Ratnamani Metals & Tubes Ltd.

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ratnamani.comBSE: 520111NSE: RATNAMANI

Market Cap₹ 19,683 Cr.

Current Price

High / Low₹ 3,345 / 1,936

Stock P/E45.5

Book Value₹ 596

Price to Book3.79

Dividend Yield0.36 %

ROCE18.0 %

ROE13.9 %

Face Value₹ 2

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ABOUT

KEY POINTS

Revenue Breakup Mar 2026 • Steel Tubes and Pipes: 82.9% • Pipe Spools & Auxiliary Support Systems: 8.7% • Sale of Bearing Rings: 8.4%

AI Sector View

AI GENERATED

Capital Goods

Buy

Capital goods is supported by strong public capex and still-expansionary industrial activity. Capital expenditure rose 66% YoY (2026-06), GST collections grew 8% YoY (2026-07), and the core industries Overall Index increased 5.4% YoY (2026-07). E-way bills slowed to 6% YoY (2026-07) and sector FPI flows show INR -9697 crore net outflow over 3 months to 2026-08-31, but the investment cycle and fiscal impulse remain favorable.

Confidence

72%

View full sector analysis →

PROS

Company is almost debt free
Company has a healthy return on capital (ROCE) of 22.8%
Company has consistently been profitable over the last 5 years
Strong cash generation - operating cash flow backs reported profits (CFO/PAT 1.17x)
Company comfortably covers its interest (23.5x coverage)
Company has a consistent dividend-paying track record

CONS

Recent results are weak - TTM profit is down 22.1% versus prior year
Total debt has risen sharply - up 116.5% year on year
Growth is decelerating - 3Y profit CAGR (1.4%) trails the 5Y trend (14.1%)
Though reporting repeated profits, the company pays out little dividend (14.5%)

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

Peer comparison

Capital GoodsIron & SteelSteel & Iron Products

Part ofNIFTY MICROCAP250 NIFTY TOTAL MKT

S.No.	Name
1.	JSWSTEEL	1267.50	12.51	309961.29	0.56	4696.00	112.58	47364.00	11.55	20.67	19.60
2.	TATASTEEL	182.85	20.69	228259.99	2.19	2385.24	18.82	60794.29	15.26	12.70	15.40
3.	SAIL	179.00	17.31	73936.40	1.31	1644.05	120.80	26245.67	1.25	7.08	15.92
4.	WELCORP	2676.25	30.57	70596.97	0.19	1047.88	200.11	4081.12	14.91	23.94	32.17
5.	JSL	755.20	19.16	62260.17	0.53	768.66	7.56	11278.54	10.50	19.19	12.09
6.	APLAPOLLO	2153.00	48.64	59779.85	0.39	263.11	10.94	5606.71	12.07	31.83	7.34
7.	SHYAMMETL	1074.35	26.70	29988.53	0.42	3507.30	1106.63	54550.90	1133.35	13.88	14.03
8.	JINDALSAW	311.85	30.52	19943.06	0.64	90.79	-78.15	4452.31	9.00	10.38	8.79
9.	RATNAMANI	2808.15	45.47	19682.88	0.36	107.03	-15.82	971.63	-15.63	18.01	16.69
10.	SARDAEN	524.75	16.37	18491.21	0.38	478.13	9.50	1608.04	-1.07	17.76	41.59
11.	GPIL	244.50	20.41	16460.69	0.41	222.37	2.75	1750.47	32.29	20.20	19.36
12.	USHAMART	494.15	29.70	15058.83	0.76	142.04	40.90	1033.00	16.44	20.17	20.62

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
	1,175	1,131	1,257	1,496	1,184	971	1,316	1,715	1,152	1,192	1,066	1,085	972
	969	886	1,057	1,250	1,020	818	1,112	1,413	963	980	861	931	852
Operating Profit	206	245	200	246	164	154	204	302	188	211	205	154	120
OPM %	17.56%	21.65%	15.93%	16.42%	13.86%	15.81%	15.49%	17.62%	16.34%	17.73%	19.21%	14.16%	12.33%
	9	11	15	39	12	20	19	9	30	27	13	41	18
Interest	10	11	13	12	10	14	7	7	11	7	7	6	6
Depreciation	24	24	25	25	26	26	27	29	32	32	33	35	36
Profit before Tax	181	221	178	248	140	134	188	276	176	199	177	154	137
Tax %	25.34%	25.68%	25.45%	22.07%	24.56%	25.62%	29.20%	26.38%	27.68%	21.76%	23.55%	24.75%	22.11%
Net Profit	0	0	0	0	106	99	133	203	127	156	135	116	107
	19.24	23.45	18.94	27.55	15.11	14.17	19.00	28.99	18.81	19.43	15.67	14.94	11.72

