Ratnamani Metals & Tubes Ltd Q4 FY26 Results & Concall Highlights: Revenue, Margins & Order Book
Published 24 May 2026 | Industrial Products | Market Cap: ₹16.7K Cr
Stand-alone business expected to grow over 25% in FY27 due to restored capacity and stable demand (Page 19). Stand-alone business expected to grow over 25% in FY '27 due to restored operational capacity and stable demand (Page 19).
From Ratnamani Metals & Tubes Ltd's Q4 FY26 earnings-call transcript · updated 23 Aug 2026.
Price
₹2,354
Market Cap
₹16.7K Cr
P/E Ratio
34.1
Revenue Rank
Margin Rank
How does Ratnamani Metals & Tubes Ltd rank in Industrial Products?
Compare Ratnamani Metals & Tubes Ltd against every Industrial Products company this quarter on revenue, margins and earnings-call signals.
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
Rank 3- →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).
📈 Profitability & Margins
Rank 3- →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).
🏗️ Capital Expenditure Plans
Yes- →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)
💰 Fundraising & Capital Structure
No information- →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.
📋 Order Book & Pipeline
No- →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)
Key Metrics
Revenue
Margin
Capex
Fundraise
Order Book
Frequently Asked Questions
What were Ratnamani Metals & Tubes Ltd Q4 FY26 results?
Stand-alone business expected to grow over 25% in FY27 due to restored capacity and stable demand (Page 19). Stand-alone business expected to grow over 25% in FY '27 due to restored operational capacity and stable demand (Page 19).
What is Ratnamani Metals & Tubes Ltd share price analysis?
Ratnamani Metals & Tubes Ltd currently shows a below-average growth signal. 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?
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.
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