Interim report
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RAMKRISHNR FORGINGS LIMITED Date: 12 November, 2025 To To The Listing Department The Listing Department BSE Limited National Stock Exchange of India Limited Phiroze Jeejeebhoy Towers, “Exchange Plaza” C-1, Block G, Dalal Street, Bandra-Kurla Complex, Bandra (E), Mumbai - 400 001 Mumbai- 400 051 BSE SCRIP CODE: 532527 NSE SYMBOL: RKFORGE Dear Sir/Madam, H of Boar: in, rsuant to latio; d d with Schedule I1II r of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 201 5 In furtherance to the intimations dated 27 September, 2025, 8 November, 2025 and pursuant to Regulations 30 and 33 read with Schedule [1I and other applicable provisions of the SEBI LODR Regulations, 2015, please be informed that the Board of Directors at its meeting held on Wednesday, 12 November, 2025, inter-alia considered and approved the following: > Financial Results a) Un-audited Financial Results (Standalone and Consolidated) for the Quarter and Half Year ended 30 September, 2025 together with the Limited Review Reports issued by Joint Statutory Auditors of the Company, copies of the same are enclosed; b) Un-audited Statement of Assets and Liabilities (Standalone & Consolidated) for Half Year ended 30 September, 2025; ¢) Un-audited Cash Flow Statement (Standalone & Consolidated) for the Half Year ended 30 September, 2025; > Preferential Issue of Convertible Wi ants to Pr ter Catego Issuance of upto 34,00,000 Warrants convertible into 34,00,000 Equity Shares of Face Value of Rs. 2 each at a price of Rs. 588 per Warrant aggregating to Rs. 199.92 Crores (Rupees One Hundred Ninety Nine Crore and Ninety Two Lakh only) to Mr. Chaitanya Jalan, Promoter on a preferential basis in accordance with Chapter V of the SEBI ICDR Regulations, 2018, subject to Shareholders approval at the ensuing Extra Ordinary General Meeting and other regulatory/governmental approval, as may be required. The Relevant Date in terms of SEBI [CDR Regulations, 2018 is Wednesday, 12 November, 2025. The details as required in terms of SEBI Circular No. SEBI/HO/CFD/PoD2/CIR/P/0155 dated 11 November, 2024 and SEBI Circular No. SEBI/HO/CFD/CFD-PoD-2/CIR/P/2024/185 dated 31 December, 2024 are provided at Annexure A. . Tite BoosoancThies -INDIA'S GROWTH CHAMPIONS 2020 salsug REGISTERED: & CORPORATE: OFFICE 23 CIRCUS AVENUE, KOLKATA 700017, WEST BENGAL, INDIA ) PHONE : (+9133)4082 0900 / 7122 0900, FAX : (+91 33)4082 0998 / 7122 0998, EMAIL : info@ramkrishnaforgings.com, WEB : www.ramkrishnaforgings.com ) CIN NO. :L74210WB1981PLC034281
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RAMKRISHNA FORGINGS LIMITED > Appointment of Monitoring Agency In terms of Regulation 162A of SEBI ICDR Regulations, 2018, appointed India Ratings and Research Private Limited, a SEBI registered Credit Rating Agency as the Monitoring Agency for the purpose of monitoring of utilisation of proceeds from the preferential issue of 34,00,000 Warrants. > Convening of Extra Ordinary General Meeting Convene an Extra Ordinary General Meeting of the Shareholders of the Company on Friday, 12 December, 2025 at 11:30 AM (IST) through Video Conferencing/Other Audio Visual Means (“VC/OAVM”), to seek approval for the Preferential Issue of Convertible Warrants to Promoter Category. The Board Meeting commenced at 2:00 P.M. (1S.T) and concluded at$:30p M. (LS.T). We request you to take the abovementioned information on record and oblige. Copy of the same is also being made available on the website of the Company at www.ramkrishnsforgings.com. Thanking you, Yours truly, For Ramkrishna Forgings Limited Rajesh Mundhra Company Secretary & Compliance Officer ACS 12991 Encl.: As above Tz Eogsouc Thues INDIA'S GROWTH CHAMPIONS 2020 statisa®s REGISTERED. & CORPORATE OFFICE 23 CIRCUS AVENUE, KOLKATA 700017, WEST BENGAL, INDIA PHONE : (+91 33)4082 0900 / 7122 0900, FAX : (+91 33)4082 0998 / 7122 0998, EMAIL : info@ramkrishnaforgings.com, WEB : www.ramkrishnaforgings.com CIN NO. :L74210WB1981PLC034281
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RAMKRISHNA FORGINGS LIMITED Annexure A DETAILS IRED IN T! F SEBI CIRCUL . CFD/POD2/CIR, 155 DATED MBER, 2024 BI CIRCULA . SEBI/HO/CFD -POD-2/CIR/P /2024 /185 DATED 31 EMBER, 202. Sl Particulars Details No. . 1. | Type of securities | Warrants convertible or exchangeable into Equity Shares of Rs. 2 each proposed to be issued i.e. 1 Equity Share per 1 Warrant 2. | Type of issuance Preferential Allotment of Warrants, on a private placement basis in accordance with Chapter V of the SEBI ICDR Regulations and other applicable laws 3. | Totalnumber of securities | The Company will issue and allot upto 34,00,000 Warrants, convertible proposed to be issued or | or exchangeable into equivalent number of fully paid-up equity shares the total amount for | having Face Value of Rs.2 each atan issue price of Rs 588/- per Warrant which the securities will | aggregating up to Rs. 199.92 Crore to Mr. Chaitanya Jalan, Promoter be issued (approximately) | Category. 4. | In case of preferential issue the following additional details to the Stock Exchange(s): i. Names of the investors: ii.Post allotment of securities outcome of the subscription, issue price/allotted price (in case of convertibles), number of investors: e a0 S o il A 30,47,900 1.68% 34,00,000 | 64,47,900 3.48% Chaitanya Jalan *The number of shares mentioned in this column have been calculated assuming_all the Warrants issued to the proposed allottees will be converted fully. *¢ Assuming full conversion of 34,00,000 Warrants into equivalent number of Equity Shares under present Preferential Issue. b) Issue price/Allotment price (in case of convertibles): Rs. 588/- per Warrant (i.e. Warrant Exercise Price) The floor price of as per the provisions of Regulation 164 of Chapter V of the SEBI ICDR Regulations is Rs. 586.77 per Warrant. The Company is issuing the Warrants at Rs. 588/- per warrant c) Number of Investor: 1 (one) iii. In case of convertibles Each Warrant would be convertible into 1 equity share of Rs.2 each and intimation on | the rights attached to the Warrants can be exercised at any time within conversion of securities | the period of 18 (eighteen) months from the date of allotm¢nt of the oronlapse of the tenure | Warrants. ?;:Ef;’;‘“ e of the instrument: GROWTH| An amount equivalent to minimum 25% of the Warrant ExerfigHRNPONS shall be payable at the time of subscription o g the | .. 23 CIRCUS AVENUE, KOLKATA 700017, WEST BENGAL, IN ) PHONE : (+91 33)4082 0900 / 7122 0900, FAX : (+91 33)4082 0998 / 7122 0998, EMAIL : info@ramkrishnaforgings.coved REGISTERED & CORPORATE OFFICE N CIN NO. :L74210WB1981PLC034281 ramkrishnaforgings.com
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RAMKRISHNA FORGINGS LIMITED ——— balance upto 75% of the Warrant Exercise Price shall be payable by the Warrant holder against at the time of allotment of Equity Shares of Rs. 2 each pursuant to exercise of the options attached to Warrant(s) to subscribe to the Equity Share(s). The amount paid against Warrants shall be adjusted/set-off against the issue price for the resultant Equity Shares. The Warrants proposed to be issued shall be subject to appropriate adjustment, if during the interim period, the Company makes any issue of equity shares by way of capitalisation of profits or reserves, demerger/ realignment, rights issue or undertakes consolidation/ sub- division/ re-classification of Equity Shares or such other similar events or circumstances requiring adjustments. In case the Warrant holder fails to exercise the Warrant within a period of 18 (eighteen) months from date of allotment of Warrant, the Warrant shall lapse and the 25% of the Warrant Exercise Price paid at the time of subscription to Warrant will be forfeited by the Company. 5. | Any cancellation or | Not Applicable termination of proposal for issuance of securities including reasons thereof *The post issue shareholding pattern in the above table has been prepared with shareholding as on 7 November, 2025, on the basis that the Proposed Allottees would have subscribed to all the Warrants and been allotted all the Equity Shares of Rs. 2 each upon conversion of Warrants. In the event for any reason, the Proposed Allottee does not or is unable to subscribe to and/or is not allotted the Equity Shares, the shareholding pattern in the above table would undergo corresponding changes. Itis further assumed that the shareholding of the Company in all other categories will remain unchanged. For Ramkrishna Forgings Limited Rajesh Mundhra Company Secretary & Compliance Officer ACS 12991 Tk Ecovoanc Tives INDIA'S GROWTH CHAMPIONS 2020 salsas REGISTERED. 23 CIRCUS AVENUE, KOLKATA 700017, WEST BENGAL, INDIA PHONE : (+91 33)4082 0900 / 7122 0900, FAX : (+91 33)4082 0998 / 7122 0998, EMAIL : info@ramkrishnaforgings.com, WEB : www.ramkrishnaforgings.com CIN NO. :L74210WB1981PLC034281
