Ratnamani Metals and Tubes Ltd. - Recovery in sight - Company Update
19 May 2026
Companies Updates
Ratnamani Metals & Tubes’ (RMT) Q4FY26 results missed our estimates, due to higher than expected operating expenses and lack of operational efficiencies. The pipes & tubes business reported weak results due to weak order book, disruption in Middle East and shutdown of the HSAW plant. The subsidiaries performed exceedingly well in FY26 and are expected to continue its growth momentum. Going forward, we expect a rebound in the CS and SS pipes revenues, due to restart of the CS plant post shifting, likely improvement in domestic demand from CGD projects, new cold finishing line in Saudi and pent-up demand from Middle East, due to re-construction of the Oil & gas infrastructure. We value RMT at an average of 30x Mar’28E PE and 17x Mar’28E EV/EBITDA to arrive at TP of Rs2,720 (Rs 2,460 previously). However, due to limited upside (rich valuations), we move to Accumulate rating (previously BUY) on Ratnamani metals.
Ratnamani Metals & Tubes' stock price chart:
Weak pipes business drags revenue despite strong subsidiary contribution:
RMT reported 37% YoY decline in consol. revenues at Rs 10.9bn (largely in-line with MNCL estimates), dragged by a steep decline in revenue from pipes & tubes business, offset by a strong contribution from subsidiaries (Ravi Technoforge: Rs 1bn, +28% YoY; Spooling: Rs 719mn, +58% YoY). Standalone pipes & tubes revenue declined 43% YoY to Rs 8.9bn owing to delayed deliveries to Middle East, shifting of HSAW plant to Odisha and poor order book. For FY26, pipes & tubes revenue declined by 24% YoY to Rs 36.9bn. Consolidated revenue declined by 13% to Rs 44.9bn.
Margins miss expectations due to cost pressure:
RMT reported consol. EBITDA (miss to MNCL estimates) of Rs 1.5bn (-49% YoY) with margins at 14.2% (-345bps YoY / -505bps QoQ), impacted by high operating expenses i.e. repairs & maintenance cost of the shifted HSAW plant, provision for doubtful receivables and lack of scale efficiencies. Consol. Adj. PAT declined by 53% YoY to Rs 968mn. For FY26, consol. EBITDA declined by 8% to Rs 7.6bn, translating into margins of 16.9%; +98bps YoY. Adj. PAT declined by 9% YoY to Rs 4.9bn.
Early signs of recovery likely in the pipes business:
FY26 was a weak year due to poor demand from Oil & gas, especially CS line pipes, shutdowns for repairs and shifting of the HSAW plant to Odisha, correction in SS pricing and disruption caused by the Middle East war in the last quarter. However, the subsidiaries demonstrated strong growth momentum in FY26, followed by a margin improvement. The spooling business with an order book of Rs 5-6bn is expected to maintain strong growth and high margins, catering to the nuclear demand. Ravi Technoforge is likely to target margin expansion in FY27E, before adding new contracts at the expanded capacity in FY28E. Additionally, we expect a rebound in the pipes segment revenues over longer term, due to restart of the CS pipe plant post shifting, likely improvement in domestic demand from CGD projects, new cold finishing line in Saudi and pent-up demand from Middle East due to re-construction of the Oil & gas infrastructure. Remain positive on Ratnamani metals.
Valuation and rating:
We value RMT at an average of 30x Mar’28E PE (25x previously) and 17x Mar’28E EV/EBITDA (previously 15x) to arrive at TP of Rs2,720 (Rs2,460 previously). We have moved to Accumulate rating (previously BUY), due to limited upside and rich valuations. Increase in TP is due to upgrade in valuation multiple, partly offset by cut in earnings. Key risks: Delay in recovery of Oil & gas demand, rising competition in SS pipes & tubes.
Company website: https://www.ratnamani.com/
| Rating | Accumulate |
|---|---|
| CMP* | INR 2,446 |
| Target Price | INR 2,720 |
| Upside | 10% |
*CMP is as per report published date
Click to download the full Ratnamani Metals and Tubes Ltd. Q4FY26 Company Update
Analyst:
- Sahil Sanghvi - Research Analyst, Institutional Equities (NISM-201900004744)
- Uvais Khatri - Research Associate, Institutional Equities (NISM-202300049054)
FAQs on Ratnamani Metals and Tubes Ltd. Q4FY26 Company Update
Here are quick answers to common investor queries about the Ratnamani Metals swing trading opportunity, including entry strategy, targets and key risks.
Why did Ratnamani Metals report weak Q4FY26 results?
The quarter was impacted by weak pipes demand, Middle East disruptions, shutdowns related to HSAW plant shifting, and higher operating expenses.
What are the key recovery drivers for Ratnamani Metals?
