Ratnamani Metals & Tubes Ltd

Order details

• Export orders from International Customers to Ratnamani Finow Spooling Solutions Limited totaling USD 286 million over 2–3 years.

AGM Details

• Held via VC/OAVM with no physical attendance.
• Meeting began at the scheduled start time.

Key Resolutions

• Ordinary resolution to adopt standalone and consolidated financial statements.
• Ordinary resolution to declare dividend per share as recommended.
• Ordinary resolution to re-appoint two directors, retiring by rotation.
• Ordinary resolution to ratify cost auditor remuneration for the financial year.

Voting Results

• Financial statements adoption: passed with majority support.
• Dividend declaration: passed with majority support.
• Director re-appointments: passed with minimal opposition.
• Cost auditor remuneration: passed with majority support.

Dividend

• Dividend per share approved as recommended by the Board.

Directors & Auditors

• Directors by rotation re-appointments approved.
• Cost auditor remuneration ratified; Board authorized to implement.

AGM details

• AGM held on 18 August 2026 via VC/OAVM.
• Time: 10:30 a.m. IST.
• Record date for voting: 11 August 2026.
• Shareholders on record: 40,278.

Resolutions and outcomes

• Resolution 1: Adoption of standalone and consolidated financial statements; passed.
• Resolution 2: Dividend of Rs 10 per equity share; passed.
• Resolution 3: Re-appointment of Shanti M. Sanghvi; passed.
• Resolution 4: Re-appointment of Manoj Prakash Sanghvi; passed.
• Resolution 5: Ratification of remuneration to Cost Auditors for FY2027; passed.

Dividend

• Dividend of Rs 10 per equity share approved.

Directors

• Re-appointment of Shanti M. Sanghvi as Director (retiring by rotation).
• Re-appointment of Manoj Prakash Sanghvi as Director (retiring by rotation).

Auditors

• Remuneration of Cost Auditors ratified for FY2027.

AGM Details

• AGM held on August 18, 2026 via VC/OAVM.
• Commenced at 10:30 a.m. IST and concluded at 11:08 a.m. IST.
• Record date for entitlement: August 11, 2026.

Key Resolutions

• Adoption of standalone and consolidated financial statements (Ordinary Resolution).
• Dividend of Rs 10 per equity share (Ordinary).
• Re-appointment of Shanti M. Sanghvi as Director on rotation (Ordinary).
• Re-appointment of Manoj Prakash Sanghvi as Director on rotation (Ordinary).
• Ratification of remuneration for Cost Auditors for FY2027 (Ordinary).

Dividend

• Dividend declared: Rs 10 per equity share for FY ended 2026.

Director Matters

• Chairman recused from items 3 and 4; Independent Director chaired those items.

Auditors

• Remuneration for Cost Auditors ratified for FY 2027.

Voting & Results

• Combined voting results to be announced on the company website and NSDL.

Business Overview

• Core business: stainless and carbon steel pipes and tubes; multi-location plants in Gujarat and Odisha.
• Global footprint: serves 20+ industries across 28+ countries; exports as growth channel.
• Growth through JVs and acquisitions: RTL 75%, RFSS 51%, Ratnamani Middle East 75% stakes.
• Key expansions: Odisha coating facility and Kutch HSAW facility completed.
• RTL Pipaliya expansion: 20% capacity; 9 MW solar power installed.
• Credit upgrade: RTL long-term facilities upgraded to CARE A+; standalone debt-free.
• Green energy usage: 50% of RTL energy from solar; improves sustainability profile.
• Exports growth; diversified, resilient business model supporting long-term growth.

Operational Highlights

• Q1 FY27 standalone revenue ₹740.78 cr; consolidated ₹971.63 cr.
• Standalone EBITDA ₹105.18 cr; margin 14.2%; consolidated EBITDA ₹179.79 cr; margin 18.5%.
• Standalone PBT ₹73.46 cr; PAT ₹54.06 cr; consolidated PBT ₹137.41 cr; PAT ₹107.03 cr.
• Standalone order book at ₹2,000+ cr.
• RFSS capacity expansion to 4,000 MT/year; ready by Q3; commercial in Q4.
• Completed Odisha coating facility and Kutch HSAW facility; expands production capabilities.

Financial Performance

• Consolidated revenue FY26 ₹4,493.96 cr; PAT ₹534.47 cr; PBT ₹706.34 cr.
• Standalone revenue FY26 ₹3,689.30 cr; PAT ₹433.96 cr; PBT ₹583.13 cr.
• Total income: consolidated ₹4,615.91 cr; standalone ₹3,814.39 cr.
• Net cash flow FY26: consolidated −₹152.41 cr; standalone −₹154.70 cr.
• Total assets: consolidated ₹5,387.60 cr; standalone ₹4,632.02 cr.
• Total equity: consolidated ₹4,207.72 cr; standalone ₹4,080.68 cr.

Capital Structure & Liquidity

• RTL credit rating upgraded to CARE A+ for long-term facilities.
• Standalone remains debt-free; limited group leverage on a standalone basis.
• Cash and cash equivalents: ₹73.90 cr consolidated; ₹65.54 cr standalone.

Strategic Priorities & Outlook

• Exports growth remains encouraging; enquiry levels improving; strong long-term growth prospects.
• RFSS expansion to 4,000 MT/year; ready by Q3; commercial production in Q4.
• RTL Pipaliya expansion 20%; 9 MW solar plant; 50% of RTL energy from green energy.
• Coating (Odisha) and HSAW (Kutch) facilities strengthen future production capacity.
• Diversified business model and subsidiaries position the group for global expansion.

