NSE: RATNAMANI · BSE: 520111 · ISIN INE703B01027
Ratnamani Metals & Tubes Limited stock analysis
Ratnamani Metals & Tubes Limited ranks #1571 in the TickerSutra evidence-ranked universe with a score of 52/100 and 95% data confidence. The latest captured fundamentals show ROCE of 17.9%, quarterly sales growth of -15.6% and quarterly profit growth of -37.7%.Monitor only
INVESTMENT EVIDENCE
What supports—and challenges—the thesis
Evidence in favour
- Low debt/equity of 0.08×
- Strong CFO/EBITDA of 1.23×
- CWIP indicates an active capacity pipeline
- No promoter shares are reported as pledged
Risks and constraints
- Valuation is above 40× earnings
Still unresolved: Related-party exposure · Broad media sentiment
FINANCIAL TRAJECTORY
Recent operating history
| Period | Revenue | Operating profit | Net profit | Operating margin |
|---|---|---|---|---|
| 2022 | ₹3,139cr | ₹495cr | ₹323cr | 16.0% |
| 2023 | ₹4,474cr | ₹776cr | ₹512cr | 17.0% |
| 2024 | ₹5,059cr | ₹897cr | ₹625cr | 18.0% |
| 2025 | ₹5,186cr | ₹824cr | ₹542cr | 16.0% |
| 2026 | ₹4,494cr | ₹758cr | ₹534cr | 17.0% |
| TTM | ₹4,314cr | ₹732cr | ₹514cr | 17.0% |
EXCHANGE EVENT TRIGGERS
Latest corporate disclosures
MANAGEMENT COMMENTARY
Signals from filed documents
This dual-engine structure positions the Company to capture both cyclical infrastructure demand and structural shifts towards specialised materials, thereby strengthening its resilience, profitability, and long-term growth visibility. The ‘Economic Moat’ Financial StatementsStatutory ReportsCorporate Overview 51-118 Annual Report 2025-26 57 58 Strategic Capital Allocation and Capacity Expansion Segment-wise and Subsi
Although order booking remained moderate during the quarter due to delayed project cycles arising from current global situation, inquiry levels have started showing signs of improvement across key markets. With expected improved demand visibility going forward, strong subsidiary momentum, contribution from ongoing expansion proje cts and the positive long-term industry outlook, we remain confident of strengthening ou
So, there is excess capacity available in dome stic stainless-steel pipe industry, while demand also remains weak, which is getting reflecte d in our order backlog numbers. So historically, this segment has not witnessed meaningful pricing pressure, but the dynamics now it is completely different. Almost every carbon ste el company has entered into stainless-steel space.
Raw Material Supply & Supplier Concentration Risk Dependence on a limited number of suppliers, particularly for stainless steel coils, plates and duplex grades, may result in delayed supplies, higher input costs and production disruptions. Supplier diversification, strategic inventory maintenance, long- term procurement arrangements and evaluation of backward integration opportunities to reduce dependence on external
Further, the global pivot towards energy security has triggered a resurgence in nuclear power and LNG infrastructure. Both demand stringent vendor approvals and specialised product capabilities – areas where Ratnamani has consistently invested and strengthened its position. Our strategy has been to pivot our focus towards these high- growth geographic pockets.
Exports remain a powerful growth engine, carried by participation across global energy, industrial, and infrastructure projects. In FY 2025-26, export revenue reached ₹ 1,362.48 Crores, a sign of strong demand across key international markets and a rising share of higher-value products. Dedicated commercial platforms in North America, the Middle East and Europe further reinforce Ratnamani’s presence, sharpening custo
Now as the utilization increases, the margin improvement you are seeing and plus the nature of the order. And sir, what is our, let's say, growth guidance for this business in FY '27 and also margin guidance for pipe spool business? Ratnamani Metals & Tubes Limited May 18, 2026 Page 13 of 19 Manoj Sanghvi: For spool business, we can see a growth of 20%.
The new line introduces high-precision manufacturing systems intended to offer improved yield and large volumes to bearing and auto component manufacturers. It will drive efficiency through automation, capture additional market segments, develop new products and customers, improve process consistency and product capability, and achieve higher margins. Commissioning target: March 2027 Ratnamani Middle East Company LLC
Hence, there is no question of difference between amount of the valuation done at the time of one-time settlement and the valuation done while taking loan from the Banks or Financial Institutions. APPRECIATION Your directors place on records their gratitude for the valuable support rendered by the various stakeholders such as shareholders, customers, and suppliers, investors, business associates, joint venture partner
Accelerated commissioning of captive solar power capacity, optimisation of energy consumption, long-term power arrangements and continuous monitoring of utility contracts and billing structures. Raw Material Supply & Supplier Concentration Risk Dependence on a limited number of suppliers, particularly for stainless steel coils, plates and duplex grades, may result in delayed supplies, higher input costs and productio
Related Party Transactions: The Company has framed a Policy on materiality of Related Party Transactions and on dealing with Related Party Transactions for the purpose of identi/f_ication and monitoring of such transactions. The policy on Related Party Transactions as approved by the Board has been hosted on the Company’s website at the web link: https://www.ratnamani.com/ download/Code_and_Policy/MAT_RPT_POLICY.pdf
Presentations / Investor Conference Calls to Institutional Investors / Analysts Presentations are uploaded on the website of the Company just after the conclusion of the Board meetings held for consideration and approval of quarterly, half yearly and annual /f_inancial results and the same are uploaded on websites of the Stock Exchange, where the shares of the Company are listed. Periodically Investor Conference Call
HOW TO READ THIS PAGE
Evidence, freshness and limitations
What does the TickerSutra score mean?
The score ranks captured evidence across financial quality, growth, moat and margins, regulatory catalysts, governance, institutional trend and valuation comfort. It is a research-prioritization tool—not a buy recommendation or price target.
Which sources support this page?
Financial history, ownership and pledge data, NSE and BSE filings, annual reports and available earnings-call transcripts are combined here. Use the source trail and original exchange document before relying on a decision-critical fact.
Why can an item be unresolved?
Unresolved means the current captured source window did not provide enough evidence for that check. It does not establish that a risk or relationship is absent.
Maintained by TickerSutra Research · Snapshot updated 29 Sept 2026 · Read the methodology · Read the disclaimer
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