Cyclical: post write-off recovery
Established in 1981, Ramkrishna Forgings Limited is a trusted supplier in Automotive, Railways, and Construction sectors. Known for quality and integrity, the company serves major OEMs in India and overseas.
Ramkrishna Forgings Limited engages in the manufacture and sale of forged components for automobiles, railway wagons and coaches, and engineering parts in India and internationally. The company's products portfolio includes beam, knuckle, steering arm, tie-rod-arm, sector shaft, front hub, crankshaft, camshaft, connecting rod, piston, pitman arm, BC lever assembly, mounting bracket, yoke, UJ cross, wheel coupling, transmission gear and shaft, crown wheel, pinion, differential case and case cover, differential gear and pinion, spindle, rear axle shaft, spider, tube flange and shaft, tube yoke, input cold forged shaft, and aluminium forgings. It also offers bucket, backhoe bucket, shovel, track line and roller, bucket tooth, pivot pin, prop shaft, and bearing centre products; and wing nut, valve bonet, T-bolt socket joint, and tooth crusher hammer products. In addition, the company provides bogie frame and bolster, screw coupling, hanger, draw gear assembly, anti roll bar assembly, control arm support, center pivot pin, centering disc, traction center, and guide products. Further, it offers tractor-trailer products, such as trailer axle, air and mechanical suspension, landing leg, and bolton and weldable king pin products. The company offers products for various industries and sectors, including automotive, earth moving and mining, farm equipment, power, construction, general engineering, railways, and oil and gas, as well as for original equipment manufacturers. Ramkrishna Forgings Limited was incorporated in 1981 and is headquartered in Kolkata, India.
Key people: Mr. Naresh Jalan (MD & Executive Director) · Mr. Lalit Kumar Khetan (CFO & Whole Time Director) · Mr. Sakti Prasad Senapati (Group Chief Operating Officer) · Mr. Rajat Subhra Datta (Chief Technical Officer) · Mr. Rajesh Mundhra (Chief Risk Officer, Company Secretary & Compliance Officer) · Mr. Milesh Gandhi (Directof Marketing & Sales and Whole-time Director)
Ramkrishna Forgings major competitors are CIE Automotive India, Maharashtra Scooters, Kirloskar Ferrous, Balu Forge Inds., Electrost Castings, Kirloskar Industries, Steelcast. Market Cap of Ramkrishna Forgings is ₹13,327 Crs. While the median market cap of its peers are ₹6,242 Crs.
Ramkrishna Forgings seems to be less financially stable compared to its competitors.Altman Z score of Ramkrishna Forgings is 3.47 and is ranked 6 out of its 8 competitors.
Yahoo profile 23 Sept 2026 · Tijori 23 Sept 2026
Latest reported mix as compiled by Tijori from company disclosures; percentages of revenue.
As the company reports them. They can differ from the ratio table on the Financials tab, which uses Tijori's own definitions (for example NIM on average total assets rather than on interest-earning assets); the Cross-check panel there lines both up.
Ramkrishna Forgings is a Jamshedpur-based forgings maker (one of India's largest) supplying axle, transmission and chassis forgings mainly to commercial-vehicle OEMs in India, North America and Europe, and diversifying into railways (51:49 forged-wheel JV with Titagarh, 2.28 lakh wheels/yr, 20-year Indian Railways contract), castings, oil & gas, passenger-vehicle and non-ferrous aerospace forgings. Exports were 32% of Q1FY27 revenue (N. America Rs 222 cr, Europe Rs 128 cr); capacity utilisation ~68%.
TTM PE 112x is optically inflated by the FY26 earnings trough (PAT -78%); 5-yr stock price CAGR not captured; P/B 3.9x vs ROE of 2.5% (3-yr avg 9.75%) - the stock is priced on FY28 recovery (Buoyant 37.8x FY28e). EV/EBITDA n.m.; dividend yield 0.1%.
| Bharat Forge | Bharat Forge trades at 93.5x TTM PE / 9.8x P/B with ROE 12% and a Rs 90 cr Q1FY27 loss on Rs 7,309 cr debt; RKFL at 3.9x P/B offers more torque to a CV/export recovery plus the railway wheel option. |
| Happy Forgings | Happy Forgings is the higher-quality name (ROE 15%, net debt Rs 330 cr, Q1 PAT +42%) but is priced for it at 64x TTM PE and 9.9x P/B vs RKFL 3.9x P/B; RKFL is the mean-reversion trade, Happy the compounder. |
Share of revenue as disclosed in filings (Tijori normalisation). Segment profit measure: not disclosed in this source — segment EBIT/EBITDA/PBT are not shown rather than estimated. Eliminations and unallocated costs not available here.
Share of revenue as disclosed in filings (Tijori normalisation). Segment profit measure: not disclosed in this source — segment EBIT/EBITDA/PBT are not shown rather than estimated. Eliminations and unallocated costs not available here.
Share of revenue as disclosed in filings (Tijori normalisation). Segment profit measure: not disclosed in this source — segment EBIT/EBITDA/PBT are not shown rather than estimated. Eliminations and unallocated costs not available here.
Share of revenue as disclosed in filings (Tijori normalisation). Segment profit measure: not disclosed in this source — segment EBIT/EBITDA/PBT are not shown rather than estimated. Eliminations and unallocated costs not available here.
Share of revenue as disclosed in filings (Tijori normalisation). Segment profit measure: not disclosed in this source — segment EBIT/EBITDA/PBT are not shown rather than estimated. Eliminations and unallocated costs not available here.
Share of revenue as disclosed in filings (Tijori normalisation). Segment profit measure: not disclosed in this source — segment EBIT/EBITDA/PBT are not shown rather than estimated. Eliminations and unallocated costs not available here.
Automobile — 4.4%: a Value leader and two cyclical component makers
FY26 was a record year for Indian autos: 2.83 crore wholesale units (+10.4%), two-wheelers +10.7% with scooters +18.5%, passenger vehicles +7.9%, commercial vehicles +12.6% and exports +24% to 66.5 lakh units — SIAM credits the September 2025 GST cuts and 125 bp of repo cuts. Retail momentum continued into August 2026 (FADA +18%, PVs above 4 lakh in an August for the first time), although the base was soft. Two structural shifts matter to how we are positioned. First, exports: Bajaj Auto ships around half its two- and three-wheelers abroad and Indian component makers are winning global platforms as the world de-risks from China. Second, the powertrain mix is changing faster than anyone expected — in August 2026 alternative fuels (CNG 25%, hybrid 9%, EV 7.6%) overtook petrol in passenger-vehicle retail for the first time and EV registrations hit 3.5 million in FY26 — which rewards the players with the broadest technology portfolio, not the incumbents. We hold the sector through one Value large cap (Bajaj Auto, 34x FY27E, 30% ROE, ~50% of units exported, a net cash balance sheet and the Chetak EV scooter now number two in the market) and two small-cap Cyclicals bought at earnings troughs (RK Forgings after a one-off inventory write-off; Varroc after its debt and Europe restructuring).
Maruti is the PV leader but at 30x prices a recovery that CNG/hybrid mix has already delivered, and it is the most exposed to small-car weakness; Tata Motors is a JLR story; M&M is the best-run OEM but at 30x+ after a 3x move we prefer Bajaj's export optionality and net cash. Hero MotoCorp is losing share to scooters and EVs; TVS and Eicher are great franchises at 40–45x. Among components, Bharat Forge carries a defence multiple and Motherson a European-auto cycle we do not want.