Buy Or Sell Opportunity • 3h
Now 29% overvalued after recent price rise Over the last 90 days, the stock has risen 4.0% to ₹627. The fair value is estimated to be ₹484, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 6.0% over the last 3 years. Earnings per share has declined by 27%. Revenue is forecast to grow by 3.7% in a year. Earnings are forecast to grow by 159% in the next year. New Risk • Jul 26
New major risk - Revenue size The company makes less than US$1m in revenue. This is considered a major risk. Companies with a small amount of revenue are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (1.4x net interest cover). Revenue is less than US$1m. Reported Earnings • Jul 25
First quarter 2027 earnings released: EPS: ₹2.58 (vs ₹0.65 in 1Q 2026) First quarter 2027 results: EPS: ₹2.58 (up from ₹0.65 in 1Q 2026). Revenue: ₹12.2b (up 20% from 1Q 2026). Net income: ₹468.8m (up 298% from 1Q 2026). Profit margin: 3.8% (up from 1.2% in 1Q 2026). The increase in margin was driven by higher revenue. Revenue is forecast to grow 8.4% p.a. on average during the next 2 years, compared to a 12% growth forecast for the Metals and Mining industry in India. Over the last 3 years on average, earnings per share has fallen by 27% per year but the company’s share price has increased by 2% per year, which means it is well ahead of earnings. Tillkännagivande • Jul 16
Ramkrishna Forgings Limited to Report Q1, 2027 Results on Jul 24, 2026 Ramkrishna Forgings Limited announced that they will report Q1, 2027 results on Jul 24, 2026 Reported Earnings • May 05
Full year 2026 earnings: EPS and revenues miss analyst expectations Full year 2026 results: EPS: ₹3.97 (down from ₹18.33 in FY 2025). Revenue: ₹42.4b (up 5.1% from FY 2025). Net income: ₹718.0m (down 78% from FY 2025). Profit margin: 1.7% (down from 8.2% in FY 2025). The decrease in margin was driven by higher expenses. Revenue missed analyst estimates by 1.2%. Earnings per share (EPS) also missed analyst estimates by 56%. Revenue is forecast to grow 6.5% p.a. on average during the next 2 years, compared to a 13% growth forecast for the Metals and Mining industry in India. Over the last 3 years on average, earnings per share has fallen by 17% per year but the company’s share price has increased by 22% per year, which means it is well ahead of earnings. Tillkännagivande • May 04
Ramkrishna Forgings Limited, Annual General Meeting, Aug 29, 2026 Ramkrishna Forgings Limited, Annual General Meeting, Aug 29, 2026, at 11:30 Indian Standard Time. Tillkännagivande • Apr 22
Ramkrishna Forgings Limited to Report Q4, 2026 Results on May 01, 2026 Ramkrishna Forgings Limited announced that they will report Q4, 2026 results on May 01, 2026 Valuation Update With 7 Day Price Move • Mar 23
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to ₹464, the stock trades at a forward P/E ratio of 37x. Average forward P/E is 16x in the Metals and Mining industry in India. Total returns to shareholders of 69% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ₹342 per share. Price Target Changed • Mar 16
Price target decreased by 17% to ₹579 Down from ₹696, the current price target is an average from 3 analysts. New target price is approximately in line with last closing price of ₹559. Stock is down 20% over the past year. The company is forecast to post earnings per share of ₹4.40 for next year compared to ₹18.33 last year. Reported Earnings • Jan 28
Third quarter 2026 earnings released: EPS: ₹0.75 (vs ₹5.51 in 3Q 2025) Third quarter 2026 results: EPS: ₹0.75 (down from ₹5.51 in 3Q 2025). Revenue: ₹11.0b (up 2.3% from 3Q 2025). Net income: ₹135.7m (down 86% from 3Q 2025). Profit margin: 1.2% (down from 9.3% in 3Q 2025). Revenue is forecast to grow 9.1% p.a. on average during the next 3 years, compared to a 12% growth forecast for the Metals and Mining industry in India. Over the last 3 years on average, earnings per share has fallen by 5% per year but the company’s share price has increased by 24% per year, which means it is well ahead of earnings. Tillkännagivande • Jan 20
Ramkrishna Forgings Limited to Report Q3, 2026 Results on Jan 27, 2026 Ramkrishna Forgings Limited announced that they will report Q3, 2026 results on Jan 27, 2026 Tillkännagivande • Jan 14
Ramkrishna Forgings Limited announced that it has received INR 499.8 million in funding On January 14, 2026, Ramkrishna Forgings Limited closed the transaction. New Risk • Nov 13
New minor risk - Profit margin trend The company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 5.7% Last year net profit margin: 8.8% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (1.5x net interest cover). High level of non-cash earnings (25% accrual ratio). Minor Risks Paying a dividend despite having no free cash flows. Profit margins are more than 30% lower than last year (5.7% net profit margin). Reported Earnings • Nov 13
