Ratnamani Metals & Tubes logo

Ratnamani Metals & Tubes

RATNAMANI NSE

Key Fundamentals

SmallcapIron & Steel ProductsIndustrial Products
Market Cap
₹18,689 Cr
Volatility
Moderate
P/E Ratio
42.42
EBITDA
₹880 Cr
Return on Equity
12.7%
Debt to Equity
0.08
Book Value
₹586.46
EPS
₹84.75
52W High
₹3,345
52W Low
₹1,936.5

Tapetide Score

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

Key Insights

Strengths

1
  • Company is almost debt free.

Growth Rate

Revenue Growth
-12.01% lower than 3Y
Net Income Growth
-1.31% lower than 3Y
Cash Flow Change
74.56% lower than 3Y
ROE
-14.07% lower than 3Y
ROCE
-17.74% higher than 3Y
EBITDA Margin (Avg.)
13.25% higher than 3Y

AI Analysis — Bull vs Bear

6d ago
AI opinion · based on fundamentals
Risk medium

Ratnamani Metals & Tubes has a market capitalisation of about ₹19,736 Cr. It trades at a P/E of 38.5x and a P/B of 4.82x, and the company is described as almost debt free. Over the long term it has grown well, with 5-year sales CAGR of 14% and profit CAGR of 12%, and ROE has held near 17% over 5 and 10 years. Recent numbers are weaker: TTM sales are down 16%, TTM profit is down 23%, 3-year sales and profit growth are flat to slightly negative (0% and -1%), and last year's ROE was 13%.

Bull Case 7
  • The company is described as almost debt free. That limits financial risk and interest costs through a downturn in orders or earnings, like the current one with TTM profit down 23%.
  • ROE has been steady at about 17% over both 10 years and 5 years (16% over 3 years). That suggests capital has been used efficiently across more than one business cycle.
  • Over 5 years, sales grew at a 14% CAGR and profit at a 12% CAGR. The medium-term record shows real growth even though the last 3 years have been flat.
  • Over 10 years, sales compounded at 10% and profit at 11%. That shows long-term growth rather than a one-off spike in earnings.
  • The stock has returned a 22% CAGR over 10 years and a 14% CAGR over 5 years, a long record of creating value for shareholders.
  • The stock is up 15% over 1 year even though TTM profit fell 23%. The market may be treating the current earnings drop as cyclical rather than structural.
  • The dividend yield is low at 0.35%. That fits a company keeping most of its earnings to reinvest, which has historically been paired with ROE of about 17%.
Bear Case 7
  • TTM sales are down 16% and TTM profit is down 23%. Revenue and margins are shrinking at the same time.
  • Over 3 years, sales CAGR is 0% and profit CAGR is -1%. The business has not grown in that period, which weakens the 5-year and 10-year growth story.
  • A P/E of 38.5x gives an earnings yield of only about 2.6%, and that is for profits falling 23% TTM. The valuation relies on earnings recovering.
  • ROE fell to 13% last year from a 10-year average of about 17%. At a P/B of 4.82x, the premium to book value is harder to justify with returns near 13%.
  • Over 10 years the stock compounded at 22% while profit compounded at 11%. Much of the long-term return came from the valuation multiple expanding, and that may not repeat.
  • The 3-year stock CAGR is just 3%, matching the flat 3-year business growth. Recent shareholder returns have been weak compared with the 10-year record.
  • At 0.35%, the dividend yield gives little income or downside cushion while earnings are declining.

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

AI News Digest

10d ago
Headwinds 1
  • Growth guidance halved to 10% Aug 25

    Ratnamani cut FY guidance to 10% from 20% earlier, citing muted demand — a 10 percentage point reduction signaling near-term volume softness.

Positives 1
  • Rs 2700 cr international order win Aug 24

    Secured a confirmed Rs 2700 crore export order for spool supply from international clients, spanning 2-3 years. Adds significant backlog to a company with strong cash flows, low leverage, and a market cap of Rs 17000 crore.

TL;DR: Ratnamani presents a mixed picture. The Rs 2700 crore multi-year international order is a strong positive that bolsters long-term revenue visibility and underscores export competitiveness. However, the same-week guidance cut from 20% to 10% on muted domestic demand is a clear near-term concern. The trend is stable but warrants monitoring — execution on the new export backlog will be key to offsetting softer domestic volumes.

Quarterly Results

Particulars Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Sales
1,175
1,131
1,257
1,496
1,184
971
1,316
1,715
1,152
1,192
1,066
1,085
972
Expenses
969
886
1,057
1,250
1,020
818
1,112
1,413
963
980
861
931
809
Operating Profit
206
245
200
246
164
154
204
302
188
211
205
154
162
OPM %
18%
22%
16%
16%
14%
16%
15%
18%
16%
18%
19%
14%
17%
Other Income
9
11
15
39
12
20
19
9
30
27
13
41
18
Interest
10
11
13
12
10
14
7
7
11
7
7
6
6
Depreciation
24
24
25
25
26
26
27
29
32
32
33
35
36
PBT
181
221
178
248
140
134
188
276
176
199
177
154
137
Tax %
25%
26%
25%
22%
25%
26%
29%
26%
28%
22%
24%
25%
22%
Net Profit
135
164
133
193
106
99
133
203
127
156
135
116
107
EPS in Rs
19.1
23.38
18.96
27.42
15
14.32
18.73
29.55
18.81
19.43
15.67
14.93
11.72
Figures in ₹ Crores

