RATNAMANI

Ratnamani Metals & Tubes share price & financials

Price
₹2,582.8
Market cap
₹19.8k Cr
Sector
Capital Goods
Calls analysed
6
Latest concall · Q4 FY26 · call held 18 May 2026

Ratnamani Metals Q4 FY26

Standalone Q4 Sales ₹893 cr −43%Standalone Q4 FY25 Sales ₹1,575 cr Consolidated Q4 Sales ₹1,085 cr −37%Consolidated Q4 FY25 Sales ₹1,715 cr

What went well

  • EBITDA margins maintained in percentage terms for both quarter and year, despite lower volumes, due to operational efficiency and improved product mix.
  • Order book as of May 1, 2026, stood at INR 2,160 crores, providing good revenue visibility.
  • Ravi Technoforge subsidiary achieved Q4 revenue of INR 105 crores (28% growth YoY) and improved EBITDA margins from 10% to 12%.

What to watch

  • Standalone Q4 sales declined to INR 893 crores from INR 1,575 crores in Q4 FY25, primarily due to lower volumes in the Carbon Steel division.
  • Consolidated Q4 sales declined to INR 1,085 crores from INR 1,715 crores in Q4 FY25.
Read the full call →

What Ratnamani Metals & Tubes Limited does

Ratnamani Metals & Tubes manufactures stainless steel and carbon steel pipes and tubes across four plants in Gujarat and Odisha, serving oil & gas, refining, power, chemicals, pharma and other process industries in India and over 35 countries. It earns revenue by selling seamless and welded stainless steel pipes/tubes and welded carbon steel pipes (LSAW, HSAW, CSAW, HFW) with coating solutions to EPC contractors, process licensors and end clients. Through subsidiaries, it has diversified into precision-forged bearing rings for automotive and industrial applications (Ravi Technoforge) and high-integrity pipe spool fabrication for nuclear and thermal power projects (Ratnamani Finow Spooling Solutions, a JV with Switzerland's Technoenergy AG/FINOW GmbH).

Segments

  • Stainless Steel Pipes & Tubes
  • Carbon Steel Welded Pipes
  • Bearing Rings & Auto Components (Ravi Technoforge)
  • Pipe Spooling Solutions (Ratnamani Finow Spooling Solutions)
Manufacturing facilities
4 (Kutch, Chhatral & Indrad in Gujarat; Sundargarh in Odisha)
Market position — Stainless Steel pipes & tubes
Largest manufacturer in India
Market position — Carbon Steel welded pipes
One of the largest manufacturers in India
Employees
3,300+
Export footprint
Products exported to 35+ countries
Industries served
20+
Founded 1983Headquarters Kutch, Gujarat, India Company website

Guidance record · Q4 FY26

what the last two calls moved 14 tracked 4 delivered 3 missed 7 open
  • Annualized Standalone EBITDA Margin delivered said Q2 FY24 Promised: 16% to 18% Q4 FY26: FY26 target met. Management reiterated guidance for FY27 at '16% plus/minus 1%'.
  • Orissa Plant Phase-II Commissioning went quiet said Q4 FY24 Promised: End of FY25 Q4 FY26: The deadline of 'end of FY26' for Phase-II commissioning has passed. No confirmation of completion was provided in the call.
  • Saudi JV Operational Timeline delayed said Q4 FY25 Promised: December 2026 Q4 FY26: Timeline for trials pushed from Dec 2026 to 'within March 2027', with a potential further 3-month spillage.

All 14 tracked — every revision, and every one management stopped mentioning.

Open the guidance ledger

Quarterly results

Q1 FY27: revenue down 30.2%, net profit down 62.8% against the same quarter last year.

₹ Cr · quarterly
Line itemQ2 FY25Q3 FY25Q4 FY25Q1 FY26Q2 FY26Q3 FY26Q4 FY26Q1 FY27
Revenue898 1,294 1,575 1,062 940 +5%794 −39%893 −43%741 −30%
EBITDA149 214 292 192 140 −6%136 −36%122 −58%80 −58%
Net profit102 146 225 145 108 +6%88 −40%93 −59%54 −63%
How to read this

₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.

