Ratnamani Metals & Tubes Ltd-$ — Q4 FY26 earnings call
Summary generated by AI from the official transcript Ratnamani Metals & Tubes Ltd-$ filed with BSE on 20 May 2026. Every statement cites a verbatim quote from that document — open any citation to read it. This is a record of what management said, not a recommendation. How we check these summaries
The short read
Ratnamani Metals & Tubes reported standalone Q4 FY26 sales of Rs 893 crore, down from Rs 1,575 crore in Q4 FY25, citing muted demand and Middle East geopolitical disruption affecting order booking and project execution. Subsidiaries Ravi Technoforge and Ratnamani Finow Spooling Solutions grew revenue by 28% and around 60% respectively during the quarter, supporting group profitability. Management maintained EBITDA margins in percentage terms despite lower volumes and said the order book stood at around Rs 2,160 crore as of May 1, 2026, with exports contributing about Rs 700 crore.
Numbers mentioned
Standalone sales: INR893 crores (Q4 FY26)
p. 3
“On a stand-alone basis, our sales for Q4 stood at INR893 crores as against the base of INR1,575 crores in Q4 of the previous year, which was also the highest ever quarterly sales in the company's history.”
Manoj Sanghvi, page 3 of the filed PDF · View the filing
Order book: INR2,160 crores (as on 1st May 2026)
p. 3
“The order book has continued to be around INR2,000 crores during the previous year and as on 1st May 2026 was around INR2,160 crores, while export contributing around INR700 crores, providing good revenue visibility for the coming periods.”
Manoj Sanghvi, page 3 of the filed PDF · View the filing
Ravi Technoforge revenue: INR105 crores (Q4 FY26)
p. 4
“Ravi Technoforge continued its strong presence and achieved a revenue of INR105 crores during the quarter, representing a growth of 28% over corresponding quarter of last year.”
Manoj Sanghvi, page 4 of the filed PDF · View the filing
Ravi Technoforge full year revenue: INR377 crores (FY26)
p. 4
“For the full year, revenue grew by 33% to INR377 crores.”
Manoj Sanghvi, page 4 of the filed PDF · View the filing
Ravi Technoforge EBITDA margin: 12% (FY26)
p. 4
“Growth was driven by both exports and domestic markets, while EBITDA margins improved from 10% to 12% due to operational efficiencies.”
Manoj Sanghvi, page 4 of the filed PDF · View the filing
RFSS revenue: INR72 crores (Q4 FY26)
p. 4
“The company achieved a revenue of INR72 crores during the quarter, registering around 60% over the corresponding growth -- 60% over the corresponding quarter of last year.”
Manoj Sanghvi, page 4 of the filed PDF · View the filing
RFSS full year revenue: INR390 crores (FY26)
p. 4
“FY 2026 was the first full year of operations for RFSS, during which it achieved a revenue of INR390 crores.”
Manoj Sanghvi, page 4 of the filed PDF · View the filing
Consolidated sales: INR1,085 crores (Q4 FY26)
p. 4
“On a consolidated basis, our Q4 sales stood at INR1,085 crores as against INR1,715 crores in the corresponding quarter of the previous year.”
Manoj Sanghvi, page 4 of the filed PDF · View the filing
Consolidated full year sales: INR4,494 crores (FY26)
p. 4
“For the full year, consolidated sales stood at INR4,494 crores compared to INR5,186 crores in FY '25.”
Manoj Sanghvi, page 4 of the filed PDF · View the filing
Dividend: INR10 per share (FY26)
p. 4
“the Board has decided to recommend a lower dividend of INR10 per share, which will still be 500% on the face value.”
Manoj Sanghvi, page 4 of the filed PDF · View the filing
Order book split: INR531 crores SS, INR1,631 crores CS (as on 1st May 2026)
p. 8
“As of 1st May, it was INR2,162 crores, out of which INR531 crores was stainless steel and INR1,631 crores was carbon steel.”
Vimal Katta, page 8 of the filed PDF · View the filing
Free cash: close to INR800 crores
p. 10
“As on date, also we will be having close to INR800 crores available as free cash with the company.”
Vimal Katta, page 10 of the filed PDF · View the filing
Forex impact: closer to INR45 crores (FY26)
p. 11
“That figure for the entire year will be closer to INR45 crores.”
Vimal Katta, page 11 of the filed PDF · View the filing
Spooling business order book: INR550 crores
p. 15
“I think it is close to INR550 crores. Kattaji…”
Manoj Sanghvi, page 15 of the filed PDF · View the filing
What management said it would do
A record of statements made on the call, in the words management used. Parakho does not forecast, endorse or assess them, and their presence here is not a view on whether they will happen.
