Financial Performance Highlights

Q2 FY27 Performance (Consolidated):

  • Revenue from operations: ₹1,405.42 crore, up 54.9% YoY from ₹907.53 crore in Q2 FY26
  • EBITDA: ₹256.23 crore, up 109.1% YoY from ₹122.54 crore
  • EBITDA Margin: 18.2%, expanded 473 basis points from 13.5% in Q2 FY26
  • PAT: ₹70.59 crore, compared to loss of ₹(9.50) crore in Q2 FY26
  • PAT Margin: 5.0%, improved 607 basis points from (1.0)%

H1 FY27 Performance (Consolidated):

  • Revenue from operations: ₹2,622.09 crore, up 36.4% YoY from ₹1,922.79 crore
  • EBITDA: ₹474.70 crore, up 75.1% YoY from ₹271.15 crore
  • EBITDA Margin: 18.1%, expanded 400 basis points from 14.1%
  • PAT: ₹117.47 crore, up 5,029.7% YoY from ₹2.29 crore
  • PAT Margin: 4.5%, improved 436 basis points from 0.1%

Key Business & Strategic Updates

Operational Performance: Domestic demand remained healthy supported by firm commercial vehicle production schedules. Export market activity showed resilience despite geopolitical developments in West Asia and evolving global tariff policies.

Capacity and Expansion:

  • The forged wheels facility near Chennai, established through joint venture with Titagarh Rail Systems, is nearing commercial production
  • Ramp-up of casting operations and addition of new capacities enabling expansion into passenger vehicles, electric vehicles, and industrial applications
  • Current installed capacity: 3,95,800 MT as of September 30, 2026 across 20 manufacturing facilities in India and Mexico

Capital Structure Update: Promoters completed conversion of warrants, infusing ₹150 crore into the company during the quarter, strengthening the balance sheet.

Future Focus Areas: Building presence in non-ferrous forgings including aluminium, titanium, Inconel and Nimonic grades for high-technology applications across Aerospace, Robotics and Semiconductors.

Management Commentary

Mr. Naresh Jalan, Managing Director, highlighted:

  • Q2 represented steady progress building on strong FY27 start
  • Focus on disciplined execution, better capacity utilization, and stronger balance sheet
  • Positioning for sustainable growth and long-term value creation

Company Overview

Ramkrishna Forgings Limited, incorporated in 1981 and headquartered in Kolkata, is an integrated manufacturer of rolled, forged, machined and cast products. Capabilities span hot, warm and cold forging, ring rolling, gear grinding, machining, fabrication, aluminium forging and casting. Serves diversified end markets including Commercial and Passenger Vehicles, Electric Vehicles, Railways, Farm Equipment, Mining & Earth Moving, Oil & Gas, Power and Construction.