Ratnamani Metals & Tubes logo

Ratnamani Metals & Tubes share price

NSE: RATNAMANIBSE: 520111Industrial ProductsSmall Cap

Ratnamani Metals & Tubes Limited · Face value ₹2 · Listed Nov 1993 on BSE, May 2006 on NSE
Last close ₹2,328.00up ₹18.00 (0.78%)BSE ₹2,328.60

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

52-week range of traded prices to 29 Oct 2026
₹1,936.50Low, 11 Feb 2026₹3,345.00High, 11 May 2026
Market cap
₹16,317 Cr385th largest listed
P/E
37.69
P/B
3.97
Dividend yield
0.43%
ROE
11.2%
ROCE
13.2%
Debt to equity
0.07
Volume, NSE
20,19948.3% delivered

Ratnamani Metals & Tubes share price chart

Daily closes since Jan 2007, adjusted for splits and bonuses

−4.3%over a year

Results20-session average 23,713 shares a day, 44.9% 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
    Itemyear to Mar 2026year to Mar 2025
    Steel tubes and pipes3,72,682.844,84,677.29
    Pipe spools and auxiliary support systems39,047.275,561.34
    Bearing rings37,666.0628,408.76
  • 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

  • In the year to Mar 2026, export revenue was ₹1,362.48 crore, with customers in more than 28 countries across North America, the Middle East, Europe, Africa and South America.2425
  • Its main export markets include the USA, the UK, the UAE, Saudi Arabia, Tanzania, Switzerland and Bulgaria.26

Plants and capacity

  • Capacity by product line, in metric tonnes (MT)27
    Itemquarter to Jun 2026
    Stainless steel seamless, hot finished30,000 MT
    Stainless steel seamless, cold finished11,500 MT
    Stainless steel welded20,000 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. 1. Annual report, 21 Jul 2026, page 6
  2. 2. Annual report, 21 Jul 2026, page 4
  3. 3. Annual report, 21 Jul 2026, page 32
  4. 4. Annual report, 21 Jul 2026, page 12
  5. 5. Annual report, 21 Jul 2026, page 12
  6. 6. Annual report, 21 Jul 2026, page 54
  7. 7. Annual report, 21 Jul 2026, page 14
  8. 8. Annual report, 21 Jul 2026, page 45
  9. 9. Annual report, 21 Jul 2026, page 39
  10. 10. Annual report, 21 Jul 2026, page 39
  11. 11. Annual report, 21 Jul 2026, page 32
  12. 12. Annual report, 21 Jul 2026, page 62
  13. 13. Investor presentation, 7 Aug 2026, page 16
  14. 14. Annual report, 21 Jul 2026, page 10
  15. 15. Annual report, 21 Jul 2026, page 53
  16. 16. Investor presentation, 7 Aug 2026, page 5
  17. 17. Investor presentation, 7 Aug 2026, page 6
  18. 18. Annual report, 21 Jul 2026, page 23
  19. 19. Annual report, 21 Jul 2026, page 36
  20. 20. Annual report, 21 Jul 2026, page 130
  21. 21. Annual report, 21 Jul 2026, page 39
  22. 22. Investor presentation, 7 Aug 2026, page 7
  23. 23. Annual report, 21 Jul 2026, page 39
  24. 24. Annual report, 21 Jul 2026, page 16
  25. 25. Annual report, 21 Jul 2026, page 8
  26. 26. Annual report, 21 Jul 2026, page 44
  27. 27. Investor presentation, 7 Aug 2026, page 19
  28. 28. Investor presentation, 7 Aug 2026, page 10
  29. 29. Investor presentation, 7 Aug 2026, page 10
  30. 30. Annual report, 21 Jul 2026, page 22
  31. 31. Investor presentation, 7 Aug 2026, page 6
  32. 32. Annual report, 21 Jul 2026, page 98
  33. 33. Annual report, 21 Jul 2026, page 33
  34. 34. Annual report, 21 Jul 2026, page 23
  35. 35. Investor presentation, 7 Aug 2026, page 11
  36. 36. Annual report, 21 Jul 2026, page 9
  37. 37. Investor presentation, 7 Aug 2026, page 11
  38. 38. Investor presentation, 7 Aug 2026, page 11
  39. 39. Exchange filing, 10 Sep 2026, page 1
  40. 40. Exchange filing, 24 Aug 2026, page 1
  41. 41. Exchange filing, 24 Aug 2026, page 2
  42. 42. Annual report, 21 Jul 2026, page 40

