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Last Updated: April 2, 2026, 3:34 am
Author: Getaka|Social: XLinkedIn

Ratnamani Metals & Tubes Ltd: Intrinsic Value & Share Price Analysis

Fair Value

₹1,883.99Overvalued by 16.49%vs CMP ₹2,256.00

P/E (26.5) × ROE (16.0%) × BV (₹552.00) × DY (0.62%)

₹1,275.93Overvalued by 43.44%vs CMP ₹2,256.00
MoS: -76.8% (Negative)Confidence: 63/100 (Moderate)Models: 1 Fair, 8 Over
ModelCategoryValueWeightSignal
PE-ROEEarnings₹2,122.1022%Fair (-5.9%)
Graham NumberEarnings₹1,018.1216%Over (-54.9%)
Earnings PowerEarnings₹620.4613%Over (-72.5%)
DCFCash Flow₹1,603.7413%Over (-28.9%)
Net Asset ValueAssets₹552.377%Over (-75.5%)
EV/EBITDAEnterprise₹1,561.119%Over (-30.8%)
Earnings YieldEarnings₹834.607%Over (-63%)
ROCE CapitalReturns₹862.539%Over (-61.8%)
Revenue MultipleRevenue₹1,109.745%Over (-50.8%)
Consensus (9 models)₹1,275.93100%Overvalued

PE-ROE · Graham · EPV · DCF · NAV · EV/EBITDA · DDM · Earnings Yield · ROCE Capital · Revenue Multiple | CoE: 12% · Terminal: 4% · EPS CAGR: 12.6%

*Investments are subject to market risks

Investment Snapshot

67
Ratnamani Metals & Tubes Ltd scores 67/100 (Average)
Based on 5 dimensions: health, institutional flow, earnings quality, momentum, and peer comparison
Stock Health83/100 · Strong
ROCE 21.5% ExcellentROE 16.0% GoodD/E 0.07 Low debtInterest Coverage 0.0x RiskyProfitable 5/5 years Consistent
Smart Money50/100 · Moderate
FII holding stable No changePromoter holding at 59.8% Stable
Earnings Quality40/100 · Moderate
OPM stable around 17% SteadyWorking capital: 134 days Capital intensive
Quarterly Momentum68/100 · Strong
Revenue (4Q): 3% YoY FlatProfit (4Q): +17% YoY PositiveOPM: 19.0% (up 4.0% YoY) Margin expansion
Industry Rank90/100 · Strong
P/E 26.5 vs industry 40.7 Cheaper than peersROCE 21.5% vs industry 15.3% Above peersROE 16.0% vs industry 11.7% Above peers3Y sales CAGR: 18% Moderate

Weights: Health 30% · Earnings Quality 25% · Momentum 20% · Industry Rank 15% · Smart Money 10%. Scores are computed from reported financials and recalculated daily. Not investment advice.

Share Price and Basic Stock Data

Last Updated: April 2, 2026, 3:34 am

Market Cap 15,814 Cr.
Current Price 2,256
Intrinsic Value₹1,275.93
High / Low 3,050/1,900
Stock P/E26.5
Book Value 552
Dividend Yield0.62 %
ROCE21.5 %
ROE16.0 %
Face Value 2.00
PEG Ratio2.10

Stock P/E, Current Price, and Intrinsic Value Over Time

View Share Price Target for Ratnamani Metals & Tubes Ltd

Competitors

Stock Name ⇩Market Cap ⇩Current Price ⇩High / Low ⇩Stock P/E ⇩Book Value ⇩Dividend Yield ⇩ROCE ⇩ROE ⇩Face Value ⇩
Ratnamani Metals & Tubes Ltd 15,814 Cr. 2,256 3,050/1,90026.5 5520.62 %21.5 %16.0 % 2.00
Jindal Saw Ltd 12,236 Cr. 191 278/15310.9 1891.05 %19.4 %16.3 % 1.00
Welspun Corp Ltd 21,837 Cr. 828 995/66414.1 3110.60 %21.2 %18.6 % 5.00
Surya Roshni Ltd 4,529 Cr. 208 359/18714.3 1152.04 %20.7 %14.9 % 5.00
Goodluck India Ltd 3,446 Cr. 1,037 1,353/59220.6 3920.39 %16.1 %14.5 % 2.00
Industry Average9,873.50 Cr511.9240.74163.020.44%15.34%11.65%4.69

