Rama Steel Tubes Q3 FY22 Share Price & Earnings Call Analysis
- Market cap
- ₹672 Cr
- P/E
- 51.92
- ROE
- 2.75%
- PEG
- -2.13
- Price to sales
- 0.63
- Debt to equity
- 0.27
- 52W high / low
- ₹11.0 / ₹3.63
- Sales growth (5Y)
- 19.03%
- EBITDA margin
- 1.99%
- Net profit margin
- 0.88%
- Promoter holding
- 33.93%
- Sales (last year)
- ₹1,079 Cr
Incorporated in 1974, Rama steel tubes is one of the leading manufacturers of Steel Pipes & Tubes, Rigid PVC & G.I. Pipes and square section products in India. [1]
Guidance scorecard · Q3 FY22 call
What Rama Steel Tubes's management guided
and where it ranks in Industrial Products
RevenueQ2 FY23 call
40%+- Targeting 40%-45% volume growth from 120,000 tons last year to 175,000 tons this financial year.
- Planning to increase installed capacity from current 300,000 tons to 500,000 tons by end of FY2025.
- Aiming for nearly 100% growth in sales/revenue by FY2025.
- Expecting 25%-30% growth in value-added product revenue in FY2023.
- Increasing product SKUs from current 1,300 to 2,500 within a year to support growth and diversification.
- Expanding value-added product capacity (e.g., new 30,000-ton line in Khopoli) to enhance EBITDA margins (target 12%-13%).
2 more points from Rama Steel Tubes's call on revenue
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MarginsQ2 FY23 call
FlatSee what Rama Steel Tubes said on margins — free account, 30 seconds.
CapexQ2 FY23 call
Planned- Currently, Rama Steel Tubes has an installed capacity of 300,000 tons.
- A new capacity of 30,000 tons at the Khopoli plant focused on value-added products started production recently and is expected to be fully operational by end of the current month.
- Another 50,000 tons of capacity was added last year but is only 30-40% utilized; efforts are ongoing to increase SKU variety and utilization.
- The company plans to increase installed capacity to approximately 0.5 million tons by the end of FY2025.
- Capacity expansions will focus on increasing value-added products from the current 10% towards a target of 30-40%.
- Backward integration and investment in new machinery are underway to boost production capabilities and product range.
- The acquisition of Ashoka Infra enhances retail presence with warehousing facilities in Maharashtra and Bengaluru.
2 more points from Rama Steel Tubes's call on capex
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FundraisingQ2 FY23 call
Ask what Rama Steel Tubes said on fundraising →
Full Q2 FY23 analysisOrder bookQ2 FY23 call
Rising- Current total order book stands close to ₹120 Crores.
- Approximately 50% of these orders are from the government sector.
- Around 10% of the quantity ordered is from value-added products.
- The remaining orders are from domestic volumes with channel partners.
- The company has recently secured ₹150 Crores worth of orders from HP State Government (Jal Shakti Vibhag).
- Order execution includes 481 million worth of government supplies delivered in recent months.
2 more points from Rama Steel Tubes's call on the order book
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Ranges are what management guided for revenue growth and margins on the latest earnings call. Not investment advice, and not a forecast of returns.
Potential multibaggers · Q2 FY27
Potential multibaggers in Industrial Products
on management's own guidance
- Strong growth2
- Strong growth1
- Strong growth3
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Ranks describe management commentary on revenue and margin from the latest earnings call. Not investment advice.
Peers
Industrial Products companies ranked on guidance
| # | Company | Revenue guided | Margin guided | Market cap | P/E |
|---|---|---|---|---|---|
| 1 | 40%+ | Up 2%+ | ₹448 Cr | 17.9 | |
| 2 | 40%+ | Up 2%+ | ₹413 Cr | 12.0 | |
| 3 | 40%+ | Up 2%+ | ₹324 Cr | 22.7 | |
| 4 | 40%+ | Up 0–2% | ₹1,496 Cr | 32.8 | |
| 5 | 40%+ | Up 0–2% | ₹1,079 Cr | 12.7 | |
| 6 | 40%+ | Flat | ₹827 Cr | 21.4 |
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Pro shows every company guiding 40%+ revenue growth →Full Industrial Products rankingRama Steel Tubes announcements
All announcements →- Fundraise / allotmentNotableRama Steel Tubes seeks approval for 53,28,00,000 preferential equity shares at Rs 5 each
- Fundraise / allotmentNotableRama Steel Tubes Ltd approves share capital increase and acquisition amendments
Financials of Rama Steel Tubes
Quarterly Results, Profit & Loss, Balance Sheet, Cash Flows, and Ratios are shown below as separate sections.
