Ramkrishna Forgings Ltd — Q4 FY26 earnings call
Summary generated by AI from the official transcript Ramkrishna Forgings Ltd filed with BSE on 11 May 2026. Every statement cites a verbatim quote from that document — open any citation to read it. This is a record of what management said, not a recommendation. How we check these summaries
The short read
Ramkrishna Forgings reported consolidated Q4 FY26 revenue of Rs. 1,216.78 crores, up 28% year-on-year, with EBITDA of Rs. 208.19 crores, up 111% year-on-year, and margin improving to 17.1%. For the full year FY26, revenue was Rs. 4,238 crores and EBITDA was Rs. 642.70 crores, while profit before tax declined 24% year-on-year. Management discussed new order wins of Rs. 594 crores in the quarter, progress on the rail wheel joint venture ahead of Q1 FY27 production, and diversification into castings, aluminium forgings, and aerospace alloys.
Numbers mentioned
Consolidated Revenue: Rs. 1,216.78 crores (Q4 FY26)
p. 4
“We reported consolidated revenues of Rs. 1,216.78 crores, that is higher by 28% on year-on-year basis compared to Rs. 947.21 crores in Q4 FY25.”
Lalit Khetan, page 4 of the filed PDF · View the filing
EBITDA: Rs. 208.19 crores (Q4 FY26)
p. 4
“EBITDA excluding other income is Rs. 208.19 crores in Q4, higher by 111% year-on-year compared to EBITDA of Rs. 98.5 crores in Q4 FY25.”
Lalit Khetan, page 4 of the filed PDF · View the filing
EBITDA margin: 17.1% (Q4 FY26)
p. 4
“The margin improved to 17.1%, higher by almost 220 basis points quarter-on-quarter.”
Lalit Khetan, page 4 of the filed PDF · View the filing
Profit before tax: Rs. 64.33 crores (Q4 FY26)
p. 4
“Profit before tax is Rs. 64.33 crores in Q4 FY '26 compared to Rs. 29.69 crores in Q3 FY26, reflecting a 117% quarter-on-quarter growth.”
Lalit Khetan, page 4 of the filed PDF · View the filing
Full year consolidated revenue: Rs. 4,238 crores (FY26)
p. 4
“we reported consolidated revenue of Rs. 4,238 crores for the full year FY '26, that is higher by 5% on year-on-year basis compared to Rs. 4,034 crores in FY '25.”
Lalit Khetan, page 4 of the filed PDF · View the filing
Full year EBITDA: Rs. 642.70 crores (FY26)
p. 4
“EBITDA stood at Rs. 642.70 crores for FY '26, that is higher by 15% year-on-year compared to Rs. 559.56 crores in FY '25.”
Lalit Khetan, page 4 of the filed PDF · View the filing
Full year profit before tax: Rs. 112.58 crores (FY26)
p. 5
“Profit before tax is Rs. 112.58 crores in FY26 compared to Rs. 148.79 crores excluding exceptional item in FY25, that is lower by 24% year-on-year.”
Lalit Khetan, page 5 of the filed PDF · View the filing
Railway revenue share: 7.5% of revenue (FY26)
p. 4
“the share of business from railways grown to 7.5% of revenue in this year against 4.6% a year ago.”
Lalit Khetan, page 4 of the filed PDF · View the filing
New orders secured: Rs. 594 crores (Q4 FY26)
p. 5
“During the Q4, the Company secured new orders worth Rs. 594 crores for the program life of four years.”
Milesh Gandhi, page 5 of the filed PDF · View the filing
ECL provisioning: Rs. 42 crores (Q4 FY26)
p. 16
“we have made a provisioning of ECL for Rs. 42 crores in this quarter as basically this is in light of income of electricity duty which we got order in the last quarter”
Lalit Khetan, page 16 of the filed PDF · View the filing
Trailer axle business revenue: Rs. 120 crores (FY26)
p. 9
“I think in trailer axle, we roughly had an around Rs. 120 crores business from there in last year.”
Naresh Jalan, page 9 of the filed PDF · View the filing
What management said it would do
A record of statements made on the call, in the words management used. Parakho does not forecast, endorse or assess them, and their presence here is not a view on whether they will happen.
Wheels supplied to Indian Railways — 40,000 wheels · FY27
stated firmly by Naresh Jalan
p. 6
“This year, we are looking at supplying almost 40,000 wheels from that plant to the Indian Railways.”
Naresh Jalan, page 6 of the filed PDF · View the filing
Casting utilization — 85% to 90% utilization · FY27
stated as an aspiration by Naresh Jalan
p. 8
“We are looking at almost 85% to 90% utilization in casting over the quarters, in coming quarters in this year.”
