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Ratnamani Metals & Tubes Ltd (RATNAMANI)

Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 520111 NSE: RATNAMANI Steel & Iron Products | Small Cap | Ratnamani Metals Share Price

₹2,581.40 51.70 (2.04%)

As on 12-Jun'26 16:59

Ratnamani Metals & Tubes Ltd (RATNAMANI)

Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 520111 NSE: RATNAMANI Steel & Iron Products | Small Cap | Ratnamani Metals Share Price

₹2,581.40 51.70 (2.04%)

As on 12-Jun'26 16:59

Key Metrics
Valuation Multiples
Market Cap
₹18,094 Cr.
Current Price
₹2,581.4
52-Week Low / High
₹1,900 / 3,342
TTM EPS
₹61.9
TTM Sales
₹3,689 Cr.
Book Value per Share
₹582.2
P/E Ratio
41.69
Higher than its 5-year historical median
Industry PE
25.1
Price to Book (P/B)
4.43
Lower than its 5-year historical median
Price to Sales (P/S)
4.90
Higher than its 5-year historical median
EV/EBITDA
25.22
Higher than its 5-year historical median
Dividend Yield
0.54%
Profitability Efficiency
Return on Equity (ROE)
16.71%
Outperforms industry median
Return on Capital Employed (ROCE)
22.95%
Outperforms industry median
Return on Assets (ROA)
13.77%
Operating Profit Margin
16.6%
Net Profit Margin
11.85%
Gross Profit Margin
17.7%
Growth Momentum
1-yr vs 3-yr growth
Sales Growth (1 Year)
Slowing versus 3-year growth rate
1.44%
Operating Profit Growth (1 Year)
Slowing versus 3-year growth rate
-7.47%
Net Profit Growth (1 Year)
Slowing versus 3-year growth rate
-5.03%
Asset Quality
Promoter Holding
59.77%
Pledged shares (%) of Promoter's holding (%)
0.00%
Reserves
₹4,067 Cr.
Equity
₹14 Cr.
Face Value
₹2
All Time Low / High
₹0.61 / 3971.80

Ratnamani Metals & Tubes stock performance

Key Ratios
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Check Before You Invest

Valuation

Overvalued

Price Trend

Semi Strong
Q.1 Is Ratnamani Metals & Tubes Ltd a good quality company?
Ratnamani Metals & Tubes Ltd is a good quality company, based on a consistently good multi-year financial track record.

This assessment is based on company’s performance on Revenue growth, ROCE, Equity and Assets, key margin ratios, cash conversion cycle, and debt to cash flow from operations and how it compares with its long term averages.

We have analysed the performance of the company on the following:

  • How has it performed on generating Profits?

    By checking its Revenue growth, Gross, Operating and Net Margins compared to its last 5-year median.

  • How efficiently has it utilized Capital?

    By checking its ROCE, ROA, ROE and its Cash Conversion Cycle.

  • How is it managing its Debt?

    By checking its Debt to Equity and Cash Flow from Operations.

How does Ratnamani Metals & Tubes Ltd performance compare with that of its Peers?
Q.1 Revenue growth of Ratnamani Metals & Tubes Ltd vs industry peers?
Ratnamani Metals & Tubes Ltd revenue CAGR is 13.53%, compared to the industry median CAGR of 7.56%, indicating faster growth and gaining its market share.
Q.1 Promoter shareholding and pledge status of Ratnamani Metals & Tubes Ltd?
Promoters hold 59.77% of the Ratnamani Metals & Tubes Ltd, with 0.00% of their stake pledged, indicating no pledge risk.
Q.1 Stock return of Ratnamani Metals & Tubes Ltd over the last decade?
Over the last 9 year(s), the stock has delivered a CAGR of 21.8% based on the current price.

10 Year X-Ray :

Analysis of Financial Track Record (Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end)

Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end

Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end.

Financial track record gives insight into the company's performance on key parameters over the past ten years. MoneyWorks4me’s proprietary colour codes make it easy for retail investors to gauge the company’s past performance.
Ratnamani Metals & Tubes Ltd has performed well in majority of the past ten years indicating its past ten year financial track record is very good

Value Creation

Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25TTM
ROCE % 24.5%18.8%18.5%25.9%24.1%18.7%19.8%27.3%27.4%23%-
Value Creation
Index
0.80.30.30.90.80.40.51.01.40.7-

