Ratnamani Metals & Tubes Ltd Q2 FY26 Results & Concall Highlights: Revenue, Margins & Order Book
Published 7 Aug 2026 | Industrial Products | Market Cap: ₹16.7K Cr
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.
Price
₹2,354
Market Cap
₹16.7K Cr
P/E Ratio
34.1
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Ratnamani Metals & Tubes Ltd — Quarterly revenue & net profit
Reported quarterly figures (₹ Cr). Latest: revenue ₹1.1K Cr, net profit ₹116 Cr.
Full financials →📊 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.
- →Nuclear segment in spooling expected to maintain margins; diversification planned with 30% orders from oil & gas and thermal sectors.
- →Overall, mid-teens to higher mid-teens EBITDA margins expected with growth driven by expansions in India, Saudi, and subsidiaries.
📈 Profitability & Margins
- →Standalone sales expected to maintain volume growth, but revenue may remain flat or slightly dip due to softer input prices and product mix.
- →EBITDA margin guidance maintained at 16%-18% range supported by operational efficiency and cost control.
- →Subsidiaries (RTL and RFSS) driving consolidated sales growth; consolidated sales up 23% YoY in Q2 FY '26.
- →RTL anticipates 15%-20% year-on-year growth over next 2-3 years, with revenue target of INR 450-500 crores.
- →RFSS expects revenues above INR 300 crores in FY '26, potentially doubling to INR 600-650 crores with capacity expansion by next year.
- →Overall consolidated revenue target of INR 7,000-7,500 crores in 2-3 years with mid-teens+ EBITDA margin, leveraging full capacity utilization across expansions.
- →Management expects significant margin expansion potential, especially with new projects in Saudi Arabia and spooling solutions business diversification.
- →Earnings growth driven by capacity ramp-ups, market share gains, and diversification into new segments (oil & gas, thermal power).
🏗️ 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.
- →Export plans involve mother hollow tube exports to Saudi to utilize hot finishing capacity in India.
- →Overall target: Reach consolidated revenue of INR 7,000-7,500 crores in 2-3 years with full capacity utilization.
💰 Fundraising & Capital Structure
- →The transcript and related pages in the document do not mention any current or planned fundraising through debt or equity.
- →No discussion on raising capital via equity issuance or new debt facilities is included.
- →The management focuses on ongoing and upcoming expansion projects funded through internal accruals and investments.
- →There is a mention of a rights issue at RTL subsidiary, which restructured shareholding reducing Ratnamani’s stake from 80% to 75%, but this is a past event, not a new fundraising.
- →Overall, no explicit new fundraising activities are indicated in the available information.
📋 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.
- →Combined order execution and expected new orders could boost revenue execution by an additional INR 400-500 crores in the financial year.
- →Export orders contribute significantly, with key customers in GCC and Europe, but domestic demand is still subdued.
Key Metrics
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 concall transcripts. This is not investment advice. Please consult a SEBI-registered advisor before making investment decisions.