Rane (Madras) share price today

Rane (Madras) Ltd's share price was ₹1,284.80 at the close on 4 November 2026. It has been rising for 22 weeks. That is 20.5% above its average price over the last 200 trading days. In the last 52 weeks it traded between ₹662 and ₹1,361, and at that close it sat 89% of the way up from that low.

A share price tends to move through four phases: moving sideways (stage 1), rising (stage 2), stalling near a high (stage 3) and falling (stage 4). Today Rane (Madras) Ltd is in stage 2. The phase helps read everything below.

Over the past 13 weeks it has done better than the NIFTY 500, and it has stayed ahead for 36 weeks in a row.

Over the last 11 years the share price moved +314% while the NIFTY 500 moved +249%, so it is ahead of the index over that whole period. The chart above shows the 13-week comparison for every week.

This page treats a rise as over when the price closes below its 200-day average on two Fridays in a row.

1. Revenue up on a year earlier for 10 quarters in a row

   In the June 2026 quarter revenue was ₹1,042 crore, +18.3% on a year earlier.

   Why: Revenue rose because the light metal castings business sold more, and higher aluminum prices raised the value of those sales.

   Next results: check whether new export business starts adding revenue, since management says it begins in 18 to 24 months.

   From the earnings call on 21 Aug 2026.

3. Indian funds and insurers (DIIs) cut their stake for 4 quarters in a row

   From 1% to 0.8% of the company by the September 2026 quarter.

For April to June 2026 (the quarter ended 30 June 2026), Rane (Madras) reported revenue of ₹1,042 crore, up 18.3% from ₹881 crore a year earlier, and a profit of ₹30.0 crore, up 57.9% from ₹19.0 crore.

Rane (Madras) results: April to June 2026 against a year earlier

The next results, for July to September 2026, are due by 14 November 2026: listed companies must publish quarterly results within 45 days of the quarter's end (60 days for the January to March quarter).

Rane (Madras)'s management discussed these results on a call held on 21 August 2026; what it said is further down this page.

From the company's reported quarterly results (quarter ended 30 June 2026). Revenue and profit in ₹ crore.

Rane (Madras) closed at ₹1,284.80 on 4 November 2026, up 53.2% from ₹838.60 a year earlier (7 November 2025) and up 242.7% over five years. Its highest weekly close since March 2016 was ₹1,367.85 on 23 August 2024.

Rane (Madras) share price: then and now

Weekly closing prices. Each change is the move from that price to the 4 Nov 2026 close. A day's intraday high or low can go beyond these weekly closes.

565 weekly closes from 4 March 2016 to 4 November 2026.

4 Nov 2026: Rane (Madras) closed at ₹1,284.80, up 8.8% on the week and down 4.5% on the month. Our read, 22 Aug 2026: Revenue has scaled past 1,000 Cr per quarter with FY26 new order wins reaching 712 Cr annualized and April to June 2026 new-business lifetime value at 2,040 Cr (54% exports).,operating margin remain constrained at 8.0-9.0% by legacy low-priced steering contracts (85-90% of division revenue) and raw material pass-through lags, with management aiming for double-digit operating margin inflection by October to December 2026.,Land monetization proceeds of 360 Cr (145 Cr realized) fund ongoing capital spending of 270-300 Cr, enabling progressive group net debt reduction toward a 0.5x debt-to-equity goal by March 2028.

Earlier

• 21 Aug 2026: Rane (Madras) held its results call for April to June 2026. Management guided: FY27 consolidated operating margin aspiration at double-digit, with Q3 the attempted inflection; cost-transformation expenses continue in FY27 and full-year benefits are expected in FY28.
• 29 Jul 2026: ex-date for a dividend of ₹16 a share.
• Results for April to June 2026: Revenue up 18.3% and profit up 57.9% on a year earlier.

