Ratnamani Metals & Tubes Q1 FY27 Share Price & Earnings Call Analysis
- Market cap
- ₹16,256 Cr
- P/E
- 37.06
- ROE
- 12.63%
- PEG
- -26.28
- Price to sales
- 3.77
- Debt to equity
- 0.08
- 52W high / low
- ₹3,046 / ₹1,946
- Sales growth (5Y)
- 14.35%
- EBITDA margin
- 16.96%
- Net profit margin
- 12.06%
- Promoter holding
- 59.77%
- Sales (last year)
- ₹4,314 Cr
Ratnamani Metals & Tubes Ltd is engaged in the manufacturing of stainless steel pipes and tubes and carbon steel pipes from its manufacturing facilities in India.[1]
Guidance scorecard · Q1 FY27 call
What Ratnamani Metals & Tubes Ltd's management guided
and where it ranks in Industrial Products
Industrial Products
RevenueQ4 FY26 call
10–20%- Stand-alone business expected to grow over 25% in FY27 due to restored capacity and stable demand.
- Spool business projected to grow 20-25% in the current year with margins stabilizing at 20-25%.
- Ravi Technoforge expects 10-15% growth in FY27 with new capacity targeting new customer segments like auto parts.
- Stainless-steel volume growth anticipated, with 5-10% price realization increase.
- Power segment demand for stainless-steel tubes expected to remain strong over next 5 years, driven by 80 GW thermal and renewable capacity addition.
- Total bidding pipeline currently $400-500 million; actual order wins yet uncertain.
2 more points from Ratnamani Metals & Tubes Ltd's call on revenue
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MarginsQ4 FY26 call
FlatSee what Ratnamani Metals & Tubes Ltd said on margins — free account, 30 seconds.
CapexQ4 FY26 call
Planned- 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.
- Stainless-steel division undergoing debottlenecking capex and instrumentation tube capacity expansion; new tube mill planning for welded products as part of routine capex.
- New capacity installation at Ravi Technoforge to target new customer segments including auto parts, supporting 10%-15% growth guidance next year.
2 more points from Ratnamani Metals & Tubes Ltd's call on capex
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FundraisingQ4 FY26 call
See what Ratnamani Metals & Tubes Ltd said on fundraising — free account, 30 seconds.
Order bookQ4 FY26 call
Flat- Total bidding pipeline is around $400 million to $500 million, with actual wins to be determined over time.
- Stand-alone business order book as of May 1: INR 2,162 crores
- 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.
2 more points from Ratnamani Metals & Tubes Ltd'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%+ | ₹532 Cr | 21.2 | |
| 2 | 40%+ | Up 2%+ | ₹450 Cr | 13.2 | |
| 3 | 40%+ | Up 2%+ | ₹371 Cr | 26.1 | |
| 4 | 40%+ | Up 0–2% | ₹1,340 Cr | 32.9 | |
| 5 | 40%+ | Up 0–2% | ₹1,196 Cr | 14.1 | |
| 6 | 40%+ | Flat | ₹966 Cr | 25.0 |
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Pro shows every company guiding 40%+ revenue growth →Full Industrial Products rankingFinancials of Ratnamani Metals & Tubes Ltd
Quarterly Results, Profit & Loss, Balance Sheet, Cash Flows, and Ratios are shown below as separate sections.
