Rama Steel Tubes Ltd.
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ABOUT
KEY POINTS
Revenue Breakup Mar 2025 • Manufacturing - Steel Pipe: 71.3% • Trading- Steel Products: 28.7%
AI Sector View
AI GENERATEDMetals & Mining
The sector backdrop is mixed. Iron ore output was very strong at 29.5% YoY (2026-07), but steel slowed to 2.9% YoY (2026-07), finished steel consumption was 8.0% YoY (2026-06), and headline mining production was still -0.9% (Jul/26). FPI outflows of INR -2349 crore over 3 months to 2026-08-31 also argue against an aggressive overweight.
PROS
- Company has consistently been profitable over the last 5 years
- Company has delivered good sales growth of 24.3% CAGR over last 5 years
- Company generates healthy free cash flow
- Company maintains a comfortable, low leverage position
- Institutional investors have been accumulating - FII+DII up 2.2pp
CONS
- Recent results are weak - TTM profit is down 48.3% versus prior year
- A large part of profit comes from other income (58.1% of PBT)
- Promoter holding has decreased over last 2 years: -22.1pp
- Poor cash conversion - profits are not backed by operating cash flow (CFO/PAT -0.34x)
- Operating margins have contracted to 2.8% from 6.7%
* The pros and cons are machine generated based on quantitative rules.
Peer comparison
| Name | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| JSWSTEEL | 1267.50 | 12.51 | 309961.29 | 0.56 | 4696.00 | 112.58 | 47364.00 | 11.55 | 20.67 | 19.60 |
| TATASTEEL | 182.85 | 20.69 | 228259.99 | 2.19 | 2385.24 | 18.82 | 60794.29 | 15.26 | 12.70 | 15.40 |
| SAIL | 179.00 | 17.31 | 73936.40 | 1.31 | 1644.05 | 120.80 | 26245.67 | 1.25 | 7.08 | 15.92 |
| WELCORP | 2676.25 | 30.57 | 70596.97 | 0.19 | 1047.88 | 200.11 | 4081.12 | 14.91 | 23.94 | 32.17 |
| JSL | 755.20 | 19.16 | 62260.17 | 0.53 | 768.66 | 7.56 | 11278.54 | 10.50 | 19.19 | 12.09 |
| APLAPOLLO | 2153.00 | 48.64 | 59779.85 | 0.39 | 263.11 | 10.94 | 5606.71 | 12.07 | 31.83 | 7.34 |
| SHYAMMETL | 1074.35 | 26.70 | 29988.53 | 0.42 | 3507.30 | 1106.63 | 54550.90 | 1133.35 | 13.88 | 14.03 |
| JINDALSAW | 311.85 | 30.52 | 19943.06 | 0.64 | 90.79 | -78.15 | 4452.31 | 9.00 | 10.38 | 8.79 |
| RATNAMANI | 2808.15 | 45.47 | 19682.88 | 0.36 | 107.03 | -15.82 | 971.63 | -15.63 | 18.01 | 16.69 |
| SARDAEN | 524.75 | 16.37 | 18491.21 | 0.38 | 478.13 | 9.50 | 1608.04 | -1.07 | 17.76 | 41.59 |
| GPIL | 244.50 | 20.41 | 16460.69 | 0.41 | 222.37 | 2.75 | 1750.47 | 32.29 | 20.20 | 19.36 |
| RAMASTEEL | 3.93 | 49.60 | 642.96 | 0.00 | 5.45 | 9.87 | 223.34 | -16.71 | 8.70 | 2.73 |
Quarterly Results
Consolidated Figures in Rs. Crores / View Standalone
| Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 313 | 203 | 262 | 268 | 217 | 263 | 275 | 293 | 268 | 320 | 289 | 246 | 223 | |
| 296 | 191 | 245 | 255 | 205 | 262 | 270 | 281 | 267 | 316 | 283 | 242 | 221 | |
| Operating Profit | 16 | 12 | 17 | 13 | 11 | 1 | 5 | 12 | 2 | 5 | 6 | 4 | 3 |
| OPM % | 5.16% | 6.08% | 6.64% | 5.01% | 5.27% | 0.22% | 1.81% | 4.11% | 0.59% | 1.53% | 2.15% | 1.73% | 1.24% |
| 1 | 1 | 2 | 0 | 1 | 9 | 5 | 1 | 10 | 2 | 2 | 4 | 1 | |
| Interest | 7 | 4 | 7 | 3 | 3 | 3 | 3 | 3 | 3 | 3 | 3 | 3 | 2 |
| Depreciation | 1 | 1 | 1 | 1 | 2 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 2 |
| Profit before Tax | 9 | 8 | 10 | 10 | 7 | 6 | 6 | 9 | 7 | 2 | 4 | 3 | 4 |
| Tax % | 24.74% | 17.52% | 13.07% | 21.29% | 16.37% | 27.49% | 10.13% | 29.79% | 31.15% | 57.56% | 57.96% | -4.73% | -43.13% |
| Net Profit | 0 | 0 | 0 | 0 | 6 | 4 | 6 | 7 | 5 | 1 | 2 | 4 | 5 |
| 0.15 | 0.09 | 0.18 | 0.12 | 0.04 | 0.03 | 0.04 | 0.04 | 0.03 | 0.04 | 0.01 | 0.03 | 0.03 |
Profit & Loss
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 242 | 260 | 377 | 504 | 353 | 470 | 768 | 1,337 | 1,047 | 1,048 | 1,079 | |
| 227 | 240 | 354 | 488 | 344 | 452 | 726 | 1,285 | 987 | 1,019 | 1,061 | |