Financials of Rama Steel Tubes
Quarterly Results
Quarter-by-quarter operating performance
| Dec 2022 | Mar 2023 | Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales + | 350.25 | 399.24 | 312.52 | 203.33 | 262.39 | 268.27 | 216.64 | 263.05 | 275.17 | 293.20 | 268.13 | 320.45 | 289.38 |
| Expenses + | 340.68 | 371.59 | 296.38 | 191.18 | 245.16 | 254.81 | 205.23 | 262.47 | 270.20 | 281.14 | 266.56 | 315.54 | 283.14 |
| Operating Profit | 9.57 | 27.65 | 16.14 | 12.15 | 17.23 | 13.46 | 11.41 | 0.58 | 4.97 | 12.06 | 1.57 | 4.91 | 6.24 |
| OPM % | 2.73% | 6.93% | 5.16% | 5.98% | 6.57% | 5.02% | 5.27% | 0.22% | 1.81% | 4.11% | 0.59% | 1.53% | 2.16% |
| Other Income + | 7.10 | -5.33 | 2.04 | 1.13 | 1.78 | 0.51 | 0.96 | 9.40 | 5.43 | 1.59 | 10.07 | 2.10 | 2.34 |
| Interest | 5.69 | 6.62 | 7.19 | 3.94 | 7.27 | 2.84 | 3.23 | 2.66 | 2.87 | 2.91 | 2.98 | 3.23 | 2.87 |
| Depreciation | 1.23 | 1.25 | 1.42 | 1.33 | 1.45 | 1.45 | 1.73 | 1.40 | 1.37 | 1.37 | 1.47 | 1.40 | 1.48 |
| Profit before tax | 9.75 | 14.45 | 9.57 | 8.01 | 10.29 | 9.68 | 7.41 | 5.92 | 6.16 | 9.37 | 7.19 | 2.38 | 4.23 |
| Tax % | 20.00% | 19.24% | 22.05% | 17.98% | 13.31% | 21.07% | 16.33% | 27.03% | 9.90% | 28.71% | 31.15% | 57.98% | 57.92% |
| Net Profit + | 7.80 | 11.67 | 7.46 | 6.58 | 8.92 | 7.65 | 6.20 | 4.31 | 5.55 | 6.67 | 4.95 | 1.00 | 1.78 |
| EPS in Rs | 0.05 | 0.08 | 0.05 | 0.04 | 0.06 | 0.05 | 0.04 | 0.03 | 0.04 | 0.04 | 0.03 | 0.01 | 0.01 |
Financials of Rama Steel Tubes
Profit & Loss
Annual income statement trend
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales + | 192 | 242 | 260 | 377 | 504 | 353 | 470 | 768 | 1,337 | 1,047 | 1,048 | 1,171 |
| Expenses + | 187 | 227 | 240 | 354 | 488 | 344 | 452 | 726 | 1,285 | 987 | 1,019 | 1,146 |
| Operating Profit | 6 | 15 | 20 | 22 | 16 | 9 | 18 | 42 | 51 | 59 | 29 | 25 |
| OPM % | 3% | 6% | 8% | 6% | 3% | 2% | 4% | 5% | 4% | 6% | 3% | 2% |
| Other Income + | 3 | 3 | 4 | 5 | 5 | 6 | 8 | 9 | 8 | 5 | 17 | 16 |
| Interest | 5 | 6 | 8 | 6 | 9 | 10 | 8 | 11 | 20 | 21 | 12 | 12 |
| Depreciation | 2 | 3 | 3 | 2 | 3 | 3 | 3 | 4 | 5 | 6 | 6 | 6 |
| Profit before tax | 1 | 9 | 13 | 18 | 9 | 2 | 15 | 36 | 35 | 38 | 29 | 23 |
| Tax % | 22% | 30% | 28% | 31% | 11% | 80% | 16% | 24% | 22% | 20% | 21% | |
| Net Profit + | 1 | 6 | 9 | 13 | 8 | 0 | 12 | 27 | 27 | 30 | 23 | 14 |
| EPS in Rs | 0.01 | 0.05 | 0.08 | 0.10 | 0.07 | 0.00 | 0.10 | 0.22 | 0.19 | 0.19 | 0.15 | 0.09 |
| Dividend Payout % | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 3% | 0% | 0% | 0% |
Financials of Rama Steel Tubes
Balance Sheet
Capital structure and asset base
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Sep 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 1 | 7 | 8 | 8 | 8 | 8 | 8 | 8 | 47 | 154 | 155 | 164 |
| Reserves | 18 | 18 | 44 | 70 | 79 | 79 | 92 | 118 | 204 | 181 | 209 | 303 |
| Borrowings + | 56 | 58 | 57 | 63 | 90 | 83 | 85 | 138 | 193 | 145 | 89 | 126 |
| Other Liabilities + | 21 | 23 | 26 | 11 | 24 | 67 | 62 | 94 | 252 | 254 | 305 | 252 |
