RKFORGENSEQ4 FY26May 11, 2026

Ramkrishna Forgings Limited

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Management on call

Naresh Jalan

Managing Director

Chaitanya Jalan

Whole-time Director

Lalit Khetan

Whole-Time Director and Chief Financial Officer

Milesh Gandhi

Whole-Time Director

Rajesh Mundhra

Vice President-Finance and Company Secretary

Annamalai Jayaraj

360 One Capital Market Private Limited

Key numbers — 40 extracted

rs,

. This resulted in sustained momentum in wholesale volumes with all segments such as M&HCV, tractors, PVs reporting double-digit growth in the fourth quarter. As we had indicated, the Railway business

7.5%

nt in recent years. These are now paying dividends as the share of business from railways grown to 7.5% of revenue in this year against 4.6% a year ago. Now let me share some financial highlights for

4.6%

ng dividends as the share of business from railways grown to 7.5% of revenue in this year against 4.6% a year ago. Now let me share some financial highlights for the quarter. We reported consolidated

Rs. 1,216.78 crore

Now let me share some financial highlights for the quarter. We reported consolidated revenues of Rs. 1,216.78 crores, that is higher by 28% on year-on-year basis compared to Rs. 947.21 crores in Q4 FY25. On a quar

28%

ights for the quarter. We reported consolidated revenues of Rs. 1,216.78 crores, that is higher by 28% on year-on-year basis compared to Rs. 947.21 crores in Q4 FY25. On a quarter-on-quarter basis, re

Rs. 947.21 crore

solidated revenues of Rs. 1,216.78 crores, that is higher by 28% on year-on-year basis compared to Rs. 947.21 crores in Q4 FY25. On a quarter-on-quarter basis, revenue was higher by 11% compared to Rs. 1,098.52 cr

11%

sis compared to Rs. 947.21 crores in Q4 FY25. On a quarter-on-quarter basis, revenue was higher by 11% compared to Rs. 1,098.52 crores in Q3 FY26. Strong performance in domestic market supported by re

Rs. 1,098.52 crore

s. 947.21 crores in Q4 FY25. On a quarter-on-quarter basis, revenue was higher by 11% compared to Rs. 1,098.52 crores in Q3 FY26. Strong performance in domestic market supported by resilient performance in internati

Rs. 208.19 crore

line growth on a year-on-year basis as well as on Q-on-Q basis. EBITDA excluding other income is Rs. 208.19 crores in Q4, higher by 111% year-on-year compared to EBITDA of Rs. 98.5 crores in Q4 FY25. On Q-on- Q b

111%

as well as on Q-on-Q basis. EBITDA excluding other income is Rs. 208.19 crores in Q4, higher by 111% year-on-year compared to EBITDA of Rs. 98.5 crores in Q4 FY25. On Q-on- Q basis, EBITDA was higher

Rs. 98.5 crore

cluding other income is Rs. 208.19 crores in Q4, higher by 111% year-on-year compared to EBITDA of Rs. 98.5 crores in Q4 FY25. On Q-on- Q basis, EBITDA was higher by 27% compared to Rs. 163.37 crores in Q3 FY26.

27%

ar-on-year compared to EBITDA of Rs. 98.5 crores in Q4 FY25. On Q-on- Q basis, EBITDA was higher by 27% compared to Rs. 163.37 crores in Q3 FY26. The margin improved to 17.1%, higher by almost 220 basis

Guidance — 20 items

Annamalai Jayaraj

opening

“Welcome all the participants on behalf of 360 ONE Capital Market for Ramkrishna Forgings Limited Q4 FY26 and FY26 post-results conference call.”

Lalit Khetan

opening

“In Q4 FY26, the global macroeconomic environment turned incrementally more challenging, although conditions continue to vary significantly across regions and sectors.”

Lalit Khetan

opening

“Q4 & FY’26 Earnings Conference Call Transcript Page 2 Against this backdrop, we are pleased to report an improved performance in the fourth quarter, enabling us to end FY26 on a strong note.”

Lalit Khetan

opening

“29.69 crores in Q3 FY26, reflecting a 117% quarter-on-quarter growth.”

