Rama Steel Tubes Limited (RAMASTEEL)

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Rama Steel Tubes Limited (RAMASTEEL) · mywealthgrid

About

Rama Steel Tubes manufactures Iron & Steel Products as a mid-cap player in India's industrials sector, with market cap ₹721.48 Cr. Quarterly revenues range ₹174–₹320 Cr with profitability maintained across recent periods. Like peers, the company operates in capital-intensive conditions subject to commodity cycles.

Face value: ₹1

Market cap

₹731 Cr

P/E

56.5×

P/B

1.5×

Dividend yield

ROE

ROCE

6.4%

Debt / equity

0.27

OPM

1.5%

EPS (TTM)

₹0.1

Book value

₹2.9

52-week high

—

52-week low

—

Key insights

Company research notes and source-linked reviews

Key risks

Valuation disconnect: PE 55.71 extreme vs thin profitability (ROE 2.99%); verify if this reflects hidden recovery catalysts or a value trap.
Operating margin fragility: OPM 1.51% average, volatile (0.58%–2.73%), leaves no buffer for raw material shocks or demand weakness.
Shareholder value destruction: 1-year return −59.17% and 2.99% ROE below cost of capital; verify if turnaround plan exists.
Stock near 52-week lows (₹3.63 vs. ₹11.01 high); verify if cycle trough or ongoing deterioration.

Generated analysis · source review pending

Growth drivers

OPM improved to 2.73% in Jun 2026 from 0.58% in Mar 2026; verify what drove this swing and whether operational gains hold as industry demand stabilizes.
D/E 0.27 provides financial headroom; verify management's capital allocation and expected returns from growth capex or productivity investments.
Steel sector cyclicality: verify whether current thin margins and stock lows reflect industry trough and whether order-book or capacity-utilization trends signal recovery.

Generated analysis · source review pending

2,528 historical price candles were omitted because the exchange source has not been verified.

₹4.5-0.2%1Y

Quick read

rule-based

Pros

+Revenue CAGR of 19% over the last 5 years

Cons

−Low return on equity of 6.5% (3-yr avg)
−Thin operating margin of 1.5%
−Promoter holding fell 13.7 pts over the last year

Research score

Structured signal from quality, growth, valuation and momentum.

19/100

Business quality: 20
Growth: 11
Valuation: 28

Revenue & net profit

₹ crore, by fiscal year

RevenuePAT

Margins

% of revenue, by fiscal year

OPMPAT margin

Peers

Comparable companies from the narrowest available industry classification.

