Rama Steel Tubes logo

Rama Steel Tubes

RAMASTEEL NSE

Key Fundamentals

MicrocapIron & Steel ProductsIndustrial Products
Market Cap
₹656 Cr
Volatility
Moderate
P/E Ratio
49.13
EBITDA
₹16.99 Cr
Return on Equity
6.09%
Debt to Equity
0.27
Book Value
₹2.92
52W High
₹11.58
52W Low
₹3.43

Tapetide Score

Data-driven rating, 0–100. How it works →

Key Insights

Weaknesses

5
  • Though the company is reporting repeated profits, it is not paying out dividend
  • Promoter holding has decreased over last quarter: -1.71%
  • Promoter holding is low: 34.2%
  • Company has a low return on equity of 5.44% over last 3 years.
  • Earnings include an other income of Rs.9.70 Cr.

Growth Rate

Revenue Growth
5.57% higher than 3Y
Net Income Growth
-48.72% lower than 3Y
Cash Flow Change
182% higher than 3Y
ROE
-29.51% lower than 3Y
ROCE
-32.03% higher than 3Y
EBITDA Margin (Avg.)
-65.35% higher than 3Y

AI Analysis — Bull vs Bear

Anthropic anthropic claude-opus-4.6 34d ago
AI opinion · based on fundamentals
Risk high

Rama Steel Tubes Ltd is a small-cap industrial products company with a market cap of Rs.1,063 Cr trading at a PE of 68.9x. The company has seen a 55% stock price decline over the past year alongside a 22% TTM profit decline, while its 10-year sales CAGR of 17% reflects longer-term revenue growth in the steel tubes segment.

Bull Case 7
  • Long-term revenue compounding remains healthy with a 10-year sales CAGR of 17% and 5-year sales CAGR of 19%, indicating sustained demand for its products over extended periods
  • TTM sales growth has turned positive at 7%, suggesting a potential recovery in top-line momentum after a 3-year sales CAGR of -6%
  • 10-year compounded profit growth of 8% shows the company has been able to grow earnings over longer cycles despite recent weakness
  • Price-to-book ratio of 1.65x is relatively modest for a small-cap industrial company, implying limited premium over book value
  • 10-year stock CAGR of 12% demonstrates long-term wealth creation for early investors despite recent sharp corrections
  • 5-year stock CAGR of 8% remains positive even after the recent 55% drawdown, indicating the stock had meaningful gains in prior years
  • The company operates in the steel tubes and pipes segment which benefits from India's ongoing infrastructure buildout including housing, water supply, and construction sectors
Bear Case 8
  • Stock has declined 55% in the last 1 year, significantly destroying shareholder value and indicating severe market concern about fundamentals
  • PE ratio of 68.9x is extremely elevated for an industrial products company, especially one with declining profits, suggesting the stock remains expensive despite the correction
  • TTM profit has declined 22% and 3-year compounded profit CAGR is -22%, showing sustained earnings deterioration
  • Return on equity is very low at 5.44% over the last 3 years and just 3% in the last year, well below the cost of equity for a small-cap company
  • Promoter holding is low at 34.2% and has further decreased by 1.71% in the last quarter, raising governance and alignment concerns
  • Despite reporting repeated profits, the company does not pay dividends to shareholders, though it shows a reported dividend yield of 10.37% which appears inconsistent with this known concern
  • Earnings quality is questionable as other income of Rs.18.7 Cr forms a meaningful component of reported profits, flattering the bottom line
  • 3-year stock CAGR of -29% indicates a prolonged period of value destruction, not just a short-term blip

This is AI-generated analysis, not financial advice. Do your own due diligence.

AI News Digest

Anthropic anthropic claude-opus-4.6 34d ago
Neutral 1
  • Non-core land sold for ₹26.75Cr Jul 17

    Rama Steel Tubes approved sale of a non-core business unit in Sahibabad to Paras Buildwell LLP for INR 26.75 Cr, with the agreement executed on July 17, 2026.

TL;DR: Limited recent news flow for Rama Steel Tubes. The company divested a non-core land asset in Sahibabad for INR 26.75 Cr, which could unlock capital for core operations but has no direct bearing on operational performance. With no visible headwinds or positive catalysts in the current news cycle, the near-term outlook remains neutral pending further operational or financial updates.

Quarterly Results

Particulars Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Sales
313
203
262
268
217
263
275
293
268
320
289
246
223
Expenses
296
191
245
255
205
262
270
281
267
316
283
242
217
Operating Profit
16.14
12.15
17.23
13.46
11.41
0.58
4.97
12.06
1.57
4.91
6.24
4.28
6.09
OPM %
5.16%
5.98%
6.57%
5.02%
5.27%
0.22%
1.81%
4.11%
0.59%
1.53%
2.16%
1.74%
2.73%
Other Income
2.04
1.13
1.78
0.51
0.96
9.4
5.43
1.59
10.07
2.1
2.34
4.22
1.04
Interest
7.19
3.94
7.27
2.84
3.23
2.66
2.87
2.91
2.98
3.23
2.87
3.39
1.7
Depreciation
1.42
1.33
1.45
1.45
1.73
1.4
1.37
1.37
1.47
1.4
1.48
1.46
1.63
PBT
9.57
8.01
10.29
9.68
7.41
5.92
6.16
9.37
7.19
2.38
4.23
3.65
3.8
Tax %
22.05%
17.98%
13.31%
21.07%
16.33%
27.03%
9.9%
28.71%
31.15%
57.98%
57.92%
-3.84%
-43.16%
Net Profit
7.46
6.58
8.92
7.65
6.2
4.31
5.55
6.67
4.95
1
1.78
3.79
5.44
EPS in Rs
0.05
0.04
0.06
0.05
0.04
0.03
0.04
0.04
0.03
0.01
0.01
0.03
0.03
Figures in ₹ Crores

