{"id":29898,"date":"2024-06-24T05:55:08","date_gmt":"2024-06-24T00:25:08","guid":{"rendered":"https:\/\/fundsindia.com\/blog\/?p=29898"},"modified":"2024-06-24T09:05:35","modified_gmt":"2024-06-24T03:35:35","slug":"alpha-ramkrishna-forgings-ltd-equity-research-desk","status":"publish","type":"post","link":"https:\/\/www.fundsindia.com\/blog\/equities\/alpha-ramkrishna-forgings-ltd-equity-research-desk\/29898","title":{"rendered":"Alpha | Ramkrishna Forgings Ltd. &#8211; Equity Research Desk"},"content":{"rendered":"\n<figure class=\"wp-block-image size-large\"><a href=\"https:\/\/fundsindia.com\/blog\/wp-content\/uploads\/2024\/06\/RamKrishna-Forgings-Ltd-without-CTA.png\"><img loading=\"lazy\" width=\"1024\" height=\"512\" src=\"https:\/\/fundsindia.com\/blog\/wp-content\/uploads\/2024\/06\/RamKrishna-Forgings-Ltd-without-CTA-1024x512.png\" alt=\"\" class=\"wp-image-29899\" srcset=\"https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2024\/06\/RamKrishna-Forgings-Ltd-without-CTA-1024x512.png 1024w, https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2024\/06\/RamKrishna-Forgings-Ltd-without-CTA-300x150.png 300w, https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2024\/06\/RamKrishna-Forgings-Ltd-without-CTA-768x384.png 768w, https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2024\/06\/RamKrishna-Forgings-Ltd-without-CTA-1536x768.png 1536w, https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2024\/06\/RamKrishna-Forgings-Ltd-without-CTA.png 2048w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/a><\/figure>\n\n\n\n<h2><span class=\"has-inline-color has-vivid-cyan-blue-color\">Ramkrishna Forgings Ltd. &#8211; Driving Innovation with Excellence<\/span><\/h2>\n\n\n\n<p>Incorporated in 1981 and headquartered in Kolkata, Ramkrishna Forgings Ltd. (RKFL) is a leading manufacturer and seller of forged components to various sectors including automotive, railways, farm equipment, bearings, oil &amp; gas, power and construction, earth moving, and mining. With an installed capacity of 210,900 tonnes and over 2,000 products, RKFL is the second-largest forging company in India as of Q4FY24, serving 22 countries with a strong presence in North America and Europe.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><a href=\"https:\/\/fundsindia.com\/blog\/wp-content\/uploads\/2024\/06\/image-28.png\"><img loading=\"lazy\" width=\"752\" height=\"496\" src=\"https:\/\/fundsindia.com\/blog\/wp-content\/uploads\/2024\/06\/image-28.png\" alt=\"\" class=\"wp-image-29909\" srcset=\"https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2024\/06\/image-28.png 752w, https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2024\/06\/image-28-300x198.png 300w\" sizes=\"(max-width: 752px) 100vw, 752px\" \/><\/a><\/figure>\n\n\n\n<h2><span class=\"has-inline-color has-vivid-cyan-blue-color\">Products and Services<\/span><\/h2>\n\n\n\n<ul><li><strong>Automotive<\/strong>: RKFL offers products such as beams, shafts, gears, knuckles, front hubs, and mounting brackets.<\/li><li><strong>Farm Equipment<\/strong>: The company provides forged crankshafts, crown wheels &amp; pinions, shafts, and gears.<\/li><li><strong>Energy<\/strong>: Key products include wing nuts, valve bonnets, T-bolt socket joints, and tooth crusher hammers.<\/li><\/ul>\n\n\n\n<figure class=\"wp-block-image size-large\"><a href=\"https:\/\/fundsindia.com\/blog\/wp-content\/uploads\/2024\/06\/image-29.png\"><img loading=\"lazy\" width=\"817\" height=\"299\" src=\"https:\/\/fundsindia.com\/blog\/wp-content\/uploads\/2024\/06\/image-29.png\" alt=\"\" class=\"wp-image-29910\" srcset=\"https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2024\/06\/image-29.png 817w, https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2024\/06\/image-29-300x110.png 300w, https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2024\/06\/image-29-768x281.png 768w\" sizes=\"(max-width: 817px) 100vw, 817px\" \/><\/a><\/figure>\n\n\n\n<p><strong>Subsidiaries: <\/strong>As of FY23, RKFL has 4 subsidiaries and no associate companies or joint ventures.