Standalone revenue target — INR4,800 crores to INR5,000 crores · FY27
stated conditionally by Manoj Sanghvi
p. 10
“Our budget for the year, say, is close to anywhere -- on a stand-alone basis, anywhere between INR4,800 crores to INR5,000 crores.”
Manoj Sanghvi, page 10 of the filed PDF · View the filing
Standalone EBITDA margin — 16% plus/minus 1% · FY27
stated conditionally by Manoj Sanghvi
p. 14
“Yes. Margins say, 16% plus/minus 1%, definitely, it can be maintained. However, if the conflict that we see today extends, say, beyond 3, 4, 5 months, then it will be a totally different scenario.”
Manoj Sanghvi, page 14 of the filed PDF · View the filing
Pipe spooling business growth — 20% to 25% · FY27
stated firmly by Manoj Sanghvi
p. 14
“For spool business, we can see a growth of 20%. 20%, 25% for this particular year.”
Manoj Sanghvi, page 14 of the filed PDF · View the filing
Pipe spooling business margin — 20% to 25% · FY27
stated conditionally by Manoj Sanghvi
p. 14
“At the moment, it seems like. However, going forward, I think the margins should be in the range of 20% to 25%.”
Manoj Sanghvi, page 14 of the filed PDF · View the filing
Ravi Technoforge growth — 10% to 15% · FY27
stated firmly by Manoj Sanghvi
p. 14
“So same, RTL this year, we can consider a growth of 10% to 15%.”
Manoj Sanghvi, page 14 of the filed PDF · View the filing
Middle East plant completion — March 2027 · March 2027
stated conditionally by Manoj Sanghvi
p. 7
“Yes. So, considering that things will normalize say, in another month or so, we still are confident that we'll be able to finish the project, especially the trials within March 2027.”
Manoj Sanghvi, page 7 of the filed PDF · View the filing
Standalone capex — INR150 crores to INR200 crores · FY27-FY28
stated firmly by Manoj Sanghvi
p. 15
“Yes, other than that, the routine capex items, I think INR150 crores to INR200 crores.”
Manoj Sanghvi, page 15 of the filed PDF · View the filing
Spooling business revenue conversion — INR480 crores to INR500 crores · FY27
stated firmly by Manoj Sanghvi
p. 16
“So, this year, about INR500 crores will be -- INR480 crores to INR500 crores is what we plan within this year.”
Manoj Sanghvi, page 16 of the filed PDF · View the filing
Q&A highlights
Management's answers to analyst questions, in Parakho's words rather than a transcript. Each row names who answered and carries the verbatim quote it was drawn from.
Management said stainless-steel volumes actually rose while prices fell, and that competition is mostly in pierced seamless products which Ratnamani does not focus on, with its extruded product focus facing limited new capacity.
Answered by Manoj Sanghvi
Asked by Sailesh Raja: Is there a structural change in stainless-steel profitability due to increased competition and excess capacity?
p. 5
“So just to correct, give you the correct perspective. The stainless-steel volume in the last fiscal year actually went up, not down, but the prices were down.”
Manoj Sanghvi, page 5 of the filed PDF · View the filing
Management said once the current situation normalizes, demand for both carbon steel and stainless-steel pipes should emerge from refinery and petrochemical rebuilding and expansion, likely visible within a few months.
Answered by Manoj Sanghvi
Asked by Sailesh Raja: How does management see the Middle East oil & gas pipeline opportunity evolving over the next 1-2 years?
p. 6
“So, in another three months, six months, we will see those demand -- those kind of demand for both stainless steel and carbon steel pipes coming in.”
Manoj Sanghvi, page 6 of the filed PDF · View the filing
Management said it is not a one-time requirement, citing rising global nuclear power ambitions and Ratnamani's approved status to supply projects in Egypt, Turkey and Hungary.
Answered by Manoj Sanghvi
Asked by Divyansh Gupta: Is the pipe spool business a one-time nuclear plant requirement, and what supports capacity expansion?
p. 6
“So us being at the moment, the only nuclear approved facility from India for Nuclear Power Corporation of India Limited, plus internationally also, now we've been approved to supply for projects in Egypt, Turkey, Hungary.”
Manoj Sanghvi, page 6 of the filed PDF · View the filing
Management said direct exports are 35-40%, plus significant deemed exports through domestic bearing manufacturers who further export.
Answered by Manoj Sanghvi
Asked by Divyansh Gupta: What is the export/deemed export share for Ravi Technoforge and any US tariff tailwind?
p. 7
“So, we have the data for physical exports, which is between 35% to 40% for Ravi Technoforge.”
