ALFA Finder
The call ran from 5:02 PM to 5:39 PM IST (37 min).
Key takeaways
Consolidated revenue rose 13% and EBITDA margin was 16.3%, but freight and tariff costs squeezed profitability. Management held FY27 standalone guidance without new numbers.
| Revenue growth | Consolidated revenue +13% YoY; standalone +18%; growth partly tariff-inflated pricing. |
|---|---|
| Margins | Consolidated EBITDA margin 16.3%; long-term range 15–18%; Q3 similar. |
| Order book | Order book above ₹2,600 Cr, up ~30% QoQ; US about 20%. |
| Demand visibility | Stainless demand recovering; carbon steel pipe and water demand still weak. |
| Management confidence | Balanced; confident on demand, defensive on freight, margins and cost pass-through. |
Growth
Consolidated revenue +13% YoY, standalone +18%. US DDP exports carry tariff-inflated pricing, which flatters reported revenue and other expenses.
Outlook
Standalone FY27 revenue guided at ₹4,000–4,200 Cr, held. Q3 margins expected similar to Q2, with H2 improvement tied to utilisation.
Risks
Freight and tariff costs are absorbed on existing orders. H1 operating cash flow was negative on inventory and receivables build-up, and water demand remains weak.
Last quarter's promises, checked
Delivered
- Guided 16–18% margin → consolidated 16.3% (= BEAT)
- Guided standalone debt-free → maintained (= BEAT)
- Guided ~₹2,160 Cr order book, Q3/Q4 promising → >₹2,600 Cr (= BEAT)
Partly delivered
- Guided demand push in 2–6 months → stainless up, CS/water weak (= PARTIAL)
- Guided CS volumes back to prior capacity → improved, unquantified (= PARTIAL)
Missed
- Guided FY27 standalone ₹4,800–5,000 Cr → now ₹4,000–4,200 Cr, ₹800 Cr lower (= MISS)
Summary by ALFA Finder, written with AI assistance from our own recording of the call, published . Open it on ALFA Filings ›
The results behind this call
Ratnamani Metals & Tubes Q2 FY27 Results: Net Profit ₹133.3 Cr, Down 14.6% YoY
Ratnamani Metals & Tubes Ltd reported revenue from operations of ₹1,348 Cr (+13.1% YoY) and net profit of ₹133.3 Cr (-14.6% YoY) for Q2 FY27.
- Key figure
- Net profit ₹133.3 Cr · -14.6% YoY
What management said last time
Full summary →From the call summary published .
Outlook they gave
FY27 standalone revenue target of ₹4,800-5,000cr. Guided 16-18% EBITDA margins and major expansion in Saudi Arabia.
Growth they described
FY26 consolidated sales stood at ₹4,494cr vs ₹5,186cr in FY25. Ravi Technoforge grew 33% to ₹377cr.
Call details
| Company | Ratnamani Metals & Tubes Ltd |
|---|---|
| NSE symbol | RATNAMANI |
| ISIN | INE703B01027 |
| Call | Q2 FY27 earnings call |
| Date | Friday, 6 November 2026 |
| Time | 5:00 PM IST |
| Length | 37 min |
| Audio | Our stream on YouTube ↗ |
Ratnamani Metals & Tubes Ltd: key numbers
- Share price
- ₹2,511.50
- Market cap
- ₹17,604 Cr
- Revenue (annual)
- ₹4,494 Cr
- Net profit (annual)
- ₹482.6 Cr
- P/E (TTM)
- 44.2×Sector 17.1×
- Promoter holding
- 59.77%+0.00% QoQ
- FII holding
- 10.94%Current quarter
Reference market data from a third-party provider, updated daily. Not a valuation or a recommendation.
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