Ramkrishna Forgings Limited (BSE: 532527, NSE: RKFORGE), one of the leading suppliers of rolled, forged, and machined products, has reported its unaudited financial results for the quarter and half year ended 31st December 2022.


In Rs CrQ3FY23Q3FY22Y-o-Y




Total Income75,23160,60524%216,560160,21335%
EBITDA Margin22.1%23.1%(100) bps22.2%23.4%(120) bps
PAT Margin7.7%7.4%30 bps7.8%7.5%30 bps

Operational Highlights

  • As of December 31st, 2022, 8 contracts totaling Rs. 77,470 Lakhs had been won from various geographies and business verticals
  • Capacity utilisation has improved quarter after quarter.
  • Overall capacity utilization was 86% for Q3FY23, 82% in Q2FY23 and 73% in Q3FY22
  • Declared 3rd Interim dividend of Rs. 0.50 per share.

Domestic Markets

  • In Q3 FY23, sales volume was 20,842 MT, representing a YoY increase of 8.7%. In 9M FY23, sales volume was 62,099 MT, representing a YoY increase of 31.6% over 9M FY22
  • Revenue grew by 22.3% in Q3 FY23 to Rs. 41,911 Lakhs as compared to Q3 FY22. Revenue grew by 52.4% on YoY basis in 9MFY23 to Rs. 125,462 Lakhs
  • Realization per ton improved by 8.8% to Rs. 1.90 lakhs per ton in Q3 FY23 as compared to Rs. 1.75 lakhs per ton in Q3 FY22 and improved by 11.3% to Rs. 1.94 lakhs per MT in 9M FY23 as against Rs. 1.74 lakhs per ton in 9M FY22

Exports Markets

  • In Q3FY23, sales volume was 12,548 MT, representing a YoY increase of 21.3% over Q3FY22. In 9MFY23, sales volume was 33,967 MT, representing a YoY increase of 4.5% over 9MFY22.
  • Revenue grew by 25.9% in Q3 FY23 to Rs. 32,691 Lakhs as compared to Q3 FY22. Revenue grew by 16.8% on YoY basis in 9MFY23 to Rs. 89,539 Lakhs
  • Realization per ton improved by 7% to Rs. 2.43 Lakhs per ton in Q3 FY23 as compared to Rs. 2.27 per ton in Q3 FY22 and improved by 10.9% to Rs. 2.46 Lakhs per ton in 9MFY23 as against Rs. 2.22 lakhs per ton in 9MFY22


  • During the quarter, we have entered into a share purchase agreement to acquire 51% voting rights of TSUYO Manufacturing Private Limited, a start-up company engaged in powertrain solutions for electric vehicles.
  • Resolution plan to acquire JMT Auto, one of the largest Auto component manufacturers in the Eastern region having significant expertise in the auto sector, has been approved by the Committee of Creditors. This acquisition is subject to obtaining necessary approval from the Principal Bench of the National Company Law Tribunal, New Delhi.

Commenting on the results Mr. Naresh Jalan, Managing Director, Ramkrishna Forgings Limited said: “Our diverse and robust business model has led to a sustained growth momentum, primarily driven by our strategic decision to enhance product offering coupled with high customer demand. These efforts have enabled us to achieve a 24% increase in operating revenues year-over-year.

Our global geographical outreach helped us to secure new orders and further strengthen the order book. In the first nine months of FY23, we won contracts worth Rs. 77,470 lakhs from 8 contracts spanning various geographies including North America & Europe.

As of December 31, 2022, we have reduced our gross debt by 23% and it currently stands at Rs. 1,28,689 lakhs. We will continue to focus on reducing debt with the goal to become net debt-free by FY25.

The commercial vehicle segment has seen steady growth following the festive season, due to high utilization of fleets resulting from increased economic and infrastructure activity. The momentum is expected to continue, and the overall commercial vehicle market is predicted to remain strong. Also, with the acquisition of Tsuyo & JMT Auto, we plan to expand and diversify our Company, resulting in increased scale and market reach. Our efforts are focused on customer-centric approach to offer advanced and value-added products across the globe and maintain our strong market share.” 

About Ramkrishna Forgings Limited

Ramkrishna Forgings was incorporated in 1981 with the objective to manufacture forged products. The Annualized installed capacity after commissioning of Hollow Spindle Line, a new 7000 Ton Press Line, a 2000 Ton warm/hot Forming Press and a fabrication facility is 187,100 MT. headquartered at Kolkata, the company has state-of-the-art manufacturing facilities at Jamshedpur along with offices at Detroit in USA, Toluca and Monterrey in Mexico, Istanbul in Turkey having warehousing facilities at Hagerstown, Louisville, Detroit in USA, Toluca, Monterrey in Mexico and Westerloo in Belgium. Over the years, the company increased its forging and die-making capacities and added machining and heat treatment facilities, including isothermal annealing, which enabled it to undertake manufacturing of components for OEMs and Tier 1 companies, The Company is certified in terms of TS 16949, OSHAS 18001 and ISO 14001 and is a manufacturer & supplier of closed die forgings of carbon and alloy steel, micro alloy steel and stainless steel forgings which can be supplied in As Forged + Heat Treated + Machined and Fully assembled condition as per the customer’s requirement.

