Ratnamani Metals & Tubes Limited (RATNAMANI)

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Ratnamani Metals & Tubes Limited (RATNAMANI) · mywealthgrid

About

Ratnamani Metals & Tubes manufactures iron and steel products (mid-cap, ₹16,487.52 Cr market cap). Quarterly standalone revenue ranges ₹740–1,191 Cr with demonstrated operating margins reaching 19.21%, though recent quarters show severe compression to 10.77%, indicating cyclical or competitive pressures in the tube market.

Face value: ₹2

Market cap

₹18,362 Cr

P/E

42.4×

P/B

4.5×

Dividend yield

0.9%

ROE

12.5%

ROCE

17.8%

Debt / equity

0.07

OPM

16.9%

EPS (TTM)

₹61.8

Book value

₹586.4

52-week high

—

52-week low

Key insights

Company research notes and source-linked reviews

Key risks

Margin collapse: OPM fell 850 bps in one quarter (19.21% Dec 2025 → 10.77% Jun 2026); verify whether cyclical demand weakness, input cost inflation, or structural pricing pressure from competition.
Earnings volatility: EPS swung ₹19.43 (Sep 2025) to ₹7.71 (Jun 2026), ~60% decline; net profit similarly dropped ₹156 Cr → ₹54 Cr, matching revenue weakness ₹1,191 Cr → ₹741 Cr.
Valuation leaves minimal cushion: PE 38.09 offers scant room if margins fail to recover; current earnings yield offers limited margin of safety.
Revenue lumpiness: quarterly standalone revenue swings ₹740–1,191 Cr, suggesting project-based orders or operational bifurcation; verify customer concentration and demand visibility.

Generated analysis · source review pending

Growth drivers

Margin recovery: OPM peaked 19.21% (Dec 2025) versus recent 10.77%; even 300 bps recovery to 13–14% would expand profit and operating cash flow materially.
Volume normalization: recent revenue ₹741 Cr below quarterly average ~₹950 Cr and peak ₹1,191 Cr; fixed-cost absorption as volumes stabilize would drive margin expansion and leverage earnings growth.
Balance-sheet capacity for deployment: D/E 0.07 enables accretive capex or acquisitions without refinancing risk; verify if management has growth or shareholder return plans.

Generated analysis · source review pending

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

₹2,619.4-7.5%1Y

Quick read

rule-based

Pros

+High return on capital employed of 22.2%
+Almost debt-free (debt/equity 0.1)
+Comfortable interest coverage of 23.9×
+Dividend payout of 38.9% of profit

Cons

No red flags triggered.

Research score

Structured signal from quality, growth, valuation and momentum.

33/100

Business quality: 62
Growth: 0
Valuation: 37

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.

Part ofNIFTY MICROCAP 250 NIFTY TOTAL MARKET

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 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	2,583	2,298	3,139	4,474	5,059	5,186	4,494
COGS	1,696	1,471	2,104	2,946	3,330	3,372	2,680
Gross profit	887	827	1,035	1,529	1,729	1,814	1,814
	463	427	540	753	832	991	1,056
	424	400	495	775	897	824	758
OPM %	16.4%	17.4%	15.8%	17.3%	17.7%	15.9%	16.9%
Depreciation	59	57	80	83	98	108	132
Interest	21	23	21	31	45	37	31
	62	43	38	33	73	60	112
Profit before tax	406	363	431	694	828	738	706
Tax	99	87	108	181	203	196	172
Tax %	24.3%	24.1%	25.1%	26.1%	24.5%	26.6%	24.3%
	308	276	323	512	625	542	534
PAT margin %	11.9%	12%	10.3%	11.5%	12.4%	10.4%	11.9%
EPS (₹)	65.8	59.1	69.1	73.1	89.2	77.3	68.9
EPS adjusted (₹)	43.9	39.4	46	72.8	88.6	77.6	68.8
	18.2%	23.7%	13.5%	16.4%	15.7%	18.1%	14.5%
Annual report	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	Annual report for Mar 2026

₹ Cr	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity capital	9	9	9	14	14	14	14
Reserves	—	1,978	2,239	2,590	3,127	3,623	4,097
Minority interest	—	—	—	72	76	28	97
	—	197	148	224	142	141	304
	—	432	566	880	661	1,101	876
Total equity & liabilities	—	2,617	2,962	3,780	4,020	4,906	5,388
	500	865	875	1,122	1,164	1,348	1,611
CWIP	—	76	107	101	167	190	302
Investments	—	637	109	135	89	180	644
	—	1,039	1,873	2,422	2,601	3,188	2,831
Total assets	—	2,617	2,962	3,780	4,020	4,906	5,388

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 %
Steel Tubes and Pipes	3,726.83	545.06	4,336.27	539.01	3,797.26	14.35
Pipe Spools and Auxiliary Support Systems	390.47	118.44