<\/p>\n\n\n\n<h2><span class=\"has-inline-color has-vivid-cyan-blue-color\">Growth Strategies<\/span><\/h2>\n\n\n\n<ul><li><strong>Acquisitions: <\/strong>Acquired MAPL and JMT Auto to bolster capabilities in castings, gears, and precision components.<\/li><\/ul>\n\n\n\n<ul><li><strong>Market Expansion: <\/strong>Secured contracts in North America&#8217;s Tier 1 light vehicle segment and also with a BHEL-led consortium for bogie frames.<\/li><\/ul>\n\n\n\n<ul><li><strong>Investments: <\/strong>Committing to a Mexico facility for PV\/LV components and expanding forging capacities.<\/li><li><strong>Diversification: <\/strong>Entered tractors and PV segments through ACIL Limited acquisition, enhancing market presence and product portfolio.<\/li><\/ul>\n\n\n\n<h2><strong><span class=\"has-inline-color has-vivid-cyan-blue-color\">Financial Highlights<\/span><\/strong><\/h2>\n\n\n\n<figure class=\"wp-block-image size-large\"><a href=\"https:\/\/fundsindia.com\/blog\/wp-content\/uploads\/2024\/06\/image-30.png\"><img loading=\"lazy\" width=\"1024\" height=\"784\" src=\"https:\/\/fundsindia.com\/blog\/wp-content\/uploads\/2024\/06\/image-30-1024x784.png\" alt=\"\" class=\"wp-image-29911\" srcset=\"https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2024\/06\/image-30-1024x784.png 1024w, https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2024\/06\/image-30-300x230.png 300w, https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2024\/06\/image-30-768x588.png 768w, https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2024\/06\/image-30-1536x1176.png 1536w, https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2024\/06\/image-30.png 1632w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/a><\/figure>\n\n\n\n<h2><span class=\"has-inline-color has-vivid-cyan-blue-color\">Q4FY24<\/span><\/h2>\n\n\n\n<ul><li><strong>Revenue Growth:<\/strong> Achieved Rs.1,023 crore, marking a 15% YoY increase.<\/li><li><strong>Profitability:<\/strong> Operating profit rose by 12% YoY to Rs.217 crore, while net profit surged by 37% YoY to Rs.94 crore.<\/li><li><strong>Challenges:<\/strong> Revenue impacted by the Red Sea issue during the quarter.<\/li><li><strong>Export Milestone:<\/strong> Recorded highest-ever export sales of Rs.400 crore, with confidence in sustainability for the future.<\/li><\/ul>\n\n\n\n<h2><span class=\"has-inline-color has-vivid-cyan-blue-color\">FY24<\/span><\/h2>\n\n\n\n<ul><li><strong>Revenue Growth: <\/strong>Achieved Rs.3,955 crore, a robust 24% increase compared to FY23.<\/li><li><strong>Operating Profit: <\/strong>Increased to Rs.840 crore, reflecting a significant 21% YoY growth.<\/li><li><strong>Net Profit Surge: <\/strong>Posted Rs.341 crore in net profit, marking a notable 38% YoY increase.<\/li><\/ul>\n\n\n\n<figure class=\"wp-block-image size-large\"><a href=\"https:\/\/fundsindia.com\/blog\/wp-content\/uploads\/2024\/06\/image-31.png\"><img loading=\"lazy\" width=\"750\" height=\"351\" src=\"https:\/\/fundsindia.com\/blog\/wp-content\/uploads\/2024\/06\/image-31.png\" alt=\"\" class=\"wp-image-29912\" srcset=\"https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2024\/06\/image-31.png 750w, https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2024\/06\/image-31-300x140.png 300w\" sizes=\"(max-width: 750px) 100vw, 750px\" \/><\/a><\/figure>\n\n\n\n<h2><span class=\"has-inline-color has-vivid-cyan-blue-color\">Financial Performance (FY21-24)<\/span><\/h2>\n\n\n\n<ul><li><strong>Revenue and PAT CAGR:<\/strong> 45% and 153% respectively over the 3-year period<\/li><li><strong>Average 3-Year ROE &amp; ROCE:<\/strong> 19% and 17% respectively<\/li><li><strong>Strong Balance Sheet:<\/strong> Robust debt-to-equity ratio of 0.45<\/li><\/ul>\n\n\n\n<figure class=\"wp-block-image size-large\"><a href=\"https:\/\/fundsindia.com\/blog\/wp-content\/uploads\/2024\/06\/image-32.png\"><img loading=\"lazy\" width=\"747\" height=\"208\" src=\"https:\/\/fundsindia.com\/blog\/wp-content\/uploads\/2024\/06\/image-32.png\" alt=\"\" class=\"wp-image-29913\" srcset=\"https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2024\/06\/image-32.png 747w, https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2024\/06\/image-32-300x84.png 300w\" sizes=\"(max-width: 747px) 100vw, 747px\" \/><\/a><\/figure>\n\n\n\n<h2><span class=\"has-inline-color has-vivid-cyan-blue-color\">Industry outlook<\/span>&nbsp;<\/h2>\n\n\n\n<ul><li>Dominated by the automotive sector with 62% market share in forge components.