🛠️ Rolex Rings: Forging Steel and Stock Dreams (but No Dividends Yet 😂)
Date of Publishing -
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🔎 At a Glance
Rolex Rings is one of India’s top 5 forging players, supplying machined bearing rings and auto components to global giants. But behind the forged glory lies a stock that’s down 38% in one year, a promoter steadily walking out, and a business with slowing growth and “0% dividend since inception” swag.
1. 🪓 WTF Do They Even Do?
Rolex Rings makes forged and machined components—basically the tough metal bits in vehicles, industrial machines, wind turbines, railways etc.
Core products:
Bearing rings
Transmission components
Automotive gear parts
Big global + domestic customer base across 40+ countries, making it a rare “auto ancillary export” play.
Capacity: ~144,750 MT/annum for forgings, 69 million bearing rings/annum, and 30 Mn parts in machining capacity.
2. 📊 Financials – Profit, Margins, ROE, Growth
Metric
FY21
FY22
FY23
FY24
FY25
Revenue (₹ Cr)
616
1,017
1,179
1,222
1,155
EBITDA Margin (%)
18%
23%
22%
21%
21%
Net Profit (₹ Cr)
87
132
198
156
174
ROE (%)
15%
19%
26%
23%
19%
ROCE (%)
15%
31%
32%
28%
23%
🧾 TL;DR:
Margins are elite, but topline is stagnating
FY25 PAT was decent (₹174 Cr), but not enough to justify the hype cycle