Naresh Jalan, page 8 of the filed PDF · View the filing
Casting revenue — Rs. 400 to Rs. 500 crores incremental revenue · full year
stated conditionally by Lalit Khetan
p. 8
“And we expect another Rs. 400 to Rs. 500 crores of revenue for the full year from the casting business on that account.”
Lalit Khetan, page 8 of the filed PDF · View the filing
Debt reduction — Rs. 400 to Rs. 500 crores · FY27
stated firmly by Lalit Khetan
p. 9
“we are looking to reduce the debt by at least Rs. 400 to Rs. 500 crores in this year.”
Lalit Khetan, page 9 of the filed PDF · View the filing
Trailer axle business revenue — Rs. 250 crores and 10% market share · FY27
stated as an aspiration by Naresh Jalan
p. 9
“I think this year, we are looking at almost doubling this business to Rs. 250 crores and to a market share of about 10%.”
Naresh Jalan, page 9 of the filed PDF · View the filing
Press plant utilization — 85% utilization · FY27 year-end
stated as an aspiration by Naresh Jalan
p. 10
“we are looking at almost 85% utilization in our press plant.”
Naresh Jalan, page 10 of the filed PDF · View the filing
Capex — Rs. 300 to Rs. 400 crores · FY27
stated firmly by Naresh Jalan
p. 13
“We are not looking at capex of more than Rs. 300 to Rs. 400 crores maximum to the tune of Rs. 400 crores.”
Naresh Jalan, page 13 of the filed PDF · View the filing
Overall capacity utilization — 80% to 85% plus · FY27 year-end
stated as an aspiration by Naresh Jalan
p. 13
“I think this year by this financial year-end, we should be anything above 80% to 85% in terms of our existing capacity utilization.”
Naresh Jalan, page 13 of the filed PDF · View the filing
Export mix — above 40% · next two years
stated as an aspiration by Naresh Jalan
p. 12
“I think we are looking at going above 40 in terms of our export volumes in the overall scenarios, current scenarios.”
Naresh Jalan, page 12 of the filed PDF · View the filing
Margins from export mix improvement — next eight quarters
stated as an aspiration by Naresh Jalan
p. 12
“into going onto next eight quarters, roughly two years, our margins should be significantly improved with export volumes better than previous of 40%.”
Naresh Jalan, page 12 of the filed PDF · View the filing
North America / Class 8 truck demand — through Q3 calendar year 2027
stated firmly by Naresh Jalan
p. 5
“I think at least for 2 years. For calendar year, it is good to say that it's going to stay till third quarter of calendar year '27.”
Naresh Jalan, page 5 of the filed PDF · View the filing
Revenue growth — FY27
stated as an aspiration by Naresh Jalan
p. 10
“we are looking at continued growth trajectory, and we are looking at a healthy growth in FY27.”
Naresh Jalan, page 10 of the filed PDF · View the filing
EBITDA margin — 100 to 150 basis points better
stated conditionally by Naresh Jalan
p. 19
“We should be at least 100 to 150 basis points better than what we have done right now. But it all depends on whether we have been we are able to pass on the energy price increases.”
Naresh Jalan, page 19 of the filed PDF · View the filing
North America export performance — FY27
stated firmly by Naresh Jalan
p. 16
“I think it will be a growth year vis-à-vis previous year in terms of our overall North America performance is concerned.”
Naresh Jalan, page 16 of the filed PDF · View the filing
Aerospace/titanium alloy revenue — before FY29
stated as an aspiration by Naresh Jalan
p. 17
“we are we are not looking anything in terms of our revenue before FY29.”
Naresh Jalan, page 17 of the filed PDF · View the filing
Aerospace/titanium alloy order book reflection — by this financial year-end
stated as an aspiration by Naresh Jalan
p. 17
“I think in terms of order book, I think by this financial year-end, it will start reflecting in our order book.”
Naresh Jalan, page 17 of the filed PDF · View the filing
Passenger vehicle/EV revenue share — 10% revenue · two years
stated as an aspiration by Naresh Jalan
p. 17
“we have already guided for a 10% revenue in two years' time to come from basically passenger vehicle segment.”
Naresh Jalan, page 17 of the filed PDF · View the filing
Cold forging utilization — 75% to 80% utilization · by this year-end
stated as an aspiration by Naresh Jalan
p. 7
“we are pretty hopeful by this year-end, we should be having close to around 75% to 80% utilization from cold forging also.”
Naresh Jalan, page 7 of the filed PDF · View the filing
Ring rolling capacity expansion — this financial year
stated firmly by Naresh Jalan
p. 20
“I think there is no plans right now in this financial year to increase the ring rolling capacity.”
Naresh Jalan, page 20 of the filed PDF · View the filing
Q&A highlights
Management's answers to analyst questions, in Parakho's words rather than a transcript. Each row names who answered and carries the verbatim quote it was drawn from.
