NSE: RATNAMANI · BSE: 520111
RATNAMANI MET & TUB LTD.
Manufactures steel tubes and pipes along with pipe spools and bearing rings, with three reporting segments in FY26. Steel Tubes and Pipes was the largest at 82.9% of segment revenue (INR 3,726.83 crore), followed by Pipe Spools and Auxiliary Support Systems at 8.7% (INR 390.47 crore) and Bearing Rings at 8.4% (INR 376.66 crore). The pipe spooling business runs through subsidiary RFSS, while the Bearing Rings segment is run by Ravi Technoforge — RFSS delivered INR 390 crore in its first full year and Ravi Technoforge posted INR 377 crore in FY26, up 33% year-on-year. End-markets include thermal power, oil & gas, City Gas Distribution, nuclear power, and defence/aerospace. Manufacturing is spread across four plants, including a new Sundergarh facility commissioned from November 2025, with raw materials accounting for 58.6% of revenue as the dominant cost line. A 75%-owned Saudi Arabia JV (Ratnamani Middle East Company LLC) is setting up a seamless tubes plant in Dammam targeting trials by March 2027. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Steel Tubes and Pipes (83%), Pipe Spools and Auxiliary Support Systems (9%), Bearing Rings (8%). Asset-heavy steel manufacturer with three product lines and growing subsidiaries
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 3,139 | 4,474 | 5,059 | 5,186 | 4,494 |
| EBITDA (ex other income) | 495 | 775 | 897 | 824 | 747 |
| margin % | 15.8 | 17.3 | 17.7 | 15.9 | 16.6 |
| Owners' profit | 323 | 510 | 621 | 544 | 483 |
| EPS, as reported (₹) | 69.05 | 73.09 | 89.18 | 77.27 | 68.85 |
| ROE % · ROCE % | 14.4 · 18.9 | 19.1 · 24.8 | 19.4 · 25.5 | 14.8 · 19.8 | 12.7 · 16.3 |
| Debt / equity (x) | 0.07 | 0.08 | 0.04 | 0.04 | 0.07 |
| Cash from operations | (283) | 310 | 511 | 536 | 936 |
| Capex | (144) | (142) | (213) | (329) | (485) |
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 | 971 | 1,316 | 1,715 | 1,152 | 1,192 | 1,066 | 1,085 | 972 |
| Profit before tax | 134 | 188 | 276 | 176 | 199 | 177 | 154 | 137 |
| Net profit | 99 | 133 | 203 | 127 | 156 | 135 | 116 | 107 |
| EPS (₹) | 14.17 | 19.00 | 28.99 | 18.81 | 19.43 | 15.67 | 14.94 | 11.72 |
Exhibit 3: Segment revenue, FY26
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| Steel Tubes and Pipes | 3,727 | 82.9 |
| Bearing Rings | 377 | 8.4 |
| Pipe Spools and Auxiliary Support Systems | 390 | 8.7 |
| Total, before eliminations | 4,494 | 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) | 37.3 | 15.4 | 85 of 105 | 19% |
| P/B | 3.8 | 1.5 | 82 of 101 | 19% |
| ROCE | 15.6 | 9.1 | 24 of 115 | 80% |
| ROE | 12.7 | 8.6 | 25 of 103 | 77% |
| Debt / Equity | 0.1 | 0.2 | 35 of 101 | 66% |
| EBITDA margin | 18.5 | 11.0 | 30 of 100 | 71% |
| Revenue growth | (15.6) | 13.7 | 78 of 97 | 20% |
| Profit growth | (15.8) | 29.3 | 76 of 105 | 28% |
| Market cap | 16161 | 216 | 4 of 122 | 98% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 27 Oct 2026 · Trading window remains closed through November 8 for Q2 and H1 results | compliance | minimal | — | — |
| 27 Oct 2026 · Board meeting to approve Q2 and H1 FY2026-27 unaudited results | results | low | — | — |
| 16 Oct 2026 · NSE assigns ESG rating 69, 'Aspiring' category, to Ratnamani Metals | business updates | medium | — | — |
| 12 Oct 2026 · Release of 50 Crore corporate guarantee for subsidiary RFSS by YES Bank | credit debt | high | — | — |
| 7 Oct 2026 · Routine compliance filing for securities dematerialisation certificate Q2 FY27 | compliance | minimal | — | — |
| 6 Oct 2026 · Special window for transfer and dematerialisation of physical shares | compliance | minimal | — | — |
| 24 Sept 2026 · Trading Window Closure Ahead of Q2 FY27 Results | compliance | minimal | — | — |
| 10 Sept 2026 · CRISIL upgrades Ratnamani Metals long-term rating to AA+, stable | credit debt | high | — | — |
| 31 Aug 2026 · CRISIL assigns ESG rating of 59 (Adequate) to Ratnamani Metals | business updates | medium | — | — |
| 24 Aug 2026 · Subsidiary gets export orders worth USD 286M (INR 2,700 Cr) for Spools/Hangers | business updates | 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.