Lalit Khetan

opening

“148.79 crores excluding exceptional item in FY25, that is lower by 24% year-on- year.”

Lalit Khetan

opening

“Additionally, our rail wheel joint venture remains on track with commencement of production anticipated by Q1 FY27.”

Lalit Khetan

opening

“With these growth levers firmly in place, we are confident that from the next quarter onwards, we will return to further improved operating trajectory and look to sustain the momentum throughout FY27.”

Naresh Jalan

“Annamalai Jayaraj: And you expect this to sustain for some time, sir, at least a year or two?”

Naresh Jalan

“What kind of utilization level we can expect, sir, out of 2 lakhs?”

Naresh Jalan

“So, the 40,000 will be delivered in this financial year itself, right?”

Risks & concerns — 8 flagged

It's very difficult because of the approvals and other things.

— Naresh Jalan

So, I think selling price, it is right now very difficult for me to tell you because the contract was awarded two years back.

— Naresh Jalan

No, I think Sunny, putting a revenue number I think it is difficult.

— Naresh Jalan

So, do you see any major pressure on the raw material, on the expense side because of energy or like how do you see it panning out?

— Naresh Jalan

But I think in terms of percentage is very difficult to say.

— Naresh Jalan

But I think with the current geopolitical issue going on, it is a risk also.

— Naresh Jalan

So, beyond that I think it is very difficult for us to say anything that whether by when we will be able to get.

— Naresh Jalan

But exactly how much and by when, it is very difficult for me to tell, because it is industry-wide which is it is going to happen.

— Naresh Jalan

Q&A — 12 exchanges

I think Class 8 trucks are very, very strong right now. I think since last 3 months, we are seeing destocking happening in our warehouses in North America. And I think we are looking at fresh revenues coming in from this quarter onwards from North America Class 8 trucks in significant manner. Annamalai Jayaraj: And you expect this to sustain for some time, sir, at least a year or two?

Naresh Jalan

I think at least for 2 years. For calendar year, it is good to say that it's going to stay till third quarter of calendar year '27. Q4 & FY’26 Earnings Conference Call Transcript Page 4

No, I think 300 wheels we are supposed to submit in the month of June or July. I think when Lalit said we are going to commence production, it means we are starting the plant, I think probably by end of May or June, wherein we'll start manufacturing wheels and commercial production will start immediately. So, we don't need to wait for 300 wheels to get approved. Once these 300 wheels are supplied, we can continue supply. This year, we are looking at supplying almost 40,000 wheels from that plant to the Indian Railways.

Balasubramanian

So, this will start from the coming financial year onwards, right, sir? The 40,000 wheels will reflect FY '27 onwards? FY '27 onwards. Balasubramanian: Okay, sir. What kind of utilization level we can expect, sir, out of 2 lakhs? So, the 40,000 will be delivered in this financial year itself, right? Yes, 40,000 will be delivered in this financial year. So, I think then it will solve the whole industry problem. Is it the right way to understand, sir? I don't know about the industry problem. I think as per our contractual obligation, we are supposed to supply 40,000 wheels. We are gearing up to

Hi, thank you for the opportunity and congratulations on a good set of numbers, sir. Sir, my first question is on the presentation that you have shared. So, it has been showcased that Rs. 1,550 crores of new orders will be executed in FY27. So, does that include castings also or is it only forgings stand-alone business that it is showing?

Naresh Jalan

No, it is consolidated - forging and casting together. Q4 & FY’26 Earnings Conference Call Transcript Page 6 Okay. So how much of that, so how much castings volumes are we expecting this year because we are sitting on significant capacities of 78,000 tons and earlier also, we have indicated that we have an order book for that. So how much are we expecting this year? We are looking at almost 85% to 90% utilization in casting over the quarters, in coming quarters in this year. 80% to 90%. So close to around I would say 65,000 to 70,000? Close to full utilization, I think. Very safe to say that c

So, my first question was regarding the presentation. Like in this quarter's presentation, the order that has split over the next 4 years for financial year 2027 is Rs. 1,550 crores. And in the last presentation, it was Rs. 2,200 crores. So, like there's a Rs. 600 crores reduction. So, have any of the orders been revoked or something?

