Ratnamani Metals & Tubes Ltd.

•

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.

News

Recent coverage and analyst commentary for RATNAMANI

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Ratnamani Metals & Tubes Ltd.

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Free 5nance Account

Name

JSWSTEEL

1310.35

12.93

320440.06

0.54

4696.00

112.58

47364.00

11.55

20.67

19.60

TATASTEEL

188.55

21.33

235375.56

2.12

2385.24

18.82

60794.29

15.26

12.70

15.40

SAIL

186.25

18.01

76931.03

1.26

1644.05

120.80

26245.67

1.25

7.08

15.92

WELCORP

2607.95

29.79

68795.28

0.19

1047.88

200.11

4081.12

14.91

23.94

32.17

JSL

782.80

19.87

64535.57

0.51

768.66

7.56

11278.54

10.50

19.19

12.09

APLAPOLLO

2167.50

48.97

60182.46

0.39

263.11

10.94

5606.71

12.07

31.83

7.34

SHYAMMETL

1073.35

26.68

29960.62

0.42

3507.30

1106.63

54550.90

1133.35

13.88

14.03

RATNAMANI

2862.55

46.35

20064.19

0.35

107.03

-15.82

971.63

-15.63

18.01

16.69

JINDALSAW

311.85

30.52

19943.06

0.64

90.79

-78.15

4452.31

9.00

10.38

8.79

SARDAEN

546.75

17.05

19266.45

0.37

478.13

9.50

1608.04

-1.07

17.76

41.59

GPIL

253.20

21.14

17046.41

0.39

222.37

2.75

1750.47

32.29

20.20

19.36

USHAMART

498.25

29.95

15183.77

0.75

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

1,112

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

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%

Interest

Depreciation

Profit before Tax

182

226

179

222

139

137

200

301

195

144

118

126

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

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

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%

115

105

Interest

Depreciation

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%

—

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

Equity Capital

1,178

1,299

1,513

1,699

1,977

2,238

2,685

3,207

3,685

4,026

262

214

158

175

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

179

371

107

158

148

185

203

155

637

109

244

198

328

820

339

574

590

859

537

1,112

1,193

1,275

1,240

992

896

1,293

826

Cash & Bank

142

173

205

220

499

676

499

485

447

717

1,072

282

468

Total Assets

1,413

1,746

2,052

2,544

2,616

2,961

3,569

3,786

4,607

4,632

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

-360

-357

-470

406

-243

-109

-345

-1,025

Cash from Financing

-28

-56

-79

-135

-83

-208

-160

-106

-10

137

-95

-4

-9

172

-155

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