Second quarter 2026 earnings released: ₹0.53 loss per share (vs ₹5.99 profit in 2Q 2025) Second quarter 2026 results: ₹0.53 loss per share (down from ₹5.99 profit in 2Q 2025). Revenue: ₹9.13b (down 13% from 2Q 2025). Net loss: ₹95.0m (down 109% from profit in 2Q 2025). Revenue is forecast to grow 10% p.a. on average during the next 3 years, compared to a 11% growth forecast for the Metals and Mining industry in India. Over the last 3 years on average, earnings per share has increased by 1% per year but the company’s share price has increased by 34% per year, which means it is tracking significantly ahead of earnings growth. Tillkännagivande • Nov 08
Ramkrishna Forgings Limited to Report Q2, 2026 Results on Nov 12, 2025 Ramkrishna Forgings Limited announced that they will report Q2, 2026 results on Nov 12, 2025 Reported Earnings • Aug 02
First quarter 2026 earnings released: EPS: ₹0.65 (vs ₹4.48 in 1Q 2025) First quarter 2026 results: EPS: ₹0.65 (down from ₹4.48 in 1Q 2025). Revenue: ₹10.2b (up 1.4% from 1Q 2025). Net income: ₹117.9m (down 85% from 1Q 2025). Profit margin: 1.2% (down from 8.0% in 1Q 2025). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 9.1% p.a. on average during the next 3 years, compared to a 10% growth forecast for the Metals and Mining industry in India. Over the last 3 years on average, earnings per share has increased by 8% per year but the company’s share price has increased by 44% per year, which means it is tracking significantly ahead of earnings growth. Tillkännagivande • Jul 26
Ramkrishna Forgings Limited to Report Q1, 2026 Results on Aug 01, 2025 Ramkrishna Forgings Limited announced that they will report Q1, 2026 results on Aug 01, 2025 Tillkännagivande • Jun 06
Ramkrishna Forgings Limited announced that it expects to receive INR 511.875 million in funding from Riddhi Portfolio Private Limited Ramkrishna Forgings Limited announced a private placement to issue 975,000 convertible warrants at an issue price of INR 525 per warrant for gross proceeds of INR 511,875,000 on June 5, 2025. The transaction will include participation from returning investor RIDDHI PORTFOLIO PRIVATE LIMITED with 33.45% stake. The transaction has been approved by shareholders and is subject to general shareholders to be held on June 28, 2025. Post completion, the investor will hold 61532,039 shares with 33.81% stake. Reported Earnings • Jun 02
Full year 2025 earnings: EPS exceeds analyst expectations while revenues lag behind Full year 2025 results: EPS: ₹18.33 (down from ₹20.27 in FY 2024). Revenue: ₹40.6b (up 2.7% from FY 2024). Net income: ₹3.32b (down 2.9% from FY 2024). Profit margin: 8.2% (down from 8.6% in FY 2024). The decrease in margin was driven by higher expenses. Revenue missed analyst estimates by 4.0%. Earnings per share (EPS) exceeded analyst estimates by 72%. Revenue is forecast to grow 11% p.a. on average during the next 2 years, compared to a 10% growth forecast for the Metals and Mining industry in India. Over the last 3 years on average, earnings per share has increased by 14% per year but the company’s share price has increased by 54% per year, which means it is tracking significantly ahead of earnings growth. New Risk • Jun 02
New major risk - Financial position The company's interest payments are not well covered by earnings. Net interest cover: 1.9x This is considered a major risk. If the company is unable to fund interest repayments on its debt through profits, it may be forced into reducing its debt burden through selling assets, undertaking a potentially costly capital raising or even into bankruptcy in the worst case scenario. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (1.9x net interest cover). High level of non-cash earnings (30% accrual ratio). Minor Risk Paying a dividend despite having no free cash flows. Tillkännagivande • May 27
Ramkrishna Forgings Limited to Report Fiscal Year 2025 Results on May 30, 2025 Ramkrishna Forgings Limited announced that they will report fiscal year 2025 results on May 30, 2025 Buy Or Sell Opportunity • May 13
Now 21% overvalued Over the last 90 days, the stock has fallen 14% to ₹578. The fair value is estimated to be ₹477, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 22% over the last 3 years. Earnings per share has grown by 21%. Revenue is forecast to grow by 13% in 2 years. Earnings are forecast to grow by 41% in the next 2 years. Price Target Changed • May 08
Price target decreased by 15% to ₹965 Down from ₹1,131, the current price target is an average from 6 analysts. New target price is 66% above last closing price of ₹580. Stock is down 16% over the past year. The company is forecast to post earnings per share of ₹22.30 for next year compared to ₹20.27 last year. Valuation Update With 7 Day Price Move • Mar 21
Investor sentiment improves as stock rises 23% After last week's 23% share price gain to ₹844, the stock trades at a forward P/E ratio of 32x. Average forward P/E is 16x in the Metals and Mining industry in India. Total returns to shareholders of 418% over the past three years. Recent Insider Transactions • Feb 15
Non-Executive Independent Director recently bought ₹33m worth of stock On the 12th of February, Sanjay Kothari bought around 50k shares on-market at roughly ₹666 per share. This trade did not impact their existing holding. This was the largest purchase by an insider in the last 3 months. This was the only on-market transaction from insiders over the last 12 months. Valuation Update With 7 Day Price Move • Jan 24
