Ratnamani Metals & Tubes makes carbon steel and stainless steel pipes and tubes for oil & gas, refineries, power and nuclear end-uses, and heads into this quarter after a weak Q1 in which standalone revenue fell 30.27% YoY. The print will speak to whether standalone margins can bridge back toward the 16% (±1%) FY27 guide from Q1's 14.2%, and how fast the record >₹4,900 Cr order book — over half of it high-margin nuclear pipe spooling — converts into revenue.
| Results date | November 06, 2026 |
|---|---|
| Quarter | Q2 FY 2026-2027 |
| Previous quarter revenue | Rs. 971.63 Cr (consolidated, Q1 FY27) |
| Previous quarter PAT | Rs. 107.03 Cr (consolidated, Q1 FY27) |
| Previous quarter EBITDA margin | 18.5% (consolidated, Q1 FY27) |
| Market cap | Rs. 17,168.33 Cr |
| CMP | Rs. 2449.4 |
Ratnamani Metals & Tubes will report its Q2 FY 2026-2027 results on November 06, 2026. The results cover the quarter and half-year ended September 30, 2026.
A group conference call is scheduled for Friday, November 6, 2026 at 5:00 PM IST (virtual), organized by Monarch Networth Capital, to discuss the Q2 and half-year ended September 30, 2026 results and business outlook. CEO Manoj P. Sanghvi and CFO Vimal Katta will attend, and no unpublished price-sensitive information will be shared.
No new dividend is on the results agenda; the FY26 dividend of Rs. 10.00 per share (500%) on 7,00,92,000 equity shares was approved at the 42nd AGM held on August 18, 2026, with payment on or before September 17, 2026.
The quarter tests whether management's FY27 stack — standalone revenue of Rs. 4,800–5,000 Cr on ~25% growth and a 16% (±1%) EBITDA margin — survives a quarter in which domestic HRC prices ran from ~Rs. 58,000/t in early August to Rs. 64,000/t by late September, a four-year high, landing a cost headwind on a business that printed a 14.2% standalone margin in Q1.
The margin guide is explicitly 'contingent on geopolitical stability', and the Middle East conflict re-escalated through the window, with Brent settling above $100/bbl on September 9 and Hormuz transits still depressed on September 24 — keeping the Rs. 100–150 Cr of held-back Middle East inventory at risk of remaining unshipped.
Offsets include a rupee that slid past 95/USD in September, aiding export realizations on the USD 286 Mn (~Rs. 2,700 Cr) RFSS export order won on August 24, 2026, and a record group order book of over Rs. 4,900 Cr as on August 31, 2026, of which more than 50% is nuclear pipe spooling carrying over 30% margins.
Management's demand-recovery call of 'in another three months, six months' made in May 2026 points to Q3–Q4 FY27 rather than this quarter, so watch for the FY27 growth and margin guides to be reaffirmed, re-timed toward H2, or re-anchored on subsidiary-led consolidated growth, where RTL and RFSS again narrowed the gap in Q1.
FY27 guidance scorecard: The Q4 FY26 concall guidance stack, against Q1 FY27 actuals:
Execution of the USD 286 Mn RFSS export order
Middle East shipping and held-back inventory
Capacity and project timelines
Demand recovery and tendering
The CFO confirmed at the Q4 FY26 call that a 16–18% margin range remains sustainable through better fixed-cost absorption and capacity utilization. Management framed recent margin movement as a water-vs-oil-and-gas mix shift, not depressed carbon steel pricing.
Management said volumes did not fall — realization rose on operational efficiency, higher utilization and the nature of orders. RFSS delivered Rs. 390 Cr in its first full year, exceeding its Rs. 300+ Cr guidance.
Management said RTL 'can go anywhere between Rs. 450–500 crores' with current capacity and manpower, with margin improvement 'a matter of time and the support of market'. RTL's FY26 revenue grew 33% to Rs. 377 Cr.
The FY27 standalone revenue guidance is Rs. 4,800–5,000 Cr on ~25% growth, but Q1 FY27 standalone revenue was Rs. 740.78 Cr, down 30.27% YoY. The H1 run-rate versus the guide is a key item to address on the upcoming call.
Not in the latest quarter — Q1 FY27 standalone revenue fell 30.27% YoY to Rs. 740.78 Cr and consolidated revenue fell 15.63% to Rs. 971.63 Cr, which management attributed to lower government infrastructure spending and Middle East geopolitics. Subsidiaries RTL and RFSS delivered strong growth, supporting consolidated performance.
Disclaimer: This earnings preview is published for educational and informational purposes only. It is not investment advice, not a recommendation to buy, sell or hold any security.