Arthneeti

Rane (Madras) Q1 FY27 Share Price & Earnings Call Analysis

₹1,231.20+4.03% today
Market cap
₹3,403 Cr
P/E
28.16
ROE
15.35%
PEG
0.60
Price to sales
0.84
Debt to equity
1.00
52W high / low
₹1,409 / ₹620
Sales growth (5Y)
24.97%
EBITDA margin
8.75%
Net profit margin
2.82%
Promoter holding
70.46%
Sales (last year)
₹4,024 Cr

Established in 1960, Rane (Madras) Limited (RML) is part of the Rane Group of Companies, a leading auto component group based out of Chennai. RML has two divisions namely Steering and Linkages Division (SLD) and Light Metal Casting India Division (LMCI). Through its overseas subsidiary Rane Light Metal Castings Inc. (RLMCA), RML manufactures high pressure light metal casting components from its facility in Kentucky, USA.[1]

Guidance scorecard · Q1 FY27 call

What Rane (Madras)'s management guided
and where it ranks in Auto Components

Revenue10–20%MarginsUp 0–2%CapexPlannedFundraisingWhat management saidOrder bookRising

RevenueQ1 FY26 call

10–20%
  • Rane Group reported a 7.4% increase in total revenue for Q1 FY26, reaching INR 884.4 crores.
  • They secured INR 800 crores worth of new business wins in the quarter, positioning for future growth.
  • The Occupant Safety Systems division is expected to grow at a strong double-digit rate (15-20%) over the next 3-4 years, driven by domestic and export demand.
  • Steering Gear Division growth is tied to the Commercial Vehicle market, which is currently soft but expected to pick up, positively impacting volumes.
  • The Group sees opportunities in export markets with new orders and new customer wins, including electric steering programs.
  • Continued investments are planned to support an anticipated 15-18% annual growth in the Occupant Safety business.

2 more points from Rane (Madras)'s call on revenue

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Full Q1 FY26 analysis

MarginsQ1 FY26 call

Up 0–2%

See what Rane (Madras) said on margins — free account, 30 seconds.

Full Q1 FY26 analysis

CapexQ1 FY26 call

Planned
  • Rane Madras is continuously investing to expand capacity, aiming to support around 15%-18% annual growth, especially in the Occupant Safety business.
  • For the Occupant Safety business, the incremental investment ratio is about 1 INR for every 5 INR of sales growth.
  • More investments are ongoing and some are supported through the PLI scheme.
  • ZF Rane JV continues to invest, funded through its own balance sheet without fresh equity from Rane or ZF.
  • Future capacity expansion and related capital expenditure will align with new business opportunities and market growth.

2 more points from Rane (Madras)'s call on capex

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Full Q1 FY26 analysis

FundraisingQ1 FY26 call

See what Rane (Madras) said on fundraising — free account, 30 seconds.

Full Q1 FY26 analysis

Order bookQ1 FY26 call

Rising
  • The order book for Rane Group has been quite good in the quarter, driven by a combination of both new order wins and replacement of previous products.
  • The company is optimistic about continuing to win and book a lot of new business.
  • There are always quarter-to-quarter variations, so exact predictability is limited.
  • Newly won businesses, including a new electric steering program for a passenger car platform, contribute to growth.
  • The management feels positive about the order book pipeline and expects it to continue strong.

2 more points from Rane (Madras)'s call on the order book

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Full Q1 FY26 analysis
Full Auto Components ranking

Ranges are what management guided for revenue growth and margins on the latest earnings call. Not investment advice, and not a forecast of returns.

Potential multibaggers · Q2 FY27

Potential multibaggers in Auto Components
on management's own guidance

  1. Strong growth
    2
  2. Strong growth
    1
  3. Strong growth
    3
See all potential multibaggersWhere does Rane (Madras) rank?

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Ranks describe management commentary on revenue and margin from the latest earnings call. Not investment advice.

Peers

Auto Components companies ranked on guidance

#CompanyRevenue guidedMargin guidedMarket capP/E
140%+Flat₹2,874 Cr45.4
240%+Flat₹2,116 Cr55.2
340%+Flat₹370 Cr15.1
420–40%Up 2%+₹25,664 Cr73.6
520–40%Up 2%+₹13,790 Cr41.6
620–40%Up 0–2%₹21,742 Cr33.9

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Pro shows every company guiding 40%+ revenue growth →Full Auto Components ranking

Financials of Rane (Madras)

Quarterly Results, Profit & Loss, Balance Sheet, Cash Flows, and Ratios are shown below as separate sections.

