Rama Steel Tubes Ltd.

•

ramasteel.comBSE: 539309NSE: RAMASTEEL

Market Cap₹ 656 Cr.

Current Price

High / Low₹ 12 / 3

Stock P/E50.6

Book Value₹ 3

Price to Book4.01

Dividend Yield0.00 %

ROCE8.7 %

ROE6.5 %

Face Value₹ 1

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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 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 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

Metals & MiningIron & SteelSteel & Iron Products

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

S.No.	Name
1.	JSWSTEEL	1325.00	13.07	324022.65	0.54	4696.00	112.58	47364.00	11.55	20.67	19.60
2.	TATASTEEL	189.00	21.38	235937.32	2.12	2385.24	18.82	60794.29	15.26	12.70	15.40
3.	SAIL	197.10	19.06	81412.65	1.19	1644.05	120.80	26245.67	1.25	7.08	15.92
4.	WELCORP	2591.20	29.60	68353.43	0.19	1047.88	200.11	4081.12	14.91	23.94	32.17
5.	APLAPOLLO	2250.00	50.83	62473.14	0.38	263.11	10.94	5606.71	12.07	31.83	7.34
6.	JSL	737.70	18.72	60817.43	0.54	768.66	7.56	11278.54	10.50	19.19	12.09
7.	SHYAMMETL	1066.05	26.49	29756.85	0.42	3507.30	1106.63	54550.90	1133.35	13.88	14.03
8.	JINDALSAW	305.30	29.88	19524.19	0.66	90.79	-78.15	4452.31	9.00	10.38	8.79
9.	RATNAMANI	2732.25	44.24	19150.89	0.37	107.03	-15.82	971.63	-15.63	18.01	16.69
10.	SARDAEN	508.95	15.87	17934.44	0.39	478.13	9.50	1608.04	-1.07	17.76	41.59
11.	GPIL	240.90	20.11	16218.33	0.42	222.37	2.75	1750.47	32.29	20.20	19.36
12.	RAMASTEEL	4.01	50.61	656.05	0.00	5.45	9.87	223.34	-16.71	8.70	2.73

Detailed Comparison with:

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:: -32%
1 Year:: -61%

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
PER SHARE
EPS (₹)	4.03	5.90	7.57	4.98	0.25	7.37	16.26	0.57	0.19	0.15
Book Value (₹)	17.22	29.65	45.54	51.81	52.03	59.26	75.19	4.83	2.16	2.34
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 (₹)	0.08	0.10	0.12	0.07	0.01	0.13	0.25	0.23	0.23	0.18
PROFITABILITY
Operating Margin %	6.68%	8.33%	7.04%	3.78%	3.49%	5.20%	6.70%	4.34%	5.65%	2.77%
Net Margin %	2.28%	3.33%	3.23%	1.17%	-0.54%	2.63%	3.54%	2.05%	2.85%	2.17%
ROE %	26.52%	25.83%	19.89%	7.24%	-2.18%	13.24%	24.19%	15.61%	10.74%	6.52%
ROCE %	18.60%	21.60%	19.63%	10.25%	5.42%	12.60%	20.85%	15.61%	12.75%	8.70%
	5.92%	7.77%	8.46%	3.32%	-0.86%	5.09%	8.96%	5.18%	4.18%	3.04%
EFFICIENCY
Debtor Days	24	36	34	37	71	48	37	46	78	80
Inventory Days	40	53	41	31	54	49	41	41	57	45
Payable Days	15	25	11	9	44	46	32	42	85	96
	48	64	64	59	81	51	47	45	50	29
FINANCIAL HEALTH
Debt to Equity (x)	2.14x	1.19x	0.82x	1.03x	0.95x	0.86x	1.09x	0.86x	0.43x	0.24x
Interest Coverage (x)	2.39x	2.71x	3.78x	1.74x	0.98x	2.91x	4.30x	2.73x	2.77x	3.47x
	1.20x	1.52x	1.87x	1.60x	1.34x	1.47x	1.37x	1.35x	1.67x	1.66x
GROWTH
Revenue Growth %	25.73%	7.35%	45.04%	33.83%	-30.02%	33.34%	63.29%	74.02%	-21.71%	0.15%
Operating Profit Growth %	110.13%	34.25%	13.44%	-29.06%	-35.42%	98.53%	111.59%	12.52%	9.35%	-28.09%
Net Profit Growth %	777.39%	57.11%	30.32%	-51.99%	-132.05%	752.34%	120.67%	0.44%	9.33%	-24.18%
	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-67.06%	-22.38%
VALUATION
P/E (x)	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	76.25x	64.14x
P/B (x)	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	6.66x	4.01x
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	36.86x	33.67x

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.

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