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Dolat Capital Report
Ramkrishna Forgings Ltd. printed strong set of numbers in Q4 FY23 led by strong growth in domestic volume due to pre buying of medium and heavy commercial vehicle ahead of BS6 Phase II. Ebitda margin stood at 22.5% due to cost-cutting measures.
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Although winning new business for rail wheel manufacturing in railway segment provides diversification and scale to its business, we expect high capex and increase in operational cost to dent its near to medium term earnings growth.
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We expect high borrowing cost to dent medium term domestic and export commercial vehicles demand. Further fall in realisation (due to correction in metal prices) will hit revenue growth.
We believe rising proportion of non-automotive business and machining are key positives for business. However, uncertain global environment and high capex and high debt are key concerns.
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