<\/li><li>Strong growth drivers include economic expansion, rising incomes, infrastructure investments, and manufacturing incentives.<\/li><li>Industry achieved Rs. 2.9 lakh crore (US$ 36.1 billion) turnover in H1 2023-24, with 12.6% revenue growth compared to H1 2022-23.<\/li><li>Export of auto components grew by 2.7% to Rs. 85,870 crore (US$ 10.4 billion) in H1 2023-24; anticipates US$ 7 billion (Rs. 58,000 crore) investment by FY28 for localisation efforts.<\/li><\/ul>\n\n\n\n<h2><span class=\"has-inline-color has-vivid-cyan-blue-color\">Growth Drivers<\/span><\/h2>\n\n\n\n<ul><li><strong>FDI Inflow:<\/strong> Automotive parts industry allows 100% FDI under the automatic route, attracting $36.26 billion during April 2000 \u2013 March 2024.<\/li><li><strong>Government Policies:<\/strong> Includes The Bharat New Car Assessment Program (BNCAP), Automotive Mission Plan (AMP), Production Linked Incentive Schemes, FAME Scheme, and State Government initiatives.<\/li><li><strong>Make in India Initiative:<\/strong> Enhanced by proximity to key automotive export markets like ASEAN, Europe, and Japan.<\/li><\/ul>\n\n\n\n<h2><span class=\"has-inline-color has-vivid-cyan-blue-color\">Competitive Advantage<\/span><\/h2>\n\n\n\n<p>Compared to competitors like Bharat Forge Ltd, Happy Forgings Ltd, etc., RKFL has consistently maintained stable return ratios that align with sales growth. This underscores RKFL&#8217;s ability to generate enhanced profitability relative to the capital invested.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><a href=\"https:\/\/fundsindia.com\/blog\/wp-content\/uploads\/2024\/06\/image-33.png\"><img loading=\"lazy\" width=\"1024\" height=\"150\" src=\"https:\/\/fundsindia.com\/blog\/wp-content\/uploads\/2024\/06\/image-33-1024x150.png\" alt=\"\" class=\"wp-image-29914\" srcset=\"https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2024\/06\/image-33-1024x150.png 1024w, https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2024\/06\/image-33-300x44.png 300w, https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2024\/06\/image-33-768x113.png 768w, https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2024\/06\/image-33.png 1438w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/a><\/figure>\n\n\n\n<h2><span class=\"has-inline-color has-vivid-cyan-blue-color\">Outlook<\/span><\/h2>\n\n\n\n<ul><li><strong>Expansion Strategy: <\/strong>Focused on sustainable growth through product diversification and geographical expansion.<\/li><li><strong>Risk Management: <\/strong>Minimal counterparty risk with strong customer base and critical component expertise.<\/li><li><strong>Financial Targets:<\/strong> Targeting margin improvement, volume growth via product mix changes and increased exports.<\/li><li><strong>Profitability Goals: <\/strong>Aiming for sustained 50% gross margin and balanced export-domestic revenue mix for higher profitability.<\/li><\/ul>\n\n\n\n<figure class=\"wp-block-image size-large\"><a href=\"https:\/\/fundsindia.com\/blog\/wp-content\/uploads\/2024\/06\/image-34.png\"><img loading=\"lazy\" width=\"1024\" height=\"712\" src=\"https:\/\/fundsindia.com\/blog\/wp-content\/uploads\/2024\/06\/image-34-1024x712.png\" alt=\"\" class=\"wp-image-29915\" srcset=\"https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2024\/06\/image-34-1024x712.png 1024w, https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2024\/06\/image-34-300x208.png 300w, https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2024\/06\/image-34-768x534.png 768w, https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2024\/06\/image-34.png 1226w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/a><\/figure>\n\n\n\n<h2><span class=\"has-inline-color has-vivid-cyan-blue-color\">Valuation<\/span><\/h2>\n\n\n\n<p>With a diversified revenue stream, new component introductions, expanded customer base, and increased market share, Ramkrishna Forgings Ltd. is poised for sustained medium to long-term growth. We recommend a BUY rating with a target price (TP) of Rs. 1,051, based on 40x FY26E EPS.