Ramkrishna Forgings (RKFL) 1QFY17 EBITDA at Rs 429mn (-10% YoY) missed estimates by 15% as net sales witnessed 8% YoY decline on weak export volumes and 2% dip in net ASPs. EBITDA margin expanded 20bps QoQ as higher power and fuel costs ( 125bps) was offset by softer commodity prices.