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Ramkrishna Forgings' Q2 FY26 consolidated revenue was Rs. 907.53 Cr (-10.6% QoQ) with a 13.5% EBITDA margin, posting a net loss of Rs. 9.5 Cr due to Rs. 25.26 Cr impact from forex losses and tariffs. Despite global challenges, the company secured Rs. 1,116 Cr in new orders, including significant railway business. Management is highly confident Q3/Q4 will see substantial improvement, with the "worst behind us," reiterating double-digit full-year growth. Expect Rs. 500-600 Cr debt reduction by March '26. New capacities are ramping up, and the Wheel JV targets Rs. 1,600-1,700 Cr revenue by FY28 with 17-18% EBITDA margins, signaling strong future potential.