Investor sentiment deteriorates as stock falls 18% After last week's 18% share price decline to ₹806, the stock trades at a forward P/E ratio of 29x. Average forward P/E is 17x in the Metals and Mining industry in India. Total returns to shareholders of 334% over the past three years. Reported Earnings • Jan 18
Third quarter 2025 earnings: EPS misses analyst expectations Third quarter 2025 results: EPS: ₹5.51 (up from ₹5.02 in 3Q 2024). Revenue: ₹10.8b (up 1.9% from 3Q 2024). Net income: ₹996.1m (up 15% from 3Q 2024). Profit margin: 9.2% (up from 8.2% in 3Q 2024). Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 4.3%. Revenue is forecast to grow 11% p.a. on average during the next 3 years, compared to a 13% growth forecast for the Metals and Mining industry in India. Over the last 3 years on average, earnings per share has increased by 21% per year but the company’s share price has increased by 70% per year, which means it is tracking significantly ahead of earnings growth. Tillkännagivande • Jan 17
Ramkrishna Forgings Limited Announces Trustee Changes for Ramkrishna Forgings Limited Employee Welfare Trust Ramkrishna Forgings Limited noted cessation of Mr. Milesh Gandhi, as a Trustee of Ramkrishna Forgings Limited Employee Welfare Trust in accordance with Clause 5.2.1 of Ramkrishna Forgings Limited Employee Welfare Trust Deed with effect from 16 January, 2025; noted appointment of Mr. Bal Krishan Khaitan, as a Trustee of Ramkrishna Forgings Limited Employee Welfare Trust in accordance with Clause 5.1.1 read with Clause 5.2.3 of the Ramkrishna Forgings Limited Employee Welfare Trust Deed with effect from 16 January, 2025 has approved by Nomination and Remuneration Committee of the Company at its meeting held on 16 January, 2025. Tillkännagivande • Jan 08
Ramkrishna Forgings Limited to Report Q3, 2025 Results on Jan 17, 2025 Ramkrishna Forgings Limited announced that they will report Q3, 2025 results on Jan 17, 2025 Declared Dividend • Oct 27
First half dividend of ₹1.00 announced Dividend of ₹1.00 is the same as last year. Ex-date: 31st October 2024 Payment date: 23rd November 2024 Dividend yield will be 0.2%, which is lower than the industry average of 6.1%. Sustainability & Growth Dividend is covered by earnings (10% earnings payout ratio) but the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has increased by an average of 26% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 68% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Price Target Changed • Oct 26
Price target increased by 7.8% to ₹1,115 Up from ₹1,034, the current price target is an average from 6 analysts. New target price is 23% above last closing price of ₹906. Stock is up 47% over the past year. The company posted earnings per share of ₹20.27 last year. Reported Earnings • Oct 26
Second quarter 2025 earnings: EPS and revenues exceed analyst expectations Second quarter 2025 results: EPS: ₹11.25 (up from ₹5.14 in 2Q 2024). Revenue: ₹10.5b (up 7.3% from 2Q 2024). Net income: ₹2.03b (up 147% from 2Q 2024). Profit margin: 19% (up from 8.4% in 2Q 2024). Revenue exceeded analyst estimates by 3.6%. Earnings per share (EPS) also surpassed analyst estimates by 53%. Revenue is forecast to grow 8.8% p.a. on average during the next 3 years, compared to a 11% growth forecast for the Metals and Mining industry in India. Over the last 3 years on average, earnings per share has increased by 30% per year but the company’s share price has increased by 61% per year, which means it is tracking significantly ahead of earnings growth. Tillkännagivande • Oct 24
Ramkrishna Forgings Limited Declares First Interim Dividend for the Financial Year 2024-25 Ramkrishna Forgings Limited announced at the board meeting held on October 24, 2024, approved first interim dividend of INR 1/- (Rupee One) per Equity Share of face value INR 2/-for the financial year 2024-25. Fixed 2 November, 2024 as the Record Date for the purpose of payment of 1st Interim Dividend for the Financial Year 2024-25 to be paid to the eligible shareholders. Tillkännagivande • Oct 18
Ramkrishna Forgings Limited to Report Q2, 2025 Results on Oct 24, 2024 Ramkrishna Forgings Limited announced that they will report Q2, 2025 results on Oct 24, 2024 Tillkännagivande • Sep 12
Yatra Online Limited (NSEI:YATRA) completed the acquisition of Globe All India Services Limited from Ramkrishna Forgings Limited (NSEI:RKFORGE) for INR 1.3 billion. Yatra Online Limited (NSEI:YATRA) entered into a definitive agreement to acquire Globe All India Services Limited from Ramkrishna Forgings Limited (NSEI:RKFORGE) for INR 1.3 billion on September 2, 2024. A cash consideration of INR 1.28 billion will be paid by Yatra Online Limited, after net debt and working capital adjustments. The Acquisition is expected to close within three months from the date of execution of the SPA, subject to certain closing actions and satisfaction of the conditions precedent as specified in the SPA. As of March 31, 2024, Globe All India Services Limited had a revenue of INR 2.5 billion.
