1. Opening Hook
While global truckers debate tariffs like it’s a Netflix thriller, Ramkrishna Forgings quietly clocked ₹1,098 crore in Q3 revenue and called it a “mixed quarter.” Mixed? That’s one way to describe a 21% sequential jump with North America still sulking.
Geopolitics is noisy, tariffs are trending, and supply chains are apparently rediscovering India. Meanwhile, management says the “worst is over” for exports—again. Domestic demand is reviving, railways are opening ₹2,000 crore gates, and aluminium forging has finally entered the chat.
Margins? Improving. 20% EBITDA? “As soon as possible.” Date? Classified.
There’s debt reduction, new capacities, railway bogies, EV orders, and even titanium trials for aerospace.
Stick around. The real story hides between utilization percentages and railway wheels. 🍿
2. At a Glance
- Revenue ₹1,098 crore (↑2% YoY, ↑21% QoQ) – Q2 blues officially ghosted.
- EBITDA ₹163 crore (↑29% YoY) – Operating leverage finally woke up.
- EBITDA Margin 14.9% – Still far from 20%, but climbing the staircase.
- PAT ₹13.6 crore – Labour Code took ₹10.4 crore bite; otherwise ₹24 crore.
- New Orders ₹680 crore – 4-year program life, wallet share rising.
- Debt ↓₹350 crore QoQ – From ₹2,600+ crore trajectory to ₹2,250 crore now.
- Export mix ~30% – North America sulked, Europe flirting.
- Utilization 66% – Looks weak, but denominator got fatter.
3. Management’s Key Commentary
“The worst is behind in terms of North America sales.”
(Translation: We’ve survived the storm; now praying the sunshine isn’t temporary.) 😏
“We are looking at double-digit sales in railways in next two years.”
(Translation: Railways isn’t a side hustle anymore; it’s becoming the growth engine.)
“Our aluminium forging has been successfully commissioned.”
(Translation: Capex is no longer PowerPoint. It’s now depreciation.)
“We will be almost at 80%-85% utilization by next financial year.”
(Translation: Today’s 66% isn’t demand weakness; it’s capacity indigestion.)
“We are eyeing 10%+ revenue from passenger vehicles in next two years.”
(Translation: CV dependency, meet diversification.) 🚛➡️🚗
“Exports should be around 35% in FY27.”
(Translation: Not going back to 40% glory days yet, but rebuilding patiently.)
“We want to get to 19%-20% margins as fast as possible.”
(Translation: The dream is alive. Timeline remains a mystery.)
4. Numbers Decoded
Metric Q3 FY26 Q2 FY26 Q3 FY25
--------------------------------------------------------------
Revenue (₹ cr) 1,098 908 1,074
EBITDA (₹ cr) 163 123 126
EBITDA Margin 14.9% 13.5% ~11.7%
PAT (₹