All Competitor Stocks of Ratnamani Metals & Tubes Ltd

Quarterly Result

MetricDec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025
Sales 1,0991,4991,1751,1311,2571,4961,1849711,3161,7151,1521,1921,066
Expenses 9001,1999698861,0571,2501,0208181,1121,413963980861
Operating Profit 199301206245200246164154204302188211205
OPM % 18%20%18%22%16%16%14%16%15%18%16%18%19%
Other Income 7791115391220199302713
Interest 814101113121014771177
Depreciation 20252424252526262729323233
Profit before tax 178268181221178248140134188276176199177
Tax % 25%28%25%26%25%22%25%26%29%26%28%22%24%
Net Profit 13419313516413319310699133203127156135
EPS in Rs 19.0227.3319.1023.3818.9627.4215.0014.3218.7329.5518.8119.4315.67

Last Updated: March 3, 2026, 3:08 pm

Quarterly Chart

Profit & Loss - Annual Report

Last Updated: February 25, 2026, 2:16 pm

MetricMar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025TTM
Sales 1,6881,7181,4121,7672,7552,5862,2983,1394,4745,0595,1865,124
Expenses 1,3881,4311,1551,5012,3482,1591,8982,6443,6994,1624,3634,218
Operating Profit 300287257266407427400495776897824906
OPM % 18%17%18%15%15%16%17%16%17%18%16%18%
Other Income 261614324159433832736079
Interest 966101521232131453732
Depreciation 54576061625957808398108126
Profit before tax 262240205228371406363431694828738828
Tax % 34%31%30%33%32%24%24%25%26%24%27%
Net Profit 173165144152253308276323512625542622
EPS in Rs 24.7423.5820.5521.6536.0843.8739.3746.0372.8388.8577.6183.46
Dividend Payout % 15%16%18%18%17%18%24%20%16%16%18%

Profit & Loss Yearly Chart

YoY Net Profit Growth

Year2015-20162016-20172017-20182018-20192019-20202020-20212021-20222022-20232023-20242024-2025
YoY Net Profit Growth (%)-4.62%-12.73%5.56%66.45%21.74%-10.39%17.03%58.51%22.07%-13.28%
Change in YoY Net Profit Growth (%)0.00%-8.10%18.28%60.89%-44.71%-32.13%27.42%41.48%-36.44%-35.35%

Ratnamani Metals & Tubes Ltd has shown an inconsistent trend in YoY Net Profit Growth (%) in the last 10 years from 2015-2016 to 2024-2025.

Growth

Compounded Sales Growth
10 Years:12%
5 Years:15%
3 Years:18%
TTM:2%
Compounded Profit Growth
10 Years:12%
5 Years:12%
3 Years:19%
TTM:-4%
Stock Price CAGR
10 Years:20%
5 Years:25%
3 Years:9%
1 Year:-35%
Return on Equity
10 Years:17%
5 Years:18%
3 Years:19%
Last Year:16%

Last Updated: September 5, 2025, 1:00 pm

Balance Sheet

Last Updated: February 1, 2026, 3:48 am

MonthMar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Sep 2025
Equity Capital 9999999914141414
Reserves 9001,0361,1781,2991,5131,7001,9782,2392,5903,1273,6233,858
Borrowings 392307965252207157237153157241
Other Liabilities 2792502263604655844225579397261,108865
Total Liabilities 1,2271,3191,4141,7472,0532,5452,6172,9623,7804,0204,9034,978
Fixed Assets 4254464484454405008658751,1221,1641,3481,466
CWIP 4248384717937176107101167190210
Investments 202474020315563710913589180638
Other Assets 7408018541,2551,2311,5181,0391,8732,4222,6013,1852,664
Total Assets 1,2271,3191,4141,7472,0532,5452,6172,9623,7804,0204,9034,978

Reserves and Borrowings Chart

Cash Flow

MonthMar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Cash from Operating Activity + 148155134-73554215546-283310511536
Cash from Investing Activity + -52-11-10421-360-358-470418-204-146-388
Cash from Financing Activity + -74-179-2842-5647-79-135-116-193-130
Net Cash Flow 23-353-10137-96-30-1017318
Free Cash Flow 659469-142389-83417-427173302230
CFO/OP 78%77%81%-0%170%75%151%-33%59%82%87%

Free Cash Flow

MonthMar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Free Cash Flow261.00264.00257.00187.00342.00175.00193.00338.00539.00744.00667.00

Free Cash Flow = Income Generated from Operational Activities - Borrowings - Capital Work in Progress (CWIP)

Consistent positive free cash flow is crucial for businesses as it indicates their ability to generate cash from their core operations. It provides financial flexibility, allowing companies to invest in growth opportunities, pay dividends to shareholders, reduce debt, and weather economic downturns more effectively.

