In , Ratnamani Metals & Tubes Ltd (Stainless Steel) is outperforming Nifty 500 with +44.6% relative strength. Fundamentals: Weak. On a 4-week streak.
Weekly presence in the outperformers list. Green = beating Nifty 500 by 10%+ that week.
Based on Q3 FY26 earnings • Updated Apr 19, 2026
What: RFSS Order Book: ₹500 Cr+
“The company is currently holding an active order book exceeding ₹ 500 Crores (~US$ 60 Million), which we are targeting to execute over the next 12-18 months.”
What: RFSS Capacity Expansion: 1,200 MT to 4,000 MT
“The company is currently undertaking a major infrastructure expansion to enhance our capacity from 1,200 MT to 4,000 MT annually.”
What: Saudi Project Timeline: March 2027
“And the Saudi project, which is for stainless-steel cold finishing line, we expect to start trial production by the end of next year, December 2026.”
What: RTL Product Line: Gen 3 hubs
“Manufacture of High-Speed Hot Forming Facility for manufacturing new product line (Gen 3 hubs and other drivetrain components) for the automobile industry.”
What: Hydrogen-compliant pipes: First in India
“First in India to supply hydrogen-compliant pipes. Building capabilities for new energy and offshore applications.”
What: Consolidated EBITDA Margin of 22.1%
“Profitability growth on a consolidated basis was supported by strong contribution from subsidiaries, particularly bearing rings and pipe spooling businesses.”
Earnings deceleration risks from management commentary
Trigger: Statutory compliance requirements for new labour regulations.
Impact: PAT impact: ₹18.20 Cr
Management view: Provisioned in the current quarter results.
Monitor: regulatory
Trigger: Rumors of increased tariffs or reduced quotas in the European market.
Management view: Stocking some stainless-steel pipes and hollow bars in Europe as a buffer.
Monitor: geopolitical
Trigger: Correction in stainless steel and carbon steel prices.
Management view: Focus on operational efficiency and cost control to maintain margins.
Monitor: commodity
Key quotes from recent conference calls
“While revenue may stay flattish or show a slight dip, we expect that a strong focus on operational efficiency and cost control should help maintaining EBITDA in the range of 16% to 18%. [Previous EBITDA Margin guidance]”
“We maintain our INR 300 crores plus revenue guidance for the full year for RFSS. [Previous RFSS Revenue guidance]”
“And the Saudi project, which is for stainless-steel cold finishing line, we expect to start trial production by the end of next year, December 2026. [Initiative: Saudi Arabia Greenfield Project]”
“Impact of new labour codes 18.20 - 18.20 - 18.20 - 18.20 - [Risk (regulatory): MEDIUM]”
Headline numbers from the latest earnings call
Revenue
₹1,065.83 Cr
Why: Revenue declined primarily due to lower project execution and subdued demand in the carbon steel division during the quarter.
Consolidated revenue was supported by subsidiaries despite a 39% drop in standalone carbon steel sales.
EBITDA
₹235.88 Cr
Why: Margins improved due to strong performance from subsidiaries and disciplined cost management despite lower standalone volumes.
Consolidated EBITDA margins expanded significantly from 16.9% to 22.1% YoY.
PAT
₹135.38 Cr
Why: Profitability was sustained by the strong performance of subsidiaries, particularly bearing rings and pipe spooling businesses.
PAT remained resilient despite a sharp decline in standalone PBT from ₹200.44 Cr to ₹117.82 Cr.
Other Highlights
• Stainless steel division registered 5% growth despite overall standalone revenue degrowth of 39%.
• Subsidiaries RTL and RFSS reported significantly improved results, reinforcing the diversified business model.
• Impact of new labour codes resulted in a ₹18.20 Cr provision during the quarter.
Sub-sector-specific signals from the latest concall — each with management's stated reason for the change
Standalone Order Book
₹2,050 Cr
Why: Subdued domestic demand in carbon steel line pipes.
RFSS Order Book
₹500 Cr
Why: Strong traction in nuclear power industry spools.
RFSS Capacity Utilisation
13.3%
Why: Currently doing 200 tons against 1,500 tons capacity.
