We maintain BUY and expect RMKF to grow market share in new geographies as well as increase its content per vehicle. Ramkrishna Forgings (RMKF) reported another strong quarter with Revenue/EBITDA/ PAT growth of 23/31/22%YoY. Net revenue at Rs 4.9bn was aided by higher volume (+13% YoY at 37k tons) and improved realizations (+9% YoY). Domestic and export volumes stood at 28k (+9%) and 9.29k tons (+26%), respectively. EBITDA margin improved 225bps YoY/32bps QoQ to 21.5% led by a ramp up of the heavytonnage press line as well as increased contribution from exports.