Ratnamani Metals & Tubes Limited has submitted its Annual Report for FY 2025-26 and issued the notice for its 42nd Annual General Meeting (AGM), scheduled to be held on Tuesday, August 18, 2026 at 10.30 a.m. IST through Video Conferencing/Other Audio Visual Means. The report covers standalone and consolidated financial performance, subsidiary developments, capital expenditure progress, ESG initiatives, and corporate governance disclosures for the year ended March 31, 2026. The Board of Directors, led by Chairman and Managing Director Shri Prakash M. Sanghvi, comprises five executive promoter directors and five independent non-executive directors, including one woman independent director.

Financial Performance Overview

FY 2025-26 was marked by revenue contraction at both standalone and consolidated levels, primarily driven by lower volume dispatches in the Carbon Steel business, geopolitical disruptions in the Middle East, and delays in domestic water infrastructure projects. Despite the revenue decline, profitability metrics demonstrated resilience through a richer product mix and strong subsidiary contributions.

The following table summarises the key consolidated and standalone financial results:

The standalone financial snapshot for the three most recent financial years is presented below:

Key consolidated financial ratios are summarised below:

Subsidiary and International Performance

Subsidiary outperformance was a defining characteristic of FY 2025-26, acting as a counterweight to standalone Carbon Steel cyclicality. The following table summarises subsidiary highlights:

During the year, the Company acquired the remaining 40% stake in Ratnamani Trade EU AG, Switzerland, for EUR 4,00,000, making it a wholly owned subsidiary effective September 24, 2025. Export revenue for FY 2025-26 reached ₹1,362.48 Crores, with an export share of 37% of total revenue. Ratnamani Finow Spooling Solutions Private Limited expanded spool manufacturing capacity from 1,500 MT to 4,000 MT annually to support its growth trajectory. Ravi Technoforge Private Limited's shareholding was diluted from 80.017% to 75.00% following a rights issue subscription of 30,48,669 equity shares at ₹100 per share aggregating to ₹30,48,66,900.

Capital Expenditure and Expansion Initiatives

The Company is executing a ₹1,380 Crores strategic capital expenditure programme. Key expansion milestones during the year include:

The order book stood at ₹2,160 Crores as on May 1, 2026. The Company also received API monogram certification from the American Petroleum Institute for the Kutch facility, opening qualification-led opportunities in stainless steel line pipes under API 5LC standards. The Company shipped its first commercial order from Europe for hydrogen-compliant carbon steel pipes during the year.

Dividend, Share Capital and Credit Rating

The Board of Directors has recommended a dividend of ₹10.00 (500%) per equity share of face value ₹2.00 each for FY 2025-26, compared to ₹14.00 per share in the previous year. The total dividend outgo, if approved, will be ₹70.09 Crores. The record date for dividend payment and the 42nd AGM is Tuesday, August 11, 2026. The paid-up equity share capital as on March 31, 2026 stood at ₹1,401.84 Lakhs, divided into 7,00,92,000 equity shares of face value ₹2.00 each. The market capitalisation stood at ₹15,432.86 Crores on NSE as on March 31, 2026.

CRISIL Ratings Limited re-affirmed an "AA/positive" rating for the Company's long-term bank borrowings and "A1+" for short-term bank borrowings during FY 2025-26. The Company continues to be debt-free on a standalone basis, with Nil outstanding long-term and current borrowings as on March 31, 2026.

ESG and Corporate Responsibility

The Company's ESG performance during FY 2025-26 reflected measurable progress across environmental, social, and governance dimensions:

The Kutch Plant won the national award for Excellence in Energy Management 2025 from the Confederation of Indian Industry. The Company was also certified as a Great Place To Work in India based on the Trust Index survey during December 2025, and received an EcoVadis Sustainable Rating Silver Medal with an overall score of 73/100 (May 2025 – May 2026).

Corporate Governance

The 42nd AGM will be conducted through Video Conferencing/Other Audio Visual Means, with remote e-voting available from August 13, 2026 (9.00 a.m.) to August 17, 2026 (5.00 p.m.). The Secretarial Audit Report for FY 2025-26 does not contain any qualification, observation, reservation, adverse remark, or disclaimer. The Board met 4 times during FY 2025-26. During the year, Ratnamani Foundation (Section 8 Company) was incorporated on September 5, 2025 to serve as an implementing agency for CSR activities of the Company and its subsidiaries. The Employee Stock Option Scheme (RMTL ESOS 2024) saw Grant II of 5,74,578 options issued at an exercise price of ₹1,836 per option in November 2025, in addition to the earlier Grant I of 4,31,224 options at ₹2,635 per option.

Source: https://lodr-files.dhan.co/lodr-inputs/Company/INE703B01027/12e3f55b2d294029.pdf

Ratnamani Metals & Tubes Limited has released its Business Responsibility and Sustainability Report (BRSR) for the financial year 2025-26, detailing its environmental and social governance performance. The report highlights that all four of the company's manufacturing plants operate with zero liquid discharge, ensuring complete recycling and reuse of water within the premises. Additionally, the company increased the share of renewable energy to 23% of its overall energy consumption during the period.

The report covers the standalone financial year ending March 31, 2026. It discloses that the company's total Scope 1 emissions were 11,112.78 MtCO2e and Scope 2 emissions were 27,557.84 MtCO2e. The total energy consumed from renewable sources was 129.86 Tera Joules, while energy from non-renewable sources stood at 319.16 Tera Joules. The total waste generated during the year was 18,960.10 Metric Tonnes, with a waste intensity of 5.14 Metric Tonnes per INR Crore of turnover.

Operational and Employee Metrics

The company reported a total workforce of 5,139 individuals, comprising 1,430 employees and 3,709 workers. The Board of Directors consists of 10 members, with female representation at 10%. The company recorded zero fatalities for both employees and workers during the financial year. The Lost Time Injury Frequency Rate (LTIFR) for workers was 1.054 per one million-person hours worked, while it was zero for employees.

Assurance and Governance

DQS India Private Limited provided independent assurance on the BRSR disclosures. The assurance engagement covered the BRSR Core indicators with a reasonable level of assurance and the non-core indicators with a limited level of assurance. The verification process was conducted from June 23 to July 8, 2026. The company confirmed that it has policies in place covering all nine principles of the National Guidelines on Responsible Business Conduct (NGRBC).

Key Environmental Data FY26

The company noted that its new production facility in Sundergarh, Odisha, commenced production in November 2025, and related data has been considered from that period onward. The Managing Director, along with the Risk Management Committee, oversees the implementation and governance of business responsibility policies.