Ramkrishna Forgings Limited manufactures forgings and castings for commercial vehicles, passenger vehicles, railways, energy and mining, operating 20 plants across India and Mexico with 3,95,800 MT of installed capacity. The Q2 print will speak to whether the EBITDA margin recovery streak (13.5% to 17.96% over four quarters) extends despite energy and shipping costs not yet passed on, and whether exports accelerate toward the guided ~35% of consolidated revenue.
| Results date | October 30, 2026 |
|---|---|
| Quarter | Q2 FY 2026-2027 |
| Previous quarter revenue | Rs. 1,216.67 Cr |
| Previous quarter PAT | Rs. 46.88 Cr |
| Previous quarter EBITDA margin | 17.96% |
| Net debt (latest quarter) | Rs. 1,900 Cr |
| Market cap | Rs. 11,567.53 Cr |
| CMP | Rs. 623.3 |
The board of Ramkrishna Forgings meets on October 30, 2026, to consider the Q2 and H1 FY27 audited financial results and the 1st Interim Dividend for FY 2026-27.
The Q2 and H1 FY27 earnings call is scheduled for October 30, 2026, at 6:00 PM IST. Attendees include Naresh Jalan (MD), Chaitanya Jalan (Joint MD) and Lalit Khetan (WTD & CFO).
The board will consider the 1st Interim Dividend for FY 2026-27 at the October 30, 2026 meeting, with a record date of November 6, 2026. This compares with the FY26 dividend of 100%.
The quarter's story is whether the margin recovery streak — consolidated EBITDA margin of 13.5% in Q2 FY26 rising to 17.96% in Q1 FY27 — extends despite energy and shipping costs that management has not been able to pass on. The demand backdrop was strong through the July-September window: SIAM CV wholesales rose 28.7% YoY and PV wholesales 30.7% YoY in Q2 FY27, while North American Class 8 orders were up 95% YoY through September, against a Q2 FY26 revenue base of Rs. 907.53 Cr that had fallen 14% YoY on US tariff disruption. The cost side moved the other way — domestic steel prices hit a four-year high with HRC up Rs. 6,000/t since August 1, Brent averaged $90.84/bbl in August versus $68.21 a year earlier, and the SCFI freight index at 3,688 was the highest since July 2024 — with steel passed through only at a one-quarter lag and gas and shipping compensation from OEMs still under negotiation. Exports grew 11.0% YoY in Q1 FY27 against management's guidance of over 20% growth from North America and Europe and a ~35% export mix for FY27, so the pace of export acceleration is a key swing variable. The Rail Wheel JV's commercial production was slated to begin in Q2 FY27 — the quarter being reported — with a 40,000-wheel FY27 target, and net debt of Rs. 1,900 Cr is guided to reach approximately Rs. 1,500 Cr by end FY27.
Guidance scorecard from the Q1 FY27 call: Management's stated targets to track against the Q2 update:
Margin trajectory and energy/shipping pass-through
Rail Wheel JV commercial production
Export delivery and utilization ramp
Deleveraging, capex and new vertical milestones
Management has guided for ROCE of 12% to 15% by FY27 and 20% by FY28, with CFO Lalit Khetan noting ROCE is 'just coming back to our old levels'. The company is transitioning from a heavy capex phase to sweating of existing assets.
Management expects exports to contribute ~35% of consolidated revenue in FY27 — the highest ever — with over 20% growth from both North America and Europe. Q1 FY27 exports grew 11.0% YoY to Rs. 353.87 Cr (standalone).
Net debt improved by Rs. 100 crores QoQ to Rs. 1,900 crores at Q1 FY27, and management is targeting a reduction of at least Rs. 500 crore to approximately Rs. 1,500 crores by end FY27. Peak debt was Rs. 2,407 Cr on September 30, 2025.
In Q1 FY27, gross margin rose 535 bps QoQ while EBITDA margin rose 85 bps QoQ, which management attributed to energy and shipping costs that have not been passed on. Management said the improvement reflects 'better product mix' and is working to return to 'old profit levels'.