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S.R. Batliboi & Co. LLP 8. K. Naredi & Co LLP Chartered Accountants Chartered Accountants 22, Camac Street Park Mansions, Block-1, 3rd Floor 3rd Floor, Block B Room Nos. 5, 57A Park Street Kolkata — 700 016. Kolkata — 700 016. LLP Identity Number: AAB-4294 LLP Identity Number: ACP-2977 Independent Auditor's Review Report on the Quarterly and Year to Date Unaudited Standalone Financial Results of the Company Pursuant to the Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended Review Report to The Board of Directors Ramkrishna Forgings Limited 1. We, S.R. Batliboi & Co. LLP (“SRBC”) and S. K. Naredi & Co. LLP (“SKN"), have jointly reviewed the accompanying statement of unaudited standalone financial results of Ramkrishna Forgings Limited (the “Company”) which includes one Trust (Ramkrishna Forgings Limited Employee Welfare Trust) for the quarter ended September 30, 2025 and year to date from April 01, 2025 to September 30, 2025 (the “Statement”) attached herewith, being submitted by the Company pursuant to the requirements of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended (the “Listing Regulations”). 2. The Company’'s Management is responsible for the preparation of the Statement in accordance with the recognition and measurement principles laid down in Indian Accounting Standard 34, (Ind AS 34) “Interim Financial Reporting” prescribed under Section 133 of the Companies Act, 2013 as amended, read with relevant rules issued thereunder and other accounting principles generally accepted in India and in compliance with Regulation 33 of the Listing Regulations. The Statement has been approved by the Company’s Board of Directors. Our responsibility is to express a conclusion on the Statement based on our review. 3. We conducted our review of the Statement in accordance with the Standard on Review Engagements (SRE) 2410, “Review of Interim Financial Information Performed by the Independent Auditor of the Entity” issued by the Institute of Chartered Accountants of India. This standard requires that we plan and perform the review to obtain moderate assurance as to whether the Statement is free of material misstatement. A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Standards on Auditing and consequently does not enab[e us to obtain
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Based on our review conducted as above and based on the consideration of the review report of other auditor of Ramkrishna Forgings Limited Employee Welfare Trust referred to in paragraph 6 below, nothing has come to our attention that causes us to believe that the accompanying Statement, prepared in accordance with the recognition and measurement principles laid down in the aforesaid Indian Accounting Standards (‘Ind AS’) specified under Section 133 of the Companies Act, 2013 as amended, read with relevant rules issued thereunder and other accounting principles generally accepted in India, has not disclosed the information required to be disclosed in terms of the Listing Regulations, including the manner in which it is to be disclosed, or that it contains any material misstatement. Emphasis of Matter paragraph We draw attention to Note 8 to the accompanying standalone financial results as regards the outcome of the fact-finding exercise conducted by the Company with regard to discrepancies identified in April 2025 relating to inventories of work in progress, and the consequential effects thereof on the Statement, including restatement of comparatives for the quarter and six months period ended September 30, 2024. Our conclusion is not modified in respect of this matter. The accompanying Statement of quarterly and year to date interim standalone financial results includes the reviewed financial results in respect of Ramkrishna Forgings Limited Employee Welfare Trust whose financial results and other financial information reflect total assets of Rs 1,162.18 lakhs as at September 30, 2025 and total revenues of Rs Nil and Rs Nil, total net loss after tax of Rs. 0.01 lakhs and Rs. 0.01 lakhs and total comprehensive loss of Rs. 0.01 lakhs and Rs. 0.01 lakhs for the quarter ended and for the six months period ended on that date respectively, and net cash inflows of Rs. 58.83 lakhs for the period from April 01, 2025 to September 30, 2025, as considered in the Statement which have been reviewed by the auditor of Ramkrishna Forgings Limited Employee Welfare Trust. The report of such auditor on financial results/financial information of this trust has been furnished to us by the Management, and our conclusion on the Statement, in so far as it relates to the amounts and disclosures included in respect of this trust, is based solely on the reports of such auditor. Our conclusion on the Statement is not modified in respect of the above matter. The interim standalone financial results for the quarter and six months period ended September 30, 2024 included in the accompanying standalone financial results are
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an erstwhile subsidiary of the Company), whose financial results and other financial information reflect total assets of Rs 7,518.06 lakhs as at September 30, 2024 and total revenues of Rs 1,891.24 lakhs and Rs 3,683.24 lakhs, total net loss after tax of Rs. 340.55 lakhs and Rs. 764.87 lakhs and total comprehensive loss of Rs. 337.11 lakhs and Rs. 757.98 lakhs for the quarter ended and for the six months period ended on that date respectively, and net cash outflows of Rs. 376.44 lakhs for the period from April 01, 2024 to September 30, 2024 as considered in the Statement which were reviewed by other auditor. The erstwhile auditor of ACIL had issued unmodified conclusion vide their review report dated October 19, 2024 for the quarter and six months period ended September 30, 2024. Our conclusion on the Statement is not modified in respect of the above matter. For S.R. BATLIBOI & CO. LLP For M/S. S.K. NAREDI & CO. LLP Chartered Accountants Chartered Accountants ICAI Firm registration number: ICAI Firm registration number: 301003E/E300005 A 003333C/C400397 Ehivom (hord Abhijid odo per Shivam Chowdhary per Abhijit Bose Partner Partner Membership No.: 067077 Membership No.: 056109 UDIN: 25067077BMOEJR2045 UDIN: 25056109BMIZRP5088 Place: Kolkata Place: Kolkata Date: November 12, 2025 Date: November 12, 2025 TR A7A00 &N i
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RAMKRISHNA FORGINGS LIMITED Regd. Office: 23 Circus Avenue, Kolkata - 700017 (All amounts in INR Lakhs, unless otherwise stated) Statement of Unaudited Standalone Financial Results for the Quarter and Six Months period ended September 30, 2025 Quarter ended Six-Months period ended Year ended September 30, | June 30, 2025 September 30, | September 30, | September 30, March 31,2025 2025 2024 2025 2024 :"; Particulars (Unaudited) (Unaudited) (Unaudited) | (Unaudited) | (Unaudited) (Audited) : (Restated) (Restated) (Refer note 6 & (Refer note 6 & 8) 8 Income 1. |Revenue from operations 80,078.94 93,668.81 9707746 | 17374775 | 1,85711.16 36342992 2. |otherincome 81413 44148 - 125561 57611 186399 3._|Total Income (1+2) 80,893.07 94,110.29 97,077.46 1,75,003.36 1,86,287.27 3,65,293.91 4. |Expenses a) Costof materials consumed (Refer note 8) 4039972 4749949 4961256 | 67,899.21 98,017.96 19339451 b) (increase) / Decrease in inventories of fnished goods, work (528.19) 1,963.37 48083 1435.18 (5,154.43) (7,385.87) in progress and scrap (Refer note 8) ©) Employee benefis expense (Refer note 7 & 11) 578351 556868 587060 1135218 11,2693 2186115 d) Powerand fuel 512177 548341 556110 1061148 | 109287 2179545 €) Finance costs 452728 413248 341044 865946 6621.84 14,667.90 ) Depreciation and amortisation expenses 7.026.37 6,848.39 540271 1387476 | 1103490 2406094 9) Other expenses 1850721 19677.25 2113921 3818452 | 4147916 8483025 Total expenses (a to g) 80,843.73 9147277 149747 | 1,72,01650 | 1,74,196.73 3,53,224.33 5._[Profit before exceptional ftem and tax (3-4) 4934 2937.52 557999 2,986.86 | 12,090.54 12,069.58 6.__|Exceptional ltem (Refer note 3) - - 10,287.33 - 10,287.33 10,287.33 7._[Profit efore tax (5+6) 4934 293752 15,867.32 298686 | 2237787 223591 8. [Tax expenses (credit) (Refer note 6) a) Current tax - - Pestaining to proft/ oss) for the current period / year - - 273100 - 508384 148303 - Tax adjustments for earier years - - - - - (460.22) b) Deferred tax charge / (credil) 1242 786.37 (475.94) 79879 (570.59) (18,847.91) Total tax expense (credi) 1242 78637 2,255.06 79879 451325 (17,625.10) 9._[Profitfor the period / year (7-5) 3692 2,151.45 1361226 218807 | 17,8642 40,182.01 10.[Other Comprehensive Income I (Loss) ftems that will not to be reclassified to profit or loss in subsequent 1) Re-measurement of defined employee benefit plans (54.80) (5479) (15472) (109.59) (309.43) (148.58) i) Income tax effect on above 1379 1379 3980 2758 7961 55.16 [Other Comprehensive Income / (Loss) for the period [ year (@1.01) (@1.00) (11492) (8201) (228.82) (§3.42) 11._[Total Comprehensive Incomel(Loss) for the periodlyear (9+10) (4.09) 2,11045 1349734 210606 | 17,634.80 40,088.59 12. [Paid-up Equity Share Capital (Face Value of £ 2 per share] 361618 362061 361552 3616.18 361552 362061 13, [Other Equity 2,97,393.22 14. [Earnings per Equity Share (EPS) (after exceptional tem) (<) (Face value per share € 21 each) 1) Basic 0.02* 149" 753 1.21* 9.88* 2222 2) Dited 0024 119 752 121 ogr e 222 * not annualised @ after considering impact of employees stock oplion plan (ESOP) after considering impact of Share warrants (Refer note 10) See accompanying notes to the unaudited standalone financial results. CIN No:L74210WB1981PLC034281, Phone: 033-4082 08001 033-7122 0900, Fax: 0334082 0998 1 033-7122 0898, emai: info@ramkrishnaforgings.com, Website:www.amkrishnaforgings.com
