Scope

As at 31 Aug 2026 · IST₹ · ₹ cr · BSE 500 TRI

NSE: RKFORGE· AutomobileCyclical · Aug 26Small cap

Ramkrishna Forgings

Cyclical: post write-off recovery

Last close: ₹714.65; 29 Sept 2026 · reference
1D · 1M: +1.6% · −4.9%; price-only
Weight: 2.1%; 31 Jul 2026 · Aug rank 19
Thesis review: 8 Sep 2026; Why We Own, p57

Coverage owner: Research (per book); latest results Q Jun-26Screener ↗Tijori ↗NSE ↗

Analysis · industrial rules · FY21–FY26

What the numbers say

data to 30 Jun 2026

Growth

1.7

Profitability

1.8

Balance sheet

1.8

Cash conversion

3.3

Valuation

2.5

Sales4,238 cr FY26

Net Profit71.8 cr FY26

Operating margin15.2% FY26

ROCE6.5% FY26

Revenue CAGR 3y

9.9%

5y 26.9%

Net profit CAGR 3y

−33.8%

5y 28.3%

Operating margin

15.2%

3y avg 19.0%

CFO / PAT, 3y

1.80x

FCF ₹-937 cr cumulative

ROCE

6.5%

3y avg 9.9%

Debt / equity

0.71x

interest cover 1.4x

Cash conversion cycle

99 days

98 days three years earlier

P/E

122.8x

EV/EBITDA 16.2x

Promoter holding

43.4%

pledged 15.6%

Growth. Revenue compounded 9.9% a year over FY23–FY26, net profit −33.8%; the latest year grew 5.1% (profit −82.7%). · Tijori P&L, annual
Margins. Operating margin 15.2% in FY26, −3.8 pp against the prior three-year average. · Tijori P&L (OPM)
Earnings quality. Effective tax rate 15% in FY26, below the statutory band; check for carried-forward losses or incentives. · Tijori P&L
Share count. Share count rose 14% between FY23 and FY26 (issuance); read growth per share, not per company. · Tijori P&L (shares)
Cash conversion. Operating cash flow was 1.80x reported profit across the last three years; free cash flow of minus ₹937 cr after capex. · Tijori cash flow vs P&L
Returns on capital. ROCE 6.5% and ROE 2.2% in FY26 (three-year average ROCE 9.9%). · Tijori ratios sheet
Balance sheet. Debt to equity 0.71x, interest covered 1.4x by EBIT in FY26. · Tijori ratios sheet
Valuation. 122.8x trailing earnings, 16.2x EV/EBITDA, 2.6x book; dividend yield 0.2%. · Tijori valuation ratios at the latest price
Latest quarter. Q Jun-26: revenue 19.9% YoY, net profit 297.6% YoY; 3 of the last 4 quarters grew revenue year on year. · Tijori quarterly results
Ownership. 15.6% of promoter shares are pledged. · Tijori shareholding (latest quarter)

Forensic flags · Tijori

Accounting & Shareholding

Contingent Liabilities: Company does not have significant contingent liabilities
Depreciation Effect: Company is depreciating a lower percentage of assets. this is contributing to an increase in net profit
Other Income: Other income is not affecting ratios of the company
Pledge: Promoters have not pledged a significant portion of their holding
Retail Holding: Retail has been buying the stock which is usually a sign of exuberance
Promoter Holding: Promoter has not sold any shares in the last 90 days
Revenue Recognition: Company is converting accounting profit to cash

Price & Performance

ROE: Asset turnover is responsible for roe increase over last 10 years
Share price: Share price has increased over last 10 years due to earnings
Capex vs ROCE: Company has made significant capex which might be affecting its roce
Current vs Historic Valuation: Company is trading at a premium to 3yr historic valuations
Debt: Company might have issues servicing its debt
Working Capital: Company has significant working capital which is dragging its roce and roe
Sales Growth: Sales of the company has grown at a good pace
Margin Stability: Margins of the company are volatile
ROCE Strength: Roce of the company is not consistently strong
Balance Sheet Strength: Balance sheet of the company is strong. it shouldnt have solvency or liquidity issues

Rules over the stated numbers only — CAGRs need positive start and end values, margins use the company's own OPM line, cash conversion is cumulative operating cash flow over cumulative profit for the last three fiscal years. Scores are 0–5 rule outputs, not a recommendation. Source: Tijori Finance normalised statements; Buoyant's own estimates are shown separately below and never blended in.

