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Ratnamani Q3 FY26: Consolidated PAT Rises to ₹135.4 Cr; EBITDA Margins Expand to 22.1%
Ratnamani Metals & Tubes reported a resilient Q3 FY26 with consolidated PAT growing 1.65% YoY to ₹135.38 crore, despite a 19% decline in consolidated revenue to ₹1,065.83 crore. The standalone business was hit by a 39% revenue drop due to lower demand in the carbon steel division, but this was offset by strong performance from subsidiaries like Ravi Technoforge and Ratnamani Finow Spooling. A significant highlight was the expansion of consolidated EBITDA margins to 22.1% from 16.9% YoY, driven by cost management and subsidiary contributions. Management expects order traction to improve from the next quarter as inquiries have begun to pick up.
Key Highlights
Consolidated EBITDA margins improved significantly to 22.1% in Q3 FY26 compared to 16.9% in Q3 FY25.
Standalone revenue declined 39% YoY to ₹794.33 crore, primarily due to subdued project execution in the carbon steel segment.
Subsidiary Ravi Technoforge (RTL) reported a strong revenue of ₹195.56 crore and a PAT of ₹13.07 crore.
Ongoing expansion projects in Kutch, Odisha, and Saudi Arabia are scheduled for completion between June 2026 and March 2027.
The company recognized a one-time impact of ₹18.20 crore related to the implementation of new labor codes.
💼 Action for Investors
Investors should monitor the recovery of the carbon steel order book and the execution timelines of the Saudi Arabian and Odisha expansion projects. While standalone revenue is currently under pressure, the strong margin profile and subsidiary growth provide a solid cushion for long-term holders.
Ratnamani Metals Q3 Net Profit Drops 39.6% YoY to ₹87.9 Cr; Revenue Down 38.6%
Ratnamani Metals & Tubes reported a weak set of numbers for Q3 FY26, with standalone revenue declining 38.6% YoY to ₹794.33 crore. Net profit fell significantly to ₹87.90 crore from ₹145.55 crore in the previous year's corresponding quarter. The bottom line was further pressured by a one-time exceptional charge of ₹18.20 crore due to the implementation of new statutory Labour Codes. On a 9-month basis, the company's net profit remains slightly lower at ₹341.05 crore compared to ₹353.27 crore in the prior year.
Key Highlights
Standalone Revenue from operations fell 38.6% YoY to ₹794.33 crore in Q3 FY26.
Net Profit declined by 39.6% YoY to ₹87.90 crore, impacted by lower sales and exceptional costs.
Recognized an exceptional item of ₹18.20 crore as a provision for the statutory impact of New Labour Codes.
Basic EPS for the quarter dropped to ₹12.54 from ₹20.76 in Q3 FY25.
9-month revenue for FY26 stands at ₹2,796.30 crore, down from ₹3,301.37 crore in the previous year.
💼 Action for Investors
Investors should exercise caution as the sharp decline in revenue indicates a potential slowdown in project execution or order inflows. Monitor management commentary regarding the order book pipeline and the sustainability of margins in the coming quarters.