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Ratnamani Metals & Tubes

RATNAMANI NSE
₹2,449.40 +69.40 (+2.92%)
P/E
39.67
View as Markdown
MCP
Close 4 Nov 2026 ₹2,449.40 +29.50 +1.22% 1Y
Start ₹2,419.90

Key Fundamentals

SmallcapIndustrial ProductsCapital Goods

Price-based figures as of · EPS basis: Consolidated · TTM

ROCE
17.90%
Debt to Equity
0.08
EPS (TTM)
₹61.75
Book Value
₹586.46
Market Cap
—
P/E (TTM)
39.67
P/B
4.18
ROE
12.60%
Dividend Yield
0.42%
EBITDA
₹880 Cr
52W High
₹3,345.00
52W Low
₹1,936.50
Day Range
₹2,360.00 – ₹2,471.50
Volume
17,308

Peer Comparison

Industrials › Industrial Products › Iron & Steel Products

Ratnamani Metals & Tubes peer comparison
Welspun Corp
₹2,400.0027.41₹60,980 Cr5.960.22%19.40%22.90%₹17,300 Cr₹2,319 Cr
APL Apollo Tubes
₹2,199.8049.69₹60,246 Cr10.640.39%25.40%31.80%₹23,065 Cr₹1,229 Cr
Shyam Metalics & Energy
₹1,231.4030.60₹34,478 Cr2.780.15%9.70%13.00%₹19,584 Cr₹1,121 Cr
Ratnamani Metals & Tubes (this company)
₹2,449.4039.67₹17,025 Cr4.180.42%12.60%17.90%₹4,314 Cr₹514 Cr
Jindal SAW
₹253.2229.51₹15,754 Cr1.280.81%8.20%10.40%₹18,501 Cr₹498 Cr
Usha Martin
₹486.0029.21₹14,245 Cr4.490.81%15.10%19.50%₹3,837 Cr₹508 Cr
Gallantt Ispat
₹529.1529.28₹12,939 Cr3.660.38%15.60%18.20%₹4,437 Cr₹436 Cr
Median 7 companies₹1,231.4029.51₹17,025 Cr4.180.39%15.10%18.20%₹17,300 Cr₹514 Cr

Comparable companies in the same industry. Market cap, P/E and P/B use the latest price; other metrics are as reported in filings. A dash means the figure is not published for that company.

Tapetide Score

Data-driven rating, 0–100, as of . How it works →

Overall score

53 Average

Data confidence 100/100

Category scores

Quality
75
Strong
Returns, margins, earnings quality 22% weight
Valuation
56
Good
Cheap vs sector & own history 24% weight
Growth
6
Poor
Sales & profit trajectory 9% weight
Financial Health
76
Strong
Solvency, leverage, coverage 9% weight
Momentum
29
Poor
Trend strength, vol-adjusted 12% weight
Ownership
49
Average
FII/DII/promoter flows 24% weight

The Tapetide Score is data analysis, not investment advice. Tapetide is not a SEBI-registered research analyst or investment adviser.

Key Insights

Strengths

1
  • Company is almost debt free.

No weaknesses listed

Technical Indicators

Technical signals: verdict and indicator counts
GroupSignalBearishNeutralBullish
OverallBearish865
OscillatorsBearish261
Moving AveragesStrong Bearish604

Key readings

RSI (14)
47.96
Neutral
MACD (12,26,9)
−65.27
Bullish
SMA (50)
2,606.41
Bearish
SMA (200)
2,467.18
Bearish

As of

Analyst Rating

Based on 6 analysts
BUY83%

5 of 6 analysts rate Buy, 1 Hold, 0 Sell.

As of

BUY
5
83%
HOLD
1
17%
SELL
0
0%

Growth Rate

From the financial statements below. 10Y, 5Y, 3Y: compound annual growth to Mar 2026; 1Y: fiscal year to Mar 2026 against Mar 2025; TTM: four quarters to Jun 2026 against Jun 2025.