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RAMKRISHNA FORGINGS LIMITED =R Regd. Office: 23 Circus Avenue, Kolkata - 700017 = NOTES TO UNAUDITED STANDALONE FINANCIAL RESULTS: 1 The above unaudted standalone fiancia resuls for the quarter and six months period ended September 30, 2025 have been reviewed by the Audit Commitee and thereatter approved by the Board of Directors of the Company at thei respective mestings held on November 12, 2025. The Statutory Auditors have expressed an unmodified conclusion on these standalane financial resuls. The Company manufactures *Forging components" and the management reviews the performance of the Company as 2 single operating segment in accordance with Ind AS-108 *Operating Segments” notied pursuant 1o the Companies (indian Accounting Standarcs) Rules, 2015. Accordingly, no separate segment information has been fumished herewit, The Board of Directors of the Company had approved disinvestment of 100% equity stake held in Globe Al India Senvices Lirited, a subsidiary company to Yatia Oriine Limited for an aggregate consideration of ¥ 12,800.00 akhs against which the entire consideration had been received n the quarter endad September 30, 2024. Exceptona tem of 2 10,287.33 lakhs represents net gain on sale of investments in the aforesaid ‘subsidiary (after neting of related expenses amounting to 2 602.85 lakhs and cost of acquisiton of investment in subsiciary amounting to 2 1,808.82 lakhs). On July 24, 2024, the Board of Directors of the Company had approved acquisifon of Resortes Libertad, S.A. de C.V. (RSLV). On August 12, 2024, the Company had acquired 100% equity in RSLY at a consideration of 234692 lakhs. The name of Resortes Libertad, S.A. de C.V. had been changed to Ramkishna Forgings Mexico S.A. DE. C.V. subsequent to acquision. The Company has further invested 2 1.588.14 akhs during the six months ‘period ended September 30, 2025 resuling intotal investment of 2 4,041 81 akhs (excluding corporate Quarantee fees) as al September 30, 2025, A Joint Venture company named Ramkishna Titagarh Rail Wheels Limited (RTRWL) was incorported on June 09, 2023 having Ramkrishna Forgings Limited (RKFL) and Titagarh Rail Systems Limited (TRSL') as Jaint Venturers. RTRWL wil be engaged in manuacturing and supply of forged wheois under long temn agresment under Aatma Nitbhar Bharat. The Company has further nvested 2 2,805.00 lakhs in RTRWL during the six months period ended September 30, 2025 resulting i tota nvestment of 2 20,399.67 lakhs (excluding corporate guarantes foes) as at September 30, 2025, ‘The Board of Diectors of Ramishna Forgings Limited at its mesting held on July 24, 2024, accorded its consent for Scheme of Amalgamaton for merger ('Scheme) of ACIL Limited (ACILY), a wholly owned subsidiary ofthe Company, with Ramkiishna Forgings Limited (*Company’) pursusnt to Sections 230 to 232 of the Comparies Act, 2013, nles framed thereunder and other applicable provisons of the Companies Act, 2013. During th financial year ended March 31, 2025, the Scheme had been approved by the Horfble National Company Law Tribunal, New Delhi (NCLTY} vids Order dated March 27, 2025, Consequentfo the merger, RKFL had recognised deferred tax asset amounting to 2 18,737.28 akhs on caried forward losses and unabsorbed depreciaion (as per Income Tax Act) of ACIL and had adjusted 2 3,160.64 akhs againstthe curent tax iabilty of the company for th year ended March 31, 2025. During six months period ended, the Company has futher uiised defered tax asset amounting fo € 77115 lakhs adjusted againstthe currenttax liabity. ‘The comparative financial results and other financial information for the quarter and six months period ended September 30, 2024 ncluded i tis statement have also been restated fo give efectof the scheme. Pursuant to the provisions of secton 197, 198 and other applicable proviions of Companies Act, 2013 read with scheduie V ofthe said act, as amended, the Company e annual general meating held on Seplember 20, 2025 has taken approval from the shareholders of the Company fo the excess managerial remuneraton paid/payable amountng to € 693,00 lakhs for the period fom April 1, 2024 to March 31, 2025, by way of special fesolution. During the annual physical verfication for the Financial Year ended Mach 31, 2025, certain materialdiscrepancies were noted, between book and physicalstocks of WorkIn-Progress (WIP). The Company appointed Independent Extemal Agencies to perform a joint factfinding study for asceraining the reasons therea for such discrepancies. The Interim Jint Fact-Finding Report confimed that certain erroneous enes / non- recarding of rejections at plan resulted in overstatement of WIP / raw material / scrap inventory in the Financial Year ended March 31, 2025 and previous Financial Year ended March 31, 2024. Consequent lo the above, the prior period comparatives for the quarter and six months period ended September 30, 2024 has been adjusted by way of restatement as per 'IND AS 8 - Accounting Policies, Changes in Accounting Estimates and Emors” as folows: (Al amounts in INR Lakhs, unless otherwise stated) [Particulars Reportedfor the | Restated for the | Reported for the | Restated for the six quarterended | quarter ended | six months period I months period ended| September30, | September 30, | ended September | September 30, 2024* 204 2026 30, 204" [Costof materials consumed 4787269 4818442 9469957 95.252.91 (increase)Decrease in inventaries of finished goods, work in progress and scrap. (5.88001) 51209 (1475484) (5.107.12) [Proft Before Tax (PBT) 291373 1620990 33,36469 23,163.73 Proft Afler Tax (PAT) 1827969 1326306 25,5876 17.95400 * without considering the impact o restatement due 1o merger of ACIL with the Company. (Refer note 6 above) In the previous quarte, the Indspendent Extemal Agencies completed the oint factfincing study, and noted that (a) there are no further discrepancies identied beyond thoss which were acoounfed for at March 31, 2025, and (b) the discrepancies identifed up o the date of the inefim report were not the result of any raud, but e fo errorsin accounting or pocess gaps. Accordingly, no addifonal acjustments are required in these tesuls for the quarter and six months period ended September 30, 2025. “The Company, during FY 2023-2024, had accounted fo far value of assats cquired (including and) and corresponding deferred tax liabilies s per applicable law on such feirvalue at the tme of acquisition of ACIL inaccordance with Ind AS 103, ‘The Finance (No. 2) Act, 2024 withdrew the indexation benefiton long-ten capital gains and changed the tax rate from 20% plus surcharge (with indexation) and cess to 12.5% plus surcharge and cess (without indexatio). Consequently, defored tax lablfies on fai value of land had been re-assessed and the impact of the same amounting fo % 693.99 akhs had been accounted in the stalement of proft and loss for year ‘ended March 31, 2025. On August 14, 2025, the Company has allotied 975,000 warants, with a right to the warrant holder 1o apply for and be allotied one equity share of face value of ¥ 2 each of the Company at an issue price of € 2:100.00 each aggregating o € 20,475.00 Lakhs, upon receipt of 25% of the issue price (ie. € 525,00 per warrani) as warrant subscription money amounting to € 5,118.75 lakhs. Balance 75% of te issue price (ie. 2 1,575.00 per warrant) amaunting to ¥ 15,356.25 lakhs is payable within 2 maximum period of 18 months from the allotment date. This has been considered for calcutatng diuted samings per equity shares, as per Ind AS 33-Eaming per shares. The Code on Sacial Securty, 2020 (Code) felafing to employee benefits during employment and post-employment benefis received presidental assent in September 2020. The Code has been pubished in the ‘Gazette of India. However, the date on which the Code wil come ino effect has not been notiied and the final rulesfnterpretaion have not et been issued. The Company will assess the impact o the Code when it ‘comes nto eflectand will record any reated impact n the period the Code becomes effecive. A joint petition for sanctoning the Scheme of Amalgamation of Mel Metaliks Private Limited and Multtech Auto Private Limited with Ramkrishna Casting Solutions Lirited, wholly onned subsiciries of the Company, was fled with the Hon'ble National Company Law Tribunal, Kolkata Bench on September 27, 2025 and the pefiion is fixed for hearing on November 24, 2025. RKF Linited - Employee Stock Option Scheme 2023 (ESOP Scheme') s to be implemented by fesh issuanco of fuly paic-up equity shares of the Company having a face value of 2 2/ each andior secondary acquistion of equity shares through the Ramkishna Forgings Limited Employees Welare Trust (RKFL ESOP Trust). The Company had issued and allotied 2,01,965 Equity shares to RKFL ESOP Trust with the comesponding accounting being conducted in accordance with Ind AS 102 - ShareBased Payment. The financial resuts of the RKFL ESOP Trust have been included in the Standalone Financial Results of the Company in accordance with the requirements of nd AS and the cost ofsuch Ueasury shares has been presented as 2 deducton in Equity. Addtionaly, the impact of this ESOP Scheme has been faclored into the caloulation of duted eamings par equity share, in compiance with ind AS 33 - Eamings Per Shate. By the Order of the Board Chaitanya Jalan (Wholetime Director) DIN: 07540301 Place Kolkata Date: November 12, 2025 CIN No:L74210WB1981PLC034281, Phone: 033-4082 09001 033-7122 0300, Fax: 033-4082 0998 ] 033-7122 0998, email: info@ramrishnaforgings.com, Website:www.ramkrishnaforgings.com