Our read of the business

Revenue has scaled past 1,000 Cr per quarter with FY26 new order wins reaching 712 Cr annualized and April to June 2026 new-business lifetime value at 2,040 Cr (54% exports).,operating margin remain constrained at 8.0-9.0% by legacy low-priced steering contracts (85-90% of division revenue) and raw material pass-through lags, with management aiming for double-digit operating margin inflection by October to December 2026.,Land monetization proceeds of 360 Cr (145 Cr realized) fund ongoing capital spending of 270-300 Cr, enabling progressive group net debt reduction toward a 0.5x debt-to-equity goal by March 2028.

Latest quarter: Volume Expansion Continues as Input Inflation and Product Mix Temper Operating Margin.

Our read after the latest results, written 22 August 2026.

Rane (Madras) paid ₹16 a share in regular dividends in the 12 months to 5 November 2026 (1 payment), a yield of 1.25% at the ₹1,284.80 close on 4 November 2026. The last was a dividend of ₹16 a share, ex-date 29 July 2026.

Rane (Madras) dividends since 1 April 2021

Amounts as the company declared them on the NSE. A dividend goes to whoever owns the shares before the ex-date. The record date is the same day as the ex-date for every payment here.

Yes. Rane (Madras) Ltd paid out 41% of its profit as dividends in FY26, and it paid a dividend in 6 of its last 11 reported years.

From the NSE corporate-actions record, read 5 November 2026.

On the call for April to June 2026, held on 21 August 2026, Rane (Madras)'s management guided: FY27 consolidated operating margin aspiration at double-digit, with Q3 the attempted inflection; cost-transformation expenses continue in FY27 and full-year benefits are expected in FY28.

“The aspiration is for the full-year margin to be a double-digit number. Based on the volume and demand that we are currently seeing for Q2, I think we should be able to try to achieve it in Q3.”P.A. Padmanabhan, on the call for April to June 2026

What management guided

• Rane Steering margins muted through FY27, with significant improvement expected from FY28.
• Net debt-to-equity planned at 0.5 by March 2028, with debt reduction over the next 12-18 months.
• FY27 RML capital spending ₹270-300 crore, advanced by a steering order.
• FY27 subsidiary capital spending: RBSL ₹70 crore; ZF Group ₹250-280 crore.

Management’s own plans and goals, from our notes of the call. A plan is not a result.

Source: the call transcript.

From the call for April to June 2026, 21 August 2026.

What is changing at Rane (Madras), from the latest results and calls: export expansion and lifetime value order pipeline, hcl friction acquisition and railway exposure and rane steering product mix rollover.

• Export Expansion and Lifetime Value Order Pipeline. Export mix expanded to 27-28% with April to June 2026 new-business lifetime value of 2,040 Cr (54% exports) providing multi-year volume runway. ✓ fact
• HCL Friction Acquisition and Railway Exposure. Integration of HCL friction business adds two manufacturing facilities and 40% tender-driven railway revenue exposure with margin accretion. ✓ fact
• Rane Steering Product Mix Rollover. Transition from legacy low-margin contracts (85-90% of revenue) to new programs booked at 8-9% operating margin drives divisional recovery. ✓ fact
• Land Monetization Deleveraging Catalyst. Real estate monetization of 360 Cr (145 Cr received) funds capital spending requirements and goals a 0.5x debt-to-equity ratio by March 2028. ✓ fact

We check 16 kinds of change in every company, such as costs spread over more sales, higher-value products, new orders, new regions or falling debt, against its reported numbers and what management said on its calls. Only changes the numbers back are shown.

Our read after the latest results, written 22 August 2026.

Consolidated operating margin remaining below 8.5% through Q3 and January to March 2027, combined with net debt failing to decline below 650 Cr due to capital spending escalation or delays in Velachery land monetization receipts.

Each change stops working if

• Export Expansion and Lifetime Value Order Pipeline: Global automotive production slows materially or trade barriers penalize Indian component sourcing.
• HCL Friction Acquisition and Railway Exposure: Railway capital expenditure tenders face prolonged delays or post-merger integration costs exceed initial estimates.
• Rane Steering Product Mix Rollover: Key OEM clients delay new vehicle model launches or raw material indexation fails to cover component inflation.
• Land Monetization Deleveraging Catalyst: Municipal real estate approvals face extended administrative delays or property developers renegotiate payout milestones.