Screen this industry Compare top 5 side-by-side

Company	Mkt Cap	EV	Revenue	EBITDA	OPM	PAT	NPM	ROCE	ROE	WC Days
Welspun Corp LimitedWELCORPWELCORP	₹68,741 Cr	₹70,904 Cr	₹17,300 Cr	₹2,403 Cr	13.3%	₹2,309 Cr	9.7%	19.2%	19.4%	85
Apl Apollo Tubes LimitedAPLAPOLLOAPLAPOLLO	₹58,753 Cr	₹59,205 Cr	₹22,897 Cr	₹1,841 Cr	7.8%	₹1,229 Cr	5.2%	30.8%	25.3%	-12
Shyam Metalics And Energy LimitedSHYAMMETLSHYAMMETL	₹29,244 Cr	₹30,225 Cr	₹19,574 Cr	₹2,519 Cr	12.6%	₹860 Cr	5.7%	13.5%	9.7%	8
Ratnamani Metals & Tubes LimitedRATNAMANIRATNAMANI	₹18,362 Cr	₹18,666 Cr	₹4,314 Cr	₹732 Cr	16.9%	₹433 Cr	11.9%	17.8%	12.5%	210
Jindal Saw LimitedJINDALSAWJINDALSAW	₹17,286 Cr	₹21,976 Cr	₹18,263 Cr	₹1,941 Cr	12.4%	₹653 Cr	5.2%	11.4%	8.1%	159
Usha Martin LimitedUSHAMARTUSHAMART	₹14,982 Cr	₹15,128 Cr	₹3,837 Cr	₹768 Cr	19.1%	₹507 Cr	12.6%	20%	15.4%	190
Godawari Power And Ispat LimitedGPILGPIL	₹14,517 Cr	₹14,943 Cr	₹5,808 Cr	₹1,263 Cr	23.3%	₹808 Cr	14.9%	20.1%	14.9%	73
Gallantt Ispat LimitedGALLANTTGALLANTT	₹12,793 Cr	₹13,340 Cr	₹4,437 Cr	₹655 Cr	16.2%	₹436 Cr	11%	19.2%	15.7%	58
Maharashtra Seamless LimitedMAHSEAMLESMAHSEAMLES	₹9,363 Cr	₹9,377 Cr	₹4,620 Cr	₹696 Cr	14.6%	₹737 Cr	15%	13.6%	10.6%	153
Jayaswal Neco Industries LimitedJAYNECOINDJAYNECOIND	₹8,863 Cr	₹10,960 Cr	₹7,589 Cr	₹1,409 Cr	18.6%	₹564 Cr	6.5%	22.9%	17.8%	151
Sunflag Iron And Steel Company LimitedSUNFLAGSUNFLAG	₹7,812 Cr	₹8,286 Cr	₹3,995 Cr	₹476 Cr	12.1%	₹206 Cr	5.1%	3.8%	2.3%	95
Man Industries (India) LimitedMANINDSMANINDS	₹6,912 Cr	₹7,411 Cr	₹3,875 Cr	₹532 Cr	12.3%	₹204 Cr	4.8%	18.4%	9.2%	114

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Financials

Reported profit and loss, balance sheet, cash flow and growth history.

Annual Quarterly

Consolidated Standalone

Consolidated figures · ₹ crore

₹ Cr	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	382	382	504	353	470	768	1,337	1,047	1,048	1,124
COGS	338	338	470	324	430	692	1,244	949	982	1,071
Gross profit	44	44	34	29	40	76	93	98	66	53
	21	21	15	17	21	35	40	38	36	35
	23	23	19	12	20	42	53	60	30	17
OPM %	5.9%	5.9%	3.8%	3.3%	4.2%	5.5%	4%	5.7%	2.8%	1.6%
Depreciation	2	2	3	3	3	4	5	6	6	6
Interest	7	7	9	10	8	11	20	21	12	12
	5	5	3	4	3	9	7	4	17	18
Profit before tax	18	18	9	3	12	36	35	38	29	17
Tax	6	6	1	2	1	9	8	8	6	7
Tax %	31.1%	31.1%	10.9%	59.3%	7.1%	24%	21.5%	20.1%	21.2%	37.3%
	13	13	8	1	11	27	27	30	23	11
PAT margin %	3.3%	3.3%	1.7%	0.3%	2.4%	3.6%	2.1%	2.9%	2.2%	1%
EPS (₹)	7.6	7.6	5	0.9	6.5	16.4	1.2	0.5	0.2	0.1
EPS adjusted (₹)	0.1	0.1	0.1	0	0.1	0.2	0.2	0.2	0.2	0.1
	0%	0%	0%	0%	0%	3%	0%	0%	0%	—
Annual report	Annual report for Mar 2017	Annual report for Mar 2018	Annual report for Mar 2019	Annual report for Mar 2020	Annual report for Mar 2021	Annual report for Mar 2022	Annual report for Mar 2023	Annual report for Mar 2024	Annual report for Mar 2025	—

₹ Cr	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity capital	8	8	8	8	8	8	47	154	155	164
Reserves	18	70	79	79	92	118	204	181	209	314
Minority interest	—	—	—	—	—	—	13	12	9	5
	54	60	87	80	85	138	193	144	88	129
	27	14	27	70	62	94	239	243	297	279
Total equity & liabilities	107	153	200	238	248	358	695	734	758	890
	12	38	38	36	46	51	102	106	98	103
CWIP	1	—	1	7	4	6	1	1	10	4
Investments	2	2	5	7	12	12	17	10	8	15
	91	113	157	188	185	290	574	617	641	768
Total assets	107	153	200	238	248	358	695	734	758	890

Segment results

As reported in NSE results XBRL. Segment result is before tax and finance costs. ROCE uses that annual result divided by segment assets less liabilities.

