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1. At a Glance
Ratnamani Metals and Tubes makes steel pipes and tubes for oil, gas, power and chemical plants.
Revenue for the three months to June 2026 was ₹972 crore, against ₹1,152 crore a year earlier. That is a fall of 15.6 per cent on the same quarter last year. Operating profit came in at ₹162 crore, against ₹188 crore. Profit attributable to owners was ₹82.2 crore, against ₹131.8 crore. Earnings per share, the profit divided across every share in issue, was ₹11.72. The operating margin was 17 per cent, where this company’s margin has sat for most of the past decade.
Underneath the headline, three business segments went in three different directions. For a pipe maker, three directions at once counts as an athletic outcome. Steel Tubes and Pipes, which is 93 per cent of the company, reported segment revenue of ₹767.8 crore. The comparable figure a year earlier was ₹1,088.1 crore. Bearing Rings reported ₹97.3 crore against ₹77.3 crore. Pipe Spools, the nuclear business, reported ₹119.6 crore against ₹12.6 crore. Its segment result moved from a loss of ₹4.5 crore to a profit of ₹61 crore. The steel pipe business, the company’s identity since 1983, posted a segment profit of ₹58.5 crore.
The company also bought 75 shares of Ratnamani Middle East Company LLC for SAR 1.5 million. Seventy-five shares, and the accountants still had to write a note explaining them. The purchase turned a Saudi joint venture into a subsidiary with effect from 23 June 2026. As at 30 June, the joint venture partner’s 25 per cent contribution had not yet arrived.
2. Introduction
Ratnamani Metals and Tubes was incorporated in 1983. It makes stainless steel pipes and tubes, and carbon steel pipes, from plants in India. CRISIL, a credit-rating agency, records three manufacturing plants in Gujarat. CRISIL puts stainless steel capacity at 61,500 tonnes a year and carbon steel capacity at 510,000 tonnes a year. The agency describes the company as one of the largest players in India’s stainless steel tubes and pipes segment. It is promoted by Mr Prakash Sanghvi, Chairman and Managing Director.
For most of its life this was a company that made metal cylinders very well and did nothing else. That is a perfectly respectable way to spend forty years. From October 2022 it began collecting subsidiaries with the enthusiasm of a man who has discovered eBay. Ravi Technoforge, a Rajkot maker of high-precision forged and turned bearing rings, came in at 53 per cent for ₹98 crore. A further 27.017 per cent followed in August 2024. A rights subscription of 30,48,669 shares in September 2025 took the holding to 75 per cent. September 2023 brought a joint venture with Technoenergy AG of Switzerland, producing Ratnamani Finow Spooling Solutions. Ratnamani Trade EU AG became a wholly owned subsidiary in September 2025 for EUR 400,000. In April 2025 the company signed a joint venture agreement with Saudi Electric Supply Company. The consolidated results now list seven entities. The auditors have to set out which subsidiary’s numbers were reviewed by whom, over roughly ₹97 crore of revenue, in a paragraph that reads like a hostage negotiation.
In the year to March 2026, consolidated revenue was ₹4,494 crore, against ₹5,186 crore the year before. Management characterised the period as a challenging business environment with continued muted demand conditions. Management also pointed to adverse geopolitical developments in the Middle East. It said those developments hit order booking, project execution and overall market sentiment. Management further stated that carbon steel disruption included roughly nine to ten months spent shifting capacity from one location to another. That is the corporate equivalent of moving house and then wondering why nobody got dinner.
On 2 July 2025 the company reported the death of Executive Director Prakashchandra H. Bhat. The filing described him as a key leader of the Stainless Steel Business.
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3. Business Model: WTF Do They Even Do?
They make tubes. Metal ones. The product list is rather longer than that makes it sound.
Nickel alloy and stainless steel seamless tubes and pipes come first. Then stainless steel welded tubes and pipes, titanium welded tubes and carbon steel pipes. Then pipe bends, because every pipe eventually meets a corner and must be persuaded around it. The buyers are oil and gas companies, refineries and thermal power stations. Nuclear plants, chemicals plants and petrochemicals plants make up the rest. These are places where a pipe failing is not an inconvenience but a headline. What Ratnamani sells is the assurance that the thing carrying superheated hydrocarbons was made by people who take welding personally.
Steel Tubes and Pipes is 93 per cent of the business. Carbon steel comes in LSAW, HSAW, circumferential seam submerged arc welded and ERW varieties. Those are four ways of convincing a flat sheet of steel to become a tube and stay one. Management noted that the Kutch plant was upgraded from 12-metre to 18-metre spiral welded pipe capability. Management put that at a fifty per cent increase in how long a single pipe can be.
Bearing Rings, at 6 per cent, arrived with Ravi Technoforge: forged and turned bearing rings, gear blanks and similar components. Management stated that direct exports run at 35 to 40 per cent. Of supplies to Indian bearing makers, management said 40 to 50 per cent is then exported by those makers. So Ratnamani exports
