Forensic Analyst, Trudence Capital Advisors

Nitin Mangal

Forensic Analyst

Trudence Capital Advisors

Trudence Capital Advisors Private Limited is a SEBI-registered Research Analyst, holding SEBI registration number INH000015747. Our firm is dedicated to providing independent and unbiased research on Indian mid to large-cap companies. Trudence Capital is known for its counter-consensus views, with a focus on forensic research and on-ground primary investigations. Our research approach is thorough, involving detailed analysis of accounting practices and governance, alongside extensive channel checks.

Independent & Unbiased Research

Forensic Accounting

Ramkrishna Forgings  / Forensic Accounting

<ul>
<li>
<a href="https://www.smartkarma.com/entities/ramkrishna-forgings-ltd" target="_blank" data-smartkarma-citation="entities:13278:1" rel="noopener">Ramkrishna Forgings (RMKF IN)</a> (or RKFL) Q4FY25 results received a qualified audit opinion where inventory correction resulted in loss of 6.7% of net-worth. </li>
<li>The result also included several alarming highlights including a resurgence of inventory bulk up, questionable recognition of DTA, increasing debt, excess remuneration given to directors, etc.</li>
<li>What also takes the limelight is the warrants issue where company has issued warrants at ~3x the floor price to the promoters amidst the financial irregularities.</li>
</ul>



Ramkrishna Forgings (RMKF IN) (or RKFL) Q4FY25 results received a qualified audit opinion where inventory correction resulted in loss of 6.7% of net-worth. 
The result also included several alarming highlights including a resurgence of inventory bulk up, questionable recognition of DTA, increasing debt, excess remuneration given to directors, etc.
What also takes the limelight is the warrants issue where company has issued warrants at ~3x the floor price to the promoters amidst the financial irregularities.


Ramkrishna Forgings: Where Inventory Vanishes and Optimism Appears

<ul>
<li>On April 26, 2025, <a href="https://www.smartkarma.com/entities/ramkrishna-forgings-ltd" target="_blank" data-smartkarma-citation="entities:13278:1" rel="noopener">Ramkrishna Forgings (RMKF IN)</a> (RKFL) disclosed that during the annual physical verification of inventory for the financial year ending March 31, 2025, there were discrepancies observed.</li>
<li>The company has appointed independent external agencies to dig-out the findings, but the fact that management expects a 4-5% erosion of net-worth has caught the attention of many.</li>
<li>While this exposes the accounting and governance, the bigger picture is that it also exposes a big audit blind spot relating to inventory discrepancy threshold of 10%.</li>
</ul>


On April 26, 2025, Ramkrishna Forgings (RMKF IN) (RKFL) disclosed that during the annual physical verification of inventory for the financial year ending March 31, 2025, there were discrepancies observed.
The company has appointed independent external agencies to dig-out the findings, but the fact that management expects a 4-5% erosion of net-worth has caught the attention of many.
While this exposes the accounting and governance, the bigger picture is that it also exposes a big audit blind spot relating to inventory discrepancy threshold of 10%.


Ramkrishna Forgings Ltd: Missing Inventory Exposes the Audit Blind Spot

Market & Forensics Analyst, Beat the Street

Nimish Maheshwari

Market & Forensics Analyst

Beat the Street

Beat The Street was founded by Nimish Maheshwari and Sudarshan Bhandari, both of whom are Chartered Accountants by Profession, known for their expert analysis in the fields of Business, Sectoral analysis, and Corporate governance.

With a strong social media presence of 45,000+ Subscribers across various platforms, they are considered trusted voices in the industry. Their insights and analysis have been featured in some of India’s most prominent publications, including the Economic Times, Dalal Street Investment Journal, The Morning Context, and The Ken.

Their analysis on Bankrupt & Insolvent companies has been instrumental in saving investors from significant losses. They have a keen eye for identifying red flags and has identified exclusive redflags earlier in Vedanta, Nykaa, Dhani Services, Adani and many more.

Read Business Not Stock Prices

<ul>
<li>Ramkrishna Forgings (RK Forgings) recently reported discrepancies in its inventory during the annual physical verification for FY 2024. </li>
<li>The company has engaged independent external agencies to conduct a joint fact-finding study, aiming to maintain transparency and accountability. </li>
<li>Estimates suggest an adverse impact of 4-5% on the company’s net worth. While the impact on overall inventory is almost 10% of the total inventory, amounting to INR 120 crore</li>
</ul>


Ramkrishna Forgings (RK Forgings) recently reported discrepancies in its inventory during the annual physical verification for FY 2024. 
The company has engaged independent external agencies to conduct a joint fact-finding study, aiming to maintain transparency and accountability. 
Estimates suggest an adverse impact of 4-5% on the company’s net worth. While the impact on overall inventory is almost 10% of the total inventory, amounting to INR 120 crore


