling Line - It is a fully automated robotic line imported from SMS Eumuco, Germany, which will help the company to increase its production capacity considerably. The company will able to manufacture crown wheels & the bearing races through this route economically & with high productivity and will also help the company to increase its export market.
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