The main risks

• Input Cost Inflation and Pass-Through Lag: Commodity price escalation in metals and energy alongside freight disruptions compress operating margins before indexing takes effect. ⚠ estimate
• Rane Steering Legacy Margin Drag: Single-digit profitability in the steering division limits consolidated margin expansion until legacy contracts complete their cycle. ⚠ estimate
• ZF Rane Warranty Recall Exposure: Associate entity ZF Rane absorbed a 230 Cr warranty provision with unresolved final vehicle scope and insurance recoverability. ⚠ estimate
• Deleveraging Timeline Extension: Absolute debt reduction has been extended as land sale proceeds are diverted toward funding accelerated capital expenditure. ⚠ estimate

Our read after the latest results, written 22 August 2026.

When Rane (Madras) reports July to September 2026, these are the 4 checks that show whether the story is still on course. First: Consolidated margin recovery - check whether customer price corrections and cost actions offset input inflation.

Rane (Madras) is on one of our India lists: Momentum stocks.

Rane (Madras) Ltd earned ₹30.0 Cr of net profit in the Jun 2026 quarter, +57.9% on the same quarter a year earlier. That is the 2nd quarter in a row of profit growth. Full-year FY26 profit was ₹107 Cr. Over 10 years profit has grown 23.5% a year on average. That is 2.9% of the quarter's revenue.

Net profit is what is left after every cost, interest and tax. Earnings per share, dividends and book value all grow from it.

The same quarter a year earlier earned ₹19.0 Cr.

For the full year, FY26 profit was ₹107 Cr (+181.6% on the year before).

Why profit moved: revenue changed +18.3% on a year earlier and the margin moved +0.0 percentage points. Sales did the work, and the margin was about flat.

On average over the last four quarters, profit changed +172.6% and revenue +16.0%. Profit is growing faster than sales: fixed costs are spread over more sales, so each extra rupee of revenue adds more to profit.

FY26-Q4. revenue ₹1,048 Cr and profit ₹37 Cr as reported.

FY27-Q1. revenue ₹1,042 Cr and profit ₹30 Cr as reported.

Why-sources: our stock research file (22 August 2026) and the company’s own results for those quarters.

Rane (Madras) Ltd reported ₹1,042 Cr of revenue in the Jun 2026 quarter, +18.3% on the same quarter a year earlier. That is the 10th quarter in a row with growth on the year before. Over 10 years it has grown 16.0% a year on average. The last full year, FY26, came in at ₹3,863 Cr.

Revenue is everything the company billed its customers in the period.

The last four reported quarters add to ₹4,024 Cr.

FY26 revenue was ₹3,863 Cr, +13.4% on the year before.

Recent pace: the last four quarters grew +16.0% on average, against 16.0% a year over the longer run, so this year is growing at about the same pace as its own long-run rate.

Is growth speeding up? Revenue over the last 12 months grew +16.0%, against +19.8% a year over the last 8 quarters (rolling over); profit over the last 12 months grew +183.3%, against +49.8% a year (accelerating).

FY26-Q4. revenue ₹1,048 Cr and profit ₹37 Cr as reported.

FY27-Q1. revenue ₹1,042 Cr and profit ₹30 Cr as reported.

Why-sources: our stock research file (22 August 2026) and the company’s own results for those quarters.

Rane (Madras) Ltd's operating margin was 8.0% in the Jun 2026 quarter, about the same as the same quarter a year ago. Its latest full-year margin is the highest it has ever reported. Across 11 years it has been between 2.5% and 9.0%. The latest quarter is within that range.

Operating margin is what is left from every ₹100 of sales after the costs of running the business, before interest and tax. It shows pricing power and cost control.

