Ramkrishna Forgings Limited, a prominent player in the forging industry, has taken a significant step towards restructuring its shareholding pattern. The company has submitted applications to both the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE) seeking approval to reclassify Ramkrishna Rail and Infrastructure Private Limited from the 'promoter group' category to the 'public shareholder' category.

Key Details of the Application

• Date of Application: November 17, 2025
• Entity to be Reclassified: Ramkrishna Rail and Infrastructure Private Limited
• Current Classification: Promoter Group
• Proposed Classification: Public Shareholder

This move comes as part of a broader corporate strategy, following earlier intimations to the stock exchanges regarding the reclassification process.

Implications of the Reclassification

The reclassification, if approved, could have several implications:

1. Shareholding Structure: It may alter the company's promoter group shareholding, potentially affecting the overall shareholding pattern.
2. Regulatory Compliance: The move aligns with SEBI's regulations on reclassification of promoters as public shareholders.
3. Market Perception: This change may influence how the market perceives the company's ownership structure.

Current Shareholding Details

As per the latest available information:

Regulatory Process

The reclassification request will undergo scrutiny by the stock exchanges and must comply with SEBI's Listing Obligations and Disclosure Requirements (LODR) Regulations. Shareholders' approval may also be required as part of this process.

Company's Statement

In its disclosure, Ramkrishna Forgings stated, "The Company has submitted applications with the Stock Exchanges i.e. BSE Limited and National Stock Exchange of India Limited on 17 November, 2025, seeking No-Objection or Approval for reclassification of Ramkrishna Rail and Infrastructure Private Limited from 'Promoter Group' Category to 'Public' Category shareholder."

The company has assured that it will keep stakeholders informed of any developments in this regard. Market participants and shareholders will be keenly watching the outcome of this application, as it could potentially impact the company's governance structure and market dynamics.

Investors and stakeholders are advised to monitor official communications from the company and regulatory bodies for further updates on this reclassification process.

Ramkrishna Forgings Limited, a leading Indian forging company, reported a consolidated loss of Rs. 9.5 crores in the second quarter of fiscal year 2026, primarily due to forex losses and tariff impacts. The company's revenue declined by 10.6% to Rs. 907.53 crores compared to the previous quarter, reflecting the challenging global business environment.

Key Financial Highlights

• Revenue: Rs. 907.53 crores (down 10.6% quarter-on-quarter)
• EBITDA: Rs. 122.54 crores (excluding other income, down 17.5% quarter-on-quarter)
• EBITDA Margin: 13.5% (down 110 basis points from Q1 FY26)
• Net Loss: Rs. 9.5 crores

Factors Impacting Q2 Performance

The company's performance was affected by several factors:

1. Forex losses of Rs. 6.77 crores on imported equipment
2. Tariff impact of Rs. 10.75 crores
3. Loss of Rs. 3.00 crores from Mexico operations
4. Loss of Rs. 4.84 crores from joint venture operations

New Order Wins

Despite the challenging quarter, Ramkrishna Forgings secured new orders worth Rs. 1,116 crores with a program life of 4 years. The order breakdown is as follows:

Management Commentary

Mr. Naresh Jalan, Managing Director of Ramkrishna Forgings, stated, "The worst is behind us. We are confident that the third and fourth quarters will be extremely surprising and on the upside of the results."

Future Outlook

The company expects significant recovery in the second half of FY26:

1. Domestic market showing strong traction post-GST cut
2. New customer wins in North America and oil & gas sectors
3. Railway segment gaining momentum with orders for fully finished assembled bogey frames
4. Casting facility expected to reach 80-85% utilization in FY27

Debt Reduction Plans

The company plans to reduce its debt by Rs. 500-600 crores by March 2026, supported by improved cash flows and promoter infusion.

Conclusion

While Ramkrishna Forgings faced headwinds in Q2 FY26, the management remains optimistic about the company's prospects for the second half of the fiscal year. The diversification strategy and new order wins are expected to drive growth and improve financial performance in the coming quarters.

Investors and stakeholders will be closely watching the company's execution of its plans and the realization of projected improvements in the next two quarters.