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RAMKRISHNA FORGINGS LIMITED Regd. Office: 23 Circus Avenue, Kolkata - 700017 = (All amounts in INR Lakhs, unless otherwise stated) Statement of Unaudited Standalone Cash Flows: Six months period _ Six months period ended ended Particulars September 30,2025 September 30, 2024 (Restated) (Refer Note. 8) (Unaudited) (Unaudited) A~ CASHFLOW FROM (USED IN) OPERATING ACTIVITIES: Profit before Tax (after exceptional item) 2986.86 237187 Adjustments to reconcile profit before tax to net cash flows: Depreciation and amortization expenses 1387476 10490 Balances witen back (net) - (90.38) Loss / (Prof)on sale of property, plant and equipment {net) (377.64) .28 Employees stock option expenses 50000 75000 Profiton sale of Ivestment n subsidiary (Refer note 3) - (10267.33) Net gain on Investments carred at air value through profior loss (11.83) (7436) Interest income (464.76) (22641) Netforeign exchang diflerences (unrealised) (4.33.59) (526:85) Amortsation of govermment grants (17278) (17373) Finance costs 865046 662184 Operating Profit before changes in operating assets and liabiiies 265748 2946183 Changes in operating assets and liabliies: Decrease (inorease) n rade receivables (netof unreaiised foreign exchange difierencas) 143475 (244328 Increase in inventories (2.90454) (12805.75) Decrease ! (increase) i loans 248 (147133 Decrease / (Increase) in other financial assets %07.03 (148.43) Decrease (Inrease) in other assels 525 (#13.09) Increase in provisions 43440 2815 (Decrease) /Increase in rade payables (210751) 572816 Increase / (Decrease) in other financial lablties 47806 (Decrease) /Increase in other labilies (2778.38) Cash used in operations 01.28) Direct tax paid NET CASH USED IN OPERATING ACTIVITIES (A) B. NET CASH USED IN INVESTING ACTIVITIES: Purchase of property, plant and equipment and intangible assels (@5.11277) (3065470 (including capital work-in-progress, capital creditors and capital advances) Proceeds from sale of property, plant and equipment 308078 60966 Proceeds from maturiy of fixed deposits with banks 4092 86495 Investments in fixed deposits with banks (40259) (868.05) Loan given to subsidiary comparies (1,835.00) (2:325.00) Loan repaymen received from subsidiary comparies - 180381 Proceeds from sale of Investments carred at cost - 12,197.15 Proceed from redemption of optionally convertble debentures 10000 10000 Investment in subsidiary companies (1.751.08) (3348.91) Investment in Joint Venture Company (Refer note §) (2805.00) (5,365.00) Proceeds from sale / redemption of investments - 2006491 Payment for Purchase of vestments - (15.400.00) Interest Recefved 61234 2221 NET CASH USED IN INVESTING ACTIVITIES (B) @237 (22058.97) . CASHFLOW FROM FINANCING ACTIVITIES: Proceeds fromissue of equty share capital inclucing securites premium (ncluding share warranis) (netof expenses) (Refernole 511875 157993 10) Purchase of own equity shares (trough ESOP trust) (1,097.59) - Dividend paid on equiy shares (181031) (1.807.76) Payment o lease labillies (1.07475) (1.270.08) Interest paid (8.07067) (6.318.20) Proceeds from long term borrowings 3213030 142761 Repayment of ong term borrowings (15337.42) (9.945.99) Shortterm borrowings (net) 36,368.66 2582149 NET CASH FLOWS FROM FINANCING ACTIVITIES (C) 4622697 19,487.00 NET INCREASE/ (DECREASE) IN CASH AND CASH EQUIVALENTS (A} @bl Opening Cash and cash equivalents Z KOLKAT A Closing Cash and cash equivalents NET INCREASE/ (DECREASE) IN CASH AND CASH EQUIVALENTS CIN No:L74210WB1981PLC034281, Phone: 033-4082 0900/ 033-7122 0900, Fax: 033-4082 0998 1 033-7122 0398, emai: info@ramkrishnaforgings.com Website-wwww.ramKrishnaforgings. com 242304 (10,166.76) 115832 1632447 358136 615741 242304 (10,166.76)
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RAMKRISHNA FORGINGS LIMITED Regd. Office: 23 Circus Avenue, Kolkata - 700017 NOTES TO UNAUDITED STANDALONE FINANCIAL RESULTS: Statement of Assets and Liabilities: T (All amounts in INR Lakhs, unless otherwise stated) Asat Asat Particulars September 30,2025 | March 31, 2025 (Unaudited) (Audited) A |ASSETS Non-current assets () Property, plant and equipment 2,31,139.12 23494464 (b) Capital work-in-progress 62,188.87 3496374 () Goodwill 45878 458.78 (d) Other Intangible assets 43341 368.44 (e) Right-of-use assets 801230 891261 (1) Financial assets (i) Investments 50,145.39 4521203 (i) Loans 751794 5,694.26 (iil) Other financial assets 2277.34 261211 (9) Deferred tax assets (net) (Refer note 6) 3,707.97 4479.12 (h) Non-current tax assets (net) (Refer note 6) 12,852.24 1262093 () Other non-current assets 8937.18 13,999.32 Sub total - Non-current assets| 3,87,670.54 3,64,265.98 Current assets (a) Inventories 1,12,414.65 1,08510.11 (b) Financial assets (i) Investments 947.91 886.07 (ii) Trade receivables 97,639.02 94,440.04 (ii) Cash and cash equivalents 358136 1,168.32 (iv) Bank balances ofher than (ii) above 337.43 24183 (v) Loans 12061 13377 {vi) Other financial assets 1,993.13 271297 (c) Current tax assets (net) 1436 1436 (d) Other current assets. 13,893.56 13,939.41 Sub total - Current assets 2,30,942.03 2,22,036.88 TOTAL - ASSETS 6,18,612.57 5,86,302.86 B [EQUITY AND LIABILITIES Equity (a) Equity share capital 3,616.18 362061 (b) Other equity 3,02,214.56 2,97,383.22 Total equity 3,05,830.74 3,01,013.83 Liabilities Non-current liabilities (a) Financial liabilties (i) Borrowings 80,527.14 75,585.21 (ia) Lease liabilities 4,226.84 5,095.99 (ii) Other financial liabilities 1,083.00 52568 (b) Other non-current liabilities 351369 3,686.46 Sub total - Non-current liabilities| 98,320.67 84,893.34 Current liabilities (a) Financial liabiliies (i) Borrowings 1,22,396.94 82,882.27 (ia) Lease liabilties 2,131.99 2,029.18 (ii) Trade payables a) Total outstanding dues of micro enterprises and small enterprises 2,456.08 222454 b) Total outstanding dues of creditors other than micro enterprise and small enterprises 72,296.72 94,635.81 (i) Other financial liabilities 11,150.75 11,301.61 (b) Other current liabilities 1,854.90 5633.28 (c) Provisions 217378 1,630.09 (d) Current tax liabilies (net) - 5891 Sub total - Current liabilities | 2,14,461.16 2,00,395.69 Total liabilities| 3,12,781.83 2,85,289.03 TOTAL- EQUITY AND LIABILITIES 6,18,612.57 5,86,302.86 é"/ % Y \\p\ F O/po CIN No:L74210WB1981PLC034281, Phone: 033-4082 09 “Websitewww.ramkrishnaforgi 7 jmm Fax uaskggfiw 4520996, emal. ino@ ?@5 in
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S.R. Batliboi & Co. LLP S. K. Naredi & Co LLP. Chartered Accountants Chartered Accountants 22, Camac Street Park Mansions, Block-1, 3rd Floor 3rd Floor, Block B Room Nos. 5, 57A Park Street Kolkata — 700 016. Kolkata — 700 016. LLP Identity Number: AAB-4294 LLP Identity Number: ACP-2977 Independent Auditor's Review Report on the Quarterly and Year to Date Unaudited Consolidated Financial Results of the Company Pursuant to the Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended Review Report to The Board of Directors Ramkrishna Forgings Limited 1. We, S.R. Batliboi & Co. LLP (“SRBC") and S. K. Naredi & Co. LLP (“SKN"), have jointly reviewed the accompanying Statement of Unaudited Consolidated Financial Results of Ramkrishna Forgings Limited (the “Holding Company” including Ramkrishna Forgings Limited Employee Welfare Trust) and its subsidiaries (the Holding Company and its subsidiaries together referred to as “the Group”), and its joint venture for the quarter ended September 30, 2025 and year to date from April 01, 2025 to September 30, 2025 (the “Statement”) attached herewith, being submitted by the Holding Company pursuant to the requirements of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended (the “Listing Regulations”). 2. The Holding Company’s Management is responsible for the preparation of the Statement in accordance with the recognition and measurement principles laid down in Indian Accounting Standard 34, (Ind AS 34) “Interim Financial Reporting” prescribed under Section 133 of the Companies Act, 2013 as amended, read with relevant rules issued thereunder and other accounting principles generally accepted in India and in compliance with Regulation 33 of the Listing Regulations. The Statement has been approved by the Holding Company’s Board of Directors . Our responsibility is to express a conclusion on the Statement based on our review. 3. We conducted our review of the Statement in accordance with the Standard on Review Engagements (SRE) 2410, “Review of Interim Financial Information Performed by the Independent Auditor of the Entity” issued by the Institute of Chartered Accountants of India. This standard requires that we plan and perform the review to obtain moderate assurance as to whether the Statement is free of material misstatement. A review of interim financial information consists of making inquiries, primarily of p
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responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Standards on Auditing and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion. We have also performed procedures in accordance with the Master Circular issued by the Securities and Exchange Board of India under Regulation 33(8) of the Listing Regulations, to the extent applicable. The Statement includes the results of the following entities: a. Ramkrishna Forgings Limited — Holding Company b. Ramkrishna Forgings Limited Employee Welfare Trust (included in the standalone financial results of the Holding Company) c. Ramkrishna Forgings LLC — wholly owned subsidiary of the Holding Company d. Multitech Auto Private Limited (“MAPL") — wholly owned subsidiary of the Holding Company e. MAL Metalliks Private Limited — wholly owned subsidiary of MAPL f. Ramkrishna Casting Solutions Limited (formerly known as “JMT Auto Limited”) — wholly owned subsidiary of the Holding Company g. Ramkrishna Forgings Mexico S.A. de C.V. (Formerly known as Resortes Libertad, S.A. de C.V.) — acquired as a wholly owned subsidiary by the Holding Company with effect from August 13, 2024 h. Ramkrishna Titagarh Rail Wheel Limited — Joint Venture of the Holding Company Based on our review conducted and procedures performed as stated in paragraph 3 above and based on the consideration of the review reports of other auditors/practitioners referred to in paragraph 7 and 8 below, nothing has come to our attention that causes us to believe that the accompanying Statement, prepared in accordance with recognition and measurement principles laid down in the aforesaid Indian Accounting Standards (‘Ind AS’) specified under Section 133 of the Companies Act, 2013, as amended, read with relevant rules issued thereunder and other accounting principles generally accepted in India, has not disclosed the information required to be disclosed in terms of the Listing Regulations, including the manner in which it is to be disclosed, or that it contains any material misstatement.
