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
| ₹ 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) |
| ₹ 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 |
| 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 |
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| WELSPUN CORP LIMITED | 70,880 | 30.7 | 7.54 | 30.2 | 17.2 | 14.9 |
| Date · filing | Category | Importance | 1-day % | 5-day % |
|---|---|---|---|---|
| 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 | — | — |
| 22 Aug 2026 · 42nd AGM minutes: Rs.10 dividend, financials adopted, all resolutions passed | board shareholder meetings | low | — | — |
| 19 Aug 2026 · AGM 2026: All 5 resolutions passed, Rs.10 dividend approved | board shareholder meetings | low | — | — |
| 18 Aug 2026 · Ratnamani Metals 42nd AGM: Dividend of Rs.10/share, accounts adopted | board shareholder meetings | low | — | — |
| 8 Aug 2026 · Newspaper publication of Q1 FY27 results access information | compliance | minimal | — | — |
| 7 Aug 2026 · Q1 FY27 Investor Presentation: Weak Standalone, Strong Subsidiaries | investor communications | medium | — | — |
| 7 Aug 2026 · Ratnamani Metals Q1 FY26-27: Revenue down 30%, PAT falls 63% YoY standalone | results | high | — | — |
| 7 Aug 2026 · Q1 FY27 results: Standalone PAT down 63% YoY to Rs 54 cr on weak revenue | results | high | — | — |
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) |
| 21.1 |
| 18.5 |
| APL APOLLO TUBES LTD | 59,803 | 48.6 | 11.29 | 31.1 | 22.7 | 26.1 | 22.1 | 8.0 |
| SHYAM METALICS AND ENGY L | 29,979 | 26.8 | 2.43 | 12.2 | 8.6 | 11.4 | 24.1 | 14.9 |
| JINDAL SAW LIMITED | 20,016 | 30.5 | 1.63 | 10.5 | 7.5 | 6.8 | 10.9 | 9.4 |
| RATNAMANI MET & TUB LTD. ◆ | 19,815 | 45.8 | 4.71 | 23.1 | 12.7 | 15.6 | 14.4 | 18.5 |
| GODAWARI POW & ISP LTD | 15,875 | 18.6 | 2.71 | 12.0 | 13.7 | 17.0 | 5.7 | 21.0 |
| USHA MARTIN LTD. | 15,069 | 29.7 | 4.56 | 19.8 | 14.1 | 17.7 | 12.0 | 21.0 |
| GALLANTT ISPAT LIMITED | 13,270 | 30.6 | 4.00 | 17.7 | 14.6 | 16.8 | 34.4 | 17.8 |
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 45.8 | 16.2 | 101 of 118 | 15% |
| P/B | 4.7 | 1.7 | 85 of 99 | 14% |
| ROCE | 15.6 | 8.7 | 25 of 120 | 80% |
| ROE | 12.7 | 8.6 | 30 of 114 | 74% |
| Debt / Equity | 0.1 | 0.1 | 48 of 114 | 58% |
| 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 | 19815 | 247 | 5 of 120 | 97% |
| 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 |
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.