Lalit Khetan

No, no. So, Ayush, how it works. So, it was incremental order. So last presentation what you see for that was incremental order for FY26 which has gone. So residual order has come here in FY27. Okay. So basically, the order was executed earlier than expected? No, no. I mean, so see what you are looking at FY28, again it is Rs. 2,800 crores, but Rs. 1,100 crores incremental over FY27. You understand that? So, there was some adjustment every year. I hope you understand. Q4 & FY’26 Earnings Conference Call Transcript Page 8 Okay. Yes, got it, sir. And like with the new added capacity in the Press

Hello, good evening, sir. Thank you so much for taking my question, sir. Firstly, congratulations on the great set of results, sir. Sir, just wanted to, like, confirm like in terms of casting when we are saying we'll be at near full utilization. So, did I hear correctly, sir, we could do nearly Rs. 900 crores of additional revenue from that, sir? No, no, we have not put any number to it. I think Lalit has clarified out of the 70,000 odd tons of casting capacity, already current utilization we are getting a significant revenue. Additional casting capacity which has come in the by end of March,

Darshil Jhaveri

Okay, okay. So, is this like on a broad basis the incremental revenue would be how much from the wheel set, sir? So, I think selling price, it is right now very difficult for me to tell you because the contract was awarded two years back. So, we will need to have a real-time pricing done with two years of inflation and other things to capture and get to the new pricing. So, I will not be able to give you exact number right now. But we should be anything between Rs. 400 crores to Rs. 450 crores roughly in terms of revenue from the wheel plant. Okay, okay. No, that's fair enough. Yes, yes, that'

Thank you for taking my question and congratulations on a good set of numbers for the quarter. So, my first question is on the overall peak revenue potential. So, we've almost now expanded to about 400,000 tons of capacity. So, assuming a normalized utilization and adjusting for seasonality in the business, what is the peak volumes or peak revenue if you can give some colour either on one of them over the next two to three years we can achieve with this current capacity that we have already set in place? No, I think Sunny, putting a revenue number I think it is difficult. Revenue number is abs

Sunny Gosar

Got it, got it. That's very helpful. And my last question is around the capacity and the capex. So basically, our utilization in the last quarter was around 65% to 70% and we have already expanded capacity. So how do Q4 & FY’26 Earnings Conference Call Transcript Page 11 you see the capex intensity for say FY27 and FY28? Because we've spent about Rs. 800 crores plus of capex over the last two years. How will that number look like say in the next two years? Sunny, this year we are looking at more of consolidation. I think with the contribution in JV, I think we are not looking at capex and main

Yes. Sir, I have one question on the aluminium capacity which is there. In terms of realization or margin, how is this business?

Naresh Jalan

Commodity price itself is close to around Rs. 400 per kg. So obviously realization per ton is going to be always higher because of the commodity pricing. Margins are close to around 14% to 15% at the absolute numbers. Okay, okay. So almost similar to our current business. So, it should not. Q4 & FY’26 Earnings Conference Call Transcript Page 12 No, in terms of contribution, I think it is much higher because 14% to 15% you get on the Rs. 400 per kg also. So overall I think contribution is much higher than the current ones. Okay, okay. And sir, I think currently our all-total fixed asset is arou

So, first question is pertaining to the non-auto order wins. So almost INR250-odd crores order has come from energy segment. So, can you just explain what exactly what kind of order is this within the energy space?

Naresh Jalan

Milesh, can you answer this question, please? Basically, as you know, energy storage has become the latest trend with the market. And we have received a lot of orders from companies which are very doing very good in energy space in the North America market. And they have a very ambitious plans with regard to the energy storage devices. And these devices actually require a lot of forgings and castings Q4 & FY’26 Earnings Conference Call Transcript Page 14 as a mix in order to go forward there. So, we have received a good order book on account of it and that's what we have reflected in the order

Yes, hi, sir. Thank you for the opportunity. Sir, I just had a clarification question. You mentioned that this time around you'll be having almost an 80% utilization on your capacities of 350,000 odd tons. But how what is your say your target which you are expecting in terms of the overall sales volume?

