RATNAMANIRatnamani Metals & Tubes Ltd.
Ratnamani Metals & Tubes Q2 FY27 Results: Consolidated Net Profit ₹133 Crore on Total Income of ₹1,379 Crore
- Earnings
- steel tubes and pipes
Reviewed byKeshav SehgalBlacklitt Research
Ratnamani Metals & Tubes (NSE: RATNAMANI) reported consolidated total income of ₹1,378.53 crore and net profit of ₹133.34 crore for the quarter ended 30 Sep 2026, it said in a filing on 06 Nov 2026. Standalone total income was ₹1,140.63 crore and standalone net profit ₹79.58 crore. Net profit attributable to owners of the group was ₹101.56 crore.
Key highlights
Consolidated
Including its subsidiaries
- Total income: ₹1,378.53 crore, up 13.1% YoY and 39.4% QoQ
- Net profit: ₹133.34 crore, down 14.5% YoY and up 24.6% QoQ; ₹101.56 crore attributable to owners
- EPS: ₹14.49 basic, against ₹19.43 a year earlier and ₹11.72 in Q1 FY27
- Finance costs: ₹9.01 crore, up 35.1% YoY
Standalone
The company on its own, without its subsidiaries
- Total income: ₹1,140.63 crore, up 17.2% YoY and 48.9% QoQ
- Net profit: ₹79.58 crore, down 26.4% YoY and up 47.2% QoQ
- EPS: ₹11.36 basic, against ₹15.44 a year earlier and ₹7.71 in Q1 FY27
- Other income: ₹36.22 crore, 3.2% of total income
Summary
| Particulars | Q2 FY27 | Q2 FY26 | YoY | Q1 FY27 | QoQ |
|---|---|---|---|---|---|
| 1,378.53 | 1,218.59 | +13.1% | 989.22 | +39.4% | |
| Revenue from operations | 1,347.51 | 1,191.69 | +13.1% | 971.63 | +38.7% |
| Other income | 31.02 | 26.91 | +15.3% | 17.59 | +76.3% |
| 133.34 | 156.04 | -14.5% | 107.03 | +24.6% | |
| Profit before tax | 173.82 | 199.44 | -12.8% | 137.41 | +26.5% |
| Finance costs | 9.01 | 6.67 | +35.1% | 6.17 | +46.1% |
| Depreciation | 37.02 | 32.04 | +15.6% | 36.21 | +2.2% |
| Tax expense | 40.48 | 43.40 | -6.7% | 30.38 | +33.2% |
| Net profit margin | 9.67% | 12.81% | -3.13 pp | 10.82% | -1.15 pp |
| EPS, basic (₹) | 14.49 | 19.43 | -25.4% | 11.72 | +23.6% |
Figures are in ₹ crore; YoY compares with Q2 FY26 and QoQ with Q1 FY27. Click Total income or Net profit to see the rows behind them.
Consolidated net profit fell 14.5% YoY while total income rose 13.1%.
Non-controlling interest took ₹31.78 crore of the ₹133.34 crore net profit, leaving ₹101.56 crore for owners of the group. The notes do not give a reason for the rise in that share. Consolidated finance costs of ₹9.01 crore are 0.7% of total income, small against the scale of the group.
The consolidated results include Ratnamani Middle East Company LLC, which the company acquired 75% of for SAR 1,500,000, and which became a subsidiary with effect from 23 Jun 2026. The company says the prior-period results do not include it and are not comparable with the quarter.
| Particulars | Q2 FY27 | Q2 FY26 | YoY | Q1 FY27 | QoQ |
|---|---|---|---|---|---|
| 1,140.63 | 973.37 | +17.2% | 766.21 | +48.9% | |
| Revenue from operations | 1,104.40 | 939.56 | +17.5% | 740.78 | +49.1% |
| Other income | 36.22 | 33.81 | +7.2% | 25.43 | +42.4% |
| 79.58 | 108.19 | -26.4% | 54.06 | +47.2% | |
| Profit before tax | 106.33 | 144.18 | -26.3% | 73.46 | +44.7% |
| Finance costs | 1.68 | 2.59 | -34.9% | 1.31 | +28.7% |
| Depreciation | 30.77 | 26.92 | +14.3% | 30.41 | +1.2% |
| Tax expense | 26.75 | 35.99 | -25.7% | 19.40 | +37.9% |
| Net profit margin | 6.98% | 11.12% | -4.14 pp | 7.06% | -0.08 pp |
| EPS, basic (₹) | 11.36 | 15.44 | -26.4% | 7.71 | +47.3% |
Figures are in ₹ crore; YoY compares with Q2 FY26 and QoQ with Q1 FY27. Click Total income or Net profit to see the rows behind them.
Standalone net profit fell 26.4% YoY, more than profit before tax, which fell 26.3%. Standalone total income rose 17.2%, with revenue from operations up 17.5% and other income up 7.2%.
Standalone tax expense of ₹26.75 crore is 25.2% of profit before tax. Standalone depreciation rose 14.3% YoY to ₹30.77 crore, and finance costs fell 34.9% to ₹1.68 crore. The standalone results carry no separate segment disclosure; the company says segment information is in the consolidated results under Ind AS 108.
The item appears in the year-ago comparison base, not in this quarter.
Kantilal Patel & Co. issued limited review reports on both the standalone and consolidated results and said nothing had come to its attention that causes it to believe either statement contains a material misstatement.
Inference
A reader would want to know the dividend plan, which the filing leaves open.
The filing does not give a reason for the rise in consolidated other expenses or for the swing in standalone changes in inventories between the quarter and the previous quarter, and the reader cannot see from the filing how these affect the margin going forward.
The results were approved by the Board on 6 Nov 2026 after Audit Committee review on 5 Nov 2026, and the trading window re-opens after 48 hours of publication.
Filed with BSE on . Reference: Original filing (PDF)
Disclaimer:
The information available on this article is provided for education and informational purposes only. It does not constitute or provide financial, investment or trading advice and should not be construed as an endorsement of any specific stock or financial strategy in any form or manner. We do not make any representations or warranties regarding the quality, reliability, or accuracy of the information provided. This website may contain links to third-party content. We are not responsible for the content or accuracy of these external sources and do not endorse or verify the information provided by third parties. We are not liable for any decisions made or actions taken based on the information provided on this website.
