Is Ratnamani Metals Building a Long-Term Growth Pipeline With Its New Expansions?
About Ratnamani Metals & Tubes
Ratnamani Metals is a leading manufacturer of stainless-steel and carbon-steel pipes servicing energy, refinery and infrastructure projects. The company has expanded its capacity base and entered hydrogen-compliant steel supply.
The company reported strong top-line growth and steady profitability supported by subsidiary performance and new project execution.
Financial Highlights (Q2 FY26)
| Metric | Q2 FY26 | YoY |
|---|---|---|
| Consolidated Revenue | ₹1,191 Cr | ↑ 23% |
| Standalone Revenue | ₹940 Cr | ↑ 5% |
| Subsidiary Revenue (Ravi Technoforge) | ₹95.6 Cr | ↑ 40% |
| EBITDA Margin | Stable | + Cost control driven |
Revenue ₹1,191 Cr — up 23% YoY on increased project execution and exports.
EBITDA Margin — maintained through tight cost management despite input volatility.
Subsidiaries — Ravi Technoforge and RFSS contributed to growth with higher capacity utilisation.
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Peer Comparison
| Company | Focus Area | Comment |
|---|---|---|
| Ratnamani Metals | Stainless & Carbon Steel Pipes | Hydrogen projects ready |
| Welspun Corp | Oil & Gas Pipes | Export heavy |
| Apl Apollo | Structural Tubes | Domestic focused |
Strengths & Weaknesses
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Valuation & Investment View
- Short-term: Positive on order execution momentum.
- Medium-term: Margin stability through subsidiary support.
- Long-term: Structural growth via hydrogen and export projects.
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