Rama Steel Tubes Ltd.

•

ramasteel.comBSE: 539309NSE: RAMASTEEL

Market Cap₹ 668 Cr.

Current Price

High / Low₹ 12 / 3

Stock P/E54.4

Book Value₹ 3

Price to Book4.69

Dividend Yield0.00 %

ROCE6.7 %

ROE4.7 %

Face Value₹ 1

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ABOUT

KEY POINTS

Revenue Breakup Mar 2025 • Manufacturing - Steel Pipe: 83.4% • Trading- Steel Pipe & Steel Products: 16.6%

AI Sector View

AI GENERATED

Metals & Mining

Hold

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.

Confidence

61%

View full sector analysis →

PROS

Company has delivered good profit growth of 59.1% CAGR over last 5 years
Company has delivered good sales growth of 23.6% CAGR over last 5 years
Company maintains a comfortable, low leverage position
Institutional investors have been accumulating - FII+DII up 2.2pp
Company converts assets efficiently - asset turnover of 1.7x

CONS

A large part of profit comes from other income (106.4% of PBT)
Recent results are weak - TTM profit is down 48.8% versus prior year
Promoter holding has decreased over last 2 years: -22.1pp
Receivables are growing faster than sales - a possible quality concern
Company has a low return on capital employed of 10.2%
Company has a low return on equity of 8.6% over last 3 years

* The pros and cons are machine generated based on quantitative rules.

Peer comparison

Metals & MiningIron & SteelSteel & Iron Products

Part ofNIFTY 50 NIFTY 500 NIFTY LARGEMIDCAP 250 NIFTY 100 NIFTY 200

S.No.	Name
1.	JSWSTEEL	1309.00	12.92	320109.92	0.54	4696.00	112.58	47364.00	11.55	20.67	19.60
2.	TATASTEEL	183.65	20.78	229258.67	2.18	2385.24	18.82	60794.29	15.26	12.70	15.40
3.	SAIL	196.00	18.95	80958.30	1.20	1644.05	120.80	26245.67	1.25	7.08	15.92
4.	WELCORP	2646.15	30.23	69802.96	0.19	1047.88	200.11	4081.12	14.91	23.94	32.17
5.	JSL	737.80	18.72	60825.68	0.54	768.66	7.56	11278.54	10.50	19.19	12.09
6.	APLAPOLLO	2151.00	48.59	59724.32	0.40	263.11	10.94	5606.71	12.07	31.83	7.34
7.	SHYAMMETL	1081.75	26.88	30195.09	0.42	3507.30	1106.63	54550.90	1133.35	13.88	14.03
8.	JINDALSAW	310.70	30.41	19869.52	0.64	90.79	-78.15	4452.31	9.00	10.38	8.79
9.	RATNAMANI	2666.75	43.18	18691.78	0.38	107.03	-15.82	971.63	-15.63	18.01	16.69
10.	SARDAEN	506.95	15.81	17863.97	0.39	478.13	9.50	1608.04	-1.07	17.76	41.59
11.	GPIL	239.75	20.01	16140.90	0.42	222.37	2.75	1750.47	32.29	20.20	19.36
12.	RAMASTEEL	4.08	51.49	667.50	0.00	5.45	9.87	223.34	-16.71	8.70	2.73

Detailed Comparison with:

Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

	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
	219	156	211	208	158	220	225	237	243	279	244	188	174
	209	149	200	199	154	223	223	230	242	275	239	187	173
Operating Profit	11	6	12	8	5	-3	1	8	1	4	5	1	1
OPM %	4.91%	4.04%	5.48%	3.98%	3.03%	-1.49%	0.60%	3.17%	0.22%	1.34%	1.98%	0.58%	0.48%
	1	1	2	5	2	10	6	2	11	3	3	4	1
Interest	3	1	5	3	2	1	2	2	2	2	2	2	2
Depreciation	1	1	1	1	1	1	1	1	1	1	1	1	1
Profit before Tax	8	5	8	9	3	4	4	7	8	4	5	2	2
Tax %	26.70%	25.09%	24.40%	20.65%	19.57%	33.56%	8.14%	37.29%	24.06%	28.10%	23.99%	27.59%	-84.15%
Net Profit	6	4	6	7	3	3	4	4	6	3	4	1	4
	0.12	0.08	0.08	0.14	0.02	0.02	0.03	0.03	0.04	0.02	0.02	0.01	0.03