Cross-check

Same metric, every source · Ramkrishna Forgings

Where the app shows the same metric in more than one place, this table lists each figure with its period and definition. No two sources disagree on the same period and definition; every difference below is a period or definition difference.

Metric	Source	Period	Definition	Value	Verdict
Return on equity	Tijori ratio table	FY26	net profit ÷ year-end equity (Tijori)	2.18%	Different basis Figures differ because they measure different periods or definitions; each is labelled.
	Tijori screener	TTM	trailing 12 months (Tijori)	2.18%
	House model (one-pager)	FY26	net profit ÷ average equity, standalone	2.50%
Net profit	Tijori P&L	FY26	consolidated, annual	₹72 cr	Different basis Figures differ because they measure different periods or definitions; each is labelled.
	Tijori P&L	TTM Jun-26	trailing 12 months	₹119 cr
	Tijori screener	TTM	trailing 12 months	₹118 cr
	House model (one-pager)	FY26	standalone, annual	₹72 cr
	Tijori quarterly table	Q Jun-26	single quarter	₹47 cr
P/E	Tijori screener	TTM at 2026-09-25	price ÷ trailing EPS	122.00x	Different basis Figures differ because they measure different periods or definitions; each is labelled.
	Tijori ratio table	FY26 year-end	year-end price ÷ that year's EPS	118.00x
	House model (one-pager)	FY27E	FY27E / FY28E P/E (Buoyant sheet)	181.00x
P/B	Tijori screener	at 2026-09-25	price ÷ book value per share	3.97x	Different basis Figures differ because they measure different periods or definitions; each is labelled.
P/B	Tijori ratio table	FY26 year-end	year-end price ÷ book value	2.65x
Market cap	BSE master	2026-09-25	BSE full market cap	₹12,916 cr	Different basis Figures differ because they measure different periods or definitions; each is labelled.
	Tijori screener	latest Tijori refresh	price × shares	₹13,048 cr
	House one-pager	31-Jul-26	as printed	₹11,411 cr
Promoter holding	Tijori screener	latest filing	% of shares	43.39%	One source

Tolerance for a conflict: 1.5% on the same period and definition (3% for market cap, which moves with the price date). Tijori's ratio table uses its own definitions; the quarterly table and operating metrics carry the company's reported figures; the house model is standalone and dated.

Trend

Sales and net profit, FY

₹ crore. Actuals only; the last column is a TTM where labelled. Estimates are shown separately below with an "E" and never blended into this series.

Buoyant estimates

Model table from the research book

Buoyant estimates
₹ crore / %	FY24	FY25	FY26
Revenue (₹ cr)	3,705	4,034	4,238
EBITDA (₹ cr)	774	561	627
Net profit (₹ cr)	291	415	72
ROE (%)	n.a.	n.a.	2.5

Estimate columns (E) are in green italics.

