Ratnamani Metals & Tubes LtdQ3 FY25Industrial Products

Ratnamani Metals & Tubes Ltd

Q3 FY25 Earnings Call Analysis

Management growth scorecard

Revenue

Category 2

Margin

Category 3

Fundraise

N/A

Order

Yes

Capex

Yes

2 of 4 growth signals are positive.

Revenue guidance

Category 2

→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.

Category 3

→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).

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→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.

Yes

→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.

Yes

→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.

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