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6. Emphasis of Matter paragraph We draw attention to Note 13 to the accompanying consolidated financial results as regards the outcome of the fact-finding exercise conducted by the Holding Company with regard to discrepancies identified in April 2025 relating to inventories of work in progress, and the consequential effects thereof on the Statement, including restatement of comparatives for the quarter and six months period ended September 30, 2024. Our conclusion is not modified in respect of this matter. . 7. The accompanying Statement includes the interim reviewed financial results in respect of Ramkrishna Forgings Limited Employee Welfare Trust included in the standalone interim unaudited financial results of the Holding Company included in the Group, whose financial results and other financial information reflect total assets of Rs. 1,162.18 lakhs as at September 30, 2025 and total revenues of Rs. Nil and Rs. Nil, total net loss after tax of Rs. 0.01 lakhs and Rs. 0.01 lakhs and total comprehensive loss of Rs. 0.01 lakhs and Rs. 0.01 lakhs for the quarter ended September 30, 2025 and for the six months period ended on that date respectively, and net cash inflows of Rs. 58.83 lakhs for the period from April 01, 2025 to September 30, 2025 as considered in the standalone interim unaudited financial results of the Holding Company included in the Group, which has been reviewed by the auditor of Ramkrishna Forgings Limited Employee Welfare Trust. The independent auditor's report of Ramkrishna Forgings Limited Employee Welfare Trust has been furnished to us, and our conclusion on the Statement in so far as it relates to the amounts and disclosures included in respect of Ramkrishna Forgings Limited Employee Welfare Trust, is based solely on the report of such other auditor and the procedures performed by us as stated in paragraph 3 above. 8. The accompanying Statement includes the unaudited interim financial results and other financial information, in respect of: o Three (3) subsidiaries, whose unaudited interim financial results and other financial information include total assets of Rs. 95,141.71 lakhs as at September 30, 2025, total revenues of Rs 18,485.54 lakhs and Rs 38,830.70 lakhs, total net profit after tax of Rs. 148.38 lakhs and Rs. 365.66 lakhs, total comprehensive income of Rs. 150.38 lakhs and Rs. 353.43 lakhs, for the quarter ended September 30, 2025 and the six months period ended on that date respectively, and net cash outflows of Rs. 251.62 lakhs for the period from April 01, 2025 to September 30, 2025, as considered in the Statement which have been reviewed by one of the joint auditors. / e Two (2) subsidiaries, whose unaudited interim financial results and other financial information include total assets of Rs. 15,856.68 lakhs as at September 30, 2025, total revenues of Rs 3,791.06 lakhs and Rs 7,101.52 lakhs, total net loss after tax
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of Rs. 222.43 lakhs and Rs. 496.60 lakhs, total comprehensive income / (loss) of Rs. 18.73 lakhs and Rs. (151.21) lakhs, for the quarter ended September 30, 2025 and the six months period ended on that date respectively, and net cash outflows of Rs. 80.58 lakhs for the period from April 01, 2025 to September 30, 2025, as considered in the Statement which have been reviewed by their respective independent practitioners. One (1) joint venture, whose unaudited interim financial results and other financial information include Group'’s share of net loss of Rs. 484.50 lakhs and Rs. 1,150.88 lakhs and Group’s share of total comprehensive loss of Rs. 484.50 lakhs and Rs. 1,150.88 lakhs for the quarter ended September 30, 2025 and for the period from April 01, 2025 to September 30, 2025 respectively, as considered in the Statement whose interim financial results, other financial information have been reviewed by one of the joint auditors. The independent auditor's / practitioners’ reports on interim financial information/ financial results of these entities have been furnished to us by the Management and our conclusion on the Statement, in so far as it relates to the amounts and disclosures in respect of these subsidiaries and a joint venture is based solely on the report of such auditors / practitioners and procedures performed by us as stated in paragraph 3 above. Our conclusion on the Statement in respect of matters stated in paragraph 7 and 8 above is not modified with respect to our reliance on the work done and the reports of the other auditors / practitioners. For S.R. BATLIBOI & CO. LLP For M/S. S.K. NAREDI & CO. LLP Chartered Accountants Chartered Accountants ICAI Firm registration number: ICAI Firm registration number: 301003E/E300005 003333C/C400397 Ch o@w“q/ Pt per Shivam Chowdhary Partner Membership No.: 067077 UDIN: 25067077BMOEJS1662 Place: Kolkata per Abhijit Bose Partner Membership No.: 056109 UDIN: 25056109BMIZRQ8755 Place: Kolkata Date: November 12, 2025 Date: November 12, 2025
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RAMKRISHNA FORGINGS LIMITED Regd. Office: 23 Circus Avenue, Kolkata - 700017 MR (Allamounts in INR Lakhs, unless ofherwise stated) Statement of Unaudited Consolidated Financial Results for the Quarter and Six-months period ended September 30, 2025 Quarter ended. Six-months period ended Year ended September 30, | June 30,2025 | September 30, | September 30, | September 30, | March 31,2025 Sl Particulars 2025 2024 2025 2024 No. (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) (Audited) (Restated) (Restated) (Refer note 13) (Refer note 13) Continuing Operations income 1. |Revenue from operations. 90,753.00 10152559 1,05,362.87 19227859 20131113 40341068 2. |Other income. 57544 36290 25091 938.34 1,12945 263860 3._[Totalincome (1 +2) 91,328.44 1,01,888.49 1,05,613.78 1,93,216.93 2,02,440.58 4,06,049.28 4. |Expenses a) Costof materials consumed (Refer note 13) 4384738 4829336 5269764 9214074 1,02,587.27 2,08,540.65 b) Purchase of raded goods 23867 5408 - 29275 20442 456.21 ©) (Increase) / Decrease in inventories of finished goods, work in progress, raded goods and scrap (Refer note 13) (662.95) 1.460.89 (286.65)| 797.94 (6.164.06)| (9,041.93)] d) Employee benefits expense (Refer note 7 & 12) 685894 6,650.18 6,613.10 13,509.12 1273973 24,980.59 e) Power and fuel 606272 6,591.75 6,23205 12654.47 1211544 2458577 1) Finance costs 5,334.19 4,858.60 385396 10,192.79 7.504.32 16,586.39 g) Depreciation and amortisation expenses. 8,037.90 7,966.92 6,038.34 16,004.82 1227420 2712823 1) Other expenses 215018 2p1462 235305 4576880 4635165 97,9388 Total expenses (a to h) 91,871.03 99,490.40 98,682.49 1,91,361.43 1,87,612.67 3,91,169.79 5. _|Profit/ (Loss) before share of profit of joint venture and tax (3-4) (542.59) 2,398.09 6931.29 1,855.50 14,827.81 14,879.49 6._|Share of loss of joint venture (Refer note 5) (484.50) (666.38)| (34.44)| (1,150.88) [7541)] (110.78) 7._|Profit/ (Loss) before tax from continuing operations (5+6) (1,027.09); 173171 6,896.85 704.62 14,752.50 14,768.71 8. |Tax expenses [ (credit) (Refer note 6) ) Curentiax- - Pertaining o profit / (loss) for the current period / year 15171 15295 162213 304,66 443867 137047 - Tax adjustments for earer years - - - - - (454.09) (229.14) 400.13 (526.08), 170.98 (771.84)] (18,302.72)] (77.43)] 553.08 1,06.05 47565 3,666.83 (18,386.34)| Profit/ (Loss) for the yearlperiod from continuing operations (7-8) (949.66) 117863 5,800.80 22897 11,085.67 33,155.05 10._|Discontinued operations (Refer note 8) Profitfor the period from discontinued operations before gain on sale of investmentin Subsidiary Company - - Mot - 40739 40739 Gain on sale of investment in Subsidiary Company - - 9510.39 - 9,510.39 9,510.38 Profit for the yearlperiod before tax from discontinued operations- - - 9,659.70 - 9.917.78 9,917.78 Tax expenses of discontinued opefations B - 150050 - 157031 157031 Profit for the yeariperiod from discontinued oporations - 5 815920 - 8747 11._{Profit [ (Loss) after tax for the period (3+10) (949.66)| 1,17883 13,960.00 22897 19433.14 41,502.52 2. Ofher Comprehensive Income (Loss) |Other Comprehensive Income / (Loss) from continuing operations [Other comprehensive Loss not to be reclassified to profit or loss in| |subsequent years / period i) Re-measurement of defined employee benefit plans. (54.80)| (67.92)| (162.64), (122.72); (325.27)) (201.10) i) Income tax efecton above: 1378 1270 4180 %49 8360 5078 |Other Comprehensive Income / (Loss) to be reclassified to profit or loss in| |subsequent years [ period i) Exchange difference on translation of foreign operations 24376 (85.25)| (1.36) 17851 (1.44) 9213 i) Income tax effect on above (260) (025) (0.37)] (285) (035) (1.90) |Other Comprehensive Loss from discontinued operations |Other Comprehensive Loss not to be reclassified to profit or loss in| subsequent years/period i) Re-measurement of defined employee benefit plans B B (3:22) - (8.05), (8.08)| i) Income tax effect on above - - 081 - 203 203 Other Comprehensive Income ! (Loss) for the period I year 200.45 (12072)] (12498) 7943 (243.48) (66.11)} 13, |Total Comprehensive Income / {Loss) for the period | year (11+12) (749.51)) 1,057.91 13,835.02 308.40 19,183.66 4143641 CIN No:L74210WBTS81PLC034281, Phone: 033-4082 03001 033-7122 0300, Fax: 033-4082 0398 / 033-7122 0398, emal: i o@ramkrishnaforgings.com. Websitewnww ramkrshnaforgings.com
