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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 Metal&Tube Share Price

₹2,808.15 0.15 (0.01%)

As on 11-Sep'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 Metal&Tube Share Price

₹2,808.15 0.15 (0.01%)

As on 11-Sep'26 16:59

Key Metrics
Valuation Multiples
Market Cap
₹19,683 Cr.
Current Price
₹2,808.2
52-Week Low / High
₹1,900 / 3,342
TTM EPS
₹61.8
TTM Sales
₹4,314 Cr.
Book Value per Share
₹595.9
P/E Ratio
45.47
Higher than its 5-year historical median
Industry PE
24.8
Price to Book (P/B)
4.71
Lower than its 5-year historical median
Price to Sales (P/S)
4.56
Higher than its 5-year historical median
EV/EBITDA
23.68
Higher than its 5-year historical median
Dividend Yield
0.36%
Profitability Efficiency
Return on Equity (ROE)
13.89%
Outperforms industry median
Return on Capital Employed (ROCE)
18.01%
Outperforms industry median
Return on Assets (ROA)
10.39%
Operating Profit Margin
16.9%
Net Profit Margin
11.89%
Gross Profit Margin
18.7%
Growth Momentum
1-yr vs 3-yr growth
Sales Growth (1 Year)
Slowing versus 3-year growth rate
-24.34%
Operating Profit Growth (1 Year)
Slowing versus 3-year growth rate
-7.99%
Net Profit Growth (1 Year)
Slowing versus 3-year growth rate
-1.31%
Asset Quality
Promoter Holding
59.77%
Pledged shares (%) of Promoter's holding (%)
0.00%
Reserves
₹4,163 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

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 14.35%, compared to the industry median CAGR of 0%, 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 22.8% 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'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25Mar'26TTM
ROCE % 18.8%18.5%25.9%24.1%18.7%19.8%27.3%27.4%23%15.2%-
Value Creation
Index
0.30.30.90.80.40.51.01.40.70.1-

Growth Parameters

Sales 1,4121,7672,7552,5862,2983,1394,3704,8074,8763,6893,368
Sales YoY Gr.-25.2%55.9%-6.1%-11.1%36.6%39.2%10%1.4%-24.3%-
Adj EPS 20.620.333.341.138.144.571.284.77858.148.9
YoY Gr.--1.3%63.8%23.3%-7.3%17%59.9%18.9%-7.8%-25.5%-
BVPS (₹) 169.3186.6217.1243.7283.4320.6385459.6527.7576.4584.1
Adj Net
Profit
144142233288267312499593547407343
Cash Flow from Ops. 135-72.9554215545-272317489521976-
Debt/CF from Ops. 0-1.10.11.20.4-0.60.50.100-

CAGR

9 Years 5 Years 3 Years 1 Years
Sales 11.3%9.9%-5.5%-24.3%
Adj EPS 12.2%8.9%-6.5%-25.5%
BVPS14.6%15.3%14.4%9.2%
Share Price 22.6% 14.3% 0.9% 18.1%

Key Financial Parameters

Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25Mar'26TTM
Return on
Equity %
12.911.416.517.814.414.820.220.115.810.58.4
Op. Profit
Mgn %
18.21514.816.517.415.817.418.216.61614.2
Net Profit
Mgn %
10.28.18.511.111.69.911.412.411.211.110.2
Debt to
Equity
00.100.20.10.10.1000-
Working Cap
Days
201213153169183163165169189247138
Cash Conv.
Cycle
142157107111124117124131150186113

Valuation of Ratnamani Metal&Tube - Consolidated

YTD 1Y 3Y 5Y 10Y Max
mw4me loader

YTD 1Y 3Y 5Y 10Y Max
mw4me loader

YTD 1Y 3Y 5Y 10Y Max
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YTD 1Y 3Y 5Y 10Y Max
mw4me loader

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Analyst's Notes

data not found
No data found!

