Slides
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Innovation Engineered For Excellence Investor Presentation Q2 & H1 FY26
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Investor Presentation – November 2025 Safe Harbor This presentation and the accompanying slides (the “Presentation”), which have been prepared by Ramkrishna Forgings Limited (the “Company’), have been prepared solely for information purposes and do not constitute any offer, recommendation or invitation to purchase or subscribe for any securities, and shall not form the basis or be relied on in connection with any contract or binding commitment whatsoever. No offering of securities of the Company will be made except by means of a statutory offering document containing detailed information about the Company. This Presentation has been prepared by the Company based on information and data which the Company considers reliable, but the Company makes no representation or warranty, express or implied, whatsoever, and no reliance shall be placed on the truth, accuracy, completeness, fairness and reasonableness of the contents of this Presentation. This Presentation may not be all inclusive and may not contain all of the information that you may consider material. Any liability in respect of the contents of, or any omission from, this Presentation is expressly excluded. Certain matters discussed in this Presentation may contain statements regarding the Company’s market opportunity and business prospects that are individually and collectively forward-looking statements. Such forward-looking statements are not guarantees of future performance and are subject to known and unknown risks, uncertainties and assumptions that are difficult to predict. These risks and uncertainties include, but are not limited to, the performance of the Indian economy and of the economies of various international markets, the performance of the industry in India and world-wide, competition, the Company’s ability to successfully implement its strategy, the Company's future levels of growth and expansion, technological implementation, changes and advancements, changes in revenue, income or cashflows, the Company's market preferences and its exposure to market risks, as well as other risks. The Company's actual results, levels of activity, performance or achievements could differ materially and adversely from results expressed in or implied by this Presentation. The Company assumes no obligation to update any forward- looking information contained in this Presentation. Any forward-looking statements and projections made by third parties included in this Presentation are not adopted by the Company and the Company is not responsible for such third-party statements and projections. All Maps used in the Presentation are not to scale. All data, information and maps are provided "as is" without warranty or any representation of accuracy, timeliness or completeness 2
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Investor Presentation – November 2025 Contents 3 Q2 & H1 FY26 Financial Overview About Ramkrishna Forgings Update on Subsidiary and Joint Venture Multiple Vectors to Accentuate Growth Our Commitment 1 2 3 4 5
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Q2 & H1 FY26 Financial Overview
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Investor Presentation – November 2025 Q2 & H1 FY26 Financial Highlights 5 Standalone Consolidated Q2 FY26 H1 FY26 Q2 FY26 H1 FY26 ₹ 80,079 Lakhs 18% Revenue from Operations YoY Growth ₹ 10,789 Lakhs 25% EBITDA & Margin YoY Growth13.5% ₹ 1,73,748 Lakhs 6% Revenue from Operations YoY Growth ₹ 24,265 Lakhs 17% EBITDA & Margin YoY Growth14.0% Revenue from Operations YoY Growth EBITDA & Margin YoY Growth Revenue from Operations YoY Growth EBITDA & Margin YoY Growth ₹ 90,753 Lakhs 14% ₹ 12,254 Lakhs 26% 13.5% ₹ 1,92,279 Lakhs 4% ₹ 27,115 Lakhs 19% 14.1%
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Investor Presentation – November 2025 MD’s Insights and Reflections 6 MR. NARESH JALAN “In the face of persistent global volatility—marked by evolving geopolitical dynamics, currency movements, and input cost fluctuation — we have reported consolidated revenues of ₹908 crore for the quarter. This performance underscores our ability to navigate external headwinds with resilience and reflects the sharp focus on execution and customer commitment. Our international business continues to experience short-term impact from tariff-related uncertainties, with applicable tariff on exports from India. Encouragingly, prospects of an imminent trade agreement offer a clear path to resolution. As shared earlier, the exposure remains limited, as a significant share of exports is supplied to proximate manufacturing hubs of our North American customers. At the same time, our ongoing efforts to strengthen and diversify our domestic presence are bearing fruit. We are witnessing healthy traction in the Railways segment, where our products are being assembled into bogies. The newly launched vertical supplying castings to Railways has made a promising start and is well-positioned to accelerate growth in the coming quarters. Momentum in expanding our order book remains strong. During the quarter, we secured new contracts worth ₹1116 crore across the Auto, Non-Auto, and Railways sectors—reflecting our diversified capabilities and enduring customer trust. Looking ahead, we remain focused on driving sustainable growth and long-term value creation. Key priorities include the introduction of new products, optimization of capacity utilization, and continued diversification of our revenue base. Backed by strategic agility and operational discipline, we are well poised to capture emerging opportunities across domestic and global markets.”
