India · Delayed Price · Currency is INR Ramkrishna Forgings Earnings Call Transcripts
Fiscal Year 2027
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Q1 FY 2027 saw strong revenue and profit growth, driven by robust domestic and export demand, improved margins, and successful diversification into new segments. Export revenue is set to reach record highs, with continued margin improvement and significant debt reduction targeted this year.
Fiscal Year 2026
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Q4 FY 2026 delivered strong revenue and margin growth, driven by robust domestic demand and improved international performance. Capacity utilization is set to rise, with new orders in energy and EVs, and a focus on debt reduction and margin expansion in FY 2027.
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Q3 FY 2026 delivered 2% YoY and 21% QoQ revenue growth, with EBITDA up 29% YoY and margin improvement. Domestic business surged, railways and PV segments gained traction, and exports are set to recover with new orders and capacity ramp-up.
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Q2 FY 2026 saw revenue and margins decline due to global headwinds, tariffs, and one-time losses, but domestic growth and strong order wins in railways and automotive segments provided resilience. Management expects a strong H2 with margin recovery and double-digit growth for the year.
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Q1 FY 2026 saw revenue growth but sharp margin and profit declines due to steel price drops, adverse mix, and forex losses. New orders and capacity additions support a positive outlook, with margins expected to recover to historical levels by FY 2027.
Fiscal Year 2025
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Q4 revenue declined 3% YoY, with EBITDA and margins impacted by inventory discrepancies, but PAT rose due to a deferred tax credit. FY25 saw 9% revenue growth, major capacity additions, and strong new orders. Debt reduction, margin recovery, and robust growth are expected in FY26.
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A one-time inventory recording discrepancy was identified, with a 4-5% net worth impact expected. Independent agencies are investigating, and promoters will infuse funds to cover any shortfall, ensuring minority shareholder protection.
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Q3 saw 8% revenue and 14.7% profit growth year-on-year, with strong order wins in non-auto exports and ongoing margin expansion. Capacity ramp-up and diversification continue, while net debt remains elevated but is expected to normalize as working capital improves.
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Q2 FY25 saw record revenue and strong profit growth, driven by new orders, capacity expansion, and successful integration of acquisitions. The company maintains 15%-20% growth guidance, with a focus on EVs, North America, and new product launches, despite near-term inventory and debt increases.
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Q1 FY2025 saw 4% revenue growth and adjusted EBITDA margin of 23.1%, with strong order inflows totaling INR 1,679 crore across geographies. Volume growth guidance of 15%-20% for FY2025 is reaffirmed, despite ongoing shipping cost pressures and a one-off expense impacting net profit.