Performance +19.1% 1Y

₹2.0k₹2.2k₹2.4k₹2.6k₹2.8kSept 25Oct 25Dec 25Jan 26Mar 26Apr 26Jun 26Jul 26Sept 26Q2 FY26 — 10 Nov 2025Q4 FY26 — 18 May 2026

1Y: ₹2,361.3 on 10 Sept 2025 → ₹2,811.4. High ₹2,888.6 (14 May 2026), low ₹1,946.4 (11 Feb 2026).

How the price took the results

close before → close after

Q4 FY26
−8.4%
18 May
Q2 FY26
+0.9%
10 Nov

The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.

Financials, as filed

Revenue fell 5.8% a year over 3 years, FY23 to FY26. Operating margin narrowed to 16.0%.

Year endingFY23FY24FY25FY26
Revenue₹4.4k Cr₹4.8k Cr₹4.9k Cr₹3.7k Cr
Operating profit₹767 Cr₹873 Cr₹810 Cr₹590 Cr
Operating margin17.4%18.2%16.6%16.0%
Interest₹25 Cr₹27 Cr₹22 Cr₹10 Cr
Depreciation₹78 Cr₹83 Cr₹91 Cr₹111 Cr
Net profit₹516 Cr₹608 Cr₹578 Cr₹434 Cr
Net margin11.7%12.6%11.9%11.8%
Cash from operations₹317 Cr₹489 Cr₹521 Cr₹976 Cr
Free cash flow₹192 Cr₹316 Cr₹309 Cr₹678 Cr
ROCE27.0%27.0%22.0%15.0%
How to read this

From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.

Balance sheet

Year endingFY21FY22FY23FY24FY25FY26
Equity capital₹9 Cr₹9 Cr₹14 Cr₹14 Cr₹14 Cr₹14 Cr
Reserves₹2.0k Cr₹2.2k Cr₹2.7k Cr₹3.2k Cr₹3.9k Cr₹4.1k Cr
Borrowings₹207 Cr₹157 Cr₹159 Cr₹53 Cr₹241 Cr₹13 Cr
Other liabilities₹422 Cr₹557 Cr₹712 Cr₹512 Cr₹865 Cr₹538 Cr
Total liabilities₹2.6k Cr₹3.0k Cr₹3.6k Cr₹3.8k Cr₹5.0k Cr₹4.6k Cr
Fixed assets₹865 Cr₹875 Cr₹941 Cr₹955 Cr₹1.5k Cr₹1.3k Cr
Capital work in progress₹76 Cr₹107 Cr₹87 Cr₹158 Cr₹210 Cr₹185 Cr
Investments₹637 Cr₹109 Cr₹244 Cr₹198 Cr₹638 Cr₹820 Cr
Other assets₹1.0k Cr₹1.9k Cr₹2.3k Cr₹2.5k Cr₹2.7k Cr₹2.4k Cr
Total assets₹2.6k Cr₹3.0k Cr₹3.6k Cr₹3.8k Cr₹5.0k Cr₹4.6k Cr
How to read this

As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.

Who owns it

As disclosed at Jun 2026

Since Jun 2025, the public added +0.63 pp while FIIs trimmed −0.56 pp. The shareholder count grew 13% to 36,573.

Promoters
59.8%
FIIs
10.7%
DIIs
19.1%
Government
0.0%
Public
10.4%

Since Jun 2025

  • Public +0.63 pp
  • FIIs −0.56 pp
  • DIIs −0.05 pp

How it drifted, 12 quarters

Over this window DIIs went from 16.5% to 19.1% — +2.7 pp.

