Ratnamani Metals & Tubes share price
NSE: RATNAMANIBSE: 520111Industrial ProductsSmall Cap
Share price at the NSE close on 29 Oct 2026. Previous close ₹2,310.00.
29 Oct: open ₹2,310.00, high ₹2,348.00, low ₹2,280.80
- Next results date: the board meets on 6 Nov 2026 to consider: financial results. The notice · Results calendar
- Market capMarket capitalisation. Share price times the number of shares: what the whole company is worth at the day's price. The rank is by average market value over the six months to Jun 2026, among listed companies. Market capitalisation: how it is worked out
- ₹16,317 Cr385th largest listed
- P/EPrice to earnings, trailing. Market cap divided by the profit of the last twelve months (the latest four quarters, or two half years for a company that reports half-yearly) that belongs to the company's own shareholders, after the share of the other owners of its subsidiaries: what investors pay for each rupee of a year's profit. Price to earnings, trailing: how it is worked out
- 37.69
- P/BPrice to book. Market cap divided by the net worth that belongs to the company's own shareholders, its assets less everything it owes and less the other owners' share of its subsidiaries, on its latest balance sheet. Price to book: how it is worked out
- 3.97
- Dividend yieldDividend yield. Dividends paid per share in the twelve months to the day, as a percentage of the day's share price.
- 0.43%
- ROEReturn on equity. Profit over the last twelve months (the latest four quarters, or two half years for a company that reports half-yearly) that belongs to the company's own shareholders, as a percentage of their net worth, the money they have in the business. Net worth is the average of the latest balance sheet and the one a year before it.
- 11.2%
- ROCEReturn on capital employed. Operating profit after depreciation (revenue less operating expenses and depreciation, without other income and one-off items) as a percentage of all the money the business runs on: the whole group's net worth, the other owners of its subsidiaries included, plus borrowings. Lease liabilities are not counted: the results filings do not state them. The profit is over the last twelve months (the latest four quarters, or two half years for a company that reports half-yearly); net worth and borrowings are on the latest balance sheet.
- 13.2%
- Debt to equityDebt to equity. Borrowings divided by the whole group's net worth, the other owners of its subsidiaries included: rupees borrowed for each rupee of equity in the business. Lease liabilities are not counted: the results filings do not state them. From the balance sheet at the end of Mar 2026.
- 0.07
- Volume, NSEVolume. Shares traded on the last trading day; delivery is the part buyers kept rather than sold again the same day. Volume in the glossary
- 20,19948.3% delivered
About Ratnamani Metals & Tubes
Ratnamani Metals & Tubes Limited is an Ahmedabad-based maker of stainless steel tubes and pipes and carbon steel welded pipes for oil and gas, energy, process industries and infrastructure, supplying customers in India and abroad.12 Through subsidiaries it also makes forged bearing rings and pipe spools, ready-to-install pipe sections for nuclear and other tightly regulated projects.34
Its stainless steel division makes seamless and welded tubes and pipes, as well as titanium welded tubes, nickel alloy tubes, instrumentation tubes, coiled tubing, boiler tubes and heat exchanger tubes.5 Its carbon steel division makes longitudinal, helical and circumferential submerged arc welded pipes and electric resistance welded pipes, with coating and induction bending.4 Its plants are at Indrad, Chhatral and Kutch in Gujarat and at Sundargarh in Odisha.6
