Ratnamani Metals guides FY27 revenue of INR4,800-5,000 crores

Ratnamani Metals & Tubes Limited has announced its financial guidance for FY27 during its Q4 FY26 earnings conference call. The management provided a detailed outlook for its standalone business and subsidiaries, outlining revenue expectations, margin projections, and capital expenditure plans. The company remains debt-free on a standalone basis and reported an order book of INR2,162 crores as of May 1, 2026.

FY27 Guidance: Standalone Business

The management outlined its financial guidance for FY27, assuming market normalization. The standalone business maintains a revenue guidance of INR4,800 crores to INR5,000 crores. Margin outlook for the standalone business is pegged at 16% to 17% for FY27, contingent on the Middle East conflict resolving within 3 to 5 months. Routine capital expenditure for the standalone business is guided at INR150 crores to INR200 crores.

The following table summarizes the FY27 guidance for the standalone business:

Parameter:	Guidance
Standalone Revenue (FY27):	INR4,800 crores to INR5,000 crores
Standalone EBITDA Margin (FY27):	16% to 17%
Routine CapEx:	INR150 crores to INR200 crores
Key Assumption:	Middle East conflict resolution within 3–5 months

Subsidiary Outlook: RFSS and RTL

The management also provided guidance for its subsidiaries. Ratnamani Finow Spooling Solutions (RFSS) anticipates 20% to 25% growth in FY27, with margins expected to stabilize in the range of 20% to 25%. The Middle East plant project under RFSS is expected to be completed by March 2027, with a potential spillover of up to three months. Ravi Technoforge (RTL) expects growth of 10% to 15% in FY27, with new customer segments being targeted in the coming year.

The following table summarizes the FY27 guidance for the subsidiaries:

Parameter:	RFSS	RTL
Revenue Growth (FY27):	20% to 25%	10% to 15%
Margin Outlook (FY27):	20% to 25%	—
Middle East Plant Completion:	By March 2027 (±3 months)	—
New Segments:	—	Targeted next year

Conference Call Details

The conference call was held on May 18, 2026, to discuss the financial results for the fourth quarter and full year ended March 31, 2026. The call was represented by senior leadership, including Manoj P. Sanghvi, Chief Executive Officer, and Vimal Katta, Chief Financial Officer. The transcript of the call has been made available on the company's website.

1 Day	5 Days	1 Month	6 Months	1 Year	5 Years
-2.42%	+1.60%	-11.07%	+6.27%	-12.15%	+89.88%

Ratnamani Metals & Tubes announced its audited financial results for the quarter and year ended March 31, 2026. The board met on May 15, 2026, to approve the results, which were subsequently reviewed by the Audit Committee. The independent auditors issued an unmodified opinion on the standalone and consolidated financials. An extract of the audited results was subsequently published in the Financial Express (English and Gujarati editions) on May 16, 2026, pursuant to Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The filing was signed by Anil Maloo, Company Secretary & Compliance Officer.

Q4 FY26 Key Highlights

The company reported a significant year-on-year moderation in Q4 performance. Management attributed the decline to lower sales volumes and under-absorption of fixed costs compared to the high base of record sales in Q4 of the previous year. On a consolidated basis, Q4 net profit fell to 1B rupees from 2B rupees year-on-year, while revenue dropped to 10.8B rupees from 17.15B rupees. EBITDA stood at 1.5B rupees compared to 3B rupees, with the margin contracting to 14.16% from 17.62%.

Metric	Q4 FY26	Q4 FY25 (YoY)
EBITDA	1.5B Rupees	3B Rupees
EBITDA Margin	14.16%	17.62%
Consolidated Net Profit	1B Rupees	2B Rupees
Consolidated Revenue	10.8B Rupees	17.15B Rupees

Standalone Performance and Position

On a standalone basis, the company reported a net profit of ₹9,290.18 lakhs for Q4 FY26, down from ₹22,474.11 lakhs in the prior year. Revenue from operations decreased to ₹89,300.21 lakhs from ₹1,57,477.28 lakhs. The investor presentation highlighted that the standalone entity remains debt-free and holds an order book of INR 1800+ crores. Management noted that performance was impacted by subdued demand and lower capacity utilization.

Consolidated Financial Performance

For the full year, consolidated net profit was ₹53,446.51 lakhs compared to ₹54,157.04 lakhs in the previous year. Total revenue for FY26 stood at ₹4,49,396.17 lakhs, a decrease from ₹5,18,647.39 lakhs in FY25. Despite lower sales, the company maintained absolute EBITDA and PAT broadly in line with the previous year, supported by strong contributions from subsidiaries, particularly in the bearing rings and pipe spool businesses.

The table below presents the detailed consolidated and standalone financial results as published:

Metric	Q4 FY26 (Audited)	Q4 FY25 (Audited)	FY26 (Audited)	FY25 (Audited)
Revenue from Operations (₹ Lakhs)	1,08,482.25	1,71,514.55	4,49,396.17	5,18,647.39
Total Expenses (₹ Lakhs)	97,218.05	1,44,832.12	3,89,917.91	4,50,810.48
Net Profit — Consolidated (₹ Lakhs)	11,590.72	20,315.97	53,446.51	54,157.04
Net Profit — Standalone (₹ Lakhs)	9,290.18	22,474.11	43,395.50	57,800.96

Dividend and Board Decisions

The board recommended a final dividend of ₹10 per equity share (500%) for the financial year ended March 31, 2026. This is subject to shareholder approval at the 42nd Annual General Meeting scheduled for August 18, 2026. The record date for dividend eligibility has been fixed as August 11, 2026. Additionally, the board approved the re-appointment of M/s. G. K. Choksi & Co. as Internal Auditors and M/s. N. D. Birla & Co. as Cost Auditors for FY 2026-27.