Any current/future new fundraising through debt or equity?

The company has taken an enabling resolution to raise approximately INR 500 crores, primarily to support its next growth plan. Currently, there is no concrete plan for immediate capex-related fundraising, but the team is actively working on future projects, indicating potential capital requirements. The enabling resolution allows for tie-ups with debt, including bonds and other instruments, complying with regulatory requirements. As of the latest update, the net debt level stands around INR 140 crores, consisting entirely of long-term borrowings. No short-term borrowing is currently reported.

Any current/future capex/capital investment/strategic investment?

Stainless steel cold finishing capacity expansion of 1,200 metric tons initially, scaling up to 1,500 metric tons, expected completion by December this calendar year or January next year, with a capex of around INR170-180 crores. Carbon steel expansion involving land acquisition underway; major capex will start in the first quarter of next financial year. Capex guidance for FY '24 around INR150-200 crores, with plans for further growth beyond FY '25. Odisha project capex is minimal at present; major spending will be on land and lease rent, with plant capex to follow later. Ravi Technoforge, su

Future growth expectations in sales/revenue/volumes?

FY’24 revenue target: INR 5,000 crores ±5%, up from ~INR 4,500 crores in FY’23. Volume for FY’23: ~304,000 tons; capacity utilization between 60%-80% for most products except newly expanded units (~30%). Volume growth: ~10% expected for FY’24, despite some softness in carbon steel line pipe demand. Utilization for new extrusion capacity expected to improve from 30% in FY’23 to 50-60% going forward. Cold finishing capacity expansion adding 1,200-1,500 tons, focusing on high-value stainless steel small-diameter tubes. Export growth targets positive, with stainless steel exports forming

Future growth expectations in earnings/operating earnings/profits/EPS?

Revenue is projected to grow from approx. INR4,450 crores in FY23 to around INR5,000 crores in FY24, with a ±5% variance. The company expects volume growth driven by better utilization and development of new specialized product grades. EBITDA margins are forecasted to remain stable in the range of 15%-18%, with some quarters seeing 16%-18% due to a favorable product mix. Operating profits showed strong growth in recent quarters, with INR300 crores in Q4 FY23 versus INR200 crores in Q3 FY23, underpinned by better product mix and utilization. Subsidiary (Ravi Technoforge) is expected to grow rev

Current/ Expected Orderbook/ Pending Orders?

As of April 1st, the order book was approximately INR 2,600 crores. Export orders accounted for around INR 557 crores out of the total INR 2,440 crores order book reported as of May 1st. Orders mainly come from the oil and gas sector, process industry, power sector, and water segment. There is a six-month backlog based on an expected revenue of INR 5,000 crores. The company sees good demand in domestic and international water segments. While the order visibility in oil and gas transmission lines in India looks muted, business traction in stainless steel pipes and tubes remains encouraging. The

Ratnamani Metals & Tubes LtdQ4 FY23Industrial Products

Ratnamani Metals & Tubes Ltd Q4 FY23 Earnings Call Analysis

Revenue, margin, capex, fundraise and order book outlook from management commentary.

Price: ₹2,319.3P/E: 37.1Market Cap: ₹16.3K CrSector: Industrial Products

Management growth scorecard

Revenue

Category 3

Margin

Category 3

Fundraise

Yes

Order

Yes

Capex

Yes

3 of 5 growth signals are positive.

Full analysis

Revenue guidance

Category 3

FY’24 revenue target: INR 5,000 crores ±5%, up from ~INR 4,500 crores in FY’23.
Volume for FY’23: ~304,000 tons; capacity utilization between 60%-80% for most products except newly expanded units (~30%).
Volume growth: ~10% expected for FY’24, despite some softness in carbon steel line pipe demand.
Utilization for new extrusion capacity expected to improve from 30% in FY’23 to 50-60% going forward.
Cold finishing capacity expansion adding 1,200-1,500 tons, focusing on high-value stainless steel small-diameter tubes.
Export growth targets positive, with stainless steel exports forming a strong base (~50% direct, 20% indirect turnover).
Substantial focus on high-margin products (blended EBITDA margins projected around 15%-18%).
Capacity can support up to INR 6,000 crores top-line with current infrastructure, subject to demand.

Margin guidance

Category 3

Revenue is projected to grow from approx. INR4,450 crores in FY23 to around INR5,000 crores in FY24, with a ±5% variance.
The company expects volume growth driven by better utilization and development of new specialized product grades.
EBITDA margins are forecasted to remain stable in the range of 15%-18%, with some quarters seeing 16%-18% due to a favorable product mix.
Operating profits showed strong growth in recent quarters, with INR300 crores in Q4 FY23 versus INR200 crores in Q3 FY23, underpinned by better product mix and utilization.
Subsidiary (Ravi Technoforge) is expected to grow revenues by 15%-20% with a margin expansion of 200 basis points in FY24.
Overall, the company targets sustainable growth in earnings with optimized utilization, product mix, and new capacity expansions.

See what Ratnamani Metals & Tubes Ltd management said on margin guidance — free account, 30 seconds.

Fundraise plans

Yes

The company has taken an enabling resolution to raise approximately INR 500 crores, primarily to support its next growth plan.
Currently, there is no concrete plan for immediate capex-related fundraising, but the team is actively working on future projects, indicating potential capital requirements.
The enabling resolution allows for tie-ups with debt, including bonds and other instruments, complying with regulatory requirements.
As of the latest update, the net debt level stands around INR 140 crores, consisting entirely of long-term borrowings.
No short-term borrowing is currently reported.
Major outgoing capex for new projects like the Odisha project and stainless steel cold drawing facility will commence later, suggesting potential future fundraising needs.

Order book

Yes

As of April 1st, the order book was approximately INR 2,600 crores.
Export orders accounted for around INR 557 crores out of the total INR 2,440 crores order book reported as of May 1st.
Orders mainly come from the oil and gas sector, process industry, power sector, and water segment.
There is a six-month backlog based on an expected revenue of INR 5,000 crores.
The company sees good demand in domestic and international water segments.
While the order visibility in oil and gas transmission lines in India looks muted, business traction in stainless steel pipes and tubes remains encouraging.
The management expects continued order intake with a potential to reach around INR 5,000 crores revenue next year, supported by a mix of domestic and export orders.

See what Ratnamani Metals & Tubes Ltd management said on order book — free account, 30 seconds.

Capex plans

Yes

Stainless steel cold finishing capacity expansion of 1,200 metric tons initially, scaling up to 1,500 metric tons, expected completion by December this calendar year or January next year, with a capex of around INR170-180 crores.
Carbon steel expansion involving land acquisition underway; major capex will start in the first quarter of next financial year.
Capex guidance for FY '24 around INR150-200 crores, with plans for further growth beyond FY '25.
Odisha project capex is minimal at present; major spending will be on land and lease rent, with plant capex to follow later.
Ravi Technoforge, subsidiary, ongoing capex for capacity/process expansion and automation, expected completion by September/October 2023.
Enabling resolution for an additional INR500 crores capex being considered for future growth plans; no immediate plans but under preparation.
Solar power project of 15 megawatts commissioned to reduce power costs and support sustainability.

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Ratnamani Metals & Tubes Ltd Q4 FY23 Earnings Call Analysis

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