Growth Parameters

Sales 1,7181,4121,7672,7552,5862,2983,1394,3704,8074,8763,689
Sales YoY Gr.--17.8%25.2%55.9%-6.1%-11.1%36.6%39.2%10%1.4%-
Adj EPS 23.820.620.333.341.138.144.571.284.77861.9
YoY Gr.--13.6%-1.3%63.8%23.3%-7.3%17%59.9%18.9%-7.8%-
BVPS (₹) 149169.3186.6217.1243.7283.4320.6385459.6527.7582.2
Adj Net
Profit
167144142233288267312499593547434
Cash Flow from Ops. 156135-72.9554215545-272317489521-
Debt/CF from Ops. 0.20-1.10.11.20.4-0.60.50.10-

CAGR

9 Years 5 Years 3 Years 1 Years
Sales 12.3%13.5%15.8%1.4%
Adj EPS 14.1%13.7%20.6%-7.8%
BVPS15.1%16.7%18.1%14.8%
Share Price 22.7% 13.9% 3.8% -10.7%

Key Financial Parameters

Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25TTM
Return on
Equity %
17.112.911.416.517.814.414.820.220.115.811.2
Op. Profit
Mgn %
16.818.21514.816.517.415.817.418.216.616
Net Profit
Mgn %
9.710.28.18.511.111.69.911.412.411.211.8
Debt to
Equity
000.100.20.10.10.1000
Working Cap
Days
146201213153169183163165169189138
Cash Conv.
Cycle
94142157107111124117124131146113

Profit And Loss

(All Figures are in Crores.)
PARTICULARSMar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25
Sales1,7181,4121,7672,7552,5862,2983,1394,3704,8074,876
Operating Expenses + 1,4321,1541,5022,3492,1591,8992,6443,6083,9334,067
Manufacturing Costs162148215274264238320447427495
Material Costs1,1308801,1401,9041,6961,4712,1042,8913,1943,209
Employee Cost 10098109129145141158194224266
Other Costs 40293841544962768797
Operating Profit 286257265406426399495762874809
Operating Profit Margin (%) 16.6%18.2%15.0%14.7%16.5%17.4%15.8%17.4%18.2%16.6%
Other Income + 17143342604438314683
Exceptional Items 0000000000
Interest 661015212321232722
Depreciation 57606162595780768492
Profit Before Tax 240205228371406363431694810778
Tax 7561761189987108180201200
Profit After Tax 165144152253307276322514609578
PAT Margin (%) 9.6%10.2%8.6%9.2%11.9%12.0%10.3%11.8%12.7%11.9%
Adjusted EPS (₹)23.620.621.736.143.939.446.073.386.882.5
Dividend Payout Ratio (%)15.60%17.80%18.50%16.60%18.20%23.70%13.50%16.40%16.10%17%

Valuation of Ratnamani Metals - Standalone

YTD 1Y 3Y 5Y 10Y Max
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YTD 1Y 3Y 5Y 10Y Max
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YTD 1Y 3Y 5Y 10Y Max
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YTD 1Y 3Y 5Y 10Y Max
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Analyst's Notes

data not found
No data found!

Balance Sheet

(All Figures are in Crores.)
PARTICULARSMar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25

Equity and Liabilities

Shareholders Fund + 1,0441,1871,3081,5221,7081,9862,2472,6993,2213,699
Share Capital 9999999141414
Reserves 1,0351,1781,2991,5131,6991,9772,2382,6853,2073,685
Debt +1407965220146969500
Long Term Debt0000176146964500
Short Term Debt140796544105000
Minority Interest0000000000
Trade Payables123116193292264243315328310332
Others Liabilities 136110167173351240303448255576
Total Liabilities 1,3171,4131,7462,0522,5442,6162,9613,5693,7864,607

Fixed Assets

Net Fixed Assets +4464484454405008658759419551,097
Gross Block4995606166717891,2091,2971,4311,5261,753
Accumulated Depreciation53112171231289344422490571656
CWIP 4838471793717610787158148
Investments 24740203155637109244198328
Inventories2953395745908595371,1121,1931,2751,240
Trade Receivables3904255584623704036019678961,293
Cash Equivalents 11155142173544233205220
Others Assets 10474117371154411610599282
Total Assets 1,3171,4131,7462,0522,5442,6162,9613,5693,7864,607

Cash Flow

(All Figures are in Crores.)
PARTICULARSMar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25
Cash Flow From Operating Activity + 156135-73554215545-272317489521
PBT 240205228371406363431694810778
Adjustment 40535057454873857859
Changes in Working Capital -58-50-279265-130190-653-313-176-136
Tax Paid -66-74-72-139-106-57-122-148-222-180
Cash Flow From Investing Activity + -10-10221-360-357-470406-243-109-345
Capex -61-66-70-165-298-129-144-125-173-212
Net Investments 31-4775-203-79-376528-12846-130
Others 20111682034221019-3
Cash Flow From Financing Activity + -179-2842-5647-79-135-83-208-160
Net Proceeds from Shares 0000000000
Net Proceeds from Borrowing -9-900200-15-50-50-50-44
Interest Paid -3-4-6-10-13-19-17-17-23-17
Dividend Paid -510-26-28-980-65-65-84-98
Others -116-1474-19-42-44-249-51-2
Net Cash Flow -335-10137-95-40-917215

