Ramkrishna Forgings Ltd

- For FY27, capex is planned at Rs. 300 to Rs. 400 crores, mainly for value-added projects and contributions to the joint venture. - An additional Rs. 50 crores is expected to be paid into the joint venture in FY27. - The focus in FY27 is on consolidation and debt reduction (targeting Rs. 400 to Rs. 500 crores debt reduction). - No major capex plans are finalized for FY28; discussions with customers regarding future capacity needs are ongoing. - Long-term plans include potential capex for growth beyond FY28, once customer feedback on capacity requirements is firmed up.

- FY27 export volumes expected to come back strongly, with better export-sales mix than previous years (Page 20). - Confident of surpassing 10-15% CAGR growth for FY27 and FY28, possibly higher, though exact numbers not provided (Page 19). - Targeting around 80-85% utilization of existing 350,000-400,000 tons capacity, leading to strong volume growth (Pages 12, 14, 19). - Domestic market volumes strong; exports expected to increase and improve overall margins over the next two years (Page 12). - Railway business growing, expected to reach double-digit revenue contribution (Page 18). - EV segment revenue targeted to be about 10% in two years, highlighting diversification into passenger vehicles (Page 18). - New orders worth Rs. 594 crores secured, supporting growth in both automotive and non-automotive segments (Page 5). - Margins expected to improve with higher capacity utilization and passing on energy cost increases (Pages 14, 19).

- The company expects healthy growth in FY27 with continued top-line and bottom-line improvement, though no specific numbers were given. - EBITDA margins improved by 200 basis points quarter-on-quarter, with further margin expansion expected as capacity utilization rises. - Management is confident of surpassing previous CAGR growth guidance of 10%-15%, anticipating even higher growth in FY27 despite geopolitical risks. - Export volumes are expected to grow significantly in FY27, with a stronger export mix leading to better margins over the next two years. - Capacity utilization is targeted to reach 80%-85% by Q3/Q4 FY27, supporting volume growth and improved operating leverage. - The company aims for at least 100-150 basis points margin improvement, contingent on passing through energy price increases from April 1 onwards. - Longer-term revenue contributions from aerospace (titanium/alloys) expected from FY29. - Focus on debt reduction alongside growth to support sustainable earnings enhancement.

- Q4 FY26: Company secured new orders worth Rs. 594 crores, span of four years. - 56% Auto segment; 44% Non-Auto segment. - Auto: Rs. 334 crores (Rs. 323 crores CV sector, Rs. 11 crores EV sector). - Non-Auto: Rs. 258 crores energy segment, Rs. 2 crores off-highway. - FY27 Orderbook: - Incremental order for FY27 reported at Rs. 1,550 crores (reduced from Rs. 2,200 crores previous presentation due to timing adjustments). - FY28 incremental order expected Rs. 1,100 crores more than FY27, with Rs. 2,800 crores total. - Capacity utilization planned to increase to ~80%-85% in FY27 to support orders. - No major revocation of orders; adjustments due to execution timing. - Ring rolling capacity currently at 121% utilization, but no plans for capacity increase in the financial year.

- No new significant capex planned for FY27 beyond Rs. 300 to Rs. 400 crores, primarily for maintenance and value addition, including JV contribution. - The company aims to focus on debt reduction, targeting a reduction of Rs. 400 to Rs. 500 crores in the current financial year. - Promoter funding and good performance are expected to support the debt reduction plan. - There is no mention of new equity fundraising or large debt-raising plans in the near term. - Future capex plans beyond FY27 are not finalized and are dependent on customer feedback and capacity requirements.