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
	1,412	1,767	2,755	2,586	2,298	3,139	4,474	5,059	5,186	4,494	4,314
	1,155	1,502	2,349	2,159	1,899	2,644	3,699	4,162	4,363	3,736	3,625
Operating Profit	256	265	406	426	399	495	775	897	824	758	689
OPM %	18.16%	15.00%	14.75%	16.49%	17.36%	15.76%	17.33%	17.73%	15.88%	16.86%	15.98%
	15	33	42	60	44	38	33	73	60	112	99
Interest	6	10	15	21	23	21	31	45	37	31	27
Depreciation	60	61	62	59	57	80	83	98	108	132	136
Profit before Tax	205	228	371	406	363	431	694	828	738	706	668
Tax %	29.80%	33.39%	31.74%	24.32%	24.06%	25.13%	26.14%	24.47%	26.62%	24.33%	23.00%
Net Profit	144	152	253	308	276	323	512	625	542	534	514
EPS	30.83	32.48	54.13	65.82	59.07	46.04	73.09	88.85	77.61	68.85	—
Dividend Payout %	17.84%	18.47%	16.63%	18.23%	23.70%	13.51%	16.48%	15.76%	18.04%	14.53%	—

COMPOUNDED SALES GROWTH

10 Years:: 10%
5 Years:: 14%
3 Years:: 0%

COMPOUNDED PROFIT GROWTH

10 Years:: 11%
5 Years:: 12%
3 Years:: -2%

STOCK PRICE CAGR

10 Years:: 23%
5 Years:: 15%
3 Years:: 1%
1 Year:: 18%

RETURN ON EQUITY

10 Years:: 16%
5 Years:: 18%
3 Years:: 17%
Last Year:: 14%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital	9	9	9	9	9	9	14	14	14	14
Minority Interest	0	0	0	0	0	0	72	76	28	97
	1,178	1,299	1,513	1,700	1,978	2,239	2,590	3,127	3,613	4,056
	0	79	73	262	214	158	341	195	227	341
Trade Payables	116	193	292	264	242	314	374	356	384	340
	110	167	166	309	172	241	390	252	637	536
Total Liabilities	1,414	1,747	2,053	2,545	2,617	2,962	3,780	4,020	4,903	5,385
	448	445	440	500	865	875	1,122	1,164	1,348	1,611
Capital Work in Progress	38	47	179	371	76	107	101	167	190	302
	74	0	203	155	637	109	135	89	179	644
	339	574	590	859	537	1,112	1,259	1,349	1,506	1,275
	0	0	0	0	0	0	0	941	1,265	1,013
Cash & Bank	15	5	143	174	55	44	34	207	225	74
	499	676	499	485	447	717	1,129	104	189	466
Total Assets	1,414	1,747	2,053	2,545	2,617	2,962	3,780	4,020	4,903	5,385

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	209	-1	692	321	603	-161	460	511	536	936
Cash from Investing	-102	21	-360	-357	-470	418	-208	-145	-397	-1,148
Cash from Financing	-28	42	-56	47	-79	-135	-116	-193	-130	59
	4	-10	137	-95	-3	0	-13	173	9	-152

Ratios

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026

Shareholding Pattern

Numbers in percentages

Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
59.77	59.77	59.77	59.77	59.77	59.77	59.77	59.77	59.77
12.61	12.70	11.56	11.62	11.28	11.15	11.11	10.60	10.72
16.58	16.75	18.74	18.80	19.18	18.79	18.92	19.45	19.13
0.01	0.02	0.02	0.02	0.02	0.02	0.02	0.02	0.02
11.02	10.75	9.92	9.78	9.74	10.27	10.19	10.15	10.37

Documents

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

2026-09-10

Credit Rating

2026-09-10 - Ratnamani Metals & Tubes Limited has informed the Exchange about Credit Rating

2026-08-31

Updates

2026-08-31 - Ratnamani Metals & Tubes Limited has informed the Exchange regarding 'ESG rating/score by CRISIL ESG Ratings & Analytics Limited '.

2026-08-24

Bagging/Receiving of orders/contracts

2026-08-24 - Ratnamani Metals & Tubes Limited has informed the Exchange about Bagging/Receiving of orders/contracts

2026-08-22

Shareholders meeting

2026-08-22 - Ratnamani Metals & Tubes Limited has informed the Exchange with copy of minutes of Annual General Meeting held on August 18, 2026

2026-08-19

Shareholders meeting

2026-08-19 - Ratnamani Metals & Tubes Limited has submitted the Exchange a copy Srutinizers report of Annual General Meeting held on August 18, 2026. Further, the company has informed the Exchange regarding voting results.

2026-08-18

Shareholders meeting

2026-08-18 - Ratnamani Metals & Tubes Limited has informed the Exchange regarding Proceedings of Annual General Meeting held on August 18, 2026

2026-08-08

Copy of Newspaper Publication

2026-08-08 - Ratnamani Metals & Tubes Limited has informed the Exchange about Copy of Newspaper Publication

2026-08-07

Investor Presentation

2026-08-07 - Ratnamani Metals & Tubes Limited has informed the Exchange about Investor Presentation

2026-08-07

Outcome of Board Meeting

2026-08-07 - Ratnamani Metals & Tubes Limited has submitted to the Exchange, the financial results for the period ended Jun 30, 2026.