Naresh Jalan

Sales volume I think every quarter-on-quarter you'll see significant improvement. But I think in terms of percentage is very difficult to say. But we are very confident whatever we'll make we'll be able to sell that. Q4 & FY’26 Earnings Conference Call Transcript Page 17 Okay. Sir, because even in the last conference call if I'm not wrong, we had mentioned an upper limit of 10% to 15% kind of growth for FY27 and FY28 in terms of a CAGR? I think with the current order book, we are very confident of surpassing. We are not trying to put any number to it right now. But I think with the current geo

Are there any plans to increase ring rolling capacities?

Naresh Jalan

No. I think there is no plans right now in this financial year to increase the ring rolling capacity. Okay, thank you, sir.

Sir, just one clarification. The orders that you have won of Rs. 323 crores on the CV part, how much of that would be domestic and how much of that would be exports?

Naresh Jalan

Milesh? You repeat the question please. Yes. I was asking the Rs. 323 crores order that we have won on the CV side, what would be the split between domestic and exports? Against the Rs. 323 crores, in the CV more than 50% of it is export and around 50% is from the domestic. Okay, okay. Thank you. That's it. Q4 & FY’26 Earnings Conference Call Transcript Page 19 We have the next question from Mr. Kushal from Asian Broking. Please go ahead. Just again regarding ring-rolling, as I'm seeing here it's at 121% utilization. So, does it affect in any way negatively crossing the capacity. No. Basically

Thank you. We would like to thank all for taking out the time and joining our earnings call. We hope we have answered all your queries and for your satisfaction. Would like to further inform that get in touch for with us or CDR if you have further information required. We look forward to interacting again next quarter. Thank you again very much for talking to us. Thank you. Disclaimer: This is a transcript and may contain transcription errors. Certain statements made or discussed on this call may be forward looking in nature and must be viewed in conjunction with the risks and uncertainties th

Management

Speaking time

Naresh Jalan

Moderator

Aditya Kumar

Saket

Lalit Khetan

Kiran Naik

Ayush Goyal

Kumar Saurabh

Sunny Gosar

Milesh Gandhi

Opening remarks

External Participants

• Annamalai Jayaraj – 360 One Capital Market Private Limited • Balasubramanian – Arihant Capital • Aditya Kumar – Old Bridge Mutual Fund • Ayush Goyal – CAVI Capital • Kiran Naik – Mody Fincap • Darshil Jhaveri – Crown Capital • Sunny Gosar – MK Ventures • Kumar Saurabh – Scientific Investing • Vinil Shah – Dalal & Broacha • Saket Saurabh – Sagari Capital • Kiran Garge – Knightstone Capital Management LLP • Kunal Bhatia – Dalal and Broacha • Kushal – Asian Broking Page 1

Annamalai Jayaraj

Thank you. Welcome all the participants on behalf of 360 ONE Capital Market for Ramkrishna Forgings Limited Q4 FY26 and FY26 post-results conference call. From the management, we have with us today, Mr. Naresh Jalan, Managing Director; Mr. Chaitanya Jalan, Whole-Time Director; Mr. Lalit Khetan, Whole-Time Director and CFO; Mr. Milesh Gandhi, Whole-Time Director; and Mr. Rajesh Mundra, Vice President Finance and Company Secretary. I will now hand over the call to the management for opening remarks to be followed by the question-and-answer session. Over to you, sir.

Lalit Khetan

Thank you, Jayaraj. Good evening, everyone and thank you for joining us on this call to discuss the Q4 FY26 earnings. I trust all of you have had a chance to review the earnings document that we have shared with you. In Q4 FY26, the global macroeconomic environment turned incrementally more challenging, although conditions continue to vary significantly across regions and sectors. While the quarter commenced on a relatively stable footing, carrying forward momentum from the prior period, the outbreak of conflict in Middle East adversely impacted operating conditions towards the latter part of the quarter. As a result, the energy price volatility, persistent inflationary pressures, and renewed supply chain disruptions created uncertainty for a certain business environment. In contrast, the domestic macroeconomic environment remained relatively favourable. India continued to stand out as one of the fastest- growing major economies, supported by resilient consumption, sustained government

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