Financials of Rane (Madras)

Quarterly Results

Quarter-by-quarter operating performance

Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Sales +6225886115218538188498379018819191,0151,048
Expenses +566546579474784753777771823806841924952
Operating Profit55423247696572667975799196
OPM %9%7%5%9%8%8%9%8%9%8%9%9%9%
Other Income +-1-17-851-4622-83234
Interest13141315161718201817151512
Depreciation28242421333232333636373638
Profit before tax14-13-9013162124151725304349
Tax %31%7%-120%29%31%32%34%97%62%25%28%29%24%
Net Profit +10-141891115160719213137
EPS in Rs5.87-8.9010.935.596.628.999.910.244.016.707.7711.0413.37

Financials of Rane (Madras)

Profit & Loss

Annual income statement trend

Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Sales +8761,1951,4001,5551,2771,2671,7422,3543,4633,4063,863
Expenses +7971,1061,2731,4381,2301,2361,6672,1713,1933,1223,523
Operating Profit7989127117473175184270284340
OPM %9%7%9%8%4%2%4%8%8%8%9%
Other Income +-211910127526-102212
Interest1930343538282135687659
Depreciation4157616666668197132132147
Profit before tax17134026-45-552658-3278146
Tax %27%66%40%91%2%10%58%49%-269%52%26%
Net Profit +134242-46-6111305538107
EPS in Rs12.054.1120.872.02-36.26-41.986.5518.4633.6723.1538.89
Dividend Payout %37%146%58%420%0%0%0%0%0%35%41%

Financials of Rane (Madras)

Balance Sheet

Capital structure and asset base

Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital1111121213151616161628
Reserves140147218218171167212225642655723
Borrowings +338362357417470470585668851813752
Other Liabilities +2122673152902683804174396137851,018
Total Liabilities7017879029379221,0321,2301,3492,1222,2692,521
Fixed Assets +361365386386382415477490667693739
CWIP728161650311829457395
Investments000111111178
Other Assets +3333944995354895867338291,3981,4961,679
Total Assets7017879029379221,0321,2301,3492,1222,2692,521

Financials of Rane (Madras)

Cash Flows

Operating, investing and financing cash movement

Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Cash from Operating Activity +318865456946-688191316219
Cash from Investing Activity +-74-77-78-60-103-80-124-106-148-14711
Cash from Financing Activity +43-71426342113435-55-176-207
Net Cash Flow-041110-13517-12-723
Free Cash Flow-4410-13-15-34-34-106-20-2159229
CFO/OP47%103%62%56%164%176%12%67%85%111%78%

Financials of Rane (Madras)

Ratios

Working capital efficiency and return ratios

Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days6757645855787465637675
Inventory Days7576737180817667828780
Days Payable1171181238997150115918310088
Cash Conversion Cycle251514393893541626367
Working Capital Days-36-33-16-16-36-42-20-143-6-17
ROCE %9%13%10%-1%-4%-0%12%12%11%14%
85out of 100

Momentum score · price trend

85 out of 100 — Strengthening

Over the past year its share price has done better than most of the stocks we track.

PeriodShare price changeBetter than … of 1,910 stocks
Last 12 months+51.4%86%
Last 6 months+49.4%90%
Last 3 months+1.7%71%
How we calculate it

“Better than 30%” means that over that period the share price did better than 30 out of every 100 stocks we track (1,910 Indian companies worth ₹500 Cr or more, with at least a year of prices).

The score weighs the longer periods more: 40% × 12-month + 40% × 6-month + 20% × 3-month. For Rane (Madras): 0.4 × 86 + 0.4 × 90 + 0.2 × 71 = 85.

Strengthening is 70 and above, Steady 40 to 70, Cooling below 40. Scores are recalculated every night after the market closes.

Full methodology →

This describes only how the share price has moved up to 2 Nov 2026, compared with other stocks. It says nothing about the business, and it is not a prediction, a price target or a recommendation to buy or sell.

Continue your research

What Rane (Madras)'s management said in earlier quarters

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  • Jay Bharat Maru. (Q2 FY27)

    Q2 FY'27 Total Income (Revenue) was INR 828.68 Crores, up 41.97% from INR 583.69 Crores in Q2 FY'26 (Page 6). Key investor presentation takeaways from Jay Bhara

  • L G Balakrishnan (Q2 FY27)

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