Risks & Mitigation

• Headwinds from lower government infrastructure spend; Middle East geopolitical developments.
• Mitigation: diversified subsidiaries, expansion, robust export growth, and strong order pipeline.

Governance & Leadership

• Board comprises nine directors; Chairman & MD Prakash M. Sanghvi leads the group.
• Key executives: Manoj P. Sanghvi (CEO); Vimal Katta (CFO).
• Strategic stakes: RTL 75%; RFSS 51%; Ratnamani Middle East 75% stakes.
• Ratnamani Inc (USA) and Ratnamani Middle East Pipes Trading LLC OPC established; EU AG in Switzerland.
• ESG: RTL’s rating upgrade underscores governance and sustainability focus.

Financial results

• Standalone revenue ₹74,077.83 lakh; net profit ₹5,406.24 lakh.
• Consolidated revenue ₹97,163.25 lakh; net profit ₹10,702.52 lakh.
• Audit Committee reviewed results; Board approved on Aug 7, 2026.

Subsidiary acquisition

• Acquired 75% equity in Ratnamani Middle East Company LLC; RMEC became subsidiary.
• Total consideration SAR 1.50 million; 25% equity due from JV partner.
• RMEC consolidated from 23 Jun 2026.

Labour Codes impact

• Statutory impact of New Labour Codes; exceptional item ₹780.85 lakh; reversal of provision in Mar 2026.
• Labour Codes incremental gratuity liability revised to ₹1,039.57 lakh; reversal of ₹780.85 lakh in Mar 2026.

Regulatory disclosures

• Trading window reopens 48 hours after results publication.
• Results published on company website and stock exchanges.

Overview

• Standalone BRSR for FY2025-26; boundary: standalone.
• Core activity: manufacturing iron and steel tubes, fittings, pipes; 99.9% turnover from core business.
• Exports account for about 37% of turnover; Sundergarh plant started production in Nov 2025.

Key ESG Risks & Opportunities

• Regulatory decarbonization and rising energy costs necessitate energy efficiency and cleaner fuels.
• Occupational health and safety risks in a high-risk manufacturing environment require stronger HSE systems.
• ESG risks across suppliers raise compliance and monitoring costs.
• Product safety/quality obligations drive ongoing R&D and certifications.
• Opportunities in energy efficiency, renewable energy, with 23% renewable energy share.
• Zero water discharge and water recycling enhance resilience; Odisha plant expansion supports sustainable growth.
• Waste minimization and plastic packaging recovery via EPR credits support circular economy.

Governance & Policy Highlights

• MD and Risk Management Committee oversee ESG; governance embedded at Board level.
• Anti-bribery, whistleblower, human rights, and equal employment policies approved by Board.
• Independent assurance by Deutsch Quality Systems; BRSR Core data reasonably assured; non-core limited.
• No external policy effectiveness assessment; internal board/management review.
• Odisha plant commissioning integrated into sustainability governance.

Social Responsibility & Workforce

• Total workforce 1,430; 1,236 permanent and 194 non-permanent; 3,709 workers.
• Female representation: 21 female permanent and 28 female workers.
• Board gender diversity: 1 of 10 directors female (10%).
• LTIFR: employees 0, workers 1.054; total injuries: 0 employees, 7 workers.
• Well-being spend 0.45% of revenue; 62% of employees and 41% of workers trained in health/safety.
• Parental leave: return 100%; permanent retention 94%; workers retention 97%.
• Grievance mechanisms including Vigil Mechanism and POSH; 0 POSH complaints FY25-26.

Environmental Performance

• Total energy 449.02 TJ; renewables 129.86 TJ; non-renewables 319.16 TJ; renewable share ~23%.
• Water withdrawal 292,257 KL; consumption 289,929 KL; groundwater 62,057 KL; third-party 224,200 KL; rainwater 6,000 KL.
• Zero Liquid Discharge across all facilities; 172,374 KL water recycled; office wastewater 2,327.76 KL.
• GHG emissions: Scope 1 11,112.78; Scope 2 27,557.84; total 38,670.63 tCO2e; intensity 10.48 per INR crore turnover.
• Waste generated 18,960 MT; hazardous 1,198.46 MT; non-hazardous 17,484.10 MT; recycling/disposal details provided.
• Solar 24.902 MW and wind 27 MW capacity installed; LNG/natural gas usage; LED lighting; dust collection; ZLD.

Stakeholder Engagement & Complaints

• Key stakeholder groups: employees/workers, customers, shareholders/investors, suppliers, communities, regulators.
• Engagement channels include surveys, meetings, CSR activities, investor updates; ongoing basis.
• Shareholders complaints: 4 filed FY2025-26; 0 pending; other groups: 0 pending.
• Community grievances handled via CSR and Vigil Mechanism; site visits by CSR head.

Other Notable Metrics

• Scope 3 emissions not yet tracked; plan to implement in future periods.
• Cybersecurity framework; 2FA; DR; access controls; policy not public.
• Product recalls: Nil; data privacy incidents: 0.
• Affiliations: 6 trade associations; top associations include GCCI, Bombay Chamber, ISSMA.
• Independent assurance: DQS; BR. No. 50261879; Odisha operation started Nov 2025.