Ratnamani Metals & Tubes Ltd. (IN:RATNAMANI)
:RATNAMANI
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Ratnamani Metals & Tubes Ltd.
(RATNAMANI)
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Rating:65Neutral
Price Target:
₹2,654.00
▲(12.79% Upside)
Action:Downgraded
Date:05/19/26
The score is primarily supported by strong financial strength (low leverage and solid profitability), but is held back by a weaker near-term technical setup and a relatively high P/E with a low dividend yield, especially given recent revenue and free-cash-flow softness.
Positive Factors
Conservative balance sheet
Very low leverage and a growing equity base give the company durable financial flexibility. This supports winning and executing large, capital-intensive project orders, funds cyclical downturns without heavy refinancing, and sustains strategic reinvestment capacity over multiple quarters.
Negative Factors
Recent revenue decline
A notable revenue decline signals softer underlying demand or pricing pressure in key markets. For a project-driven tubulars business, falling revenues reduce order visibility, strain capacity utilization and can erode fixed-cost leverage, making recovery dependent on cyclical capex timing.
Read all positive and negative factors
Positive Factors
Negative Factors
Conservative balance sheet
Very low leverage and a growing equity base give the company durable financial flexibility. This supports winning and executing large, capital-intensive project orders, funds cyclical downturns without heavy refinancing, and sustains strategic reinvestment capacity over multiple quarters.
Read all positive factors
Ratnamani Metals & Tubes Ltd. (RATNAMANI) vs. iShares MSCI India ETF (INDA)
Market Cap
₹178.50B
Dividend Yield0.6%
Average Volume (3M)1.22K
Price to Earnings (P/E)32.0
Beta (1Y)0.63
Revenue Growth-13.35%
EPS Growth-11.28%
CountryIN
Employees2,922
SectorBasic Materials
Sector Strength58
IndustrySteel
Share Statistics
EPS (TTM)85.96
Shares Outstanding70,092,000
10 Day Avg. Volume852
30 Day Avg. Volume1,218
Financial Highlights & Ratios
PEG Ratio-2.93
Price to Book (P/B)3.75
Price to Sales (P/S)3.43
P/FCF Ratio34.93
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)84.37
Revenue Forecast (FY)₹53.82B
Ratnamani Metals & Tubes Ltd. Business Overview & Revenue Model
Company Description
Ratnamani Metals & Tubes Limited manufactures and sells stainless steel pipes and tubes, and carbon steel pipes in India and internationally. The company's stainless steel products comprise seamless and welded tubes and pipes, and heat exchanger t...
How the Company Makes Money
Ratnamani primarily makes money by manufacturing and selling steel pipes and tubes, with revenue largely driven by (1) stainless steel welded/seamless pipes and tubes and (2) carbon steel/alloy steel welded/seamless pipes and tubes. Earnings are g...
Ratnamani Metals & Tubes Ltd. Financial Statement Overview
Summary
Income Statement
74
Positive
Balance Sheet
86
Very Positive
Cash Flow
68
Positive
| Breakdown | TTM | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 53.34B | 44.94B | 51.46B | 50.28B | 44.61B | 31.22B |
| Gross Profit | 17.86B | 13.17B | 16.35B | 15.76B | 14.04B | 9.35B |
| EBITDA | 9.78B | 7.58B | 8.70B | 9.56B | 7.98B | 5.28B |
| Net Income | 6.06B | 4.83B | 5.44B | 6.23B | 5.10B | 3.23B |
Balance Sheet | ||||||
| Total Assets | 49.78B | 53.88B | 49.06B | 40.20B | 37.80B | 29.62B |
| Cash, Cash Equivalents and Short-Term Investments | 7.44B | 7.18B | 4.05B | 2.96B | 1.69B | 1.75B |
| Total Debt | 2.41B | 3.18B | 1.57B | 1.53B | 2.37B | 1.57B |
| Total Liabilities | 10.47B | 11.80B | 12.41B | 8.04B | 11.04B | 7.14B |
| Stockholders Equity | 38.72B | 41.11B | 36.37B | 31.41B | 26.04B | 22.48B |
Cash Flow | ||||||
| Free Cash Flow | 5.04B | 4.42B | 2.07B | 2.85B | 1.69B | -4.27B |
| Operating Cash Flow | 7.39B | 9.27B | 5.36B | 4.98B | 3.10B | -2.83B |
| Investing Cash Flow | -9.30B | -11.55B | -3.97B | -1.45B | -2.08B | 4.18B |
| Financing Cash Flow | -71.36M | 756.12M | -1.30B | -1.93B | -1.16B | -1.35B |
Ratnamani Metals & Tubes Ltd. Technical Analysis
Positive
2353.00
Price Trends
2478.60
Positive
2357.13
Positive
2379.15
Positive
Market Momentum
25.14
Positive
46.82
Neutral
12.53
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:RATNAMANI, the sentiment is Positive. The current price of 2353 is below the 20-day moving average (MA) of 2708.80, below the 50-day MA of 2478.60, and below the 200-day MA of 2379.15, indicating a neutral trend. The MACD of 25.14 indicates Positive momentum. The RSI at 46.82 is Neutral, neither overbought nor oversold. The STOCH value of 12.53 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for IN:RATNAMANI.
Ratnamani Metals & Tubes Ltd. Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
77 Outperform | ₹85.14B | 10.70 | ― | 1.82% | -11.28% | -9.81% | |
76 Outperform | ₹42.73B | 13.17 | ― | ― | 17.03% | 57.02% | |
70 Outperform | ₹140.72B | 20.93 | ― | 1.18% | -14.08% | -44.02% | |
69 Neutral | ₹336.72B | 14.47 | ― | 0.61% | 19.98% | -15.82% | |
65 Neutral | ₹178.50B | 31.98 | ― | 0.60% | -13.35% | -11.28% | |
61 Neutral | $10.43B | 7.12 | -0.05% | 2.87% | 2.86% | -36.73% |
* Basic Materials Sector Average
IN:RATNAMANI
Ratnamani Metals & Tubes Ltd.
2,546.60
-364.39
-12.52%
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IN:JINDALSAW
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IN:MANINDS
Man Industries (India) Limited
569.70
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IN:WELCORP
Welspun Corp Limited
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65.37%
Ratnamani Metals & Tubes Ltd. Corporate Events
Ratnamani Metals & Tubes Initiates Transfer of Dormant Shares to Investor Protection Fund
May 1, 2026
Ratnamani Metals Tubes Ltd. has notified stock exchanges that it has issued newspaper advertisements regarding the proposed transfer of equity shares to the Investor Education and Protection Fund Authority for shareholders who have not claimed di...
Ratnamani Metals & Tubes Opens Second Window for Share Demat and KYC Drive
Apr 6, 2026
Ratnamani Metals Tubes Ltd. has announced the publication of a newspaper advertisement informing shareholders about a second special window for the transfer and dematerialization of physical shares. The notice, carried in the Financial Express in...
Exchange Seeks Clarification From Ratnamani Metals & Tubes After Sharp Share Price Move
Feb 19, 2026
Ratnamani Metals Tubes Ltd. has experienced a significant movement in its share price, prompting the stock exchange to seek updated and relevant information from the company to safeguard investor interests and maintain transparent market disclosu...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.