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RATNAMANI - Ratnamani Metals

📊 NSE: RATNAMANI 🏢 Steel - Medium / Small 📅 Last Updated: 12/14/2025 11:40

📢 Recent Corporate Announcements

Ratnamani Metals & Tubes Receives Improved ESG Rating of 63 from SES ESG Research

🟢 POSITIVE ⭐ 4/10

REGULATORY 📅 13 Mar 2026, 05:22 PM

Ratnamani Metals & Tubes Limited has been assigned a voluntary ESG rating of 63 by SES ESG Research Private Limited for the financial year 2024-25. This score marks a marginal improvement from the previous year's rating of 61.8, indicating a positive trajectory in the company's sustainability and governance practices. The rating is based on the company's Business Responsibility and Sustainability Reporting (BRSR) and other public disclosures. Such ratings are increasingly critical for attracting institutional investors who prioritize ESG compliance in their portfolios.

Assigned an ESG rating of 63 for FY 2024-25 by SEBI-registered SES ESG Research.
The rating reflects a year-on-year improvement of 1.2 points from the previous score of 61.8.
The assessment is based on BRSR data and information available in the public domain.
SES ESG Research is a Category II ESG Rating Provider (ERP) registered with SEBI.

💡 Investors should note the steady improvement in the company's ESG profile, which enhances its appeal to institutional and ESG-focused funds. No immediate trading action is required, but this supports the long-term governance outlook for the company.

Ratnamani Metals Clarifies No Undisclosed Information Behind Recent Stock Price Movement

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 20 Feb 2026, 10:11 AM

Ratnamani Metals & Tubes Limited has responded to a clarification request from the National Stock Exchange (NSE) regarding significant recent movements in its share price. The company stated that there are no undisclosed events, information, or developments that could have triggered the price change. Management clarified that the movement appears to be purely market-driven and based on market sentiment. The company reaffirmed its commitment to timely disclosure of all price-sensitive information as per SEBI regulations.

NSE issued a surveillance query on February 19, 2026, regarding significant price movement.
Company confirms no pending announcements under Regulation 30 of SEBI LODR Regulations.
Management attributes the stock price volatility to market-driven factors rather than internal developments.
Company assures continued adherence to transparency and regulatory dissemination of information.

💡 Investors should ignore the noise of the price movement as the company has confirmed no material changes in fundamentals. Focus on upcoming financial results and industry demand for tubes and pipes for long-term valuation.

Ratnamani Metals Clarifies Clerical Error in Q2 FY26 Auditor Report Submission

🟡 NEUTRAL ⭐ 3/10

REGULATORY 📅 09 Feb 2026, 12:47 PM

Ratnamani Metals & Tubes Limited has responded to a clarification sought by the NSE regarding its Q2 FY26 financial results. The company explained that the consolidated Limited Review Report was initially submitted without a signature on the final page due to an inadvertent clerical oversight. However, the company rectified this by uploading the signed version at 18:56 on November 7, 2025, just hours after the board meeting concluded at 16:10. The company asserts that the corrected filing was made within the timelines prescribed under SEBI (LODR) Regulations.

NSE sought clarification on January 13, 2026, regarding the unsigned auditor report submitted on November 7, 2025.
The company admitted to an oversight where the last page of the Consolidated Limited Review Report remained unsigned.
Corrected and signed reports were resubmitted on the same day at 18:56, following the board meeting conclusion at 16:10.
Standalone financial reports were correctly signed and submitted without errors during the initial filing.
The company maintains that all submissions were within the regulatory time limits provided under Regulation 30(6).

💡 This is a procedural clarification regarding a clerical error and does not impact the company's financial health or operations. No action is required from investors as the compliance issue was rectified on the same day it occurred.

Ratnamani Q3 FY26: Consolidated PAT Rises to ₹135.4 Cr; EBITDA Margins Expand to 22.1%

🟡 NEUTRAL ⭐ 8/10

EARNINGS 📅 07 Feb 2026, 03:19 PM

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.

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.

💡 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%

🔴 NEGATIVE ⭐ 8/10

EARNINGS 📅 06 Feb 2026, 03:23 PM

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.

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.

💡 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.

Ratnamani Metals to Consider Q3 FY26 Results on February 6, 2026

🟡 NEUTRAL ⭐ 4/10

BOARD_MEETING 📅 31 Jan 2026, 09:59 AM

Ratnamani Metals & Tubes Limited has scheduled a board meeting on February 6, 2026, to approve the unaudited financial results for the quarter and nine months ended December 31, 2025. As per SEBI regulations, the trading window for designated persons has been closed since January 1, 2026, and will reopen on February 9, 2026. This is a routine regulatory announcement preceding the quarterly earnings release. Investors should track this date for the company's operational performance updates.