Source XBRL ↗

Latest reported period · 31 Mar 2026 · ₹ crore

Segment	Revenue	Result	Assets	Liabilities	Capital employed	ROCE %
Manufacturing- Steel Pipes	656.43	15.22	334.95	100.25	234.7	6.48
Trading- Building Material & Steel Products	467.68	-3.57

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Ratios

Annual operating, return, leverage and working-capital ratios.

Consolidated Standalone

Consolidated figures

Ratio	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	6.7%	8.2%	8.6%	10%	6.9%	9.4%	6.3%	4.7%
EBITDA margin %	3.3%	2.5%	3.9%	5.5%	3.9%	5.7%	2.8%	1.5%
EBIT margin %	2.7%	1.6%	3.2%	5%	3.5%	5.1%	2.2%	1%
PAT margin %	1.7%	0.3%	2.4%	3.6%	2.1%	2.9%	2.2%	1%
Working capital
Receivable days	47	75	41	50	64	76	85	98
Inventory days	40	61	62	53	58	51	47	45
Payable days	15	67	43	37	63	88	106	90
NWC days	72	69	60	67	58	38	26	53
Leverage
Current ratio	1.62	1.34	1.47	1.37	1.35	1.68	1.66	1.8
Debt to EBITDA	5.28	9.2	4.65	3.24	3.75	2.43	3.03	7.57
Debt to equity	1	0.91	0.85	1.09	0.77	0.43	0.24	0.27
Interest coverage	1.7	1	2.4	4.4	2.6	2.7	3.4	2.4
Asset turnover	2.51	1.49	1.9	2.14	1.92	1.43	1.38	1.26
Return ratios
Return on assets %	4.2%	0.5%	4.5%	7.6%	3.9%	4.1%	3%	1.2%
Return on capital employed %	15.9%	8.7%	15.2%	32.6%	23.4%	17.2%	10.5%	6.4%
Return on equity %	9.6%	1.3%	11.1%	21.6%	11%	9%	6.2%	2.3%

Derived from reported annual statements. ROCE uses EBIT over capital employed (total assets less current liabilities). Day counts average the opening and closing balance; receivables turn on revenue, inventory and payables on cost of goods sold.

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Shareholding

Quarterly ownership, named holders, insider transactions and disclosed deals.

Quarterly Annual

Every quarter filed · % of equity

Holder (%)	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	57.14%	57.23%	56.7%	56.33%	47.96%	47.96%	47.96%	47.84%	37.76%	37.76%	35.89%	34.18%
	0.33%	0.33%	0.08%	0.05%	0.17%	0.07%	0.44%	0.46%	5.44%	5.73%	5.71%	2.7%
DII	0.69%	0.59%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%
Government	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%
	41.84%	41.85%	43.22%	43.62%	51.87%	51.97%	51.6%	51.7%	56.8%	56.51%	58.4%	63.12%
No. of shareholders	—	—	—	—	—	—	—	—	8,58,278	8,17,808	8,08,104	8,08,539

Promoter holding down 22.96 percentage points since Sep 2023.

3 disclosures

Person	Deal	Shares	Value	Holding	Filed
Naresh Kumar BansalPromoters	SellMarket Sale	12,00,19,300	₹120.26 cr	25.65% → 17.95%	17 Sept 20257(2)
Arun DhirPromoter Group	SellMarket Sale	22,50,000	₹2.26 cr

