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Last Updated: April 2, 2026, 3:34 am
Author: Getaka|Social: XLinkedIn
Stock Ticker - BSE: 532527 | NSE: RKFORGE

Ramkrishna Forgings Ltd: Intrinsic Value & Share Price Analysis

Fair Value

₹797.50Undervalued by 58.86%vs CMP ₹502.00

P/E (40.8) × ROE (14.4%) × BV (₹169.00) × DY (0.40%)

₹383.00Overvalued by 23.71%vs CMP ₹502.00
MoS: -31.1% (Negative)Confidence: 56/100 (Moderate)Models: 1 Under, 6 Over
ModelCategoryValueWeightSignal
PE-ROEEarnings₹791.7430%Under (+57.7%)
Graham NumberEarnings₹212.9022%Over (-57.6%)
Net Asset ValueAssets₹168.8410%Over (-66.4%)
EV/EBITDAEnterprise₹308.1712%Over (-38.6%)
Earnings YieldEarnings₹119.2010%Over (-76.3%)
ROCE CapitalReturns₹180.5910%Over (-64%)
Revenue MultipleRevenue₹222.077%Over (-55.8%)
Consensus (7 models)₹383.00100%Overvalued
Key Drivers: Wide model spread (₹119–₹792) — high uncertainty.

PE-ROE · Graham · EPV · DCF · NAV · EV/EBITDA · DDM · Earnings Yield · ROCE Capital · Revenue Multiple | CoE: 12% · Terminal: 4% · EPS CAGR: -0.7%

*Investments are subject to market risks

Investment Snapshot

51
Ramkrishna Forgings Ltd scores 51/100 (Average)
Based on 5 dimensions: health, institutional flow, earnings quality, momentum, and peer comparison
Stock Health51/100 · Moderate
ROCE 6.8% WeakROE 14.4% GoodD/E 1.29 High debtInterest Coverage 0.0x RiskyProfitable 5/5 years Consistent
Smart Money20/100 · Weak
FII holding down -3.43% (6mo) SellingDII holding down 1.97% MF sellingPromoter holding at 43.1% Stable
Earnings Quality50/100 · Moderate
OPM contracting (22% → 18%) DecliningWorking capital: 19 days (improving) Efficient
Quarterly Momentum40/100 · Moderate
Revenue (4Q): -2% YoY FlatProfit (4Q): -23% YoY Declining
Industry Rank85/100 · Strong
P/E 40.8 vs industry 63.2 Cheaper than peersROCE 6.8% vs industry 10.6% AverageROE 14.4% vs industry 10.6% Above peers3Y sales CAGR: 20% High growth

Weights: Health 30% · Earnings Quality 25% · Momentum 20% · Industry Rank 15% · Smart Money 10%. Scores are computed from reported financials and recalculated daily. Not investment advice.

Share Price and Basic Stock Data

Last Updated: April 2, 2026, 3:34 am

Market Cap 9,119 Cr.
Current Price 502
Intrinsic Value₹383.00
High / Low 782/460
Stock P/E40.8
Book Value 169
Dividend Yield0.40 %
ROCE6.84 %
ROE14.4 %
Face Value 2.00
PEG Ratio-56.48

Stock P/E, Current Price, and Intrinsic Value Over Time

View Share Price Target for Ramkrishna Forgings Ltd

Competitors

Stock Name ⇩Market Cap ⇩Current Price ⇩High / Low ⇩Stock P/E ⇩Book Value ⇩Dividend Yield ⇩ROCE ⇩ROE ⇩Face Value ⇩
Ramkrishna Forgings Ltd 9,119 Cr. 502 782/46040.8 1690.40 %6.84 %14.4 % 2.00
Happy Forgings Ltd 11,181 Cr. 1,185 1,370/71639.1 2080.25 %19.2 %15.5 % 2.00
MM Forgings Ltd (MMFL) 1,955 Cr. 405 501/27619.2 2020.99 %12.5 %15.6 % 10.0
Amic Forging Ltd 1,410 Cr. 1,312 1,750/1,06556.0 1390.00 %27.9 %21.8 % 10.0
CIE Automotive India Ltd 17,259 Cr. 455 526/35721.0 1971.54 %14.7 %11.7 % 10.0
Industry Average12,169.30 Cr418.2163.21155.020.29%10.63%10.60%6.13