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Ratios

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

Consolidated Standalone

Consolidated figures

Ratio	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	34.3%	36%	33%	34.2%	34.2%	35%	40.4%
EBITDA margin %	16.4%	17.4%	15.8%	17.3%	17.7%	15.9%	16.9%
EBIT margin %	14.1%	14.9%	13.2%	15.5%	15.8%	13.8%	13.9%
PAT margin %	11.9%	12%	10.3%	11.5%	12.4%	10.4%	11.9%
Working capital
Receivable days	—	64	70	82	68	89	82
Inventory days	—	133	193	156	148	163	174
Payable days	—	60	55	46	39	50	46
NWC days	—	137	208	192	177	202	210
Leverage
Current ratio	—	3.88	3.47	2.94	4.44	3.31	3.92
Debt to EBITDA	—	0.49	0.3	0.29	0.16	0.17	0.4
Debt to equity	—	0.1	0.07	0.09	0.05	0.04	0.07
Interest coverage	20.4	16.9	21.2	23.2	19.3	20.7	23.9
Asset turnover	—	0.88	1.06	1.18	1.26	1.06	0.83
Return ratios
Return on assets %	—	10.5%	10.9%	13.6%	15.6%	11%	9.9%
Return on capital employed %	—	17.6%	19.7%	27.3%	27.5%	21.2%	17.8%
Return on equity %	—	13.9%	14.4%	19.7%	19.9%	14.9%	13%

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
	59.77%	59.77%	59.77%	59.77%	59.77%	59.77%	59.77%	59.77%	59.77%	59.77%	59.77%	59.77%
	12.87%	12.77%	12.87%	12.61%	12.71%	11.55%	11.62%	11.28%	11.15%	11.11%	10.6%	10.72%
	16.47%	16.29%	16.13%	16.58%	16.76%	18.74%	18.8%	19.19%	18.79%	18.92%	19.45%	19.13%
	0%	0%	0%	0%	0%	0%	0%	0%	0.02%	0.02%	0.02%	0.02%
	10.89%	11.17%	11.23%	11.04%	10.76%	9.94%	9.81%	9.76%	10.27%	10.18%	10.16%	10.36%
No. of shareholders	—	—	—	—	—	—	—	—	40,486	39,516	38,601	36,573

Promoter holding up 0 percentage points since Sep 2023.

7 deals · 25 Jan 2024 – 4 Dec 2024

Date	Client	Type	Venue	Side	Quantity	Price	Value
4 Dec 2024	NALANDA INDIA FUND LIMITED	Block	NSE	Sell	7,85,000	₹3,335.00	₹261.80 Cr
4 Dec 2024	NALANDA INDIA FUND LIMITED	Bulk	NSE	Sell	7,85,000	₹3,335.00	₹261.80 Cr
4 Dec 2024	SBI MUTUAL FUND	Bulk	NSE	Buy	7,55,000	₹3,335.00	₹251.79 Cr
4 Dec 2024	SBI MUTUAL FUND	Block	NSE	Buy	7,55,000	₹3,335.00	₹251.79 Cr
4 Dec 2024	TATA MUTUAL FUND	Block	NSE	Buy	30,000	₹3,335.00	₹10.01 Cr
25 Jan 2024	SOCIETE GENERALE	Block	BSE	Buy	56,516	₹3,298.20	₹18.64 Cr
25 Jan 2024	BNP PARIBAS ARBITRAGE	Block	BSE	Sell	56,516	₹3,298.20	₹18.64 Cr

1–7 of 7

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Bulk deals are a client trading over 0.5% of the equity in a session, aggregated across their trades; block deals are single negotiated trades in the exchange’s block window. Each is reported by the exchange it was crossed on, so NSE and BSE rows are separate trades rather than the same trade twice.

Mr. PRAKASH MISHRIMAL SANGHVIExecutive Director-Chairperson related to Promoter-MD
Mr. JAYANTI MISHRIMAL SANGHVIExecutive Director-MD
Vimal KattaChief Financial Officer
Mr. SHANTILAL MISHRIMAL SANGHVIExecutive Director
Mr. MANOJ PRAKASH SANGHVIExecutive Director-CEO
Mr. PRASHANT J SANGHVIExecutive Director
Mr. SHAH RAJENDRA SHANTILALNon-Executive - Independent Director
Mr. SUSHIL SOLANKINon-Executive - Independent Director
Mr. DHINAL ASHVINBHAI SHAHNon-Executive - Independent Director
Mr. RAJESH GAJENDRA DESAINon-Executive - Independent Director
Mrs. SANGEETHA CHHAJEDNon-Executive - Independent Director

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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.

