NSE: RATNAVEER · BSE: 543978
RATNAVEER PRECISION ENG L
Manufactures stainless steel fasteners (nuts, bolts, washers), sheet metal components for solar and auto, tubes and pipes, and is backward-integrated into melting and rolling. FY26 revenue was ₹1,068.736 crore, with materials at 83.3% of revenue and an EBITDA margin of 11.4043%. Domestic sales made up 94.8% of FY26 revenue (₹1,013.272 crore) and exports the remaining 5.2% (₹55.464 crore), with products shipped to 31 countries. End markets served include railways, high-speed/bullet trains, marine, defence, aerospace, pharmaceuticals, chemicals, dairy, solar, and general engineering. The company is diversifying into Copper Clad Laminate (CCL) for PCB and semiconductor use, with a ₹351 crore capex project that was 60% complete as of Q1 FY27 and is targeting first production in November 2026, with a stated revenue ambition of ₹750 crore from CCL. Established in 2002, it describes itself as the largest stainless steel washer producer in India, runs about 2,000 employees across five locations, and has approval for a rights issue of up to ₹330 crore to fund the CCL project. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Domestic (95%), Outside India (5%). Asset-heavy, backward-integrated industrial products maker entering a new electronics-materials vertical
Exhibit 1: Financial summary, FY26–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY26 |
|---|---|
| Revenue | 1,069 |
| EBITDA (ex other income) | 112 |
| margin % | 10.5 |
| Owners' profit | 0 |
| EPS, as reported (₹) | 11.11 |
| ROE % · ROCE % | 9.6 · 13.3 |
| Debt / equity (x) | 0.50 |
| Cash from operations | (48) |
| Capex | (114) |
Exhibit 2: Quarterly performance, last 2 quarters
| ₹ crore | Q4 FY26 | Q1 FY27 |
|---|---|---|
| Revenue | 249 | 315 |
| Profit before tax | 21 | 22 |
| Net profit | 17 | 18 |
| EPS (₹) | 2.94 | 10.36 |
Exhibit 3: Segment revenue, FY26
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| Domestic | 239 | 96.0 |
| Outside India | 10 | 4.0 |
| Total, before eliminations | 249 | 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 | 65,982 | 28.6 | 7.01 | 28.1 | 17.2 | 14.9 | 21.1 | 18.5 |
| APL APOLLO TUBES LTD | 61,480 | 50.0 | 11.61 | 32.0 | 22.7 | 26.1 | 22.1 | 8.0 |
| SHYAM METALICS AND ENGY L | 32,069 | 28.6 | 2.60 | 13.0 | 8.6 | 11.4 | 24.1 | 14.9 |
| RATNAMANI MET & TUB LTD. | 16,437 | 38.0 | 3.91 | 19.2 | 12.7 | 15.6 | 14.4 | 18.5 |
| JINDAL SAW LIMITED | 15,732 | 24.0 | 1.28 | 8.7 | 7.5 | 6.8 | 10.9 | 9.4 |
| USHA MARTIN LTD. | 14,523 | 28.6 | 4.40 | 19.1 | 14.1 | 17.7 | 12.0 | 21.0 |
| GALLANTT ISPAT LIMITED | 13,114 | 30.2 | 3.95 | 17.5 | 14.6 | 16.8 | 34.4 | 17.8 |
| GODAWARI POW & ISP LTD | 12,641 | 14.8 | 2.16 | 9.6 | 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) | 26.1 | 15.6 | 69 of 105 | 35% |
| P/B | 0.9 | 1.4 | 29 of 101 | 72% |
| ROCE | 10.5 | 9.1 | 52 of 115 | 55% |
| ROE | 9.6 | 8.6 | 45 of 103 | 57% |
| Debt / Equity | 0.5 | 0.2 | 81 of 101 | 20% |
| EBITDA margin | 11.4 | 11.0 | 47 of 100 | 54% |
| Market cap | 610 | 210 | 47 of 122 | 62% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 27 Oct 2026 · Board meeting to approve September 2026 results | results | low | — | — |
| 9 Oct 2026 · Certificate under SEBI Depositories Regulations filed for Q2 FY27 | compliance | minimal | — | — |
| 28 Sept 2026 · AGM results: all 8 resolutions passed, borrowing limit raised to Rs 1500 crore | compliance | minimal | — | — |
| 26 Sept 2026 · Trading window closed from Oct 1 until 48 hours after Q2 results | compliance | minimal | — | — |
| 26 Sept 2026 · 24th AGM held via VC; borrowings raised to Rs 1,500 cr, capex expansion outlined | board shareholder meetings | low | — | — |
| 13 Sept 2026 · Newspaper publication of Rights Issue basis of allotment details | compliance | minimal | — | — |
| 12 Sept 2026 · Newspaper ad on basis of allotment of rights issue | compliance | minimal | — | — |
| 10 Sept 2026 · Allotment of 1.25 crore equity shares under rights issue at Rs 264 per share | fund raising | high | — | — |
| 4 Sept 2026 · Newspaper publication of 24th AGM notice and e-voting information | compliance | minimal | — | — |
| 3 Sept 2026 · AGM date and e-voting cut-off date announced | board shareholder meetings | low | — | — |
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.