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Ratnamani Metals & Tubes Ltd

Q2 FY26Industrial Products

Ratnamani Metals & Tubes Q2 FY26 earnings call: Revenue & Margins

Q2 FY26 earnings call: what management said on revenue, margins and capex.

Price₹2,354
Market cap₹16.7K Cr
P/E34.1
Updated23 Aug 2026
Read5 min read

The short version

Standalone sales growth expected to be modest with flat or slight dip in revenue due to softer input prices and product mix, but volume growth is maintained across categories. Standalone sales expected to maintain volume growth, but revenue may remain flat or slightly dip due to softer input prices and product mix.

From Ratnamani Metals & Tubes Ltd's Q2 FY26 earnings-call transcript · updated 23 Aug 2026.

Revenue & Sales Performance

  • Standalone sales growth expected to be modest with flat or slight dip in revenue due to softer input prices and product mix, but volume growth is maintained across categories.
  • Consolidated revenue target around INR 7,000 to 7,500 crores in 2-3 years by fully utilizing expanded capacities.
  • RTL subsidiary aims for 15%-20% year-on-year growth over next 2-3 years, with revenues reaching INR 450-500 crores using current capacity and manpower.
  • RFSS subsidiary expects to increase revenues to INR 600-650 crores at peak capacity from next year.
  • Order book currently strong (~INR 2,000+ crores standalone, additional for subsidiaries), with continued order inflows especially from export markets.

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Profitability & Margins

See what Ratnamani Metals & Tubes Ltd said on profitability & margins — free account, 30 seconds.

Capital Expenditure Plans

  • Ratnamani Metals & Tubes has multiple ongoing and planned CAPEX projects detailed in their investor presentation.
  • Parent company projects include:
  • Completion of Orissa Phase-II coating plant by March 2026.
  • Expansion for thicker and bigger diameter circumferential pipes expected by end of 2025 or early 2026.
  • Saudi Arabia project:
  • Stainless-steel cold finishing line expected to start trial production by December 2026.
  • Subsidiaries:
  • Ravi Technoforge Limited (RTL) is installing a new automatic forging line; aiming to boost capacity and margins.
  • Ratnamani Finow Spooling Solutions (RFSS) capacity expansion expected by Q1 FY 2027, doubling capacity from 1,500 to approx. 3,000-4,000 tons.
  • Total CAPEX for subsidiaries approximately INR 225-250 crores each.

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Top-ranked in Industrial Products

Ranked on what management guided this quarter

Guidance-ranked
1Susan Electrical
Rev 1Mar 1
2Shera Energy
Rev 1Mar 1
3
Rev 1Mar 1
4
Rev 1Mar 2
5
Rev 1Mar 2
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Rank buckets describe management commentary on revenue and margin. Not investment advice, and not a forecast of returns.

Fundraising & Capital Structure

See what Ratnamani Metals & Tubes Ltd said on fundraising & capital structure — free account, 30 seconds.

Order Book & Pipeline

  • As of November 1, 2025, the standalone order book stands at approximately INR 2,050 crores (around INR 2,000 crores), excluding subsidiaries RTL and RFSS.
  • Within this standalone order book, roughly INR 1,300 crores is carbon steel and the balance is stainless steel.
  • RTL currently has orders in hand with planned revenues around INR 360-380 crores for the current year, and expectations to scale up to INR 450-500 crores with expansion projects.
  • RFSS has a strong order inflow with INR 500 crores orders currently, expected to be fully executed by Q1 FY '27, and capacity expansion to increase revenue potential to INR 600-650 crores.

2 more points from Ratnamani Metals & Tubes Ltd's call on order book

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Ratnamani Metals & Tubes Ltd — Quarterly revenue & net profit

Revenue Net profit
Dec 2024Q3 FY25
Mar 2025Q4 FY25
Jun 2025Q1 FY26
Sep 2025Q2 FY26
Dec 2025Q3 FY26
Mar 2026Q4 FY26

Reported quarterly figures (₹ Cr). Latest (Q4 FY26): revenue ₹1.1K Cr, net profit ₹116 Cr. Revenue and profit are scaled separately — hover a quarter for exact figures.

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What Ratnamani Metals & Tubes Ltd's management said in earlier quarters

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Frequently Asked Questions

What were Ratnamani Metals & Tubes Ltd Q2 FY26 results?

Standalone sales growth expected to be modest with flat or slight dip in revenue due to softer input prices and product mix, but volume growth is maintained across categories. Standalone sales expected to maintain volume growth, but revenue may remain flat or slightly dip due to softer input prices and product mix.

What is Ratnamani Metals & Tubes Ltd share price analysis?

Ratnamani Metals & Tubes Ltd currently shows a neutral. The stock trades at a P/E of 34.1 with a market cap of ₹16,692 Cr. Investors should review the full earnings analysis for detailed insights.

Is Ratnamani Metals & Tubes Ltd planning capital expenditure?

Ratnamani Metals & Tubes has multiple ongoing and planned CAPEX projects detailed in their investor presentation. - Parent company projects include: - Completion of Orissa Phase-II coating plant by March 2026. - Expansion for thicker and bigger diameter circumferential pipes expected by end of 2025 or early 2026. - Saudi Arabia project: - Stainless-steel cold finishing line expected to start trial production by December 2026. - Subsidiaries: - Ravi Technoforge Limited (RTL) is installing a new automatic forging line; aiming to boost capacity and margins. - Ratnamani Finow Spooling Solutions (RFSS) capacity expansion expected by Q1 FY 2027, doubling capacity from 1,500 to approx.

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This analysis is AI-generated based on publicly available earnings data and the company's earnings call transcript. This is not investment advice. Please consult a SEBI-registered advisor before making investment decisions.