Ramkrishna Forgings Files Q4FY26 Monitoring Agency Report for Convertible Warrants and Equity Shares

ramkrishna forgings has submitted the monitoring agency report for the quarter ended 31 March 2026 to BSE Limited and National Stock Exchange of India Limited. The report, prepared by India Ratings & Research Private Limited, covers the utilization of funds raised through the allotment of 34,00,000 convertible warrants and 6,40,000 equity shares upon conversion of warrants during Q4FY26. The filing was made pursuant to Regulation 32 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Issue Details and Fund Utilization

The company issued 34,00,000 convertible warrants at a price of INR 588 per warrant, including a premium of INR 586. The total issue size amounted to INR 199.92 Crores. As of 31 March 2026, the company received INR 49.98 Crores, representing 25% of the warrant value (INR 147 per warrant) as upfront consideration. The balance 75% (INR 441 per warrant) will be received upon conversion of warrants into equity shares during the 18-month tenure period.

Security Number Rate Value (INR Crores) Amount Received (INR Crores) Convertible Warrants 34,00,000 588 199.92 49.98 Total 199.92 49.98

Objects of the Issue

The monitoring agency confirmed no deviation from the objects stated in the offer document. The funds are allocated across two primary categories:

Sr. No. Item Head Original Cost (INR Crores) 1 Debt Repayment 149.94 2 General Corporate Purpose 49.98 Total 199.92

Utilization Status

During the quarter, the company transferred INR 49.98 Crores to its cash credit account under the utilization head of debt repayment. The funds were used for working capital repayment, including working capital demand loans and interest payments. No funds were utilized for general corporate purposes during the quarter. The monitoring agency verified that all utilization is as per the disclosures in the offer document, based on management undertaking, statutory auditor certificate, and relevant bank statements.

Item Head Amount Proposed (INR Crores) Amount Raised (INR Crores) Amount Utilized (INR Crores) Debt Repayment 149.94 49.98 49.98 General Corporate Purpose 49.98 49.98 - Total 199.92 49.98 49.98

Additional Convertible Warrant Issue

The monitoring agency report also covered a separate preferential issue of 9,75,000 convertible warrants issued between 11 August 2025 and 17 August 2025 at INR 2,100 per warrant, with a total issue size of INR 204.75 Crores. As of 31 March 2026, the company received INR 151.99 Crores, comprising INR 51.19 Crores as upfront consideration and INR 100.80 Crores upon conversion of 6,40,000 warrants. These funds were also transferred to the cash credit account for debt repayment purposes. The monitoring agency confirmed no deviation from the objects for this issue as well.

Ramkrishna Forgings Limited announced its Q4 FY26 investor presentation under Regulation 30, revealing strong quarterly performance with consolidated revenue of ₹1,217 crore in Q4, marking a 28% year-on-year growth and 11% quarter-on-quarter increase. The company's Profit Before Tax improved significantly to ₹64 crore in Q4 compared to ₹30 crore in the previous quarter.

MD's Strategic Insights and Market Outlook

Managing Director's commentary highlighted sustained momentum across key end-user industries and steady scale-up in newer business lines. The company witnessed improved business conditions during the quarter, with domestic demand remaining robust across key segments supporting healthy capacity utilisation. Export recovery was noted despite earlier disruptions and volatility, with customer demand reviving steadily even after factoring in tariff-related developments and geopolitical challenges.

Q4 FY26 Financial Performance

The company demonstrated robust operational momentum across key performance indicators during the quarter ended March 31, 2026. Standalone revenue showed consistent growth while EBITDA margins expanded meaningfully across both standalone and consolidated operations.

Metric: Q4 FY26 Q3 FY26 Q4 FY25 YoY Growth Consolidated Revenue (₹ Crore): 1,217 1,096 951 28% Standalone EBITDA Margin: 17.2% 14.8% 11.0% +620 bps Consolidated EBITDA Margin: 17.1% 14.9% 10.4% +670 bps Standalone PBT Margin: 6.4% 2.9% (2.2%) +860 bps

Annual FY26 Results and Board Decisions

The Board of Directors approved comprehensive decisions during their May 1, 2026 meeting, including audited financial results for FY26. The company reported standalone revenue of ₹3,75,492.46 lakhs compared to ₹3,63,429.92 lakhs in FY25, while consolidated revenue reached ₹4,23,807.73 lakhs versus ₹4,03,410.68 lakhs in the previous year.

Annual Performance: FY26 FY25 Growth Standalone Revenue (₹ Lakhs): 3,75,492.46 3,63,429.92 3.3% Standalone Profit (₹ Lakhs): 8,650.53 40,182.01 (78.5%) Consolidated Revenue (₹ Lakhs): 4,23,807.73 4,03,410.68 5.0% Basic EPS: ₹4.76 ₹22.20 (78.6%)

Operational Highlights and Business Diversification

The company's diversification strategy delivered tangible results with Railways emerging as a meaningful contributor alongside oil & gas, off-highway, and mining segments. The core Commercial Vehicle business continues to remain resilient while expanding presence across non-auto sectors strengthens earnings profile quality and resilience. Volume performance showed strong growth with total volumes reaching 1,82,746 tons in FY26 compared to 1,65,251 tons in FY25, representing 11% year-on-year growth.

Volume & Realisation: FY26 FY25 Change Total Volume (Tons): 1,82,746 1,65,251 +11% Forging Volume (Tons): 1,32,189 1,06,351 +24% Casting Volume (Tons): 16,602 14,768 +12%

Dividend Declaration and Corporate Actions

The Board declared a first interim dividend of Re 1 per equity share of face value ₹2 each for FY 2025-26, with the record date fixed as May 8, 2026. The company also approved the issue and allotment of 1,64,413 equity shares under the Employee Stock Option Scheme 2023 at ₹556 per share.

Corporate Actions: Details Interim Dividend: Re 1 per share Record Date: May 8, 2026 ESOP Shares Allotted: 1,64,413 shares ESOP Price: ₹556 per share

Leadership Changes and Future Outlook

Significant board restructuring includes the cessation of Mr. Sandipan Chakravortty and Mr. Partha Sarathi Bhattacharyya as Independent Directors effective May 20, 2026. The Board approved Mr. Naresh Jalan's re-appointment as Managing Director for three years starting November 5, 2026, subject to shareholder approval. Management indicated that FY27 is poised to be a strong year with healthy order book providing revenue visibility, improving demand conditions, better operating leverage, continued diversification, and disciplined capital allocation supporting growth prospects.

Governance Changes: Timeline Director Cessations: May 20, 2026 MD Reappointment: November 5, 2026 AGM Date: August 29, 2026 Book Closure: August 23-29, 2026

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