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
	215	235	334	405	292	326	517	1,010	794	840	886
	202	216	314	390	286	315	495	977	757	830	875
Operating Profit	14	19	20	14	6	11	22	33	37	10	10
OPM %	6.33%	8.00%	6.05%	3.51%	2.03%	3.38%	4.23%	3.25%	4.64%	1.24%	1.19%
	3	4	4	6	7	3	4	4	10	20	11
Interest	6	8	6	8	8	6	8	11	12	7	7
Depreciation	3	3	2	2	2	3	3	3	4	5	4
Profit before Tax	8	12	16	10	3	7	15	22	30	19	13
Tax %	33.82%	31.16%	35.25%	24.51%	48.87%	20.71%	27.60%	26.83%	23.98%	26.77%	7.13%
Net Profit	5	8	11	8	1	5	11	16	23	14	12
EPS	3.41	0.00	0.00	0.00	0.00	3.24	6.25	0.68	0.15	0.09	—
Dividend Payout %	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	7.98%	0.00%	0.00%	0.00%	—

COMPOUNDED SALES GROWTH

10 Years:: 16%
5 Years:: 24%
3 Years:: 18%

COMPOUNDED PROFIT GROWTH

10 Years:: 35%
5 Years:: 59%
3 Years:: 10%

STOCK PRICE CAGR

10 Years:: 10%
5 Years:: 5%
3 Years:: -32%
1 Year:: -61%

RETURN ON EQUITY

10 Years:: 12%
5 Years:: 9%
3 Years:: 9%
Last Year:: 5%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

	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
	17	38	64	73	75	80	90	139	135	156
	54	54	51	71	70	76	118	129	97	69
Trade Payables	13	15	4	19	30	22	46	21	84	126
	11	15	11	6	5	7	11	37	19	14
Total Liabilities	104	129	137	177	188	194	273	372	490	520
	17	20	25	24	23	34	32	75	79	74
Capital Work in Progress	1	0	0	1	7	2	6	1	1	3
	13	6	12	14	16	14	13	17	14	12
	32	51	33	48	27	57	91	63	70	50
	0	0	0	0	0	0	0	0	128	168
Cash & Bank	5	6	6	6	7	5	1	4	9	5
	36	46	62	85	108	82	129	212	189	209
Total Assets	104	129	137	177	188	194	273	372	490	520

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
	6	-5	10	-6	15	5	-31	-43	-7	15
Cash from Investing	-2	3	-5	-1	-5	-6	-3	-44	-4	9
Cash from Financing	-5	7	-1	12	-9	1	33	94	17	-29
	-2	1	-0	0	0	-2	-4	2	6	-5

Ratios

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
PER SHARE
EPS (₹)	3.41	5.04	6.31	4.54	0.82	3.20	6.26	0.35	0.15	0.09
Book Value (₹)	16.60	28.39	42.91	48.62	49.44	52.68	58.43	3.98	1.88	2.00
Dividend per Share (₹)	0.00	0.00	0.00	0.00	0.00	0.00	0.50	0.00	0.00	0.00
Cash EPS (₹)	0.07	0.09	0.10	0.08	0.03	0.06	0.11	0.14	0.18	0.12
PROFITABILITY
Operating Margin %	7.03%	8.59%	7.21%	4.93%	4.45%	4.34%	5.03%	3.63%	4.62%	1.24%
Net Margin %	2.14%	3.11%	3.12%	1.88%	0.47%	1.65%	2.02%	1.62%	2.84%	1.67%
ROE %	22.90%	22.98%	18.01%	9.92%	1.67%	6.27%	11.27%	11.61%	9.56%	4.66%
ROCE %	17.51%	20.81%	19.62%	12.84%	7.07%	8.13%	11.77%	12.18%	11.56%	6.75%
	5.10%	6.93%	7.94%	4.84%	0.75%	2.81%	4.50%	5.10%	5.26%	2.77%
EFFICIENCY
Debtor Days	24	35	34	37	65	50	38	35	57	64
Inventory Days	44	58	45	36	47	47	52	28	30	26
Payable Days	15	25	11	11	33	32	26	13	26	48
	53	68	68	62	79	66	64	50	61	43
FINANCIAL HEALTH
Debt to Equity (x)	2.21x	1.17x	0.70x	0.86x	0.83x	0.86x	1.20x	0.69x	0.34x	0.23x
Interest Coverage (x)	2.25x	2.53x	3.72x	2.32x	1.33x	2.11x	2.85x	2.99x	3.43x	3.74x
	1.17x	1.49x	1.79x	1.52x	1.31x	1.50x	1.33x	1.59x	2.00x	1.90x
GROWTH
Revenue Growth %	11.96%	9.01%	42.34%	21.00%	-27.88%	11.64%	58.83%	95.21%	-21.37%	5.79%
Operating Profit Growth %	98.83%	33.49%	9.88%	-18.67%	-34.91%	8.98%	85.23%	40.77%	26.25%	-33.93%
Net Profit Growth %	642.11%	58.57%	31.10%	-28.00%	-82.00%	291.77%	95.57%	56.44%	37.96%	-38.32%
	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-58.38%	-38.71%
VALUATION
P/E (x)	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	97.82x	104.22x
P/B (x)	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	7.67x	4.69x
Dividend Yield %	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	49.64x	49.63x