All Competitor Stocks of Ramkrishna Forgings Ltd

Quarterly Result

MetricDec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025
Sales 7778928928999969749591,0541,0749471,0159081,099
Expenses 604698700699776786791888948849873790936
Operating Profit 17319419220022018816916512698142118162
OPM % 22%22%22%22%22%19%18%16%12%10%14%13%15%
Other Income 1257419118441146-9
Interest 31343638393436394249495351
Depreciation 49565761687262606485808084
Profit before tax 941061041091171008015124-2417-1018
Tax % 35%36%24%24%25%34%32%7%12%-945%32%-8%25%
Net Profit 616879828766551402120012-1014
EPS in Rs 3.814.284.915.004.803.663.037.721.1611.040.65-0.520.75

Last Updated: February 4, 2026, 11:16 am

Quarterly Chart

Profit & Loss - Annual Report

Last Updated: February 25, 2026, 2:16 pm

MetricMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025TTM
Sales 4347549089211,4911,9311,2161,2892,3203,1933,7054,0343,969
Expenses 3746237277581,2021,5451,0081,0651,8022,4992,9313,4743,448
Operating Profit 60131181163289386209224518694774561520
OPM % 14%17%20%18%19%20%17%17%22%22%21%14%13%
Other Income 112274365143610912
Interest 233255787384808197122147167202
Depreciation 2532537585121121117169202257271329
Profit before tax 1379751713518415322533744062312
Tax % 35%5%27%33%30%35%34%35%22%34%28%-80%
Net Profit 8755511951201021198248291415216
EPS in Rs 0.655.493.810.785.827.360.591.2912.3615.5216.1122.9311.92
Dividend Payout % 31%7%11%26%3%4%0%0%14%13%12%9%

Profit & Loss Yearly Chart

YoY Net Profit Growth

Year2014-20152015-20162016-20172017-20182018-20192019-20202020-20212021-20222022-20232023-20242024-2025
YoY Net Profit Growth (%)837.50%-26.67%-80.00%763.64%26.32%-91.67%110.00%842.86%25.25%17.34%42.61%
Change in YoY Net Profit Growth (%)0.00%-864.17%-53.33%843.64%-737.32%-117.98%201.67%732.86%-817.60%-7.91%25.27%

Ramkrishna Forgings Ltd has shown an inconsistent trend in YoY Net Profit Growth (%) in the last 11 years from 2014-2015 to 2024-2025.

Growth

Compounded Sales Growth
10 Years:18%
5 Years:27%
3 Years:20%
TTM:7%
Compounded Profit Growth
10 Years:19%
5 Years:110%
3 Years:27%
TTM:21%
Stock Price CAGR
10 Years:17%
5 Years:64%
3 Years:42%
1 Year:-42%
Return on Equity
10 Years:13%
5 Years:15%
3 Years:16%
Last Year:14%

Last Updated: September 5, 2025, 12:55 pm

Balance Sheet

Last Updated: December 4, 2025, 1:52 am

MonthMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Sep 2025
Equity Capital 26272929333333323232363636
Reserves 2963834424407268408438511,0461,2902,5983,0013,031
Borrowings 5117358829578459129931,2331,6181,3331,2072,1262,722
Other Liabilities 1972973324334524173615877851,0761,4221,3641,098
Total Liabilities 1,0311,4421,6851,8582,0562,2012,2302,7033,4813,7315,2626,5286,887
Fixed Assets 2425329471,0241,0761,1141,1751,2401,4731,6932,4282,9922,993
CWIP 34731635504413021927612991216498815
Investments 00000000550125190210
Other Assets 4415947027839369578361,1871,8231,9472,4922,8482,869
Total Assets 1,0311,4421,6851,8582,0562,2012,2302,7033,4813,7315,2626,5286,887

Reserves and Borrowings Chart

Cash Flow

MonthMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Cash from Operating Activity + 20441041441272672541404374562133
Cash from Investing Activity + -287-272-169-107-110-254-231-222-354-299-1,117-912
Cash from Financing Activity + 27921467-37-17-12-22147280-438625722
Net Cash Flow 11-141-101165-318129-157
Free Cash Flow -270-247-6734151327-91-25639035-932
CFO/OP 38%45%66%91%52%81%125%63%17%117%99%30%

Free Cash Flow

MonthMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Free Cash Flow-451.00-604.00-701.00-794.00-556.00-526.00-784.00223.00517.00693.00773.00559.00

Free Cash Flow = Income Generated from Operational Activities - Borrowings - Capital Work in Progress (CWIP)

Consistent positive free cash flow is crucial for businesses as it indicates their ability to generate cash from their core operations. It provides financial flexibility, allowing companies to invest in growth opportunities, pay dividends to shareholders, reduce debt, and weather economic downturns more effectively.

