M&HCVs; Volume Bottoming Out; Recovery Likely by mid-FY21E Led by significantly lower volume, Ramkrishna Forgings (RMKF) has delivered a highly disappointing performance in 3QFY20 with its PAT falling by 95% YoY to Rs17mn (vs. our estimate of Rs33mn). Its revenue declined by 49% YoY and 3% QoQ to Rs2.5bn (vs. our estimate of Rs2.8bn), while its volume declined by 50% YoY (+1% QoQ) to 18,730 tons owing to sharp decline in M&HCV; sales in the wake of higher axle load norm and ongoing economic slowdown. While EBITDA dropped by 55% YoY (+0.5% QoQ) to Rs475mn (slipping our estimate by 7.6%), EBIDTA margin contracted by 270bps YoY (+69bps QoQ) to 18.8% owing to 722bps YoY (+93bps QoQ)...