With annual gross bookings of USD 90 million and Adjusted EBITDA margins of over 20%, this acquisition is expected to be immediately accretive to Yatra’s financials, with further potential for margin expansion as synergies are realized. Given that the majority of Globe Travel’s business is currently offline, this acquisition presents a strategic opportunity to integrate Yatra’s Corporate Self Booking Platform in to Globe Travel’s customer base, thereby enhancing synergies and driving further value creation. Moreover, Globe Travel’s corporate clients are expected to benefit from increased efficiencies and reduced costs through Yatra’s digital platform. Khaitan & Co. acted as legal advisor to Ramkrishna Forgings Limited (NSEI:RKFORGE)
Yatra Online Limited (NSEI:YATRA) completed the acquisition of Globe All India Services Limited from Ramkrishna Forgings Limited (NSEI:RKFORGE) on September 11, 2024. Tillkännagivande • Sep 04
Yatra Online Limited (NSEI:YATRA) entered into a definitive agreement to acquire Globe All India Services Limited from Ramkrishna Forgings Limited (NSEI:RKFORGE) for INR 1.3 billion. Yatra Online Limited (NSEI:YATRA) entered into a definitive agreement to acquire Globe All India Services Limited from Ramkrishna Forgings Limited (NSEI:RKFORGE) for INR 1.3 billion on September 2, 2024. A cash consideration of INR 1.28 billion will be paid by Yatra Online Limited, after net debt and working capital adjustments. The Acquisition is expected to close within three months from the date of execution of the SPA, subject to certain closing actions and satisfaction of the conditions precedent as specified in the SPA. As of March 31, 2024, Globe All India Services Limited had a revenue of INR 2.5 billion.
With annual gross bookings of USD 90 million and Adjusted EBITDA margins of over 20%, this acquisition is expected to be immediately accretive to Yatra’s financials, with further potential for margin expansion as synergies are realized. Given that the majority of Globe Travel’s business is currently offline, this acquisition presents a strategic opportunity to integrate Yatra’s Corporate Self Booking Platform in to Globe Travel’s customer base, thereby enhancing synergies and driving further value creation. Moreover, Globe Travel’s corporate clients are expected to benefit from increased efficiencies and reduced costs through Yatra’s digital platform. Tillkännagivande • Aug 13
Ramkrishna Forgings Limited (NSEI:RKFORGE) and Multitech Auto Pvt. Ltd. completed the acquisition of Resortes Libertad S.A. De C.V. for MXN 8.2 million. Ramkrishna Forgings Limited (NSEI:RKFORGE) and Multitech Auto Pvt. Ltd. agreed to acquire Resortes Libertad S.A. De C.V. for MXN 8.4 million on July 24, 2024. As part of the transaction, Ramkrishna and Multitech will acquire 49999 shares and 1 share respectively, which is equivalent to 100% stake in Resortes Libertad. The consideration is subject to necessary adjustments. For the period ending December 31, 2023, Resortes Libertad S.A. De C.V. reported total revenue of MXN 2 million. On completion, Resortes Libertad S.A. De C.V will change its name to Ramkrishna Forgings Mexico S.A. DE. C.V.
The transaction is not subject to any approvals and it was approved by the Board of Directors of Ramkrishna Forgings Limited (NSEI:RKFORGE). The transaction is expected to close within September 30, 2024. S.R. Batliboi & Co. LLP and SK Naredi & Co acted as accountant to Ramkrishna Forgings.