Profit & Loss

Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales
1,688
1,718
1,412
1,767
2,755
2,586
2,298
3,139
4,474
5,059
5,186
4,494
4,314
Expenses
1,388
1,431
1,155
1,501
2,348
2,159
1,898
2,644
3,699
4,162
4,363
3,736
3,582
Operating Profit
300
287
257
266
407
427
400
495
776
897
824
758
732
OPM %
18%
17%
18%
15%
15%
16%
17%
16%
17%
18%
16%
17%
17%
Other Income
26
16
14
32
41
59
43
38
32
73
60
112
99
Interest
9
6
6
10
15
21
23
21
31
45
37
31
27
Depreciation
54
57
60
61
62
59
57
80
83
98
108
132
136
PBT
262
240
205
228
371
406
363
431
694
828
738
706
668
Tax %
34%
31%
30%
33%
32%
24%
24%
25%
26%
24%
27%
24%
—
Net Profit
173
165
144
152
253
308
276
323
512
625
542
534
514
EPS in Rs
24.74
23.58
20.55
21.65
36.08
43.87
39.37
46.03
72.83
88.85
77.61
68.85
61.75
Div. Payout %
15%
16%
18%
18%
17%
18%
24%
20%
16%
16%
18%
15%
—
Figures in ₹ Crores

Balance Sheet

Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital
9
9
9
9
9
9
9
9
14
14
14
14
Reserves
900
1,036
1,178
1,299
1,513
1,700
1,978
2,239
2,590
3,127
3,623
4,097
Borrowings
39
23
0
79
65
252
207
157
237
153
157
318
Other Liabilities
279
250
226
360
465
584
422
557
939
726
1,108
957
Total Liabilities
1,227
1,319
1,414
1,747
2,053
2,545
2,617
2,962
3,780
4,020
4,903
5,385
Fixed Assets
425
446
448
445
440
500
865
875
1,122
1,164
1,348
1,611
CWIP
42
48
38
47
179
371
76
107
101
167
190
302
Investments
20
24
74
0
203
155
637
109
135
89
180
644
Other Assets
740
801
854
1,255
1,231
1,518
1,039
1,873
2,422
2,601
3,185
2,828
Total Assets
1,227
1,319
1,414
1,747
2,053
2,545
2,617
2,962
3,780
4,020
4,903
5,385
Figures in ₹ Crores

Cash Flow

Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Operating
148
155
134
-73
554
215
546
-283
310
511
536
936
Investing
-52
-11
-104
21
-360
-358
-470
418
-204
-146
-388
-1,147
Financing
-74
-179
-28
42
-56
47
-79
-135
-116
-193
-130
59
Net Cash Flow
23
-35
3
-10
137
-96
-3
0
-10
173
18
-151
Free Cash Flow
65
94
69
-142
389
-83
417
-427
173
302
230
452
CFO/OP
78
77
81
0
170
75
151
-33
59
82
87
147
Figures in ₹ Crores

Ratios

Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days
48
83
110
115
61
52
64
70
82
68
89
82
Inventory Days
112
95
141
184
113
185
133
193
156
148
163
174
Days Payable
41
40
48
62
56
57
60
55
46
39
42
46
Cash Conversion Cycle
119
138
202
237
118
180
137
208
192
177
210
210
Working Capital Days
81
118
167
173
78
98
85
145
123
128
134
148
ROCE %
—
25%
19%
18%
26%
24%
19%
20%
27%
28%
22%
18%

Insights

Beta

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

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Shareholding Pattern

Others1.75%Govt.0.02%Promot.59.77%Public8.61%FIIs10.72%DIIs19.13%As ofJun 2026

Documents

Frequently Asked Questions about Ratnamani Metals & Tubes

What does Ratnamani Metals & Tubes Ltd do?
Ratnamani Metals & Tubes Ltd is engaged in the manufacturing of stainless steel pipes and tubes and carbon steel pipes from its manufacturing facilities in India.[1]
Where is Ratnamani Metals & Tubes Ltd (RATNAMANI) listed?
Ratnamani Metals & Tubes Ltd trades as RATNAMANI on the NSE and under code 520111 on the BSE.
Which sector does Ratnamani Metals & Tubes Ltd belong to?
Ratnamani Metals & Tubes Ltd is classified under the Industrial Products sector, in the Iron & Steel Products industry.
What is the market capitalisation of Ratnamani Metals & Tubes Ltd?
Ratnamani Metals & Tubes Ltd has a market capitalisation of ₹18,689 Cr, which places it in the Mid Cap band.
What is the PE ratio of Ratnamani Metals & Tubes Ltd?
Ratnamani Metals & Tubes Ltd trades at a PE ratio of 42.42, on earnings per share of ₹84.75, against a book value of ₹586.46 per share.
What is the 52-week high and low of Ratnamani Metals & Tubes Ltd?
Over the last 52 weeks Ratnamani Metals & Tubes Ltd has traded between ₹1,936.5 and ₹3,345.
Does Ratnamani Metals & Tubes Ltd pay dividends?
Ratnamani Metals & Tubes Ltd has a dividend yield of 0.37%.
What is the Return on Equity (ROE) of Ratnamani Metals & Tubes Ltd?
Ratnamani Metals & Tubes Ltd reported a return on equity of 12.70%. Its debt-to-equity ratio is 0.08.

Company Information

Ratnamani Metals & Tubes Ltd is engaged in the manufacturing of stainless steel pipes and tubes and carbon steel pipes from its manufacturing facilities in India.[1]

Website ratnamani.com
CEO Mr. Prakash Mishrimal Sanghvi
Employees 3,165
Listed 2006-05-09
Face Value ₹ 2
Issued Size 7,00,92,000

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