Results

Consolidated; ₹ crore.Ratnamani Metals & Tubes quarterly results

Revenue growth, 12 months
−16.3%
Net profit growth, 12 months
−24.1%

Quarter to Jun 2026, against the quarter before

Revenue
₹972 Crdown 10.43%
Net profit
₹107 Crdown 7.66%
Net margin
11.0%

Revenue by quarter

₹971 CrSep 24₹1,316 CrDec 24₹1,715 CrMar 25₹1,152 CrJun 25₹1,192 CrSep 25₹1,066 CrDec 25₹1,085 CrMar 26₹972 CrJun 26
Peak revenue ₹1,715 Cr, quarter to Mar 2025; lowest ₹971 Cr, quarter to Sep 2024

Net profit by quarter, a loss in red

₹99 CrSep 24₹133 CrDec 24₹203 CrMar 25₹127 CrJun 25₹156 CrSep 25₹135 CrDec 25₹116 CrMar 26₹107 CrJun 26
₹ croreSep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Revenue9711,3161,7151,1521,1921,0661,085972
Net profit99133203127156135116107
Net margin10.2%10.1%11.8%11.0%13.1%12.7%10.7%11.0%
Consolidated. The last eight quarters. The latest is shaded. Net profit is the whole group's, the other owners of its subsidiaries included; P/E and ROE use the company's own share.

Business segments

Share of revenue, year to Mar 2026, consolidated.Segment revenue and profit

  • Steel Tubes and Pipes₹3,727 Crdown 23.11%82.9%
  • Pipe Spools and Auxiliary Support Systems₹390 Crup 602.12%8.7%
  • Bearing Rings₹377 Crup 32.59%8.4%
The pill is the change in revenue on the year before; the share is of all the businesses together.

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

Price to earnings

At or below today's level on 84% of 2,479 trading days over the last 10 years.

LowestHighest
Its median32.10Industry median17.33
Price to book

At or below today's level on 27% of 1,975 trading days since Nov 2018.

LowestHighest
Its median4.91Industry median1.51
Dividend yield

At or below today's level on 26% of 2,455 trading days over the last 10 years.

LowestHighest
Its median0.57%Industry median0.51%

Where the return came from

Yearly rates to Mar 2026, per-share figures restated for splits and bonuses.

OverReturn a yearEarnings growthChange in P/EDividend 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%
Return is price growth plus the average dividend yield. Change in P/E is (1 + price growth) / (1 + earnings growth) - 1, so the parts compound rather than add.

Shareholding

Per cent of the company's shares, from the filing for Sep 2026.Ratnamani Metals & Tubes shareholding pattern

Shareholding by group

  • Promoters59.77%
  • Foreign institutions10.94%
  • Indian institutions18.93%
  • Governments0.02%
  • Individuals and others10.33%
Holder
M N Sanghvi Family Trust (Trustees, Prakash M. Sanghvi & Jayanti Mishrimal Sanghvi)Promoter52.16%
Nalanda India Fund LimitedForeign portfolio investors, category I3.85%
Sanghvi Prakashmal Mishrimal, HUF (Karta: Prakash M. Sanghvi)Promoter3.42%
Nalanda India Equity Fund LimitedForeign portfolio investors, category I2.94%
Chunilal Fojaji SanghviResident individuals, over ₹2 lakh at face value2.32%
Jayantilal M Sanghvi, HUF (Karta: Jayanti Mishrimal Sanghvi)Promoter1.45%
Holders are named in the company's own words: an insurer's holding can carry one of its funds' names. Mutual funds are left out here and listed fund by fund below.

Since Jun 2026: promoters unchanged, foreign institutions +0.22 pts, Indian institutions −0.20 pts, mutual funds −0.35 pts.

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 time
2
Added
3
Cut
9
Held unchanged
25
Portfolios disclosed for Sep 2026. Weight is the holding as a share of the fund's assets.

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
Bought and sold count trades on the market only. A pledge is shares given to a lender as security for a loan; a lender invokes it by selling them.

