# Rane (Madras) share price today (Rane (Madras) Ltd, NSE: RML)

> Rane (Madras) share price today: ₹1,316.30 at the NSE close on 3 November 2026, up 61.9% in a year. Rane (Madras) (NSE: RML) is worth ₹3,637 crore, trades at a P/E of 30.1 and has closed between ₹661.75 and ₹1,360.75 over the past 52 weeks. > Rane (Madras) Ltd's earnings have grown faster than its share price. Earnings per share grew +68.0% in a year while the price moved +61.9%. RML · Auto Ancillaries - Gears · data as of 3 November 2026. Page: https://www.sectoralpha.in/stocks/rane-madrasltd

Sector Alpha also publishes a daily newsletter that explains one Indian stock at a time: https://newsletter.sectoralpha.in/?utm_source=sectoralpha&utm_medium=ai_text&utm_campaign=llms

## Key numbers

- Business trend: Turning around, from fewer quarters than usual
- Price: ₹1,316.30 (+61.9% in a year)
- P/E: 30.1× (higher than 53% of the last 10 years)
- Revenue (Jun 2026): ₹1,042 Cr (+18.3% on a year ago)
- Profit (Jun 2026): ₹30.0 Cr (+57.9% on a year ago)
- Operating margin: 8.0% (flat on a year ago)
- ROCE: 14%, FY26
- Profit that came in as cash: 363%, last 3 years

The main question: promoters moved −2.2 percentage points over 8 quarters while the business went the other way. ## What is the Rane (Madras) share price today? Rane (Madras) Ltd's share price was ₹1,316.30 at the close on 3 November 2026. It has been rising for 22 weeks. That is 23.5% 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 94% of the way up from that low. 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 +325% 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. ## What changed at Rane (Madras) this quarter? 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. ## What are Rane (Madras)'s latest quarterly results? 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

| Measure | April to June 2026 | April to June 2025 | Change |
| --- | --- | --- | --- |
| Revenue | ₹1,042 crore | ₹881 crore | +18.3% |
| Profit | ₹30.0 crore | ₹19.0 crore | +57.9% |
| Earnings per share | ₹10.89 | ₹6.70 | +62.5% |
| Operating margin | 8.0% | 8.0% | 0.0 points |

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.)

## What is the Rane (Madras) share price history? Rane (Madras) closed at ₹1,316.30 on 3 November 2026, up 61.9% from ₹813.20 a year earlier (31 October 2025) and up 251.1% 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

| When | Close | Change to 3 Nov 2026 |
| --- | --- | --- |
| 1 week ago · 23 Oct 2026 | ₹1,163.05 | +13.2% |
| 1 month ago · 1 Oct 2026 | ₹1,344.75 | −2.1% |
| 6 months ago · 30 Apr 2026 | ₹809.35 | +62.6% |
| 1 year ago · 31 Oct 2025 | ₹813.20 | +61.9% |
| 3 years ago · 3 Nov 2023 | ₹800.70 | +64.4% |
| 5 years ago · 4 Nov 2021 | ₹374.90 | +251.1% |
| 10 years ago · 4 Nov 2016 | ₹476.55 | +176.2% |
| Earliest weekly close in our records · 4 Mar 2016 | ₹310.00 | +324.6% |
| Highest weekly close since March 2016 · 23 Aug 2024 | ₹1,367.85 | −3.8% |
| Lowest weekly close since March 2016 · 27 Mar 2020 | ₹149.40 | +781.1% |
| 52-week high (weekly close) · 11 Sep 2026 | ₹1,360.75 | −3.3% |
| 52-week low (weekly close) · 27 Mar 2026 | ₹661.75 | +98.9% |

Weekly closing prices. Each change is the move from that price to the 3 Nov 2026 close. A day's intraday high or low can go beyond these weekly closes. (565 weekly closes from 4 March 2016 to 3 November 2026.)

## What is the latest news on Rane (Madras)? 3 Nov 2026: Rane (Madras) closed at ₹1,316.30, up 13.2% on the week and down 2.1% 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.)

## What dividend does Rane (Madras) pay? Rane (Madras) paid ₹16 a share in regular dividends in the 12 months to 4 November 2026 (1 payment), a yield of 1.22% at the ₹1,316.30 close on 3 November 2026. The last was a dividend of ₹16 a share, ex-date 29 July 2026. ### Rane (Madras) dividends since 1 April 2021

| Ex-date | Dividend per share | Type |
| --- | --- | --- |
| 29 Jul 2026 | ₹16 | Dividend |
| 29 Jul 2025 | ₹8 | Dividend |

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. 1 of 5 Of the last 5 financial years, years with an NSE dividend record

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 4 November 2026.)

