Ratnamani Metals & Tubes Ltd.

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ratnamani.comBSE: 520111NSE: RATNAMANI

Market Cap₹ 20,064 Cr.

Current Price

High / Low₹ 3,345 / 1,936

Stock P/E58.5

Book Value₹ 584

Price to Book3.82

Dividend Yield0.35 %

ROCE15.2 %

ROE11.2 %

Face Value₹ 2

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ABOUT

KEY POINTS

Revenue Breakup Mar 2019 • Steel Tube and Pipes: 99.8% • Sale of Power from Windmill: 0.2%

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 21.9%
Strong cash generation - operating cash flow backs reported profits (CFO/PAT 1.23x)
Company has a consistent dividend-paying track record
Company generates healthy free cash flow

CONS

Recent results are weak - TTM profit is down 52.2% versus prior year
Valuation is stretched - P/E of 58.5 is well above its own 5-year median (32.1)
Working capital days have increased from 174 to 237 days
Company has delivered a poor profit growth of 9.5% over past five years
Growth is decelerating - 3Y profit CAGR (-5.5%) trails the 5Y trend (9.5%)
Debtor days have increased from 81 to 103

* 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	1310.35	12.93	320440.06	0.54	4696.00	112.58	47364.00	11.55	20.67	19.60
2.	TATASTEEL	188.55	21.33	235375.56	2.12	2385.24	18.82	60794.29	15.26	12.70	15.40
3.	SAIL	186.25	18.01	76931.03	1.26	1644.05	120.80	26245.67	1.25	7.08	15.92
4.	WELCORP	2607.95	29.79	68795.28	0.19	1047.88	200.11	4081.12	14.91	23.94	32.17
5.	JSL	782.80	19.87	64535.57	0.51	768.66	7.56	11278.54	10.50	19.19	12.09
6.	APLAPOLLO	2167.50	48.97	60182.46	0.39	263.11	10.94	5606.71	12.07	31.83	7.34
7.	SHYAMMETL	1073.35	26.68	29960.62	0.42	3507.30	1106.63	54550.90	1133.35	13.88	14.03
8.	RATNAMANI	2862.55	46.35	20064.19	0.35	107.03	-15.82	971.63	-15.63	18.01	16.69
9.	JINDALSAW	311.85	30.52	19943.06	0.64	90.79	-78.15	4452.31	9.00	10.38	8.79
10.	SARDAEN	546.75	17.05	19266.45	0.37	478.13	9.50	1608.04	-1.07	17.76	41.59
11.	GPIL	253.20	21.14	17046.41	0.39	222.37	2.75	1750.47	32.29	20.20	19.36
12.	USHAMART	498.25	29.95	15183.77	0.75	142.04	40.90	1033.00	16.44	20.17	20.62

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
	1,112	1,072	1,199	1,424	1,110	898	1,294	1,575	1,062	940	794	893	741
	913	831	1,005	1,184	956	749	1,080	1,283	871	800	658	771	693
Operating Profit	199	240	194	240	155	149	214	292	192	140	136	122	48
OPM %	17.93%	22.42%	16.18%	16.88%	13.92%	16.56%	16.54%	18.52%	18.03%	14.89%	17.18%	13.62%	6.48%
	8	13	13	13	12	20	14	38	35	34	10	35	25
Interest	5	6	7	9	5	9	4	4	4	3	1	2	1
Depreciation	21	20	21	21	22	22	23	24	27	27	28	29	30
Profit before Tax	182	226	179	222	139	137	200	301	195	144	118	126	73
Tax %	24.94%	25.17%	24.91%	24.37%	24.44%	25.18%	27.38%	25.44%	25.79%	24.96%	25.39%	26.15%	26.41%
Net Profit	137	169	134	168	105	102	146	225	145	108	88	93	54
	19.49	24.16	19.19	23.99	15.02	14.62	20.76	32.06	20.68	15.44	12.54	13.25	7.71

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

	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	4,370	4,807	4,876	3,689	3,368
	1,154	1,502	2,349	2,159	1,899	2,644	3,608	3,933	4,067	3,100	2,922
Operating Profit	257	265	406	426	399	495	762	874	809	590	446
OPM %	18.22%	15.00%	14.75%	16.48%	17.36%	15.76%	17.44%	18.18%	16.59%	15.98%	13.24%
	14	33	42	60	44	38	31	46	83	115	105
Interest	6	10	15	21	23	21	23	27	22	10	7
Depreciation	60	61	62	59	57	80	76	84	92	111	114
Profit before Tax	205	228	371	406	363	431	694	810	778	583	461
Tax %	29.77%	33.39%	31.74%	24.32%	24.07%	25.15%	25.91%	24.84%	25.72%	25.58%	25.62%
Net Profit	144	152	253	307	276	322	514	609	578	434	343
EPS	30.88	32.48	54.13	65.81	59.04	46.00	73.34	86.83	82.46	61.91	—
Dividend Payout %	17.81%	18.47%	16.63%	18.24%	23.71%	13.52%	16.36%	16.12%	16.98%	16.15%	—

COMPOUNDED SALES GROWTH

10 Years:: 8%
5 Years:: 10%
3 Years:: -5%

COMPOUNDED PROFIT GROWTH

10 Years:: 10%
5 Years:: 9%
3 Years:: -5%

STOCK PRICE CAGR

10 Years:: 23%
5 Years:: 15%
3 Years:: 0%
1 Year:: 20%

RETURN ON EQUITY

10 Years:: 16%
5 Years:: 17%
3 Years:: 16%
Last Year:: 11%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

	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
	1,178	1,299	1,513	1,699	1,977	2,238	2,685	3,207	3,685	4,026
	0	79	73	262	214	158	175	35	52	52
Trade Payables	116	193	292	264	243	315	328	310	261	159
	110	167	166	309	172	241	368	220	595	381
Total Liabilities	1,413	1,746	2,052	2,544	2,616	2,961	3,569	3,786	4,607	4,632
	448	445	440	500	865	875	941	955	1,097	1,276
Capital Work in Progress	38	47	179	371	76	107	87	158	148	185
	74	0	203	155	637	109	244	198	328	820
	339	574	590	859	537	1,112	1,193	1,275	1,240	992
	0	0	0	0	0	0	0	896	1,293	826
Cash & Bank	15	5	142	173	54	42	33	205	220	66
	499	676	499	485	447	717	1,072	99	282	468
Total Assets	1,413	1,746	2,052	2,544	2,616	2,961	3,569	3,786	4,607	4,632

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	209	-1	692	322	602	-150	466	489	521	976
Cash from Investing	-102	21	-360	-357	-470	406	-243	-109	-345	-1,025
Cash from Financing	-28	42	-56	47	-79	-135	-83	-208	-160	-106
	5	-10	137	-95	-4	0	-9	172	15	-155

Ratios

Standalone Figures in Rs. Crores / View Consolidated

	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.