Ratnamani Metals & Tubes
Ratnamani Metals & Tubes
Industrial ProductsKey Fundamentals
SmallcapIron & Steel ProductsIndustrial ProductsTapetide Score
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Key Insights
Strengths
1- Company is almost debt free.
Growth Rate
AI Analysis — Bull vs Bear
anthropic claude-opus-4.6 2d agoRatnamani Metals & Tubes Ltd is a nearly debt-free specialty pipes and tubes manufacturer trading at a market cap of ₹19,273 crore and a PE of 38.3x. The company faces a near-term revenue contraction with TTM sales declining 16% and TTM profit declining 23%, but holds a record-high order book of over ₹4,900 crore as of August 2026 and a CRISIL AA+ credit rating upgrade, suggesting longer-term structural strengths remain intact.
- Nearly debt-free balance sheet provides significant financial flexibility and resilience through cyclical downturns, with CRISIL recently upgrading the long-term credit rating to AA+/Stable
- Record-high order book of over ₹4,900 crore as of August 2026 provides strong revenue visibility and supports expected 12-15% revenue growth going forward
- Consistent long-term ROE track record of 17% over 5 and 10 years demonstrates durable capital efficiency across cycles
- Compounded sales growth of 14% over 5 years and 10% over 10 years reflects a proven ability to grow through varied market conditions
- Compounded profit growth of 12% over 5 years and 11% over 10 years shows sustained earnings compounding over the long term
- Ongoing ₹1,200 crore expansion plans including Odisha facility ramp-up and spooling subsidiary (Ratnamani Finow, Q4 revenue up 60% YoY to ₹72 crore) diversify revenue streams
- Stock has delivered a 10-year CAGR of 23%, indicating strong long-term wealth creation even through intermittent slowdowns
- Process pipes constitute nearly half the order book, which are typically higher-margin products that support EBITDA margin guidance of 16-18%
- TTM revenue has declined 16% and TTM profit has declined 23%, indicating a sharp near-term earnings deterioration
- PE of 38.3x is elevated relative to the current earnings decline trajectory, leaving limited margin of safety if recovery is delayed
- FY26 standalone revenue from operations fell 24.34% YoY to ₹3,689 crore from ₹4,876 crore, a significant top-line contraction
- 3-year compounded sales growth has stagnated at 0% and 3-year profit growth is negative at -1%, suggesting a prolonged demand softness beyond one quarter
- ROE has declined from a 5-year average of 17% to 13% in the last year, signalling weakening return on equity in the current environment
- Carbon steel pipe segment faces weak domestic demand and delayed Middle East deliveries, with standalone pipes and tubes revenue declining 30% YoY in Q1 FY27
- Dividend yield of just 0.35% offers minimal income cushion for investors during periods of capital depreciation
- 1-year stock CAGR of 19% contrasts sharply with 3-year CAGR of only 1%, suggesting recent price appreciation may not be supported by underlying earnings growth
This is AI-generated analysis, not financial advice. Do your own due diligence.
AI News Digest
anthropic claude-opus-4.6 2h ago- 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.
- ₹2700 cr international order win Aug 24
Secured a confirmed ₹2700 crore export order for spool supply from international clients, spanning 2-3 years. Adds significant backlog for a company with strong cash flows and low leverage (market cap ~₹17,000 crore).
- ₹10 dividend approved at AGM Aug 18
Board approved ₹10 per share dividend for FY26 at the 42nd AGM. Directors Shanti M. Sanghvi and Manoj P. Sanghvi were reappointed.
TL;DR: Ratnamani presents a mixed picture. The large ₹2700 crore export order strengthens the multi-year backlog and underscores international competitiveness, while the ₹10 dividend reflects healthy cash generation. However, the halving of growth guidance from 20% to 10% on muted domestic demand is a clear near-term concern. The trend is stable-to-cautious — strong order wins offset by softer volume expectations, and execution on the new international contract will be the key monitorable over the next few quarters.
Quarterly Results
| Particulars | Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 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 in Rs | 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
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 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 in Rs | 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
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 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
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 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/OP | 78 | 77 | 81 | 0 | 170 | 75 | 151 | -33 | 59 | 82 | 87 | 147 |
Ratios
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 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
BetaAI-extracted from concalls & annual reports · figures as reported, with sources
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63 extracted metrics + investor summaries across FY09–FY26.
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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.[1]
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