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Swing Capital

Ratnamani Metals & Tubes Ltd

NSE: RATNAMANI BSE: 520111Metal

Ratnamani Metals & Tubes Ltd is engaged in the manufacturing of stainless steel pipes and tubes and carbon steel pipes from its manufacturing facilities in India.[1]

₹2,453
52W: ₹1900 — ₹3345
PE 38.9 · Book ₹582 · +321% vs book
Market Cap₹17,194 Cr
Stock P/E38.9Price to Earnings
ROCE15.4%Return on Capital
ROE11.3%Return on Equity
Div. Yield0.56%Face Value ₹2

Strengths

  • +Company is almost debt free.

Weaknesses

  • −The company has delivered a poor sales growth of 9.93% over past five years.

Shareholding Pattern

Promoters59.77%
FIIs10.6%
DIIs19.45%
Public10.15%
CategoryJun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Promoters59.77%59.77%59.77%59.77%59.77%59.77%59.77%59.77%
FIIs12.61%12.7%▲0.111.56%▼1.111.63%▲0.111.28%▼0.411.15%▼0.111.11%▼0.010.6%▼0.5
DIIs16.58%16.75%▲0.218.74%▲2.018.8%▲0.119.18%▲0.418.79%▼0.418.92%▲0.119.45%▲0.5
Public11.03%10.75%▼0.39.92%▼0.89.79%▼0.19.74%▼0.010.26%▲0.510.19%▼0.110.15%▼0.0

Financial Statements

MetricDec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Sales1,1991,4241,1108981,2941,5751,062940794893
Expenses1,0051,1849567491,0801,283871800658771
Operating Profit194240155149214292192140136122
OPM %16%17%14%17%17%19%18%15%17%14%
Net Profit1341681051021462251451088893
EPS ₹19.1823.9915.0214.6220.7732.0620.6815.4412.5413.25

AI Insights

Revenue Trend

Mar 2026 revenue at ₹3,689Cr, down 24.3% YoY. OPM at 16%.

Debt Position

Borrowings at ₹13Cr. Debt-to-equity ratio: 0.00x. Healthy balance sheet.

Capex Cycle

CWIP at ₹185Cr (14% of fixed assets). Moderate ongoing capital expenditure.

Institutional Flow

DIIs: 19.45% (+3.00pp change). FIIs: 10.6% (-2.19pp change). Promoters hold 59.77%.

Margin & Efficiency

ROCE declining from 30% (Mar 2015) to 15% (Mar 2026). Working capital days: 236.

Valuation

PE 38.9x with 15.4% ROCE. Price is 321% above book value of ₹582. Dividend yield: 0.56%.

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