## What did Rane (Madras) management say on the latest results call? 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](https://files.tijorifinance.com/insight/india/4559/Conference Call/CC-Aug26.pdf). (From the call for April to June 2026, 21 August 2026.)

## What is the future of Rane (Madras)? What is changing in the business? 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.)

## What could change the Rane (Madras) story? What are the risks? 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.)

## What to watch in Rane (Madras)'s next results? 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. - What to check (from the call)
- Consolidated margin recovery - check whether customer price corrections and cost actions offset input inflation. - Rane Steering profitability - check whether legacy low-priced orders stop constraining the next quarter. - HCL integration - check phased execution, railway tender progress and acquired margin stability. - Deleveraging - check land-sale receipts and debt movement after acquisition and accelerated capital spending. ## Which stock lists is Rane (Madras) on? Rane (Madras) is on one of our India lists: Momentum stocks. [Momentum stocks Market cap cr: 3402.8349809885935](https://www.sectoralpha.in/momentum-stocks-india)

## Is Rane (Madras) profitable? 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. 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. ## How much revenue does Rane (Madras) make, and is it growing? 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. 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. ## How much of every ₹100 of sales does Rane (Madras) keep? 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. 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. ## Is Rane (Madras)'s profit turning into cash? 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. 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. ## Where does Rane (Madras)'s cash go? 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. 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. ## What is Rane (Madras)'s P/E ratio, and how does it compare with its own history? Rane (Madras) Ltd's P/E is 30.1×, in the middle of its own history: higher than 53% 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. 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. Why the multiple is where it is: over the past year earnings per share moved +68.0% while the price moved +61.9%. Earnings did better than the price, which pulled the multiple down within its own range. Where the price move came from: over 10 years the price moved +10.7% a year; about +12.2% a year came from earnings growth and about −1.5 percentage points from the multiple (the market paying less). The split is approximate (price return minus earnings growth). It shows how much of the move came from the market paying a different multiple. In short: the multiple is about average against its own past, so the earnings trend underneath matters more than the multiple. A quarterly PEG curve, which only the second data source has, is not shown on this page: its two data sources disagree by up to 395% on reported income across 15 comparable periods. When two sources disagree on a figure, we leave it out on purpose. The gap is a choice, not missing data. ## What growth does the Rane (Madras) share price assume? Worked out from its price on 26 August 2026, Rane (Madras) Ltd's share price assumed profit growth of about 16.6% a year. Over the past 10 years its profit actually grew 23.5% a year. Today its P/E is 30.1×, higher than 53% of its own last 10 years. This is a one-day reading, taken on 26 August 2026. Every other number on this page, the multiple included, uses the latest price as of 3 November 2026. A higher price assumes more growth and a lower price less, so it changes whenever the price changes, and this page does not update it between measurements. ## Is the Rane (Madras) business getting better or worse? Rane (Madras) Ltd's business is turning around. Profit growth has swung from −7.8% at its low to +183.3%, rising from a low 3 quarters ago, with ROCE steady at 14.0%. This is based on 8 quarters of 4 measures, with some gaps. Why it matters: a turn in growth is often where a bigger change starts. The lines say a turn is forming, so the question is whether the next quarters confirm it. The return figures here are yearly, not quarterly. They show level and direction only; they can support the growth lines but never decide the reading alone. This reading has some gaps: at least one line is short, or the return line is not the quarterly series, so treat it with a little more caution. ## What is the Rane (Madras) story, and has it been checked? Rane (Madras) Ltd's story is not scored yet against the checks our research set on 22 August 2026. Where it sits in its own cycle: MID EXPANSION. Our read, 22 August 2026. From the numbers. The stock sits in mid-expansion of its operating earnings cycle. The market reflects an emerging opportunity where volume scale and merger…

