RATNAMANI

Ratnamani Metals & Tubes Limited

Stainless steel and carbon steel welded pipes for oil, gas and power industries

Industrials›Capital Goods›Industrial Products›Iron & Steel Products

ratnamani.com(opens the company website in a new tab)
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Key metrics

Price as of 2026-10-16

Stock price
₹2523.90
Market cap
17,694 Cr
Stock P/E
40.9
P/B
4.30
Dividend yield
0.6%
ROE (FY26)
11.5%
ROCE (FY26)
16.3%
Operating margin (FY26)
13.9%
Debt / equity (FY26)
0.07
OCF / EBITDA (FY26)
123.5%
OCF / EBITDA (3Y)
80.0%

Full years shown; sign in free for the trailing twelve months. Learn about these metrics →

Price & valuation

Share price and valuation multiples (P/E, P/B and more) over time.

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Compare with peers

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What you need to know

Ratnamani (Ratnamani Metals & Tubes) makes stainless-steel and carbon-steel pipes and tubes for industrial and infrastructure projects in India and export markets, and has added pipe spooling and bearing rings through subsidiaries.

Company snapshot

5thBy market cap

Ranked among 64 companies in Iron & Steel Products.

Segment mix

Reportable segments as of 2024-12-31 (Consolidated). Revenue share = segment revenue ÷ total revenue.

Largest segment: 95.1% of revenue

SegmentRevenue shareRevenuePBTAssets
Bearing Rings
4.8%
64 Cr4 Cr215 Cr
Pipe Spools and Auxiliary Support Systems
0.1%
0.75 Cr4 Cr110 Cr
Steel Tubes and Pipes
95.1%
1,252 Cr179 Cr4,210 Cr

What we see

Positives
  • ✓Debt-to-equity of 0.07x — the company is largely funded by its own money, not borrowed funds.
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Statement tables · Consolidated

Switches quarterly, P&L, balance sheet, and cash flow. Key metrics and ratios stay on consolidated when available.

Amounts in ₹ Cr · tap + to expand rows

Quarterly results

Quarterly · ₹ Cr · tap + rows to expand

MetricSept 2023Dec 2023Mar 2024Jun 2024Sept 2024Dec 2024Mar 2025Jun 2025Sept 2025Dec 2025Mar 2026Jun 2026
Sales1,131 Cr1,257 Cr1,496 Cr1,184 Cr971 Cr1,316 Cr1,715 Cr1,152 Cr1,192 Cr1,066 Cr1,085 Cr972 Cr
Operating expenses (approx.)886 Cr1,057 Cr1,250 Cr1,020 Cr818 Cr1,112 Cr1,413 Cr963 Cr980 Cr861 Cr931 Cr809 Cr
EBITDA245 Cr200 Cr246 Cr164 Cr154 Cr204 Cr302 Cr188 Cr211 Cr205 Cr154 Cr162 Cr
OPM %21.6%15.9%16.4%13.9%15.8%15.5%17.6%16.3%17.7%19.2%14.2%16.7%
Other income11 Cr15 Cr39 Cr12 Cr20 Cr19 Cr9 Cr30 Cr27 Cr31 Cr34 Cr18 Cr
Interest11 Cr13 Cr12 Cr10 Cr14 Cr7 Cr7 Cr11 Cr7 Cr7 Cr6 Cr6 Cr
Depreciation24 Cr25 Cr25 Cr26 Cr26 Cr27 Cr29 Cr32 Cr32 Cr33 Cr35 Cr36 Cr
Profit before tax221 Cr178 Cr248 Cr140 Cr134 Cr188 Cr276 Cr176 Cr199 Cr177 Cr154 Cr137 Cr
Tax %25.7%25.5%22.1%24.6%25.6%29.2%26.4%27.7%21.8%23.5%24.8%22.1%
Net profit164 Cr133 Cr193 Cr106 Cr99 Cr133 Cr203 Cr127 Cr156 Cr135 Cr116 Cr107 Cr
EPS (₹)₹23.45₹18.94₹27.55₹15.11₹14.17₹19.00₹28.99₹18.81₹19.43₹15.67₹14.94₹11.72

Profit & loss (annual)

