Ratnamani Metals & Tubes Ltd Q1 FY27 Earnings Analysis

- Stand-alone business expected to grow over 25% in FY27 due to restored capacity and stable demand (Page 19). - Spool business projected to grow 20-25% in the current year with margins stabilizing at 20-25% (Page 14). - Ravi Technoforge expects 10-15% growth in FY27 with new capacity targeting new customer segments like auto parts (Page 14). - Stainless-steel volume growth anticipated, with 5-10% price realization increase (Page 10). - Power segment demand for stainless-steel tubes expected to remain strong over next 5 years, driven by 80 GW thermal and renewable capacity addition (Pages 8-9). - Total bidding pipeline currently $400-500 million; actual order wins yet uncertain (Page 17). - Order backlog converting mostly within the year; spool pipe orders (INR550 crore) expected to largely execute in the same year (Page 16). - Export volumes for stainless-steel stable at 35-40% of production (Page 17).

- Stand-alone business expected to grow over 25% in FY '27 due to restored operational capacity and stable demand (Page 19). - Pipe spooling business projected to grow 20%–25% in the current year, with margins expected to be in the 20%–25% range (Page 14). - Ravi Technoforge targeting 10%–15% growth in FY '27 with new customer segments and capacity expansion (Page 14). - Overall margin for stand-alone pipes business expected to be maintained around 16% ± 1% in FY '27, contingent on geopolitical stability (Page 14). - Positive subsidiary momentum from Ravi Technoforge and Ratnamani Finow Spooling Solutions supports group profitability despite revenue challenges (Page 4). - Group expects sustainable growth with improved demand visibility and ongoing expansions (Page 4).

- Stand-alone capex for FY '27 and '28 is primarily for Saudi cold-finished project along with routine capex estimated between INR150 crores to INR200 crores. (Page 14) - Stainless-steel division undergoing debottlenecking capex and instrumentation tube capacity expansion; new tube mill planning for welded products as part of routine capex. (Page 5) - New capacity installation at Ravi Technoforge to target new customer segments including auto parts, supporting 10%-15% growth guidance next year. (Page 14) - Capacity shifted from one location to another is now operational, enabling return to previous production levels and supporting stand-alone business growth guidance of 25%+. (Page 19) - Pipe spool business with current INR550 crores order book, expecting INR480-500 crores revenue this year, with 20%-25% growth planned. (Pages 14 and 16)

- As of the discussion on May 18, 2026, Ratnamani Metals & Tubes Limited is currently debt-free in terms of regular bank limits and holds about INR 800 crores as free cash. - Minor utilization of FD-OD facilities exists, but overall, the company maintains a strong net cash position. - Management mentioned working on two to three projects; once materialized, they will provide further guidance on cash flows and debt levels. - No explicit mention of any immediate or planned new fundraising through debt or equity was made. - The company appears focused on conserving resources and maintaining a strong cash position amid current challenging global conditions until business normalizes.

- Total bidding pipeline is around $400 million to $500 million, with actual wins to be determined over time. (Page 16) - Stand-alone business order book as of May 1: INR 2,162 crores - Stainless steel: INR 531 crores - Carbon steel: INR 1,631 crores - Export component: INR 697 crores (Page 8) - Spooling business outstanding order book is close to INR 550 crores, with INR 480-500 crores expected to be converted to revenue within the year. (Pages 14-15) - Growth guidance assumes normalization of current disruptions, aiming for INR 4,800 to INR 5,000 crores revenue in the stand-alone business for FY '27. (Pages 9, 19) - Limited order exposure to Jal Jeevan Mission / Water segment currently at INR 300-400 crores. (Page 16)