Free Cash Flow Chart

Financial Efficiency Indicators

MonthMar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Debtor Days 488311011561526470826889
Inventory Days 11295141184113185133193156148163
Days Payable 4140486256576055463950
Cash Conversion Cycle 119138202237118180137208192177202
Working Capital Days 81118167173789885145123128134
ROCE %25%19%18%26%24%19%20%27%28%22%

Financial Efficiency Indicators Chart

Share Holding Pattern

MonthMar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025
Promoters 60.06%59.77%59.77%59.77%59.77%59.77%59.77%59.77%59.77%59.77%59.77%59.77%
FIIs 12.77%12.79%12.87%12.77%12.86%12.61%12.70%11.56%11.63%11.28%11.15%11.11%
DIIs 16.39%16.45%16.47%16.28%16.14%16.58%16.75%18.74%18.80%19.18%18.79%18.92%
Government 0.00%0.00%0.00%0.00%0.00%0.01%0.02%0.02%0.02%0.02%0.02%0.02%
Public 10.76%10.99%10.87%11.15%11.22%11.03%10.75%9.92%9.79%9.74%10.26%10.19%
No. of Shareholders 27,40326,56128,77834,25339,19039,50338,49333,80233,43032,42240,48639,516

Shareholding Pattern Chart

No. of Shareholders

Ratnamani Metals & Tubes Ltd: Intrinsic Value & Share Price Analysis - Shareholder trend analysis

Mutual Fund Holdings

Fund NameNo of SharesAUM (%)Amount Invested (Cr)Previous Number of SharesPrevious DatePercentage Change
SBI Small Cap Fund 2,132,686 1.37 472.75850,7952025-12-08 07:41:40150.67%
Kotak Midcap Fund 1,895,105 0.71 420.09N/AN/AN/A
ICICI Prudential Multi Asset Fund 966,059 0.27 214.15946,2782025-12-15 00:16:142.09%
Kotak Small Cap Fund 940,332 1.27 208.44N/AN/AN/A
Mirae Asset Focused Fund 827,376 2.52 183.4785,6092025-12-15 00:16:145.32%
HSBC Small Cap Fund 744,458 1.1 165.02N/AN/AN/A
ICICI Prudential Infrastructure Fund 711,301 1.95 157.67659,5052026-02-23 05:52:207.85%
ICICI Prudential Large & Mid Cap Fund 677,627 0.55 150.21675,1132025-12-15 00:16:150.37%
HSBC Value Fund 531,381 0.81 117.79N/AN/AN/A
ICICI Prudential Energy Opportunities Fund 371,713 0.83 82.4N/AN/AN/A

ROCE Trend

EPS Trend

Key Financial Ratios

MonthMar 25Mar 24Mar 23Mar 22Mar 21
FaceValue 2.002.002.002.002.00
Basic EPS (Rs.) 77.2789.1873.0969.0559.07
Diluted EPS (Rs.) 77.2589.1873.0969.0559.07
Cash EPS (Rs.) 92.63103.1084.9886.2171.23
Book Value[Excl.RevalReserv]/Share (Rs.) 518.89448.06381.78481.15425.35
Book Value[Incl.RevalReserv]/Share (Rs.) 518.89448.06381.78481.15425.35
Revenue From Operations / Share (Rs.) 739.95721.78638.36671.71491.81
PBDIT / Share (Rs.) 126.00138.44115.29113.9694.85
PBIT / Share (Rs.) 110.63124.52103.4096.7982.68
PBT / Share (Rs.) 105.29118.0898.9592.2277.78
Net Profit / Share (Rs.) 77.2789.1873.0969.0559.07
NP After MI And SOA / Share (Rs.) 77.6188.8572.8369.0559.07
PBDIT Margin (%) 17.0219.1818.0516.9619.28
PBIT Margin (%) 14.9517.2516.1914.4116.81
PBT Margin (%) 14.2216.3615.5013.7215.81
Net Profit Margin (%) 10.4412.3511.4410.2712.00
NP After MI And SOA Margin (%) 10.4812.3111.4010.2712.00
Return on Networth / Equity (%) 14.9519.8319.6014.3513.88
Return on Capital Employeed (%) 19.8325.5224.8218.8717.64
Return On Assets (%) 11.0815.4913.5010.8910.54
Long Term Debt / Equity (X) 0.010.010.020.040.07
Total Debt / Equity (X) 0.030.040.080.060.07
Asset Turnover Ratio (%) 1.161.301.341.130.89
Current Ratio (X) 3.314.442.943.473.88
Quick Ratio (X) 1.802.191.481.512.62
Inventory Turnover Ratio (X) 3.633.882.632.821.95
Dividend Payout Ratio (NP) (%) 18.0313.5012.810.000.00
Dividend Payout Ratio (CP) (%) 15.0511.6711.010.000.00
Earning Retention Ratio (%) 81.9786.5087.190.000.00
Cash Earning Retention Ratio (%) 84.9588.3388.990.000.00
Interest Coverage Ratio (X) 23.6021.5025.9124.9319.35
Interest Coverage Ratio (Post Tax) (X) 15.4714.8517.4216.1113.05
Enterprise Value (Cr.) 18026.6719557.0614107.4012239.768969.19
EV / Net Operating Revenue (X) 3.483.873.153.903.90
EV / EBITDA (X) 20.4120.1517.4622.9920.24
MarketCap / Net Operating Revenue (X) 3.493.863.093.873.86
Retention Ratios (%) 81.9686.4987.180.000.00
Price / BV (X) 4.976.225.325.404.47
Price / Net Operating Revenue (X) 3.493.863.093.873.86
EarningsYield 0.030.030.030.020.03

