Ratnamani Metals & Tubes Ltd (RATNAMANI)
🎯 Key Takeaways
- Ratnamani Metals & Tubes Ltd is in a phase of stabilized growth, leveraging subsidiary performance to offset standalone operational pressures, with consistent profitability and shareholder-friendly capital allocation. The company maintains a healthy balance sheet and strong promoter holding, while institutional interest remains steady amid ESG validation and governance continuity.
- Revenue declined 10.4% QoQ to ₹972 in Q1FY27.
- ⚠️ Overreliance on subsidiary performance to offset standalone operational weakness, which is exposed to infrastructure sector volatility.
📖 The Story
Ratnamani Metals & Tubes Ltd is in a phase of stabilized growth, leveraging subsidiary performance to offset standalone operational pressures, with consistent profitability and shareholder-friendly capital allocation. The company maintains a healthy balance sheet and strong promoter holding, while institutional interest remains steady amid ESG validation and governance continuity.
📰 What's Happening
In Q1 FY27 (August 2026), the company reported consolidated revenue of ₹971.63 crores and PAT of ₹179.79 crores, up 18.5% and 18.2% YoY respectively, driven primarily by subsidiary performance despite headwinds in standalone sales and infrastructure spending. The 42nd AGM on August 18, 2026, approved the audited standalone and consolidated financial statements for FY2026, declared a dividend of Rs.10 per share, and reappointed directors Shanti M. Sanghvi and Manoj Prakash Sanghvi with near-unanimous shareholder approval. Shareholders also ratified the cost auditor’s remuneration. Earlier, on August 22, 2026, the board confirmed that designated persons must not trade shares until 48 hours after Q1 results were publicly announced. Additionally, CRISIL ESG Ratings assigned an Adequate score of 59 on August 28, 2026, reflecting its BRSR disclosures and sustainability practices.
Source: Stock Announcements
📊 Quarterly Results (₹ Cr)
| Metric | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|
| Revenue | 1,192 | 1,066 | 1,085 | 972 |
| Operating Profit | 179 | 172 | 119 | 126 |
| OPM % | 15.0% | 16.1% | 11.0% | 13.0% |
| Net Profit | 156 | 135 | 116 | 107 |
| EPS | ₹19.43 | ₹15.67 | ₹14.94 | ₹11.72 |
The company’s quarterly revenue peaked at ₹1,192 crores in September 2025 but moderated to ₹972 crores in June 2026, aligning with management’s indication of infrastructure spending pressures affecting standalone operations. However, profitability remained resilient, with PAT holding steady at ₹179.79 crores in Q1 FY27 despite lower standalone performance, supported by subsidiary contributions. Operating margins have shown a gradual decline from 16.1% in December 2025 to 13.0% in June 2026, suggesting cost or pricing pressures, yet net profit growth remained positive YoY. The consistent dividend declaration and shareholder approval of financials underscore management’s confidence in cash flow generation, even as operational headwinds persist.
🔮 Management Outlook & What's Next
Management did not provide explicit forward guidance in the reviewed filings, including the Q1 FY27 results or AGM outcomes. While past performance has been driven by subsidiary growth and operational resilience, no strategic roadmap or outlook was disclosed regarding future revenue, margin, or capital allocation expectations. The absence of forward-looking commentary suggests a focus on execution rather than expansion, with decisions deferred to future board meetings pending new guidance.
Extracted from official company announcements. Not StockFin.ai's opinion.
🏦 Balance Sheet (₹ Cr)
| Item | Mar 2025 | Mar 2025 | Mar 2026 | Mar 2026 |
|---|---|---|---|---|
| Equity Capital | 14 | 14 | 14 | 14 |
| Reserves | 3,279 | 3,623 | 3,858 | 4,097 |
| Borrowings | 265 | 157 | 241 | 304 |
| Total Liabilities | 4,317 | 4,906 | 4,978 | 5,388 |
| Fixed Assets | 1,155 | 1,323 | 1,445 | 1,611 |
| Investments | 80 | 180 | 638 | 644 |
| Total Assets | 4,317 | 4,906 | 4,978 | 5,388 |
The balance sheet shows a stable capital structure with minimal debt and growing equity and reserves. Total assets increased to ₹5,388 crores as of March 2026 from ₹4,906 crores in March 2025, while borrowings rose modestly from ₹157 to ₹304 crores, indicating conservative leverage. Equity remained flat at ₹14 crores, but reserves grew from ₹3,623 to ₹4,097 crores, reflecting retained earnings and capital reserves. This suggests the company is reinvesting profits internally or building buffers rather than pursuing aggressive expansion or high-cost financing, supporting financial resilience.