RTL Revenue
₹98.48 Cr
Why: Strong performance in bearing rings segment.
RTL EBITDA Margin
13%
Why: Operational improvements and better product mix.
RFSS Revenue
₹195.56 Cr
Why: Execution of nuclear power project orders.
Market Capitalisation
₹16,885 Cr
Why: As of December 31, 2025.
Total Employees
3,200+
RTL Export Mix
40%
Why: Global supply to 15 countries.
RFSS Capacity Expansion
4,000 MT
Why: Infrastructure expansion to handle larger volumes.
Forward-looking targets from management for 2-3 years
OPM Guidance
15–17%
Capex Plan
₹250 Cr
₹7,000 - ₹7,500 Cr
Targeting mid-teens or slightly higher margins on a consolidated basis.
₹225 - ₹250 Cr per subsidiary
Expansion of RFSS capacity and new forging line at RTL.
Guidance Changes
Consolidated Revenue Target: Not Given → ₹7,000 - ₹7,500 Cr
Revenue, profit and margin growth rates
| Metric | YoY | 3Y CAGR | Trend |
|---|---|---|---|
| Revenue | -19% | +18% | Inflection Down |
| PAT (Net Profit) | +2% | +19% | Stable |
| OPM | 19.0% | +400 bps | Volatile |
The above analysis is parsed from publicly available earnings call transcripts. This is educational research only — not investment advice. Last updated Apr 19, 2026.
Based on publicly available financial data. This is educational research, not investment advice.
Ratnamani Metals & Tubes Ltd's latest quarterly results (Dec 2025) show
Ratnamani Metals & Tubes Ltd's profit is growing with an stable trend.
Ratnamani Metals & Tubes Ltd's revenue growth trend is inflecting downward.
Ratnamani Metals & Tubes Ltd's operating margin is volatile.
Ratnamani Metals & Tubes Ltd's long-term compounding rates
Ratnamani Metals & Tubes Ltd's earnings growth is stable with mixed signals on a sequential basis.
Ratnamani Metals & Tubes Ltd's trailing twelve month (TTM) performance
Ratnamani Metals & Tubes Ltd appears significantly overvalued based on our fair value analysis.
Ratnamani Metals & Tubes Ltd's current PE ratio is 33.7x.
Ratnamani Metals & Tubes Ltd's current PE is 33.7x.
Ratnamani Metals & Tubes Ltd's price-to-book ratio is 5.2x.
Ratnamani Metals & Tubes Ltd is rated Weak with a fundamental score of 37.25/100. This score is calculated from objective financial metrics
Ratnamani Metals & Tubes Ltd has a debt-to-equity ratio of N/A.
Ratnamani Metals & Tubes Ltd's return ratios over recent years
Ratnamani Metals & Tubes Ltd's operating cash flow is positive (FY2025).
Ratnamani Metals & Tubes Ltd's current dividend yield is 0.49%.
Ratnamani Metals & Tubes Ltd's shareholding pattern (Mar 2026)
Ratnamani Metals & Tubes Ltd's promoter holding has remained stable recently.
Ratnamani Metals & Tubes Ltd has been outperforming Nifty 500 for 4 consecutive weeks, indicating building momentum.
Ratnamani Metals & Tubes Ltd is an established outperformer with 4 weeks of consecutive Nifty 500 outperformance.
Ratnamani Metals & Tubes Ltd has 6 key growth catalysts identified from recent earnings analysis
Ratnamani Metals & Tubes Ltd has 3 key risks worth monitoring
In Q3 FY26, Ratnamani Metals & Tubes Ltd's management highlighted
Ratnamani Metals & Tubes Ltd's management has provided the following forward guidance for 2-3 years
Ratnamani Metals & Tubes Ltd's most important sub-sector-specific KPIs from the latest concall
Based on quantitative research signals, here is why Ratnamani Metals & Tubes Ltd may be worth studying
Ratnamani Metals & Tubes Ltd investment thesis summary:
Ratnamani Metals & Tubes Ltd's forward outlook based on current data signals
The above FAQs are generated from publicly available earnings data and conference call transcripts. This is educational research only. Sector Alpha is not SEBI registered and does not provide investment advice.