Free Cash Flow Chart

Financial Efficiency Indicators

MonthMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Debtor Days 11414513617612696103161140898488
Inventory Days 252169206227153131260247251228207230
Days Payable 184150164298154110155246215199199197
Cash Conversion Cycle 18216417810512511720816217611891121
Working Capital Days 16-3-4-651620-1646385419
ROCE %5%11%10%7%14%16%5%6%15%19%17%7%

Financial Efficiency Indicators Chart

Share Holding Pattern

MonthMar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025
Promoters 46.27%46.27%47.41%43.15%43.17%43.17%43.17%43.16%43.12%43.12%43.12%43.12%
FIIs 14.80%16.34%18.13%23.59%24.54%23.76%24.26%24.04%24.48%24.45%22.71%21.05%
DIIs 4.76%4.20%3.74%3.62%3.69%4.27%5.12%5.41%6.00%3.60%3.50%4.03%
Public 34.02%33.05%30.62%29.58%28.53%28.72%27.43%27.37%26.27%28.70%30.55%31.69%
Others 0.15%0.13%0.10%0.08%0.08%0.08%0.01%0.02%0.13%0.13%0.12%0.12%
No. of Shareholders 60,13766,24283,35885,63783,39696,22389,58595,35798,1421,13,6701,20,4951,19,647

Shareholding Pattern Chart

No. of Shareholders

Ramkrishna Forgings Ltd: Intrinsic Value & Share Price Analysis - Shareholder trend analysis

Mutual Fund Holdings

Fund NameNo of SharesAUM (%)Amount Invested (Cr)Previous Number of SharesPrevious DatePercentage Change
Old Bridge Focused Fund 1,268,000 2.68 64.81N/AN/AN/A

ROCE Trend

EPS Trend

Key Financial Ratios

MonthMar 25Mar 24Mar 23Mar 22Mar 21
FaceValue 2.002.002.002.0010.00
Basic EPS (Rs.) 22.9520.2715.5212.436.44
Diluted EPS (Rs.) 22.9520.0915.4312.436.44
Cash EPS (Rs.) 37.9733.1728.1322.9843.02
Book Value[Excl.RevalReserv]/Share (Rs.) 167.78148.4882.6767.45276.39
Book Value[Incl.RevalReserv]/Share (Rs.) 167.78148.4882.6767.45276.39
Revenue From Operations / Share (Rs.) 222.84218.77199.69145.12403.64
PBDIT / Share (Rs.) 32.3748.0743.5532.4371.49
PBIT / Share (Rs.) 17.3833.8230.9421.8334.95
PBT / Share (Rs.) 8.2225.4323.4215.849.94
Net Profit / Share (Rs.) 22.9918.9315.5212.396.47
NP After MI And SOA / Share (Rs.) 22.9318.8915.5212.396.47
PBDIT Margin (%) 14.5221.9721.8022.3417.71
PBIT Margin (%) 7.7915.4515.4915.048.65
PBT Margin (%) 3.6811.6211.7210.912.46
Net Profit Margin (%) 10.318.657.778.531.60
NP After MI And SOA Margin (%) 10.288.637.778.531.60
Return on Networth / Equity (%) 13.6612.7218.7718.362.34
Return on Capital Employeed (%) 7.3416.2821.8816.936.80
Return On Assets (%) 6.326.436.655.680.76
Long Term Debt / Equity (X) 0.350.280.570.800.75
Total Debt / Equity (X) 0.660.410.981.481.29
Asset Turnover Ratio (%) 0.670.870.880.740.52
Current Ratio (X) 1.101.531.261.271.08
Quick Ratio (X) 0.550.810.640.770.67
Inventory Turnover Ratio (X) 3.431.871.982.181.63
Dividend Payout Ratio (NP) (%) 8.717.1510.952.420.00
Dividend Payout Ratio (CP) (%) 5.264.086.041.300.00
Earning Retention Ratio (%) 91.2992.8589.0597.580.00
Cash Earning Retention Ratio (%) 94.7495.9293.9698.700.00
Interest Coverage Ratio (X) 3.535.735.795.412.86
Interest Coverage Ratio (Post Tax) (X) 3.013.263.063.061.26
Enterprise Value (Cr.) 15976.2913433.865836.864070.962736.18
EV / Net Operating Revenue (X) 3.963.401.831.752.12
EV / EBITDA (X) 27.2715.468.387.8511.99
MarketCap / Net Operating Revenue (X) 3.473.161.431.091.30
Retention Ratios (%) 91.2892.8489.0497.570.00
Price / BV (X) 4.604.653.462.341.89
Price / Net Operating Revenue (X) 3.473.161.431.091.30
EarningsYield 0.020.020.050.070.01