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Investor Presentation – November 2025 Q2 FY25 Q1FY26 Q2FY26 4,796 8,816 13,612 2,151 37 Q2 FY25 Q1FY26 Q2FY26 14,393 13,477 10,789 Key Performance Indicators (Standalone) 7 EBITDA* & EBITDA Margin (%) (₹ in lakhs)*Excluding Other Income; Note: Rounded off to the nearest whole number. # PAT includes exceptional gains from the sale of Globe All India Services Limited in Q2 FY25 and H1FY25. Q2FY25 and H1FY25 numbers have been restated pursuant to the merger of ACIL with Ramkrishna Forgings Limited 25% Q2 FY25 Q1FY26 Q2FY26 97,077 93,669 80,079 Revenue* 18% PAT & PAT Margin# (%) H1 FY25 H1 FY26 1,85,711 1,73,748 H1 FY25 H1 FY26 29,171 24,265 H1 FY25 H1 FY26 9,049 8,816 17,865 2,188 Exceptional Item, 4.7% PAT, 4.9% 88%6% 17% 100% 14.0% 2.3% 0.1% 15.7% 14.0% 9.6% 1.3% 14.8% 14.4% 13.5% Exceptional Item, 9.1% PAT, 4.9%
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Investor Presentation – November 2025 H1 FY25 H1 FY26 33,477 27,115 H1 FY25 H1 FY26 11,283 8,150 19,433 229 H1 FY25 H1 FY26 2,01,311 1,92,279 Key Performance Indicators (Consolidated) 8 EBITDA* & EBITDA Margin (%) (₹ in lakhs) Q2 FY25 Q1FY26 Q2FY26 1,05,363 1,01,526 90,753 Revenue* PAT & PAT Margin (%)# Exceptional Item, 4.1% PAT, 5.6% 99% 14% 19% Q2 FY25 Q1FY26 Q2FY26 16,571 14,861 12,254 26% 4% Exceptional Item, 7.7% PAT, 5.5% 16.6% 14.1% 9.7% 0.1% 15.7% 14.6% 13.5% *Excluding Other Income; Note: Rounded off to the nearest whole number. # PAT includes exceptional gains from the sale of Globe All India Services Limited in Q2 FY25 and H1FY25. Q2FY25 and H1FY25 numbers have been restated pursuant to the merger of ACIL with Ramkrishna Forgings Limited Q2 FY25 Q1FY26 Q2FY26 5,810 8,150 13,960 1,179 -950 107% 13.2% 1.2% -1.0%
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Investor Presentation – November 2025 Q2 FY25 Q1FY26 Q2FY26 27,325 30,814 26,763 16,062 13,357 12,646 43,387 44,171 39,409 Q2 FY25 Q1FY26 Q2FY26 1.79 1.78 1.72 2.52 2.39 2.19 H1 FY25 H1 FY26 50,542 57,577 31,384 26,003 81,926 83,580 H1 FY25 H1 FY26 1.81 1.75 2.54 2.29 Volume (tons) Realisation (Rs. Lac/(ton)) Volumes and Realisation 9 Total Revenue Breakup (Rs. Lakhs.)* Particulars Q2 FY26 Q2 FY25 YoY Q1 FY26 QoQ Domestic Markets 51,642 55,594 -7% 61,093 -15% Export Markets 27,797 40,618 -32% 31,875 -13% Other Income & Export Incentive 1,454 866 68% 1,142 27% Total 80,893 97,078 -17% 94,110 -14% Total Revenue Breakup (Rs. Lakhs.)* Particulars H1 FY26 H1 FY25 YoY Domestic Markets 1,12,736 1,03,982 8% Export Markets 59,672 79,885 -25% Other Income & Export Incentive 2,596 2,420 7% Total 1,75,004 1,86,287 -6% Note: Data is on standalone basis unless stated otherwise. *FY24 numbers have been restated pursuant to the merger of ACIL with Ramkrishna Forgings Limited Domestic Markets Export Markets 2% Volume (tons) Realisation (Rs. Lac/(ton)) 9%
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Investor Presentation – November 2025 Capacity Utilization 10 Particulars Installed Capacity Production (MT) Q2 FY26 Q1 FY26 Q2 FY25 FY25 FY24 Production (MT) Utilization (%)* Production (MT) Utilization (%)* Production (MT) Utilization (%)* Ring Rolling 24,000 32,541 32,533 5,267 88% 7,824 130% 8,532 142% Forgings 70,350 47,352 49,054 9,341 53% 10,418 59% 12,420 89% Press 1,74,050# 1,16,130 105,558 25,893 60% 28,231 65% 28,637 77% Total Capacity 2,68,400# 1,96,023 187,145 40,501 60% 46,473 69% 49,589 87% * Utilization (%) has been calculated on installed capacity on Annualized basis; # Capacity increased for Press Facility from 130,800 MT to 149,050 MT on April 03, 2024 and from 149,050MT to 174,050MT on January 31, 2025. Forging Capacity increased from 56,100MT to 70,350MT on March 27, 2025. Total Capacity has increased from 210,900 MT to 229,150 MT from April 03, 2024, and the same increased to 254,150MT on January 31, 2025 and to 268,400MT on March 27, 2025.