Board meeting scheduled for February 6, 2026, to approve Q3 and nine-month FY26 results
Results to cover both Standalone and Consolidated financial statements for the period ending December 31, 2025
Trading window closure period confirmed from January 1, 2026, to February 8, 2026
Compliance with Regulation 29 of SEBI (LODR) and Insider Trading Regulations

💡 No immediate action is required as this is a routine disclosure. Investors should monitor the actual earnings release on February 6 for performance trends.

Ratnamani Metals & Tubes Assigned ESG Rating of 58 by NSE Sustainability Ratings

🟡 NEUTRAL ⭐ 4/10

OTHER 📅 09 Jan 2026, 03:05 PM

Ratnamani Metals & Tubes Limited has received a voluntary ESG rating of 58 from NSE Sustainability Ratings & Analytics Limited. This rating is based on the company's Business Responsibility and Sustainability Reporting (BRSR) and public domain data for the financial year 2024-25. The disclosure demonstrates the company's commitment to transparency in non-financial performance metrics. While the score provides a baseline for sustainability, it is primarily informative for institutional and ESG-focused investors.

Assigned a voluntary ESG rating of 58 by NSE Sustainability Ratings & Analytics Limited.
Rating assessment is based on BRSR data and public information for FY 2024-25.
The rating was officially broadcasted on January 8, 2026, and reported to exchanges on January 9, 2026.
The disclosure is made under Regulation 30 of SEBI (LODR) Regulations, 2015.

💡 Investors should use this score as a baseline to track the company's future progress in sustainability and compare it with industry peers. No immediate portfolio changes are necessary based on this disclosure.

Ratnamani Metals Submits SEBI Compliance Certificate for Q3 FY2025-26

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 06 Jan 2026, 06:32 PM

Ratnamani Metals & Tubes Limited has filed its quarterly compliance certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018. The filing confirms that for the quarter ended December 31, 2025, the company's Registrar and Transfer Agent, MUFG Intime India Private Limited, processed all dematerialization requests within the prescribed timelines. The report verifies that security certificates were mutilated and cancelled after verification, and the name of the depositories was updated in the register of members. This is a standard administrative procedure to ensure the integrity of electronic shareholding records.

Compliance certificate submitted for the quarter ended December 31, 2025.
Confirmation received from Registrar and Transfer Agent MUFG Intime India Private Limited.
Dematerialized securities were confirmed and listed on the relevant stock exchanges.
Security certificates were mutilated and cancelled within mandated SEBI timelines.
The filing ensures the company remains in good standing with depository regulations.

💡 No action is required from investors as this is a routine regulatory filing confirming standard administrative compliance.

Ratnamani Metals to Close Trading Window from Jan 1, 2026 for Q3 FY26 Results

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 23 Dec 2025, 01:48 PM

Ratnamani Metals & Tubes Limited has announced the closure of its trading window for all designated persons and their immediate relatives starting January 1, 2026. This routine regulatory measure is in compliance with SEBI (Prohibition of Insider Trading) Regulations for the upcoming Q3 and nine-month financial results ending December 31, 2025. The window will remain closed until 48 hours after the financial results are officially declared to the public. The date for the board meeting to approve these results will be communicated at a later stage.

Trading window closure commences on Thursday, January 1, 2026
Closure is related to the unaudited financial results for the quarter and nine months ending December 31, 2025
Restriction applies to all Designated Persons and their immediate relatives as per the Company's Insider Trading Code
Trading window will reopen 48 hours after the public announcement of the financial results

💡 This is a standard regulatory filing and does not impact the company's fundamentals; investors should monitor for the upcoming board meeting date to assess Q3 performance.

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💰 Financial Performance

Revenue Growth by Segment

Standalone revenue for H1 FY26 was INR 2,001.96 Cr, showing a marginal decline of 0.3% from INR 2,007.84 Cr in H1 FY25. The Ratnamani Finow Spooling Solutions (RFSS) subsidiary achieved INR 110 Cr in Q2 FY26, with a full-year guidance of INR 300 Cr+.

Geographic Revenue Split

The company has diversified its revenue base through exports over the past few years to reduce domestic market dependency. It is expanding its footprint in the Middle East with a new stainless-steel plant in Saudi Arabia expected by FY27.