| Total Liabilities | 96 | 107 | 135 | 153 | 200 | 238 | 248 | 358 | 695 | 734 | 758 | 843 |
| Fixed Assets + | 12 | 17 | 26 | 42 | 41 | 41 | 51 | 57 | 106 | 110 | 103 | 109 |
| CWIP | 6 | 1 | 1 | 0 | 1 | 7 | 4 | 6 | 1 | 1 | 10 | 3 |
| Investments | 13 | 12 | 2 | 2 | 5 | 7 | 8 | 8 | 13 | 6 | 5 | 10 |
| Other Assets + | 65 | 77 | 106 | 109 | 154 | 183 | 184 | 288 | 574 | 617 | 640 | 721 |
| Total Assets | 96 | 107 | 135 | 153 | 200 | 238 | 248 | 358 | 695 | 734 | 758 | 843 |
Financials of Rama Steel Tubes
Cash Flows
Operating, investing and financing cash movement
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash from Operating Activity + | 3 | 5 | -7 | 5 | -17 | 30 | 25 | -35 | -96 | 18 | 51 |
| Cash from Investing Activity + | -7 | -2 | -1 | -9 | -3 | -7 | -10 | -9 | -53 | -1 | 3 |
| Cash from Financing Activity + | 9 | -5 | 10 | 6 | 17 | -17 | -6 | 41 | 143 | -13 | -66 |
| Net Cash Flow | 5 | -1 | 1 | 2 | -3 | 6 | 9 | -3 | -6 | 5 | -12 |
| Free Cash Flow | -2 | 3 | -20 | -6 | -20 | 23 | 14 | -46 | -146 | 9 | 51 |
| CFO/OP | 65% | 41% | -19% | 41% | -75% | 351% | 139% | -75% | -172% | 53% | 196% |
Financials of Rama Steel Tubes
Ratios
Working capital efficiency and return ratios
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debtor Days | 21 | 36 | 46 | 37 | 47 | 75 | 41 | 50 | 64 | 76 | 85 |
| Inventory Days | 55 | 54 | 84 | 37 | 40 | 61 | 62 | 53 | 58 | 51 | 47 |
| Days Payable | 5 | 26 | 25 | 5 | 15 | 67 | 43 | 37 | 63 | 88 | 106 |
| Cash Conversion Cycle | 71 | 64 | 105 | 69 | 72 | 69 | 60 | 67 | 58 | 38 | 26 |
| Working Capital Days | -3 | 10 | 39 | 40 | 36 | 33 | 26 | 26 | 35 | 78 | 85 |
| ROCE % | 19% | 22% | 20% | 12% | 7% | 13% | 21% | 15% | 12% | 7% |
Momentum score · price trend
7 out of 100 — Cooling
Over the past year its share price has done worse than most of the stocks we track.
| Period | Share price change | Better than … of 1,910 stocks |
|---|---|---|
| Last 12 months | −61.6% | 1% |
| Last 6 months | −31.9% | 7% |
| Last 3 months | −6.9% | 53% |
The price is 76.2% below its all-time high of ₹16.52 (6 Sept 2024). Stocks more than 20% below their peak have their score halved, so 14 became 7.
How we calculate it
“Better than 30%” means that over that period the share price did better than 30 out of every 100 stocks we track (1,910 Indian companies worth ₹500 Cr or more, with at least a year of prices).
The score weighs the longer periods more: 40% × 12-month + 40% × 6-month + 20% × 3-month. For Rama Steel Tubes: 0.4 × 1 + 0.4 × 7 + 0.2 × 53 = 14, halved to 7 because the price is more than 20% below its all-time high.
Strengthening is 70 and above, Steady 40 to 70, Cooling below 40. Scores are recalculated every night after the market closes.
Full methodology →This describes only how the share price has moved up to 2 Nov 2026, compared with other stocks. It says nothing about the business, and it is not a prediction, a price target or a recommendation to buy or sell.
Continue your research
What Rama Steel Tubes's management said in earlier quarters
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