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Ramkrishna Forgings Ltd: Intrinsic Value & Share Price Analysis

Fair Value

₹411.27Overvalued by 42.16%vs CMP ₹711.00

P/E (113.0) × ROE (2.5%) × BV (₹181.00) × DY (0.14%)

₹237.98Overvalued by 66.53%vs CMP ₹711.00
MoS: -198.8% (Negative)Confidence: 65/100 (Moderate)Models: All 8: Overvalued
ModelCategoryValueWeightSignal
PE-ROEEarnings₹408.3026%Over (-42.6%)
Graham NumberEarnings₹220.3319%Over (-69%)
Earnings PowerEarnings₹4.8613%Over (-99.3%)
Net Asset ValueAssets₹180.558%Over (-74.6%)
EV/EBITDAEnterprise₹322.1911%Over (-54.7%)
Earnings YieldEarnings₹119.208%Over (-83.2%)
ROCE CapitalReturns₹178.478%Over (-74.9%)
Revenue MultipleRevenue₹221.386%Over (-68.9%)
Consensus (8 models)₹237.98100%Overvalued
Key Drivers: P/E of 113 makes PE-ROE unreliable — asset/earnings models are better benchmarks. | ROE 2.5% is below cost of equity.

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

Analyst Summary

Ramkrishna Forgings Ltd operates in the Forgings segment, NSE: RKFORGE | BSE: 532527, current market price is ₹711.00, market cap is 12,956 Cr.. At a glance, stock P/E is 113, ROE is 2.51 %, ROCE is 5.60 %, book value is 181, dividend yield is 0.14 %. The latest intrinsic value estimate is ₹237.98, around 66.5% below the current price, so expectations may already be running ahead of this modelled fair value. On operating trend, latest reported sales are about ₹4,034 Cr versus the prior period change of 8.9%, while latest net profit is about ₹415 Cr with a prior-period change of 42.6%. The 52-week range shown on this page is 773/460, which helps frame where the current quote sits within its recent trading band. Business context: About the Company - Qualitative AnalysisRamkrishna 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)…

This summary is generated from the stock page data available for Ramkrishna Forgings Ltd: Intrinsic Value & Share Price Analysis and is refreshed automatically when the underlying metrics change.

Investment Snapshot

45
Ramkrishna Forgings Ltd scores 45/100 (Average)
Based on 5 dimensions: health, institutional flow, earnings quality, momentum, and peer comparison
Stock Health43/100 · Moderate
ROCE 5.6% WeakROE 2.5% WeakD/E 1.29 High debtInterest Coverage 0.0x RiskyProfitable 5/5 years Consistent
Smart Money45/100 · Moderate
FII holding down -2.28% (6mo) SellingDII holding up 1.59% MF buyingPromoter holding at 43.4% 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 Rank50/100 · Moderate
P/E 113.0 vs industry 84.4 In-lineROCE 5.6% vs industry 9.3% AverageROE 2.5% vs industry 9.0% Below 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.

Share Price and Basic Stock Data

Last Updated: September 14, 2026, 2:19 pm

Market Cap 12,956 Cr.
Current Price 711
Intrinsic Value₹237.98
High / Low 773/460
Stock P/E113
Book Value 181
Dividend Yield0.14 %
ROCE5.60 %
ROE2.51 %
Face Value 2.00
PEG Ratio-156.44

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 12,956 Cr. 711 773/460113 1810.14 %5.60 %2.51 % 2.00
CIE Automotive India Ltd 14,402 Cr. 380 526/37516.1 2041.84 %14.7 %11.8 % 10.0
Happy Forgings Ltd 20,586 Cr. 2,181 2,342/86262.9 2260.19 %18.0 %15.0 % 2.00
MM Forgings Ltd (MMFL) 3,070 Cr. 636 690/27624.2 2140.63 %9.47 %11.5 % 10.0
Amic Forging Ltd 2,722 Cr. 2,357 2,375/1,06596.3 1980.00 %23.5 %16.8 % 10.0
Industry Average14,811.10 Cr605.8384.38163.630.26%9.31%9.00%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: May 11, 2026, 3:00 am

MonthMar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital 272929333333323232363636
Reserves 3834424407268408438511,0461,2902,5983,0013,254
Borrowings 7358829578459129931,2331,6181,3331,2072,1262,449
Other Liabilities 2973324334524173615877851,0761,4221,3641,439
Total Liabilities 1,4421,6851,8582,0562,2012,2302,7033,4813,7315,2626,5287,178
Fixed Assets 5329471,0241,0761,1141,1751,2401,4731,6932,4282,9923,761
CWIP 31635504413021927612991216498337
Investments 0000000550125190241
Other Assets 5947027839369578361,1871,8231,9472,4922,8482,839
Total Assets 1,4421,6851,8582,0562,2012,2302,7033,4813,7315,2626,5287,178

Reserves and Borrowings Chart

Cash Flow

MonthMar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Cash from Operating Activity + 441041441272672541404374562133840
Cash from Investing Activity + -272-169-107-110-254-231-222-354-299-1,117-912-929
Cash from Financing Activity + 21467-37-17-12-22147280-438625722235
Net Cash Flow -141-101165-318129-157146
Free Cash Flow -247-6734151327-91-25639035-932-39
CFO/OP 45%66%91%52%81%125%63%17%117%99%30%136%

Free Cash Flow

MonthMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Free Cash Flow60.00-604.00-701.00-794.00-556.00-526.00-784.00223.00517.00693.00773.00559.00

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

MonthSep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Promoters 47.41%43.15%43.17%43.17%43.17%43.16%43.12%43.12%43.12%43.12%43.33%43.39%
FIIs 18.13%23.59%24.54%23.76%24.26%24.04%24.48%24.45%22.71%21.05%21.75%20.43%
DIIs 3.74%3.62%3.69%4.27%5.12%5.41%6.00%3.60%3.50%4.03%4.45%5.09%
Public 30.62%29.58%28.53%28.72%27.43%27.37%26.27%28.70%30.55%31.69%30.37%30.90%
Others 0.10%0.08%0.08%0.08%0.01%0.02%0.13%0.13%0.12%0.12%0.12%0.20%
No. of Shareholders 83,35885,63783,39696,22389,58595,35798,1421,13,6701,20,4951,19,6471,09,0271,05,810

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

[display_about_company_data title=”About the Company – Qualitative Analysis”]

FAQ

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

As of 14 September 2026, Ramkrishna Forgings Ltd's intrinsic value is ₹237.98, which is 66.53% lower than the current market price of ₹711.00, suggesting the stock is overvalued. This is calculated using the PE ratio method factoring in ROE (2.51 %), book value (₹181), dividend yield (0.14 %), 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 ₹711.00 as of 14 September 2026, with a FY2026-2027 high of ₹773 and low of ₹460. The stock is currently near its 52-week high. Market cap stands at ₹12,956 Cr..

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

Ramkrishna Forgings Ltd has a P/E ratio of 113, which is above the industry average of 84.38. The premium over industry average may reflect growth expectations or speculative interest.

Is Ramkrishna Forgings Ltd financially healthy?

Key indicators for Ramkrishna Forgings Ltd: ROCE of 5.60 % is on the lower side compared to the industry average of 9.31%; ROE of 2.51 % is below ideal levels (industry average: 9.00%). Dividend yield is 0.14 %.

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 0.14 % at the current price of ₹711.00. The company pays dividends, though the yield is modest.

Last Updated: September 14, 2026, 2:19 pm
Author: Getaka|Social: XLinkedIn
Stock Ticker - BSE: 532527 | NSE: RKFORGE
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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