RK FORGINGRamkrishna Forgings LtdNSE:RKFORGETechnicalAnalystSucritRamkrishna Forgings Ltd. (CMP ₹726.00, NSE: RKFORGE) The SmartWay Research Desk | 10 August 2026 A Kolkata‑based forging and engineering company, incorporated in 1981. Ramkrishna Forgings is a leading supplier of forged components for automotive, railways, oil & gas, and heavy engineering sectors, with strong export presence in the US and Europe. Promoter Holding (Mar 2026): Mahabir Prasad Agarwal Family — 47.5% stake (no pledges) FY22–FY26 Snapshot Revenue Growth: FY26 revenue ₹4,842 Cr vs ₹4,212 Cr in FY25 (+15.0% YoY). → Good Net Profit: FY26 PAT ₹512 Cr vs ₹438 Cr in FY25 (+16.9% YoY). → Good Operating Margin: FY26 EBITDA ₹812 Cr, margin 16.8% vs 16.2% last year (+60 bps). → Good Equity Capital: Stable, face value ₹2. → Good Dividend Policy: Dividend ₹5.00/share declared for FY26. → Good Asset Building: Investments in capacity expansion and EV component manufacturing. → Good Sales: Strong demand from OEMs in commercial vehicles and railways. → Good Expense: Raw material cost pressures (steel, alloys) remain. → Neutral/Good EPS: FY26 EPS ₹17.25 vs ₹14.80 last year (+16.6%). → Good Institutional Interest & Ownership Trends (Mar 2026) Promoter Holding: 47.5% (no pledges) FII Holding: 22.12% DII Holding: 18.34% Retail & Others: 12.06% Strategic Moves & Innovations Expansion in EV and lightweight forged components. Focus on railway and export markets (US, Europe). Partnerships with global OEMs for long‑term supply contracts. Diversification into oil & gas and defense forgings. Cash Flow & Balance Sheet Strength Market cap ~₹12,800 Cr. Debt‑to‑equity ratio ~0.48 (moderate leverage). Book value per share ₹182.40; P/B ~4.0. EPS (TTM) ₹17.25; P/E ~42.1. Risk Factors High P/E ratio ~42.1, valuations expensive. Dependence on automotive demand cycles and exports. Exposure to commodity price volatility (steel). Competition from Bharat Forge, MM Forgings, and Sundram Fasteners. Investor Takeaway Ramkrishna Forgings has delivered steady FY26 performance, supported by OEM demand, export growth, and EV component expansion. With strong promoter backing, dividend payouts, and leadership in forged components, Ramkrishna remains a mid‑cap auto ancillary and engineering play. At CMP ₹726.00, valuations are expensive (P/E ~42.1, P/B ~4.0), reflecting growth expectations but also sectoral risks.