Portfolio month

Schemes holding

across 9 fund houses

Held by these funds

12.23%

of the company's equity

All mutual funds

19.1%

shareholding pattern, Jun 2026

Portfolios as of

August 2026

compared with July 2026

21 schemes · 9 fund houses

		Shares
Smallcap Fund	SBI Mutual Fund	21.33 L	565.1	1.33%	3.042%	-0
Portfolio of Kotak Mid Cap FundNEW	Kotak Mahindra Mutual Fund	18.95 L	502.15	0.7%	2.703%	—
Portfolio of Kotak Small Cap Fund	Kotak Mahindra Mutual Fund	9.4 L	249.16	1.27%	1.341%	-0
Large & Mid Cap Fund	ICICI Prudential Mutual Fund	7.57 L	200.47	0.6%	1.079%	-0
Infrastructure Fund	ICICI Prudential Mutual Fund	6.81 L	180.38	2.11%	0.971%	-0
Small Cap Fund	DSP Mutual Fund	6 L	158.98	0.73%	0.856%	-0
Energy Opportunities Fund	ICICI Prudential Mutual Fund	3.12 L	82.78	1%	0.446%	-0
Flexi Cap FundNEW	ICICI Prudential Mutual Fund	2.31 L	61.2	0.24%	0.329%	—

1–8 of 21

1 / 3

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Documents

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

Announcements

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Events

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

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Announcements

Latest exchange announcements, filings and downloadable documents.

1 month 3 months 6 months 1 year All

95 announcementsExport CSV

10 Sept 2026, 10:50 amCompany Update

Announcement under Regulation 30 (LODR)-Credit Rating

Credit Rating PDF

31 Aug 2026, 11:20 amCompany Update

ESG Rating By CRISIL ESG Ratings & Analytics Limited

General PDF

24 Aug 2026, 2:11 pmCompany Update

Announcement under Regulation 30 (LODR)-Award_of_Order_Receipt_of_Order

Award of Order / Receipt of Order PDF

22 Aug 2026, 11:13 amAGM/EGM

Shareholder Meeting / Postal Ballot-Outcome of AGM

AGM PDF

19 Aug 2026, 4:25 pmAGM/EGM

Shareholder Meeting / Postal Ballot-Scrutinizer''s Report

AGM PDF

18 Aug 2026, 12:25 pmAGM/EGM

Shareholder Meeting / Postal Ballot-Outcome of AGM

AGM PDF

8 Aug 2026, 11:52 amCompany Update

Announcement under Regulation 30 (LODR)-Newspaper Publication

Newspaper Publication PDF

7 Aug 2026, 12:29 pmCompany Update

Announcement under Regulation 30 (LODR)-Investor Presentation

Investor Presentation PDF

Date	Category	Subject	Filing
10 Sept 2026, 10:50 am	Company Update Credit Rating	Announcement under Regulation 30 (LODR)-Credit Rating	PDF
31 Aug 2026, 11:20 am	Company Update General	ESG Rating By CRISIL ESG Ratings & Analytics Limited	PDF

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Ratio	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	34.3%	36%	33%	34.2%	34.2%	35%	40.4%
EBITDA margin %	16.4%	17.4%	15.8%	17.3%	17.7%	15.9%	16.9%
EBIT margin %	14.1%	14.9%	13.2%	15.5%	15.8%	13.8%	13.9%
PAT margin %	11.9%	12%	10.3%	11.5%	12.4%	10.4%	11.9%
Working capital
Receivable days	—	64	70	82	68	89	82
Inventory days	—	133	193	156	148	163	174
Payable days	—	60	55	46	39	50	46
NWC days	—	137	208	192	177	202	210
Leverage
Current ratio	—	3.88	3.47	2.94	4.44	3.31	3.92
Debt to EBITDA	—	0.49	0.3	0.29	0.16	0.17	0.4
Debt to equity	—	0.1	0.07	0.09	0.05	0.04	0.07
Interest coverage	20.4	16.9	21.2	23.2	19.3	20.7	23.9
Asset turnover	—	0.88	1.06	1.18	1.26	1.06	0.83
Return ratios
Return on assets %	—	10.5%	10.9%	13.6%	15.6%	11%	9.9%
Return on capital employed %	—	17.6%	19.7%	27.3%	27.5%	21.2%	17.8%
Return on equity %	—	13.9%	14.4%	19.7%	19.9%	14.9%	13%

₹ Cr	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	554	215	546	-283	310	511	536	936
	-360	-357	-470	418	-208	-145	-397	-1,148
	-56	47	-79	-135	-116	-193	-130	59
Net cash flow	137	-95	-3	0	-13	173	9	-152
Free cash flow	—	—	416	-427	169	298	207	451
CFO / Operating profit %	—	50.8%	136.5%	-57.2%	40%	57%	65.1%	123.5%

Ratnamani Metals & 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

Documents

Announcements

Events

Announcements

Not in the F&O segment

Announcements

Annual reports

Credit ratings

Investor Presentation and earnings call

20

1

1

Segment results

Compounded sales growth

Compounded profit growth

Return on equity

Bearing Rings · revenue

Ratnamani Metals & 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

Bulk & block deals

Board and management

F&O

Not in the F&O segment

Fund holders

Documents

Announcements

Events

Announcements

Ratio timeline

Not in the F&O segment

Quarterly record

Bulk & block deals

Board and management

Announcements

Annual reports

Credit ratings

Investor Presentation and earnings call

Dividends20

Board meetings1

Bonus issues1

Profit & loss

Balance sheet

Segment results

Cash flow

Compounded returns

Compounded sales growth

Compounded profit growth

Return on equity

Bearing Rings · revenue

20

1

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