Ramkrishna Forgings Limited (RKFORGE.NS) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-106.4%

-₹43.40

vs ₹682.45 price

Levered DCF

-₹683.83

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

2.78

Grey zone

Rating

Overall 2 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
P/E	117.53×	42.29×	42.54×	18.43×	12.7×	81.07×	51.73×	14.26×
P/B	2.56×	4.61×	4.48×	3.46×	2.33×	1.9×	0.57×	1.96×
P/S	1.99×	3.47×	3.25×	1.43×	1.08×	1.3×	0.41×	0.89×
EV / EBITDA	17.1×	28.27×	16.88×	8.33×	7.95×	12.71×	7×	6.83×
Gross margin	29.2%	43.7%	43.0%	43.1%	42.6%	42.2%	42.3%	38.6%
Operating margin	7.3%	37.2%	37.6%	37.7%	36.6%	34.1%	33.3%	32.7%
Net margin	1.7%	10.3%	7.9%	7.8%	8.5%	1.6%	0.8%	6.2%
Current ratio	1.15×	1.1×	1.5×	1.26×	1.27×	1.08×	1×	1.14×
Debt / equity	0.74×	0.7×	0.45×	1.01×	1.51×	1.4×	1.13×	1.04×
Interest coverage	1.47×	8.96×	9.04×	9.88×	8.74×	5.46×	5.08×	7.52×
Dividend yield	0.2%	0.3%	0.2%	0.6%	0.2%	0.0%	1.2%	0.2%
Payout ratio	25.2%	8.7%	8.4%	11.0%	2.4%	0.0%	60.9%	2.7%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	2.2%	13.7%	10.8%	18.8%	18.4%	2.3%	1.1%	13.8%
Return on invested capital	4.6%	28.6%	24.3%	28.3%	23.7%	13.0%	13.6%	22.2%
Return on assets	1.0%	6.3%	5.5%	6.7%	5.7%	0.8%	0.4%	5.5%
Free cash flow yield	-3.2%	-7.9%	0.3%	8.5%	-10.2%	-5.4%	5.3%	0.7%
Earnings yield	0.9%	3.0%	2.4%	5.4%	7.9%	1.2%	1.9%	7.0%
Enterprise value	₹107.2B	₹161.2B	₹130.6B	₹58.6B	₹41.1B	₹28.4B	₹14.9B	₹26.2B
Net debt / EBITDA	3.64×	3.69×	1.33×	1.83×	3.09×	5.21×	4.66×	2.37×
Cash conversion cycle (days)	81	116	101	112	168	171	188	116