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RAMKRISHNA FORGINGS LIMITED Regd. Office: 23 Circus Avenue, Kolkata - 700017 ERREE (Al amounts in INR Lakhs, unless otherwise stated) [Statement of Unaudted Consolidated Financial Results for the Quarter and Six-months period ended September 30, 2025 Quarter ended Six-months period ended Year ended ‘September 30, | June 30, 2025 | September 30, | September 30, | September 30, | March 31, 2025 S. Particulars 2025 2024 2025 2024 No. (Unaudted) | (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | (Audited) (Restated) (Restated) (Refer note 13) (Refer note 13) 14_[Profit/ {Loss) attrbutable to: Equity holder of the holding company (oaose)] 117863 396000 2897 1843344 41,5025 Non-contoling interests - - 5 5 5 5 45._[Other Comprehensive Income / (Loss) atrbutable to: Equity holder of the holding company 00145 (12072) (12458 7843 (245.48) 611) Non-controling nterests - - - 5 5 5 46._|Total Comprehenslve Income ! {Loss) atrbutable tor Equity holder of the holding company st tosret 1383502 0840 1818365 AT 43641 [Non-controling interesis . - - 5 5 - 17 [Total Comprehensive Income (Loss) atributable to equity older of the hotding company: [Continuing operations (225 AT 567823 0840 1084221 33,0049 [Discontinued operations - - 8,156.79 - 834145 834145 18 |Paid-up Equity Share Capital (Face Value of € 2- per share) 36168 362061 361552 361618 361552 362061 19. [Other Equty 30011656 20, [Eamings per equity share (for continuing operations) (€) (Face value per share € 21- each) 1) Basic 53] 065" 32t [ZE] 643 833 2) Dited ©s2) 085" 320 013 ¢ 612 1833 21, [Eamings per equity share (fo discontinued operations) (€] (Face value per| share ¥ 21-each) 1) Basic B - a5t T asz [ 2) Dited - Sl asm S| e 462 22."|Eamings per equlty share (for confinuing and discontinued operations) (€) (Face value per share € 2+ each) 1) Basic oS3y 065 773 1075" 235 2) Divted (082 © 065 121 1073 295 *notannualised " after considering impact of Employee Stock Opton Plan (ESOP) © after considering impact of Share Warrants (Refer note 11) ‘See accompanying notes to the unaudited consolidated financial results. CIN No:L74210WB1851PLC034261, Phone: 033-4082 0900/ 033-7122 0900, Fax: 033-4082 0998 033-7122 0998, omail: info@ramrishnaforgings.com. Websitewww.ramkrishnaforgings.com
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NOTES TO UNAUDITED CONSOLIDATED FINANCIAL RESULTS: 1 The Group's business was Givided info two reporting segments which comrie of Forging components* and “Oters” The "Forging components" segment produces and sells forged products comprising of forgings and machined automobie components. “Others” represented the Groups business not covered in *Forging components” segments and primarly included Services fo four and ravels, saniization and cargo business from Globe Allindia Services Limited (GAISL), which ceased 1o be a subsidiary of the Holding Company we.1. August 31, 2024 and accordingly the results for the previous periods pertaining fo (GAISL had been classifled as "discontinued operations” in the consolidated financial resuls in fine with the requirements of ing AS 105 (Non-current Assets Held for Sale and Discontinued Operations).(Refer note 8) The above unaudiled consolidated financial results of the Group and is oint venture refates to Ramirishna Forgings Limited ('Holding Company’ inclucing Ramksishna Forgings Limited Employee Weltare Trusi) and its wholly owned subsidiares, ACIL Limited (Refer note 6 below), Ramkrishna Forgings LLC, Ramrisha Forgings Mexico SA. de C.V. (w.e.f August 13, 2024), Mulitech Auto Private Limited (MAPL), Mal Metalks Private Limted (MMPL, a wholly owned subsidiary of MAPL), Ramkvishna Casting Solutions Limited (formerly known a5 “JMT Auto Limited) (JMT* or ‘RKCSL') and Globe Al India Services Limited (il ‘August 31, 2024) (Collectively the Group?) and Remrisfina Titagarh Rail Wheels Limited (-Joint Venure’). The above unaudited consolidated fnancial resuls for the quarter and six monhs period ended September 30, 2025 have been reviewed by the Audit Commitiee and thereatter approved by the Board of irectors of the Holding Company at thei respective meetings held on November 12, 2025, The Statutory Auditors have expressed an unmodifed conciusion on these consolidated firancal results. O July 24, 2024, the Board of Directors of the Holding Company had approved acauisiton of Resorles Libertad, S.A. de C.V. (RSLV). On August 12, 2024, the Holding Company had acquired 100% equity in RSLY &t consideraton of 2 346.92 fakhs. Pursuant fo acquisition, the Group had recognised identiiable assets (tangible and intangible) acquired and liabiliies assumed as at acquisiton date 2! fair value in accordance with applicable accounting standards The Consolcated Financial Resuls o the Group include finanial resuls of RSLV stating August 13, 2024, and hence are not comparable vith coesponding pefiods. ‘The name of Resortes Libertad, S.A. de C.V. had been changed to Ramkrishna Forgings Mexico S.A. DE. V. subsequent to acquisiton. The Holding Company has further invested ¥ 1,588.14 khs during the six months period ended Seplember 30, 2025 resulting in toalinvestment of 4,041.81 lakhs (excluding corporate guarantee fees) a at September 30, 2025. A Joint Venture company named Ramiishna Titagarh Rail Wheels Limited (RTRWL) was incorporated on June 09, 2023 having Ramkiishna Forgings Linited (RKFL) and Titagarh Ral Systems Limited (TRSL) a5 Joint Venturers. RTRWL wil be engaged in manufacturing and supply offorged wheels under fong term agreement under Aaima Nirbhar Bhara. The Holding Company has further invested ¥ 2,805.00 lakhs in RTRWL during the six months period ended Seplember 30, 2025 resulting in total investment of 2 20,399.87 akns (excluding corporate guarantee fees) as at September 30, 2025.. ‘The Consofidated Financial Result nclude Group's share of loss in RTRWL as applcable. ‘The Board of Directors of Ramksishna Forgings Limited at ts meeting held on July 24, 2024, accorded its consent for Scheme of Amalgamation for merger (‘Scheme") of ACIL Limited (‘ACIL"), a wholly owned subsidiary of the Holding Company, with Ramkrishna Forgings Limited pursuant to Secions 230 fo 232 of the Companies Act, 2013, rules framed thereunder and other applicable provisions of the Companies Act, 2013. During the financial year ended March 31, 2025, the Scheme had been approved by the Hon'ble National Company Law Tribunal, New Delhi (NCLT) vide Order dated March 27, 2025, Consequent to the. merger, the Holding Company had recognised deferred tax asset amounting to 2 18,737.28 lakhs on caried forward losses and unabsorbed depreciation (as per Income Tax Act) of ACIL and had adjusted 2 3,160.64 lakhs against the curent tax liabilty of the Holding Company for the year ended March 31, 2025. During the six months period ended, the Holding Company has further ulised deferred tax asset amounting o % 747.45 lakhs adjusted against the current tax lably of the Holding Company for the six months period ended Seplember 30, 2025. The Code on Social Security, 2020 (Code' relaing to employee benefits during employment and post-employment benefis received presidental assent in Seplember 2020. The