Ratnamani Metals & Tubes Ltd(RATNAMANI)

NSE: RATNAMANIBSE: 520111

₹ 2,315-0.22%refreshed 26 Oct, 03:30 pm ISTMarket cap: ₹ 16,226 crWebsite: www.ratnamani.comUpdated: 27 Oct 2026

About

Ratnamani Metals & Tubes Ltd makes stainless steel and carbon steel tubes and pipes. Through its subsidiaries it also makes pipe spools and bearing rings, serving the oil & gas, power, water, nuclear and industrial sectors. It describes itself as one of the largest players in India for stainless steel seamless and welded tubes and pipes and for carbon steel welded pipes. Consolidated revenue was 4,493.96 crore in FY26.^[1][2]

Business segments

Steel Tubes and Pipes brought in ₹3,726.83 cr in FY26, or 82.9% of consolidated revenue, with EBIT of ₹545.06 cr (14.6% margin).^[3]
Pipe Spools and Auxiliary Support Systems (RFSS) brought in ₹390.47 cr in FY26, or 8.7% of revenue, with EBIT of ₹118.44 cr (30.3% margin). FY26 was its first full year of operations.^[3]
Bearing Rings (Ravi Technoforge) brought in ₹376.66 cr in FY26, or 8.4% of revenue, with EBIT of ₹33.06 cr (8.8% margin).^[3]

Products and portfolio

The business rests on two core verticals, Stainless Steel Tubes & Pipes and Carbon Steel Pipes, supported by specialised subsidiaries (FY26 annual report).^[2]
The carbon steel division makes four welded pipe types (L-SAW, HSAW, ERW and CSAW) plus structural sections, and can also coat and induction-bend pipe.^[2]
The stainless steel range also covers titanium welded tubes, nickel alloy seamless tubes, instrumentation tubes, coiled tubing, hollow bars, boiler tubes and heat exchanger tubes.^[2]
Ratnamani says it is the first Indian supplier of hydrogen-compliant carbon steel welded pipes. Its Kutch plant received API Monogram certification for stainless steel CRA line pipes under API 5LC in Q2 FY26.^[2][4]
In FY26 the company extended pipe length capability at Kutch from 12 to 18 metres and widened its API 5CT range for oil country tubular goods.^[5]
RFSS makes pipe spools, hangers and supports, mainly for nuclear power plants. The FY26 annual report says it holds a near-monopoly position in nuclear-grade spooling.^[6][2]

Plants and capacity

The company has four plants: Indrad (stainless steel), Chhatral (carbon steel) and Kutch (both) in Gujarat, and Sundargarh (carbon steel) in Odisha.^[2]
In Q1 FY27 the 1,00,000 MT HSAW facility at Kutch was completed.^[7]
The external 3LPE coating plant at Odisha, with capacity of 25 lakh sq m a year, was commissioned in July 2026.^[7]
In FY25, capacity utilisation was about 60% in stainless steel, about 55% in carbon steel spiral/ERW and about 50% in LSAW.^[6]
RTL completed a 20% capacity expansion at its Pipaliya unit in Q3 FY26. A 9 MW solar plant now supplies 50% of RTL's energy needs (Q1 FY27).^[8][7]
More than 50% of stainless steel raw material is imported. Raw materials are mostly bought back-to-back against orders, with about 200 days of inventory cover (FY26).^[2]
The company had 3,324 permanent employees as of FY26.^[2]

Key operating numbers

The standalone order book was above ₹2,000 cr in Q1 FY27, compared with ₹2,160 Crores as on May 1, 2026.^[7][2]
RFSS had an active order book of more than ₹300 cr in Q1 FY27, to be executed over the next 9 months. This compares with about ₹550 cr as of Q4 FY26.^[7][5]
Standalone EBITDA margin was 14.2% in Q1 FY27, down from 21.3% a year earlier, as lower volumes left fixed costs under-absorbed.^[7]
RFSS revenue rose to ₹119.63 cr in Q1 FY27 from ₹12.60 cr a year earlier.^[7]
Water-sector line pipe made up 15 - 18% of standalone revenue in FY25, up from 5 - 7% in FY24.^[6]

Customers and markets

Exports made up about ₹700 Crores of the order book carried into FY27.^[2]
In Q1 FY27 exports grew and enquiry levels across key markets were improving. Demand was hit by subdued activity and lower government spending on infrastructure.^[7]
The company shipped its first commercial order of hydrogen-compliant carbon steel welded pipes to Europe in FY26.^[2]
In Q2 FY26, carbon steel order inflows of ₹750 cr were split 60% oil & gas and 40% water-sector line pipes.^[4]
The stainless steel division is building defence and aerospace into higher-margin verticals (Q4 FY26).^[5]

Expansion and capex

RFSS is expanding capacity to 4,000 MT at a capex of about ₹225 - 250 cr. The expansion is due to be ready by Q3 FY27, with commercial production from Q4 FY27.^[7][4]
RTL's high-speed hot forming facility for Gen 3 hubs carries a capex of about ₹225 - 250 cr and is due to be commissioned by December 2026.^[7][4]
Ratnamani Middle East, a 75% joint venture with SESCO - Tamimi Group, will make cold-finished stainless steel seamless products in Dammam. Its timeline was revised to March 2028 in Q1 FY27.^[2][7]
Management estimated standalone peak revenue capacity at ₹6,000 cr, and consolidated group peak revenue at ₹7,000 - 7,500 cr within 2 - 3 years (Q2 FY26).^[4]
Management is studying backward integration into stainless and alloy steel manufacturing. No timeline or investment amount has been decided.^[6]

Recent developments

RTL's credit rating was upgraded to CARE A+ (Q1 FY27).^[7]
In FY26 the company bought the remaining 40% of its Swiss subsidiary Ratnamani Trade EU AG for EUR 400,000, taking full ownership.^[2]
An exceptional charge of ₹18.20 cr was booked in Q3 FY26 for the impact of the new labour codes.^[8]
Middle East conflict in FY26 held up about ₹100 - 150 cr of finished goods that were ready to ship.^[5]

Market Cap

₹16,226 Cr

High / Low

₹3,342 / 1,900

Stock P/E

37.1

Price / Book

3.9

Book Value

₹586

EPS

₹68.8

No. of Shares

7.01 Cr

ROCE

17.9%

ROE

12.5%

OPM

16.2%

Debt / Equity

0.07

Sales

₹4,494 Cr

Net Profit

₹534 Cr

Promoter holding

59.8%

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Ratnamani Metals & Tubes Ltd(RATNAMANI)

About

Business segments

Products and portfolio

Plants and capacity

Key operating numbers

Customers and markets

Expansion and capex

Recent developments

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