Revenue

Revenue growth by window
10Y+10.09%
5Y+14.36%
3Y+0.15%
1Y−13.34%
TTM−16.28%

Net profit

Net profit growth by window
10Y+12.46%
5Y+14.11%
3Y+1.41%
1Y−1.48%
TTM−8.54%

Operating cash flow

Operating cash flow growth by window
10Y+19.70%
5Y+11.38%
3Y+44.53%
1Y+74.63%
TTM—

TTM: Reported once a year, so there is no trailing-twelve-month figure.

Operating margin· change in pp

Operating margin growth by window
10Y+0.16 pp
5Y−0.54 pp
3Y−0.47 pp
1Y+0.98 pp
TTM+0.51 pp

Revenue by year

Revenue by year, ₹ crore
Mar 2017₹1,412 Cr
Mar 2018₹1,767 Cr
Mar 2019₹2,755 Cr
Mar 2020₹2,586 Cr
Mar 2021₹2,298 Cr
Mar 2022₹3,139 Cr
Mar 2023₹4,474 Cr
Mar 2024₹5,059 Cr
Mar 2025₹5,186 Cr
Mar 2026₹4,494 Cr

Net profit by year

Net profit by year, ₹ crore
Mar 2017₹144 Cr
Mar 2018₹152 Cr
Mar 2019₹253 Cr
Mar 2020₹308 Cr
Mar 2021₹276 Cr
Mar 2022₹323 Cr
Mar 2023₹512 Cr
Mar 2024₹625 Cr
Mar 2025₹542 Cr
Mar 2026₹534 Cr

Analyst Forecasts

Forecast For
Sep 26 consensus · EBITDA
₹220 Cr +22.2% vs Jun 26
Reported High Mean Low

AI Analysis — Bull vs Bear

Figures as of 4 Nov 2026
AI opinion · based on fundamentals
Risk medium

Ratnamani Metals & Tubes Ltd trades at ₹2,449.40 as of 2026-11-04 with a market cap of ₹17,025.35 crore and a PE of 39.67x. The company is virtually debt-free with a debt-to-equity ratio of 0.08, but recent growth has turned negative with TTM sales declining 16% and TTM profit declining 23%.

Bull Case 7
  • Near debt-free balance sheet with a debt-to-equity ratio of just 0.08, providing significant financial flexibility and low interest burden.
  • Solid long-term compounding track record with 10-year sales CAGR of 10% and 10-year profit CAGR of 11%, demonstrating sustained business growth over a full cycle.
  • Healthy 5-year profit CAGR of 12% and 5-year sales CAGR of 14%, indicating strong medium-term revenue and earnings expansion prior to the recent slowdown.
  • Consistent return on equity over longer periods — 10-year average ROE of 17% and 5-year average ROE of 17% — reflecting disciplined capital allocation.
  • ROCE of 16.32% as of 2026-11-04 remains well above typical cost of capital, suggesting the business continues to generate economic value.
  • Stock has corrected roughly 27% from its 52-week high of ₹3,345, which may reflect a degree of mean-reversion risk being priced in.
  • 10-year stock CAGR of 19% demonstrates long-term wealth creation for shareholders across market cycles.
Bear Case 8
  • TTM profit has declined 23%, signalling a sharp earnings contraction that may pressure the current PE multiple of 39.67x.
  • TTM sales have declined 16%, indicating meaningful top-line weakness and potential demand or pricing headwinds in the industrial products segment.
  • PE ratio of 39.67x is elevated, especially against a backdrop of negative TTM earnings growth, implying the stock is priced for a recovery that may not materialise quickly.
  • 3-year profit CAGR has turned negative at -1% and 3-year sales CAGR is flat at 0%, suggesting the recent downturn is not merely a one-quarter blip.
  • Last-year ROE of 13% and current ROE of 12.7% are noticeably below the 10-year average of 17%, indicating declining return efficiency.
  • Price-to-book ratio of 4.18x is relatively high for a capital-goods manufacturer experiencing negative near-term growth.
  • Dividend yield of only 0.42% offers minimal income cushion to investors during periods of capital depreciation.
  • 3-year stock CAGR of -2% shows the stock has delivered negative returns over a meaningful medium-term horizon, lagging broader market indices.

This is AI-generated analysis, not financial advice. Do your own due diligence.

