Ratnamani Metals & Tubes Ltd. Q4 FY26 Earnings

Consolidated sales for Q4 FY26 fell to ₹1,085 crore from ₹1,715 crore in the previous year, and full-year sales dropped to ₹4,494 crore from ₹5,186 crore in FY25.

Revenue Dip Amid Market Challenges

Ratnamani Metals & Tubes Limited announced its audited financial results for the fiscal year ending March 31, 2026. The company posted consolidated sales of ₹1,085 crore for the fourth quarter, a 37% decrease compared to ₹1,715 crore in the same period last year. For the full fiscal year, consolidated sales were ₹4,494 crore, down from ₹5,186 crore in FY25. The company cited challenging market conditions, including muted demand and geopolitical factors, for the revenue decline.

Margin Resilience and Strong Order Book

Despite the sales drop, Ratnamani Metals managed to maintain its EBITDA margins by implementing cost efficiencies. The company ended the period with a substantial order book of ₹2,160 crore, which includes ₹700 crore in export orders, providing a degree of revenue visibility for the upcoming periods.

Expansion Projects Underway

Looking ahead, Ratnamani Metals is advancing expansion projects at its subsidiaries. Ravi Technoforge is enhancing its capacity and automation to target new customer segments. Additionally, Ratnamani Finow Spooling Solutions (RFSS) is building a new manufacturing facility, expected to start contributing to revenue in the latter half of FY27. The company aims for standalone revenues of ₹4,800-₹5,000 crore in FY27, provided geopolitical situations stabilize, while targeting 16-18% margins.

Key Risks to Monitor

Investors should be aware of several risks that could impact performance. These include ongoing muted demand and geopolitical tensions affecting project execution, potential delays in project cycles, increased competition, particularly in the stainless steel sector, and shipping disruptions impacting timely deliveries for Middle East projects. Prolonged conflict in the Middle East could further hinder recovery.

Financial Highlights

• Consolidated Sales (Q4 FY26): ₹1,085 cr (vs. ₹1,715 cr in Q4 FY25)
• Consolidated Sales (FY26): ₹4,494 cr (vs. ₹5,186 cr in FY25)
• Standalone Sales (Q4 FY26): ₹893 cr (vs. ₹1,575 cr in Q4 FY25)
• Order Book (as of May 1, 2026): ₹2,160 cr (including ₹700 cr exports)
• Standalone Revenue Target (FY27): ₹4,800 cr - ₹5,000 cr
• Recommended Dividend: ₹10 per share (500%)

Investor Focus

Future performance will depend on the normalization of global geopolitical events and their effect on demand and project execution. Investors will also be watching the progress of expansion projects at Ravi Technoforge and RFSS, the growth of the order book, and demand trends in key industries like oil & gas, refinery, and petrochemical.