Shareholding Pattern

Numbers in percentages

	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	56.33	47.96	47.96	47.96	47.84	37.76	37.76	35.89	34.18
	0.05	0.17	0.07	0.44	0.46	5.44	5.73	5.71	2.70
DIIs	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Government	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
	43.62	51.87	51.97	51.60	51.70	56.80	56.51	58.40	63.12

Documents

Corporate disclosures, annual reports, credit ratings, and concall transcripts

2026-09-01

Copy of Newspaper Publication

2026-09-01 - Rama Steel Tubes Limited has informed the Exchange about Copy of Newspaper Publication.

2026-08-15

Copy of Newspaper Publication

2026-08-15 - Rama Steel Tubes Limited has informed the Exchange about Copy of Newspaper Publication.

2026-08-14

Change in Auditors

2026-08-14 - Rama Steel Tubes Limited has informed the Exchange regarding Change in Auditors of the company.

2026-08-14

Appointment

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

Outcome of Board Meeting

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

General Updates

2026-07-17 - Rama Steel Tubes Limited has informed the Exchange about sale of unit.

2026-07-13

Credit Rating- Others

2026-07-13 - Rama Steel Tubes Limited has informed the Exchange about Credit Rating-withdrawn.

2026-07-08

Certificate under SEBI (Depositories and Participants) Regulations, 2018

2026-07-08 - Rama Steel Tubes Limited has informed the Exchange about Certificate under Regulation 74(5) SEBI (Depositories and Participants) Regulations, 2018.

2026-07-06

Disclosure under SEBI Takeover Regulations

2026-07-06 - Naresh Kumar Bansal has Submitted to the Exchange a copy of Disclosure under Regulation 31(4) of the Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 2011.

News

Recent coverage and analyst commentary for RAMASTEEL

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Rama Steel Tubes Ltd.