It was established in 1983, starting with stainless steel welded pipes and seamless tubes made in twin small-scale units.7 It has owned Ravi Technoforge, a Rajkot maker of forged bearing rings and gear blanks, since October 2022 and holds 75.00% of it.89 In September 2023 it formed Ratnamani Finow Spooling Solutions as a joint venture with Technoenergy AG of Switzerland, holding 51%.10 It sells abroad through wholly owned marketing companies in the United States and the UAE and through Ratnamani Trade EU AG in Switzerland, fully owned since September 2025, which keeps stock in a warehouse in Germany.111213 The promoters, who include chairman and managing director Prakash M. Sanghvi and chief executive Manoj P. Sanghvi, held 59.77% of the shares on 31 Mar 2026.1415
Ratnamani Metals & Tubes key points
Results
- In the quarter to Jun 2026, consolidated revenue (the company and its subsidiaries together) was ₹971.63 crore against ₹1,151.62 crore a year earlier, EBITDA (earnings before interest, tax, depreciation and amortisation) ₹179.79 crore against ₹218.44 crore, and profit after tax ₹107.03 crore against ₹127.13 crore.16
- On a standalone basis (the parent company alone), revenue in the quarter to Jun 2026 was ₹740.78 crore against ₹1,062.40 crore and profit after tax ₹54.06 crore against ₹144.96 crore; the company cited subdued demand and lower government spending on infrastructure projects.17
- In the year to Mar 2026, consolidated revenue from operations was ₹4,493.96 crore against ₹5,186.47 crore, EBITDA ₹879.68 crore against ₹883.14 crore with the margin up to 19.6% from 17.0%, and profit after tax ₹534.47 crore against ₹541.57 crore.1819
Business segments
- Consolidated revenue by reporting segment, in ₹ lakh20
Item year to Mar 2026 year to Mar 2025 Steel tubes and pipes 3,72,682.84 4,84,677.29 Pipe spools and auxiliary support systems 39,047.27 5,561.34 Bearing rings 37,666.06 28,408.76 - Pipe spools (Ratnamani Finow Spooling Solutions). Profit after tax was ₹89.57 crore in the year to Mar 2026 against a loss of ₹6.71 crore, and revenue in the quarter to Jun 2026 was ₹119.63 crore against ₹12.60 crore.2122
- Bearing rings (Ravi Technoforge). Profit after tax rose 82.93% to ₹18.25 crore in the year to Mar 2026 from ₹9.98 crore, and revenue in the quarter to Jun 2026 was ₹97.35 crore against ₹77.26 crore.2322
Where revenue comes from
Plants and capacity
- Capacity by product line, in metric tonnes (MT)27
Item quarter to Jun 2026 Stainless steel seamless, hot finished 30,000 MT Stainless steel seamless, cold finished 11,500 MT Stainless steel welded 20,000 MT Carbon steel HFW (high-frequency welded) 1,00,000 MT Carbon steel HSAW (helical submerged arc welded) 2,00,000 MT Carbon steel LSAW (longitudinal submerged arc welded) 2,30,000 MT - A new carbon steel HSAW (spiral welded) pipe facility at Kutch, with production capacity of 1,00,000 MT for pipes up to 18 metres long, was completed in July 2026.28
- At the Odisha plant, an external 3LPE (three-layer polyethylene) coating plant with capacity of 25 lakh sq. metres was commissioned in the quarter to Jun 2026; the internal coating plant had been put into operation the previous year.29
- In the year to Mar 2026, the circumferential submerged arc welded (CSAW) pipe plant at Kutch was expanded from 48,000 MT to 75,000 MT a year, for pipes up to 150 mm thick, 18 metres long and 60 MT each.30
Order book
- With its results for the quarter to Jun 2026, the company put its standalone order book (orders received but not yet delivered) at more than ₹2,000 crore, saying it had increased.31
Customer concentration
- In the year to Mar 2026, sales to one customer were ₹32,465.37 lakh, 8.80% of standalone net revenue, against 2.95% a year earlier.32
Expansion and capital spending
