Any current/future new fundraising through debt or equity?

There is no explicit mention of any current or future fundraising planned through debt or equity in the provided transcript. The company recently completed a successful Qualified Institutional Placement (QIP) raising Rs. 1,000 crores, which was used to reduce debt and fund manufacturing initiatives. Regarding future capital expenditures (CAPEX), the company plans to invest Rs. 400 to Rs. 450 crores in FY25, funded from free cash flow, with no mention of raising additional funds through equity or debt. The company expects net debt to reduce to below Rs. 500 crores by March 2024 after the recent

Any current/future capex/capital investment/strategic investment?

FY24 CAPEX is approximately Rs. 450 to Rs. 460 crores, excluding investments. Significant acquisition investments in FY24 include Rs. 200 crores for MultiTech, Rs. 125 crores for JMT, and around Rs. 70-75 crores in railway projects, totaling around Rs. 400 crores. Combined CAPEX and investments in FY24 sum to about Rs. 850 crores. For FY25, expected CAPEX is in the range of Rs. 400 to Rs. 450 crores covering capacity expansions such as an 8,000-ton press operational by December 2024. Maintenance CAPEX will continue for ACIL, JMT, and the augmented casting capacity. Warm forging capacity expans

Future growth expectations in sales/revenue/volumes?

The company targets 15-20% volume growth annually across standalone and consolidated entities (Naresh Jalan, Page 10-11). JMT Auto is expected to ramp up revenues from Rs. 150-200 crores in current year to Rs. 400-600 crores by FY26, with phased production starting mid-April FY25 (Pages 10-11). Warm forging capacity of 25,000 tons to ramp up with full utilization expected by Q4 FY25, contributing significantly to volumes (Page 8-9). Multitech Auto aims to increase capacity from 24,000 to 70,000 tons by FY25 end, targeting Rs. 600-650 crores revenue (Page 6). Railway business revenues likely to

Future growth expectations in earnings/operating earnings/profits/EPS?

The company aims for a steady and sustainable growth trajectory rather than one-time spikes. Long-term goal is to achieve 25%+ EBITDA margin; currently maintaining 22%+ margins for 16 quarters. Revenue growth is targeted at 15-20% volume growth both standalone and consolidated. New acquisitions (MultiTech, JMT, ACIL) and capacity expansions are expected to drive significant revenue and profitability increases. JMT Auto aims for Rs. 400-600 crore revenue by FY26 with ~25% margin. Multitech Auto targets Rs. 600-650 crore revenue in FY25 with about 18% EBITDA margin. Non-auto segments like railwa

Current/ Expected Orderbook/ Pending Orders?

Ramkrishna Forgings Limited does not maintain a traditional order book. The company works to schedules provided by customers: - Export customers provide approximately 6 months forward schedules. - Domestic customers provide about 2 months forward schedules. The only firm order book is related to the railways, currently around Rs. 250 crores. There are no firm order books from the automotive or off-highway sectors; these are schedule-based. The company relies on schedules rather than fixed advance orders to plan production.

Ramkrishna Forgings LtdQ3 FY24Auto Components

Ramkrishna Forgings Ltd Q3 FY24 Earnings Call Analysis

Revenue, margin, capex, fundraise and order book outlook from management commentary.

Price: ₹672.2P/E: 108.5Market Cap: ₹12.5K CrSector: Auto Components

Management growth scorecard

Revenue

Category 3

Margin

Category 3

Fundraise

Yes

Order

Capex

Yes

2 of 5 growth signals are positive.

Full analysis

Revenue guidance

Category 3

The company targets 15-20% volume growth annually across standalone and consolidated entities (Naresh Jalan, Page 10-11).
JMT Auto is expected to ramp up revenues from Rs. 150-200 crores in current year to Rs. 400-600 crores by FY26, with phased production starting mid-April FY25 (Pages 10-11).
Warm forging capacity of 25,000 tons to ramp up with full utilization expected by Q4 FY25, contributing significantly to volumes (Page 8-9).
Multitech Auto aims to increase capacity from 24,000 to 70,000 tons by FY25 end, targeting Rs. 600-650 crores revenue (Page 6).
Railway business revenues likely to double over next 2 years; railway wheels plant commissioning expected by FY26 (Pages 12-13).
Non-auto segments like railways, oil & gas expected steady to rapid growth with doubled railway revenues and Rs. 100+ crore oil & gas business from JMT (Pages 12-13).
Overall financial year guidance is maintained with no expected slowdowns; strong order pipeline supports continued growth (Multiple pages).