AI News Digest

43d ago

TL;DR: Ratnamani presents a mixed picture. The Rs 2700 crore multi-year international order is a strong positive that bolsters long-term revenue visibility and underscores export competitiveness. However, the same-week guidance cut from 20% to 10% on muted domestic demand is a clear near-term concern. The trend is stable but warrants monitoring — execution on the new export backlog will be key to offsetting softer domestic volumes.

Headwinds 1
  • Growth guidance halved to 10% Aug 25

    Ratnamani cut FY guidance to 10% from 20% earlier, citing muted demand — a 10 percentage point reduction signaling near-term volume softness.

Positives 1
  • Rs 2700 cr international order win Aug 24

    Secured a confirmed Rs 2700 crore export order for spool supply from international clients, spanning 2-3 years. Adds significant backlog to a company with strong cash flows, low leverage, and a market cap of Rs 17000 crore.

Quarterly Results

₹ Cr
RATNAMANI quarterly results, ₹ crore
Particulars Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Sales
1,175
1,131
1,257
1,496
1,184
971
1,316
1,715
1,152
1,192
1,066
1,085
972
Expenses
969
886
1,057
1,250
1,020
818
1,112
1,413
963
980
861
931
809
Operating Profit
206
245
200
246
164
154
204
302
188
211
205
154
162
OPM %
18%
22%
16%
16%
14%
16%
15%
18%
16%
18%
19%
14%
17%
Other Income
9
11
15
39
12
20
19
9
30
27
13
41
18
Interest
10
11
13
12
10
14
7
7
11
7
7
6
6
Depreciation
24
24
25
25
26
26
27
29
32
32
33
35
36
PBT
181
221
178
248
140
134
188
276
176
199
177
154
137
Tax %
25%
26%
25%
22%
25%
26%
29%
26%
28%
22%
24%
25%
22%
Net Profit
135
164
133
193
106
99
133
203
127
156
135
116
107
EPS (₹)
19.1
23.38
18.96
27.42
15
14.32
18.73
29.55
18.81
19.43
15.67
14.93
11.72

Profit & Loss

₹ Cr
RATNAMANI profit and loss, annual, ₹ crore
Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales
1,688
1,718
1,412
1,767
2,755
2,586
2,298
3,139
4,474
5,059
5,186
4,494
4,314
Expenses
1,388
1,431
1,155
1,501
2,348
2,159
1,898
2,644
3,699
4,162
4,363
3,736
3,582
Operating Profit
300
287
257
266
407
427
400
495
776
897
824
758
732
OPM %
18%
17%
18%
15%
15%
16%
17%
16%
17%
18%
16%
17%
17%
Other Income
26
16
14
32
41
59
43
38
32
73
60
112
99
Interest
9
6
6
10
15
21
23
21
31
45
37
31
27
Depreciation
54
57
60
61
62
59
57
80
83
98
108
132
136
PBT
262
240
205
228
371
406
363
431
694
828
738
706
668
Tax %
34%
31%
30%
33%
32%
24%
24%
25%
26%
24%
27%
24%
—
Net Profit
173
165
144
152
253
308
276
323
512
625
542
534
514
EPS (₹)
24.74
23.58
20.55
21.65
36.08
43.87
39.37
46.03
72.83
88.85
77.61
68.85
61.75
Div. Payout %
15%
16%
18%
18%
17%
18%
24%
20%
16%
16%
18%
15%
—

Balance Sheet

₹ Cr
RATNAMANI balance sheet, annual, ₹ crore
Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital
9
9
9
9
9
9
9
9
14
14
14
14
Reserves
900
1,036
1,178
1,299
1,513
1,700
1,978
2,239
2,590
3,127
3,623
4,097
Borrowings
39
23
0
79
65
252
207
157
237
153
157
318
Other Liabilities
279
250
226
360
465
584
422
557
939
726
1,108
957
Total Liabilities
1,227
1,319
1,414
1,747
2,053
2,545
2,617
2,962
3,780
4,020
4,903
5,385
Fixed Assets
425
446
448
445
440
500
865
875
1,122
1,164
1,348
1,611
CWIP
42
48
38
47
179
371
76
107
101
167
190
302
Investments
20
24
74
0
203
155
637
109
135
89
180
644
Other Assets
740
801
854
1,255
1,231
1,518
1,039
1,873
2,422
2,601
3,185
2,828
Total Assets
1,227
1,319
1,414
1,747
2,053
2,545
2,617
2,962
3,780
4,020
4,903
5,385

