Slides
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Innovation Engineered For Excellence Investor Presentation Q3 & 9M FY26
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Investor Presentation – January 2026 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 – January 2026 Contents 3 Q3 & 9M FY26 Financial Overview About Ramkrishna Forgings Update on Subsidiary and Joint Venture Our Commitment 1 2 3 4
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Q3 & 9M FY26 Financial Overview
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Investor Presentation – January 2026 MD’s Insights and Reflections 5 MR. NARESH JALAN “We are pleased to report an improved performance in Q3 FY26, driven by strong performance in the domestic business and resilient performance in global business on the back of effective execution of new orders. We have reported consolidated revenues of ₹1,099 crore in Q3 higher by 21% on a QoQ basis and PBT of ₹30 crore against loss of ₹ 5 crores. While the global operating environment remains uncertain, the robust performance of our domestic business has helped us partially mitigate these external headwinds. Our strategic emphasis on deepening domestic capabilities and diversifying our revenue base is yielding tangible results and providing greater stability to our overall business profile. During the quarter, we further strengthened our order book by securing new contracts worth ₹680 crore across the Auto and Non-Auto segments, reflecting the strength of our increasingly diversified portfolio. Looking ahead, the outlook remains encouraging. Production ramp-up at our casting facility is underway, aluminum forging capacity has been successfully commissioned, and we continue to make steady progress towards commissioning the machining facility in Mexico. We are confident of improved performance in Q4 and are well positioned to build on this momentum through FY27. Even as we steadily rebuild our performance trajectory, we continue to advance key strategic priorities, including the development of new products, expansion of our Railway business, foray into the passenger vehicle segment, geographic diversification, and capacity augmentation. Supported by strategic agility and operational discipline, we remain confident that these initiatives will further de-risk the business, strengthen our competitive positioning, and drive sustainable, long-term value creation for all stakeholders.”
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Investor Presentation – January 2026 Key Performance Indicators (Standalone) 6 (₹ in lakhs)*Excluding Other Income; Note: Rounded off to the nearest whole number. Q3 FY25 and 9M FY25 numbers have been restated pursuant to the merger of ACIL with Ramkrishna Forgings Limited # PBT is before exceptional Items 9M FY25 9M FY26 2,82,468 2,67,707 9M FY25 9M FY26 39,917 38,133 9M FY25 9M FY26 13,827 5,739 58%5% 4% 14.1% 14.2% 4.9% 2.1% 1,737 49 2,752 10,819 10,789 13,868 EBITDA* & EBITDA Margin (%) Q3 FY25 Q2 FY26 Q3 FY26 96,756 80,079 93,960 Revenue* PBT & PBT Margin# (%) 1.8% 0.1% 2.9%11.2% 13.5% 14.8% Y-O-Y 3% Q-O-Q 17% Y-O-Y 28% Q-O-Q 29% Y-O-Y 58%
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Investor Presentation – January 2026 9M FY25 9M FY26 46,109 43,452 9M FY25 9M FY26 17,222 4,825 9M FY25 9M FY26 3,08,689 3,02,130 Key Performance Indicators (Consolidated) 7 (₹ in lakhs) 72%6% 2% 14.9% 14.4% 5.6% 1.6% *Excluding Other Income; Note: Rounded off to the nearest whole number. Q3 FY25 and 9M FY25 numbers have been restated pursuant to the merger of ACIL with Ramkrishna Forgings Limited # PBT is before exceptional Items EBITDA* & EBITDA Margin (%) Q3 FY25 Q2 FY26 Q3 FY26 1,07,378 90,753 1,09,852 Revenue* PBT & PBT Margin (%)# Q3 FY25 Q2 FY26 Q3 FY26 12,632 12,254 16,337 11.8% 13.5% 14.9% 2,394 -543 2,969 2.2% -0.6% 2.7% Y-O-Y 2% Q-O-Q 21% Y-O-Y 29% Q-O-Q 33% Y-O-Y 24%