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Investor Presentation – November 2025 Order Wins in Q2 and H1FY26 11 During Q2, the Company secured new orders worth ₹1116 crore, with a program life of four years, excluding the Railway segment. Approximately 69% of these orders were from the automotive segment, 27% from Railways, and the balance 4% from the non-automotive segment, reflecting continued progress in the Company’s diversification strategy. For Indian Railways, the company has received order for supply of Fully Assembled Bogie Frames, with required approvals now in place, bulk dispatches have commenced. Excluding Railways, all orders won during the quarter were from international geographies Auto, 777 Non Auto , 43 Railways, 96 Railways- Casting, 200 Auto Non Auto Railways Railways- Casting Q2FY26 Rs 1116 Cr Auto , 1,339 Non Auto, 142 Railways, 119 Railways - Casting, 200 Auto Non Auto Railways Railways - Casting H1Y26 Rs 1800 Cr
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Investor Presentation – November 2025 Way Forward 12 The Company expects a Volume growth of 18–20% expected in H2 FY26, supported by strong pipeline of orders Major Growth drivers: − Railways - Approval received and bulk dispatches started for Bogie Assemblies. − Exports in Europe − Aluminum Forgings − New products in Domestic and LCV markets − Castings plant of 45,000MT per Annum getting commissioned in H2FY26 Post-GST cut: − Robust demand in the Domestic market will drive growth & capacity utilization − Anticipated increase in both Revenue and Profitability New Order Wins: − Secured major orders during H1 FY26- Rs 927 Crores in CV Segment in Europe market, Rs 307 Crores in PV Segment in North America market, to be fulfilled over the next four years and Rs 319 Crores in Railways. These orders are poised to be key growth drivers for the company.
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About Ramkrishna Forgings
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Investor Presentation – November 2025 One Stop Solution Provider 14 Hot Forging Warm forging Gear Grinding Machining Fabrication Aluminium Forging Casting Hammer & Upsetter Facilities Ring Rolling Press & Press Lines Providing solutions to Commercial Vehicles Railways Mining, Earth Moving & Farm Equipment Industrial Components, Steel, Cement & Power Oil & Gas Cold Forgings
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Investor Presentation – November 2025 Global Presence 15 Revenue By Geography India 66%Asia Pacific other than India 1% North America 19% Eurpoe 14% 66% 34% Domestic Exports % Share –H1FY25 #19 Countries Served Asia Pacific India, UAE, Thailand, Japan, Australia, Turkey Europe Belgium, Netherlands, Spain, France, Switzerland, Sweden, Germany, Italy, Poland North America USA, Canada, Mexico South America Brazil
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Update on Subsidiary and Joint Venture
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Investor Presentation – November 2025 Update on Mal Metalliks and MAPL 17 We are expecting the order from NCLT for merger of Mal Metalliks Pvt. Ltd. and Multitech Auto Pvt. Ltd. into Ramkrishna Casting Solutions Ltd. (formerly JMT Auto Ltd.) in Q3FY26. All three entities are wholly owned subsidiaries, ensuring no change in RKFL’s shareholding. NCLT has dispensed with meetings of equity shareholders, secured & unsecured creditors, and debenture holders. 100% shareholder consent and >90% creditor approvals already received in writing Merger to simplify group structure and eliminate duplicate compliances Expected to enhance operational efficiency and synergies across casting and machining businesses
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Investor Presentation – November 2025 Update on Rail Wheel Project Ramkrishna Forgings & Titagarh Rail Systems Consortium received an LOA for Manufacturing and Supplying of Forged Wheels for the Indian Railways. Ramkrishna Forgings holds a 51 % stake in the Joint Venture and is the lead partner in this railway contract. The company will establish Asia’s 2nd largest manufacturing plant in India to produce 228 ,000 forged wheels per annum. The total project cost is estimated at ₹ 2,000 crores, which is being funded through a mix of debt and equity. As on September 30,2025 - Rs 400 crores has been infused as equity in the JV. Project at Chennai, Tamil Nadu and construction work at site is progressing as per schedule. All machines for the project have been ordered, and the delivery of the machine also started. Installation of Rotary hearth furnace, Railway wheel forging and rolling line, and a Heat treatment line is under progress. Operations are expected to begin by Mar’26 18
