1. At a Glance – Stainless Steel, But Make It Volatile
Ratnaveer Precision Engineering Ltd is that midcap steel story which looks calm on the surface but keeps dropping corporate-action plot twists like a daily soap. Current market cap sits around ₹1,039 crore with the stock chilling near ₹153, down about 8% over one year while profits are sprinting like Usain Bolt in a factory helmet.
Q3 FY26 numbers? Revenue of ₹269 crore, PAT of ₹16.9 crore, and a spicy 49% YoY profit jump. ROE at 15%, ROCE at 14.3%, debt-to-equity at a manageable 0.51. On paper, the company is doing everything right—growing sales at ~23% CAGR and profits at ~45% CAGR over five years.
But… promoters have been quietly trimming stake (down to 42.6%), FIIs are playing musical chairs, and the company has raised money via QIP, preferential allotment, and warrants like it’s Black Friday at the capital market mall.
So what is Ratnaveer really? A boring washer company? A solar infra play? Or a capital-raising machine with stainless steel branding? Let’s open the hood.
2. Introduction – The Washer That Became a Midcap
Founded in 2000, Ratnaveer Precision Engineering Ltd started with something so unglamorous that most investors would’ve scrolled past it on Screener: washers. Not washing machines. Actual stainless steel washers.
Fast forward to FY26, and the company claims to be India’s largest stainless steel washer manufacturer, producing over 2,500 varieties across DIN, BS, ANSI, ASME, and AFNOR standards. Basically, if Germany, the UK, or the US needs a washer that won’t rust, Ratnaveer wants to be that guy.
But Ratnaveer didn’t stop at washers. Like every ambitious Indian manufacturing story, it went full buffet mode—pipes, tubes, finishing sheets, solar mounting hooks, and backward integration with scrap recycling. The Vadodara plant processes scrap back into raw material, improving margins and giving ESG PowerPoint slides some actual content.
The company rode the infra + solar + export wave, listed, raised capital, expanded capacity, and now sits at a ₹1,000+ crore
valuation wondering why the stock price refuses to celebrate despite profits partying every quarter.
Is the market missing something? Or is the market seeing something retail isn’t? Keep reading.
3. Business Model – WTF Do They Even Do?
Let’s simplify Ratnaveer for that one friend who still thinks EBITDA is a brand of cement.
Core Products
- Stainless Steel Washers – The OG business. Over 2,500 SKUs. Global standards. High volume, low glamour, but sticky demand.
- Solar Mounting Hooks & Hardware – Riding the solar boom with stainless steel hooks, bolts, and plates. Margins are better, competition is rising.
- Stainless Steel Pipes & Tubes – Welded round, square, rectangular pipes for industrial use. Classic steel business: volume matters, pricing power doesn’t.
- Finishing Sheets – Hairline, mirror, Scotch Brite finishes. Adds value, but also adds working capital stress.
Customers & Markets
Industries served include navy, aeronautical, railways, automobiles, windmills, and electro-machinery. Exports contribute ~19% of FY23 revenue, with Germany alone at ~12%.
Top two customers account for 32% of revenue. Translation: customer concentration risk is very real. If one German client sneezes, Vadodara catches a cold.
Manufacturing Edge
The Vadodara facility with 4,000 MTPA capacity and scrap recycling gives cost efficiency. Captive solar power (2 MW) is expected to lower energy costs and make ESG investors feel warm inside.
4. Financials Overview – Numbers Don’t
