Ramkrishna Forgings Q2 FY27 Results: Consolidated Net Profit ₹70.59 Crore on Total Income of ₹1,410 Crore
Earnings
forging components
Blacklitt Research4 min read
Photo by Le Trung on Unsplash (Unsplash License). Illustrative image.
Consolidated total income for the quarter ended 30 Sep 2026 was ₹1,409.62 crore and consolidated net profit was ₹70.59 crore. Standalone total income was ₹1,262.80 crore and standalone net profit was ₹67.73 crore.
Key highlights
Consolidated
Including its subsidiaries
Total income: ₹1,409.62 crore, up 54.3% YoY and 15.5% QoQ
Net profit: ₹70.59 crore, up 50.6% QoQ; a loss of ₹9.50 crore a year earlier
Finance costs: ₹61.56 crore, up 7.8% QoQ
Exceptional items: ₹42.05 crore expected credit loss provision, per the notes
Standalone
The company on its own, without its subsidiaries
Total income: ₹1,262.80 crore, up 56.1% YoY and 14.6% QoQ
Net profit: ₹67.73 crore, up 29.8% QoQ; ₹0.37 crore a year earlier
EPS, basic: ₹3.72, against ₹0.02 a year earlier and ₹2.87 in the quarter ended 30 Jun 2026
Finance costs: ₹48.48 crore, up 7.2% YoY
Summary
Consolidated ₹ crore
Particulars
Q2 FY27
Q2 FY26
YoY
Q1 FY27
QoQ
1,409.62
913.28
+54.3%
1,220.11
+15.5%
Revenue from operations
1,405.42
907.53
+54.9%
1,216.67
+15.5%
Other income
4.20
5.75
-27.0%
3.44
+22.1%
70.59
-9.50
n/a
46.88
+50.6%
Profit before tax
95.45
-10.27
n/a
54.73
+74.4%
Finance costs
61.56
n/a
n/a
57.13
+7.8%
Depreciation
102.73
80.38
+27.8%
90.44
+13.6%
Tax expense
24.87
-0.77
n/a
n/a
n/a
Net profit margin
5.01%
-1.04%
+6.05 pp
3.84%
+1.17 pp
Figures are in ₹ crore; YoY compares with Q2 FY26 and QoQ with Q1 FY27. Click Total income or Net profit to see the rows behind them.
Consolidated revenue from operations rose 54.9% YoY while other income fell 27.0%. Other income of ₹4.20 crore is 0.3% of total income this quarter, so revenue from operations accounts for nearly all of the ₹1,409.62 crore total.
Net profit of ₹70.59 crore rose 50.6% QoQ, faster than total income, which rose 15.5%. Profit before tax was ₹95.45 crore against ₹54.73 crore in the quarter ended 30 Jun 2026, and tax expense was ₹24.87 crore. A year earlier the group reported a net loss of ₹9.50 crore on a loss before tax of ₹10.27 crore.
Finance costs of ₹61.56 crore are 4.4% of total income this quarter and rose 7.8% QoQ. Depreciation rose 27.8% YoY to ₹102.73 crore.
The consolidated notes record a provision of ₹42.05 crore for expected credit loss on trade receivables, made during the quarter and year ended 31 Mar 2026. The notes say it arose from disruptions from the conflict in West Asia and tariffs imposed by the US government, and describe it as unusual in nature and not expected to recur.
The notes record ₹10.44 crore of exceptional items accounted in the year ended 31 Mar 2026 for the impact of new labour codes effective 21 Nov 2025. They also record ₹41.77 crore of excess electricity duty collected in Jharkhand up to 31 Mar 2025, which the notes say is not payable under a High Court order dated 5 Jan 2026, and a total receivable of ₹52.32 crore from JBVNL and TSUISL.
Standalone ₹ crore
Particulars
Q2 FY27
Q2 FY26
YoY
Q1 FY27
QoQ
1,262.80
808.93
+56.1%
1,101.68
+14.6%
Revenue from operations
1,255.02
800.79
+56.7%
n/a
n/a
Other income
7.78
8.14
-4.4%
4.45
+74.8%
67.73
0.37
n/a
52.18
+29.8%
Profit before tax
91.74
0.49
n/a
71.47
+28.4%
Finance costs
48.48
45.21
+7.2%
n/a
n/a
Depreciation
82.36
n/a
n/a
79.58
+3.5%
Tax expense
24.01
n/a
n/a
19.29
+24.5%
Net profit margin
5.36%
0.05%
+5.32 pp
4.74%
+0.63 pp
EPS, basic (₹)
3.72
0.02
n/a
2.87
+29.6%
Figures are in ₹ crore; YoY compares with Q2 FY26 and QoQ with Q1 FY27. Click Total income or Net profit to see the rows behind them.
Standalone revenue from operations rose 56.7% YoY while other income fell 4.4%. Standalone other income of ₹7.78 crore is 0.6% of total income of ₹1,262.80 crore this quarter.
Standalone net profit of ₹67.73 crore rose 29.8% QoQ, faster than total income, which rose 14.6%. Profit before tax was ₹91.74 crore against ₹0.49 crore a year earlier, and tax expense was ₹24.01 crore.
Standalone finance costs of ₹48.48 crore are 3.8% of total income and rose 7.2% YoY. The standalone notes carry the same three items as the consolidated notes: ₹9.41 crore of exceptional items for the labour codes, a ₹42.05 crore expected credit loss provision made during the quarter and year ended 31 Mar 2026, and ₹41.77 crore of excess electricity duty.
Basic EPS is ₹3.72 against ₹0.02 a year earlier and ₹2.87 in the quarter ended 30 Jun 2026.
Inference
The board declared a first interim dividend of ₹2 per equity share of face value ₹2, to be paid within 30 days of declaration and subject to TDS, with 6 Nov 2026 fixed as the record date. The filing says the balance 75% of the issue price, ₹149.94 crore, was received during the quarter ended 30 Sep 2026 on 34,00,000 warrants allotted on 14 Jan 2026 at ₹588 each, aggregating ₹199.92 crore, with ₹49.98 crore received on allotment.
The board approved an increase of up to ₹56.76 crore in the investment limit in Ramkrishna Titagarh Rail Wheels Limited, a joint venture in which the company holds 51%, in one or more tranches. The filing gives the total project cost as ₹2,181.41 crore in two phases, and consolidated purchases of property, plant and equipment, including capital work-in-progress, were ₹390.18 crore in the six months ended 30 Sep 2026.
The board appointed Subir Chakraborty and Anurag Vohra as non-executive independent directors for five consecutive years with effect from 30 Oct 2026, and approved an alteration of the object clause of the memorandum of association; both need shareholder approval. A reader would want to know when the joint venture will start commercial production, which the filing leaves open.
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RKFORGERamkrishna Forgings Ltd.
