Ratnamani Metals & Tubes (520111) Q3 25/26 earnings summary

Executive summary

• Standalone sales declined due to lower project execution and subdued demand in the carbon steel division, but stainless steel grew 5% and profitability ratios were maintained through cost management.

• Consolidated profitability was supported by strong subsidiary performance, especially in bearing rings and pipe spooling.

• Order booking remained subdued, but order inquiries are improving, with expectations for better traction next quarter.

• Unaudited standalone and consolidated financial results for the quarter and nine months ended December 31, 2025, were reviewed and approved by the Audit Committee and Board of Directors on February 5–6, 2026.

• The results include the impact of new Indian Labour Codes, stock option grants, and changes in subsidiary structure.

Financial highlights

• Consolidated Q3 revenue rose to ₹1,316.3 Cr from ₹1,065.8 Cr year-over-year; EBITDA increased to ₹235.9 Cr from ₹222.5 Cr.

• Consolidated PAT grew to ₹135.4 Cr from ₹133.2 Cr year-over-year; EBITDA margin improved to 22.1% from 16.9%.

• Standalone Q3 revenue fell to ₹794.3 Cr from ₹1,293.5 Cr; PAT dropped to ₹87.9 Cr from ₹145.6 Cr.

• Subsidiaries showed strong growth: RFSS revenue surged to ₹195.6 Cr (from ₹0.75 Cr), PAT to ₹49.6 Cr (from ₹3.3 Cr).

• Q3 FY26 consolidated revenue was ₹1,06,583.34 lakh, net profit ₹17,707.98 lakh, and EPS ₹15.67 (basic, consolidated).

Outlook and guidance

• Management expects improved demand and order traction in the next quarter, with a focus on cost discipline and leveraging subsidiary growth for sustainable medium- to long-term expansion.

• The group continues to monitor the implementation of the new Labour Codes and will review estimates as further clarifications are issued.