From the price. Price stage 2, week 22, above its 200-day line, relative strength falling. From the research. Where they disagree. The stock sits in mid-expansion of its operating earnings cycle. The market reflects an emerging opportunity where volume scale and merger synergies counterbalance input cost pressures and legacy steering contract drags. What is proven. What is not proven yet. Consolidated operating EBITDA margin remaining below 8.5% through Q3 and Q4 FY27, combined with net debt failing to decline below 650 Cr due to capex escalation or delays in Velachery land monetization receipts. What would change our mind. Consolidated operating EBITDA margin remaining below 8.5% through Q3 and Q4 FY27, combined with net debt failing to decline below 650 Cr due to capex escalation or delays in Velachery land monetization receipts. The test written in advance. Consolidated operating EBITDA margin remaining below 8.5% through Q3 and Q4 FY27, combined with net debt failing to decline below 650 Cr due to capex escalation or delays in Velachery land monetization receipts. Measured by: the thesis as written as stated by the next result. The test written in advance. Input Cost Inflation and Pass-Through Lag. Measured by: Input Cost Inflation and Pass-Through Lag Consolidated operating EBITDA margin staying below 8.5% in Q2 and Q3 FY27 prints. by the next result. The test written in advance. Rane Steering Legacy Margin Drag. Measured by: Rane Steering Legacy Margin Drag Divisional EBITDA margin in Rane Steering failing to exceed 4.5% by Q4 FY27. by the next result. What the company does. Revenue has scaled past 1,000 Cr per quarter with FY26 new order wins reaching 712 Cr annualized and Q1 FY27 new-business lifetime value at 2,040 Cr (54% exports). EBITDA margins 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 EBITDA margin inflection by Q3 FY27. Land monetization proceeds of 360 Cr (145 Cr realized) fund ongoing capex of 270-300 Cr, enabling progressive group net debt reduction toward a 0.5x debt-to-equity goal by March 2028. What the surface reading misses. What the surface reading misses. The surface reading is: Operating margin of 8.3% indicates solid profitability across operating divisions. The research reads it further: Current OPM sits at the 67th percentile of its historical range (-29.3% to 10.2%), driven by volume recovery but still constrained by legacy steering contracts and input cost pass-through lags. Lever 2 · Value-added mix: building. Export mix expanded to 27-28% with Q1 FY27 new-business lifetime value of 2,040 Cr (54% exports) providing multi-year volume runway. What proves it keeps working: Export Expansion and Lifetime Value Order Pipeline. It stops working if Global automotive production slows materially or trade barriers penalize Indian component sourcing. Lever 6 · Order-book wins: building. Integration of HCL friction business adds two manufacturing facilities and 40% tender-driven railway revenue exposure with margin accretion. What proves it keeps working: HCL Friction Acquisition and Railway Exposure. It stops working if Railway capital expenditure tenders face prolonged delays or post-merger integration costs exceed initial estimates. Sources: our stock research file (22 August 2026) · quarterly results through Jun 2026 · the company’s own earnings calls. The story check is re-scored every results season; the record below never changes. ## Did Rane (Madras) management deliver what it promised? What Rane (Madras) Ltd's management promised, against what actually happened: 4 promises on the record. Read straight from the company’s own earnings calls. A promise that slipped stays on this page after it is met. Deleveraging Goal and Timeline Not Reconciled · 21 August 2026. In Aug 2025, management described deleveraging as a current-year objective of reducing debt by about INR150 crores and said debt would continue to come down. In Aug 2026, the stated milestone is reaching a 0.5 debt-to-equity ratio by March 2028, with debt reduction framed over the next 12-18 months. The latest call does not reconcile whether the earlier FY26 reduction goal was achieved or explain the transition from a near-term rupee goal to a later leverage milestone. Debt Reduction Goal Underperformance · 18 May 2026. During the Aug 2025 call, management stated a specific goal to reduce net debt by 150 crores for Rane Madras over the financial year. However, according to the May 2026 full-year results, the actual debt reduction achieved was only 73.4 crores, representing a significant variance from the stated goal. Rane Steering Margin Guidance Revision · 18 May 2026. In the Aug 2025 call, management projected that new business programs for Rane Steering Systems would generate EBITDA margins of approximately 8%. By the May 2026 call, management lowered this expectation, guiding that the business would only reach a mid-to-high single-digit margin of 5 to 6% in the next two years. Debt Reduction Timeline Delay · 17 February 2026. In the August 2025 call, management committed to a 150-crore reduction in debt for Rane (Madras) Ltd. by the end of the current financial year (FY26). However, in the February 2026 call, management admitted that absolute debt has remained flat as land sale proceeds were diverted to fund capital expenditure, and they have pushed the goal for substantial debt reduction out by a full year to March 2027. Earlier call (Aug 2025): “INR796 crores is the current debt as on June 30, and since then another INR70 crores, INR75 crores has been paid off. So it will continue to come down. As I said earlier, about INR150 crores is the target during this year.” Later call (Feb 2026): “For absolute debt to come down, it will likely be March FY27. ... Had we not received this land parcel advance money, we would have gone for another 100 crore of debt, which we avoided by using those funds for capex expansion.”