356 deals · 4 Aug 2021 – 25 Aug 2026

Date	Client	Type	Venue	Side	Quantity	Price	Value
25 Aug 2026	MINERVA VENTURES FUND	Bulk	BSE	Buy	1,72,83,405	₹4.16	₹7.19 Cr
24 Aug 2026	MINERVA VENTURES FUND	Bulk	BSE	Buy	2,25,00,000	₹4.08	₹9.18 Cr
17 Jun 2026	PINE OAK GLOBAL FUND	Bulk	NSE	Sell	1,00,00,000	₹5.00	₹5.00 Cr
30 Mar 2026	ARUN ENTERPRISES	Bulk	NSE	Sell	2,80,29,332	₹3.67	₹10.29 Cr
27 Mar 2026	KURJIBHAI PREMJIBHAI RUPARELIYA	Bulk	NSE	Sell	1,00,09,583	₹4.32	₹4.32 Cr
23 Mar 2026	ARUN ENTERPRISES	Bulk	NSE	Sell	2,00,00,000	₹4.68	₹9.36 Cr
21 Jan 2026	SHANKAR SHARMA	Bulk	NSE	Sell	1,00,00,000	₹7.65	₹7.65 Cr
18 Sept 2025	SW CAPITAL PRIVATE LIMITED	Bulk	NSE	Sell	1,03,68,909	₹10.29	₹10.67 Cr
18 Sept 2025	ATTHA SAMIDDHI VENTURES PRIVATE LIMITED	Bulk	NSE	Buy	93,00,000	₹10.30	₹9.58 Cr
18 Sept 2025	SW CAPITAL PRIVATE LIMITED	Bulk	NSE	Buy	91,08,874	₹10.31	₹9.39 Cr

1–10 of 356

1 / 36

Mr. NARESH KUMAR BANSALExecutive Director-Chairperson-MD
Mr. Rajeev KohliChief Executive Officer
Rajeev Kumar AgarwalChief Financial Officer
Mr. RICHI BANSALExecutive Director-CEO
Mr. RAKESH CHATURVEDIExecutive Director
Mr. JAI PRAKASH GUPTANon-Executive - Independent Director
Ms. ANJU GUPTANon-Executive - Independent Director
Mr. SAURABH SHASHWATNon-Executive - Independent Director
Mr. Vikas SharmaCompany Secretary & Compliance Officer

Current officeholders as filed with BSE. A person holding two offices is listed once per office.

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F&O

Current futures and options contracts with compact option-chain pages.

Not in the F&O segment

Only about 210 stocks have listed futures and options. Contracts appear here for those, refreshed after each close.

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Fund holders

Mutual-fund schemes that disclosed a holding in the company.

No fund holdings on record

No scheme among the 32 fund houses on record reported a position in Rama Steel Tubes Limited. Portfolios are published monthly by each AMC; coverage is still partial.

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Documents

Annual reports, exchange filings, offer documents, ratings and earnings-call material.

Announcements

Loading documents…

Events

Upcoming dates and the company’s corporate-action history.

1

Interim dividend24 Feb 2022 · ex-date₹0.5

1

Board meeting to consider results14 Aug 2026

2

Face value ₹5 → ₹125 Aug 2022 · ex-date
Face value ₹10 → ₹514 Mar 2016 · ex-date

1–3 of 4

1 / 2

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Announcements

Latest exchange announcements, filings and downloadable documents.

1 month 3 months 6 months 1 year All

21 announcementsExport CSV

12 Sept 2026, 11:24 amInsider Trading / SAST

Disclosures under Reg. 29(2) of SEBI (SAST) Regulations, 2011

Disclosures under Reg. 29(2) of SEBI (SAST) Regulations, 2011 PDF

8 Sept 2026, 1:39 pmCompany Update

Announcement under Regulation 30 (LODR)-Newspaper Publication

Newspaper Publication PDF

7 Sept 2026, 6:44 pmOthers

Business Responsibility and Sustainability Reporting (BRSR)

Business Responsibility and Sustainability Reporting (BRSR) PDF

7 Sept 2026, 4:09 pmOthers

Reg. 34 (1) Annual Report.

Reg. 34 (1) Annual Report PDF

7 Sept 2026, 3:48 pmAGM/EGM

Rama Steel Tubes Limited Has Informed The Exchange Regarding Notice Of Annual General Meeting To Be Held On September 30, 2026.

