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Ramkrishna Forgings jumps over 34% in 2026 as coverage begins

Monarch Networth Capital set a ₹806 target and projected FY26 to FY29 growth of 20% revenue and 30% EBITDA CAGRs.

Reported · Written up by our desk · Equities

Ramkrishna Forgings shares have risen more than 34% in 2026 so far, according to LiveMint Markets. The stock is now covered by Monarch Networth Capital, which initiated the shares with a Buy rating and a target price of ₹806 per share, implying upside of around 18% from the prevailing market level.

In its initiation note, the brokerage pointed to the company’s diversification, expanding railway opportunities, and improving capacity utilization as drivers for future earnings growth. It also expects expansion across passenger vehicles, railways, oil and gas, exports, and value-added products to support the next phase of results.

Monarch Networth Capital projected strong growth through FY29, forecasting a 20% revenue CAGR and a 30% EBITDA CAGR between FY26 and FY29. It also projected adjusted profit after tax growth of 102% over the same period, along with EBITDA margin expansion from 15.2% in FY26 to 19.5% by FY29.

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