We value the stock Rs 908 (18x Sept-20E EPS) and recommend a BUY. Ramkrishna Forgings (RMKF) sailed through tough times and posted impressive recovery in FY18. During FY15-FY17, RMKF's profits dropped substantially (APAT slid from Rs 673mn in FY15 to Rs 110mn in FY17) owing to (1) Slowdown in US class 8 trucks, (2) Delayed ramp-up of its new plant due to elongated approval time from OEM's, and (3) Sharp jump in interest/depreciation cost driven by capex of Rs 7bn for new press line.