Every quote above is taken word for word from the company’s own earnings calls. ## What is Rane (Madras) management's track record? Management allocated land proceeds to capital spending through the weak-margin period and reduced borrowings, but it changed the timing and level of two important promises. ### Regulatory and governance record

No RML-specific SEBI, CBI or ED action surfaced; the SEBI orders excerpt named unrelated entities. 0% Promoter shares pledged

Sources:

- [indiainfoline.com](https://www.indiainfoline.com/company/rane-madras-ltd/reports/directors-report)
- [sebi.gov.in](https://www.sebi.gov.in/sebiweb/home/HomeAction.do?doListing=yes&sid=2&smid=6&ssid=9)
- [tijorifinance.com](https://www.tijorifinance.com/company/rane-madras-limited/shareholding)

(Checked 30 August 2026.)

## How much does Rane (Madras) earn on its capital? Rane (Madras) Ltd earned a ROCE of 14% in FY26. That is up from a low of −4% in FY21. We cannot compare its return on capital used with its cost of capital from the data we have. It comes from a 2.8% net margin and 1.53× asset turnover (sales divided by assets). Why the return is what it is (FY26): a 2.8% net margin × 1.53× asset turnover × 3.36× leverage (assets divided by equity) ≈ 14.4% on equity. The margin does its share; borrowing is a big part of it. The quarterly return lines and the return-on-capital-used (ROIC) line, which only the second data source has, are not shown on this page: its two data sources disagree by up to 395% on reported income across 15 comparable periods. When two sources disagree on a figure, we leave it out on purpose. The gap is a choice, not missing data. ## Does Rane (Madras) have too much debt? Rane (Madras) Ltd had ₹752 Cr of borrowings against ₹751 Cr of equity in FY26, so its debt is 1.00× its equity. Its operating profit is 6 times its interest bill. Over 5 years borrowings went from ₹470 Cr to ₹752 Cr. Over the last 3 of those years it spent ₹726 Cr on assets. Why this happened. RML is executing land monetization across surplus parcels, with the Velachery transaction aiming for total receipts of 360 Cr (145 Cr realized to date). These milestone-linked proceeds have allowed the company to self-fund major growth capex (215 Cr in FY26 and 270-300 Cr planned for FY27) while lowering net debt by 73.4 Cr in FY26. Management has set a firm milestone to achieve a group net debt-to-equity ratio of 0.5x by March 2028. Part of the spending on assets is being paid for with borrowed money. The total-debt and debt-to-equity series, which only the second data source has, are not shown on this page: its two data sources disagree by up to 395% on reported income across 15 comparable periods. When two sources disagree on a figure, we leave it out on purpose. The gap is a choice, not missing data. ## What is the Rane (Madras) shareholding pattern? Promoters cut their stake in Rane (Madras) Ltd by 2.2 percentage points over 8 quarters, the biggest change among its owners. Promoters now own 70.5% of the company. Domestic institutions moved +0.7 points over the same period, to 0.8%. This uses the four owner groups that companies report every quarter; nothing is guessed between filings. Over the last two years: Promoters: −2.2 points over 8 quarters, to 70.5%; Domestic institutions: +0.7 points over 8 quarters, to 0.8%; Foreign institutions: +0.1 points over 8 quarters, to 0.3%. Why the owners changed: promoters drove it (−2.2 points), with the other side taken by domestic institutions (+0.7 points). They reduced their stake. ## How far is Rane (Madras) from balance-sheet trouble? For Rane (Madras) Ltd, the Z-score is not available, so we say so rather than guess one. It estimates how far the balance sheet is from trouble; it is not a forecast of failure. The debt, cash-flow and return sections show the balance-sheet figures we do have, each with its own date. ## How does Rane (Madras) rank in its industry? 