Ramkrishna Forgings Files Monitoring Agency Report for Fund Utilization in Q4FY26

Ramkrishna Forgings Limited has filed its monitoring agency report for fund utilization during the quarter ended 31st March 2026, as mandated under Regulation 32 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The report, prepared by India Ratings & Research Limited, provides comprehensive details on the deployment of funds raised through preferential issues.

Fund Raising Activities Overview

The monitoring report covers two distinct fund raising initiatives undertaken by the company. The first involves 34,00,000 convertible warrants issued during January 2026, while the second relates to equity share conversions from an earlier warrant issue.

Fund Raising Activity: Details New Warrant Issue Period: 9th January 2026 to 16th January 2026 Warrant Quantity: 34,00,000 convertible warrants Price per Warrant: INR 588 (including premium of INR 586) Total Issue Size: INR 199.92 crores Amount Received (25%): INR 49.98 crores

Warrant Conversion Activity

The second component of the report addresses the conversion of warrants from an earlier issue. This activity generated significantly higher proceeds for the company during the reporting quarter.

Conversion Details: Information Original Issue Period: 11th August 2025 to 17th August 2025 Total Warrants Issued: 9,75,000 convertible warrants Warrants Converted: 6,40,000 warrants Conversion Price: INR 2,100 per warrant Funds Received: INR 151.99 crores

Fund Utilization Pattern

The monitoring agency confirmed that all funds were utilized in accordance with the stated objectives outlined in the offer documents. The primary utilization was directed towards debt repayment, specifically working capital loan repayment.

Key Utilization Highlights:

INR 49.98 crores from new warrants transferred to cash credit account

INR 100.80 crores from warrant conversions applied for debt repayment

No utilization recorded under general corporate purposes during the quarter

All fund deployment aligned with regulatory disclosures

Compliance and Monitoring

India Ratings & Research Limited, serving as the monitoring agency, reported no deviations from the stated objectives. The agency confirmed that all utilization followed the disclosures made in the offer documents and complied with applicable SEBI regulations.

Compliance Parameter: Status Deviation from Objects: No deviation observed Shareholder Approval: Not applicable Regulatory Compliance: Fully compliant Documentation: Complete and verified

The company's promoter group includes Naresh Jalan, Chaitanya Jalan, Rashmi Jalan, Radhika Jalan, Mahabir Prasad Jalan, Riddhi Jalan, and Riddhi Portfolio Private Limited. Ramkrishna Forgings operates in the manufacture and sale of forged components sector.

Implementation Timeline

Both debt repayment and general corporate purpose objectives remain ongoing, with completion targeted within 24 months from the receipt of funds. The monitoring agency noted no delays in implementation and confirmed that the utilization pattern aligns with the company's stated timeline for fund deployment.

Ramkrishna Forgings Limited announced comprehensive board decisions following its meeting held on May 1, 2026, including approval of audited financial results for FY26, dividend declaration, and significant governance changes. The Board of Directors considered and approved multiple strategic decisions in compliance with SEBI regulations.

Financial Results and Dividend Declaration

The company has approved its audited standalone and consolidated financial results for the quarter and financial year ended March 31, 2026. The Joint Statutory Auditors, S. R. Batliboi & Co. LLP and S. K. Naredi & Co. LLP, have issued an unmodified opinion report on the financial results.

Financial Highlights: FY26 (INR Lakhs) FY25 (INR Lakhs) Standalone Revenue: 3,75,492.46 3,63,429.92 Standalone Profit: 8,650.53 40,182.01 Consolidated Revenue: 4,23,807.73 4,03,410.68 Basic EPS: Rs 4.76 Rs 22.20

The Board declared a first interim dividend of Re 1 per equity share of face value Rs 2 each for FY 2025-26, with the record date fixed as Friday, May 8, 2026. The dividend payment will be completed within 30 days from the declaration date, subject to TDS provisions.

Employee Stock Option Scheme Implementation

The company approved the issue and allotment of 1,64,413 equity shares of face value Rs 2 each to the Ramkrishna Forgings Limited Employee Welfare Trust under the RKF Limited Employee Stock Option Scheme 2023. The shares are issued at a grant price of Rs 556 per share, including a premium of Rs 554 per share.

ESOP Details: Specifications Number of Shares: 1,64,413 Issue Price: Rs 556 per share Total Amount: Rs 9,14,13,628 Post-Allotment Shares: 18,18,35,017

Leadership Transitions and Board Restructuring

Significant board changes include the cessation of Mr. Sandipan Chakravortty and Mr. Partha Sarathi Bhattacharyya as Independent Directors effective May 20, 2026, upon completion of their second terms. The Board has approved the re-appointment of Mr. Naresh Jalan as Managing Director for three years starting November 5, 2026, subject to shareholder approval.

Leadership Changes: Details Ceasing Directors: Mr. Sandipan Chakravortty, Mr. Partha Sarathi Bhattacharyya Cessation Date: May 20, 2026 MD Reappointment: Mr. Naresh Jalan (3 years from Nov 5, 2026) New Audit Committee Chairman: Mr. Chetan Desai

Committee Reconstitution and Governance Updates

Following the director cessations, the company has reconstituted its board committees effective May 21, 2026. The Audit Committee will be chaired by Mr. Chetan Desai, with Ms. Rekha Bagry, Mr. Sanjay Kothari, and Mr. Chaitanya Jalan as members. The Nomination and Remuneration Committee will be headed by Mr. Sanjay Kothari. The Capital Market Committee will be chaired by Ms. Sucharita Basu De.

Annual General Meeting and Regulatory Appointments

The 44th Annual General Meeting has been scheduled for Saturday, August 29, 2026, at 11:30 AM through video conferencing. The company has appointed Bijay Kumar & Co., Practising Cost & Management Accountants, as Cost Auditor for FY 2026-27, subject to shareholder ratification. The Register of Members will be closed from August 23-29, 2026, for AGM purposes.

AGM & Regulatory Details: Information AGM Date: August 29, 2026 (11:30 AM) Book Closure: August 23-29, 2026 Cost Auditor FY27: Bijay Kumar & Co. (FRN: 004819) Meeting Duration: 11:30 AM to 2:30 PM

The comprehensive board decisions reflect the company's commitment to regulatory compliance and strategic governance while maintaining operational continuity through structured leadership transitions.

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