| Operating Profit | 15 | 20 | 22 | 16 | 9 | 18 | 43 | 51 | 59 | 29 | 18 |
| OPM % | 6.02% | 7.63% | 5.91% | 3.26% | 2.46% | 3.89% | 5.54% | 3.85% | 5.67% | 2.77% | 1.68% |
| 3 | 4 | 5 | 3 | 4 | 6 | 9 | 7 | 4 | 17 | 9 | |
| Interest | 6 | 8 | 7 | 9 | 10 | 8 | 11 | 20 | 21 | 12 | 11 |
| Depreciation | 3 | 3 | 2 | 3 | 3 | 3 | 4 | 5 | 6 | 6 | 6 |
| Profit before Tax | 9 | 13 | 18 | 7 | -0 | 15 | 36 | 35 | 38 | 29 | 14 |
| Tax % | 30.18% | 27.87% | 31.73% | 14.72% | -800.14% | 15.83% | 24.01% | 21.53% | 20.07% | 21.19% | 14.88% |
| Net Profit | 6 | 9 | 12 | 6 | -2 | 12 | 27 | 27 | 30 | 23 | 12 |
| EPS | 4.03 | 0.00 | 0.00 | 0.00 | 0.00 | 7.21 | 16.41 | 1.16 | 0.19 | 0.15 | — |
| Dividend Payout % | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 3.07% | 0.00% | 0.00% | 0.00% | — |
COMPOUNDED SALES GROWTH
- 10 Years:
- 18%
- 5 Years:
- 24%
- 3 Years:
- 11%
COMPOUNDED PROFIT GROWTH
- 10 Years:
- 42%
- 5 Years:
- 122%
- 3 Years:
- -6%
STOCK PRICE CAGR
- 10 Years:
- 10%
- 5 Years:
- 5%
- 3 Years:
- -31%
- 1 Year:
- -62%
RETURN ON EQUITY
- 10 Years:
- 15%
- 5 Years:
- 14%
- 3 Years:
- 11%
- Last Year:
- 7%
Balance Sheet
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 7 | 8 | 8 | 8 | 8 | 8 | 8 | 47 | 154 | 155 | |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 13 | 12 | 9 |
| 18 | 40 | 68 | 79 | 79 | 92 | 118 | 179 | 179 | 209 | |
| 54 | 57 | 63 | 91 | 84 | 86 | 138 | 193 | 141 | 86 | |
| Trade Payables | 15 | 15 | 4 | 19 | 59 | 50 | 69 | 216 | 228 | 286 |
| 12 | 16 | 11 | 5 | 6 | 12 | 27 | 50 | 25 | 15 | |
| Total Liabilities | 107 | 137 | 155 | 202 | 238 | 248 | 361 | 698 | 739 | 760 |
| 17 | 23 | 38 | 38 | 37 | 47 | 53 | 102 | 106 | 99 | |
| Capital Work in Progress | 1 | 1 | 0 | 1 | 7 | 4 | 6 | 1 | 1 | 10 |
| 12 | 5 | 6 | 8 | 10 | 8 | 8 | 13 | 6 | 5 | |
| 32 | 51 | 34 | 51 | 54 | 73 | 101 | 197 | 132 | 127 | |
| 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 217 | 243 | |
| Cash & Bank | 6 | 8 | 10 | 7 | 13 | 22 | 19 | 13 | 17 | 6 |
| 40 | 49 | 67 | 97 | 116 | 93 | 175 | 371 | 260 | 270 | |
| Total Assets | 107 | 137 | 155 | 202 | 238 | 248 | 361 | 698 | 739 | 760 |
Cash Flows
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 6 | -4 | 9 | -12 | 30 | 25 | -31 | -89 | 18 | 51 | |
| Cash from Investing | -1 | -1 | -9 | -3 | -7 | -10 | -9 | -53 | -1 | 3 |
| Cash from Financing | -5 | 10 | 6 | 17 | -17 | -6 | 41 | 143 | -13 | -66 |
| -1 | 1 | 2 | -3 | 6 | 9 | -3 | -6 | 5 | -12 |
Ratios
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|
Documents
Corporate disclosures, annual reports, credit ratings, and concall transcripts
2026-09-08 - Rama Steel Tubes Limited has informed the Exchange about Copy of Newspaper Publication.
2026-09-07 - Rama Steel Tubes Limited has informed the Exchange regarding Notice of Annual General Meeting to be held on September 30, 2026
2026-09-01 - Rama Steel Tubes Limited has informed the Exchange about Copy of Newspaper Publication.
2026-08-15 - Rama Steel Tubes Limited has informed the Exchange about Copy of Newspaper Publication.
2026-08-14 - Rama Steel Tubes Limited has informed the Exchange regarding Change in Auditors of the company.
2026-08-14 - Rama Steel Tubes Limited has informed the Exchange regarding Appointment of Mrs. Anju Kumari as Non- Executive Independent Director of the company w.e.f. October 01, 2026.
2026-08-14 - Rama Steel Tubes Limited has submitted to the Exchange, the Unaudited Financial Results (Standalone and Consolidated) for the period ended Jun 30, 2026.
2026-07-17 - Rama Steel Tubes Limited has informed the Exchange about sale of unit.
2026-07-13 - Rama Steel Tubes Limited has informed the Exchange about Credit Rating-withdrawn.
News
Recent coverage and analyst commentary for RAMASTEEL
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