ICICI Direct has given Buy recommendation for Ramkrishna Forging with a target price of Rs. 235 in its research report issued on May 05, 2022

ICICI Direct’s research report on Ramkrishna Forging

Ramkrishna Forgings (RFL) is a Kolkata-based forging company, incorporated in 1981. It has six manufacturing plants in India concentrated around Jamshedpur and Kolkata with installed capacity of 1,87,100 tonnes as on date. FY22 mix: Asia 56%, Europe 14%, North America 30% • FY22 segment mix: auto ~81%; non-auto ~19%.


We retain BUY rating amid strong growth prospects and new order wins. We value RFL at Rs 235 i.e. 14x P/E on FY23E-24E average EPS of Rs 16.8 (implied PE ratio of ~12x on FY24E numbers).

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