NSE: RAMASTEEL · BSE: 539309
RAMA STEEL TUBES LIMITED
Manufactures steel pipes and tubes, and trades in building material and steel products. For FY26, total revenue was Rs 1,124.12 crore, split between the manufacturing (steel pipes) segment at 58.4% (Rs 656.43 crore) and the trading (building material and steel products) segment at 41.6% (Rs 467.68 crore). The manufacturing segment earned an EBIT margin of 2.3%, while the trading segment ran a negative EBIT margin of -0.8%, dragging consolidated net profit down to Rs 10.95 crore. Raw materials accounted for 60.5% of revenue, making steel the dominant cost input. Full-year sales volume was 215,114.20 tonnes, up 10.2% from 195,212.53 tonnes the year before, though Q4FY26 volumes fell to 43,178.42 tonnes from 55,256.30 tonnes in Q4FY25. Manufacturing facilities are located in Uttar Pradesh, Maharashtra and Andhra Pradesh, with sales reach across 16 countries. ICRA withdrew credit ratings on bank facilities worth Rs 110 crore in July 2026; the last rating was BB+. The company sold a non-core unit at Sahibabad for Rs 26.75 crore, struck off a dormant subsidiary (Rama Defence), and saw its stake in associate Bigwin Buildsys Coated Private Limited diluted from 24.80% to 9.32%. AR · MarketPing reader · 2026-08-03
Revenue streams, as the annual report describes them. Manufacturing - Steel Pipes (58%), Trading - Building Material & Steel Products (42%). Cyclical, asset-light steel pipe manufacturer and trader with thin margins.
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 768 | 1,337 | 1,047 | 1,048 | 1,124 |
| EBITDA (ex other income) | 43 | 51 | 59 | 29 | 17 |
| margin % | 5.5 | 3.8 | 5.7 | 2.8 | 1.5 |
| Owners' profit | 27 | 27 | 29 | 23 | 13 |
| EPS, as reported (₹) | 16.41 | 1.22 | 0.50 | 0.30 | 0.08 |
| ROE % · ROCE % | 21.6 · 29.7 | 10.4 · 18.0 | 8.6 · 15.4 | 6.1 · 10.5 | 2.3 · 5.5 |
| Debt / equity (x) | 1.09 | 0.73 | 0.42 | 0.24 | 0.27 |
| Cash from operations | (35) | (96) | 18 | (6) | (109) |
| Capex | (11) | (32) | (13) | (14) | (7) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 263 | 275 | 293 | 268 | 320 | 289 | 246 | 223 |
| Profit before tax | 6 | 6 | 9 | 7 | 2 | 4 | 3 | 4 |
| Net profit | 4 | 6 | 7 | 5 | 1 | 2 | 4 | 5 |
| EPS (₹) | 0.03 | 0.04 | 0.08 | 0.03 | 0.04 | 0.01 | 0.03 | 0.03 |
Exhibit 3: Segment revenue, FY26
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| Manufacturing- Steel Pipes | 656 | 58.4 |
| Trading- Building Material & Steel Products | 468 | 41.6 |
| Total, before eliminations | 1,124 | 100.0 |
Exhibit 4: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| WELSPUN CORP LIMITED | 67,533 | 29.2 | 7.18 | 28.8 | 17.2 | 14.9 | 21.1 | 18.5 |
| APL APOLLO TUBES LTD | 60,250 | 49.0 | 11.38 | 31.4 | 22.7 | 26.1 | 22.1 | 8.0 |
| SHYAM METALICS AND ENGY L | 31,861 | 28.4 | 2.58 | 12.9 | 8.6 | 11.4 | 24.1 | 14.9 |
| RATNAMANI MET & TUB LTD. | 16,161 | 37.3 | 3.84 | 18.9 | 12.7 | 15.6 | 14.4 | 18.5 |
| JINDAL SAW LIMITED | 15,396 | 23.5 | 1.25 | 8.5 | 7.5 | 6.8 | 10.9 | 9.4 |
| USHA MARTIN LTD. | 14,152 | 27.9 | 4.29 | 18.6 | 14.1 | 17.7 | 12.0 | 21.0 |
| GALLANTT ISPAT LIMITED | 13,005 | 29.9 | 3.92 | 17.3 | 14.6 | 16.8 | 34.4 | 17.8 |
| GODAWARI POW & ISP LTD | 12,751 | 14.9 | 2.18 | 9.7 | 13.7 | 17.0 | 5.7 | 21.0 |
Exhibit 5: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 34.2 | 15.4 | 81 of 105 | 23% |
| P/B | 1.3 | 1.5 | 46 of 101 | 55% |
| ROCE | 3.2 | 9.1 | 86 of 115 | 25% |
| ROE | 2.3 | 8.6 | 84 of 103 | 19% |
| Debt / Equity | 0.3 | 0.2 | 61 of 101 | 40% |
| EBITDA margin | 3.2 | 11.0 | 87 of 100 | 13% |
| Revenue growth | (16.7) | 13.7 | 79 of 97 | 19% |
| Profit growth | 9.9 | 29.3 | 66 of 105 | 38% |
| Market cap | 615 | 216 | 46 of 122 | 63% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 22 Oct 2026 · Rama Steel Tubes EGM passes preferential allotment and capital clause amendment | compliance | minimal | — | — |
| 21 Oct 2026 · EGM held; preferential share issue to non-promoters approved | board shareholder meetings | medium | — | — |
| 10 Oct 2026 · Rama Steel Tubes submits demat compliance certificate for Q2 FY27 | compliance | minimal | — | — |
| 1 Oct 2026 · AGM voting results: all 4 resolutions passed with 99.99% approval | compliance | minimal | — | — |
| 30 Sept 2026 · Rama Steel Tubes 52nd AGM held on September 30, 2026 | board shareholder meetings | low | — | — |
| 26 Sept 2026 · Trading window closed from Oct 1 for Q2 results | compliance | minimal | — | — |
| 26 Sept 2026 · Rama Steel Tubes EGM on Oct 21; DRHP filed with SEBI | compliance | minimal | — | — |
| 25 Sept 2026 · EGM on Oct 21 for capital hike and preferential share issue of about 266 crore | board shareholder meetings | low | — | — |
| 22 Sept 2026 · Board approves preferential issue worth about 346 crore for Automech acquisition | fund raising | high | — | — |
| 22 Sept 2026 · Board approves SPA amendment, preferential share issue for Automech deal | strategic transactions | high | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.