Ratnamani MET & TUB Ltd.
NSE: RATNAMANI · Iron & Steel Products · sector
₹2,331.90NSE close 2026-10-26
Key numbers
Market cap₹16,345 cr
Price₹2,331.90
52w high / low₹3,345 / ₹1,936
P/E37.8xSector median 15.5x
P/B4.0xSector median 1.7x
Book value₹586.5
Dividend yield0.60%Sector median 0.60%
ROE11.2%Sector median 11.1%
ROCE15.7%Sector median 11.9%
OPM16.7%Sector median 6.7%
Debt / equity0.07xSector median 0.21x
EV/EBITDA22.1xSector median 11.8x
Interest cover26.2x
Current ratio3.92x
Sales growth 3y+0.1%Sector median +2.1%
Profit growth 3y-1.9%Sector median +13.0%
PEG–
Last 12 months to Jun 2026, Consolidated. "Sector median" = middle value of 118 companies in Iron & Steel Products (P/E median leaves out loss-making companies). Tap ? for what a number means.
Things to know
- Cash ₹718 cr vs borrowings ₹304 cr (FY26): cash is higher (net cash).
- Operating profit covered interest 26.2x in the last 12 months.
- No promoter shares are pledged.
- Operating cash flow was below net profit in 4 of the last 5 years (FY25, FY24, FY23, FY22).
- Revenue was higher than a year earlier in 1 of the last 4 quarters.
- Other income was 25% of net profit in the last 12 months.
- Debtor days went from 68 (FY24) to 82 (FY26).
- Dividend paid in 5 of the last 5 financial years.
- Price ₹2,331.90 on 2026-10-26: -30.3% from the 52-week high, +20.4% from the 52-week low.
Plain facts from the filings, built by the same fixed rules for every company. A line appears only when the data for it is available. Not a view on the stock.
Charts
Weekly close · high ₹3,671.70 · low ₹1,982.80
RevenueNet profit
RevenueNet profit
Quarterly results
| ₹ cr | 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 |
| EBITDA | 154 | 204 | 302 | 188 | 211 | 187 | 161 | 162 |
| OPM % | 15.8% | 15.5% | 17.6% | 16.3% | 17.7% | 17.5% | 14.9% | 16.7% |
| Other income | 20 | 19 | 9 | 30 | 27 | 31 | 34 | 18 |
| Net profit | 100 | 131 | 207 | 132 | 136 | 110 | 105 | 82 |
| EPS (₹) | 14.17 | 19.00 | 28.99 | 18.81 | 19.43 | 15.67 | 14.94 | 11.72 |
| Revenue YoY | +22.7% | -19.0% | -36.8% | -15.6% | ||||
| Profit YoY | +35.7% | -16.3% | -49.5% | -37.7% |
Consolidated figures where filed. Latest quarter Jun 2026.
Profit & loss (yearly)
| ₹ cr | FY22 | FY23 | FY24 | FY25 | FY26 | TTM |
|---|---|---|---|---|---|---|
| Revenue | 3,139 | 4,474 | 5,059 | 5,186 | 4,494 | 4,314 |
| EBITDA | 495 | 775 | 897 | 824 | 747 | 721 |
| Net profit | 323 | 510 | 621 | 544 | 483 | 433 |
| EPS (₹) | 69.05 | 73.09 | 89.18 | 77.27 | 68.85 | 61.76 |
| Revenue growth | +42.6% | +13.1% | +2.5% | -13.4% | -16.3% | |
| Profit growth | +58.2% | +21.6% | -12.4% | -11.3% | -24.1% | |
| Dividend / share (₹) | 14.00 | 9.33 | 12.00 | 14.00 | 14.00 |
| Compounded growth | 3 years | 5 years | Last 12 months |
|---|---|---|---|
| Sales | +0.1% | +14.4% | -16.3% |
| Net profit | -1.9% | +11.8% | -24.1% |
| EPS | -2.0% | +3.1% | – |
| Share price | – | -18.2% (2y) | +2.0% |
Balance sheet
| ₹ cr | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Shareholders' equity | – | 2,604 | 3,141 | 3,637 | 4,111 |
| Borrowings | – | 224 | 142 | 141 | 304 |
| Cash & equivalents | – | 169 | 296 | 405 | 718 |
| Total assets | – | 3,780 | 4,020 | 4,906 | 5,388 |
| Fixed assets | – | 1,102 | 1,144 | 1,323 | 1,589 |
| Capital work in progress | – | 101 | 167 | 190 | 302 |
| Investments | – | 0 | 0 | 0 | 0 |
| Receivables | – | 1,009 | 941 | 1,265 | 1,013 |
| Inventory | – | 1,259 | 1,349 | 1,506 | 1,275 |
| Payables | – | 374 | 357 | 458 | 340 |
Year-end figures from the March annual filing.
