1. At a Glance
Ratnamani Metals & Tubes Ltd is that quiet topper in class who never shouts but always scores. While the market was busy falling in love with flashy infra and PSU momentum plays, Ratnamani calmly delivered ₹5,186 Cr sales (TTM), ₹622 Cr PAT (TTM), ROCE of 21.5%, and stayed almost debt-free. Current market cap sits at ₹14,044 Cr, stock price around ₹2,004, down ~28% over one year, making investors suddenly “discover value” after ignoring it at ₹3,000.
Q3 FY26 wasn’t dramatic but very Ratnamani-like: ₹1,066 Cr revenue, ₹135 Cr PAT, and EPS of ₹15.67. Yes, YoY and QoQ growth looked sleepy, but the order book remains chunky at ₹2,400 Cr, exports are rising, and capacity expansions are mid-execution. This is not a momentum rocket. This is an industrial cash machine that hates drama.
If steel pipes were people, Ratnamani would be the CA uncle who wears the same shirt for 20 years but owns three houses. Boring? Maybe. Reliable? Definitely.
2. Introduction
Ratnamani Metals is what happens when a company decides to stick to its knitting for three decades and actually becomes world-class at it. No unrelated diversifications. No sudden “AI + EV + Hydrogen” slide decks. Just pipes. Very expensive, very precise, mission-critical pipes.
Founded long before PowerPoint strategy decks were fashionable, Ratnamani carved its niche in stainless steel seamless and welded pipes, a segment where execution errors are punished brutally. Oil & gas, nuclear power, refineries, petrochemicals—these guys don’t tolerate jugaad suppliers. Either your pipes work, or explosions happen. Ratnamani supplies to exactly these unforgiving customers.
The stock’s recent underperformance has more to do with cyclicality fears, capex digestion, and export volatility than with business quality. Which brings us to the real question: is the
market overreacting to short-term softness while ignoring long-term fundamentals?
Before answering that, let’s decode what Ratnamani actually does—without the brochure language.
3. Business Model – WTF Do They Even Do?
In simple terms, Ratnamani manufactures high-grade steel pipes and tubes that go into industries where replacement costs are terrifying.
Segment Breakdown (FY24)
- Steel Tubes & Pipes – 93% of revenue
This is the main engine. Products include:- Stainless steel seamless pipes
- Stainless steel welded pipes
- Nickel alloy pipes
- Titanium welded tubes
- Carbon steel pipes & bends
- Oil & gas pipelines
- Refineries
- Thermal & nuclear power
- Chemicals & petrochemicals
- Bearing Rings – 6%
Through Ravi Technoforge, now 75% owned. They make high-precision forged bearing rings and gear blanks. Think of this as Ratnamani’s optionality bet on industrial mobility. - Pipe Spools & Auxiliary Systems – 1%
JV with Technoenergy AG (Switzerland). This is a solutions play—pre-fabricated spools instead of just pipes.
Manufacturing happens across three plants in Gujarat, with capacities of:
- 61,500 TPA in stainless steel seamless pipes
- 5,10,000 TPA in carbon steel pipes
Translation: This is not a small workshop. This is
