Anand Rathi has given Buy recommendation for Ramkrishna Forgings with a target price of Rs. 287 in its research report issued on May 04, 2022
Anand Rathi’s research report on Ramkrishna Forgings
For RK Forgings, new multi-year order wins across regions and segments and ~81% utilisation were the quarter’s highlights. High commodity prices and freight costs continued to slash margins while the sharp jump in fuel prices further dented profitability. On the EV front, it’s targeting new business from 3Ws and PVs in the near term, both domestic and global OEMs. Also, its continuous focus on increasing content per vehicle augurs well for long-term growth.
Accordingly, we maintain our Buy rating at a revised TP of Rs287 (14x FY24e).