Profit & Loss

Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales
192
242
260
377
504
353
470
768
1,337
1,047
1,048
1,124
1,079
Expenses
187
227
240
354
488
344
452
726
1,285
987
1,019
1,107
1,058
Operating Profit
6
15
20
22
16
9
18
42
51
59
29
17
22
OPM %
3%
6%
8%
6%
3.3%
2.5%
3.9%
5%
3.9%
6%
2.8%
1.5%
2%
Other Income
3
3
4
5
5
6
8
9
8
5
17
19
10
Interest
5
6
8
6
9
10
8
11
20
21
12
12
11
Depreciation
2
3
3
2
3
3
3
4
5
6
6
6
6
PBT
1
9
13
18
9
2
15
36
35
38
29
17
14
Tax %
22%
30%
28%
31%
11%
80%
16%
24%
22%
20%
21%
37%
—
Net Profit
1
6
9
13
8
0
12
27
27
30
23
11
12
EPS in Rs
0.01
0.05
0.08
0.1
0.07
0
0.1
0.22
0.19
0.19
0.15
0.08
0.08
Div. Payout %
0%
0%
0%
0%
0%
0%
0%
3%
0%
0%
0%
0%
—
Figures in ₹ Crores

Balance Sheet

Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital
1
7
8
8
8
8
8
8
47
154
155
164
Reserves
18
18
44
70
79
79
92
118
204
181
209
314
Borrowings
56
58
57
63
90
83
85
138
193
145
89
130
Other Liabilities
21
23
26
11
24
67
62
94
252
254
305
283
Total Liabilities
96
107
135
153
200
238
248
358
695
734
758
890
Fixed Assets
12
17
26
42
41
41
51
57
106
110
103
109
CWIP
6
1
1
0
1
7
4
6
1
1
10
4
Investments
13
12
2
2
5
7
8
8
13
6
5
11
Other Assets
65
77
106
109
154
183
184
288
574
617
640
767
Total Assets
96
107
135
153
200
238
248
358
695
734
758
890
Figures in ₹ Crores

Cash Flow

Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Operating
3
5
-7
5
-17
30
25
-35
-96
18
51
-109
Investing
-7
-2
-1
-9
-3
-7
-10
-9
-53
-1
3
-9
Financing
9
-5
10
6
17
-17
-6
41
143
-13
-66
118
Net Cash Flow
5
-1
1
2
-3
6
9
-3
-6
5
-12
0
Free Cash Flow
-2
3
-20
-6
-20
23
14
-46
-146
9
51
-113
CFO/OP
65
41
-19
41
-75
351
139
-75
-172
53
196
-622
Figures in ₹ Crores

Ratios

Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days
21
36
46
37
47
75
41
50
64
76
85
98
Inventory Days
55
54
84
37
40
61
62
53
58
51
47
45
Days Payable
5
26
25
5
15
67
43
37
63
88
106
90
Cash Conversion Cycle
71
64
105
69
72
69
60
67
58
38
26
53
Working Capital Days
-3
10
39
40
36
33
26
26
35
78
85
91
ROCE %
—
19%
22%
20%
12%
7%
13%
21%
15%
12%
7%
6%

Insights

Beta

AI-extracted from concalls & annual reports · figures as reported, with sources

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Shareholding Pattern

FIIs2.70%Public57.09%Others6.03%Promot.34.18%As ofJun 2026

Documents

1
Concall - Nov 2022 Nov 2022
2
Concall - Feb 2022 Feb 2022
3
Concall - Feb 2022 Feb 2022
4
Concall - Sep 2021 Sep 2021
5
Concall - Dec 2017 Dec 2017

Frequently Asked Questions about Rama Steel Tubes

What does Rama Steel Tubes Ltd do?
Incorporated in 1974, Rama steel tubes is one of the leading manufacturers of Steel Pipes & Tubes, Rigid PVC & G.I. Pipes and square section products in India. [1]
Where is Rama Steel Tubes Ltd (RAMASTEEL) listed?
Rama Steel Tubes Ltd trades as RAMASTEEL on the NSE and under code 539309 on the BSE.
Which sector does Rama Steel Tubes Ltd belong to?
Rama Steel Tubes Ltd is classified under the Industrial Products sector, in the Iron & Steel Products industry.
What is the market capitalisation of Rama Steel Tubes Ltd?
Rama Steel Tubes Ltd has a market capitalisation of ₹656.05 Cr, which places it in the Small Cap band.
What is the PE ratio of Rama Steel Tubes Ltd?
Rama Steel Tubes Ltd trades at a PE ratio of 49.13, against a book value of ₹2.92 per share.
What is the 52-week high and low of Rama Steel Tubes Ltd?
Over the last 52 weeks Rama Steel Tubes Ltd has traded between ₹3.43 and ₹11.58.
Does Rama Steel Tubes Ltd pay dividends?
Rama Steel Tubes Ltd has a dividend yield of 12.47%.
What is the Return on Equity (ROE) of Rama Steel Tubes Ltd?
Rama Steel Tubes Ltd reported a return on equity of 6.09%. Its debt-to-equity ratio is 0.27.

Company Information

Incorporated in 1974, Rama steel tubes is one of the leading manufacturers of Steel Pipes & Tubes, Rigid PVC & G.I. Pipes and square section products in India. [1]

Website ramasteel.com
CEO Mr. Naresh Kumar Bansal
Employees 118
Listed 2015-08-19
Face Value ₹ 1
Issued Size 1,63,60,40,979

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