01 — At a Glance
₹120 Crore Market Cap per Crore Revenue. Do the Math.
- 52-Week High / Low₹166 / ₹99.3
- Q3 FY26 Revenue₹275 Cr
- Q3 FY26 PAT₹48 Cr
- Q3 FY26 EPS₹1.75
- Annualised EPS (Q3×4)₹7.00
- Book Value₹42.8
- Price to Book2.79x
- Dividend Yield0.00%
- Debt / Equity0.00x
- 9M FY26 PAT₹141 Cr
The Setup: Rolex Rings just delivered Q3 FY26 results on Feb 10, 2026. Revenue landed at ₹275 crore (flat QoQ, +5.8% YoY). But here’s the kicker—PAT went from ₹44 crore (Q2) to ₹48 crore (Q3) despite zero topline growth. How? Magic. Or “other income.” Mostly other income. The company is basically a forging shop that has become an accidental finance company.
02 — Introduction
Rajkot’s Forging Empire Hits a US Tariff Wall. Bounces. Moves On.
Let’s talk about Rolex Rings. No, not the watch. The company. Established in 1980 by Rupesh Madeka in Rajkot—a city that’s been forging metal since before India had GST forms. Rolex Rings manufactures bearing rings and automotive components. Bearing rings are the metal circles inside ball bearings. Sounds boring? Wait until you learn that these rings end up in cars, wind turbines, railways, and industrial machinery across 15 countries.
The company listed in Aug 2021 at a time when everyone wanted smallcap growth stories. Rolex delivered. Revenue CAGR of 11.6% over 5 years. Profit CAGR of 28.8% over the same period. ROCE at 22.8%. Zero debt. Over ₹300 crore in free cash. This is what disciplined capital allocation looks like when a family actually runs the business—no vanity projects, no acquisitions disguised as “synergies,” no pivot to cryptocurrency.
Then America decided to wage trade wars. And suddenly, 43% of Rolex’s revenue comes from a market that’s become as stable as a Delhi monsoon. The Feb 2026 concall revealed the full extent of the damage: US customers held back 50%+ of imports for 6–8 months due to tariff uncertainty. Customers literally shut plants. Rolex’s US volume fell 30% year-to-date compared to FY25. But because 47% of revenue still comes from exports, and Europe is printing money, the overall topline held up. Barely.
Concall Reality Check: “More than 50% of their imports held back. Customers temporarily closed plants. Zero supply as of date for two large US programs.” Management was matter-of-fact about this. No dramatics. No “we remain optimistic” corporate-speak. Just facts. That’s either confidence or resignation. Probably both.
03 — Business Model: Forging Metal. Literally.
They Make Rings. Bearing Rings. You Pour Oil. They Spin. Civilization Happens.
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