Ramkrishna Forgings Limited (NSEI:RKFORGE) and Multitech Auto Pvt. Ltd. completed the acquisition of Resortes Libertad S.A. De C.V. for MXN 8.2 million on August 13, 2024. Price Target Changed • Jul 26
Price target increased by 8.3% to ₹925 Up from ₹854, the current price target is an average from 6 analysts. New target price is 10.0% above last closing price of ₹841. Stock is up 55% over the past year. The company is forecast to post earnings per share of ₹25.10 for next year compared to ₹20.27 last year. Reported Earnings • Jul 25
First quarter 2025 earnings released: EPS: ₹4.48 (vs ₹4.91 in 1Q 2024) First quarter 2025 results: EPS: ₹4.48. Revenue: ₹10.1b (up 13% from 1Q 2024). Net income: ₹809.0m (up 3.0% from 1Q 2024). Profit margin: 8.0% (down from 8.8% in 1Q 2024). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 8.0% p.a. on average during the next 3 years, compared to a 11% growth forecast for the Metals and Mining industry in India. Tillkännagivande • Jul 16
Ramkrishna Forgings Limited to Report Q1, 2025 Results on Jul 24, 2024 Ramkrishna Forgings Limited announced that they will report Q1, 2025 results on Jul 24, 2024 Price Target Changed • Jul 08
Price target increased by 12% to ₹860 Up from ₹765, the current price target is an average from 6 analysts. New target price is 10% below last closing price of ₹958. Stock is up 118% over the past year. The company is forecast to post earnings per share of ₹25.43 for next year compared to ₹20.27 last year. Valuation Update With 7 Day Price Move • Jun 20
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ₹872, the stock trades at a forward P/E ratio of 34x. Average forward P/E is 17x in the Metals and Mining industry in India. Total returns to shareholders of 614% over the past three years. Declared Dividend • May 04
Final dividend of ₹1.00 announced Shareholders will receive a dividend of ₹1.00. Ex-date: 10th May 2024 Payment date: 1st June 2024 Dividend yield will be 0.3%, which is lower than the industry average of 6.1%. Sustainability & Growth Dividend is covered by earnings (10% earnings payout ratio) but not covered by cash flows (113% cash payout ratio). The dividend has increased by an average of 26% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 45% over the next 2 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • May 02
Full year 2024 earnings: EPS and revenues exceed analyst expectations Full year 2024 results: EPS: ₹20.27 (up from ₹15.52 in FY 2023). Revenue: ₹39.8b (up 25% from FY 2023). Net income: ₹3.41b (up 38% from FY 2023). Profit margin: 8.6% (up from 7.8% in FY 2023). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 12%. Earnings per share (EPS) also surpassed analyst estimates by 6.9%. Revenue is forecast to grow 7.9% p.a. on average during the next 2 years, compared to a 9.6% growth forecast for the Metals and Mining industry in India. Over the last 3 years on average, earnings per share has increased by 44% per year but the company’s share price has increased by 88% per year, which means it is tracking significantly ahead of earnings growth. Tillkännagivande • Apr 26
Ramkrishna Forgings Limited to Report Q4, 2024 Results on May 02, 2024 Ramkrishna Forgings Limited announced that they will report Q4, 2024 results on May 02, 2024 Price Target Changed • Jan 19
Price target increased by 9.1% to ₹725 Up from ₹664, the current price target is an average from 7 analysts. New target price is 5.8% below last closing price of ₹770. Stock is up 189% over the past year. The company is forecast to post earnings per share of ₹20.26 for next year compared to ₹15.52 last year. Reported Earnings • Jan 19
Third quarter 2024 earnings: EPS in line with analyst expectations despite revenue beat Third quarter 2024 results: EPS: ₹5.02 (up from ₹3.82 in 3Q 2023). Revenue: ₹10.6b (up 36% from 3Q 2023). Net income: ₹868.6m (up 42% from 3Q 2023). Profit margin: 8.2% (up from 7.9% in 3Q 2023). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 6.7%. Earnings per share (EPS) were mostly in line with analyst estimates. Revenue is forecast to grow 9.7% p.a. on average during the next 3 years, compared to a 8.1% growth forecast for the Metals and Mining industry in India. Over the last 3 years on average, earnings per share has increased by 56% per year but the company’s share price has increased by 88% per year, which means it is tracking significantly ahead of earnings growth. Recent Insider Transactions • Dec 30
MD & Executive Director recently bought ₹4.2m worth of stock On the 26th of December, Naresh Jalan bought around 6k shares on-market at roughly ₹725 per share. This transaction amounted to less than 1% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. This was Naresh's only on-market trade for the last 12 months. New Risk • Nov 15
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 13% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Minor Risks High level of debt (95% net debt to equity). Shareholders have been diluted in the past year (13% increase in shares outstanding). Tillkännagivande • Nov 09
Ramkrishna Forgings Limited has filed a Follow-on Equity Offering. Ramkrishna Forgings Limited has filed a Follow-on Equity Offering.