Profitability Ratios (%)

Liquidity Ratios

Liquidity Ratios (%)

Interest Coverage Ratios (%)

Valuation Ratios

About the Company - Qualitative Analysis

Ratnamani Metals & Tubes Ltd. is a Public Limited Listed company incorporated on 15/09/1983 and has its registered office in the State of Gujarat, India. Company's Corporate Identification Number(CIN) is L70109GJ1983PLC006460 and registration number is 006460. Currently Company is involved in the business activities of Manufacture of tube and tube fittings of basic iron and steel. Company's Total Operating Revenue is Rs. 4876.14 Cr. and Equity Capital is Rs. 14.02 Cr. for the Year ended 31/03/2025.
INDUSTRYADDRESSCONTACT
Steel - Tubes/Pipes17, Rajmugat Society, Ahmedabad Gujarat 380013Contact not found
Management
NamePosition Held
Mr. Prakash M SanghviChairman & Managing Director
Mr. Jayanti M SanghviJoint Managing Director
Mr. Manoj P SanghviWholeTime Director & CEO
Mrs. Shanti M SanghviWhole Time Director
Mr. Prashant J SanghviWhole Time Director
Mr. Sushil SolankiIndependent Director
Mr. Dhinal A ShahIndependent Director
Mr. Rajesh G DesaiIndependent Director
Mr. Rajendra S ShahIndependent Director
Ms. Sangeetha ChhajedIndependent Woman Director

FAQ

What is the intrinsic value of Ratnamani Metals & Tubes Ltd and is it undervalued?

As of 14 April 2026, Ratnamani Metals & Tubes Ltd's intrinsic value is ₹1275.93, which is 43.44% lower than the current market price of ₹2,256.00, suggesting the stock is overvalued. This is calculated using the PE ratio method factoring in ROE (16.0 %), book value (₹552), dividend yield (0.62 %), and 5-year EPS CAGR.

What is the current share price and 52-week range of Ratnamani Metals & Tubes Ltd?

Ratnamani Metals & Tubes Ltd is trading at ₹2,256.00 as of 14 April 2026, with a FY2026-2027 high of ₹3,050 and low of ₹1,900. The stock is currently in the middle of its 52-week range. Market cap stands at ₹15,814 Cr..

How does Ratnamani Metals & Tubes Ltd's P/E ratio compare to its industry?

Ratnamani Metals & Tubes Ltd has a P/E ratio of 26.5, which is below the industry average of 40.74. This is broadly in line with or below the industry average.

Is Ratnamani Metals & Tubes Ltd financially healthy?

Key indicators for Ratnamani Metals & Tubes Ltd: ROCE of 21.5 % indicates efficient capital utilization; ROE of 16.0 % shows strong shareholder returns. Dividend yield is 0.62 %.

Is Ratnamani Metals & Tubes Ltd profitable and how is the profit trend?

Ratnamani Metals & Tubes Ltd reported a net profit of ₹542 Cr in Mar 2025 on revenue of ₹5,186 Cr. Compared to ₹323 Cr in Mar 2022, the net profit shows an improving trend.

Does Ratnamani Metals & Tubes Ltd pay dividends?

Ratnamani Metals & Tubes Ltd has a dividend yield of 0.62 % at the current price of ₹2,256.00. The company pays dividends, though the yield is modest.

Disclaimer: This article is for informational purposes only and should not be construed as financial advice. The author is not a SEBI registered financial advisor and does not have any vested interest in Ratnamani Metals & Tubes Ltd. Investors are advised to conduct their own due diligence and consult with a financial professional before making any investment decisions. The information provided in this article is based on publicly available data and the author's analysis, but it may not be comprehensive or up-to-date. The author and getaka.co.in are not responsible for any errors or omissions in the content. This article is not intended to promote any particular investment strategy or recommendation, and readers should consult with their own financial advisors before making any investment decisions. Data Source: NSE
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