Ratnamani Metals & Tubes Ltd.

•

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.

News

Recent coverage and analyst commentary for RATNAMANI

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Ratnamani Metals & Tubes Ltd.

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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

USHAMART

494.15

29.70

15058.83

0.76

142.04

40.90

1033.00

16.44

20.17

20.62

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%

Interest

Depreciation

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

106

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

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%

112

Interest

Depreciation

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%

—

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

Equity Capital

Minority Interest

1,178

1,299

1,513

1,700

1,978

2,239

2,590

3,127

3,613

4,056

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

179

371

107

101

167

190

302

203

155

637

109

135

179

644

339

574

590

859

537

1,112

1,259

1,349

1,506

1,275

941

1,265

1,013

Cash & Bank

143

174

207

225

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

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

-360

-357

-470

418

-208

-145

-397

-1,148

Cash from Financing

-28

-56

-79

-135

-116

-193

-130

-10

137

-95

-3

-13

173

-152

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

Jun 2024

Sep 2024

Dec 2024

Mar 2025

Jun 2025

Sep 2025

Dec 2025

Mar 2026

Jun 2026

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

11.02

10.75

9.92

9.78

9.74

10.27

10.19

10.15

10.37

Ratnamani Metals & Tubes Ltd.

AI Sector View

Peer comparison

Quarterly Results

Profit & Loss

Balance Sheet

Corporate actions

Cash Flows

Ratios

Shareholding Pattern

Documents

News

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Ratnamani Metals & Tubes Ltd.

AI Sector View

Peer comparison

Quarterly Results

Profit & Loss

Balance Sheet

Corporate actions

Cash Flows

Ratios

Shareholding Pattern

Documents

News

Sign in to Chat with AI