Consolidated where reported · standalone not separately available in this source

Income statement (annual)
₹ crore unless %	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26	TTM Jun-26
Sales	1,491	1,931	1,216	1,289	2,320	3,193	3,955	4,034	4,238	4,439
Operating Expenses	1,202	1,545	1,008	1,065	1,802	2,499	3,113	3,473	3,593	3,727
Raw Material	774	1,050	645	645	1,362	1,779	2,080	2,090	2,056	2,198
Material Cost (%)	50.69	53.49	48.84	49.69	50.03	50.44	50.94	49.57	51.01	49.96
Employee Cost	94	105	103	96	127	158	208	250	259	268
Power & Fuel Cost	122	143	97	94	152	188	227	246	247	—
Operating Profit	289	386	208	224	518	694	842	561	645	713
Other Income	4	3	7	6	1	4	29	26	13	13
OPM (%)	19.37	19.97	17.13	17.34	22.34	21.73	21.30	13.91	15.22	16.05
Depreciation and Amortisation	85	121	121	117	169	202	258	271	333	353
Interest	73	84	80	81	97	122	154	167	213	219
Profit Before Tax	135	184	15	32	253	374	459	148	84	143
Tax	40	64	5	11	55	126	118	-184	12	25
Net Profit	95	120	10	21	198	248	341	415	72	119
Number of shares(Crs)	3	3	3	3	16	16	18	18	18	—
Dividend Payout Ratio(%)	3.43	4.07	0.00	0.00	4.04	12.89	10.59	8.72	25.27	—

Consolidated where the company reports consolidated; Tijori Finance normalisation of company filings. Fiscal years end 31 March; "TTM" columns are trailing twelve months to the stated quarter. Quarterly growth is year-on-year (same quarter, prior year). Quarterly balance-sheet and cash-flow data are not disclosed and are not implied. General industrial/consumer/IT preset: growth, margins, ROCE/ROIC, working capital, FCF, net debt; P/E, EV/EBITDA.

Ratios

Sector-appropriate ratios

Ratio	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26
Interest Coverage Ratio	1.22	2.84	3.19	1.19	1.39	3.61	4.08	3.98	1.88	1.40
Cash Conversion Cycle	6.41	76.13	108.00	145.00	137.00	109.00	97.96	90.42	98.56	99.29
Inventory Days	82.54	63.86	59.60	104.00	113.00	90.24	92.37	92.62	107.00	108.00
Days Receivable	144.00	116.00	96.80	128.00	130.00	115.00	95.22	74.99	82.57	76.23
Days Payable	220.00	104.00	48.17	85.94	106.00	96.33	89.62	77.19	90.53	84.61
Debt to Equity Ratio	2.04	1.11	1.04	1.13	1.39	1.48	0.99	0.42	0.66	0.71
Free Cash Flow/Sales (%)	3.73	1.01	0.67	2.22	-7.02	-11.05	12.23	0.87	-23.09	-0.93
Free Cash Flow(est) (Crs)	34.37	15.05	12.96	27.03	-90.52	-256.00	390.00	34.29	-932.00	-39.27
Gross Margin (%)	57.12	49.31	46.51	51.16	50.31	49.97	49.56	49.06	50.43	48.99
Op Profit Margin (%)	17.57	19.37	19.97	17.13	17.34	22.34	21.73	21.30	13.91	15.22
Net Profit Margin (%)	1.22	6.37	6.22	0.80	1.60	8.53	7.77	8.63	10.29	1.69
ROCE (%)	10.05	17.13	19.03	6.58	6.87	17.03	21.96	15.90	7.44	6.47
ROIC (%)	6.23	12.12	12.75	4.14	4.52	14.37	15.18	13.22	17.19	6.08
ROE (%)	2.39	12.51	13.77	1.11	2.34	18.36	18.77	12.72	13.66	2.18
Net Profit Margin (%)	1.22	6.37	6.22	0.80	1.60	8.53	7.77	8.63	10.29	1.69
P/E	122.00	24.06	14.20	51.12	80.77	12.72	18.45	36.59	33.69	118.00
Price to Book	2.95	3.03	1.97	0.57	1.91	2.35	3.55	4.67	4.64	2.65
EV/EBITDA	13.68	10.67	6.72	6.88	12.35	7.83	8.36	15.42	27.19	16.18
Dividend Yield (%)	0.21	0.14	0.29	0.00	0.00	0.32	0.70	0.29	0.26	0.21

General industrial/consumer/IT preset: growth, margins, ROCE/ROIC, working capital, FCF, net debt; P/E, EV/EBITDA. Suppressed for this preset: none.