We value the stock at Rs 908 (18x Sept-20E EPS). Maintain BUY Ramkrishna Forgings (RMKF) reported another strong quarter with revenue/EBITDA growth of 36/29% YoY. Net revenue at Rs 4.6bn, aided by higher volume (+18% YoY at 35k tons) and improved net realization (+6% YoY). Domestic and export volumes stood at 27.5k (+19.3%) and 7.4k tons (+13%), respectively. Management expects exports contribution to increase in 2H led by an increase in content per vehicle.