Cash Flow

₹ Cr
RATNAMANI cash flow, annual, ₹ crore
Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Operating
148
155
134
−73
554
215
546
−283
310
511
536
936
Investing
−52
−11
−104
21
−360
−358
−470
418
−204
−146
−388
−1,147
Financing
−74
−179
−28
42
−56
47
−79
−135
−116
−193
−130
59
Net Cash Flow
23
−35
3
−10
137
−96
−3
0
−10
173
18
−151
Free Cash Flow
65
94
69
−142
389
−83
417
−427
173
302
230
452
CFO/EBITDA
78
77
81
0
170
75
151
−33
59
82
87
147

Ratios

RATNAMANI financial ratios, annual
Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days
48
83
110
115
61
52
64
70
82
68
89
82
Inventory Days
112
95
141
184
113
185
133
193
156
148
163
174
Days Payable
41
40
48
62
56
57
60
55
46
39
42
46
Cash Conversion Cycle
119
138
202
237
118
180
137
208
192
177
210
210
Working Capital Days
81
118
167
173
78
98
85
145
123
128
134
148
ROCE %
—
25%
19%
18%
26%
24%
19%
20%
27%
28%
22%
18%

Insights

Beta

AI-extracted from concalls & annual reports · figures as reported, with sources

Log in to view Ratnamani Metals & Tubes insights

63 extracted metrics across FY10–FY27.

Shareholding Pattern

As of Sep 2026

  • Promoters 59.77%
  • DIIs 18.93%
  • FIIs 10.94%
  • Public 8.55%
  • Others 1.79%
  • Government 0.02%

No promoter shares pledged as of Sep 2026

Change vs previous quarter

Not shown for some quarters: Others. Not available separately for this quarter: the shareholding filing gives Public and Others as one figure, shown under Public, so Others is left blank rather than estimated.

Documents

Frequently Asked Questions about Ratnamani Metals & Tubes

What does Ratnamani Metals & Tubes Ltd do?
Ratnamani Metals & Tubes Ltd is engaged in the manufacturing of stainless steel pipes and tubes and carbon steel pipes from its manufacturing facilities in India.
Where is Ratnamani Metals & Tubes Ltd (RATNAMANI) listed?
Ratnamani Metals & Tubes Ltd trades as RATNAMANI on the NSE and under code 520111 on the BSE.
Which sector does Ratnamani Metals & Tubes Ltd belong to?
Ratnamani Metals & Tubes Ltd is classified under the Industrial Products sector, in the Iron & Steel Products industry.
What is the PE ratio of Ratnamani Metals & Tubes Ltd?
Ratnamani Metals & Tubes Ltd trades at a PE ratio of 39.67 as of 4 Nov 2026, on earnings per share of ₹61.75, against a book value of ₹586.46 per share.
What is the 52-week high and low of Ratnamani Metals & Tubes Ltd?
Over the last 52 weeks Ratnamani Metals & Tubes Ltd has traded between ₹1,936.5 and ₹3,345 as of 4 Nov 2026.
Does Ratnamani Metals & Tubes Ltd pay dividends?
Ratnamani Metals & Tubes Ltd has a dividend yield of 0.42%.
What is the Return on Equity (ROE) of Ratnamani Metals & Tubes Ltd?
Ratnamani Metals & Tubes Ltd reported a return on equity of 12.60%. Its debt-to-equity ratio is 0.08.

Company Information

Ratnamani Metals & Tubes Ltd is engaged in the manufacturing of stainless steel pipes and tubes and carbon steel pipes from its manufacturing facilities in India.

Website ratnamani.com
CEO Mr. Prakash Mishrimal Sanghvi
Employees 3,165
Listed 9 May 2006
Face Value ₹2

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