Ratnamani Metals & Tubes LtdQ1 FY26Industrial Products

Ratnamani Metals & Tubes Ltd

Q1 FY26 Earnings Call Analysis

Management growth scorecard

Revenue

Category 3

Margin

Category 3

Fundraise

N/A

Order

Capex

Yes

1 of 4 growth signals are positive — mixed outlook.

Revenue guidance

Category 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).

Category 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).

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→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.

→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)

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)

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