62.0 out of 100, rank 1 of 7 in Auto Ancillaries - Gears, with 71% of the evidence available. Rane (Madras) Ltd scores 62.0 out of 100 against the 7 companies it is compared with in Auto Ancillaries - Gears, ranking 1. The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. The four parts add up to the total exactly: 24.4 + 12.1 + 11.5 + 14 = 62. This is the same number shown on the industry page; it is worked out once for the whole group and read here. What would change it: The score would fall if profit growth turns negative or margins stop improving while the share price lags its sector. ## Which companies is Rane (Madras) compared with? Rane (Madras) ranks 1 of 7 Auto Ancillaries - Gears companies on the 4-Factor Sector Score, with 62.0 out of 100. 1. Rane (Madras) Ltd this page RML · leader · Evidence leans up · 71% evidence 62.0 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 24.4/35 · Revenue 16% · Profit 100% · Operating margin change 0 points · 83% evidence Capital efficiency 12.1/25 · ROCE 14% · Operating margin 8% · 76% evidence Valuation 11.5/20 · P/E 27.1× · PEG n/a · 15% evidence Relative strength 14.0/20 · Lead over its industry 8.3% · Lead over NIFTY 500 29.3% · 1 year 45.3% · 100% evidence · 11 of 12 weeks ahead Exact sum: 24.4 + 12.1 + 11.5 + 14 = 62 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 2. [RACL Geartech Ltd](https://www.sectoralpha.in/stocks/racl-geartech-ltd) RACLGEAR · leader · Evidence leans up · 96% evidence 58.4 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 30.1/35 · Revenue 28.2% · Profit 78.1% · Operating margin change 5.4 points · 88% evidence Capital efficiency 19.7/25 · ROCE 16.9% · Operating margin 24.1% · 100% evidence Valuation 4.2/20 · P/E 32.4× · PEG 6.01 · 100% evidence Relative strength 4.4/20 · Lead over its industry -8.6% · Lead over NIFTY 500 10.2% · 1 year 18.4% · 100% evidence · 11 of 12 weeks ahead Exact sum: 30.1 + 19.7 + 4.2 + 4.4 = 58.4 · What this means: Earnings are strong; relative strength in its sector is -8.6% and the one-year return is 18.4%. 3. [Sar Auto Products Ltd](https://www.sectoralpha.in/stocks/sar-auto-products-ltd) Too little evidence to rank firmly · 56% evidence 43.6 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 25.7/43.75 · Revenue 39.9% · Profit 100% · Operating margin change -4.2 points · 83% evidence Capital efficiency 7.3/31.25 · ROCE 2.1% · Operating margin 12.6% · 95% evidence Valuation 10.6/25 · P/E 4220× · PEG n/a · 15% evidence Relative strength: no reading this week · its 20 points are shared across the other three Exact sum: 25.7 + 7.3 + 10.6 = 43.6 (no relative-strength reading this week; its 20 points are shared across the other three) · What this means: Some evidence is missing, so the score is pulled toward the middle on purpose. 4. [Z F Steering Gear (India) Ltd](https://www.sectoralpha.in/stocks/z-f-steering-gear-indialtd) ZFSTEERING · turning · Evidence leans down · 63% evidence 42.8 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 16.6/35 · Revenue 16.4% · Profit 66.7% · Operating margin change -5 points · 83% evidence Capital efficiency 6.4/25 · ROCE 6.5% · Operating margin 9% · 76% evidence Valuation 9.6/20 · P/E 32.5× · PEG n/a · 50% evidence Relative strength 10.2/20 · Lead over its industry n/a · Lead over NIFTY 500 2.9% · 1 year -27.5% · 25% evidence · 5 of 12 weeks ahead Exact sum: 16.6 + 6.4 + 9.6 + 10.2 = 42.8 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 5. [JTEKT India Ltd](https://www.sectoralpha.in/stocks/jtekt-india-ltd) JTEKTINDIA · basing · Evidence leans down · 78% evidence 40.1 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 16.8/35 · Revenue 16.8% · Profit 1.5% · Operating margin change -0.1 points · 83% evidence Capital efficiency 10.6/25 · ROCE 9.8% · Operating margin 5.3% · 76% evidence Valuation 