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Free 5nance Account

Name

JSWSTEEL

1309.00

12.92

320109.92

0.54

4696.00

112.58

47364.00

11.55

20.67

19.60

TATASTEEL

183.65

20.78

229258.67

2.18

2385.24

18.82

60794.29

15.26

12.70

15.40

SAIL

196.00

18.95

80958.30

1.20

1644.05

120.80

26245.67

1.25

7.08

15.92

WELCORP

2646.15

30.23

69802.96

0.19

1047.88

200.11

4081.12

14.91

23.94

32.17

JSL

737.80

18.72

60825.68

0.54

768.66

7.56

11278.54

10.50

19.19

12.09

APLAPOLLO

2151.00

48.59

59724.32

0.40

263.11

10.94

5606.71

12.07

31.83

7.34

SHYAMMETL

1081.75

26.88

30195.09

0.42

3507.30

1106.63

54550.90

1133.35

13.88

14.03

JINDALSAW

310.70

30.41

19869.52

0.64

90.79

-78.15

4452.31

9.00

10.38

8.79

RATNAMANI

2666.75

43.18

18691.78

0.38

107.03

-15.82

971.63

-15.63

18.01

16.69

SARDAEN

506.95

15.81

17863.97

0.39

478.13

9.50

1608.04

-1.07

17.76

41.59

GPIL

239.75

20.01

16140.90

0.42

222.37

2.75

1750.47

32.29

20.20

19.36

RAMASTEEL

4.08

51.49

667.50

0.00

5.45

9.87

223.34

-16.71

8.70

2.73

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

219

156

211

208

158

220

225

237

243

279

244

188

174

209

149

200

199

154

223

230

242

275

239

187

173

Operating Profit

-3

OPM %

4.91%

4.04%

5.48%

3.98%

3.03%

-1.49%

0.60%

3.17%

0.22%

1.34%

1.98%

0.58%

0.48%

Interest

Depreciation

Profit before Tax

Tax %

26.70%

25.09%

24.40%

20.65%

19.57%

33.56%

8.14%

37.29%

24.06%

28.10%

23.99%

27.59%

-84.15%

Net Profit

0.12

0.08

0.14

0.02

0.03

0.04

0.02

0.01

0.03

Mar 2016

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

TTM

215

235

334

405

292

326

517

1,010

794

840

886

202

216

314

390

286

315

495

977

757

830

875

Operating Profit

OPM %

6.33%

8.00%

6.05%

3.51%

2.03%

3.38%

4.23%

3.25%

4.64%

1.24%

1.19%

Interest

Depreciation

Profit before Tax

Tax %

33.82%

31.16%

35.25%

24.51%

48.87%

20.71%

27.60%

26.83%

23.98%

26.77%

7.13%

Net Profit

EPS

3.41

0.00

3.24

6.25

0.68

0.15

0.09

—

Dividend Payout %

0.00%

7.98%

0.00%

—

Mar 2016

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

154

155

139

135

156

118

129

Trade Payables

126

Total Liabilities

104

129

137

177

188

194

273

372

490

520

Capital Work in Progress

128

168

Cash & Bank

108

129

212

189

209

Total Assets

104

129

137

177

188

194

273

372

490

520

Mar 2016

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

-5

-6

-31

-43

-7

Cash from Investing

-2

-5

-1

-5

-6

-3

-44

-4

Cash from Financing

-5

-1

-9

-29

-2

-0

-2

-4

-5

Mar 2016

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

PER SHARE

EPS (₹)

3.41

5.04

6.31

4.54

0.82

3.20

6.26

0.35

0.15

0.09

Book Value (₹)

16.60

28.39

42.91

48.62

49.44

52.68

58.43

3.98

1.88

2.00

Dividend per Share (₹)

0.00

0.50

0.00

Cash EPS (₹)

0.07

0.09

0.10

0.08

0.03

0.06

0.11

0.14

0.18

0.12

PROFITABILITY

Operating Margin %

7.03%

8.59%

7.21%

4.93%

4.45%

4.34%

5.03%

3.63%

4.62%

1.24%

Net Margin %

2.14%

3.11%

3.12%

1.88%

0.47%

1.65%

2.02%

1.62%

2.84%

1.67%

ROE %

22.90%

22.98%

18.01%

9.92%

1.67%

6.27%

11.27%

11.61%

9.56%

4.66%

ROCE %

17.51%

20.81%

19.62%

12.84%

7.07%

8.13%

11.77%

12.18%

11.56%

6.75%

5.10%

6.93%

7.94%

4.84%

0.75%

2.81%

4.50%

5.10%

5.26%

2.77%

EFFICIENCY

Debtor Days

Inventory Days

Payable Days

FINANCIAL HEALTH

Debt to Equity (x)

2.21x

1.17x

0.70x

0.86x

0.83x

0.86x

1.20x

0.69x

0.34x

0.23x

Interest Coverage (x)

2.25x

2.53x

3.72x

2.32x

1.33x

2.11x

2.85x

2.99x

3.43x

3.74x

1.17x

1.49x

1.79x

1.52x

1.31x

1.50x

1.33x

1.59x

2.00x

1.90x

GROWTH

Revenue Growth %

11.96%

9.01%

42.34%

21.00%

-27.88%

11.64%

58.83%

95.21%

-21.37%

5.79%

Operating Profit Growth %

98.83%

33.49%

9.88%

-18.67%

-34.91%

8.98%

85.23%

40.77%

26.25%

-33.93%

Net Profit Growth %

642.11%

58.57%

31.10%

-28.00%

-82.00%

291.77%

95.57%

56.44%

37.96%

-38.32%

0.00%

-58.38%

-38.71%

VALUATION

P/E (x)

0.00x

97.82x

104.22x

P/B (x)

0.00x

7.67x

4.69x

Dividend Yield %

0.00%

0.00x

49.64x

49.63x

Jun 2024

Sep 2024

Dec 2024

Mar 2025

Jun 2025

Sep 2025

Dec 2025

Mar 2026

Jun 2026

56.33

47.96

47.84

37.76

35.89

34.18

0.05

0.17

0.07

0.44

0.46

5.44

5.73

5.71

2.70

DIIs

0.00

Government

0.00

43.62

51.87

51.97

51.60

51.70

56.80

56.51

58.40

63.12

Rama Steel Tubes Ltd.

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Quarterly Results

Profit & Loss

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Corporate actions

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Rama Steel Tubes Ltd.

AI Sector View

Peer comparison

Quarterly Results

Profit & Loss

Balance Sheet

Corporate actions

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