Ratnamani Metals & Tubes Limited has announced its unaudited financial results for the quarter and nine months ended December 31, 2025, showcasing a mixed performance across its business segments. The company's consolidated results demonstrated resilient growth, primarily driven by strong contributions from its subsidiary operations, while standalone performance faced challenges from market conditions.

Consolidated Performance Highlights

The company's consolidated financial performance for Q3 FY26 showed positive momentum, supported by robust contributions from subsidiaries. The bearing rings and pipe spool businesses emerged as key growth drivers during the quarter, helping offset challenges in other segments.

Standalone Operations Face Headwinds

Ratnamani's standalone operations presented a contrasting picture during Q3 FY26. While the stainless steel division managed to achieve growth of 5%, the overall sales performance was significantly impacted by reduced demand in the carbon steel segment.

Despite the revenue challenges, the company demonstrated effective operational management by maintaining its profitability ratios through strategic cost management initiatives.

Subsidiary Performance Drives Growth

The subsidiary operations showed strong performance metrics during the quarter, with revenue from operations reaching ₹98.48 crores in Q3 2025-26 compared to ₹63.62 crores in Q3 2024-25. The EBITDA performance also improved, with margins expanding from 11% to 13% year-over-year.

Business Diversification Strategy

The company's diversified business model, spanning multiple manufacturing facilities across Gujarat and Odisha, continues to provide operational flexibility. Ratnamani operates through a well-diversified network of subsidiaries and joint ventures, including Ravi Technoforge Private Limited (RTL) and Ratnamani Finow Spooling Solutions Private Limited (RFSS), which have contributed significantly to the overall performance.

Market Position and Outlook

With over 40 years of experience in the pipes and tubes manufacturing industry, Ratnamani maintains its position as a significant player in both stainless steel and carbon steel segments. The company serves diverse industries and continues to focus on technological innovation and quality excellence across its product portfolio.

The Q3 FY26 results reflect the company's ability to navigate challenging market conditions while leveraging the strength of its subsidiary operations to maintain overall growth momentum.

Ratnamani Metals & Tubes Limited has announced its Q3FY26 unaudited financial results for the quarter ended December 31, 2025, showing significant revenue decline but maintaining operational resilience. The company submitted its standalone and consolidated financial results under Regulation 33 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Q3FY26 Standalone Financial Performance

The company's standalone performance for Q3FY26 reflected challenging market conditions with substantial revenue contraction. Revenue from operations declined to ₹794.33 crores compared to ₹1,293.53 crores in Q3FY25, marking a decrease of 38.6%. Net profit for the quarter stood at ₹87.90 crores against ₹145.55 crores in the corresponding period last year, representing a decline of 39.6%.

Consolidated Results Show Similar Trends

The consolidated financial results demonstrated comparable performance patterns across the group. Consolidated revenue from operations decreased to ₹1,065.83 crores from ₹1,316.30 crores in Q3FY25, reflecting a decline of 19.0%. Consolidated net profit attributable to owners of the group was ₹109.85 crores compared to ₹131.31 crores in the previous year.

Exceptional Items and Labour Code Impact

The company recorded exceptional items worth ₹18.20 crores in Q3FY26 related to the statutory impact of new Labour Codes. The Government of India notified four Labour Codes effective November 21, 2025, consolidating 29 existing labour laws. The company made incremental provisions towards additional gratuity and compensated absences attributable to past service cost, primarily due to revised wage definitions under the Labour Codes.

Segment-wise Performance Analysis

The consolidated segment-wise revenue showed mixed performance across business verticals. Steel Tubes and Pipes segment generated ₹771.80 crores compared to ₹1,251.93 crores in Q3FY25. Bearing Rings segment contributed ₹98.48 crores versus ₹63.62 crores in the previous year, showing growth of 54.8%. Pipe Spools and Auxiliary Support Systems segment recorded ₹195.56 crores against ₹7.48 crores in Q3FY25.

Board Meeting and Regulatory Compliance

The financial results were reviewed by the Audit Committee on February 5, 2026, and approved by the Board of Directors on February 6, 2026. The board meeting commenced at 11:30 AM and concluded at 3:00 PM. Company Secretary & Compliance Officer Anil Maloo oversaw the regulatory submissions to BSE Limited and National Stock Exchange of India Limited. The trading window for dealing in company securities will reopen 48 hours after the publication of financial results, in compliance with SEBI (Prohibition of Insider Trading) Regulations, 2015.