Ramkrishna Forgings Ltd

Ramkrishna Forgings Ltd

₹ 725 2.65%
16 Apr - close price
About

Ramkrishna Forgings Ltd is primarily engaged in manufacturing and sale of forged components of automobiles, railway wagons & coaches and engineering parts. [1][2] It is the 2nd largest forging player in India.[3]

Key Points

Product Portfolio
Forged Products: It includes products in the weight ranges of 2 kg to 200 kg such as Crankshaft, I Beam, Knuckle, Diff Case etc. [1]
Rolled Products: It has a fully automated Ring Rolling Line along with ISO thermal Annealing line and CNC controlled Vertical Machining Centers with Robo drills to fully machine as per customer's requirement. [2]
Machined Products: It includes different types of Gears, Front hub, Pitman arm, Prop Shaft etc. [3] The company added 51 new product categories and 7 new fabrication products in FY23.[4]

  • Market Cap 13,106 Cr.
  • Current Price 725
  • High / Low 815 / 300
  • Stock P/E 41.5
  • Book Value 85.4
  • Dividend Yield 0.28 %
  • ROCE 18.5 %
  • ROE 20.6 %
  • Face Value 2.00

Pros

  • Company has delivered good profit growth of 21.1% CAGR over last 5 years
  • Debtor days have improved from 130 to 88.6 days.
  • Company's median sales growth is 20.4% of last 10 years
  • Company's working capital requirements have reduced from 142 days to 102 days

Cons

  • Stock is trading at 8.49 times its book value
  • Promoter holding has decreased over last quarter: -4.28%
  • Company might be capitalizing the interest cost

* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.

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Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

Dec 2020 Mar 2021 Jun 2021 Sep 2021 Dec 2021 Mar 2022 Jun 2022 Sep 2022 Dec 2022 Mar 2023 Jun 2023 Sep 2023 Dec 2023
403 520 417 579 601 719 699 824 777 892 892 981 1,058
327 414 321 448 460 571 549 649 604 698 700 776 833
Operating Profit 76 106 96 131 141 148 150 175 173 194 192 206 224
OPM % 19% 20% 23% 23% 24% 21% 21% 21% 22% 22% 22% 21% 21%
1 2 1 1 1 -0 1 1 1 2 5 4 2
Interest 22 19 21 21 27 27 26 29 31 34 36 39 41
Depreciation 33 37 39 40 45 46 47 50 49 56 57 61 68
Profit before tax 23 53 37 71 71 75 77 98 94 106 104 110 117
Tax % 34% 36% 33% 38% 36% -12% 33% 31% 35% 36% 24% 25% 26%
15 34 25 44 45 84 51 67 61 68 79 82 87
EPS in Rs 0.93 2.12 1.54 2.75 2.83 5.24 3.21 4.20 3.81 4.28 4.91 5.00 4.80
Raw PDF

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 TTM
405 434 754 908 921 1,491 1,931 1,216 1,289 2,320 3,193 3,823
341 374 623 727 758 1,202 1,545 1,008 1,065 1,802 2,499 3,007
Operating Profit 64 60 131 181 163 289 386 209 224 518 694 816
OPM % 16% 14% 17% 20% 18% 19% 20% 17% 17% 22% 22% 21%
4 1 12 2 7 4 3 6 5 1 4 12
Interest 29 23 32 55 78 73 84 80 81 97 122 150
Depreciation 23 25 32 53 75 85 121 121 117 169 202 241
Profit before tax 16 13 79 75 17 135 184 15 32 253 374 437
Tax % 50% 35% 5% 27% 33% 30% 35% 34% 35% 22% 34%
8 8 75 55 11 95 120 10 21 198 248 316
EPS in Rs 0.83 0.65 5.49 3.81 0.78 5.82 7.36 0.59 1.29 12.36 15.52 18.99
Dividend Payout % 24% 31% 7% 11% 26% 3% 4% -0% -0% 14% 13%
Compounded Sales Growth
10 Years: 23%
5 Years: 16%
3 Years: 38%
TTM: 27%
Compounded Profit Growth
10 Years: 41%
5 Years: 21%
3 Years: 192%
TTM: 20%
Stock Price CAGR
10 Years: 39%
5 Years: 47%
3 Years: 92%
1 Year: 143%
Return on Equity
10 Years: 12%
5 Years: 13%
3 Years: 15%
Last Year: 21%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Sep 2023
Equity Capital 21 26 27 29 29 33 33 33 32 32 32 33
Reserves 218 289 377 442 440 726 840 843 851 1,046 1,290 1,512
263 511 735 882 957 845 912 993 1,233 1,618 1,333 1,561
130 204 303 332 433 452 417 361 587 785 1,076 1,375
Total Liabilities 632 1,031 1,442 1,685 1,858 2,056 2,201 2,230 2,703 3,481 3,731 4,481
249 242 532 947 1,024 1,076 1,114 1,175 1,240 1,473 1,693 1,990
CWIP 40 347 316 35 50 44 130 219 276 129 91 181
Investments 0 0 0 0 0 0 0 0 0 55 0 11
343 441 594 702 783 936 957 836 1,187 1,823 1,947 2,299
Total Assets 632 1,031 1,442 1,685 1,858 2,056 2,201 2,230 2,703 3,481 3,731 4,481

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023
-67 20 44 104 144 127 267 254 140 43 745
-53 -287 -272 -169 -107 -110 -254 -231 -222 -354 -299
121 279 214 67 -37 -17 -12 -22 147 280 -438
Net Cash Flow 1 11 -14 1 -1 0 1 1 65 -31 8

Ratios

Consolidated Figures in Rs. Crores / View Standalone

Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023
Debtor Days 79 114 145 136 176 126 96 103 162 140 89
Inventory Days 261 252 169 206 227 153 131 260 252 251 228
Days Payable 101 184 150 164 298 154 110 155 248 215 199
Cash Conversion Cycle 239 182 164 178 105 125 117 208 166 176 118
Working Capital Days 138 119 123 125 114 105 89 120 164 160 102
ROCE % 5% 11% 10% 7% 14% 16% 5% 6% 15% 19%

Shareholding Pattern

Numbers in percentages

6 Recently
Mar 2021Jun 2021Sep 2021Dec 2021Mar 2022Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023
45.90% 45.99% 46.02% 46.04% 46.24% 46.24% 46.27% 46.27% 46.27% 46.27% 47.41% 43.15%
15.55% 16.19% 17.19% 14.54% 13.51% 13.56% 14.52% 14.00% 14.80% 16.34% 18.13% 23.59%
7.94% 6.94% 5.39% 6.89% 5.37% 4.93% 4.54% 4.71% 4.76% 4.20% 3.74% 3.62%
30.16% 30.46% 31.14% 32.28% 34.69% 35.11% 34.52% 34.88% 34.02% 33.05% 30.62% 29.58%
0.45% 0.43% 0.26% 0.24% 0.20% 0.17% 0.16% 0.15% 0.15% 0.13% 0.10% 0.08%
No. of Shareholders 9,59114,85513,33229,64443,77256,63861,90658,68260,13766,24283,35885,637

* The classifications might have changed from Sep'2022 onwards. The new XBRL format added more details from Sep'22 onwards.

Classifications such as banks and foreign portfolio investors were not available earlier. The sudden changes in FII or DII can be because of these changes.

Click on the line-items to see the names of individual entities.

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