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1. At a Glance
Revenue of ₹972 Cr for the June 2026 quarter, down 15.6% from ₹1,152 Cr a year earlier. Operating Profit ₹162 Cr against ₹188 Cr. Profit attributable to owners ₹82.2 Cr, versus ₹131.8 Cr. EPS ₹11.72. Operating margin 17%, which is where this company’s margin has spent most of the last decade parked, refusing to move much regardless of what revenue does around it.
Underneath the headline, three business segments went in three different directions, which for a pipe manufacturer is a fairly athletic outcome. Steel Tubes & Pipes — the 93% segment, the actual company — reported segment revenue of ₹767.8 Cr against ₹1,088.1 Cr a year ago. Bearing Rings did ₹97.3 Cr against ₹77.3 Cr. And Pipe Spools, the nuclear business that was a rounding error twelve months ago at ₹12.6 Cr, reported ₹119.6 Cr. Its segment result swung from a loss of ₹4.5 Cr to a profit of ₹61.0 Cr, which is more segment profit than the ₹58.5 Cr posted by the entire steel pipe business that has been Ratnamani’s whole identity since 1983.
Also during the quarter, the company acquired 75 shares of Ratnamani Middle East Company LLC for SAR 1.5 million — seventy-five entire shares, at SAR 20,000 each, converting a Saudi joint venture into a subsidiary effective June 23, 2026. As of June 30, the JV partner’s 25% contribution had not yet arrived.
The consolidated Q1 order of operations, then: the old business shrank, the newest business paid for itself, and the accountants had to write a note explaining a seventy-five-share purchase.
2. Introduction
Ratnamani Metals & Tubes was incorporated in 1983 and manufactures stainless steel pipes and tubes and carbon steel pipes from facilities in India. Per CRISIL, the company operates three manufacturing plants in Gujarat, holds stainless steel capacity of 61,500 TPA and carbon steel capacity of 510,000 TPA, and is described by the agency 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, which is a perfectly respectable way to spend forty years. Then, starting October 2022, it began collecting subsidiaries with the enthusiasm of a man who discovers eBay. Ravi Technoforge, a Rajkot maker of high-precision forged and turned bearing rings, came in at a 53% stake for ₹98 Cr; an additional 27.017% followed in August 2024; a rights subscription of 30,48,669 shares at ₹100 each in September 2025 took the holding to 75%. In September 2023 came 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 executed a joint venture agreement with Saudi Electric Supply Company. The consolidated results now list seven entities, and the auditors have to specify which subsidiary’s numbers were reviewed by whom, in a paragraph that reads like a hostage negotiation over ₹9,734.62 lakh of revenue.
FY26 itself, the year just closed, brought consolidated revenue of ₹4,494 Cr against ₹5,186 Cr in FY25. Management characterised the period as a challenging business environment with continued muted demand conditions and adverse geopolitical developments in the Middle East, which it said impacted order booking, project execution and overall market sentiment. Management also stated that carbon steel disruption included roughly nine to ten months spent shifting capacity from one location to another — the corporate equivalent of moving house and then wondering why nobody got dinner.
On July 2, 2025, the company reported the demise of Executive Director Prakashchandra H. Bhat, described in the filing 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. This sounds simple right up until you read the product list.
Nickel alloy and stainless steel seamless tubes and pipes. Stainless steel welded tubes and pipes. Titanium welded tubes. Carbon steel pipes. Pipe bends — because at some point every pipe encounters a corner and must be persuaded around it. These go into oil and gas, refineries, thermal power, nuclear power, chemicals and petrochemicals, which is to say: places where the pipe failing is not an inconvenience but a headline. That is the entire commercial logic. Ratnamani sells the peace of mind that the thing carrying superheated hydrocarbons past your workforce was made by people who take welding personally.
Segment one, Steel Tubes & Pipes, is 93% of the business. Carbon steel comes in LSAW, HSAW, circumferential seam submerged arc welded and ERW varieties — four acronyms describing four ways to convince a flat sheet of steel to become a tube and stay one. Management noted during FY26 that the Kutch facility was upgraded from 12-metre to 18-metre spiral welded pipe capability, a fifty percent increase in how long a single pipe can be before someone has to weld it to another one.
Segment two, Bearing Rings (6%), arrived via Ravi Technoforge: high-precision forged and turned bearing rings, gear blanks and similar components. Management stated direct exports run 35–40%, and that of supplies to domestic bearing OEMs, 40% to 50% is subsequently exported by those OEMs — Ratnamani exports things that then get exported again, a supply chain with a frequent flyer problem.
Segment three, Pipe Spools and