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 (%)

Financials

PARTICULARSMar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25Mar'26
Sales1,4121,7672,7552,5862,2983,1394,4745,0595,1864,494
Operating Expenses + 1,1551,5022,3492,1591,8992,6443,6994,1624,3633,736
Manufacturing Costs148215274264238320470482569555
Material Costs8801,1401,9041,6961,4712,1042,9463,3303,3722,680
Employee Cost 98109129145142159209258313365
Other Costs 2938425348617493109136
Operating Profit 256265406426399495775897824758
Operating Profit Margin (%) 18.2%15.0%14.7%16.5%17.4%15.8%17.3%17.7%15.9%16.9%
Other Income + 153342604438337360122
Exceptional Items 000000000-10
Interest 6101521232131453731
Depreciation 6061625957808398108132
Profit Before Tax 205228371406363431694828738706
Tax 61761189987108181203196172
Profit After Tax 144152253308276323512625542534
PAT Margin (%) 10.2%8.6%9.2%11.9%12.0%10.3%11.5%12.4%10.4%11.9%
Adjusted EPS (₹)20.621.736.143.939.446.072.888.977.668.9
Dividend Payout Ratio (%)17.80%18.50%16.60%18.20%23.70%13.50%16.50%15.80%18%14.50%
PARTICULARSMar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25Mar'26

Equity and Liabilities

Shareholders Fund + 1,1881,3091,5231,7091,9882,2482,6043,1413,6274,070
Share Capital 99999914141414
Reserves 1,1781,2991,5131,7001,9782,2392,5903,1273,6134,056
Debt +079652201469615387131285
Long Term Debt00017614696572165163
Short Term Debt079654410966666122
Minority Interest00000072762897
Trade Payables116193292264242314374356384340
Others Liabilities 110167173351240303577361734592
Total Liabilities 1,4141,7472,0532,5452,6172,9623,7804,0204,9035,385

Fixed Assets

Net Fixed Assets +4484454405008658751,1221,1641,3481,611
Gross Block5606166717891,2091,2971,6191,7552,0392,429
Accumulated Depreciation112171231289344422497591690818
CWIP 384717937176107101167190302
Investments 74020315563710913589179644
Inventories3395745908595371,1121,2591,3491,5061,275
Trade Receivables4255584623704036011,0099411,2651,013
Cash Equivalents 15514317455443420722574
Others Assets 741173711544116120104189466
Total Assets 1,4141,7472,0532,5452,6172,9623,7804,0204,9035,385
PARTICULARSMar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25Mar'26
Cash Flow From Operating Activity + 134-73554215546-283310511536936
PBT 205228371406363431694828738706
Adjustment 5350574548739983108105
Changes in Working Capital -50-278265-130191-664-333-175-127302
Tax Paid -74-72-139-106-57-122-150-224-182-178
Cash Flow From Investing Activity + -10221-360-357-470418-208-145-397-1,148
Capex -66-70-165-298-129-144-138-209-306-484
Net Investments -4775-203-79-376539-8045-124-671
Others 111682034221019337
Cash Flow From Financing Activity + -2842-5647-79-135-116-193-13059
Net Proceeds from Shares 00000003320
Net Proceeds from Borrowing -900200-15-50-72-45-34112
Interest Paid -4-6-10-13-19-17-20-32-26-16
Dividend Paid 0-26-28-980-65-65-84-98-98
Others -1474-19-42-44-242-342542
Net Cash Flow 4-10137-95-30-131739-152
PARTICULARSMar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25Mar'26
Ratios
ROE (%)12.912.1617.8619.0314.9315.2321.1221.7616.0113.89
ROCE (%)18.7318.4625.924.0818.6419.7527.7428.5621.9618.01
Asset Turnover Ratio1.081.131.461.140.91.131.381.321.170.88
PAT to CFO Conversion(x)0.93-0.482.190.71.98-0.880.610.820.991.75
Working Capital Days
Receivable Days100.80100.3066.9057.9060.9058.3063.4069.1077.2091.50
Inventory Days78.4093.1076.30100.8011095.8093.3092.4099.90111.60
Payable Days49.6049.5046.5059.8062.8048.3042.704040.1049.30

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Ratnamani Metals & Tubes Ltd FAQs

The current trading price of Ratnamani Metal&Tube on 11-Sep-2026 16:59 is ₹2,808.2.

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 10-Sep-2026 the market cap of Ratnamani Metal&Tube stood at ₹19,682.9 Cr

The latest P/E ratio of Ratnamani Metal&Tube as of 10-Sep-2026 is 57.37.

The latest P/B ratio of Ratnamani Metal&Tube as of 10-Sep-2026 is 4.81.

The 52-week high of Ratnamani Metal&Tube 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 Metal&Tube is ₹3,368 ( 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 Strong which suggest that the price of Ratnamani Metals & Tubes Ltd is likely to Rise 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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