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Ramkrishna Forgings Ltd
(RKFORGE)
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Rating:50Neutral
Price Target:
₹702.00
▲(41.33% Upside)
Action:Reiterated
Date:07/28/26
The score is held down primarily by weak cash-flow quality (negative/volatile free cash flow) and deteriorating profitability with rising debt in the most recent year, despite strong multi-year revenue growth. Technicals are supportive with the stock trading above all major moving averages, but a very high P/E and low dividend yield reduce valuation support.
Positive Factors
Multi-year revenue expansion
Strong multi-year revenue expansion indicates that the company has grown its customer activity and operating scale over time. A larger revenue base can support broader fixed-cost absorption, deeper customer relationships, and continued investment in forged and machined component capacity.
Negative Factors
Sharp FY26 earnings decline
The sharp FY26 net-income decline signals that revenue growth is not currently translating consistently into bottom-line profits. Continued earnings instability could constrain retained funding, weaken returns on capital, and make the business more sensitive to changes in production volumes and costs.
Read all positive and negative factors
Positive Factors
Negative Factors
Multi-year revenue expansion
Strong multi-year revenue expansion indicates that the company has grown its customer activity and operating scale over time. A larger revenue base can support broader fixed-cost absorption, deeper customer relationships, and continued investment in forged and machined component capacity.
Read all positive factors
Ramkrishna Forgings Ltd (RKFORGE) vs. iShares MSCI India ETF (INDA)
Market Cap
₹130.42B
Dividend Yield0.14%
Average Volume (3M)25.23K
Price to Earnings (P/E)119.2
Beta (1Y)1.37
Revenue Growth8.55%
EPS Growth-74.66%
CountryIN
Employees3,180
SectorGeneral
Sector StrengthN/A
IndustryManufacturing - Metal Fabrication
Share Statistics
EPS (TTM)5.89
Shares Outstanding182,170,010
10 Day Avg. Volume18,415
30 Day Avg. Volume25,227
Financial Highlights & Ratios
PEG Ratio-1.50
Price to Book (P/B)2.56
Price to Sales (P/S)1.99
P/FCF Ratio-30.86
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)14.6
Revenue Forecast (FY)₹45.14B
Ramkrishna Forgings Ltd Business Overview & Revenue Model
Company Description
Established in 1981 and headquartered in Kolkata, India, Ramkrishna Forgings Limited stands as a prominent manufacturer and global supplier of a wide array of open and closed die forgings. The company's products are crafted from various materials,...
How the Company Makes Money
RKFORGE makes money by manufacturing and selling forged (and often machined/finished) metal components to customers, with revenue recognized primarily from the sale of these products. Key revenue streams typically include (1) supply of components ...
Ramkrishna Forgings Ltd Financial Statement Overview
Summary
Income Statement
54
Neutral
Balance Sheet
58
Neutral
Cash Flow
37
Negative
| Breakdown | TTM | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 44.39B | 42.38B | 40.34B | 37.05B | 31.93B | 23.20B |
| Gross Profit | 16.61B | 12.37B | 17.64B | 15.92B | 13.75B | 9.90B |
| EBITDA | 7.04B | 6.27B | 5.39B | 7.64B | 6.98B | 5.16B |
| Net Income | 1.07B | 717.97M | 4.15B | 2.91B | 2.48B | 1.98B |
Balance Sheet | ||||||
| Total Assets | 0.00 | 71.78B | 65.57B | 53.08B | 37.30B | 34.84B |
| Cash, Cash Equivalents and Short-Term Investments | 1.66B | 1.66B | 290.49M | 2.28B | 555.92M | 1.21B |
| Total Debt | 0.00 | 24.49B | 21.26B | 12.07B | 13.33B | 16.33B |
| Total Liabilities | -32.90B | 38.88B | 35.20B | 26.24B | 24.09B | 24.05B |
| Stockholders Equity | 32.90B | 32.90B | 30.37B | 26.84B | 13.22B | 10.78B |
Cash Flow | ||||||
| Free Cash Flow | -4.90B | -2.73B | -11.06B | 319.24M | 3.89B | -2.57B |
| Operating Cash Flow | -53.92M | 6.50B | -1.29B | 6.21B | 7.45B | 430.57M |
| Investing Cash Flow | -4.82B | -9.37B | -9.14B | -11.17B | -2.99B | -3.54B |
| Financing Cash Flow | 5.08B | 4.33B | 8.86B | 6.25B | -4.38B | 2.80B |
Ramkrishna Forgings Ltd Technical Analysis
Neutral
496.70
Price Trends
703.93
Negative
637.17
Positive
585.65
Positive
Market Momentum
0.15
Positive
47.35
Neutral
41.87
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:RKFORGE, the sentiment is Neutral. The current price of 496.7 is below the 20-day moving average (MA) of 710.03, below the 50-day MA of 703.93, and below the 200-day MA of 585.65, indicating a neutral trend. The MACD of 0.15 indicates Positive momentum. The RSI at 47.35 is Neutral, neither overbought nor oversold. The STOCH value of 41.87 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for IN:RKFORGE.
Ramkrishna Forgings Ltd Peers Comparison
UnderperformOutperform
Sector (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
67 Neutral | ₹74.93B | 35.64 | ― | 2.67% | -38.60% | -60.08% | |
65 Neutral | ₹66.20B | 19.37 | ― | 0.69% | 12.39% | 33.51% | |
65 Neutral | ₹233.10B | 55.90 | ― | 0.16% | 13.01% | -7.32% | |
64 Neutral | ₹42.35B | 27.68 | ― | 0.32% | 20.22% | 69.59% | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% | |
53 Neutral | ₹8.01B | 30.20 | ― | 2.40% | -9.28% | -46.61% | |
50 Neutral | ₹130.42B | 119.24 | ― | 0.14% | 8.55% | -74.66% |
* General Sector Average
IN:RKFORGE
Ramkrishna Forgings Ltd
701.55
162.97
30.26%
IN:HARSHA
Harsha Engineers International Ltd.
470.50
74.98
18.96%
IN:SKFINDIA
SKF India Limited
1,507.75
-719.87
-32.32%
IN:STERTOOLS
Sterling Tools Limited
221.00
-91.91
-29.37%
IN:TIIL
Technocraft Industries (India) Limited
2,908.95
670.36
29.95%
IN:TIMKEN
Timken India Limited
3,131.40
65.18
2.13%
Ramkrishna Forgings Ltd Corporate Events
Ramkrishna Forgings Boosts Equity Capital with Rs 149.9 Crore Warrant Conversion
Sep 24, 2026
Ramkrishna Forgings Limited has allotted 3.4 million equity shares following the conversion of an equal number of preferential warrants previously issued to investor Chaitanya Jalan at a warrant issue price of Rs 588 each. With the receipt of the ...
Ramkrishna Forgings Plans Investor Meetings in Mumbai
Sep 16, 2026
Ramkrishna Forgings Limited has scheduled a series of group meetings with analysts and institutional investors in Mumbai, beginning on 21 September 2026 at 10:00 A.M. onwards. The company has clarified that these interactions will be physical meet...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.