Sep '23Dec '24Jun '26

Ownership split by quarter, oldest first. Sep '23: Promoters 59.8%, FIIs 12.9%, DIIs 16.5%, Public 10.9%.Dec '23: Promoters 59.8%, FIIs 12.8%, DIIs 16.3%, Public 11.2%.Mar '24: Promoters 59.8%, FIIs 12.9%, DIIs 16.1%, Public 11.2%.Jun '24: Promoters 59.8%, FIIs 12.6%, DIIs 16.6%, Government 0.0%, Public 11.0%.Sep '24: Promoters 59.8%, FIIs 12.7%, DIIs 16.8%, Government 0.0%, Public 10.8%.Dec '24: Promoters 59.8%, FIIs 11.6%, DIIs 18.7%, Government 0.0%, Public 9.9%.Mar '25: Promoters 59.8%, FIIs 11.6%, DIIs 18.8%, Government 0.0%, Public 9.8%.Jun '25: Promoters 59.8%, FIIs 11.3%, DIIs 19.2%, Government 0.0%, Public 9.7%.Sep '25: Promoters 59.8%, FIIs 11.2%, DIIs 18.8%, Government 0.0%, Public 10.3%.Dec '25: Promoters 59.8%, FIIs 11.1%, DIIs 18.9%, Government 0.0%, Public 10.2%.Mar '26: Promoters 59.8%, FIIs 10.6%, DIIs 19.4%, Government 0.0%, Public 10.2%.Jun '26: Promoters 59.8%, FIIs 10.7%, DIIs 19.1%, Government 0.0%, Public 10.4%.

Who was buying across the market this quarter →

Who bought this quarter

since Mar 2026

Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.

The same filing shows 2 holders trimming and 0 off the list — both are in the register beside this.

Who is on the register

Named in the Jun 2026 filing

Every holder of Ratnamani Metals & Tubes Limited above SEBI's 1% disclosure line, and what changed since Mar 2026.

HolderStakeChange
M N Sanghvi Family Trust (Trustees, Prakash M. Sanghvi & Jayanti Mishrimal Sanghvi) 52.16%unchanged
Kotak Midcap Fund Mutual fund4.79%unchanged
ICICI Prudential Multi-Asset Fund Mutual fund4.76%−0.34 pp
Nalanda India Fund Limited FPI fund3.85%unchanged
Sanghvi Prakashmal Mishrimal, HUF (Karta: Prakash M. Sanghvi) 3.42%unchanged
SBI Small Cap Fund Mutual fund3.04%unchanged
Nalanda India Equity Fund Limited FPI fund2.97%unchanged
Chunilal Fojaji Sanghvi 2.33%unchanged
HSBC Mutual Fund - HSBC Small Cap Fund Mutual fund2.31%+0.05 pp
Jayantilal M Sanghvi, HUF (Karta: Jayanti Mishrimal Sanghvi) 1.45%unchanged
Mirae Asset Infrastructure Fund Mutual fund1.09%−0.09 pp
Pavankumar Mishrimal Sanghvi, HUF (Karta: Pawankumar M. Sanghvi) 0.99%unchanged

A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.

Mutual funds in RATNAMANI

Filings to Aug 2026

0 new, 0 added, 0 trimmed, 0 sold out — net +0.00 L shares (+0.0%).

Held by funds
₹565 Cr
1 schemes
Biggest holder
SBI Smallcap Fund
₹565 Cr · 1.3% of that fund
SchemeHoldingLast month
SBI Smallcap Fund SBI Mutual Fund₹565 Crheld

HDFC, Nippon India and SBI schemes, from their monthly disclosures. Changes are counted in shares, so a price move never looks like buying or selling.

Mutual funds Aug 2026

0 added, 0 trimmed — net 0 shares (+0.0%)

Funds are sitting on
+3%
vs est. average cost
Held by funds
₹565 Cr
1 schemes · ≈ 2.8% of the company

Shares held by these funds +145%

Aug '23 21.33 L shares Jul '26

What the price assumes

Growth trap

To justify its price of ₹2811, this stock must grow earnings at 36% every year for 7 years. Our analysis caps realistic growth at ~-6%. At that growth it is worth ₹320 — downside of 89%.

Growth the price implies
36.2% a year
for 7 years, fading to 4%
It has actually compounded at
-5.6% a year
net profit, FY23–FY26 · EPS -5.5%
The gap
0.4 pp
-89% downside if it only repeats history
Price today ₹2,811.4 Value at the reference growth ₹319.84

Change the assumptions yourself →

All earnings calls (6)

Read the Q4 FY26 call →

Learn to analyse Ratnamani Metals & Tubes Limited

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