Financials of Ratnamani Metals & Tubes Ltd
Quarterly Results
Quarter-by-quarter operating performance
| Mar 2023 | Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales + | 1,499 | 1,175 | 1,131 | 1,257 | 1,496 | 1,184 | 971 | 1,316 | 1,715 | 1,152 | 1,192 | 1,066 | 1,085 |
| Expenses + | 1,199 | 969 | 886 | 1,057 | 1,250 | 1,020 | 818 | 1,112 | 1,413 | 963 | 980 | 861 | 931 |
| Operating Profit | 301 | 206 | 245 | 200 | 246 | 164 | 154 | 204 | 302 | 188 | 211 | 205 | 154 |
| OPM % | 20% | 18% | 22% | 16% | 16% | 14% | 16% | 15% | 18% | 16% | 18% | 19% | 14% |
| Other Income + | 7 | 9 | 11 | 15 | 39 | 12 | 20 | 19 | 9 | 30 | 27 | 13 | 41 |
| Interest | 14 | 10 | 11 | 13 | 12 | 10 | 14 | 7 | 7 | 11 | 7 | 7 | 6 |
| Depreciation | 25 | 24 | 24 | 25 | 25 | 26 | 26 | 27 | 29 | 32 | 32 | 33 | 35 |
| Profit before tax | 268 | 181 | 221 | 178 | 248 | 140 | 134 | 188 | 276 | 176 | 199 | 177 | 154 |
| Tax % | 28% | 25% | 26% | 25% | 22% | 25% | 26% | 29% | 26% | 28% | 22% | 24% | 25% |
| Net Profit + | 193 | 135 | 164 | 133 | 193 | 106 | 99 | 133 | 203 | 127 | 156 | 135 | 116 |
| EPS in Rs | 27.33 | 19.10 | 23.38 | 18.96 | 27.42 | 15.00 | 14.32 | 18.73 | 29.55 | 18.81 | 19.43 | 15.67 | 14.93 |
Financials of Ratnamani Metals & Tubes Ltd
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 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales + | 1,688 | 1,718 | 1,412 | 1,767 | 2,755 | 2,586 | 2,298 | 3,139 | 4,474 | 5,059 | 5,186 | 4,494 |
| Expenses + | 1,388 | 1,431 | 1,155 | 1,501 | 2,348 | 2,159 | 1,898 | 2,644 | 3,699 | 4,162 | 4,363 | 3,736 |
| Operating Profit | 300 | 287 | 257 | 266 | 407 | 427 | 400 | 495 | 776 | 897 | 824 | 758 |
| OPM % | 18% | 17% | 18% | 15% | 15% | 16% | 17% | 16% | 17% | 18% | 16% | 17% |
| Other Income + | 26 | 16 | 14 | 32 | 41 | 59 | 43 | 38 | 32 | 73 | 60 | 112 |
| Interest | 9 | 6 | 6 | 10 | 15 | 21 | 23 | 21 | 31 | 45 | 37 | 31 |
| Depreciation | 54 | 57 | 60 | 61 | 62 | 59 | 57 | 80 | 83 | 98 | 108 | 132 |
| Profit before tax | 262 | 240 | 205 | 228 | 371 | 406 | 363 | 431 | 694 | 828 | 738 | 706 |
| Tax % | 34% | 31% | 30% | 33% | 32% | 24% | 24% | 25% | 26% | 24% | 27% | 24% |
| Net Profit + | 173 | 165 | 144 | 152 | 253 | 308 | 276 | 323 | 512 | 625 | 542 | 534 |
| EPS in Rs | 24.74 | 23.58 | 20.55 | 21.65 | 36.08 | 43.87 | 39.37 | 46.03 | 72.83 | 88.85 | 77.61 | 68.85 |
| Dividend Payout % | 15% | 16% | 18% | 18% | 17% | 18% | 24% | 20% | 16% | 16% | 18% | 15% |
Financials of Ratnamani Metals & Tubes Ltd
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 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 9 | 9 | 9 | 9 | 9 | 9 | 9 | 9 | 14 | 14 | 14 | 14 |
| Reserves | 900 | 1,036 | 1,178 | 1,299 | 1,513 | 1,700 | 1,978 | 2,239 | 2,590 | 3,127 | 3,623 | 4,097 |
| Borrowings + | 39 | 23 | 0 | 79 | 65 | 252 | 207 | 157 | 237 | 153 | 157 | 318 |
| Other Liabilities + | 279 | 250 | 226 | 360 | 465 | 584 | 422 | 557 | 939 | 726 | 1,108 | 959 |
| Total Liabilities | 1,227 | 1,319 | 1,414 | 1,747 | 2,053 | 2,545 | 2,617 | 2,962 | 3,780 | 4,020 | 4,903 | 5,388 |
| Fixed Assets + | 425 | 446 | 448 | 445 | 440 | 500 | 865 | 875 | 1,122 | 1,164 | 1,348 | 1,611 |