Annual · last column is TTM · ₹ Cr · tap + to expand

MetricMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales1,476 Cr1,790 Cr2,755 Cr2,583 Cr2,298 Cr3,139 Cr4,474 Cr5,059 Cr5,186 Cr4,494 CrSign in free for the trailing twelve months
Operating expenses (approx.)1,219 Cr1,524 Cr2,348 Cr2,159 Cr1,898 Cr2,644 Cr3,699 Cr4,162 Cr4,363 Cr3,736 CrSign in free for the trailing twelve months
EBITDA257 Cr266 Cr407 Cr424 Cr400 Cr495 Cr775 Cr897 Cr824 Cr758 CrSign in free for the trailing twelve months
OPM %17.4%14.9%14.8%16.4%17.4%15.8%17.3%17.7%15.9%16.9%Sign in free for the trailing twelve months
Other income14 Cr32 Cr41 Cr62 Cr43 Cr38 Cr33 Cr73 Cr60 Cr122 CrSign in free for the trailing twelve months
Interest6 Cr10 Cr15 Cr21 Cr23 Cr21 Cr31 Cr45 Cr37 Cr31 CrSign in free for the trailing twelve months
Depreciation60 Cr61 Cr62 Cr59 Cr57 Cr80 Cr83 Cr98 Cr108 Cr132 CrSign in free for the trailing twelve months
Profit before tax205 Cr228 Cr371 Cr406 Cr363 Cr431 Cr694 Cr828 Cr738 Cr706 CrSign in free for the trailing twelve months
Tax %29.8%33.4%31.7%24.3%24.1%25.1%26.1%24.5%26.6%24.3%Sign in free for the trailing twelve months
Net profit144 Cr152 Cr253 Cr308 Cr276 Cr323 Cr512 Cr625 Cr542 Cr534 CrSign in free for the trailing twelve months
EPS (₹)₹30.83₹32.48₹54.13₹65.82₹59.07₹69.05₹73.09₹89.18₹77.27₹68.85Sign in free for the trailing twelve months
Dividend payout %————0.0%20.3%12.8%13.5%0.0%18.4%Sign in free for the trailing twelve months
Sign in free for the trailing twelve months

The latest four quarters added up, next to each full year

Balance sheet

Annual · ₹ Cr · tap + rows to expand

MetricMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity capital9 Cr9 Cr9 Cr9 Cr9 Cr9 Cr14 Cr14 Cr14 Cr14 Cr
Reserves1,178 Cr1,299 Cr1,513 Cr1,700 Cr1,978 Cr2,239 Cr2,590 Cr3,127 Cr3,623 Cr4,097 Cr
Borrowings—79 Cr65 Cr220 Cr146 Cr148 Cr224 Cr142 Cr141 Cr304 Cr
Other liabilities226 Cr360 Cr465 Cr615 Cr483 Cr566 Cr880 Cr661 Cr1,101 Cr876 Cr
Total liabilities1,414 Cr1,747 Cr2,053 Cr2,545 Cr2,617 Cr2,962 Cr3,780 Cr4,020 Cr4,906 Cr5,388 Cr
Fixed assets (net)447 Cr445 Cr439 Cr499 Cr864 Cr874 Cr1,102 Cr1,144 Cr1,323 Cr1,589 Cr
CWIP38 Cr47 Cr179 Cr371 Cr76 Cr107 Cr101 Cr167 Cr190 Cr302 Cr
Investments74 Cr0.0006 Cr203 Cr155 Cr637 Cr109 Cr135 Cr89 Cr179 Cr644 Cr
Loans & advances——0.28 Cr0.26 Cr0.20 Cr0.19 Cr0.26 Cr0.38 Cr0.41 Cr0.58 Cr
Inventories339 Cr574 Cr590 Cr859 Cr537 Cr1,112 Cr1,259 Cr1,349 Cr1,506 Cr1,275 Cr
Trade receivables425 Cr558 Cr462 Cr370 Cr403 Cr601 Cr1,009 Cr941 Cr1,265 Cr1,013 Cr
Cash & bank15 Cr5 Cr143 Cr47 Cr44 Cr44 Cr34 Cr207 Cr225 Cr74 Cr
Other assets74 Cr118 Cr37 Cr243 Cr56 Cr117 Cr139 Cr123 Cr217 Cr489 Cr
Total assets1,414 Cr1,747 Cr2,053 Cr2,545 Cr2,617 Cr2,962 Cr3,780 Cr4,020 Cr4,906 Cr5,388 Cr

Cash flows

Annual · ₹ Cr · tap + rows to expand · last column includes FCF

MetricMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Cash from operating activity134 Cr-73 Cr554 Cr215 Cr546 Cr-283 Cr310 Cr511 Cr536 Cr936 Cr
Cash from investing-102 Cr21 Cr-360 Cr-357 Cr-470 Cr418 Cr-208 Cr-145 Cr-397 Cr-1,148 Cr
Cash from financing-28 Cr42 Cr-56 Cr47 Cr-79 Cr-135 Cr-116 Cr-193 Cr-130 Cr59 Cr
Net cash flow4 Cr-10 Cr137 Cr-95 Cr-3 Cr0.14 Cr-13 Cr173 Cr4 Cr-151 Cr
Free cash flow (OCF − Capex)68 Cr-143 Cr387 Cr-83 Cr416 Cr-427 Cr169 Cr298 Cr207 Cr451 Cr

Ratios

MetricMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
ROCE %17.8%17.1%24.3%22.2%18.1%18.9%25.0%26.0%20.4%16.3%
ROE %12.1%11.6%16.6%18.0%13.9%14.4%19.1%19.3%14.8%11.5%
Debtor days1051146152647082688982
Inventory days135169111179144174149143168176
Days payable46575555654944385147
Cash conversion cycle194226117176143195186173205211
OCF / EBITDA %52.3%-27.3%136.2%50.8%136.5%-57.2%40.0%57.0%65.1%123.5%
OCF / EBITDA % (3 years)——66.2%63.5%106.8%36.2%34.3%24.9%54.4%80.0%
Debt / equity—0.060.040.130.070.070.090.050.040.07
Current ratio5.123.142.912.653.883.472.944.443.313.92
Net debt / EBITDA-0.06—-0.190.410.260.210.25-0.07-0.100.30