Enclosed please find herewith the Analyst meet transcript held on 18-05-2026
RATNAMANI · price
▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
Ratnamani reported significantly lower Q4 FY26 standalone sales of INR893 crores (vs INR1,575 crores in Q4 FY25) due to subdued demand and geopolitical headwinds affecting Middle East shipments. Despite ~40% volume decline in Carbon Steel, EBITDA margins were maintained through operational efficiency and better product mix. The order book stands at INR2,160 crores (INR531cr SS + INR1,631cr CS + INR697cr exports). Subsidiaries showed strong growth: Ravi Technoforge grew 33% to INR377 crores with margins improving to 12%, while pipe spooling subsidiary RFSS achieved INR390 crores in its first full year. Management guided standalone FY27 revenue of INR4,800-5,000 crores assuming geopolitical normalization, with spooling growth of 20-25% and Ravi growth of 10-15%. The company maintains ~INR800 crores cash with zero debt.
The stock faces near-term pressure from lower volumes and geopolitical uncertainty, but strong subsidiary performance, maintained margins (~16%), and robust order book visibility provide medium-term support. The company's debt-free status and cash reserves offer financial flexibility.