Ramkrishna Forgings Limited

RKFORGE.BO

Manufacturing - Metal Fabrication · Industrials

Price

₹726.05

+27.15 (+3.88%)

Market Cap

₹132.27B

Exchange

Bombay Stock Exchange

Winston Score

Winston is serious

Below-average fundamentals — multiple weak pillars.

Data as of Aug 9, 2026 · filings through Jun 30, 2026

Share count rising — dilution

+13.7% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 159.9M (2022) → 181.8M (2026)

Ramkrishna Forgings Limited is an Indian company that makes forged metal parts — components shaped by pressing or hammering hot steel into precise forms. Its main products include axles, crankshafts, wheel hubs, and other heavy-duty parts used in trucks, railways, and industrial machinery. The company is one of India's largest forging manufacturers and supplies to both domestic commercial vehicle makers and international customers in North America and Europe.

The company earns money by selling these forged components directly to original equipment manufacturers, or OEMs, under long-term supply agreements. It operates primarily out of facilities in Jharkhand and West Bengal, India, and has grown its export business significantly, with North America becoming a key revenue source. Its competitive edge comes from large-scale, integrated manufacturing and technical certifications that meet global quality standards. The main risk the company faces is its heavy dependence on the commercial vehicle cycle — when truck demand slows, orders can drop sharply.

Winston Score History

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+28.5% YoY

YoY Growth Rate

Revenue accelerating

EPS Growth

+25.1% YoY

YoY Growth Rate

EPS growth accelerating

R&D Spend

$0/ year

0.0% of revenue

Below sector average (4%)

Research and development spending

Insider Activity

51.9%ownership

Insiders own a meaningful stake in the company

Cash Position

Cash flow positive

$4.6B cash & investments

Company generates more cash than it spends — no dilution risk from fundraising

Revenue accelerating

Ramkrishna Forgings Limited grew revenue 28% year-over-year and the growth rate is speeding up. That's the kind of momentum growth investors look for — the question is whether margins can follow.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

Each metric is explained in plain language so you know exactly what you're looking at. Start your free trial now.

Quality

Gross Margin

47.7%

Healthy — 47.7% gross margin

Operating Margin

9.8%

Modest — 9.8% operating margin

ROCE

3.6%

Weak — 3.6% return on capital

ROIC between 0% and 5%. They earn a few cents back per dollar invested in the business.

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Growth

Sales YoY

+8.5%

Steady sales growth (+8.5% YoY)

EPS YoY

-59.7%

Earnings shrinking (-59.7% YoY)

Earnings per share down more than 10%. Either a bad year, or a real decline.

EPS Consistency

4/8 quarters

Earnings inconsistent quarter-to-quarter

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Cash Flow

Cash Conversion

-5%

Weak — only -5% of profit becomes cash

FCF Margin

-11.0%

Burning cash (-11.0%)

Free cash flow is negative. They are burning cash, not generating it.

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Stability

Debt / Equity

N/A

Data not available

Interest Cover

1.45x

Dangerous — barely covers interest (1.5x)

Interest coverage between 1 and 3. Profits cover interest, but with little room to spare.

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Valuation

P/E Ratio (TTM)

123.3x

Expensive — P/E 123.3

P/E over 35. The market is pricing in heavy, sustained growth.

P/E vs Forward

+77.8

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (123.3 → 45.5)

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Dividends

Dividend Yield

0.15%

Small dividend — 0.15% yield

Modest yield. The bulk of any return needs to come from price appreciation.

Dividend Growth

+60.0%

Dividend growing fast (60.0% YoY)

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