Financial Ratio

PARTICULARSMar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25
Ratios
ROE (%)16.9212.9412.1717.8819.0414.9415.2320.7920.5616.71
ROCE (%)24.4518.7718.4725.9124.0918.6519.7527.3427.3722.95
Asset Turnover Ratio1.431.081.131.471.140.91.131.391.331.17
PAT to CFO Conversion(x)0.950.94-0.482.190.71.97-0.840.620.80.9
Working Capital Days
Receivable Days61.60100.80100.3066.9057.9060.9058.3063.1069.4081.40
Inventory Days6478.4093.1076.30100.8011095.8092.8091.9093.50
Payable Days40.3049.6049.5046.5059.8062.9048.4040.6036.5036.50

Management X-Ray

Shareholding Pattern

Promoter's Holding & Share Pledging

Pledged *0.000.000.000.000.000.000.000.000.000.00
* Pledged shares as % of Promoter's holding (%)

Top 5 Mutual Funds Holding

Last Visited Stocks

Announcements

Ratnamani Metals & Tubes Ltd FAQs

The current trading price of Ratnamani Metals on 12-Jun-2026 16:59 is ₹2,581.4.

Market capitalization or market cap is determined by multiplying the current market price of a company's shares with the total number of shares outstanding. As of 11-Jun-2026 the market cap of Ratnamani Metals stood at ₹18,093.6 Cr

The latest P/E ratio of Ratnamani Metals as of 11-Jun-2026 is 41.69.

The latest P/B ratio of Ratnamani Metals as of 11-Jun-2026 is 4.43.

The 52-week high of Ratnamani Metals is ₹3,342.4 and the 52-week low is ₹1,900.1.

The TTM revenue is Trailing Twelve Months sales. The TTM revenue/sales of Ratnamani Metals is ₹3,689 ( Cr.) .

Past 10 year's financial track record analysis by Moneyworks4me indicates that Ratnamani Metals & Tubes Ltd is a good quality company.

The key valuation ratios of Ratnamani Metals & Tubes Ltd's currently when compared to its past seem to suggest it is in the Overvalued zone.

The Price Trend analysis by MoneyWorks4Me indicates it is Semi Strong which suggest that the price of Ratnamani Metals & Tubes Ltd is likely to Rise-somewhat in the short term. However, please check the rating on Quality and Valuation before investing.

About Ratnamani Metals & Tubes Ltd

Ratnamani Metals & Tubes has upheld a distinguished position at the forefront of India's steel tube and pipe industry. Since its inception in 1983, the company is just not only manufacturing products but also delighting customers through its unmatched quality. The company supplies tubes and pipes in accordance with appropriate International Standards as well as Customer Specifications in a large variety of steel grades and dimensions. Client specific requirements on technical parameters are offered on request. The company ensures high degree of flexibility in production-planning to meet Customer’s urgent delivery requirements. The company's unflinching commitment to quality and services has ensured client loyalty.

Over the span of time, the company has grown to become a multi-location, multi-product company providing critical tubing and piping solutions to diverse range of industries & niche markets in core sectors Viz., Oil & Gas, Refinery & Petrochemical, Dairy, Chemical & Fertilizer, Thermal, Solar & Nuclear Power, LNG, Desalination, Defense, Aerospace, Chillers & Cooling system, Pulp & Paper Industry, Automobile etc. The company has an impressive clientele comprising of major public, private and joint sector companies across the globe, who are leaders in their respective segments. The company has deployed proven and well accepted technologies and is continuously upgrading and modifying the production and testing facilities so as to keep pace with innovations / improvements in the field. 

Business area of the company

Ratnamani Metals & Tubes is engaged in the manufacturing of stainless steel pipes and tubes and carbon steel pipes. The company’s state-of-the-art manufacturing facilities produce high-quality tubes and pipes that conform to international standards. The company caters both domestic and international markets.