| CWIP | 42 | 48 | 38 | 47 | 179 | 371 | 76 | 107 | 101 | 167 | 190 | 302 |
| Investments | 20 | 24 | 74 | 0 | 203 | 155 | 637 | 109 | 135 | 89 | 180 | 644 |
| Other Assets + | 740 | 801 | 854 | 1,255 | 1,231 | 1,518 | 1,039 | 1,873 | 2,422 | 2,601 | 3,185 | 2,831 |
| Total Assets | 1,227 | 1,319 | 1,414 | 1,747 | 2,053 | 2,545 | 2,617 | 2,962 | 3,780 | 4,020 | 4,903 | 5,388 |
Financials of Ratnamani Metals & Tubes Ltd
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 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash from Operating Activity + | 148 | 155 | 134 | -73 | 554 | 215 | 546 | -283 | 310 | 511 | 536 | 936 |
| Cash from Investing Activity + | -52 | -11 | -104 | 21 | -360 | -358 | -470 | 418 | -204 | -146 | -388 | -1,148 |
| Cash from Financing Activity + | -74 | -179 | -28 | 42 | -56 | 47 | -79 | -135 | -116 | -193 | -130 | 59 |
| Net Cash Flow | 23 | -35 | 3 | -10 | 137 | -96 | -3 | 0 | -10 | 173 | 18 | -152 |
| Free Cash Flow | 65 | 94 | 69 | -142 | 389 | -83 | 417 | -427 | 173 | 302 | 230 | 452 |
| CFO/OP | 78% | 77% | 81% | -0% | 170% | 75% | 151% | -33% | 59% | 82% | 87% | 147% |
Financials of Ratnamani Metals & Tubes Ltd
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 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debtor Days | 48 | 83 | 110 | 115 | 61 | 52 | 64 | 70 | 82 | 68 | 89 | 82 |
| Inventory Days | 112 | 95 | 141 | 184 | 113 | 185 | 133 | 193 | 156 | 148 | 163 | 174 |
| Days Payable | 41 | 40 | 48 | 62 | 56 | 57 | 60 | 55 | 46 | 39 | 50 | 46 |
| Cash Conversion Cycle | 119 | 138 | 202 | 237 | 118 | 180 | 137 | 208 | 192 | 177 | 202 | 210 |
| Working Capital Days | 81 | 118 | 167 | 173 | 78 | 98 | 85 | 145 | 123 | 128 | 134 | 200 |
| ROCE % | 25% | 19% | 18% | 26% | 24% | 19% | 20% | 27% | 28% | 22% | 18% |
Guidance history
How Ratnamani Metals & Tubes Ltd's guidance has moved, call by call
| Call | Revenue | Margins | Capex | Fundraising | Order book |
|---|---|---|---|---|---|
| Q4 FY26 call → | 10–20% | Flat | Planned | — | Flat |
| Q2 FY26 call → | 20–40% | Flat | Planned | — | Rising |
What management guided on each call, newest first. Not investment advice, and not a forecast of returns.
Momentum score · price trend
25 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 | −4.1% | 57% |
| Last 6 months | −12.3% | 35% |
| Last 3 months | −1.7% | 65% |
The price is 39.2% below its all-time high of ₹3,815.6 (1 Dec 2023). Stocks more than 20% below their peak have their score halved, so 50 became 25.
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 Ratnamani Metals & Tubes Ltd: 0.4 × 57 + 0.4 × 35 + 0.2 × 65 = 50, halved to 25 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 30 Oct 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 Ratnamani Metals & Tubes Ltd's management said in earlier quarters
- Q3 FY26 earnings call analysis →
- Q1 FY27 earnings call analysis →
- Q2 FY26 earnings call analysis →
- Q4 FY26 earnings call analysis →
- Q4 FY25 earnings call →
- Q2 FY25 earnings call →
- Q4 FY24 earnings call →
- Q2 FY24 earnings call →
- Q4 FY23 earnings call →
- Q2 FY23 earnings call →
- Q1 FY23 earnings call →
- Q4 FY22 earnings call →
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