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Investor Presentation – January 2026 Q3 FY25 Q2 FY26 Q3 FY26 31,036 26,724 34,825 14,951 12,646 11,612 45,987 39,370 46,437 Q3 FY25 Q2 FY26 Q3 FY26 1.80 1.83 1.80 2.50 2.19 2.30 9M FY25 9M FY26 83,181 93,384 46,335 37,615 1,29,516 1,30,999 9M FY25 9M FY26 1.89 1.80 2.53 2.29 Volume (tons) Realisation (₹ Lac/ton) Volumes and Realisation 8 Total Revenue Breakup (₹ Lakhs.)* Particulars Q3 FY26 Q3 FY25 YoY Q2 FY26 QoQ Domestic Markets 66,209 58,568 13.0% 51,642 28.2% Export Markets 27,112 37,388 27.5% 27,797 2.5% Other Income & Export Incentive 940 1,084 13.3% 1,454 35.4% Total 94,261 97,040 2.9% 80,893 16.5% Total Revenue Breakup (₹ Lakhs.)* Particulars 9M FY26 9M FY25 YoY Domestic Markets 1,78,944 1,62,706 10.0% Export Markets 86,784 117,273 26.0% Other Income & Export Incentive 3,536 3,421 3.4% Total 2,69,264 2,83,400 5.0% Note: Data is on standalone basis unless stated otherwise. The sales tonnage and realization includes sales tonnage from ACIL which is now merged with RKFL *FY25 numbers have been restated pursuant to the merger of ACIL with Ramkrishna Forgings Limited Domestic Markets Export Markets 1.1% Volume (tons) Realisation (₹ Lac/ton) Y-O-Y 1.0%
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Investor Presentation – January 2026 Capacity Utilization 9 Particulars Installed Capacity Production (MT) Q3 FY26 Q2 FY26 Q3 FY25 FY25 Production (MT) Utilization (%)* Production (MT) Utilization (%)* Production (MT) Utilization (%)* Ring Rolling 24,000 32,541 6,013 100% 5,267 88% 8,172 136% Forgings 70,350 47,352 11,626 66% 9,341 53% 11,096 79% Press 1,78,050# 1,17,016 32,729 74% 26,943 61% 32,029 84% Casting 33,600 21,368 6,584 78% 5,876 70% 6,197 74% Total Capacity 3,06,000# 2,18,277 56,952 74% 47,427 62% 57,494 86% * Utilization (%) has been calculated on installed capacity on Annualized basis; # Press Capacity of 174,050 MT is in Ramkrishna Forgings Limited and 4000 MT is in Ramkrishna Casting Solutions Limited. Casting Capacity of 21600 MT is in Multitech Auto Private Limited and 12000 MT is in Ramkrishna Casting Solutions Limited. # Capacity increased in Ramkrishna Forgings Limited for Press Facility from 149,050 MT to 174,050 MT on January 31, 2025 and Forging facility from 56,100 MT to 70,350 MT on March 27, 2025.
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Investor Presentation – January 2026 Diversified Product Portfolio 10 Revenue Break-up FY20 FY21 FY22 FY23 FY24 FY25 9MFY25 Domestic Auto 43.5% 42.7% 39.2% 41.9% 39.7% 40.8% 45.6% Railways 4.3% 3.1% 1.7% 2.7% 3.6% 4.6% 7.3% Mining, Earth Moving & Farm Equipment 4.7% 4.8% 4.1% 4.5% 4.5% 4.8% 6.1% Miscellaneous (Industrial Components, Steel, Cement & Power) 5.9% 8.0% 9.8% 9.4% 9.7% 9.0% 8.6% Total Domestic 58.4% 58.6% 54.8% 58.5% 57.5% 59.2% 67.6% Exports - Auto 38.7% 39.6% 39.1% 35.9% 37.4% 37.2% 27.5% Exports - Others 2.9% 1.8% 6.1% 5.6% 5.1% 3.6% 4.9% Of Which Oil & Gas 1.4% 0.2% 0.9% 1.3% 1.3% 0.4% 0.1% Total Export 41.6% 41.4% 45.2% 41.5% 42.5% 40.8% 32.4% Total Revenue 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% * Rounded off to the nearest whole number. Numbers are on standalone basis unless stated otherwise.