Product Lines

  • Stainless Steel
  • Nickel Alloy
  • Titanium Welded Tubes
  • Carbon Steel
  • Coating Solutions
  • Induction Bending

Milestones

1985-1999

  • The company commenced production of Stainless Steel Welded Pipes & Seamless Tubes, as twin smallscale units.
  • Established facilities for manufacturing Stainless Steel Electric Fusion Welded (EFW) Pipes.
  • Listed on the Bombay Stock Exchange (BSE) & Ahmedabad Stock Exchange (ASE).
  • Commenced production of Submerged Arc Welded (SAW) Pipes.
  • Received API 5L Monogramming License.
  • Commenced production of Stainless Steel Tubes for Automobile Exhaust System.

2000-2014

  • Installed the first mobile plant for the Narmada Canal Pipeline Project under the Government of Gujarat.
  • Achieved Quality Management System accredited to ISO 9002 under Lloyd’s Register Quality Assurance (LRQA).
  • Received recognition as a well-known Tube/Pipe Maker under IBR.
  • Received Pressure Equipment Directive (PED) certification.
  • Received approval from Nuclear Power Corporation of India Limited for supplying Critical Instrumentation Seamless Tubes for Primary Piping of Nuclear Reactors.
  • Upgradation of ISO 9002 Quality System to ISO 9001:2000.
  • Implemented Environment, Health & Safety (EHS) policy throughout the organisation.
  • Enhancement of current capacity by establishing new manufacturing facility - the New Unit at Kutch, Gujarat.
  • Commenced manufacturing of Welded Cold Drawn Duplex Steel Tubes as per SA 789/UNS31803 and UNS32205.
  • Received Vendor Approval from Saudi Aramco and SABIC for Stainless Steel Seamless Tubes.
  • Enhanced Stainless Steel Cold Finishing capacity at the Indrad facility.
  • Received vendor approval from Saudi Aramco for Stainless Steel Seamless and Welded Pipes and Titanium Welded Tubes.
  • Developed a facility to manufacture 8NPS and 10NPS diameter pipes in LSAW.
  • Received the first order from the LNG sector to supply stainless steel seamless pipes with coating.
  • Successfully executed an order for a prestigious project of ITER.

2015-2019

  • Upgraded LSAW Pipe manufacturing facility up to 32 mm thickness (earlier capacity was 25 mm thickness).
  • Received the highest order bookings in the Company’s history for the Stainless-Steel division, LSAW division, and HSAW division.
  • Initiated work on setting up a hot extrusion facility of 20,000 tonnes for large-diameter seamless stainless-steel pipes.
  • RMTL announced the expansion of its LSAW capacity from 40ktpa to 120ktpa, driven by strong demand.

2020-2025

  • Installed & commissioned a state-of-the-art Hot Extrusion press of 4,500 MT force to produce stainless steel/Nickel alloy seamless pipes up to 10-inch diameter.
  • Installed & commissioned a state-of-the-art L-SAW Plant to produce Line Pipe. An additional finishing line was added for carbon steel ERW pipes.
  • Achieved the highest order bookings ever in the Stainless Steel division and the CS Pipes Division.
  • Booked the single largest order of Oil & Gas in the history of Ratnamani from a domestic pipeline project.
  • Received approval for the new LSAW facility for manufacturing API X-70 Grade Line Pipes.
  • Received approval for Hot Induction Bends from ONGC, opening a new market segment.
  • Received international approvals from NEOM, Saudi Arabia & National Gas Company, Trinidad and Tobago, for Ratnamani Kutch Carbon Steel facility.
  • Received KIWA certification virtual audit successfully.
  • Achieved the highest ever turnover with highest ever profit.
  • Acquisition of a subsidiary Company engaged in high-precision forged and turned bearing rings, gear blanks and other similar bearing components.
  • Largest ever order of Carbon Steel Coated Pipes for water supply.
  • Commissioning of Solar Power project of 15 MW for Captive use.
  • NADCAP approval for heat treatment & NDT and IATF approvals in the Stainless Steel division.
  • Received BIS Certificate for Stainless Steel Pipes and Tubes.
  • Joint venture agreement with Technoenergy AG, Switzerland for setting up manufacturing facilities for production of various high end application products, through a subsidiary company in India.
  • Setting up a marketing office in Abu Dhabi, UAE, through a subsidiary company.
  • Setting up of an exclusive trading house to import and distribute various categories of stainless-steel products in Europe, manufactured by the Company, through a subsidiary company.
  • First in India, commercial production of a hydrogen-compliant pipeline.
  • Highest ever export contribution in the total revenue in the FY25 and highest order book for exports as on April 1, 2025.
  • First order for Sour Service (transporting Sour Crude).
  • Joint Venture with Tamimi group, a local partner for setting up a manufacturing facility for seamless products in the Kingdom of Saudi Arabia to serve KSA / GCC Customers.

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