Ramkrishna Forgings Ltd
Ramkrishna Forgings Q2 FY26 earnings call: Revenue & Margins
Q2 FY26 earnings call: what management said on revenue, margins and capex.
Guidance rank: #22 of 66 in Auto Components
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Ramkrishna Forgings Ltd Q2 FY26 key numbers
- Revenue
- Railway wheels JV expected to reach 80-85% utilization by FY '28, generating revenue of Rs. 1,600-1,700 crore with 17-18% EBITDA margins.
As stated in Ramkrishna Forgings Ltd's Q2 FY26 earnings call transcript · published 7 Aug 2026. Reported figures, not investment advice.
The short version
Railway wheels JV expected to reach 80-85% utilization by FY '28, generating revenue of Rs. The company aims for a revenue of Rs.
From Ramkrishna Forgings Ltd's Q2 FY26 earnings-call transcript · updated 23 Aug 2026.
Revenue & Sales Performance
- Railway wheels JV expected to reach 80-85% utilization by FY '28, generating revenue of Rs. 1,600-1,700 crore with 17-18% EBITDA margins.
- FY '27 utilization for railway wheels JV targeted at around 30% (~40,000 wheels).
- Current capacity peak utilization aimed for 85%, with revenue potential between Rs. 6,200-6,500 crore by end of CY '27, subject to commodity pricing.
- Blended EBITDA margins expected to stabilize at 17-18% with the current casting-forging mix; aspirational goal to surpass 20% margins over time.
- Order book of Rs. 6,000-7,000 crore anticipated to generate Rs. 1,000 crore+ revenue annually starting FY '28.
- Domestic market expected to grow sharply post-GST cut, supporting better than market growth.
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Profitability & Margins
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Capital Expenditure Plans
- Capex for next year (FY '27) will be negligible, less than Rs. 100 crores.
- Current expansion includes approximately 400,000 tonnes of capacity between forgings and castings.
- Casting facility with 45,000 tonnes capacity is almost fully sold out and expected to have 80-85% utilization next year.
- Trial runs for the railway wheels JV to start in January '26, with commercial production beginning in March '26.
- No additional equipment imports or capex planned for standalone operations as current capex is complete.
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Top-ranked in Auto Components
Ranked on what management guided this quarter
Rank buckets describe management commentary on revenue and margin. Not investment advice, and not a forecast of returns.
Fundraising & Capital Structure
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Order Book & Pipeline
- Over the last 6 quarters, Ramkrishna Forgings has received new orders totaling approximately Rs. 6,000 to Rs. 7,000 crores, with a program life of 4 to 5 years.
- These orders include Rs. 1,116 crores from Q2 FY'26 alone, excluding railway orders.
- Of the Q2 FY'26 order wins, 69% came from automotive (Rs. 777 crores), 27% from railways (Rs. 296 crores), and 4% from non-auto sectors (Rs. 43 crores).
- Orders from Europe and North America constitute significant order wins, reflecting a diversification strategy.
- Orders are expected to start generating revenues from FY'27 onwards, reaching full production by FY'28.
- Revenue from these orders in FY'28 is estimated safely above Rs. 1,000 crores.
2 more points from Ramkrishna Forgings Ltd's call on order book
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Ramkrishna Forgings Ltd — Quarterly revenue & net profit
Reported quarterly figures (₹ Cr). Latest (Q4 FY26): revenue ₹1.2K Cr, net profit ₹56 Cr. Revenue and profit are scaled separately — hover a quarter for exact figures.
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What Ramkrishna Forgings Ltd's management said in earlier quarters
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. Key concall takeaways from Carraro India Ltd's Q2 FY26 earnings call — and how it ranks against sector peers.
Potential multibaggers · Q2 FY27
Potential multibaggers in Auto Components
on management's own guidance
- Strong growth2
- Strong growth1
- Strong growth3
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Ranks describe management commentary on revenue and margin from the latest earnings call. Not investment advice.
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Frequently Asked Questions
What were Ramkrishna Forgings Ltd Q2 FY26 results?
Railway wheels JV expected to reach 80-85% utilization by FY '28, generating revenue of Rs. The company aims for a revenue of Rs.
What is Ramkrishna Forgings Ltd share price analysis?
Ramkrishna Forgings Ltd currently shows a neutral. The stock trades at a P/E of 112.0 with a market cap of ₹12,869 Cr. Investors should review the full earnings analysis for detailed insights.
Is Ramkrishna Forgings Ltd planning capital expenditure?
Capex for next year (FY '27) will be negligible, less than Rs.
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This analysis is AI-generated based on publicly available earnings data and the company's earnings call transcript. This is not investment advice. Please consult a SEBI-registered advisor before making investment decisions.