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Investor Presentation – January 2026 Export Break Up by Geography 11 Particulars (₹ in crores) Q3 FY25 Q2 FY26 Q3 FY26 9M FY25 9M FY25 (%) 9M FY26 9M FY26 (%) North America 271.56 128.74 150.57 836.61 71.3% 479.39 55.2% Europe 99.56 146.96 119.52 326.96 27.9% 382.41 44.1% Asia & others 2.76 2.27 1.03 9.16 0.8% 6.04 0.7% Total 373.88 277.97 271.12 1,172.73 100.0% 867.84 100.0% * Numbers are on standalone basis unless stated otherwise.
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Investor Presentation – January 2026 Order Wins in Q3 & 9M FY26 12 During Q3, the Company secured new orders worth ₹680 crore, with a program life of four years. Approximately 66% of these orders were from the automotive segment and the balance 34% from the non-automotive segment, reflecting continued progress in the Company’s diversification strategy. In Q3FY26- Auto orders amounting to ₹406 Crores is in CV Segment, ₹26 Crores is in PV Segment and ₹18 Crores is in EV Segment In Q3FY26- Non Auto orders amounting to ₹189 Cores out of ₹ 230 Crores is in the Oil & Gas Sector Auto, 450 Non Auto , 230 Auto Non Auto Q3FY26 ₹ 680 Cr Auto , 1,789 Non Auto, 372 Railways, 119 Railways - Casting, 200 Auto Non Auto Railways Railways - Casting 9MY26 ₹ 2,480 Cr
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Investor Presentation – January 2026 New Order Wins in Standalone Business (in ₹ Crores) 13 FY24 FY25 9M FY26 2,664 3,897 2,480 New Orders 9,041 Ramp up for new Orders Last 3 years New orders New orders split over next 4 years Note:- Projected sales is from new orders only FY26 FY27 FY28 FY29 1,314 2,247 2,682 2,798
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Investor Presentation – January 2026 Well Positioned to Capture Future Growth 14 Summary on Capacity Expansion Particulars (In Metric Tonnes) Existing Under Commissioning Total Capacity Forging 293,400 40,000 333,400 Casting 33,600 45,000 78,600 Total 327,000 85,000 412,000 Summary on Capacity Expansion Over the last four years, the Company has invested approximately ₹300 crores for acquisition of machining facilities in Gurgaon and Jharkhand, alongside casting and forging facilities in Jharkhand. These facilities achieved stabilization during FY25-26. In addition, the Company has invested ₹242 crores in the rail wheel project, which is scheduled for commercial production in next financial year. Incremental capex of about ₹2651 crores has been deployed across Hot Forging (Presses and Upsetters), Warm Forging, Cold Forging, Aluminum Forging, Spindle lines, RA shaft lines, Casting Facilities and corresponding Machining Facilities during the last four years. The above outflow of ₹ 3193 Crores is funded largely from Internal Accruals and Equity. These strategic investments will materially benefit operations in forthcoming years.
