Indian stainless steel and piping solutions major showcased operational resilience during FY26 despite facing muted global demand, geopolitical uncertainties, and pricing pressures across the steel sector.

During its Q4 FY26 earnings call, the company highlighted its strategic focus on high-value stainless steel products, robust subsidiary performance, and a healthy order book that continues to provide long-term business visibility.

Q4 Sales Impacted by Lower Carbon Steel Volumes

Ratnamani reported standalone Q4 sales of INR 893 crore compared to INR 1,575 crore during the same period last year. The decline was largely attributed to reduced volumes in the carbon steel division and slower project execution caused by ongoing geopolitical tensions in the Middle East.

On a consolidated basis, Q4 sales stood at INR 1,085 crore, down from INR 1,715 crore in the previous year. Full-year consolidated sales for FY26 reached INR 4,494 crore against INR 5,186 crore in FY25.

Despite the decline in revenue, the company maintained healthy profitability margins and EBITDA levels, underlining its operational efficiency and disciplined cost management strategies.

Strong Order Book Supports Future Growth

As of May 1, 2026, Ratnamani’s standalone order book stood at INR 2,160 crore, including export orders worth INR 700 crore. The company believes this provides strong revenue visibility for the coming quarters.

Management indicated that demand from refinery, petrochemical, and infrastructure projects is expected to improve once international market conditions stabilize.

Speaking during the earnings call, CEO Manoj Sanghvi stated that demand for both carbon steel and stainless steel pipes is likely to witness a recovery over the next few months, particularly with anticipated project expansions in the Middle East.

Focus on High-Value Stainless Steel Products

The company acknowledged increasing competition in the stainless steel pipe segment, with several carbon steel manufacturers entering the stainless steel market.

However, Ratnamani remains focused on specialized and value-added stainless steel products where competitive intensity remains lower. The company is investing in debottlenecking operations and expanding capacities for instrumentation tubes while also planning a new welded tube mill.

Management emphasized that its long-term strategy is centered around advanced stainless steel applications and engineered piping solutions rather than commodity-driven products.

Subsidiaries Deliver Strong Performance

Ratnamani’s subsidiaries emerged as major growth drivers during FY26.

Ravi Technoforge Records Robust Growth

posted Q4 revenue of INR 105 crore, marking a 28% year-on-year increase. Full-year revenue rose 33% to INR 377 crore.

The subsidiary also improved its EBITDA margin from 10% to 12%, supported by strong domestic demand and export performance. Exports currently contribute nearly 35% to 40% of the business.

Management noted that evolving global trade dynamics and tariff equalization measures in the United States could create additional export opportunities for the company.

RFSS Shows Impressive Momentum

registered Q4 revenue growth of 60%, reaching INR 72 crore.

In its first full year of operations, the company generated INR 390 crore in revenue, backed by strong order inflows and improved execution efficiencies.

Ratnamani also highlighted the growing global demand for spool pipe assemblies, especially in nuclear and power projects. The company stated that it currently operates India’s only nuclear-approved spool pipe manufacturing facility with international approvals, positioning it strongly for future opportunities.

Middle East Expansion Remains on Track

Despite geopolitical disruptions, Ratnamani confirmed that its Middle East project remains on schedule for completion by March 2027.

According to management, design and engineering work for the facility has already been completed, and the company is awaiting final approvals before commencing construction contracts.

Dividend Announcement

The board recommended a dividend of INR 10 per share, representing 500% on the face value of shares. While lower than previous payouts, the company indicated that conserving resources remains important amid current global uncertainties.

Outlook

While FY26 presented challenges across global steel and energy markets, Ratnamani Metals & Tubes continues to strengthen its position through strategic investments, export growth, and focus on specialized stainless steel applications.

With a strong order pipeline, debt-free balance sheet, and expanding capabilities in advanced piping solutions, the company remains optimistic about long-term growth opportunities in both domestic and international markets.