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Investor Presentation – November 2025 Ramkrishna Forgings Limited has acquired a company in Mexico and the same is named as Ramkrishna Forgings Mexico S.A. de C.V. The Company has taken a factory space on lease at Monterrey, Mexico, and has already commenced its machining operations along with storage. Current Machining is done on Machines supplied by a North American customer on Forgings also supplied by them. We have secured significant orders totaling Rs 200 Crores for machining services from a major North American customer, to be fulfilled over the next five years. To ensure timely execution, the necessary machinery has already been ordered, with deliveries commencing this month. Bulk production is scheduled to begin from April 2026, positioning us for steady revenue growth and enhanced capacity utilization. Discussions are on for existing portfolio as we are facing strong traction for requirements from Mexico. Update on Mexico Facility 19
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Multiple Vectors to Accentuate Growth
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Investor Presentation – November 2025 Multiple Vectors to Accentuate Growth 21 Global Markets Further geographic presence to enhance capture global market opportunities Inorganic Opportunities Explore inorganic opportunities offering strategic benefits Expanding Capabilities Expand our manufacturing capacities Focus on EV Focus on increasing revenue share of EV business Diversification Strategy Continue the diversification strategy with increasing focus on non-automotive categories
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Investor Presentation – November 2025 Well Positioned To Capture Future Growth 22 Summary on Capacity Expansion Summary on Capacity Expansion 1,600T Press Press installed Components for 2W, PV and LV 900T Cold Forging Press Press Commissioned & Production Started Components for LV 8,000T Press Press in Final Stage of Commissioning Heavy Components for CV & Off Highway 3,000T Press Press under Installation Aluminum Forged Components for EV Horizontal Moulding Line under commissioning Components for Castings The company in its endeavor to expand its product offering to suit the needs to varied customer segments, has made investments into specific technologies in Forgings & Castings Forging Capacity for the Company on consolidated level shall increase to 333,400MT per Annum and Casting capacity shall increase to 62,400MT per Annum
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Our Commitment
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Investor Presentation – November 2025 Our ESG Vision - Delivering shared value to the planet and people 24 We are aligned with 9 United Nations Sustainability Development Goals RKFL’s 5 Pillars of Sustainability ENVIRONMENTAL CONSCIOUSNESS VALUABLE PARTNERSHIPS REWARDING WORKPLACE EMPOWERED COMMUNITIES ROBUST GOVERNANCE
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Investor Presentation – November 2025 Key Sustainability Highlights 25 Where Growth Meets Green: Progress Update for Q2 FY20261 15% Reduction in Total water consumption increase in recycled wastewater 6% Increase in renewable energy mix Total renewable energy consumption has increased by 3% 55% Decrease in waste intensity 99% Permanent employees trained on ESG Permanent employees trained on Human Rights 23% Decrease in waste generated 1 Note: The above is year-on-year update on ESG performance 60% Increase in rainwater harvesting 99% 37% Improvement in overall waste recycling performance 37% 9% Reduction in energy intensity per unit of production Reduction in grid electricity intensity per unit of production 25%
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Investor Presentation – November 2025 Our Goals and Initiatives 26 Committed to preserving and protecting the environment and supporting the local community Our Goals and Target Year Progress Key Initiatives GHG Emissions & Energy Management Achieve Net Zero 2040 6% increase in RE energy mix Reduction in Propane Across Operations Achieved 30% reduction. Initiated Electrification of Propane based Heat Treatment Furnace in Plant 3&4. Renewable Energy Progress Highlights: 6% year-on-year growth in renewable energy mix. 1.51 MWp of new solar capacity added across Plants during Q2 FY26. 