Margin guidance

Category 3

The company aims for a steady and sustainable growth trajectory rather than one-time spikes.
Long-term goal is to achieve 25%+ EBITDA margin; currently maintaining 22%+ margins for 16 quarters.
Revenue growth is targeted at 15-20% volume growth both standalone and consolidated.
New acquisitions (MultiTech, JMT, ACIL) and capacity expansions are expected to drive significant revenue and profitability increases.
JMT Auto aims for Rs. 400-600 crore revenue by FY26 with ~25% margin.
Multitech Auto targets Rs. 600-650 crore revenue in FY25 with about 18% EBITDA margin.
Non-auto segments like railways and oil & gas expected to double rail revenues in 2 years and add steady oil & gas revenue.
CAPEX of Rs. 400-460 crore planned for FY24 and FY25 to support capacity expansion and future growth.
Continued margin expansion expected from operational efficiency and content gains despite industry tailwinds.

See what Ramkrishna Forgings Ltd management said on margin guidance — free account, 30 seconds.

Fundraise plans

Yes

There is no explicit mention of any current or future fundraising planned through debt or equity in the provided transcript.
The company recently completed a successful Qualified Institutional Placement (QIP) raising Rs. 1,000 crores, which was used to reduce debt and fund manufacturing initiatives.
Regarding future capital expenditures (CAPEX), the company plans to invest Rs. 400 to Rs. 450 crores in FY25, funded from free cash flow, with no mention of raising additional funds through equity or debt.
The company expects net debt to reduce to below Rs. 500 crores by March 2024 after the recent QIP.
Any further fundraising plans, if any, have not been disclosed or indicated during the call.

Order book

Ramkrishna Forgings Limited does not maintain a traditional order book.
The company works to schedules provided by customers:
- Export customers provide approximately 6 months forward schedules.
- Domestic customers provide about 2 months forward schedules.
The only firm order book is related to the railways, currently around Rs. 250 crores.
There are no firm order books from the automotive or off-highway sectors; these are schedule-based.
The company relies on schedules rather than fixed advance orders to plan production.

See what Ramkrishna Forgings Ltd management said on order book — free account, 30 seconds.

Capex plans

Yes

FY24 CAPEX is approximately Rs. 450 to Rs. 460 crores, excluding investments.
Significant acquisition investments in FY24 include Rs. 200 crores for MultiTech, Rs. 125 crores for JMT, and around Rs. 70-75 crores in railway projects, totaling around Rs. 400 crores.
Combined CAPEX and investments in FY24 sum to about Rs. 850 crores.
For FY25, expected CAPEX is in the range of Rs. 400 to Rs. 450 crores covering capacity expansions such as an 8,000-ton press operational by December 2024.
Maintenance CAPEX will continue for ACIL, JMT, and the augmented casting capacity.
Warm forging capacity expansion of 3,000 tons CAPEX is completed and will commence shortly.
Large-scale restructuring and consolidation of subsidiaries underway to improve operational efficiencies.
Capacity expansion projects aim to support sustained growth with new automated lines increasing capacities (e.g., ring rolling capacity to 30,000 tons).

Track Ramkrishna Forgings Ltd — get its next earnings analysis in your feed

How does Ramkrishna Forgings Ltd rank vs peers in Auto Components?

Pro feature

ThisRamkrishna Forgings Ltd

Rev 3Mar 3

See where Ramkrishna Forgings Ltd sits in Auto ComponentsSee which companies these are, and every other name in the sector.Open rankings

How does Ramkrishna Forgings Ltd rank in Auto Components?

Compare Ramkrishna Forgings Ltd against every Auto Components company (Q3 FY24) on revenue, margins and earnings-call signals.

View Auto Components leaderboard →

What Ramkrishna Forgings Ltd's management said in earlier quarters

Others in Auto Components this season

Kheria Autocomp (Q2 FY27)
5,500.63 Lakhs for the half year ended 30th September 2025, indicating a year-on-year increase of approximately 31.4%. Key results statement takeaways from Kher
Menon Bearings Ltd (Q2 FY27)
10,202.87 lakh, up 57.22% from Rs. Key results statement takeaways from Menon Bearings Ltd's Q2 FY27 results statement — and how it ranks against sector peers.
India Motor Parts & Accessories Ltd (Q2 FY27)
221.70 Crores, compared to Rs. Key results statement takeaways from India Motor Parts & Accessories Ltd's Q2 FY27 results statement — and how it ranks against s
Wheels India Ltd (Q2 FY27)
Q2 FY27 consolidated revenue from operations: INR 1,711 Cr, up 35% YoY (Page 19) . Key investor presentation takeaways from Wheels India Ltd's Q2 FY27 investor

Compare:vs Samvardhana Motherson International Ltd vs Bosch vs Bharat Forge Ltd

🔎 Who's planning the most growth?

Companies ranked by management's own guidance — revenue, margins, capex and order book, from every earnings call in India.

See rankings →

Ramkrishna Forgings Ltd Q3 FY24 Earnings Call Analysis

Revenue guidance

Fundraise plans

Capex plans

How does Ramkrishna Forgings Ltd rank in Auto Components?

Continue your research

What Ramkrishna Forgings Ltd's management said in earlier quarters

Others in Auto Components this season