Code has been published in the. Gazette of India. However, the date on which the Code wil come ino effect has not been nofified and the fnal rulesfinterpretation have ot yet been ssued. The Holding Company will assess the impactof the Code. ‘when it comes nto effect and will record any related impact n the period the Code becomes effective. The Board of Directors of the Holding Company had approved the disinvestment of 100% equil stake held in Giobe Al India Services Linited (GAISL), 2 subsidiary company to Yatia Online Limited for an aggregate consideration of ¥ 12,800.00 lakhs against which the entre consideraton had been received in the quarter ended September 30, 2024, Consequenty, the Holding Company, during the year ended March 31, 2025, had recorded a gain on sale of investment in subsidiary Company amounting o Z 510,339 lakhs under “Discontinued Operation” in the consolidated financial resuls forthe year ended March 31, 2025 afer considerng related expenses amouniing o 2 602.85 lakhs, cost of acquisiton of investment in subsidiary amounting to ¥ 1,909.82 fakhs, Goodwll amounting ¥ 503.19 laks and proft eamed fom subsidary il he date of disinvestments amounting ¥ 273.75 lakhs. GAISL ceased fo be a subsidiay of the Holding Company w.e.i. August 31, 2024 and accorcingly the results for the previous periods pertaining to GAISL have been classified as *discontinued operations” in the consolidated financial results i ne withthe requiements of Ind AS 105 (Non-curent Assets Held for Sale and Disconfinued Operatons). The financial performance for discontinued operations are given below :- (All amounts in INR Lakhs, unless otherwise stated) Period from July 1, | Perlod from Aprll 1, Particulars 202410 August 31, | 2024to August 31, 24 2024 _ (Unaudited) (Unaudited) [Total ncome 423141 880283 [Total Exponses 4082.10) 8,395 44) [Profit before tax from discontinued operaion 14931 407.39) [T erponse 2041 99.27) [Profitfor the poiod from dscontinued operations before gain on sae of ivesiment n Subsidiary Company 11990 308.17] [Gaiv on sale of vestmen n Subsidary Company 951039 5510.39) [Profitfor the period beforo tax from disconfinusd operations 563029 3,818.56] [T caponses of isconinued operaions 1471.09 147109 [Prfitfor th period from discontinued operatons 815020 8,347.41 ‘The above statement of unaudited consolidated financialresultsfor the quarter and six months period ended September 30, 2025 are not comparable with comesponding period on account of acquisition made by the Group of Ramkishna Forgings Mexico S A. de C.V. on August 13, 2024 and on account of disinvesiment in Globe AW India Services Limited (‘GAISL") weef. August 31, 2024, The Holding Company, during FY 2023-2024, had accounted for fair value of assets acquired (including land) and comesponding deferred tax libiltes as per applicable law on such fair value at the time of ‘acquisition of ACIL and JMT in accordance with Ind AS 103. ‘The Finance (No. 2) Act, 2024 withdrew the indexation benefit on long-term capital gains and changed the tax rate from 20% plus surcharge (with indexation) and cess to 12.5% plus surcharge and cess (without indexation). Consequenty, deferred tax iabiles on far value of and had been e-assessed and the impact o the same amounting fo ¥ 725,06 lakhs had been accounted in the statement of profit and oss for year ended March 31, 2025. On August 14, 2025, the Holding Company has alloted 9,75,000 warrants, with a ight o the warrant holder to apply for and be allotied one equity share of face value of 2 2 each of the Holding Company at an issue price of Z 2,1001- each aggregating to ¥ 20,475.00 Lakhs, upon receipt of 25% of the issue price (. Z 525 per warant) as warrant subscription money amounting to ¥ 5,118.75 Lakhs. Balance 75% of the issue price (ie. € 1,575 per waran) amounting to 2 15,356.25 lakhs is payable within a maximum period of 18 monlhs from the aliotment date. Pursuant o the provisions o secton 197, 198 and other applcable provisons of Companies Act, 2013 read with schedule V ofthe said act. as amended, the Holging Company at the annual general meeting held on Seplember 20, 2025 has taken approval from the shareholders o the Holding Company for the excess managerial remuneration paicpayable amouriing fo 2 633,00 lakhs or the period from Apri 01, 2024 to March 31, 2025, by way of special resolution. 74210WB1981PLC034281, Phone: 033-4082 0900/ 0337422 0900, Fax: 033-4082 0398 / 033-7122 0998, email: info@ramrishnaforgings.com. Website:www.camkrishnaforgings.com
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NOTES TO UNAUDITED CONSOLIDATED FINANCIAL RESULTS: 13 During the annual physical verifcationfor the Financia Year ended March 31, 2025, certan material discrepancies were noled, between book and physical stocks of WorkIn-Progress (WIP). The Holding Company appointed Independent External Agencies to perform a oint fact-finding study for ascertaining the reasons therea for such discrepancies. The Interim Joint Fact-Finding Report confimed that certan ermoneous. entries / non- recording of rejectons at plant resulted in overstatement of WIP / raw material / scrap inventory i the Financial Year ended March 31, 2025 and previous Financial Year ended Merch 31, 2024, Consequent o the above, the prior period comparatives fo the quarter and six months period ended September 30, 2024 has been adjusied by way of restatement as per “IND AS 8 - Accounting Policis, Changes in Accounting Estimates and Errors” as folows: (All amounts in INR Lakhs, unless otherwise stated) Reported forthe | Restated forthe | Reported for the six R‘:‘:';:s“;":"‘:d"‘ Partculars quartrendod | quartornded | months period ended| TSP September 30, 2024 | September 30,202 | Setember 30, 2024" | %8 ST Costof materals consumed 23801 ST TO20%0 1025727 Increase)Decrease in invertories ofTished goods, work n progress, aded goods and sap (67875 286.65) (15811.78] (6.164.06] Proft before tx fom continuing operatons 1360066 54585 2485346 1475250 Proftfor e yearperiod from contnuing operatons 1081741 580080 171825 108567 * without considering the impact of restatement due to Globe AllIndia Services Limited (\GAISL') being disclosed as discontnued operalions. (Refer note B). During the previous quarier, the Independent External Agencies completed the joint factfindng study, and noled tha (2) here are no futher dicrepancies identifled beyond those which were accounted for at March 31, 2025, and (b) the discrepancies identfied up to the cate o the interm report were not the fesult of any fraud, butdue o erTors in accounting or process gaps. Accordingy, o additonal adjustments are tequired in these result or the quarter and s months period ended Seplember 30, 2025. 14 RKF Limited -~ Employee Stock Option Scheme 2023' (ESOP Scheme") s to be implemented by fresh issuance of fully paid-up equiy shares of the Hokding Company having a face value of 2/- each andior secondary acquisiton of equiy shares through the Ramivishna Forgings Limited Employees Welfare Trust (‘RKFL ESOP Trust). The Holding Company had issued and altted 2,01,965 Equity shares to RKFL ESOP Trust with the comresponding accounting being conducted in accordance with Ind AS 102 - Share-Based Payment. The financial results of the RKFL ESOP Trust have been included in the Standalone Financial Result of the Holding Company in accordance with the requirements of Ind AS and the cost of such treasury shares has been presented as a deduction in Equity. Addifonal, the impact of tis ESOP Scheme has been factored into the calculation of diuted earmings per equily share, in complance with Ind AS 33 - Earnings Per Share. 15 A joint petiton for sanctoning the Scheme of Amalgamation of Mal Metalis Private Limited and Multtech Auto Prvate Limited with Ramlaishna Casting Solutons Limited, wholly owned subsidiares of the Holding Company, was filed with the Hon'ble National Company Law Tribunal, Kolkata Bench on September 27, 2025 and the pefifon is fixed for hearing on November 24, 2025. By the Order of the Board Dinstaga, dador~ Place: Kolkata e Chaltanya Jalan Date: November 12, 2026 (Wholeime Director) o OIN: 07540301 CIN No:L74210WB1981PLC034281, Phone: 033-4082 0900/ 033-7122 0900, Fax: 033-4082 0998 /0337122 0998, emai Website:www.ramkrishnaforgings.com :info@ramkrishnaforgings.com.