100% Green Energy now powers the Kolkata Head Office. Energy Consumption Reductions at a Glance: 9% reduction in energy intensity achieved per unit of production. Achieve 100% Renewable Energy 2033 9% reduction In energy intensity per unit of production Water Management Achieve Zero Liquid Discharge (ZLD) across all plants 2030 55% increase in wastewater recycling Key Water Management Initiatives: Detailed water audit conducted across all the Plants Reduced freshwater consumption by extensively utilizing treated water for cooling towers, utensil cleaning, gardening, fire hydrant line, civil work etc. Installed water-efficient fixtures like push taps, dual flush systems, auto flush urinals, and aerators to reduce daily freshwater consumption. Canteen drinking water consumption reduced by 33% at Plant 1 through targeted training and awareness program. Achieve 100% water recycling Waste Management Reduce total waste generation by 50% 2030 23% decrease in waste intensity Waste Reduction Initiatives Driving Efficiency: Waste intensity per unit of production reduced by 23%, reflecting more sustainable manufacturing practices. 9R Waste Management framework across all plants. Employee Wellbeing Train 100% employees on ESG 2025 99% Permanent employees trained Advancing Employee Well-being: Trained contractual employees on ESG and Human Rights principles to foster responsible practices Conducted Human Rights Due Diligence survey to assess and strengthen ethical standards across operations. Earned ‘Great Place to Work’ Certification for the second consecutive year Train 100% employees on Human Rights 2025 99% Permanent employees trained Community Support Launch a flagship CSR program across all plants 2030 Community Upliftment through infrastructure, healthcare and waste management Strengthening Community Infrastructure and Well-being: Pasting radium stickers on roads and street light poles for enhanced vehicle safety Care for Autism: Supporting education for children diagnosed with autism Organizing blood donation and health check-up camps for community health Upgradation of healthcare centres for enhanced healthcare access Construction and renovation of schools.
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Investor Presentation – November 2025 For RKFL, Human Rights Due Diligence is a strategic tool to build trust, enhance risk management, protect stakeholders, and create a rewarding workplace. “ Increase brand recognition and reputation Compliance with regulatory requirements Align with global customer demands Improve talent development and retention Value Addition and Benefits Child Labour Restrict work performed by anyone below the age of 18, or as per local laws Working Conditions Physically & psychologically safe and fair environment to work Management System Structured approach to ensure understanding on human rights Forced Labour No work should be extracted from workers under a threat of penalty Remuneration Equitable and fair compensation based on work, skills and experience Awareness Company’s effort to ensure knowledge on fundamental rights Freedom of Association Right to interact and organize themselves to collectively bargain Health & Safety Providing a safe and healthy environment to ensure worker wellbeing Discrimination Equal treatment of all irrespective of race, gender, religion, disability etc. Grievance Redressal Formal system to report and resolve human rights concerns at the workplace Labour Rights Workplace Conditions Governance Systems Pillar 1 Pillar 2 Pillar 3 RKFL’s Three Pillar Approach to Human Rights Due Diligence RKFL’s Human Rights Policy sets guidelines on: • Child Labour • Forced Labour • Working Hours & Conditions • Health & Safety • Discrimination & Sexual Harassment • Fair Remuneration • Freedom of Association • Diversity, Equity & Inclusion Our process is guided by global frameworks and standards: Embedding Human Rights Due Diligence 27 We focus on ensuring fair, safe, and respectful conditions for all.
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Investor Presentation – November 2025 Conference Call Details To enable participants to connect to the conference call without having to wait for an operator, please register at the below mentioned link: 06:00 PM. IST on 12th November 2025 HOSTED BY:Pre-registrationTime 28 Q2 & H1 FY26 EARNINGS CALL
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Thank You Mr. Lalit Kumar Khetan (Whole Time Director & CFO) Ramkrishna Forgings Limited Email: lalit.khetan@ramkrishnaforgings.com Mayank Vaswani / Mit Shah CDR India Tel: +91 98209 40953 / +91 99201 68314 Email: mayank@cdr-india.com / mit@cdr-india.com