Profitability Ratios (%)

Liquidity Ratios

Liquidity Ratios (%)

Interest Coverage Ratios (%)

Valuation Ratios

About the Company - Qualitative Analysis

Ramkrishna Forgings Ltd. is a Public Limited Listed company incorporated on 12/11/1981 and has its registered office in the State of West Bengal, India. Company's Corporate Identification Number(CIN) is L74210WB1981PLC034281 and registration number is 034281. Currently Company is involved in the business activities of Manufacture of other fabricated metal products; metalworking service activities. Company's Total Operating Revenue is Rs. 3634.30 Cr. and Equity Capital is Rs. 36.21 Cr. for the Year ended 31/03/2025.
INDUSTRYADDRESSCONTACT
Forgings23, Circus Avenue, Kolkata West Bengal 700017Contact not found
Management
NamePosition Held
Mr. Mahabir Prasad JalanChairman Emeritus & Non Executive Director
Mr. Naresh JalanManaging Director
Mr. Lalit Kumar KhetanWholeTime Director & CFO
Mr. Chaitanya JalanWhole Time Director
Mr. Milesh GandhiWhole Time Director
Ms. Rekha Shreeratan BagryInd. Non-Executive Woman Director
Mr. Sanjay KothriInd. Non-Executive Director
Mr. Sandipan ChakravorttyInd. Non-Executive Director
Mr. Partha Sarathi BhattacharyyaInd. Non-Executive Director
Mr. Ranaveer SinhaInd. Non-Executive Director
Ms. Sucharita Basu DeInd. Non-Executive Woman Director

FAQ

What is the intrinsic value of Ramkrishna Forgings Ltd and is it undervalued?

As of 15 April 2026, Ramkrishna Forgings Ltd's intrinsic value is ₹383.00, which is 23.71% lower than the current market price of ₹502.00, suggesting the stock is overvalued. This is calculated using the PE ratio method factoring in ROE (14.4 %), book value (₹169), dividend yield (0.40 %), and 5-year EPS CAGR.

What is the current share price and 52-week range of Ramkrishna Forgings Ltd?

Ramkrishna Forgings Ltd is trading at ₹502.00 as of 15 April 2026, with a FY2026-2027 high of ₹782 and low of ₹460. The stock is currently near its 52-week low. Market cap stands at ₹9,119 Cr..

How does Ramkrishna Forgings Ltd's P/E ratio compare to its industry?

Ramkrishna Forgings Ltd has a P/E ratio of 40.8, which is below the industry average of 63.21. This is broadly in line with or below the industry average.

Is Ramkrishna Forgings Ltd financially healthy?

Key indicators for Ramkrishna Forgings Ltd: ROCE of 6.84 % is on the lower side compared to the industry average of 10.63%. Dividend yield is 0.40 %.

Is Ramkrishna Forgings Ltd profitable and how is the profit trend?

Ramkrishna Forgings Ltd reported a net profit of ₹415 Cr in Mar 2025 on revenue of ₹4,034 Cr. Compared to ₹198 Cr in Mar 2022, the net profit shows an improving trend.

Does Ramkrishna Forgings Ltd pay dividends?

Ramkrishna Forgings Ltd has a dividend yield of 0.40 % at the current price of ₹502.00. The company pays dividends, though the yield is modest.

Disclaimer: This article is for informational purposes only and should not be construed as financial advice. The author is not a SEBI registered financial advisor and does not have any vested interest in Ramkrishna Forgings Ltd. Investors are advised to conduct their own due diligence and consult with a financial professional before making any investment decisions. The information provided in this article is based on publicly available data and the author's analysis, but it may not be comprehensive or up-to-date. The author and getaka.co.in are not responsible for any errors or omissions in the content. This article is not intended to promote any particular investment strategy or recommendation, and readers should consult with their own financial advisors before making any investment decisions. Data Source: NSE
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