Security Name: Equity Shares
Security Type: Common Stock
Transaction Features: Regulation S; Rule 144A; Subsequent Direct Listing Price Target Changed • Oct 29
Price target increased by 11% to ₹648 Up from ₹583, the current price target is an average from 6 analysts. New target price is 5.1% above last closing price of ₹616. Stock is up 176% over the past year. The company is forecast to post earnings per share of ₹19.43 for next year compared to ₹15.52 last year. Upcoming Dividend • Oct 23
Upcoming dividend of ₹1.00 per share at 0.3% yield Eligible shareholders must have bought the stock before 30 October 2023. Payment date: 18 November 2023. Payout ratio is a comfortable 8.7% and this is well supported by cash flows. Trailing yield: 0.3%. Lower than top quartile of Indian dividend payers (1.3%). Lower than average of industry peers (7.2%). Tillkännagivande • Oct 20
Ramkrishna Forgings Limited Declares First Interim Dividend for the Financial Year 2023-2024 Ramkrishna Forgings Limited announced that at the board meeting held on 19 October, 2023, declared first Interim Dividend of INR 1.00 per Equity Share of face value INR 2 each for the Financial Year 2023-2024. The said dividend will be paid within 30 (thirty) days from the date of declaration. Fixed 30 October, 2023 as the Record Date for the purpose of payment of first Interim Dividend for the Financial Year 2023-24 to be paid to the eligible shareholders. Tillkännagivande • Oct 01
Ramkrishna Forgings Limited to Report Q2, 2024 Results on Oct 19, 2023 Ramkrishna Forgings Limited announced that they will report Q2, 2024 results on Oct 19, 2023 Tillkännagivande • Sep 17
Ramkrishna Forgings Limited Approves Re-Designation of Mahabir Prasad Jalan as Non-Executive Director of the Company Designated as "Chairman Emeritus" Ramkrishna Forgings Limited at its AGM held on 16 September 2023 approved Re-designation of Mr. Mahabir Prasad Jalan as Non-Executive Director of the Company designated as "Chairman Emeritus" with effect from 21 July 2023. Price Target Changed • Jul 24
Price target increased by 22% to ₹451 Up from ₹370, the current price target is an average from 6 analysts. New target price is 13% below last closing price of ₹521. Stock is up 188% over the past year. The company is forecast to post earnings per share of ₹21.06 for next year compared to ₹15.52 last year. Reported Earnings • Jul 22
First quarter 2024 earnings: EPS exceeds analyst expectations while revenues lag behind First quarter 2024 results: EPS: ₹4.91 (up from ₹3.22 in 1Q 2023). Revenue: ₹8.92b (up 28% from 1Q 2023). Net income: ₹785.3m (up 53% from 1Q 2023). Profit margin: 8.8% (up from 7.3% in 1Q 2023). The increase in margin was driven by higher revenue. Revenue missed analyst estimates by 5.6%. Earnings per share (EPS) exceeded analyst estimates by 7.1%. Revenue is forecast to grow 6.3% p.a. on average during the next 3 years, compared to a 4.2% growth forecast for the Metals and Mining industry in India. Over the last 3 years on average, earnings per share has increased by 82% per year but the company’s share price has increased by 157% per year, which means it is tracking significantly ahead of earnings growth. Price Target Changed • May 04
Price target increased by 7.9% to ₹356 Up from ₹330, the current price target is an average from 5 analysts. New target price is 6.1% above last closing price of ₹335. Stock is up 91% over the past year. The company is forecast to post earnings per share of ₹20.82 for next year compared to ₹15.52 last year. Upcoming Dividend • May 02
Upcoming dividend of ₹0.50 per share at 0.6% yield Eligible shareholders must have bought the stock before 09 May 2023. Payment date: 28 May 2023. Trailing yield: 0.6%. Lower than top quartile of Indian dividend payers (1.6%). Lower than average of industry peers (8.1%). Reported Earnings • Apr 29
Full year 2023 earnings: EPS and revenues exceed analyst expectations Full year 2023 results: EPS: ₹15.51 (up from ₹12.39 in FY 2022). Revenue: ₹31.9b (up 38% from FY 2022). Net income: ₹2.48b (up 25% from FY 2022). Profit margin: 7.8% (down from 8.5% in FY 2022). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 3.2%. Earnings per share (EPS) also surpassed analyst estimates by 4.6%. Over the last 3 years on average, earnings per share has increased by 91% per year but the company’s share price has increased by 106% per year, which means it is tracking significantly ahead of earnings growth. Upcoming Dividend • Jan 24
Upcoming dividend of ₹0.50 per share at 0.7% yield Eligible shareholders must have bought the stock before 31 January 2023. Payment date: 19 February 2023. Payout ratio is a comfortable 10% and this is well supported by cash flows. Trailing yield: 0.7%. Lower than top quartile of Indian dividend payers (1.6%). Lower than average of industry peers (6.3%). Reported Earnings • Jan 23