Cash flow
| ₹ cr | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Cash from operations | -283 | 310 | 511 | 536 | 936 |
| Cash from investing | 418 | -208 | -145 | -397 | -1,148 |
| Cash from financing | -135 | -116 | -193 | -130 | 59 |
| Capex | 144 | 142 | 213 | 329 | 485 |
| Free cash flow | -427 | 169 | 298 | 207 | 451 |
Free cash flow = cash from operations − capex.
Ratios by year
| ₹ cr | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| ROE % | – | 19.6% | 19.8% | 15.0% | 11.7% |
| ROCE % | – | 25.6% | 26.6% | 20.5% | 16.7% |
| Debtor days | – | 82 | 68 | 89 | 82 |
| Inventory days | – | 156 | 148 | 163 | 174 |
| Payable days | – | 46 | 39 | 50 | 46 |
| Cash conversion cycle (days) | – | 192 | 177 | 202 | 210 |
| Working capital days | – | 136 | 149 | 162 | 206 |
Shareholding
| Holder | % (2026-09-30) |
|---|---|
| Promoters | 59.77% |
| FIIs | 10.94% |
| DIIs | 18.93% |
| of which Mutual funds | 18.75% |
| of which Insurance | 0.09% |
| Government | 0.02% |
| Public (non-institutions) | 10.33% |
| Quarter | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | Sep 2026 |
|---|---|---|---|---|---|---|---|---|
| Promoters % | 59.77% | 59.77% | 59.77% | 59.77% | 59.77% | 59.77% | 59.77% | 59.77% |
| Promoter group | % |
|---|---|
| M N Sanghvi Family Trust (Trustees, Prakash M. Sanghvi & Jayanti Mishrimal Sanghvi) | 52.16% |
| Sanghvi Prakashmal Mishrimal, HUF (Karta: Prakash M. Sanghvi) | 3.42% |
| Jayantilal M Sanghvi, HUF (Karta: Jayanti Mishrimal Sanghvi) | 1.45% |
| Pavankumar Mishrimal Sanghvi, HUF (Karta: Pawankumar M. Sanghvi) | 0.99% |
| Sanghvi Shantilal Mishrimal, HUF (Karta Shantilal M. Sanghvi) | 0.99% |
| Arunaben C. Sanghvi & Prakash M. Sanghvi | 0.38% |
| Babulal M. Sanghvi & Shantaben B. Sanghvi & Prakash M. Sanghvi | 0.14% |
| Prakash M. Sanghvi & Reshmi Sanghvi | 0.11% |
| Jayanti M. Sanghvi & Shobhnadevi J. Sanghvi & Prakash M. Sanghvi | 0.07% |
| Shantilal Mishrimal Sanghvi & Shashi Shantilal Sanghvi & Prakash M. Sanghvi | 0.06% |
| Reshmidevi P. Sanghvi & Prakash Mishrimal Sanghvi & Jayantilal Mishrimal Sanghvi | 0.00% |
| Pavan Sanghvi & Vimla Sanghvi & Prakash Sanghvi | 0.00% |
| Vimla Pavan Sanghvi & Pavan Mishrimal Sanghvi & Prakash M. Sanghvi | 0.00% |
| Manoj P. Sanghvi & Dimple M. Sanghvi & Jayanti M. Sanghvi | 0.00% |
| Nilesh Prakash Sanghvi & Prakash Mishrimal Sanghvi & Jayanti M. Sanghvi | 0.00% |
| Public holders above 1% | % |
|---|---|
| Kotak Midcap Fund | 4.78% |
| Icici Prudential Multi-Asset Fund | 4.59% |
| Nalanda India Fund Limited | 3.85% |
| Sbi Small Cap Fund | 3.04% |
| Nalanda India Equity Fund Limited | 2.94% |
| Chunilal Fojaji Sanghvi | 2.32% |
| Hsbc Mutual Fund - Hsbc Small Cap Fund | 2.31% |
| Mirae Asset Nifty Total Market Index Fund | 1.07% |
37,327 shareholders. Pledged: 0.00% of promoter shares.