AGM PDF

1 Sept 2026, 4:39 pmCompany Update

Announcement under Regulation 30 (LODR)-Newspaper Publication

Newspaper Publication PDF

15 Aug 2026, 9:39 pmCompany Update

Announcement under Regulation 30 (LODR)-Newspaper Publication

Newspaper Publication PDF

14 Aug 2026, 5:58 pmCompany Update

Announcement under Regulation 30 (LODR)-Change in Management

Change in Management PDF

Date	Category	Subject	Filing
12 Sept 2026, 11:24 am	Insider Trading / SAST Disclosures under Reg. 29(2) of SEBI (SAST) Regulations, 2011	Disclosures under Reg. 29(2) of SEBI (SAST) Regulations, 2011	PDF
8 Sept 2026, 1:39 pm	Company Update Newspaper Publication	Announcement under Regulation 30 (LODR)-Newspaper Publication

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Ratio	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	6.7%	8.2%	8.6%	10%	6.9%	9.4%	6.3%	4.7%
EBITDA margin %	3.3%	2.5%	3.9%	5.5%	3.9%	5.7%	2.8%	1.5%
EBIT margin %	2.7%	1.6%	3.2%	5%	3.5%	5.1%	2.2%	1%
PAT margin %	1.7%	0.3%	2.4%	3.6%	2.1%	2.9%	2.2%	1%
Working capital
Receivable days	47	75	41	50	64	76	85	98
Inventory days	40	61	62	53	58	51	47	45
Payable days	15	67	43	37	63	88	106	90
NWC days	72	69	60	67	58	38	26	53
Leverage
Current ratio	1.62	1.34	1.47	1.37	1.35	1.68	1.66	1.8
Debt to EBITDA	5.28	9.2	4.65	3.24	3.75	2.43	3.03	7.57
Debt to equity	1	0.91	0.85	1.09	0.77	0.43	0.24	0.27
Interest coverage	1.7	1	2.4	4.4	2.6	2.7	3.4	2.4
Asset turnover	2.51	1.49	1.9	2.14	1.92	1.43	1.38	1.26
Return ratios
Return on assets %	4.2%	0.5%	4.5%	7.6%	3.9%	4.1%	3%	1.2%
Return on capital employed %	15.9%	8.7%	15.2%	32.6%	23.4%	17.2%	10.5%	6.4%
Return on equity %	9.6%	1.3%	11.1%	21.6%	11%	9%	6.2%	2.3%

₹ Cr	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	-7	5	-17	30	25	-35	-96	18	51	-109
	-1	-9	-3	-7	-10	-9	-53	-1	3	-9
	10	6	17	-17	-6	41	143	-13	-66	118
Net cash flow	1	2	-3	6	9	-3	-6	5	-12	-0
Free cash flow	—	—	—	—	14	-46	-128	6	37	-116
CFO / Operating profit %	-31.3%	21.8%	-105.7%	343.7%	135%	-82.2%	-187%	30.5%	175.8%	-640.1%

Rama Steel Tubes Limited

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Segment results

Ratios

Shareholding

F&O

Not in the F&O segment

Fund holders

No fund holdings on record

Documents

Announcements

Events

1

1

2

Announcements

Not in the F&O segment

No fund holdings on record

1

1

2

Announcements

Annual reports

Credit ratings

Segment results

Compounded sales growth

Compounded profit growth

Return on equity

MANUFACTURING - STEEL PIPE · revenue

Rama Steel Tubes Limited

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Profit & loss

Balance sheet

Segment results

Ratios

Ratio timeline

Shareholding

Quarterly record

Insider dealing

Bulk & block deals

Board and management

F&O

Not in the F&O segment

Fund holders

No fund holdings on record

Documents

Announcements

Events

Dividends1

Board meetings1

Stock splits2

Announcements

Ratio timeline

Not in the F&O segment

No fund holdings on record

Dividends1

Board meetings1

Stock splits2

Announcements

Annual reports

Credit ratings

Quarterly record

Insider dealing

Bulk & block deals

Board and management

Profit & loss

Balance sheet

Segment results

Cash flow

Compounded returns

Compounded sales growth

Compounded profit growth

Return on equity

MANUFACTURING - STEEL PIPE · revenue

1

1

2

1

1

2