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Investor Presentation – January 2026 Way Forward 15 Major Growth drivers: − Aluminum Forgings – Production commenced − Castings plant of 45,000 MT per annum expected to get commissioned in Q4FY26 − Forging – 40000 MT per annum expected to get commissioned in Q4FY26 − New products in Domestic and LCV markets − Railways - Bogie Assemblies which is a good value addition as assemblies supply along with our core items of Frame & Bolster. Bulk supplies have started and Indian Railway is showcasing huge demand for full assemblies supplies. Post-GST cut: − Robust demand in the domestic market has already driven growth and improved capacity utilization
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Investor Presentation – January 2026 16 Particulars (₹ in lakhs) FY21 FY22 FY23 FY24 FY25 9M FY26 Revenue from Operations 128,893 232,025 319,290 370,454 403,411 3,02,130 Cost of Goods Sold 64,045 1,16,073 1,61,053 1,86,156 1,99,955 1,53,785 Gross Profit 64,848 115,952 158,237 184,298 203,456 1,48,345 Gross Profit Margin 50.3% 50.0% 49.6% 49.7% 50.4% 49.1% Employee Cost 9,601 12,724 15,772 18,838 24,981 20,181 Power and Fuel 9,359 15,240 18,792 22,719 24,596 17,857 Other Expenses 23,618 36,289 54,441 65,450 97,924 66,855 EBITDA 22,270 51,699 69,232 77,291 55,955 43,452 EBITDA Margin 17.3% 22.3% 21.7% 20.9% 13.9% 14.4% Other Income 559 146 396 2,807 2,639 1,121 Depreciation 11,670 16,935 20,164 25,721 27,128 24,445 EBIT 11,159 34,910 49,464 54,377 31,466 20,128 EBIT Margin 8.7% 15.0% 15.5% 14.7% 7.8% 6.7% Finance Cost 7,985 9,590 12,020 14,555 16,586 15,303 Profit before exceptional items and Tax 3,174 25,320 37,444 39,822 14,880 4,825 Profit before exceptional items and Tax Margin 2.5% 10.9% 11.7% 10.7% 3.7% 1.6% Exceptional Items - - - - - -1,043 Profit before share of profit / (loss) of joint ventures and tax 3,174 25,320 37,444 39,822 14,880 3,782 Share of loss of joint venture - - - -69 -111 -1,266 Profit before Tax 3,174 25,320 37,444 39,753 14,769 2,516 Tax 1,107 5,517 12,633 11,465 -18,386 930 Profit After Tax Profit for the year from continuing operations 2,067 19,803 24,811 28,288 33,155 1,586 Profit after tax for the period from discontinued operations - - - 833 8,347 - Profit After Tax 2,067 19,803 24,811 29,121 41,502 1,586 Profit After Tax Margin 1.6% 8.5% 7.8% 7.9% 10.3% 0.5% *Note: Rounded off to the nearest whole number. FY25 numbers have been restated pursuant to the successful merger of ACIL with Ramkrishna Forgings Limited Income Statement (Consolidated)
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About Ramkrishna Forgings
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Investor Presentation – January 2026 One Stop Solution Provider 18 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 Forging
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Investor Presentation – January 2026 India 67.6%Others 0.2% North America 17.9% Europe 14.3% Our Global Presence 19 Sales & support services: • Detroit, USA • Sao Paulo, Brazil • Istanbul, Turkey • Monterrey & Toluca, Mexico • Milan, Italy • Degerfors, Sweden Warehousing facility: • Shelbyville, USA • Hagerstown, USA • Indianapolis, USA • Monterrey, Mexico • Turin, Italy • Toluca, Mexico • Puebla, Mexico • Westerlo, Belgium • Riverside MI, USA • Verona, Italy Headquarters & Manufacturing facilities Headquarters – Kolkata 19 manufacturing facilities • Jamshedpur – 16 plants (RKFL – 7 plants, MAPL – 3 plants & RKCL – 6 plants) • Howrah –West Bengal – 1 plant • Manesar – 1 plant • Monterrey – Mexico – 1 Plant Revenue By Geography 67.6% 32.4% Domestic Exports % Share – 9MFY26 9M FY26
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Update on Subsidiary and Joint Venture
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Investor Presentation – January 2026 Update on Merger of Subsidiaries with Ramkrishna Casting Solutions Limited 21 A joint petition seeking approval for the Scheme of Amalgamation involving Mal Metalliks Private Limited and Multitech Auto Private Limited with Ramkrishna Casting Solutions Limited was filed before the Hon’ble National Company Law Tribunal, Kolkata Bench ("NCLT"), on September 27, 2025. The hearing concluded on January 22, 2026, with the order reserved by the NCLT. All three entities are wholly owned subsidiaries, ensuring no change in RKFL’s shareholding. 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 – January 2026 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 December 31, 2025, a total of ₹455 crores equity has been infused in the JV. Project at Chennai, Tamil Nadu and construction work at site is progressing as per schedule. Trial run production is expected to begin by March, 2026 22
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Investor Presentation – January 2026 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 amounting to ₹200 crores for machining services from a major North American customer, to be fulfilled over the next five years. All machines for the above project has been received and installed at the plant. Some of the tooling and fixtures already received and the balance expected to be received by last week of January. PPAP of the products to start from February 2026 onwards and Bulk production is scheduled to begin from April 2026. Update on Mexico Facility 23
