Loading…
Manufactures stainless steel and carbon steel pipes and tubes for oil & gas, power and industrial applications.
Manufactures stainless steel and carbon steel pipes and tubes for oil & gas, power and industrial applications.
Pipes are made to order for specific plants and pipelines, so sales follow an order book of projects that runs for several quarters. Orders come from India's oil, gas, power and chemical plants and from export buyers, and revenue can shift between periods with delivery timing.
In one line: A niche Indian specialty pipe/tube maker.
Moat: narrow (process know-how, customer qualification). Specialized welding/metallurgy qualifications for critical-service pipes limit new entrants.
Headquarters: Ahmedabad, India · Founded: 1983 · Employees: 3,319
Size Ratnamani Metals & Tubes (RATNAMANI.NS) is an India Materials company (Steel) with a market value of $1.83B, the 390th largest of 1,058 India companies the cockpit tracks. Shares closed at ₹2,456 on 6 Nov 2026.
Performance Over six months the shares fell 13.1%, against -23.2% for the median peer and 0.0% for the India market (cap-weighted) — 8th highest of 21 in its peer set.
Growth Revenue fell 16.3% over the last twelve months (peer median +3.0%); the operating margin is 13.8% (peer median 4.7%).
Valuation It trades at 31.8× forward earnings against a peer median of 18.4× (3rd most expensive of 16).
Price implies For today's price to make sense, revenue must grow about 27% a year for seven years (Req g). Recent delivered growth is +14%, so the hurdle is +13 pp: the price needs faster growth than the company has been delivering — of companies that just grew 25–50% a year, 93.8% slowed down over the next four years.
Capital Return on invested capital runs 1.5 points below its cost of capital (12.1% WACC).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | ₹43.1B | ₹44.9B | ₹51.9B | ₹50.6B | ₹44.7B |
| Revenue growth | — | -13% | +3% | +13% | — |
| Gross profit | ₹13.0B | ₹9.34B | ₹10.1B | ₹10.4B | ₹9.67B |
| EBITDA | ₹7.32B | ₹7.77B | ₹8.37B | ₹9.07B | ₹7.84B |
| Net income | ₹4.33B | ₹4.83B | ₹5.44B | ₹6.23B | ₹5.10B |
| Free cash flow | n/a | ₹4.42B | ₹2.14B | ₹2.85B | ₹1.59B |
| Capital expenditure | n/a | ₹4.85B | ₹3.29B | ₹2.13B | ₹1.42B |
| Total debt | n/a | ₹3.18B | ₹1.57B | ₹1.53B | ₹2.37B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Ratnamani Metals & Tubes RATNAMANI.NS | $1.83B | -13% | -16% | 14% | 31.8× | 27.4% |
| Jindal Saw JINDALSAW.NS | $1.70B | +4% | -1% | 6% | 22.7× | 17.5% |
| Welspun WELCORP.NS | $6.13B | +70% | +14% | 12% | 25.5× | 24.9% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | RATNAMANI.NS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -2.7% | -4.5% | 6th highest of 21 |
| 6-month return | -13.1% | -23.2% | 8th highest of 21 |
| Distance from 52-week high | -26.6% | -36.8% | 7th highest of 21 |
| Revenue growth (TTM) | -16.3% | +3.0% | lowest of 21 |
| Operating margin | 13.8% | 4.7% | 4th highest of 20 |
| Forward P/E | 31.8× | 18.4× | 3rd most expensive of 16 |
| Growth the price implies (Req g, 7 yrs) | 27.4% | 9.9% | 2nd most demanding of 17 |
| Growth delivered (Del g) | +14.4% | +6.3% | 2nd highest of 17 |
| Hurdle (Req g minus delivered) | +13.1 pp | +5.9 pp | 5th most demanding of 17 |
| ROIC minus cost of capital | -1.5 pp | -2.5 pp | 8th highest of 20 |
| EV / EBITDA | 23.6× | 8.9× | most expensive of 7 |
| Net debt / EBITDA | -0.9× | 1.2× | least indebted of 10 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Ratnamani Metals & Tubes RATNAMANI.NS | India | $1.83B | -13% | -16% | 14% | 31.8× | 27.4% | +14.4% |
| Tung Ho Steel Enterprise 2006.TW | Taiwan | $1.86B | +26% | -4% | 12% | 11.2× | -10.3% | +6.2% |
| Worthington Steel WS | United States | $1.88B | -9% | +69% | 3% | 9.7× | 26.5% | -1.5% |
| Sichuan Anning Iron and Titanium 002978.SZ | China | $1.72B | -22% | -10% | 41% | 18.4× | 6.1% | +4.2% |
| China Nonferrous Metal Industry's Foreign Engineering and Construction 000758.SZ | China | $1.72B | -17% | +42% | 7% | n/a | 9.1% | +8.4% |
| Jindal Saw JINDALSAW.NS | India | $1.70B | +4% | -1% | 6% | 22.7× | 17.5% | +10.9% |
| Shandong Iron and Steel 600022.SS | China | $1.98B | -12% | -10% | n/a | 12.6× | 1.3% | -5.1% |
| Outokumpu OUT1V.HE | Finland | $1.99B | -31% | -7% | -1% | 20.3× | 14.0% | -0.7% |
| Chongqing Iron & Steel 1053.HK | Hong Kong | $1.64B | -27% | -8% | -13% | n/a | n/a | n/a |
| Sarda Energy & Minerals SARDAEN.NS | India | $1.63B | -27% | -2% | 26% | n/a | 10.6% | +20.9% |
| Xinxing Ductile Iron Pipes 000778.SZ | China | $2.05B | -24% | +15% | 2% | 20.5× | -6.9% | -2.8% |
| KIOCL KIOCL.NS | India | $2.15B | -18% | +27% | -6% | n/a | n/a | n/a |
| Suzhou Hesheng Special Material 002290.SZ | China | $1.51B | -50% | +1% | 7% | 42.2× | 34.8% | +7.1% |
| Godawari Power & Ispat GPIL.NS | India | $1.49B | -31% | +8% | 19% | 12.5× | 21.7% | +6.3% |
| Maanshan Iron & Steel 0323.HK | Hong Kong | $2.27B | -50% | 0% | 0% | 18.0× | 3.8% | -1.7% |
| Advanced Technology & Materials 000969.SZ | China | $2.28B | -32% | +37% | 5% | 40.2× | 16.2% | +9.8% |
| Daido Steel 5471.T | Japan | $2.29B | -4% | +8% | 7% | 10.8× | 8.8% | +7.0% |
| Alleima ALLEI.ST | Sweden | $2.32B | +9% | -5% | 7% | 21.5× | 12.9% | +0.4% |
| Dalian Huarui Heavy Industry 002204.SZ | China | $1.43B | -28% | +5% | 4% | n/a | -3.8% | +13.9% |
| Ryerson RYZ | United States | $1.43B | +1% | +53% | 1% | 10.6× | n/a | n/a |
| Fangda Special Steel Technology 600507.SS | China | $1.38B | -32% | +8% | 3% | 23.4× | n/a | n/a |