Investor Presentation post announcement of Audited Annual Financial Results for the year ended on March 31, 2026.
RATNAMANI · price
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Ratnamani Metals & Tubes reported a challenging Q4 FY26 with standalone revenue declining 43% year-on-year to ₹893 crore due to lower sales volumes and under-absorption of fixed costs. However, full-year FY26 consolidated performance was resilient with EBITDA at ₹879.68 crore and PAT at ₹534.47 crore, broadly flat versus FY25 despite lower sales of ₹4,494 crore (down 13%). The company remains debt-free on standalone basis with an order book of ₹1,800+ crore. Subsidiaries Ravi Technoforge (RTL) and Ratnamani Finow Spooling (RFSS) delivered strong performances as key growth drivers. A dividend of ₹10 per share (500%) was declared. The company is expanding manufacturing capabilities including a new 100,000 MT HSAW pipe facility at Kutch and a new seamless products facility in Saudi Arabia.
The stock faces near-term pressure from Q4 margin compression and lower volumes, but the strong order book, dividend payout, and subsidiary growth provide support. Long-term growth hinges on capacity expansion execution and demand recovery in key markets like oil & gas.