12.0/20 · P/E 39.7× · PEG n/a · 50% evidence Relative strength 0.7/20 · Lead over its industry -30.2% · Lead over NIFTY 500 -14% · 1 year -29.3% · 100% evidence · 0 of 12 weeks ahead Exact sum: 16.8 + 10.6 + 12 + 0.7 = 40.1 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 6. [Shanthi Gears Ltd](https://www.sectoralpha.in/stocks/shanthi-gears-ltd) SHANTIGEAR · breaking out · Evidence leans down · 85% evidence 36.1 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 5.2/35 · Revenue -14.4% · Profit -37.6% · Operating margin change -2 points · 100% evidence Capital efficiency 18.9/25 · ROCE 25.6% · Operating margin 18% · 100% evidence Valuation 1.1/20 · P/E 58.5× · PEG 3.18 · 100% evidence Relative strength 10.9/20 · Lead over its industry n/a · Lead over NIFTY 500 3.4% · 1 year -4.4% · 25% evidence · 10 of 12 weeks ahead Exact sum: 5.2 + 18.9 + 1.1 + 10.9 = 36.1 · What this means: A strong business with a high valuation: it would need rising earnings, or a lower multiple, to score better on value. 7. [The Hi-Tech Gears Ltd](https://www.sectoralpha.in/stocks/the-hi-tech-gears-ltd) HITECHGEAR · basing · Most evidence points down · 74% evidence 31.2 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 8.3/35 · Revenue 5.5% · Profit -38.6% · Operating margin change -1.1 points · 88% evidence Capital efficiency 10.9/25 · ROCE 6.9% · Operating margin 11.1% · 100% evidence Valuation 4.5/20 · P/E 47.7× · PEG 3.3 · 65% evidence Relative strength 7.5/20 · Lead over its industry n/a · Lead over NIFTY 500 -15.7% · 1 year -37.3% · 25% evidence · 0 of 12 weeks ahead Exact sum: 8.3 + 10.9 + 4.5 + 7.5 = 31.2 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. Missing figures are not scored as bad. They lower the confidence and pull the final score toward the middle. Relative strength counts only when the company has a reading for this week; with no reading, that factor is left out and its 20 points are shared across the other three in proportion. PEG is not shown when the ratio cannot mean anything: the company must be making a profit, its price-to-earnings must be positive, and its three-year earnings growth must fall between 5% and 60%. Dividing a price multiple by a loss, or by growth measured off a tiny base, produces a number that looks precise and tells you nothing. Under relative strength, one mark per week shows the last 12 weeks: a mark is filled where the company led NIFTY 500 by 5% or more over the 13 weeks ending that week, which is the same test used everywhere on this site. Price stage places the company on the same six-step path the industry is placed on (basing, turning, breaking out, leader, fading, asleep), read from how many weeks running it has led NIFTY 500 and whether that lead is growing or shrinking. It describes where the share price stands, not the direction of earnings, and it is not a recommendation; it is left blank for a company whose weekly history is too short or too stale to read. The figures in this ranking come from the industry comparison: results through the Sep 2026 quarter, and the P/E at that quarter's end. The sections above use the latest weekly price, so a P/E or return there can differ a little from the one here. The stage words in this ranking (such as losing its lead or breaking out) describe the lead over the index, not the price phase in the price section. Related companies: [Auto Ancillaries - Gears](https://www.sectoralpha.in/sectors/auto-ancillaries-gears), all 7 compared on one page. ## Which companies are close to Rane (Madras) in size? Rane (Madras) is the 3rd largest of 7 Auto Ancillaries - Gears companies on Sector Alpha by market value (scores of 30 October 2026). Just above it: Sar Auto Products and Shanthi Gears. Just below it: JTEKT India, RACL Geartech, The Hi-Tech Gears and Z F Steering Gear (India). ### Auto Ancillaries - Gears companies close in size

