Ratnamani Metals & Tubes Limited navigated a challenging Q4 FY26 marked by muted demand and geopolitical headwinds. The company reported standalone quarterly sales of INR 893 crore and maintained a debt-free status. Despite volume pressures in the Carbon Steel division, operational efficiencies ensured stable EBITDA margins. With an order book of INR 2,162 crore as of May 1, 2026, and strong contributions from its subsidiaries, the company remains focused on sustainable long-term growth and expansion.
Financial Performance Overview
For the quarter ended March 31, 2026, Ratnamani Metals & Tubes reported standalone sales of INR 893 crore, reflecting the impact of broader market conditions. On a consolidated basis, Q4 sales reached INR 1,085 crore. For the full fiscal year, consolidated sales stood at INR 4,494 crore compared to INR 5,186 crore in FY25. Despite the revenue decline, the company successfully maintained its profitability margins through stringent cost optimization and an improved product mix.
Segment and Subsidiary Highlights
The company’s subsidiaries demonstrated robust momentum, significantly supporting group profitability. Ravi Technoforge recorded a 28% year-on-year quarterly revenue growth to INR 105 crore, with full-year revenue growing 33% to INR 377 crore. Simultaneously, Ratnamani Finow Spooling Solutions (RFSS) achieved quarterly revenue of INR 72 crore, a 60% increase over the corresponding period last year, reaching a total of INR 390 crore for its first full year of operations.
Strategic Outlook and Order Book
As of May 1, 2026, the company’s total order book stood at INR 2,162 crore, with INR 697 crore attributed to exports, providing strong revenue visibility. The Carbon Steel division is pivoting toward oil and gas and Jal Jeevan Mission projects, while the Stainless Steel division continues to benefit from high-value extruded product demand. The company is progressing with capital expenditure plans, including a new facility in the Middle East expected to be completed within the current fiscal year.
Dividend Recommendation
Based on the current performance, future industry outlook, and a strategy of resource conservation amid global uncertainty, the Board has recommended a dividend of INR 10 per share. This reflects the company’s commitment to delivering value to shareholders while maintaining a strong, debt-free balance sheet to support ongoing expansion efforts.
Source: BSE