Third quarter 2023 earnings: EPS and revenues miss analyst expectations Third quarter 2023 results: EPS: ₹3.82 (up from ₹2.84 in 3Q 2022). Revenue: ₹7.77b (up 29% from 3Q 2022). Net income: ₹610.4m (up 35% from 3Q 2022). Profit margin: 7.9% (up from 7.5% in 3Q 2022). The increase in margin was driven by higher revenue. Revenue missed analyst estimates by 13%. Earnings per share (EPS) also missed analyst estimates by 23%. Revenue is forecast to grow 18% p.a. on average during the next 2 years, compared to a 1.8% growth forecast for the Metals and Mining industry in India. Over the last 3 years on average, earnings per share has increased by 93% per year but the company’s share price has only increased by 53% per year, which means it is significantly lagging earnings growth. Tillkännagivande • Jan 21
Ramkrishna Forgings Limited Approves Third Interim Dividend for the Financial Year 2022-2023 Ramkrishna Forgings Limited announced that at its board meeting held on 20 January 2023, approved the third interim dividend of INR 0.50 per equity share of INR 2 each for the financial year 2022-2023. The board of directors fixed 31 January 2023 as the record date for the purpose of payment of interim dividend for the financial year 2022-2023 to be paid to the eligible shareholders. Tillkännagivande • Dec 31
Ramkrishna Forgings Limited to Report Q3, 2023 Results on Jan 20, 2023 Ramkrishna Forgings Limited announced that they will report Q3, 2023 results on Jan 20, 2023 Tillkännagivande • Dec 16
Ramkrishna Forgings Limited (BSE:532527) agreed to acquire 51% stake in TSUYO Manufacturing Pvt Ltd. Ramkrishna Forgings Limited (BSE:532527) agreed to acquire 51% stake in TSUYO Manufacturing Pvt Ltd on December 14, 2022. The Board of Directors of Ramkrishna Forgings Limited one of the leading suppliers of rolled, forged, and machined products has approved an investment to acquire up to 51% voting rights of TSUYO Manufacturing, a Make-In-India start-up company engaged in powertrain solutions for electric vehicles, Ramkrishna Forgings also plans to expand its EV portfolio. Tillkännagivande • Oct 28
Ramkrishna Forgings Limited announced that it has received INR 235.75 million in funding from Shyama Wealth Management Private Limited, Eastern Credit Capital Ltd On October 26, 2022, Ramkrishna Forgings Limited closed the transaction. Upcoming Dividend • Oct 25
Upcoming dividend of ₹0.50 per share Eligible shareholders must have bought the stock before 01 November 2022. Payment date: 20 November 2022. Payout ratio is a comfortable 8.4% and this is well supported by cash flows. Trailing yield: 0.9%. Lower than top quartile of Indian dividend payers (1.6%). Lower than average of industry peers (6.2%). Tillkännagivande • Oct 22
Ramkrishna Forgings Limited Declares Second Interim Dividend for the Financial Year 2022-2023 Ramkrishna Forgings Limited Board of Directors declared second Interim Dividend of INR 0.50 per Equity Share of INR 2 each for the Financial Year 2022-2023. The said dividend will be paid within 30 days from the date of declaration. The same is subject to TDS. The Board of Directors fixed 2 November, 2022 as the Record Date for the purpose of payment of second Interim Dividend for the Financial Year 2022-2023 to be paid to the eligible shareholders. Reported Earnings • Oct 22
Second quarter 2023 earnings released: EPS: ₹4.20 (vs ₹2.76 in 2Q 2022) Second quarter 2023 results: EPS: ₹4.20 (up from ₹2.76 in 2Q 2022). Revenue: ₹8.25b (up 43% from 2Q 2022). Net income: ₹672.3m (up 53% from 2Q 2022). Profit margin: 8.1% (up from 7.6% in 2Q 2022). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 84% per year but the company’s share price has only increased by 62% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Oct 03
Investor sentiment improved over the past week After last week's 15% share price gain to ₹204, the stock trades at a trailing P/E ratio of 14.5x. Average trailing P/E is 13x in the Metals and Mining industry in India. Total returns to shareholders of 268% over the past three years. Tillkännagivande • Sep 27
Ramkrishna Forgings Limited to Report Q2, 2023 Results on Oct 21, 2022 Ramkrishna Forgings Limited announced that they will report Q2, 2023 results on Oct 21, 2022 Tillkännagivande • Sep 13
Ramkrishna Forgings Limited announced that it expects to receive INR 235.75 million in funding from Shyama Wealth Management Pvt Ltd, Eastern Credit Capital Ltd, and other investors Ramkrishna Forgings Limited announced a private placement of 4,600,000 pre-paid warrants at a price of INR 51.25 per warrant for total gross proceeds of INR 235,750,000 on September 12, 2022. The transaction will include participation from returning investors Shyama Wealth Management Pvt Ltd for up to 1,000,000 warrants, Eastern Credit Capital Ltd for up to 500,000 warrants, individual investors Naresh Jalan for 3,000,000 warrants and Lalit Kumar Khetan for up to 100,000 warrants. The warrants will be issues on a preferential basis. The transaction is approved by board of directors of the company, and is pending approval from the shareholders of the company. The warrants have a total price of INR 205, of which the company will receive 25% of the total amount as upfront payment at the time of allotment of warrants and the remaining 75% will be paid upon exercise of warrants. Each warrant is exercisable to acquire 1 equity share of the company, at an exercise price of INR 153.75 per share for a period of 18 months from the date of allotment. Upcoming Dividend • Sep 01