The Company is suppliers to various sectors like Automotive, Railways, Farm Equipment, Bearings, Oil & Gas, Power and Construction, Earth Moving & Mining, both in India & overseas markets. The Company is a critical safety item supplier for undercarriage, Bogie & Shell parts for railway passenger coaches and locomotives. It is a preferred supplier to OEMs like TATA Motors, Ashok Leyland, VE Commercial and Daimler in India and to Volvo, Mack Trucks, Iveco, DAF, Scania, MAN, UD Trucks and Ford otosan in the overseas markets. It supplies globally to Tier 1 axle manufacturers like Dana, Meritor and American Axles.

Safe Harbour


The material that follows is a Investor Release of general background information about the Company’s activities as at the date of the Investor Release or as otherwise indicated. It is information given in summary form and does not purport to be complete and it cannot be guaranteed that such information is true and accurate. This Investor Release has been prepared by and is the sole responsibility of the Company. By accessing this Investor Release, you are agreeing to be bound by the trading restrictions.

It is for general information purposes only and should not be considered as a recommendation that any investor should subscribe to or purchase the Company’s equity shares or other securities. This Investor Release includes statements that are, or may be deemed to be, “forward looking statements”. These forward-looking statements can be identified by the use of forward-looking terminology, including the terms “believes”,“ estimates”,“ anticipates”,“ projects”,“ expects”,“ intends”,“ may”,“ will”,“ or “ or, in each case, their negative or other variations or comparable terminology, or by discussions of strategy, plans, aims, objectives, goals, future events or intentions. These forward-looking statements include all matters that are not historical facts. They appear in a number of places throughout this Investor Release and include statements regarding the Company’s intentions, beliefs or current expectations concerning, amongst other things, its results or operations, financial condition, liquidity, prospects, growth, strategies and the industry in which the Company operates. By their nature, forward looking statements involve risks and uncertainties because they relate to events and depend on circumstances that may or may not occur in the future. The factors which may affect the results contemplated by the forward-looking statements could include, among others, future changes or developments in the Group’s business, (the Group’s regulatory and competitive environment, and ( political, economic, legal and social conditions in India or the jurisdictions in which our Group operates. Forward looking statements are not guarantees of future performance including those relating to general business plans and strategy of the Company, its future outlook and growth prospects, and future developments in its businesses and its competitive and regulatory environment. No representation, warranty or undertaking, express or implied, is made or assurance given that such statements, views, projections or forecasts, if any, are correct or that the objectives of the Company will be achieved.

There are some important factors that could cause material differences to Company’s actual results. These include our ability to successfully implement our strategy, changes in regulatory norms applicable to the Company, changes in technology, investment income, etc. The Company, as such, makes no representation or warranty, express or implied, as to, and does not accept any responsibility or liability with respect to, the fairness, accuracy, completeness or correctness of any information or opinions contained herein. The information contained in this Investor Release, unless otherwise specified is only current as of the date of this Investor Release. The Company assumes no responsibility to publicly amend, modify or revise any forward-looking statements, on the basis of any subsequent development, information or events, or otherwise. Unless otherwise stated in this Investor Release, the information contained herein is based on management information and estimates. The information contained herein is subject to change without notice and past performance is not indicative of future results. The Company may alter, modify or otherwise change in any manner the content of this Investor Release without obligation to notify any person of such revision or changes.

This document is just an Investor Release and is not intended to be and does not constitute a “ or “offer document” or a “private placement offer letter” or an “offering memorandum” or an “ or a solicitation of any offer to purchase or sell any securities. It is clarified that this Investor Release is not intended to be a document offering for subscription or sale of any securities or inviting offers from the Indian public (including any section thereof) or from persons residing in any other jurisdiction including the United States for the subscription to or sale of any securities including the Company’s equity shares. No part of it should form the basis of or be relied upon in connection with any investment decision or any contract or commitment to purchase or subscribe for any securities.

This document has not been and will not be reviewed or approved by a regulatory authority in India or by any stock exchange in India. This document and its contents should not be forwarded or delivered or transmitted or disseminated in any manner to any person other than its intended recipient and should not be reproduced or copied in any manner whatsoever.