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Our Commitment
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Investor Presentation – January 2026 Our ESG Vision - Delivering shared value to the planet and people 25 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 – January 2026 Key Sustainability Highlights 26 Where Growth Meets Green: Progress Update for Q3 FY20261 26% Increase in Recycled Wastewater Increase in rainwater harvesting 2.75% 145% Increase in renewable energy mix from earlier 1.12% to 2.75% 394% Increase in total STP capacity 99% Permanent employees trained on ESG Permanent employees trained on Human Rights 59% 1 Note: The above is year-on-year update on ESG performance 99% Improvement in overall waste recycling performance 16% 7% Increase in Renewable Energy Consumption Increase in grid electricity consumption 4.7% 2% Increase in Emission Intensity 8% Increase in Scope 2 Emissions Intensity Decrease in Scope 1 Emissions Intensity 39%
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Investor Presentation – January 2026 Our Goals and Initiatives 27 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 2% increase in emissions intensity Energy Consumption Reductions at a Glance: Replaced existing 15 kW motors with 7.5 kW high-efficiency motors, potentially resulting in reduction in energy consumption Installation of a 300 kVAR capacitor bank is currently in progress at Plant-1 to improve the Energy Efficiency . Reduction in Emissions Across Operations: Electrification of Furnaces: Shifted to low-emission electric furnace operations in Plants 3 & 4, significantly reducing Scope 1 emissions while resulting in a marginal increase of Scope 2 emissions Renewable Energy Progress Highlights: RKFL is in advanced-level discussions with several RE vendors for purchase of RE in the coming years. RKFL is committed to reducing its overall Scope 1 and Scope 2 emissions by 50% by 2030. As part of this initiative, we plan to electrify the majority of our furnaces, significantly lowering Scope 1 emissions. In parallel, to address Scope 2 emissions, we will progressively increase our procurement of renewable energy, ensuring a more sustainable and resilient energy mix in the coming years. Achieve 100% Renewable Energy 2033 145% increase In RE mix Water Management Achieve Zero Liquid Discharge (ZLD) across all plants 2030 26% increase in wastewater recycling Key Water Management Initiatives: Rainwater harvesting recharge shaft installation at Plants 3 & 4 has been completed to support groundwater recharge and enhance overall rainwater storage capacity. Implemented integrated water-efficiency measures across Plants 1, 3, and 4, including fixture retrofits, RO-reject water reuse for solar-panel cleaning, and pipeline optimization works. These initiatives potentially reduce freshwater consumption. Awareness measures have been introduced across the facility, with clear and standardized labeling to distinguish washing water points from drinking water points. Achieve 100% water recycling Waste Management Reduce total waste generation by 50% 2030 3% decrease in waste intensity Waste Reduction Initiatives Driving Efficiency: Waste intensity per unit of production reduced by 3%, reflecting more sustainable manufacturing practices. 9R Waste Management framework across all plants. Employee Wellbeing Train 100% employees on ESG 2025 99.32% 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 year in a row, with recertification in progress for current financial year, demonstrating sustained commitment to workforce excellence. Train 100% employees on Human Rights 2025 99.32% 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: Installation of streetlights in villages and localities over a stretch of 15 kms to improve public safety and strengthen rural infrastructure. Facilitated purchase of electric vehicles to promote eco-friendly tourism and sustainable transportation within the Jamshedpur Forest Division Installation and maintenance of dustbins to improve solid waste management and encourage responsible waste segregation in Jamshedpur Construction of a dedicated shelter for rescued elephants to advance animal welfare and support biodiversity conservation in Dalma Forest. Agricultural support through seed distribution to farmers in backward Chowka village, Seraikela Kharsawan fostering livelihood enhancement and climate-resilient agriculture Financial contribution to an orphanage to improve the well-being and social inclusion of underprivileged children. Upgradation of healthcare centers to strengthen healthcare infrastructure and expand access to quality healthcare for local communities.
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Investor Presentation – January 2026 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: 5:00 PM IST on Tuesday, 27 January 2026 HOSTED BY:Pre-registrationTime 28 Q3 & 9M 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