Ratnamani Metals & Tubes shareholders approved a final dividend of ₹10.00 per equity share for FY26 during its 42nd annual general meeting held on August 18, 2026. The company also released the official minutes of the proceedings, confirming the adoption of audited financial statements and the reappointment of key directors.

The meeting, conducted via video conferencing, commenced at 10:30 am and concluded at 11:08 am. Prakash M. Sanghvi, chairman and managing director, chaired the proceedings. As on the record date of August 11, 2026, the company had 40,278 shareholders, with 39 members present through virtual means. Voting participation was high, with 92.09% of outstanding shares polled across all resolutions.

Key Resolutions Passed

Shareholders approved five ordinary resolutions during the meeting:

• Adoption of audited standalone and consolidated financial statements for FY26, along with auditor and board reports.
• Declaration of the ₹10.00 per share dividend on 7,00,92,000 equity shares with a face value of ₹2 each.
• Reappointment of Shanti M. Sanghvi (DIN: 00007955) and Manoj Prakash Sanghvi (DIN: 00027040) as directors retiring by rotation under Section 152(6) of the Companies Act, 2013.
• Ratification of remuneration for N. D. Birla & Co., Cost Accountants, as cost auditors for the financial year ending March 31, 2027. The ratified fee is ₹2,00,000 plus applicable taxes and expenses.

For the director reappointments, independent director Rajendra S. Shah occupied the chair due to the chairman’s interest in the agenda items.

Voting Results Breakdown

The consolidated voting results, scrutinized by Mahesh C. Gupta of M/s. M. C. Gupta & Co., show strong shareholder backing across all categories. The promoter and promoter group voted 100% in favour of all five resolutions, holding 4,18,95,319 shares.

Dissent was most notable in the reappointment of Manoj Prakash Sanghvi, where public institutional investors cast significant votes against the resolution. However, the resolution still passed comfortably with 98.67% overall support.

Meeting Proceedings and Compliance

The minutes confirm that statutory registers and documents were made available digitally for member inspection. Reports from independent and secretarial auditors contained no qualifications or adverse remarks affecting company operations and were taken as read.

The company facilitated remote e-voting from August 13, 2026, at 9:00 am to August 17, 2026, at 5:00 pm. Members attending the meeting who had not voted remotely were eligible to vote electronically during the AGM and up to 15 minutes after its closure. Physical attendance and proxy appointments were dispensed with as per MCA circulars.

Dividend Payment Timeline

The approved dividend is payable on or before September 17, 2026, adhering to statutory timelines from the date of the AGM. Combined voting results have been published on the company website and National Securities Depository Limited platform, alongside submission to stock exchanges as per SEBI Listing Obligations Regulations.

Ratnamani Metals & Tubes reported a 15.8% year-on-year decline in consolidated net profit for Q1FY27, dropping to ₹1,070.25M from ₹1,271.35M in the corresponding period of FY26. The decline was primarily driven by subdued domestic demand and lower government spending on infrastructure projects, which led to under-absorption of fixed costs at the standalone level. Despite the top-line contraction, the company maintained its debt-free status on a standalone basis and saw its order book expand to over ₹2,000 crore, signaling potential resilience in future quarters. Consolidated revenue from operations fell 15.6% to ₹9,716.33M, reflecting softer demand in core steel tube segments.

Q1FY27 Financial Performance

The divergence between standalone and consolidated results highlights the varying performance across the group’s entities. Standalone net profit plummeted 62.7% to ₹540.62M from ₹1,449.59M YoY, with standalone revenue dropping 30.3% to ₹7,407.78M. This sharp contraction was attributed to lower sales volumes and margin pressure in domestic operations. In contrast, international subsidiaries and high-growth segments cushioned the consolidated impact. Profit before tax (PBT) for the group stood at ₹1,374.05M, down from ₹1,757.81M in Q1FY26. Basic earnings per share (EPS) fell 37.8% to ₹11.72 from ₹18.85 in the prior year period.

*Note: Previous year EPS adjusted for comparability based on disclosed figures.

Segment-wise Performance and Subsidiaries

While the Steel Tubes and Pipes segment, the largest contributor, saw revenue fall to ₹7,678.13M from ₹10,880.88M YoY, other segments showed robust growth. The Pipe Spools and Auxiliary Support Systems segment emerged as a key growth driver, with revenue surging 849.2% to ₹1,196.34M from ₹126.02M, fueled by higher order inflows. Bearing Rings revenue also grew 26.0% to ₹973.46M.

Subsidiaries contributed significantly to consolidated profitability, with EBITDA rising to ₹13.05 crore from ₹9.38 crore in Q1FY26, and EBITDA margins expanding to 13.4% from 12.1%. This improved subsidiary performance offset the standalone headwinds. The acquisition of Ratnamani Middle East Company LLC in June 2026 adds to the group’s overseas footprint, although its contribution in this quarter was minimal.

What the Numbers Show

The financial results reveal a bifurcated performance: domestic operations faced significant pressure due to cyclical demand weaknesses and infrastructure spending delays, while specialized segments like pipe spools and international subsidiaries demonstrated strong operational leverage. The expansion of the order book to ₹2,000+ crore provides a buffer against current revenue declines, suggesting that future quarters may see improved volume realization if government infrastructure spending picks up pace. The company’s debt-free standalone balance sheet further strengthens its position to navigate this transitional phase without additional financing costs.

Source: https://lodr-files.dhan.co/lodr-inputs/Company/INE703B01027/658252d6-d90d-4b36-91fa-16ca26935733.pdf