Ramkrishna Forgings (RKFL) 3QFY16 EBITDA at Rs 364mn (-4% YoY, -22% QoQ) missed est by 17%, led by a weak topline (-7% YoY, -16% QoQ) and 160bps QoQ decline in EBITDAM to 18.3%. Adjusted for inventory write-down (~2% of sales), margins stood at 20.3%. Muted sales is attributable to 21% QoQ decline in export vols and 13% QoQ drop in net ASP.