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RAMKRISHNA FORGINGS LIMITED Regd. Office: 23 Circus Avenue, Kolkata - 700017 NOTES TO UNAUDITED CONSOLIDATED FINANCIAL RESULTS: Consolidated Statement of Assets and Liabilities: S -t (All amounts in INR Lakhs, unless otherwise stated) Particulars Consolidated Asat Asat September 30, 2025 March 31, 2025 (Unaudited) (Audited) A [ASSETS Non-current assets (@) Property, plant and equipment 26712073 26595856 () Capital work-n-progress 8148865 4975342 (¢) Goodwill 706685 706685 (0) Other ntangible assets 508945 520394 () Rightof-use assels 1996755 2101083 1) Investment accounted for using equity method 208375 17,9159 (0) Financial assets ) Investments 1900 16900 (i) Loans 14883 16434 (ii) Other financial assets 338088 375353 () Deferred tax Assets (ne) (Refer note 6) 392708 447912 ) Non-currenttax assefs (net) (Refer note 6) 1285224 1262093 () Other non-curent assets 1337653 16865.66 Subtotal - Non-current assets 43451154 40T | Current assets (e) Inventories (Refer note 13) 13018174 12542865 (b) Financiel assets (i) Ivestments %898 867,44 (i) Trade receivables 94,14268 9753546 (i) Cash and cash equivalent 371158 160297 (iv) Bank balances ofher than i above 90964 41476 (v)Loans 12254 136.08 (i) Other financiel assets 1,965.61 304749 (c) Current tax assets (nef) 12267 8181 (0) Other current assets 2208530 2162062 Subtotal - Current assets| 25419171 25075498 TOTAL - ASSETS 68870325 65512875 B [EQUITY AND LIABILITIES Equity (@) Equity share capital 361618 362061 (o) Other equity 30314024 300,116.56 Total equity 30675642 3073 Liabilties [Non-current iabiies (o) Financia iabiites i) Borrowings 12597243 10826943 (i2) Lease libilties 78765 863974 (i) Otherfinancia lables 73290 356,68 (o) Deferred tx bl (net) (Refer note €) 284388 325256 (c) Other non-current iabiles 373060 397531 Sub total - Non-current labilties TA1,156.37 12449372 Current liabilities (@) Financia iabiltes i) Borrowings 13531670 93,007.42 (ie) Lease libilties 301939 273304 (i) Trade payables ) Total outstanding dues of micro enterprises and smallenterprises 306844 298877 1) Total outstanding dues of credilors ther than micro enterprises and small enterprises. 7949668 10503366 (i) Other fnencial lzbiltes 1419679 1628891 (b) Other current fabilfies 3057.20 6371.35 (c) Provisions 243147 186278 () Currenttax iabilies nef) 2379 191,93 Sub total - Current liabiltes| 2407904 2,27497.86 Total liabiltes| 3,81,946.83 35199158 TOTAL- EQUITY AND LIABILITIES 6,88,70325 65512875
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RAMKRISHNA FORGINGS LIMITED fl Regd. Office: 23 Circus Avenue, Kolkata - 700017 1 Statement of Unaudited Consolidated Cash Flows: (All amounts in INR Lakhs, unless otherwise stated) Six-months period Six-months period ended ended Particulars September 30,2025 September 30, 2024 (Unaudited) (Unaudited) (Restated) (Refer Note. 13) A CASHFLOW FROM OPERATING ACTIVITIES: Profit before from continuing operations 70462 14,821.91 Profit before tax from discontinued operations - 9917.78 Adjustments to reconcile profit before tax to net cash flows: Depreciation and amortization expenses 16,00482 1227420 Balances writien back (nef) - (90.38) (Gain on sale ofinvestment in Subsidiary Company (refer note 8) - (951039) Profton sale of property, plant and equipment (nef) (391.30) (4o1.11) Share ofoss ofoint venture (net of tax) 115088 7541 Net gain on Investments caried atfair value through proitor oss (1.83) (75.29) Employees Stock Option Expenses 50000 75000 Interestincome (20647) (21350 Net foreign exchange differences (unrealised) @17158) (526.85) Amortisation of government grants (247.68) (594.26) Finance coss 10,192.79 7504.32 Operating Profit before changes in operating assets and liabillies B5U25 EXEED Changes in operating assets and liabiites : (Increase) / Decrease intrade receivables (net of unrealised foreign exchange diferences) 802651 (9928.09) Increase in inventories (4753.06) (16,487.27) Increase / (Decrease) inloans 2005 (204) (Increase) / Decrease in other financial assets 139307 (3242) (Increase) / Decrease in other assets (42203) 41665 Increase / Decrease) in provisions 42597 (39.45) Increase / (Decrease) in rade payables (25457.31) 582596 Increase in other financial iabilties 87101 51232 Decrease in other libilies (3,786.19) (1.440.14) Cash generated from (used in) operations (148.73) 12433 Direct tax paid (390.48) (9,074.72) NET CASH FLOWS FROM / (USED IN) OPERATING ACTIVITIES - CONTINUING OPERATIONS (53921) 334864 'NET CASH FLOWS USED IN OPERATING ACTIVITIES - DISCONTINUED OPERATIONS - @9.82) 'NET CASH FLOWS FROM / (USED IN) OPERATING ACTIVITIES - CONTINUING AND DISCONTINUED OPERATIONS 3921) 3268.82 B. CASH FLOW USED IN INVESTING ACTIVITIES: Purchase of property, plant and equipment and intzngive assets (incuding capital work-in-progress, capita creditors and capital advances) (48,464.35) (435600.44) Proceeds fiom saleof property, plant and equipment 326900 60966 Payments towards acquisiion of subsidiaries acquired in a business combination / asset acquisiton - (199.50) Investments in fixed deposis with banks (80187) (26,001.19) Proceeds from maturity of fixed deposits with barks 0092 2590475 Proceeds from redemption of opionally convertible debentures 10000 10000 Proceeds from sale ofinvestmentin Subsidiary Company (net of related expenses) (Refer note 8) - 12,187.12 Proceeds from sale of redemplion of investments. - 228118 Payment for Purchase of Investments - (15.61327) Investmentin Joint Venture Company (Refer note 5) (280.00) (5:355.00) Interest Received 10296 1998 NET CASH FLOWS USED IN INVESTING ACTIVITIES - CONTINUING OPERATIONS 43,198.34) NET CASH FLOWS FROM INVESTING ACTIVITIES - DISCONTINUED OPERATIONS j NET CASH FLOWS USED IN INVESTING ACTIVITIES - CONTINUING AND DISCONTINUED OPERATIONS (48,198.34) & a7\ ‘CIN No:L74210WB1981PLC034281, Phone: 033-4082 0900/ 033-7122 0900, Fax: 033-4082 0998 033-7122 0398, emailinfo@ramirishnaforgings.com, Website:www.ramkrishnaforgings.com
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RAMKRISHNA FORGINGS LIMITED Regd. Office: 23 Circus Avenue, Kolkata - 700017 Statement of Unaudited Consolidated Cash Flows: (All amounts in INR Lakhs, unless otherwise stated) Sixmonths period Six-months period ended ended Particulars September 30,2025 September 30,2024 (Unaudited) (Unaudited) (Restated) (Refer Note. 13) C. CASH FLOW FROM FINANCING ACTIVITIES: Proceeds from issue o equity shere capial incuding securies premium & share warranis (net of expenses) (Refer note 11) 511875 Purchase of own equity shiares (through ESOP trusi) (1.09759) - Dividend paid on equity shares (181031) (1,807.76) Interest paid (9.39367) (6:759.07) Paymentofease fiables (1,63460) (1.88335) Proceeds flom fong term borrowings 3956331 1934929 Repayment oflong term borrowings (17,38037) (16364.75) Shortten borrowings (net) 25,090.19 NET CASH FLOWS FROM FINANCING ACTIVITIES - CONTINUING OPERATIONS 1762455 NET CASH FLOWS FROM FINANCING ACTIVITIES - DISCONTINUED OPERATIONS 212 NET CASH FLOWS FROM FINANCING ACTIVITIES - CONTINUING AND DISCONTINUED OPERATIONS 1764667 NET INCREASE / (DECREASE) IN CASH AND CASH EQUIVALENTS - CONTINUING OPERATIONS 210851 (10,393.52) NET DECREASE IN CASH AND CASH EQUIVALENTS - DISCONTINUED OPERATIONS NET INCREASE / (DECREASE) IN CASH AND CASH EQUIVALENTS - CONTINUING AND DISCONTINUED OPERATIONS Opening Cash and cash equivalents 1731282 Closing Cash and cash equivalents 6.861.94 NET INCREASE | (DECREASE) IN CASH AND CASH EQUIVALENTS (10,450.88) CIN NoL74210WB1951PLC034281, Phone: 0334082 0900/ 033-7122 0900, Fax: 033-4082 0998 ] 033-7122 0998, email:info@ramkrishnaforgings.com, Website:www.ramkrishnaforgings.com