Ramkrishna Forgings Ltd is fundamentally a metal-shaping business: it takes steel and other alloys and, through immense heat and pressure, hammers and presses them into the precision components that keep trucks, trains, and heavy machinery moving. Incorporated in 1981 and rooted in Jamshedpur, the company has spent over four decades evolving from a single-product rear-axle supplier into a one-stop shop that can deliver a part in its raw forged state, fully machined, or as a complete sub-assembly. The recurring logic behind this expansion is a deliberate push to “create deeper into customers by increasing content per vehicle” while systematically diversifying away from a historic dependence on Indian automakers and into new geographies and non-auto sectors like railways and energy. # Business segments Three engines at different stages - a forging cash cow that is the company’s backbone, a casting platform built through acquisition, and a rail-wheel bet under construction - each extending the company’s reach into a new metal-forming technology or end market. ## 1. Forged and machined components: the core engine that shapes the company **This business makes the mission-critical metal parts for trucks, trains, and off-road equipment, selling to the world’s largest vehicle makers on multi-year contracts with built-in raw-material cost pass-through.** - **One-stop shop from forge to finish** - the company runs hot, warm, cold, and aluminium forging lines alongside in-house machining, heat treatment, and painting, so it can supply a part in any condition a customer wants, from a rough forging to a fully finished assembly. This end-to-end control improves quality and cuts lead times, which is why it has earned preferred-supplier status with global OEMs. - **Paid per part, with inflation protection** - revenue comes from selling components, and the company can pass on raw-material price increases to most customers with a lag of up to three months through contractual mechanisms. That means the business is shielded from sudden steel-cost spikes that would otherwise squeeze margins. - **Deep wallet share with sticky customers** - relationships with truck makers like Volvo, Daimler, Tata Motors, and Ashok Leyland, and axle giants like Dana and Meritor, routinely span more than a decade. The company keeps growing by adding new products to the same customer’s basket, moving from rear-axle parts to front-axle components and now targeting the entire vehicle platform. - **A 19-factory footprint anchored in raw-material country** - 16 of the company’s 19 plants sit in Jamshedpur, close to domestic steel sources, which helps control freight costs on the 80% of raw materials it buys locally. Total installed capacity across forging, ring rolling, press, and casting lines reached 395,800 metric tonnes as of March 2026, with standalone forging volumes of 182,746 tonnes in FY26. - **Diversified away from a single market** - the auto share of standalone revenue has dropped from roughly 91% in FY17 to about 78% in the first nine months of FY25, while railways, mining, and energy now account for 44% of new orders by value. The company also runs several electric-vehicle programmes in Europe and North America, and won its first EV contract in 2021. ## 2. Casting solutions: a bolt-on metal-forming platform built through acquisition **This segment pours molten metal into moulds to make precision cast parts for trucks and trains, consolidating three acquired companies into a single entity to serve the same customers as the forging business.** - **A complementary product basket** - the casting operations produce machined parts weighing from 1 kg to 45 kg, including brake components, gear-box housings, axle parts, and suspension pieces for commercial vehicles and railways. Because these parts go to the same OEMs that buy forgings, the company can offer a fuller package to existing customers. - **Adding a direct line to the mothership** - in March 2026, Ramkrishna Forgings itself started a horizontal casting line with 28,800 tonnes per annum of capacity, entering automotive casting directly so it can bundle cast and forged products under one roof. The subsidiary’s casting volumes in FY26 were 16,602 tonnes. ## 3. Railway and rail-wheel platform: a bet on India’s track modernisation **This engine supplies safety-critical undercarriage parts to Indian Railways today, while building a dedicated forged-wheel factory in Chennai that is expected to start production by mid-2027.** - **Safety-item supplier with a growing share** - the railway business already contributes 7.5% of revenue, up from 4.6% a year earlier, by making bogie frames, bolsters, and fully assembled bogies for passenger coaches and the Vande Bharat train set. These are certified safety components, which creates a high barrier for competitors to displace an incumbent. - **A landmark Vande Bharat order** - the company won a ₹270 crore contract to supply bogies for the Vande Bharat trainset to the BHEL-TRSL consortium, proving it can deliver complete assemblies, not just individual forgings. - **The wheel factory is a joint venture** - Ramkrishna Titagarh Rail Wheels Limited, a 51:49 partnership with Titagarh Rail Systems, is building a plant in Chennai with an annual capacity of 228,000 forged wheels at a project cost of ₹2,000 crore. The company has infused ₹480 crore of equity so far and provided a shortfall undertaking for its share of a ₹1,527 crore bank loan, with production anticipated by Q1 FY27. # Group structure and partners **The company is a publicly listed flagship with a 43% promoter holding, operating through subsidiaries in casting, North America, and a rail-wheel joint venture, after recently cleaning house by merging in an acquisition and selling a non-core hospitality unit.** - **A consolidated casting subsidiary** - Ramkrishna Casting Solutions Limited was formed by merging Multitech Auto and Mal Metalliks into the former JMT Auto, effective March 25, 2026, with an appointed date of January 1, 2024, putting all casting operations into one legal entity. - **A clean-up of the portfolio** - ACIL Limited, a precision auto-component maker bought through a corporate insolvency process in 2024, was amalgamated directly into Ramkrishna Forgings in May 2025, adding a Manesar plant. The non-core travel-services subsidiary Globe All India Services was sold to Yatra Online for ₹128 crore in cash in September 2024. - **Captive solar power** - the company invested in an SPV building a solar plant in Jamshedpur that will generate about 45.69 million units per year, supporting its goal of 100% renewable energy by 2033.