Ramkrishna Forgings Limited is set to commission 85,000 tonnes per annum of additional forging and casting capacity by the fourth quarter of FY26, as earlier investments in domestic and overseas manufacturing facilities move from construction to operational execution.
The capacity additions form part of a multi-year capital expenditure programme under which the company has deployed INR 31.93 billion over the past four years across forging, casting, machining and aluminium forging facilities. The company said the investments were funded largely through internal accruals and equity, with a focus on expanding downstream capabilities and diversifying its manufacturing base.
Of the total capacity under commissioning, 40,000 tonnes per annum relates to new forging capacity and 45,000 tonnes per annum to a new casting plant, both expected to be commissioned in Q4 FY26. Once operational, total forging and casting capacity is expected to rise to about 412,000 tonnes per annum. The company said aluminium forging capacity has already been commissioned, marking the completion of one of its diversification projects.
“Production ramp-up at our casting facility is underway, aluminum forging capacity has been successfully commissioned, and we continue to make steady progress towards commissioning the machining facility in Mexico,” said Naresh Jalan, Managing Director of Ramkrishna Forgings Limited.
Earlier investments in machining, forging and casting facilities in Gurgaon and Jharkhand have achieved stabilisation during FY25–26, indicating a shift from the build-out phase to operational utilisation. These facilities were part of acquisitions and greenfield projects undertaken over the last four years.
A major ongoing project is the rail wheel manufacturing joint venture with Titagarh Rail Systems, which has received a letter of acceptance to manufacture and supply forged wheels for Indian Railways. The project involves an estimated investment of INR 20.0 billion and is designed for an annual capacity of 228,000 forged wheels. As of 31 December 2025, equity infusion into the joint venture stood at INR 4.55 billion, with construction at the Chennai site progressing as per schedule. Trial production is expected to begin by March 2026.
“Even as we steadily rebuild our performance trajectory, we continue to advance key strategic priorities, including the development of new products, expansion of our Railway business, foray into the passenger vehicle segment, geographic diversification, and capacity augmentation,” Jalan said.
The company is also advancing its overseas manufacturing plans. In Mexico, Ramkrishna Forgings has acquired a local entity and commenced machining operations at a leased facility in Monterrey. All machines for the project have been received and installed, with product approval processes scheduled to begin in February 2026 and bulk production planned from April 2026. The facility has secured machining orders worth INR 2.0 billion from a North American customer, to be executed over five years.
“Our strategic emphasis on deepening domestic capabilities and diversifying our revenue base is yielding tangible results and providing greater stability to our overall business profile,” Jalan said.
Alongside capacity expansion, the company reported new order wins of INR 6.80 billion during the third quarter of FY26, with a mix of automotive and non-automotive contracts. For the first nine months of FY26, total new orders stood at INR 24.80 billion, providing medium-term revenue visibility as new capacities come on stream.
In the third quarter of FY26, the company returned to profitability, reporting consolidated revenue of INR 10.99 billion and a profit before tax of INR 300 million, compared with a loss in the year-earlier period. Ramkrishna Forgings Limited is an India-based manufacturer of forged and machined components supplying the automotive, railways, mining, industrial and oil and gas sectors.
“While the global operating environment remains uncertain, the robust performance of our domestic business has helped us partially mitigate these external headwinds,” said Jalan.