Recovery is expected from improving CGD demand, restart of the carbon steel plant, Saudi expansion, and reconstruction-related demand from Middle East oil and gas infrastructure.
How are Ratnamani’s subsidiaries performing?
Subsidiaries like Ravi Technoforge and the spooling business delivered strong growth and are expected to continue contributing meaningfully to future earnings.
What industries does Ratnamani Metals serve?
The company serves oil & gas, industrial infrastructure, energy, nuclear and process industries through its steel pipes, tubes and engineering solutions.
What are the major risks for Ratnamani Metals?
Key risks include delayed recovery in oil & gas demand, rising competition in stainless steel pipes and continued geopolitical disruptions.
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We retain our BUY rating on Carysil Ltd with a revised target price of Rs 1,190 (earlier Rs 1,140), factoring in a rollover to Q3FY28E and a ~4% trim to FY27E–FY28E earnings. Strong traction in quartz and stainless-steel sinks, upcoming capacity ex...
Wonderla Holidays: Chennai Takes The Baton As Mature Parks Plateau - Company Update
We upgrade Wonderla Holidays to BUY from HOLD, as we revise earnings estimates upward by ~5% and roll forward our valuation to Q3FY28E. The company continued to deliver ARPU-led growth at mature parks during the quarter, while footfall growth remaine...
Rashi Peripherals Ltd: Stellar quarter - Company Update
We retain "BUY" rating and raise our target price to Rs. 610 (vs Rs 505 earlier). Rashi reported topline growth of 42.6% YoY in a seasonally weak quarter, on the back of strong sales volume & prices across PES segment (56% of revenue) and LIT (44...
Triveni Turbine: Worst likely behind, recovery pending - Company update
We upgrade our rating on Triveni Turbine to BUY, supported by improving execution visibility and a gradual recovery in order inflows. While new applications such as CO₂-based energy storage, MVR, and turbine servicing are likely to be incrementally...
The Anup Engineering: Through the Trough, Recovery in the offing - Company Update
We upgrade our rating on The Anup Engineering to BUY (previously HOLD) and revise our target price to Rs 2,515. The company is not yet out of the woods, with the market awaiting clear signs of a recovery in order inflows. That said, we believe the wo...
Saksoft Ltd: Temporary headwinds, normalization in sight - Company Update
We maintain our "BUY" rating with a revised target price of Rs 285 (vs 325). Saksoft delivered weak results – a) topline growth saw a de-growth of 3% despite the favourable currency mix, b) Top 2 clients have cut spends in Q3, the pain co...
Mayur Uniquoters: Riding export momentum - Company Update
We maintain our BUY rating on Mayur Uniquoters with a revised target price of Rs. 825 (earlier Rs. 770), as we roll forward our valuation to Q3 FY28E and upgrade our FY27E/FY28E earnings estimates by ~4%. The company delivered a robust operating perf...
Scoda Tubes Ltd.: Slight miss; structural thesis intact - Company Update
We retain BUY rating on Scoda Tubes but upward revise target price of Rs 250 (previously Rs 240). Increase in target price is mainly due to valuation rollover. Q3FY26 was a strong performance on offtake, marginally offset by pricing weakness and dela...
TD Power Systems: Global demand fuelling growth visibility - Company Update
We upgrade TD Power to BUY / revise our target price upwards to Rs 875 (vs. Rs 840 earlier). Q3-FY26 results were a tad lower than our expectations and reflect timing issues rather than demand or competitive weakness. Going ahead, the Tumkur facility...
SJS Enterprises Ltd - Premiumisation and Export-led Outperformance - Company Update
We revise our target price on SJS Enterprises upwards to Rs2,190 to account for an increase in revenue/ margin estimates, and valuation roll-forward to Dec’27E. SJS delivered another quarter of strong industry outperformance, with record profitabil...
Sundram Fasteners Ltd.: Exports spoil the show - Company Update
We lower target price to Rs 1035 (previously Rs 1085) and maintain Accumulate rating for Sundram Fasteners Ltd. (SFL). We downward revise our multiple to account for extended weakness on exports including delay in EV order to North America, in turn l...
ASK Automotive Ltd. - Firing on all cylinders - Company Update
We upgrade ASK Automotive to BUY rating on attractive valuation and increase our TP to Rs590 (Rs525 previously). The increase in TP is largely driven by valuation rollover. ASK delivered a strong Q3, materially ahead of our expectations, led by broad...
Kirloskar Ferrous Ind. - Casting and tubes outperform, spreads spoil the show | Company Update
We lower our target price to Rs 620 (previously Rs690) and retain BUY rating for Kirloskar Ferrous Industries Ltd. (KFIL). The decrease in TP is mainly to account for weak commodity spreads and realization across end products . KFIL’s 2QFY26 perfor...