Peers in Iron & Steel Products
| Company | Market cap | P/E | P/B | ROE | ROCE | OPM | Sales 3y | Div yield |
|---|---|---|---|---|---|---|---|---|
| WELCORP | ₹61,798 cr | 26.7x | 6.8x | 27.8% | 19.2% | 13.9% | +19.8% | 0.21% |
| APLAPOLLO | ₹57,703 cr | 46.9x | 10.9x | 25.9% | 30.1% | 8.0% | +12.6% | 0.28% |
| SHYAMMETL | ₹31,351 cr | 28.0x | 2.7x | 7.8% | 14.2% | 12.9% | +13.7% | 0.36% |
| RATNAMANI | ₹16,345 cr | 37.8x | 4.0x | 11.2% | 15.7% | 16.7% | +0.1% | 0.60% |
| JINDALSAW | ₹14,824 cr | 26.9x | 1.2x | 4.4% | 7.2% | 9.5% | +0.1% | 0.86% |
| USHAMART | ₹14,192 cr | 27.9x | 4.3x | 16.8% | 20.1% | 19.6% | +4.1% | 0.64% |
| GALLANTT | ₹12,989 cr | 31.9x | 3.7x | 12.4% | 14.2% | 13.8% | +3.1% | 0.08% |
| GPIL | ₹11,769 cr | 14.6x | 2.0x | 15.1% | 18.7% | 21.4% | -2.2% | 0.54% |
| JAYNECOIND | ₹8,607 cr | 12.5x | 2.6x | 23.4% | 25.6% | 18.9% | +4.0% | – |
| MAHSEAMLES | ₹7,148 cr | 9.7x | 1.0x | 11.2% | 14.2% | 15.0% | -6.5% | 1.87% |
Business segments (FY26)
| Segment | Revenue | Share | EBIT | Margin |
|---|---|---|---|---|
| Steel Tubes and Pipes | ₹3,727 cr | 82.9% | ₹545 cr | 14.6% |
| Pipe Spools and Auxiliary Support Systems | ₹390 cr | 8.7% | ₹118 cr | 30.3% |
| Bearing Rings | ₹377 cr | 8.4% | ₹33 cr | 8.8% |
Dividends & corporate actions
| Ex-date | Action | Detail |
|---|---|---|
| 2026-08-11 | Dividend | Dividend - Rs 10 Per Share |
| 2025-09-02 | Dividend | Dividend - Rs 14 Per Share |
| 2024-08-20 | Dividend | Annual General Meeting/Dividend - Rs 14 Per Share |
| 2023-07-27 | Dividend | Annual General Meeting/Dividend - Rs 12 Per Share |
| 2022-08-01 | Dividend | Annual General Meeting/Dividend - Rs 9.33 Per Share |
| 2022-06-30 | Bonus | Bonus 1:2 |
| 2021-09-17 | Dividend | Annual General Meeting/Dividend - Rs 14 Per Share |
| 2020-08-19 | Other | Annual General Meeting |
| 2020-03-17 | Dividend | Interim Dividend - Rs 12 Per Share |
| 2019-08-01 | Dividend | Dividend - Rs 9 Per Share |
| 2018-08-01 | Dividend | Annual General Meeting/Dividend- Rs 6 Per Share (Purpose Revised) |
| 2017-09-04 | Dividend | Annual General Meeting/Dividend - Rs 5.50 Per Share |
| 2016-08-12 | Other | Annual General Meeting |
| 2016-03-17 | Dividend | Interim Dividend - Rs 5.50/- Per Share (Purpose Revised) |
| 2015-09-15 | Dividend | Annual General Meeting/ Dividend - Rs 5.50/- Per Share |
| 2014-09-04 | Dividend | Annual General Meeting / Dividend - Rs 4.50/- Per Share |
| 2013-08-01 | Dividend | Annual General Meeting / Dividend - Rs 4/- Per Share |
| 2012-09-13 | Dividend | Annual General Meeting And Dividend Rs.3/- Per Share |
| 2011-08-04 | Dividend | Annual General Meeting And Dividend Rs.2.50 Per Share |
| 2010-08-18 | Dividend | Annual General Meeting And Dividend Rs.2.20 Per Share |
Documents
- Annual report FY26
- Annual report FY25
- Annual report FY24
- Annual report FY23
- Annual report FY22
- Announcements NSE filings
- BRSR FY26
- Latest results (data file) XBRL
- Announcements BSE filings
Links go to the original files on the exchange website.
About the company
- Manufacturing of tube and tube fittings of basic iron & steel: Description of Business Activity The Company manufactures iron and steel tubes, tube fittings and pipes, including Stainless Steel Seamless & Welded Tubes & Pipes, Nickel Alloy Seamless Tubes, Carbon Steel Welded Pipes, Alloy Steel Welded Pipes, Titanium Welded Tubes, Induction Bend, etc.
| Sector | Industrials |
| Industry | Iron & Steel Products |
| Sub-industry | Iron & Steel Products |
| Symbol | RATNAMANI |
| BSE code | 520111 |
| ISIN | INE703B01027 |
| Face value | ₹2.0 |
| Incorporated | 1983-09-15 |
| Website | www.ratnamani.com |
| Plants (India / abroad) | 4 / 0 |
From the company's filings (BRSR FY26).
Data built 2026-10-23 from NSE company filings (XBRL: Integrated Filing - Financials + financial results), NSE shareholding & pledge data; price = NSE close 2026-10-26.