Ratnamani Metals & Tubes (520111) Q2 25/26 earnings summary

Executive summary

• Consolidated Q2 FY26 revenue rose 23% year-over-year to ₹1,191.7 crore, driven by strong subsidiary contributions, especially from bearing rings and pipe spool businesses.

• Standalone sales were ₹940 crore, a 5% increase over last year, maintaining profitability despite lower realizations.

• Operational efficiency and cost control supported stable margins amid input price pressures.

• Key milestones included commissioning Odisha Plant Phase I, supplying hydrogen-compliant pipes to Europe, and Kutch Plant receiving API Monogram and energy award.

• Strategic transactions included acquiring the remaining 40% of Ratnamani Trade EU AG and restructuring Ravi Technoforge shareholding to 75%.

Financial highlights

• Consolidated EBITDA grew to ₹238.2 crore (20% margin), up from ₹173.1 crore (17.8%) year-over-year.

• Net profit for Q2 FY26 was ₹19,320.97 lakh, compared to ₹9,204.58 lakh in Q2 FY25.

• Subsidiary Ravi Technoforge revenue grew 40% to ₹95.6 crore, with improved EBITDA margin; RFSS revenue reached ₹110 crore.

• H1 2025-26 consolidated revenue was ₹2,343.3 crore, up from ₹2,155 crore year-over-year.

• Earnings per share (EPS) for Q2 FY26 was ₹19.43 (basic), up from ₹14.17 in Q2 FY25.

Outlook and guidance

• Subsidiary Ravi Technoforge targets 15%-20% annual growth over the next 2-3 years, supported by strong order visibility.

• RFSS maintains full-year revenue guidance of ₹300 crore+; capacity expansion to enable ₹600-650 crore revenue at peak utilization.

• Consolidated revenue target of ₹7,000-7,500 crore in 2-3 years, with mid-teens margins.