Manoj Sanghvi, page 7 of the filed PDF · View the filing
Management and CFO said higher capacity utilization would improve fixed cost absorption, keeping margins in the 16-18% range sustainable with only minor impact.
Answered by Vimal Katta
Asked by Saurabh Patwa: Will margins be negatively impacted if carbon steel volumes recover given stainless-steel's higher margin?
p. 11
“In the longer run, this 16% to 18% seems to be sustainable range.”
Vimal Katta, page 11 of the filed PDF · View the filing
Management acknowledged short-term margin pressure from piercing technology acceptance but said failures are occurring and end users are increasingly restricting demand to extruded tubes.
Answered by Manoj Sanghvi
Asked by Dhruv Saraf: Could piercing technology adoption pressure power sector margins for stainless-steel tubes?
p. 12
“Short-term, maybe, yes, margins. There will be a pressure. However, we continue to enter new segments like defence, which is increasing for us, aerospace, which is increasing for us.”
Manoj Sanghvi, page 12 of the filed PDF · View the filing
Management confirmed the target assumes conditions normalize within a month.
Answered by Manoj Sanghvi
Asked by Deepak Sodhi: Is the INR4,800 crore standalone target an internal plan or an aspiration assuming normalization?
p. 14
“It's assuming that everything will be back to normal in a month's time.”
Manoj Sanghvi, page 14 of the filed PDF · View the filing
Management said total active bidding is roughly $400-500 million, with no visibility yet on win rate given the business is new.
Answered by Manoj Sanghvi
Asked by Divyansh Gupta: What is Ratnamani's total pipeline of bids for the pipe spooling business?
p. 17
“Total bidding right now is close to $400 million, $500 million. How much we will get, we will only be able to say when the time comes.”
Manoj Sanghvi, page 17 of the filed PDF · View the filing
Management explained pipe procurement occurs early in a CGD project cycle, so connections rising now reflect pipes procured years earlier.
Answered by Manoj Sanghvi
Asked by Dhruv Saraf: Why doesn't rising CGD connection data translate into line pipe demand growth?
p. 17
“No. So, pipe procurement is the first phase for any CGD operator. So, whatever was procured, say, from '21 to '24, you would see those connections going up because of that network.”
Manoj Sanghvi, page 17 of the filed PDF · View the filing
Management said the cost increase has been substantial though supply is not currently an issue, affecting mainly carbon steel and partly stainless steel via gas-fired heat treatment furnaces.
Answered by Manoj Sanghvi
Asked by Parth Bhavsar: How exposed is the company to rising gas supply costs?
p. 19
“Increase has been substantial. So yes, the cost part has gone up. Supply is currently still not an issue.”
Manoj Sanghvi, page 19 of the filed PDF · View the filing
Risks flagged
Middle East geopolitical conflict disrupting order booking and project execution
p. 3
“The company operated in a challenging business environment during the quarter with continued muted demand conditions and adverse geopolitical developments in the Middle East, impacting order booking, project execution and overall market sentiment.”
Manoj Sanghvi, page 3 of the filed PDF · View the filing
Shipping constraints and high vessel costs limiting export dispatches
p. 9
“However, the vessel is either charging, say, obnoxious amount, which the customer is not willing to accept.”
Manoj Sanghvi, page 9 of the filed PDF · View the filing
Potential margin pressure in power segment from piercing technology adoption
p. 12
“Yes, power, we might have a little compromise on the margins, but I think that phenomenon may be temporary.”
Manoj Sanghvi, page 12 of the filed PDF · View the filing
Long-term risk from European local manufacturers expanding capacity amid carbon border adjustment mechanism
p. 13
“But yes, long-term, if it continues, we will see local manufacturers expanding their capacities. And yes, that is where the impact can come.”
Manoj Sanghvi, page 13 of the filed PDF · View the filing
Extended conflict could alter margin outlook materially
p. 14
“However, if the conflict that we see today extends, say, beyond 3, 4, 5 months, then it will be a totally different scenario.”
Manoj Sanghvi, page 14 of the filed PDF · View the filing
Rising gas costs increasing input costs
p. 19
“Increase has been substantial. So yes, the cost part has gone up.”
Manoj Sanghvi, page 19 of the filed PDF · View the filing
Generated by claude-sonnet-5. Source: the transcript as filed with BSE. We link to the exchange's copy; we do not host transcripts. Parakho is a data and screening tool, not an investment adviser — nothing here is a recommendation to buy, sell or hold.