Ratnamani Metals & Tubes (520111) Q2 26/27 earnings summary

Executive summary

• Q2 FY27 consolidated revenue was ₹1,347.51 crore, up 13% YoY; EBITDA was ₹219.85 crore at a 16.3% margin, and PAT was ₹133.34 crore, down YoY.

• Standalone orders exceeded ₹2,600 crore, up 30% QoQ; improved demand, specialized-product wins and capacity additions supported the outlook.

Financial highlights

• Standalone Q2 revenue was ₹1,104.40 crore, EBITDA ₹138.77 crore, PBT ₹106.32 crore and PAT ₹79.57 crore; EBITDA margin was 12.6%.

• Consolidated Q2 EBITDA was ₹219.85 crore versus ₹238.15 crore YoY; PBT was ₹173.82 crore versus ₹199.44 crore, and PAT was ₹133.34 crore versus ₹156.04 crore.

• H1 consolidated revenue was ₹2,343.31 crore and PAT ₹240.37 crore, versus ₹2,319.14 crore and ₹283.18 crore in H1 FY26.

• US DDP shipments include duties and logistics in revenue and other expenses; underlying per-ton profitability was described as similar to historical levels.

Outlook and guidance

• FY27 revenue guidance remains ₹4,000–4,200 crore standalone and ₹5,000–5,200 crore consolidated.

• H2 profitability is expected to improve, though Q3 EBITDA margin was expected near the current level; management expects margin above 15% next year and a longer-term range of 15%–18%, ±1%.

• RFSS induction-bend production is planned for Q3 FY27; remaining expansion equipment is expected over the following two quarters.

• RTL’s greenfield hot-former project is targeted for FY27 commissioning; Jayva was 60% complete, with its mother forging machine commissioned.