Upcoming dividend of ₹0.20 per share Eligible shareholders must have bought the stock before 08 September 2022. Payment date: 17 October 2022. Payout ratio is a comfortable 6.4% but the company is not cash flow positive. Trailing yield: 1.0%. Lower than top quartile of Indian dividend payers (1.6%). Lower than average of industry peers (6.0%). Tillkännagivande • Aug 27
Ramkrishna Forgings Limited Recommends Dividend for the Financial Year 2021-22 Ramkrishna Forgings Limited announced that at the Annual General Meeting to be held on September 17, 2022, recommended to declare Dividend of INR 0.20 per equity share of INR 2 each for the financial year 2021-22. Reported Earnings • Jul 22
First quarter 2023 earnings released First quarter 2023 results: Revenue: ₹7.00b (up 68% from 1Q 2022). Net income: ₹513.9m (up 108% from 1Q 2022). Profit margin: 7.3% (up from 5.9% in 1Q 2022). The increase in margin was driven by higher revenue. Tillkännagivande • Jun 30
Ramkrishna Forgings Limited to Report Q1, 2023 Results on Jul 21, 2022 Ramkrishna Forgings Limited announced that they will report Q1, 2023 results on Jul 21, 2022 Price Target Changed • May 19
Price target decreased to ₹260 Down from ₹289, the current price target is provided by 1 analyst. New target price is 61% above last closing price of ₹161. Stock is up 27% over the past year. The company posted earnings per share of ₹12.43 last year. Reported Earnings • May 05
Full year 2022 earnings released: EPS: ₹12.43 (vs ₹1.29 in FY 2021) Full year 2022 results: EPS: ₹12.43 (up from ₹1.29 in FY 2021). Revenue: ₹23.2b (up 80% from FY 2021). Net income: ₹1.98b (up ₹1.77b from FY 2021). Profit margin: 8.5% (up from 1.6% in FY 2021). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 29% per year but the company’s share price has only increased by 23% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Apr 08
Investor sentiment improved over the past week After last week's 16% share price gain to ₹188, the stock trades at a trailing P/E ratio of 20.3x. Average trailing P/E is 14x in the Metals and Mining industry in India. Total returns to shareholders of 83% over the past three years. Tillkännagivande • Apr 02
Ramkrishna Forgings Limited to Report Q4, 2022 Results on May 03, 2022 Ramkrishna Forgings Limited announced that they will report Q4, 2022 results on May 03, 2022 Recent Insider Transactions • Mar 18
Whole Time Director recently bought ₹145k worth of stock On the 14th of March, Chaitanya Jalan bought around 800 shares on-market at roughly ₹181 per share. In the last 3 months, there was an even bigger purchase from another insider worth ₹812k. Insiders have collectively bought ₹4.6m more in shares than they have sold in the last 12 months. Valuation Update With 7 Day Price Move • Mar 14
Investor sentiment improved over the past week After last week's 16% share price gain to ₹181, the stock trades at a trailing P/E ratio of 3.9x. Average trailing P/E is 13x in the Metals and Mining industry in India. Total returns to shareholders of 72% over the past three years. Recent Insider Transactions • Mar 05
CFO & Additional Whole Time Director recently bought ₹812k worth of stock On the 2nd of March, Lalit Khetan bought around 1k shares on-market at roughly ₹812 per share. This was the largest purchase by an insider in the last 3 months. This was Lalit's only on-market trade for the last 12 months. Valuation Update With 7 Day Price Move • Feb 24
Investor sentiment deteriorated over the past week After last week's 16% share price decline to ₹769, the stock trades at a trailing P/E ratio of 16.6x. Average trailing P/E is 13x in the Metals and Mining industry in India. Total returns to shareholders of 64% over the past three years. Tillkännagivande • Feb 15
Ramkrishna Forgings Limited's Newly Commissioned Warm Forging Plant Successfully Starts Dispatching of Products to India's Axte Manufacturer Ramkrishna Forgings Limited has successfully started dispatches of warm forging processed parts to India's Axle manufacturer. RKFL had done capex in 2021, which is completed and now products despatches have started. Sample supplies will enable to garner new potential business worth INR 750 million in revenue over a three-year period. Upcoming Dividend • Jan 21
Upcoming dividend of ₹0.50 per share Eligible shareholders must have bought the stock before 28 January 2022. Payment date: 17 February 2022. Payout ratio is a comfortable 1.4% but the company is not cash flow positive. Trailing yield: 0.1%. Lower than top quartile of Indian dividend payers (1.3%). Lower than average of industry peers (3.4%). Upcoming Dividend • Oct 14
Upcoming dividend of ₹0.50 per share Eligible shareholders must have bought the stock before 21 October 2021. Payment date: 10 November 2021. Trailing yield: 0.1%. Lower than top quartile of Indian dividend payers (1.4%). Lower than average of industry peers (2.8%). 