Management said the plant will start manufacturing wheels by end of May/June with commercial production starting immediately, targeting 40,000 wheels supplied this financial year.
Answered by Naresh Jalan
Asked by Balasubramanian: When will the wheel plant commence production and what run rate is expected?
p. 6
“This year, we are looking at supplying almost 40,000 wheels from that plant to the Indian Railways.”
Naresh Jalan, page 6 of the filed PDF · View the filing
Management indicated casting margins of around 15-16% and expects Rs. 400-500 crores of incremental revenue for the full year.
Answered by Lalit Khetan
Asked by Aditya Kumar: What margins can be expected from the casting business?
p. 8
“Margins in the casting will be somewhere around 15% to 16%, Aditya.”
Lalit Khetan, page 8 of the filed PDF · View the filing
Management said they expect significant debt reduction of Rs. 400-500 crores this year.
Answered by Lalit Khetan
Asked by Aditya Kumar: What is the debt reduction target for FY27?
p. 9
“we are looking at a quite significant debt reduction in this year on the back of promoter funding and good performance.”
Lalit Khetan, page 9 of the filed PDF · View the filing
Management expects export mix to rise above 40% over two years, which should improve margins given exports are more remunerative.
Answered by Naresh Jalan
Asked by Sunny Gosar: How will the domestic-export mix evolve and impact margins?
p. 12
“export is always highly remunerative than the domestic market.”
Naresh Jalan, page 12 of the filed PDF · View the filing
Management said raw material costs are fully passed on, but gas/energy costs are being negotiated for compensation via force majeure clauses.
Answered by Naresh Jalan
Asked by Kumar Saurabh: Is there raw material or energy cost pressure given the geopolitical situation?
p. 14
“we have gone back to the customers in terms of force majeure clauses. And we are very pretty hopeful that the customer will compensate us to the maximum possible in terms of the gas energy price increase.”
Naresh Jalan, page 14 of the filed PDF · View the filing
Management explained the Rs. 42 crore ECL provision relates to prudent treatment of an exceptional electricity duty income item, kept out of profit as a receivables provision.
Answered by Lalit Khetan
Asked by Saket: What is the ECL provisioning about?
p. 16
“we just provided as ECL on our receivables for this Rs. 42 crores amount. This amount is totally receivable, but still we got this headroom to provide for this.”
Lalit Khetan, page 16 of the filed PDF · View the filing
Management said shipping costs rose 15-20% and transit time increased by 15-20 days.
Answered by Naresh Jalan
Asked by Saket: How is shipping cost and time trending for US exports?
p. 16
“Shipping cost has gone up by about 15% to 20% and the days have increased by almost 15 to 20 days.”
Naresh Jalan, page 16 of the filed PDF · View the filing
Management declined to give a specific number but said they are confident of surpassing prior expectations given the current order book.
Answered by Naresh Jalan
Asked by Kunal Bhatia: Will growth exceed the previously indicated 10-15% CAGR range for FY27-28?
p. 19
“I think with the current order book, we are very confident of surpassing. We are not trying to put any number to it right now.”
Naresh Jalan, page 19 of the filed PDF · View the filing
Management said ring-rolling has historically run above 100% utilization without affecting equipment life.
Answered by Naresh Jalan
Asked by Kushal: Does operating ring-rolling at 121% utilization pose risks?
p. 21
“ring-rolling has been operating at more than 100% as always and it does not affect in terms of the life of the equipment or in any way.”
Naresh Jalan, page 21 of the filed PDF · View the filing
Risks flagged
Conflict in Middle East adversely impacted operating conditions and created uncertainty
p. 3
“the outbreak of conflict in Middle East adversely impacted operating conditions towards the latter part of the quarter.”
Lalit Khetan, page 3 of the filed PDF · View the filing
Energy price volatility and supply chain disruptions
p. 3
“the energy price volatility, persistent inflationary pressures, and renewed supply chain disruptions created uncertainty for a certain business environment.”
Lalit Khetan, page 3 of the filed PDF · View the filing
Geopolitical issues affecting gas/energy cost pass-through
p. 14
“with the current geopolitical issues, we have gone back to the customers in terms of force majeure clauses.”
Naresh Jalan, page 14 of the filed PDF · View the filing
Current geopolitical issue poses a risk to growth despite strong order book
p. 19
“with the current geopolitical issue going on, it is a risk also.”
Naresh Jalan, page 19 of the filed PDF · View the filing
Uncertainty on timing of energy price pass-on to customers
p. 19
“beyond that I think it is very difficult for us to say anything that whether by when we will be able to get.”
Naresh Jalan, page 19 of the filed PDF · View the filing
Generated by claude-sonnet-5. Source: the transcript as filed with BSE. We link to the exchange's copy; we do not host transcripts. Parakho is a data and screening tool, not an investment adviser — nothing here is a recommendation to buy, sell or hold.