Ramkrishna Forgings turns profitable YoY, consolidated PAT ₹70.6 Cr, OPM at 18.2%

Ramkrishna Forgings' consolidated Q2 FY27 (quarter ended September 30, 2026) print shows revenue of ₹1,405.4 Cr, up 54.9% YoY from ₹907.5 Cr and 15.5% QoQ from ₹1,216.7 Cr. Consolidated PAT came in at ₹70.6 Cr against a ₹9.5 Cr net loss in Q2 FY26 — a straightforward YoY turnaround — and up 50.6% sequentially from ₹46.9 Cr in Q1 FY27, confirming that quarter's return to profit was not a one-off. Standalone (secondary basis) tracked the same direction: revenue ₹1,255.0 Cr, PAT ₹67.7 Cr; the modest gap to consolidated reflects subsidiary contributions net of the JV loss, with no material divergence in trend between the two bases.

The swing is margin-led as much as volume-led. Operating margin expanded to 18.2% from 12.97% a year ago and 17.96% last quarter, while net margin improved to 5.0% from -1.04% YoY and 3.84% QoQ — both legs of the P&L improving together rather than a single cost line driving the print. None of this quarter's profit is exceptional-item-aided: both standalone and consolidated show nil exceptional items for the quarter, unlike FY26's full-year charges (₹10.72 Cr consolidated, ₹9.69 Cr standalone) tied to labour-code impact, an electricity-duty dispute and an ECL provision — so the YoY comparison is clean on both sides.

The stock went into the print at ₹645.1, down 9.7% over the past month of trading.

For context: this is the highest quarterly PAT in the last 6 quarters on our records; revenue is at a 6-quarter high.

No Q2-specific street preview could be found; the only available reference is FY27 full-year consensus (revenue near ₹4,180 Cr, +11.4%, and 15-20% PAT growth), and H1 FY27 consolidated revenue of ₹2,622.1 Cr (+36.4% YoY) is running well ahead of both that consensus pace and management's own FY27 guidance of 19.8%+ revenue growth given on the Q1 call — a clear beat on the topline guidance metric so far. The balance-sheet side of that guidance is not keeping pace: consolidated net debt stood at roughly ₹2,093 Cr at quarter-end, down only about ₹80 Cr from ₹2,173 Cr at FY26-end, against a full-year target of cutting ₹500 Cr to ₹1,500 Cr; H1 capex of ₹390 Cr (consolidated) has already exceeded the ₹350 Cr full-year capex guidance. The board used the same meeting to declare a first interim dividend of ₹2/share (record date November 6, 2026) and approved an additional ₹56.76 Cr investment in the 51%-owned Ramkrishna Titagarh Rail Wheels JV, which is still pre-commercial and contributed a ₹0.68 Cr loss share this quarter — tying the capex overshoot directly to this expansion. No management press release was available to cross-check against the stated figures.