1. [Sar Auto Products Ltd](https://www.sectoralpha.in/stocks/sar-auto-products-ltd) ₹3,883 crore
2. [Shanthi Gears Ltd](https://www.sectoralpha.in/stocks/shanthi-gears-ltd) ₹3,599 crore
3. Rane (Madras) Ltd ₹3,271 crore
4. [JTEKT India Ltd](https://www.sectoralpha.in/stocks/jtekt-india-ltd) ₹3,042 crore
5. [RACL Geartech Ltd](https://www.sectoralpha.in/stocks/racl-geartech-ltd) ₹1,612 crore
6. [The Hi-Tech Gears Ltd](https://www.sectoralpha.in/stocks/the-hi-tech-gears-ltd) ₹941 crore
7. [Z F Steering Gear (India) Ltd](https://www.sectoralpha.in/stocks/z-f-steering-gear-indialtd) ₹655 crore

[All 7 Auto Ancillaries - Gears companies, largest first](https://www.sectoralpha.in/sectors/auto-ancillaries-gears#all-companies)

### Companies close in size in other industries

1. [John Cockerill India Ltd](https://www.sectoralpha.in/stocks/john-cockerill-india-ltd) ₹3,284 crore · Capital Goods - Engineering Heavy
2. [CMS Info Systems Ltd](https://www.sectoralpha.in/stocks/cms-info-systems-ltd) ₹3,283 crore · Services - Others
3. Rane (Madras) Ltd ₹3,271 crore
4. [RattanIndia Enterprises Ltd](https://www.sectoralpha.in/stocks/rattanindia-enterprises-ltd) ₹3,261 crore · Miscellaneous
5. [TARC Ltd](https://www.sectoralpha.in/stocks/tarc-ltd) ₹3,238 crore · Realty - Regional

## What else do people ask about Rane (Madras)? ### What is Rane (Madras)'s share price today? Rane (Madras) Ltd's share price is ₹1,316.30, +61.9% over the past year. The whole company is worth ₹3,637 Cr on the market. In the last 52 weeks it traded between ₹662 to ₹1,361; today it is 94% of the way up from the low, 23.5% above its 200-day average (as of 3 November 2026). ### What were Rane (Madras)'s latest quarterly results? Rane (Madras) Ltd reported revenue of ₹1,042 Cr and net profit of ₹30.0 Cr for the Jun 2026 quarter. Revenue rose 18.3% and profit rose 57.9% compared with a year earlier. Earnings per share were ₹10.89. The operating margin was 8.0%, 0.0 percentage points higher than a year earlier (as of 3 November 2026). ### What is Rane (Madras)'s market cap? Rane (Madras) Ltd's market capitalisation is ₹3,637 Cr at a share price of ₹1,316.30. Market cap is the share price times the number of shares, so it changes whenever the price moves (as of 3 November 2026). ### How is Rane (Madras) performing? Rane (Madras) Ltd's share price has been rising for 22 weeks. In its latest quarter, revenue rose 18.3% and profit rose 57.9% compared with a year earlier. Over the past 13 weeks it has done better than the NIFTY 500, for 36 weeks running (as of 3 November 2026). ### Will Rane (Madras)'s share price go up? This page does not forecast Rane (Madras) Ltd's share price. What it shows instead: the share price is ₹1,316.30, and it has been rising for 22 weeks. Its P/E of 30.1× is higher than 53% of its own last 10 years (as of 3 November 2026). ### Who owns Rane (Madras)? Promoters own 70.5% of Rane (Madras) Ltd, foreign institutions 0.3%, domestic institutions 0.8% and the public 28.4% (latest quarter). The biggest change over the last two years: Promoters cut their stake by 2.2 percentage points over 8 quarters (as of 3 November 2026). ### Where is Rane (Madras) in its business cycle? Rane (Madras) Ltd's FY26 operating margin was 9.0%, against a 11-year range of 2.5% to 9.0%: the top of its range, a record year. When profit is at a record, every ratio looks better than usual, and the story depends on margins staying high. The latest quarter was 8.0%. Comparing margins with a company's own long history is a good way to see where it is in its cycle (as of 3 November 2026). ### What could break the Rane (Madras) story? The main question: promoters moved −2.2 percentage points over 8 quarters while the business went the other way. On price, this page treats a rise as over when the share price closes below its 200-day average on two Fridays in a row (as of 3 November 2026). ### Is Rane (Madras) a stock worth studying right now? What the numbers show: Rane (Madras) Ltd's earnings have grown faster than its share price. Earnings per share grew +68.0% in a year while the price moved +61.9%. The main open question: whether the owners’ moves turn back in line with the business. Every number on this page is worked out by code from the published figures, with no forecasts and no price opinions (as of 3 November 2026). ### Is there a Rane (Madras) share price forecast for 2026? What management itself 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. 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. What would change the story: 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. ### Where does this page get Rane (Madras)'s management information? From Rane (Madras)'s results calls, its filings and public records on governance, each dated on the page. Management’s plans are shown as plans, never as results. ## Lists

- Momentum stocks: https://www.sectoralpha.in/momentum-stocks-india

This is research, not advice. We’re not SEBI-registered.