- The company stated in its annual report for the year to Mar 2026 that it is executing a ₹1,380 crore capital spending programme: ₹560 crore for its own plants, funded from internal accruals (cash it generates), and ₹820 crore for subsidiaries and joint ventures.3334
- In its presentation of 7 Aug 2026, the company said its Saudi joint venture's plant is projected for March 2028, a revised date. The company stated in its annual report for the year to Mar 2026 that planned capital expenditure is about $40 million.3536
- In its presentation of 7 Aug 2026, the company said Ratnamani Finow Spooling Solutions is raising spool capacity at Kutch to 4,000 MT a year and Ravi Technoforge is building a hot forming line at Rajkot for automobile drivetrain components, both projected for December 2026.3738
Recent events
- On 9 Sep 2026, Crisil Ratings upgraded the long-term credit rating (an agency's view of the ability to repay debt) on the company's ₹2,200 crore bank loan facilities to Crisil AA+/Stable from Crisil AA/Positive and reaffirmed the short-term rating at Crisil A1+.39
- On 24 Aug 2026, the company said Ratnamani Finow Spooling Solutions had won export orders for spools and hangers worth $286 million (about ₹2,700 crore), to be executed over 2 to 3 years, partly made at its plant and partly sub-contracted.4041
- On 25 Aug 2025, Ratnamani Middle East Company was incorporated in Dammam, Saudi Arabia, as a joint venture with Saudi Electric Supply Company (SESCO) of the Tamimi Group, 75% owned by the company, to make seamless products.42
Last updated
All 42 sources, each with its page
- 1. Annual report, 21 Jul 2026, page 6
- 2. Annual report, 21 Jul 2026, page 4
- 3. Annual report, 21 Jul 2026, page 32
- 4. Annual report, 21 Jul 2026, page 12
- 5. Annual report, 21 Jul 2026, page 12
- 6. Annual report, 21 Jul 2026, page 54
- 7. Annual report, 21 Jul 2026, page 14
- 8. Annual report, 21 Jul 2026, page 45
- 9. Annual report, 21 Jul 2026, page 39
- 10. Annual report, 21 Jul 2026, page 39
- 11. Annual report, 21 Jul 2026, page 32
- 12. Annual report, 21 Jul 2026, page 62
- 13. Investor presentation, 7 Aug 2026, page 16
- 14. Annual report, 21 Jul 2026, page 10
- 15. Annual report, 21 Jul 2026, page 53
- 16. Investor presentation, 7 Aug 2026, page 5
- 17. Investor presentation, 7 Aug 2026, page 6
- 18. Annual report, 21 Jul 2026, page 23
- 19. Annual report, 21 Jul 2026, page 36
- 20. Annual report, 21 Jul 2026, page 130
- 21. Annual report, 21 Jul 2026, page 39
- 22. Investor presentation, 7 Aug 2026, page 7
- 23. Annual report, 21 Jul 2026, page 39
- 24. Annual report, 21 Jul 2026, page 16
- 25. Annual report, 21 Jul 2026, page 8
- 26. Annual report, 21 Jul 2026, page 44
- 27. Investor presentation, 7 Aug 2026, page 19
- 28. Investor presentation, 7 Aug 2026, page 10
- 29. Investor presentation, 7 Aug 2026, page 10
- 30. Annual report, 21 Jul 2026, page 22
- 31. Investor presentation, 7 Aug 2026, page 6
- 32. Annual report, 21 Jul 2026, page 98
- 33. Annual report, 21 Jul 2026, page 33
- 34. Annual report, 21 Jul 2026, page 23
- 35. Investor presentation, 7 Aug 2026, page 11
- 36. Annual report, 21 Jul 2026, page 9
- 37. Investor presentation, 7 Aug 2026, page 11
- 38. Investor presentation, 7 Aug 2026, page 11
- 39. Exchange filing, 10 Sep 2026, page 1
- 40. Exchange filing, 24 Aug 2026, page 1
- 41. Exchange filing, 24 Aug 2026, page 2
- 42. Annual report, 21 Jul 2026, page 40
Results
Consolidated; ₹ crore.Ratnamani Metals & Tubes quarterly results
- Revenue growth, 12 monthsRevenue growth, 12 months. The last twelve months against the twelve before them. Left empty where the earlier figure was nought or a loss: growth out of a loss has no percentage.
- −16.3%
- Net profit growth, 12 monthsNet profit growth, 12 months. The last twelve months against the twelve before them. Left empty where the earlier figure was nought or a loss: growth out of a loss has no percentage.
