Ratnaveer Precision Engineering Ltd(RATNAVEER)

NSE: RATNAVEERBSE: 543978

₹ 330.75-0.03%refreshed 26 Oct, 03:30 pm ISTMarket cap: ₹ 2,776 crWebsite: www.ratnaveer.comUpdated: 27 Oct 2026

About

Ratnaveer Precision Engineering Ltd is a Vadodara-based manufacturer of stainless steel products - sheets, coils, pipes, tubes, circlips, fasteners and electropolished components - serving domestic and export markets. The company crossed ₹1,078.41 Cr in total income in FY26, a 20.37% year-on-year increase, with production volumes of 46,668 MT. It is now expanding into copper-clad laminates (CCL), positioning itself as the first Indian manufacturer in that segment.^[1][2]

Business segments

Domestic segment contributed 94.8% of FY26 revenue at ₹1,013.27 Cr, with an EBIT margin of 9.5%.^[3]
Outside India (exports) contributed 5.2% of FY26 revenue at ₹55.46 Cr.^[3]

Products

Core product range spans stainless steel sheets, coils, pipes and tubes, supplemented by value-added products: circlips, fasteners, electropolished tubes and sheet metal components.^[4]
Value-added products contributed approximately 8% of H1FY26 revenue; the company targets ₹200 Cr from this category at a ₹1,500 Cr topline.^[4]
Copper-clad laminate (CCL) is a new product line under development; currently 100% imported into India with Ratnaveer claiming to be the first domestic manufacturer setting up a CCL plant.^[4]

Key operating numbers

Production volume reached 46,668 MT in FY26, up 29.17% from 36,129 MT in FY25.^[1]
EBITDA per tonne was ₹26,011 in FY26.^[1]
Working capital days improved to 89 in FY26 from 114 in FY25, continuing a multi-year trend from 204 days in FY23.^[1]
Phase 1 capex (₹48 Cr) was operating at 80 - 90% utilisation as of Q2FY26.^[4]
Approximately 80 - 85% of orders are booked back-to-back (fixed purchase and fixed sale price), limiting raw-material price exposure.^[4]

Customers and distribution

Export contribution was targeted to be maintained at 15 - 20% of revenue; exports were 5.2% of FY26 segment revenue at ₹55.46 Cr.^[4][3]
Order book provides 3 - 4 months of cover as of Q2FY26.^[4]

Expansion and capex

CCL Line 1 (₹45 Cr capex): machine orders placed, second inspection completed, civil work in progress as of Q4FY26; first production targeted by November 2026.^[1]
CCL Phase 1 single line targets ₹108 Cr revenue at 20% EBITDA margin and 12% PAT margin once operational.^[4]
Five CCL lines planned over approximately two years after Line 1 success, targeting ₹750 Cr+ revenue at 69% utilisation by FY28.^[1]
Phase 2 capex of ₹68 Cr covering tubes, circlips, fasteners and a solar plant was to commence in the December 2025 first week, with commissioning targeted by July 2026.^[4]
Gujarat electronics policy provides a 15% power cost exemption and a 7% effective interest subsidy on the CCL project.^[1]
PLI benefit of approximately 50% of capex (25% central + 25% state) is disbursable within 4 - 5 months of commissioning each CCL line.^[1]

Recent developments

A ₹185 Cr QIP was completed in FY26; a further ₹330 Cr raise (QIP, rights issue or equivalent) was planned for CCL capex and working capital, targeted by September 2026.^[1]
Credit rating upgraded from IVR BBB+ to IVR A-/Stable, reflecting improved financial health and reduced debt.^[1]
A commercial understanding has been reached with a European precision-components manufacturer supplying Fortune 500 auto OEMs; full acquisition estimated 10 - 12 months away pending due diligence and statutory compliance.^[1]

Market Cap

₹2,776 Cr

High / Low

₹360 / 129

Stock P/E

77.0

Price / Book

4.0

Book Value

₹98

EPS

₹8.1

No. of Shares

6.8 Cr

ROCE

9.6%

ROE

9.6%

OPM

8.9%

Debt / Equity

0.50

Sales

₹1,069 Cr

Net Profit

₹64 Cr

Promoter holding

38.7%

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Ratnaveer Precision Engineering Ltd(RATNAVEER)

About

Business segments

Products

Key operating numbers

Customers and distribution

Expansion and capex

Recent developments

Signal history

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