IFGL Refractories Ltd. - Domestic focus continues to payoff; overseas improving gradually | Company Update
We decrease target price to Rs 280 (previously Rs 300) but maintain BUY rating. The change in TP is mainly due to cut of earnings estimates. IFGL delivered another quarter of strong standalone growth as its domestic-focused strategy continues to gain...
Borosil Ltd. - Glassware ignites growth; levers to power margins | Company Update
We reiterate our BUY on Borosil Ltd and revise our target price upwards to Rs. 460 (vs. Rs. 420 earlier), driven by strong demand momentum and emerging structural growth and margin levers. The company continues to deliver robust growth in its glasswa...
Venus Pipes & Tubes Ltd. - Export and welded drives confidence | Company Update
We increase Target Price to Rs 2040 (previously Rs1,950) and retain BUY for Venus Pipes & Tubes (VENUS) due to attractive valuations. Increase in TP is primarily due to valuation roll forward. Revenue in 2QFY26 was strong, supported by a sharp re...
ESAB India - Encouraging quarter; growth in focus | Company Update
We retain Buy on ESAB India with TP revised upwards to Rs 6,850 (vs Rs 6,554 earlier) on valuation rollover. The company delivered a strong quarter, with overall growth hinting at signs of recovery supported by margin gains. ESAB continues to o...
The Anup Engineering - All eyes on cash conversion | Company Update
We maintain our HOLD rating on Anup Engineering but increase TP to Rs 2,475 (vs Rs 2,375 earlier) considering steady operational performance and an unchanged growth outlook coupled with valuation rollover. The impact from higher taxes was anticipated...
Rashi Peripherals Ltd – Turns cashflow positive
We retain "BUY" rating with a Target Price of Rs. 505 (vs Rs 525 earlier). Rashi Peripherals ltd reported decent topline growth, on the back of strong sales from the PES segment (PCs, Desktops). Our dealer checks suggest demand is improving for AI-en...
Wonderla Holidays - Chennai on Track; Expansion Visibility Low | MNCL Research Update
We reiterate our HOLD rating on Wonderla Holidays Ltd while revising our target multiple downwards to 18x (from ~20x) and rolling forward our valuation to Q2FY28E. In a seasonally weak quarter, the company delivered a better-than-expected topline, pr...
R Systems International - Strong growth tempered by higher SG&A & RSU costs | MNCL Research Update
We maintain our "BUY" and retain our target price to Rs 620. R Systems delivered higher than expected topline growth (7.9% vs our estimate of 3.5% in INR terms). EBITDA was in line with our estimates / margins dipped 70bps QoQ on the back of higher R...
SJS Enterprises Ltd - Designed to outperform | MNCL Research Update
We revise our target price on SJS Enterprises upwards to Rs1,930 to account for an increase in revenue/ margin estimates, valuation roll-forward to Sept’27E and target multiple expansion. SJS delivered another quarter of strong industry outperforma...
Channel checks - Opalware and Glassware - Borosil Sets the Benchmark in Opalware Retail
We conducted channel checks across key markets in Western and Northern India to gauge demand trends (qualitative aspects) in the Opalware and Glassware categories. We also analysed balance sheet / profitability trends (quantitative parts) across key ...
Goldiam International - LGD Momentum builds; ORIGEM scaling | Company Update
We reiterate our BUY rating on Goldiam International with a target price of Rs. Rs.470. Despite near-term uncertainty around U.S. tariff implications, the company has delivered an exemplary performance driven by robust topline growth and increasing w...
ASK Automotive Ltd – Meets Expectations; ALPS & Aftermarket to Drive Growth | MNCL Research Company Update
We retain ACCUMULATE on ASK Automotive while lowering our target price to Rs 525. The lowering of TP follows downward revision in our revenue and margin estimates, partially offset by valuation rollover. ASK delivered a strong Q2, broadly in line wit...
Sundram Fasteners Ltd. - Steady Domestic Momentum Offsets Export Weakness; upgrade to Accumulate - Company Update
We increase target price to Rs 1085 (previously Rs1030) and upgrade our rating to Accumulate for Sundram Fasteners Ltd. (SFL) due to steep correction in share price. Increase in TP is mainly due to valuation roll forward. SFL’s performance in 2QFY2...
JNK India Ltd – End of Overhang, Execution to Drive Growth | Q2FY26
Our interaction with JNK India led to the following conclusions: JNK India’s legacy low-margin orders (NRL, IOCL) delayed by site and client issues are expected to conclude largely by Q2FY26, with minor spillover into Q3FY26. From Q3FY26, high-marg...
Ratnamani Metals and Tubes Ltd. - Subsidiaries outperform | Company Update
We increase target price to Rs 2710 (previously 2690) and upgrade to Accumulate rating. Increase in target price is due to valuation roll forward. In 2QFY26, the core pipes business saw modest growth as strong offtake was offset by weak realizations....