- −24.1%
Quarter to Jun 2026, against the quarter before
- RevenueRevenue. The pill is the change in revenue against the quarter before: this period's figure divided by that one's, less one, in per cent.
- ₹972 Crdown 10.43%
- Net profitNet profit. The pill is the change in net profit against the quarter before: this period's figure divided by that one's, less one, in per cent. Net profit in the glossary
- ₹107 Crdown 7.66%
- Net marginNet margin. Net profit as a percentage of revenue: how much of each rupee of sales is left after every cost, interest and tax. Net margin in the glossary
- 11.0%
Revenue by quarter
Net profit by quarter, a loss in red
| ₹ crore | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 971 | 1,316 | 1,715 | 1,152 | 1,192 | 1,066 | 1,085 | 972 |
| Net profit | 99 | 133 | 203 | 127 | 156 | 135 | 116 | 107 |
| Net margin | 10.2% | 10.1% | 11.8% | 11.0% | 13.1% | 12.7% | 10.7% | 11.0% |
Year to Mar 2026, against the year before
- RevenueRevenue. The pill is the change in revenue against the year before: this period's figure divided by that one's, less one, in per cent.
- ₹4,494 Crdown 13.35%
- Net profitNet profit. The pill is the change in net profit against the year before: this period's figure divided by that one's, less one, in per cent.
- ₹534 Crdown 1.31%
- Net margin
- 11.9%
Revenue by year
Net profit by year, a loss in red
The years either side of a change of basis do not compare. From the year to Mar 2018, GST replaced excise duty on 1 Jul 2017, and revenue before that day includes the duty.
| ₹ crore | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 1,476what Revenue, Mar 2017, includes. This period's revenue includes excise duty of ₹64 crore, a tax on the goods the company makes that it collects and pays to the government. | 1,790what Revenue, Mar 2018, includes. This period's revenue includes excise duty of ₹23 crore, a tax on the goods the company makes that it collects and pays to the government. | 2,755 | 2,583 | 2,298 | 3,139 | 4,474 | 5,059 | 5,186 | 4,494 |
| Net profit | 144 | 152 | 253 | 308 | 276 | 323 | 512 | 625 | 542 | 534 |
| Net margin | 9.8% | 8.5% | 9.2% | 11.9% | 12.0% | 10.3% | 11.4% | 12.4% | 10.4% | 11.9% |
Business segments
Share of revenue, year to Mar 2026, consolidated.Segment revenue and profit
- Steel Tubes and PipesSteel Tubes and Pipes, share of revenue. The segment's revenue as a percentage of the revenue of all the company's reported business segments together, leaving out eliminations between them and unallocated items.₹3,727 Crdown 23.11%82.9%
- Pipe Spools and Auxiliary Support SystemsPipe Spools and Auxiliary Support Systems, share of revenue. The segment's revenue as a percentage of the revenue of all the company's reported business segments together, leaving out eliminations between them and unallocated items.₹390 Crup 602.12%8.7%
- Bearing RingsBearing Rings, share of revenue. The segment's revenue as a percentage of the revenue of all the company's reported business segments together, leaving out eliminations between them and unallocated items.₹377 Crup 32.59%8.4%
Valuation
Today, against the company's own history. Its history crosses a change of basis in the accounts in the year to Mar 2018: days before it are of the company before the change.Ratnamani Metals & Tubes PE ratio and valuation
At or below today's level on 84% of 2,479 trading days over the last 10 years.
At or below today's level on 27% of 1,975 trading days since Nov 2018.
At or below today's level on 26% of 2,455 trading days over the last 10 years.