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

Return on equity across, P/E up, size is market cap
Company
Welspun Corp logoWelspun CorpWELCORP65,92428.557.20+20.2%+14.9%27.8%17.4%0.20%
APL Apollo Tubes logoAPL Apollo TubesAPLAPOLLO60,94646.5310.62+15.8%+24.9%25.3%26.0%0.39%
Shyam Metalics and Energy logoShyam Metalics and EnergySHYAMMETL31,866–2.77+22.8%––11.8%0.39%
Jindal Saw logoJindal SawJINDALSAW15,19527.701.20−0.7%−60.1%4.4%6.7%0.84%
Usha Martin logoUsha MartinUSHAMART14,07627.764.26+8.5%+25.4%16.8%18.8%0.81%
Gallantt Ispat logoGallantt IspatGALLANTT13,80133.873.96+5.5%−17.3%12.4%12.3%0.35%
Godawari Power and Ispat logoGodawari Power and IspatGPIL13,10216.242.26+8.4%+8.9%15.1%17.2%0.51%
Jayaswal Neco Industries logoJayaswal Neco IndustriesJAYNECOIND8,71712.662.63+18.3%+82.8%23.4%25.3%0.00%
Market cap in ₹ crore. Growth is the last twelve months against the twelve before. A figure is left empty where it would rest on a loss or the company has under a year of results on record. ROE is the shareholders' profit over their net worth. ROCE is profit before interest and tax over the whole group's net worth plus borrowings, as in the figures at the top of the page.

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

3.7Mar 174Mar 186Mar 198Mar 209.3Mar 219.3Mar 2212Mar 2314Mar 2414Mar 2510Mar 26
Highest ₹14.00 a share, years to Mar 2024 and Mar 2025.
Ex-dateTypePer share
11 Aug 2026Final₹10.00
2 Sep 2025Final₹14.00
20 Aug 2024Final₹14.00
27 Jul 2023Final₹12.00
1 Aug 2022Final₹9.33
17 Sep 2021Final₹14.00
Latest payments, as declared, by ex-date.

Latest announcements

Routine notices left out.Ratnamani Metals & Tubes announcements

Ratnamani Metals & Tubes share price by year

Each calendar year to 2025.Ratnamani Metals & Tubes share price history

YearClose at year endChangeHighest closeLowest close
20252,380.50−25.1%3,200.352,297.10
20243,178.25−5.5%3,859.452,609.35
20233,363.25+71.9%3,822.901,922.20
20221,956.05+50.9%2,113.251,266.67
20211,296.30+23.4%1,505.33991.73
20201,050.87+44.1%1,133.47531.23
2019729.27+16.0%731.73559.97
2018628.80−14.0%736.03527.23
2017730.97+61.4%733.23440.30
2016452.97+24.6%481.77271.83
₹ per share, adjusted for splits and bonuses since. Change is on the close at the end of the year before.

Recent sessions

The 9 trading days to 28 Oct 2026, as traded on NSE; the latest is at the top of the page.

DateOpenHighLowCloseAverage priceVolumeDelivery
28 Oct 20262,344.002,344.002,301.202,310.002,315.2512,53055.8%
27 Oct 20262,327.802,350.002,306.102,344.002,334.6814,36445.9%
26 Oct 20262,276.002,341.802,250.002,331.902,306.7611,84545.6%
23 Oct 20262,356.302,368.102,286.002,312.802,314.6816,37431.5%
22 Oct 20262,400.002,424.502,359.902,373.002,382.8814,68335.3%
21 Oct 20262,520.002,520.002,399.202,404.702,427.2825,09436.1%
19 Oct 20262,540.902,540.902,488.002,505.102,506.4613,66525.7%
16 Oct 20262,560.002,581.502,500.002,523.902,522.0014,74538.0%
15 Oct 20262,558.002,599.002,529.402,565.102,567.1823,18368.4%
Prices in ₹ per share as traded, not adjusted.

Price adjustments

What the price chart is corrected for, so it reads as one share held throughout.Bonus shares and stock split history

Ex-dateEventPrice factorWhat happened
30 Jun 2022Bonus0.6667Holders received 1 bonus share for every 2 held.
6 Nov 2008Split0.2000Each share became 5.
Earlier prices are multiplied by the factor, so the chart reads as one share held throughout.

Company details

Chairperson and managing director
PRAKASH MISHRIMAL SANGHVI
At the end of the quarter to Sep 2026
Managing director
JAYANTI MISHRIMAL SANGHVI
At the end of the quarter to Sep 2026
Chief executive
MANOJ PRAKASH SANGHVI
At the end of the quarter to Sep 2026
NSE symbol
RATNAMANI
BSE code
520111
ISIN
INE703B01027
Industry
Industrial Products
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