Ramkrishna Forgings: Inventory Discrepancies Raise Concern Over Governance

India Equity Analyst - Fundamental & Thematic, Beat the Street

Sudarshan Bhandari

India Equity Analyst - Fundamental & Thematic

Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/ramkrishna-forgings-ltd" target="_blank" data-smartkarma-citation="entities:13278:1" rel="noopener">Ramkrishna Forgings (RMKF IN)</a> reported Q3 FY25 revenue growth of 8% and volume up 13.9%, alongside new capacity expansions and Rs. 697 crore in new orders.</li>
<li>These robust results and strategic capacity boosts underscore RKFL’s resilience, positioning it for sustainable growth amid raw material and market headwinds.</li>
<li>Investors should see the mixed Q3 performance as a sign of proactive investments that could translate into significant long-term value.</li>
</ul>



Ramkrishna Forgings (RMKF IN) reported Q3 FY25 revenue growth of 8% and volume up 13.9%, alongside new capacity expansions and Rs. 697 crore in new orders.
These robust results and strategic capacity boosts underscore RKFL’s resilience, positioning it for sustainable growth amid raw material and market headwinds.
Investors should see the mixed Q3 performance as a sign of proactive investments that could translate into significant long-term value.


Ramkrishna Forgings Q3 FY25 Earnings: A Mixed Bag with a Promising Outlook

Equity Analyst - Fundamental & Thematic, Sree Capital

Sreemant Dudhoria,CFA

Equity Analyst - Fundamental & Thematic

Fundamental Research on Listed Indian Companies

Sree Capital

Sree Capital is a platform to share fundamental research on listed Indian companies. We do this research for our own investment

Thematic (Sector/Industry)

<ul>
<li>Promoters of multiple large-cap Indian firms made significant insider purchases in March 2025.</li>
<li>Sectors with notable activity include financials, real estate, and specialty chemicals.</li>
<li>Many of these stocks have already rallied post-purchase, with gains reaching up to 30%.</li>
</ul>


Promoters of multiple large-cap Indian firms made significant insider purchases in March 2025.
Sectors with notable activity include financials, real estate, and specialty chemicals.
Many of these stocks have already rallied post-purchase, with gains reaching up to 30%.


Insider Buying Trends in Indian Equities (Market Cap > USD 1 Billion) – March 2025

India

Ramkrishna Forgings Ltd. manufactures iron and steel forgings. The Company primarily manufactures components for the automobile industry and its products are also sold to other industries including railways, aerospace, defense, material handling, construction equipment and mines.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Ramkrishna Forgings (RMKF IN)

Ramkrishna Forgings: Where Inventory Vanishes and Optimism Appears

RKFL Q4FY25 results show inventory correction leading to 6.7% loss in net-worth, along with several irregularities. Warrants issued at 3x floor...

Nitin Mangal

Ramkrishna Forgings Ltd: Missing Inventory Exposes the Audit Blind Spot

Ramkrishna Forgings discloses inventory discrepancies leading to potential 4-5% erosion of net-worth, highlighting audit blind spot.

Nitin Mangal

Ramkrishna Forgings: Inventory Discrepancies Raise Concern Over Governance

Ramkrishna Forgings faces inventory discrepancies in FY 2024, impacting net worth by 4-5% and total inventory by 10%. Independent agencies...

Nimish Maheshwari

Ramkrishna Forgings Q3 FY25 Earnings: A Mixed Bag with a Promising Outlook

Ramkrishna Forgings (RMKF IN) shows strong Q3 results with revenue up 8% and new orders worth Rs. 697 crore, indicating resilience and potential...

Sudarshan Bhandari

Insider Buying Trends in Indian Equities (Market Cap > USD 1 Billion) – March 2025

Promoters increased stakes in key large-cap Indian stocks in March'25, signaling strong conviction. Focus on financials, real estate, and chemicals...

Sreemant Dudhoria,CFA

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Ramkrishna Forgings: Where Inventory Vanishes and Optimism Appears

RKFL Q4FY25 results show inventory correction leading to 6.7% loss in net-worth, along with several irregularities. Warrants issued at 3x floor...

Nitin Mangal

Ramkrishna Forgings Ltd: Missing Inventory Exposes the Audit Blind Spot

​Ramkrishna Forgings discloses inventory discrepancies leading to potential 4-5% erosion of net-worth, highlighting audit blind spot.

Nitin Mangal

Ramkrishna Forgings: Inventory Discrepancies Raise Concern Over Governance

​Ramkrishna Forgings faces inventory discrepancies in FY 2024, impacting net worth by 4-5% and total inventory by 10%. Independent agencies...

Nimish Maheshwari

Ramkrishna Forgings Q3 FY25 Earnings: A Mixed Bag with a Promising Outlook

​Ramkrishna Forgings (RMKF IN) shows strong Q3 results with revenue up 8% and new orders worth Rs. 697 crore, indicating resilience and potential...

Sudarshan Bhandari

Insider Buying Trends in Indian Equities (Market Cap > USD 1 Billion) – March 2025

Promoters increased stakes in key large-cap Indian stocks in March'25, signaling strong conviction. Focus on financials, real estate, and chemicals...

Sreemant Dudhoria,CFA

Ramkrishna Forgings discloses inventory discrepancies leading to potential 4-5% erosion of net-worth, highlighting audit blind spot.

Ramkrishna Forgings faces inventory discrepancies in FY 2024, impacting net worth by 4-5% and total inventory by 10%. Independent agencies...

Ramkrishna Forgings (RMKF IN) shows strong Q3 results with revenue up 8% and new orders worth Rs. 697 crore, indicating resilience and potential...