💰 Cash Flow Statement (₹ Cr)
| Item | Mar 2026 |
|---|---|
| Operating | +936 |
| Investing | -1,148 |
| Financing | +59 |
| Net Cash Flow | -152 |
👥 Shareholding Pattern
| Category | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|
| Promoters | 59.8% | 59.8% | 59.8% | 59.8% |
| FII | 11.2% | 11.1% | 10.6% | 10.7% |
| DII | 18.8% | 18.9% | 19.5% | 19.1% |
| Public | 8.5% | 8.4% | 8.3% | 8.6% |
| # Shareholders | 40,486 | 39,516 | 38,601 | 36,573 |
Promoter holding remains steady at 59.77% across all quarters, indicating long-term control and confidence. Institutional interest, as reflected by FII and DII holdings, has shown a slight decline in FII share from 11.15% in Q2FY26 to 10.72% in Q1FY27, while DII holdings have remained relatively stable around 19%. The number of public shareholders has gradually decreased from 40,486 to 36,573, suggesting consolidation in retail ownership. No significant selling by promoters or institutions is evident, and the stable promoter stake supports governance continuity.
⚖️ Peer Comparison — Capital Goods-Non Electrical Equipment
| Company | MCap (₹ Cr) | P/E | ROCE | ROE | D/E |
|---|---|---|---|---|---|
| CUMMINSIND | 1.41 L Cr | 59.5 | 36.6% | 27.9% | 0.00 |
| WELCORP | 67,358 | 29.1 | 27.3% | 25.3% | 0.24 |
| APLAPOLLO | 61,642 | 50.1 | 35.9% | 29.2% | 0.15 |
| TIINDIA | 53,529 | 88.2 | 23.6% | 14.3% | 0.05 |
| INDOMIM | 42,466 | — | — | — | 0.39 |
| KIRLOSENG | 31,090 | 56.9 | 13.7% | 14.8% | 1.47 |
| JYOTICNC | 22,489 | 69.9 | 24.1% | 19.1% | 0.29 |
| GRINDWELL | 21,989 | 50.4 | 23.3% | 17.3% | 0.00 |
| CARBORUNIV | 20,993 | 99.5 | 8.0% | 4.8% | 0.08 |
| ELGIEQUIP | 19,924 | 44.3 | 23.6% | 20.1% | 0.18 |
🔗 Peer Stock Analyses
⚠️ Risk Factors
1. Overreliance on subsidiary performance to offset standalone operational weakness, which is exposed to infrastructure sector volatility. 2. Declining operating margins in recent quarters, signaling potential pricing pressure or cost inefficiencies that could impact profitability if not managed. 3. Limited forward-looking guidance from management, reducing visibility into how the company plans to address margin trends or scale subsidiary contributions. 4. High promoter concentration (59.77%) may limit market liquidity and increase vulnerability to single-stakeholder influence, especially if exit pressure arises.
📋 Recent Filings
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🟡 sustainability report 31 August 2026CRISIL ESG Ratings assigned Ratnamani Metals & Tubes an Adequate score of 59 on August 28, 2026, reflecting its BRSR performance and public disclosure...
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Announcement 24 August 2026Ratnamani Metals & Tubes announced that its subsidiary Ratnamani Finow Spooling Solutions Private Limited received export orders worth approximately U...
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🟡 Board Meeting 22 August 2026RATNAMANI held its 42nd AGM on August 18, 2026 via video conference, adopting audited standalone and consolidated financial statements for FY2025-26, ...
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🟡 Board Meeting 19 August 2026Ratnamani Metals & Tubes Limited held its 42nd Annual General Meeting on August 18, 2026 via video conferencing, where shareholders approved five ordi...
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🟡 Board Meeting 18 August 2026RATNAMANI held its 42nd AGM on August 18, 2026 via video conference, with 39 shareholders present out of 40,278 eligible. Chairman Prakash Sanghvi pre...
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🔴 Financial Results 7 August 2026RATNAMANI reported consolidated revenue of ₹971.63 crores and PAT of ₹179.79 crores for Q1 FY27, up 18.5% and 18.2% YoY respectively, driven by subsid...
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🔴 annual report 21 July 2026The filing announces the 42nd AGM of Ratnamani Metals & Tubes Limited scheduled for August 18, 2026, via video conferencing. It includes adoption of a...
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Announcement 7 July 2026Ratnamani Metals & Tubes announced it received a SEBI-mandated confirmation certificate from its registrar for the quarter ended June 30, 2026, valida...
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Financial Results 24 June 2026Ratnamani Metals & Tubes Limited announced that its designated persons and immediate relatives must not trade its shares from July 1, 2026 until 48 ho...
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Announcement 23 June 2026Ratnamani Metals & Tubes announced it subscribed to 75 equity shares representing 75% of Saudi Arabia Riyal 20,000 each in its newly formed joint vent...
🧠 Analyst's Read
Ratnamani Metals & Tubes demonstrates resilience through subsidiary-driven profitability and disciplined capital allocation, supported by strong governance and ESG validation. However, the lack of forward guidance and margin pressure in core operations warrant caution. Investors should monitor upcoming management commentary for strategic direction and the sustainability of subsidiary performance amid macroeconomic headwinds.
Based on filing content and financial data. Not a recommendation.
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Data sourced from stock announcements. Analysis generated by StockFin.ai.
For informational purposes only — not investment advice. Updated 2026-09-02.
Editorial & Data Transparency Notice
This analysis was programmatically compiled using StockFin AI utilizing official regulatory disclosures from the BSE and NSE. Content is automatically synthesized and audited against public financial filings. StockFin.ai is an educational research platform and is NOT a SEBI-registered investment advisor or research analyst.
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