Where the return came from
Yearly rates to Mar 2026, per-share figures restated for splits and bonuses.
| Over | Return a year | Earnings growth | Change in P/E | Dividend yield |
|---|---|---|---|---|
| 1 year | −14.6% | −10.9% | −4.6% | 0.5% |
| 3 years | +4.1% | −2.0% | +5.7% | 0.5% |
| 5 years | +12.2% | +11.8% | −0.1% | 0.5% |
Mutual fund holdings
40 funds disclosed a holding for Sep 2026. What they did in Sep 2026, against each fund's month before. 6 of the 12 funds that added or cut are index funds, ETFs or arbitrage funds: an index fund or ETF holds what its index holds, and an arbitrage fund holds the share against a sale of its future. 1 more fund filed its first portfolio on record, holding it.All 40 funds holding Ratnamani Metals & Tubes
- Bought for the first timeBought for the first time. Funds that held it at the month's end and had not held it in any month on record before.
- 2
- AddedAdded. Funds that held more shares than at the end of the month before.
- 3
- CutCut. Funds that held fewer shares than at the end of the month before.
- 9
- Held unchangedHeld unchanged. Funds that held the same number of shares as at the end of the month before.
- 25
| Fund | |||
|---|---|---|---|
| 21,32,686 | 1.42% | ₹581.3 Cr | |
| 18,89,678 | 0.77% | ₹515.0 Cr | |
| 9,69,626 | 0.31% | ₹264.3 Cr | |
| 9,40,332 | 1.34% | ₹256.3 Cr | |
| 9,15,137 | 1.35% | ₹249.4 Cr | |
| 7,56,587 | 0.65% | ₹206.2 Cr | |
| 7,48,349 | 3.21% | ₹204.0 Cr | |
| 6,80,739 | 2.26% | ₹185.5 Cr | |
| 6,00,000 | 0.76% | ₹163.5 Cr | |
| 5,31,381 | 0.99% | ₹144.8 Cr |
Promoter and insider buying and selling
Trades made since 29 Oct 2025.Ratnamani Metals & Tubes insider trading
No promoter, director, key manager or employee bought or sold on the market.
- Others: no market trade
Ratnamani Metals & Tubes competitors and peers
Iron & Steel Products, 145 listed companies, priced on 29 Oct 2026. The table lists the 8 companies closest to Ratnamani Metals & Tubes in market cap.Capital goods stocks
Where the company sits among the companies nearest its size
| Company | ||||||||
|---|---|---|---|---|---|---|---|---|
| 65,924 | 28.55 | 7.20 | +20.2% | +14.9% | 27.8% | 17.4% | 0.20% | |
| 60,946 | 46.53 | 10.62 | +15.8% | +24.9% | 25.3% | 26.0% | 0.39% | |
| 31,866 | – | 2.77 | +22.8% | – | – | 11.8% | 0.39% | |
| 15,195 | 27.70 | 1.20 | −0.7% | −60.1% | 4.4% | 6.7% | 0.84% | |
| 14,076 | 27.76 | 4.26 | +8.5% | +25.4% | 16.8% | 18.8% | 0.81% | |
| 13,801 | 33.87 | 3.96 | +5.5% | −17.3% | 12.4% | 12.3% | 0.35% | |
| 13,102 | 16.24 | 2.26 | +8.4% | +8.9% | 15.1% | 17.2% | 0.51% | |
| 8,717 | 12.66 | 2.63 | +18.3% | +82.8% | 23.4% | 25.3% | 0.00% |
Dividends
Per share, by the year it was paid for, and the latest payments.Ratnamani Metals & Tubes dividend history
Dividend per share, ₹, restated for later splits and bonuses
Dividend per share. The dividends declared for the year, each restated to today's share count by the splits and bonuses after its own ex-date, added up. Dividend per share in the glossary| Ex-date | Type | Per share |
|---|---|---|