Why this happened. The completed acquisition of HCL friction complements RML Brake Components division by adding commercial vehicle and railway friction capabilities across two Maharashtra plants. Railways represent approximately 40% of HCL revenue with 12-14 months tender visibility. The business operates at margin-accretive levels relative to standalone RML, providing incremental operating profit as joint procurement, logistics, and formulation synergies materialize over a 12-18 month integration window.

In the latest quarter it moved +0.0 percentage points on the same quarter a year ago.

Why the margin moved: operating margin changed −0.2 percentage points on the year while gross margin changed −2.5 points. So the drop came mostly from the gross margin, which means input costs and prices charged.

When margins are at a record, every ratio built on profit looks better than usual, so watch whether they hold.

FY26-Q4. revenue ₹1,048 Cr and profit ₹37 Cr as reported.

FY27-Q1. revenue ₹1,042 Cr and profit ₹30 Cr as reported.

Why-sources: our stock research file (22 August 2026) and the company’s own results for those quarters.

Over the last 3 years, 363% of Rane (Madras) Ltd's reported profit came in as cash from its operations, so the profit is backed by cash. In FY26 it brought in ₹219 Cr of operating cash against ₹107 Cr of profit. After ₹215 Cr of spending on assets, ₹4.0 Cr was left over as free cash.

The profit and loss account shows what was earned. The cash-flow statement shows the cash that actually came in. Comparing operating cash flow with profit is one of the best checks that a profit is real.

Cash-flow figures here are yearly, because quarterly cash statements are not published, so this section changes once a year.

Why 363% of profit came in as cash: the cash cycle got 58 days longer between FY21 and FY26, so more of each rupee of profit waits in the business before it arrives.

What to look at next: the bigger use of cash is spending on new assets, at 1.8× depreciation over three years. The next section checks what that spending is building.

Rane (Madras) Ltd's cash cycle, the days between paying suppliers and getting paid by customers, was 67 days in FY26, up from 9 days in FY21. It spent ₹726 Cr on assets over the last 3 years. Customers take 75 days to pay, and stock sits for 80 days on average.

Working capital is the cash tied up between paying suppliers and getting paid. Debtor days: how long customers take to pay. Inventory days: how long stock sits. The cash cycle: the whole loop, in days of sales.

Why this happened. RML has accelerated customer acquisition in international markets, with export revenue reaching 27-28% of mix. The company secured record annualized order wins of 712 Cr in FY26 and added 2,040 Cr of lifetime-value orders in Q1 FY27. With 54% of the new pipeline planned at export platforms (rack and pinion for European small cars, ball joints, and steering housings), this volume diversification reduces domestic cyclicality and supports operating leverage as new programs ramp up over an 18-24 month gestation period.

At FY26 sales of ₹3,863 Cr, each day of that cycle ties up about ₹10.6 Cr, so roughly ₹709 Cr is tied up in the business at any time.

FY26: customers took 75 days to pay and stock sat for 80 days, about 2.6 months of sales sitting as stock, for a full cycle of 67 days, longer than FY21's 9.

The full loop: cash goes out to suppliers and production on day 0. Stock sits for 80 days. Customers pay about 75 days after that. Suppliers are paid at 88 days. Together that makes the 67-day cycle.

Spending on assets: ₹726 Cr over the last 3 years, against ₹411 Cr of depreciation (the yearly wear and tear on existing assets). So it is building well beyond replacing what wears out. Work still in progress is ₹95.0 Cr (FY26): assets paid for that are not earning yet.

In short: the cash is going into new capacity, not getting stuck in the daily cycle. The question is whether the new capacity earns.

Rane (Madras) Ltd's P/E is 29.4×, in the middle of its own history: higher than 51% of past readings. Its usual P/E (the middle reading) is 29.3×, over 10 years of weekly prices. This compares the share price with the company’s own past. It does not say what the business is worth.

P/E is the share price divided by a year's profit per share: how many rupees the market pays for each rupee of yearly profit.

The P/E here, and its history, use a profit figure that can leave out one-off items, so it can differ from a P/E worked out on the quarterly results. Those results' earnings per share for the four quarters to Jun 2026 add up to ₹43.07.