AI-generated · cited to primary sources · not investment advice
Ramkrishna Forg. (532527) Nov 2025 Filing Analysis
Does management do what it says?
Management has achieved 99.32% training for permanent employees on ESG and Human Rights principles as of the December 2025 reporting period, effectively meeting the target within the 2025 calendar year timeline. (2 met, 3 in progress across 5 tracked commitments)
“Train 100% employees on ESG [and] Human Rights [by] 2025”
Management reaffirmed the double-digit growth guidance for FY26 despite 9M FY26 growth being only approximately 1%. They expect a significant catch-up in Q4. (1 in progress across 1 tracked commitment)
“we still maintain that on the full year basis, we will be able to maintain our commentary of double-digit growth for the full year.”
Q3 FY26 EBITDA margin stood at 14.9%. While it improved 140 bps quarter-on-quarter, it remains significantly below the 17-18% near-term guidance and the historical 19-20% levels. (1 missed across 1 tracked commitment)
“But in a premix of both the things, we are on the safer side, 17% to 18% margin going forward.”
The company is focusing on increasing the revenue share from the Electric Vehicle (EV) business. (+1 more commitment)
“Focus on increasing revenue share of EV business”
See the full cited Management analysis of Ramkrishna Forg.
How durable is the business?
Domestic business is showing strong resilience and growth, aided by GST rationalization and a sharp bounce back in demand, acting as a hedge against global volatility. (1 expanding)
“I think domestic market has really bounced back very sharply post-GST cut... showing a very good traction”
See the full cited Business Model analysis of Ramkrishna Forg.
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