Ratnamani Metals & Tubes (520111) Q4 25/26 earnings summary

Executive summary

• Q4 FY26 sales declined to INR 893 crores from INR 1,575 crores YoY due to muted demand and geopolitical issues, but operational resilience was maintained.

• Full-year standalone and consolidated sales were impacted by subdued demand, with consolidated sales at INR 4,494 crores vs INR 5,186 crores in FY25.

• Subsidiaries Ravi Technoforge and RFSS delivered strong growth, supporting group profitability, with bearing rings and pipe spooling as key drivers.

• The company remains debt-free on a standalone basis and recommended a lower dividend of INR 10 per share.

• Audited standalone and consolidated financial results for the quarter and year ended March 31, 2026, were approved, with an unmodified audit opinion issued by independent auditors.

Financial highlights

• Standalone Q4 sales: INR 893 crores (vs INR 1,575 crores YoY); consolidated Q4 sales: INR 1,085 crores (vs INR 1,715 crores YoY).

• Full-year consolidated sales: INR 4,494 crores (vs INR 5,186 crores YoY); consolidated revenue for FY26: ₹5,18,647.39 lakhs, net profit at ₹54,397.75 lakhs.

• Ravi Technoforge Q4 revenue: INR 105 crores (+28% YoY); full-year: INR 377 crores (+33% YoY), EBITDA margin improved from 10% to 12%.

• RFSS Q4 revenue: INR 72 crores (+60% YoY); full-year: INR 390 crores.

• Dividend of ₹10 per share (500%) declared; standalone entity remains debt free.

Outlook and guidance

• FY27 standalone revenue guidance: INR 4,800–5,000 crores, assuming normalization of market conditions.

• Spooling business expected to grow 20–25% in FY27; margins to normalize to 20–25%.

• Ravi Technoforge guided for 10–15% growth in FY27.

• Management expects demand recovery in 2–3 months if geopolitical tensions ease, with strong inquiry pipeline in key segments.

• Enquiry levels are improving across key markets, with a positive long-term industry outlook and continued subsidiary momentum.