| 11 Aug 2026 | FinalFinal dividend. Called final by its date: the company did not say which kind it was, and it went ex within six months after the company's year end, the time in which the annual general meeting that declares the final dividend must be held. Final dividend in the glossary | ₹10.00 |
| 2 Sep 2025 | Final | ₹14.00 |
| 20 Aug 2024 | Final | ₹14.00 |
| 27 Jul 2023 | Final | ₹12.00 |
| 1 Aug 2022 | Final | ₹9.33 |
| 17 Sep 2021 | Final | ₹14.00 |
Latest announcements
Routine notices left out.Ratnamani Metals & Tubes announcements
Oct 2026
27 Oct · Board meeting
16 Oct · Updates
Sep 2026
10 Sep · Rating
Aug 2026
31 Aug · Updates
24 Aug · Business
Ratnamani Metals & Tubes share price by year
Each calendar year to 2025.Ratnamani Metals & Tubes share price history
| Year | Close at year end | Change | Highest close | Lowest close |
|---|---|---|---|---|
| 2025 | 2,380.50 | −25.1% | 3,200.35 | 2,297.10 |
| 2024 | 3,178.25 | −5.5% | 3,859.45 | 2,609.35 |
| 2023 | 3,363.25 | +71.9% | 3,822.90 | 1,922.20 |
| 2022 | 1,956.05 | +50.9% | 2,113.25 | 1,266.67 |
| 2021 | 1,296.30 | +23.4% | 1,505.33 | 991.73 |
| 2020 | 1,050.87 | +44.1% | 1,133.47 | 531.23 |
| 2019 | 729.27 | +16.0% | 731.73 | 559.97 |
| 2018 | 628.80 | −14.0% | 736.03 | 527.23 |
| 2017 | 730.97 | +61.4% | 733.23 | 440.30 |
| 2016 | 452.97 | +24.6% | 481.77 | 271.83 |
Recent sessions
The 9 trading days to 28 Oct 2026, as traded on NSE; the latest is at the top of the page.
| Date | Open | High | Low | Close | Average price | Volume | Delivery |
|---|---|---|---|---|---|---|---|
| 28 Oct 2026 | 2,344.00 | 2,344.00 | 2,301.20 | 2,310.00 | 2,315.25 | 12,530 | 55.8% |
| 27 Oct 2026 | 2,327.80 | 2,350.00 | 2,306.10 | 2,344.00 | 2,334.68 | 14,364 | 45.9% |
| 26 Oct 2026 | 2,276.00 | 2,341.80 | 2,250.00 | 2,331.90 | 2,306.76 | 11,845 | 45.6% |
| 23 Oct 2026 | 2,356.30 | 2,368.10 | 2,286.00 | 2,312.80 | 2,314.68 | 16,374 | 31.5% |
| 22 Oct 2026 | 2,400.00 | 2,424.50 | 2,359.90 | 2,373.00 | 2,382.88 | 14,683 | 35.3% |
| 21 Oct 2026 | 2,520.00 | 2,520.00 | 2,399.20 | 2,404.70 | 2,427.28 | 25,094 | 36.1% |
| 19 Oct 2026 | 2,540.90 | 2,540.90 | 2,488.00 | 2,505.10 | 2,506.46 | 13,665 | 25.7% |
| 16 Oct 2026 | 2,560.00 | 2,581.50 | 2,500.00 | 2,523.90 | 2,522.00 | 14,745 | 38.0% |
| 15 Oct 2026 | 2,558.00 | 2,599.00 | 2,529.40 | 2,565.10 | 2,567.18 | 23,183 | 68.4% |
Price adjustments
What the price chart is corrected for, so it reads as one share held throughout.Bonus shares and stock split history
| Ex-date | Event | Price factor | What happened |
|---|---|---|---|
| 30 Jun 2022 | Bonus | 0.6667 | Holders received 1 bonus share for every 2 held. |
| 6 Nov 2008 | Split | 0.2000 | Each share became 5. |
Company details
- NSE symbol
- RATNAMANI
- BSE code
- 520111
- ISIN
- INE703B01027
- Industry
- Industrial Products
- Website
- www.ratnamani.com
- CIN
- L70109GJ1983PLC006460
- Corporate identity number, the registrar of companies' code for it
- Incorporated
- 1983
- Registered office
- 17 Rajmugat Society Naranpura Char Rasta, Ankur Road Naranpura, Ahmedabad 380013, Gujarat
- Share registrar
- MUFG Intime India Pvt. Ltd
- Keeps the register of shareholders and handles transfers and dividend payments