<\/p>\n\n\n\n<h2><span class=\"has-inline-color has-vivid-cyan-blue-color\">Risks<\/span><\/h2>\n\n\n\n<ul><li><strong>Forex Risk:<\/strong> Significant operations in foreign markets expose the company to forex fluctuations, which can adversely impact financial performance.<\/li><li><strong>Socio-economic Risk:<\/strong> Instability affecting input costs (e.g., raw materials, freight) poses a threat to margins and profitability.<\/li><\/ul>\n\n\n\n<p><em><strong>Note<\/strong>: Please note that this is not a recommendation and is intended only for educational purposes. So, kindly consult your financial advisor before investing.<\/em><\/p>\n\n\n\n<p dir=\"ltr\" style=\"line-height: 1.8; margin-top: 0pt; margin-bottom: 0pt; text-align: center;\"><a href=\"https:\/\/fundsindia-marketing-assets.s3.ap-south-1.amazonaws.com\/Alpha+Ramkrishna+Forgings+Ltd+-+June+2024.pdf\" rel=\"noopener\"><img alt=\"\" src=\"https:\/\/fundsindia-marketing-assets.s3.ap-south-1.amazonaws.com\/button_read-the-full-alpha-report.png\" style=\"width: 320px; height: 49px;\"><\/a><\/p>\n\n\n\n<h2><strong><span class=\"has-inline-color has-vivid-cyan-blue-color\">Recap of our previous recommendations (As on 21 June 2024)<\/span><\/strong><\/h2>\n\n\n\n<figure class=\"wp-block-image size-large\"><a href=\"https:\/\/fundsindia.com\/blog\/wp-content\/uploads\/2024\/06\/image-35.png\"><img loading=\"lazy\" width=\"1024\" height=\"226\" src=\"https:\/\/fundsindia.com\/blog\/wp-content\/uploads\/2024\/06\/image-35-1024x226.png\" alt=\"\" class=\"wp-image-29916\" srcset=\"https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2024\/06\/image-35-1024x226.png 1024w, https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2024\/06\/image-35-300x66.png 300w, https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2024\/06\/image-35-768x169.png 768w, https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2024\/06\/image-35.png 1166w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/a><\/figure>\n\n\n\n<p><a href=\"https:\/\/www.fundsindia.com\/blog\/equities\/alpha-l-t-foods-ltd-equity-research-desk\/29870\">L T Foods Ltd<\/a><\/p>\n\n\n\n<p><a href=\"https:\/\/www.fundsindia.com\/blog\/equities\/alpha-motherson-sumi-wiring-india-ltd-equity-research-desk-2\/29786\">Motherson Sumi Wiring India Ltd<\/a><\/p>\n\n\n\n<p><a href=\"https:\/\/www.fundsindia.com\/blog\/equities\/alpha-indian-hotels-co-ltd-equity-research-desk\/29751\">Indian Hotels Co Ltd<\/a><\/p>\n\n\n\n<p><a href=\"https:\/\/www.fundsindia.com\/blog\/equities\/alpha-cipla-ltd-equity-research-desk\/29725\">Cipla Ltd<\/a><\/p>\n\n\n\n<p><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Ramkrishna Forgings Ltd. &#8211; Driving Innovation with Excellence Incorporated in 1981 and headquartered in Kolkata, Ramkrishna Forgings Ltd. (RKFL) is a leading manufacturer and seller of forged components to various sectors including automotive, railways, farm equipment, bearings, oil &amp; gas, power and construction, earth moving, and mining. With an installed capacity of 210,900 tonnes and [&hellip;]<\/p>\n","protected":false},"author":14,"featured_media":29899,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[743,59],"tags":[744,1060,873,1033,745,897,892,648,1067,1066,870],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v17.3 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Ramkrishna Forgings Ltd Stock Analysis June - 2024<\/title>\n<meta name=\"description\" content=\"Ramkrishna Forgings Ltd (RKFL) is a prominent automotive forging company renowned for its global manufacturing capabilities and diverse product range.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/fundsindia.com\/blog\/equities\/alpha-ramkrishna-forgings-ltd-equity-research-desk\/29898\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Ramkrishna Forgings Ltd Stock Analysis June - 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