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HDFC Securities Retail Research
Ramkrishna Forgings Ltd. is the second largest forging company in India with an established position in the automotive forgings industry, especially in the medium and heavy commercial vehicle segment in both the domestic and the export markets.
The company has recently brought on-stream a new fabrication facility, at Jamshedpur, and a warm forging press thereby taking up the total capacity to 187,100 tonnes. The new additions will allow it to tap into the loco and railway coach segments.
M&HCV demand had remained muted for the past few years due to the global slowdown and the Covid pandemic. FY22 witnessed a revival in M&HCV sales and the momentum is expected to continue in FY23 as well driven by the huge capex envisaged by the Government for national infrastructure pipeline, improving economic demand and implementation of scrappage policy.
Diversification in other high margin products for electric vehicle and oil and gas sector would aid in margin expansion for Ramkrishna Forging.
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