Profitability Margins

Profit Before Tax (PBT) for H1 FY26 was INR 339.52 Cr (16.9% margin) compared to INR 276.25 Cr (13.7% margin) in H1 FY25, representing a 22.9% increase in absolute PBT. The company earns above-industry-average profits due to high-end application products.

EBITDA Margin

The company is expected to maintain a comfortable average EBITDA margin of 17-18% over the medium term. Profitability ratios have further improved following the consolidation of results from RTL and RFSS.

Capital Expenditure

Ratnamani is executing a total planned capex of approximately INR 550 Cr, including INR 170 Cr for forward integration in SSTP (completed FY24), INR 160 Cr for 100,000 TPA HSAW capacity addition (by FY25 end), and INR 220 Cr for the RFSS JV (by H1 FY26).

Credit Rating & Borrowing

CRISIL has assigned a 'Positive' outlook, reflecting a strong financial risk profile with gearing less than 0.2 times and interest coverage exceeding 20 times over the last five fiscals.

⚙️ Operational Drivers

Raw Materials

The primary raw materials are stainless steel and carbon steel, which are procured on a back-to-back basis to align with specific customer orders and mitigate price volatility.

Import Sources

Raw materials are sourced globally, with strategic presence in Switzerland (Ratnamani Trade EU) and a new manufacturing base being established in Saudi Arabia to serve the regional market.

Capacity Expansion

Current expansion includes a 100,000 TPA capacity addition in the carbon steel helical submerged arc welded (HSAW) pipes segment, expected to be completed by the end of fiscal 2025.

Raw Material Costs

Cost of materials consumed for H1 FY26 was INR 1,216.50 Cr, representing approximately 60.7% of standalone revenue. The company uses a back-to-back procurement strategy to manage cost fluctuations.

Manufacturing Efficiency

Efficiency is driven by expertise in high-end application products and forward integration into stainless-steel seamless pipes to capture more value in the supply chain.

📈 Strategic Growth

Expected Growth Rate

15-18%

Growth Strategy

Growth will be achieved through forward integration into high-margin stainless-steel seamless pipes, a 100,000 TPA capacity expansion in HSAW pipes, and scaling the RFSS nuclear spooling JV from INR 50 Cr to INR 350 Cr revenue. International growth is targeted via a new plant in Saudi Arabia by FY27.

Products & Services

Stainless Steel Tubes and Pipes (SSTP), Carbon Steel Pipes (HSAW/LSAW/ERW), and specialized spools for nuclear power plants.

Brand Portfolio

Ratnamani Metals & Tubes Ltd.

New Products/Services

Nuclear power plant spools through the RFSS JV are expected to contribute INR 300 Cr+ to annual revenue.

Market Expansion

Expansion into the Saudi Arabian market with a stainless-steel plant scheduled for completion by the end of fiscal 2027.

Market Share & Ranking

Ratnamani holds a market leadership position in the Indian stainless-steel tubes and pipes (SSTP) segment.

Strategic Alliances

Joint Ventures include Ratnamani Finow Spooling Solutions (with Techenergy AG) for nuclear projects and a JV with Saudi Electric Supply Company for regional expansion.

🌍 External Factors

Industry Trends

The industry is seeing a shift toward high-margin specialized segments like nuclear power and high-end seamless pipes. Ratnamani is positioning itself by expanding its nuclear spooling capacity and forward integration.

Competitive Landscape

Ratnamani is one of the largest players in the SSTP and carbon steel pipe segments in India, competing on quality and customization.

Competitive Moat

The moat is built on market leadership in SSTP, long-standing customer relationships, and the technical capability to manufacture high-end application products, which are difficult for competitors to replicate.

Macro Economic Sensitivity

Highly sensitive to the capex cycles of end-user industries such as oil and gas and power; a slowdown in these sectors directly impacts order book growth.

Consumer Behavior

Demand is driven by industrial shifts toward cleaner energy (nuclear) and infrastructure upgrades in the water and oil & gas sectors.

Geopolitical Risks

Trade barriers or regional instability in the Middle East could impact the Saudi Arabian JV and export revenue diversification.

⚖️ Regulatory & Governance

Industry Regulations

Operations are subject to environmental pollution norms and manufacturing standards for high-pressure applications in the nuclear and oil & gas sectors.

Environmental Compliance

Ratnamani operates zero liquid discharge mechanisms at all three manufacturing facilities and has invested in 12 MW of solar power to reduce its carbon footprint.