Ramkrishna Forgings: consolidated PAT quadruples YoY to ₹47 Cr on 20% revenue growth, margins expand

Ramkrishna Forgings reported a strong Q1 FY27 (quarter ended June 30, 2026, unaudited/limited review) on a year-on-year basis. Consolidated revenue rose 19.8% to ₹1,216.67 Cr (from ₹1,015.26 Cr) and consolidated PAT was ₹46.88 Cr — roughly 4x the depressed ₹11.79 Cr of the year-ago quarter — with EPS at ₹2.58 vs ₹0.65. The cleaner standalone view tells a similar story with less amplification: PAT ₹52.18 Cr (+142% YoY) on revenue of ₹1,097.22 Cr (+17.1%). There were no exceptional items this quarter, so the growth is underlying, not accounting-driven.

The print is a margin-and-mix story. Operating margin expanded to roughly 18% from ~13.98% a year ago (Q4 was 17.09%), and NPM improved to 3.85% from 1.16% — operating leverage on higher forging volumes flowing through fixed costs. A large part of the consolidated jump is the swing at the Ramkrishna Titagarh rail-wheel joint venture, whose share of loss narrowed to ₹0.61 Cr from ₹6.66 Cr a year ago; two overseas subsidiaries still posted a net loss of ₹2.46 Cr, which is why consolidated PAT sits below standalone. On a sequential basis the quarter was flatter — revenue was essentially unchanged QoQ (₹1,216.67 Cr vs ₹1,216.78 Cr) and PAT fell 16.2% from a strong Q4 (₹55.94 Cr) — but YoY is the anchor here and it is decisively positive.

The stock went into the print at ₹575, up 0.8% over the past month of trading.

Against management's own FY27 guidance from the Q4 concall, the quarter is broadly on-track rather than a clear beat: EBITDA margin improved ~90 bps over Q4, just short of the guided +100–150 bps; forging capacity utilisation stood at 68% (casting 78%) against the full-year 80–85% utilisation target, consistent with a back-loaded ramp of the new casting and rail-wheel facilities. No brokerage consensus estimate for this specific quarter surfaced in our search, so the result cannot be scored beat/miss versus street. Alongside results, the board approved ₹170.52 Cr of capex for a 4,000-tonne press line and passenger-vehicle components (8,800 MT addition, on-stream by September 2027) and re-designated Chaitanya Jalan as Joint Managing Director — both signalling continued expansion focus.