A quarter where margins behaved, order books teased hope, and nuclear spools stole the spotlight.
1. Opening Hook
Just when everyone thought Indian infra demand had dozed off like a bored tender committee, Ratnamani casually dropped a ₹1,191 crore consolidated revenue bomb—up 23%—like it was nothing. And the cherry on top? A nuclear spools business delivering 33% EBITDA as if inflation doesn’t apply to them.
Meanwhile, domestic water pipeline orders are still slower than government payments, but who cares? Saudi wants stainless steel, Europe wants hydrogen pipelines, and nuclear plants want spools.
Stay with this one—the story gets hotter as we enter Saudi, win hydrogen gigs, and expand capacity like we found free land.
2. At a Glance
- Revenue up 23% (Consolidated) – Subsidiaries finally behaving like grown-ups.
- Standalone revenue up 5% – Steel prices dropped, but volumes didn’t.
- EBITDA margins guided at 16–18% – CFO refuses to let margins wander freely.
- Order book ~₹2,050 crore – Execution engine warming up; tender gods still moody.
- RFSS revenue up 3x QoQ – Nuclear plants love Ratnamani more than citizens love subsidies.
- RTL revenue up 40% – Bearings business spinning faster than AI hype trains.
3. Management’s Key Commentary (Quotes + Translations)
Quote: “Our performance for Q2 has been strong, and subsidiaries have gained momentum.”
(Translation: The kids finally started bringing marks home.)
Quote: “Standalone revenue growth was modest due to softer input prices.”
(Translation: Steel became cheap, so our topline looked skinny.)
Quote: “We pioneered supply of hydrogen-compliant pipes to Europe.”
(Translation: We did something cool before our competitors woke up 😏)
Quote: “RFSS revenue reached ₹110 crore with strong order visibility.”
(Translation: Nuclear spools = money printer go brrrr.)
Quote: “Domestic demand is subdued; more tenders expected next year.”
(Translation: Government still opening tenders slower than IRCTC queues.)
Quote: “Saudi subsidiary received Commercial Registration; plant work begins January.”
(Translation: We’re going global—please adjust your expectations accordingly.)
Quote: “We can reach ₹7,500 crore consolidated revenue in 2–3 years.”
(Translation: We’re building capacity like we’ve seen the future—and it’s big.)
4. Numbers Decoded
Metric Q2 FY26 Q2 FY25
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Standalone Revenue ₹940 cr ₹893 cr
Consolidated Revenue ₹1,191 cr ₹969 cr
RTL Revenue ₹95.6 cr ₹68 cr
RTL EBITDA Margin 13% 9%
RFSS Revenue ₹110 cr ₹13 cr
RFSS EBITDA Margin 33% Negative earlier
Order Book (Standalone) ~₹2,050 cr ~₹1,700 cr (est.)
Carbon Steel Order Intake ₹750 cr Lower last year
Quick Laughs (and Facts)
