RAJASTHAN TUBE MANUFACTURING CO.LTD. (RAJTUBE) fair value: what the stock is really worth
As of Oct 1, 2026: fair value of RAJASTHAN TUBE MANUFACTURING CO.LTD. ₹4.66, price ₹8.61, upside -45.9%, quality 77 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
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Price vs Fair Value
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Oct 3, 2026.
How to read this chart
60‑month range ₹0.9710 – ₹56.99 · fair‑value band ₹3.50 – ₹5.83 · the ₹8.61 price screens above the ₹4.66 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Oct 3, 2026.
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Rajasthan Tube Manufacturing Company Limited manufactures, trades in, and sells steel tubes and pipes in India.
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Rajasthan Tube Manufacturing Company Limited manufactures, trades in, and sells steel tubes and pipes in India. The company offers ERW pipes and tubes/black steel pipes and tubes, and galvanized pipes and tubes that are used in various applications, such as water pipelines, water mains, sewerage systems, industrial water lines, plant piping, agriculture and irrigation, deep tube-wells and casing pipes, gas pipelines, pipelines for natural gas, LPG and other non-toxic gases, oil pipelines, oil refinery piping, crude oil piping, and cross-country pipelines. It also provides hot rolled steel sheets for use in making tubular products, including hot rolled coils, pipes, LPG cylinders, shuttering plates, and off late in the construction sector. In addition, the company's hot rolled steel sheets are also used as a component in the making of pressure vessels; in buildings; in hull and steel structures, and boiler usage, as well as for making safety parts and automobile suspension. The company was incorporated in 1985 and is based in Jaipur, India.
Stock analysis
RAJASTHAN TUBE MANUFACTURING CO.LTD. (RAJTUBE) currently trades at ₹8.61, while our model-based Fair Value estimate is ₹4.66, 45.9% below the price, so the stock looks overvalued today.
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Valuation
Bull case: the Growth DCF group reads highest at a median of ₹39.71 per share, and 8 of the 20 models we run sit above the ₹8.61 price.
Bear case: the Asset-Based group reads lowest at ₹1.49, and 12 of the 20 models stay below the price. Evidence for this calculation is low.
Scenario range: ₹3.50 (bear) to ₹5.83 (bull), the price of ₹8.61 sits above it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 77/100 (high quality), in the Basic Materials sector.
Mixed Growth: Revenue is growing, but margins or cash flow do not fully confirm the trend.
RAJASTHAN TUBE MANUFACTURING CO.LTD. reported revenue of ₹170M in FY2026 versus ₹532M in FY2022, a compound −24.8%/yr. Reported net income was ₹12.4M in FY2026, compounding +21.8%/yr from FY2022.
Key figures
Market cap ₹388M (≈ $4.0M) · P/E ratio 16.6 · P/S ratio 1.20 · EPS (TTM) ₹0.5200 · Net margin 7.3% · Return on equity 13.2% · Return on assets (EBIT) 9.7% · Operating margin 57.6%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 39 out of 100 (low confidence).
What moves the price
The share trades about 81% below its 52-week high and at its 52-week low, currently below its 200-day average.
For context, the median of 10 Basic Materials peers we cover trades at −44% fair-value upside, at −46%, RAJTUBE screens richer than that median.
Fair Value models
Bear ₹3.50Fair Value ₹4.66Bull ₹5.83
Price ₹8.61 · Upside -45.9%
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single model. Based on fiscal year 2026 figures (about 6 months old). Earnings retained since then (₹0.2664 per share) are deliberately not added.Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.Evidence ⓘEvidence = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.80/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+2.0%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+6.3%
Start year 2020 (pandemic)
Revenue growth 6 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
−5.0%
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What shareholders gained per year (last 5 years), in INR ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate. Basis: EBIT basis. Measured in INR: this currency has depreciated against the euro and dollar over the long run, so part of the nominal rate is currency erosion that never reaches a EUR/USD investor.
≈ −29.1%
Earnings growth per share plus dividend.
Earnings per share, growth per year−29.1%
Dividend (yield on the price)0.0%
Profit margin 2021 to 2026 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.5% → 11%
⚠ Revenue per share shrinking 33.2%/yr over ~5Y (margins intact) ⓘStructural-decline marker: revenue PER SHARE has fallen over the last decade (robust median trend, not a single year). Backtested across 2005 to 2017, such businesses trailed the market by about 2.5 percentage points per year. Display only: it does not change the fair value or the quality score.
⚠ Rate on operating basis: 2026 sits 71% above its own trend.
Growth Forecast
Little optimism in the price
The price assumes less growth than the company has delivered so far.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
−24.2%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect
n/a
No analyst forecast available.
After inflation (India: IMF forecast 4.1% a year to 2030, 4.7% from 2016 to 2025) that is about −27.2% a year for the price.
Compare RAJASTHAN TUBE MANUFACTURING CO.LTD. with another stock
Price, fair value, quality and upside side by side.
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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Steel · 399 stocks
Beats the industry median on 7/11 measures
Overall it ranks above its industry peers.
Valuation
Quality Score77 · Top 25%
Fair Value upside−45.9% · Bottom 25%
Profitability
Return on equity (TTM)13.2% · Top 25%
Return on assets7.9% · Top 25%
Net margin (TTM)65.3% · Top 25%
Operating margin (TTM)57.6% · Top 25%
Valuation Multiplesvs Steel median · lower = cheaper
P/E (TTM)16.6× · Cheaper than median
P/B3.88× · Priciest 25%
P/S (TTM)10.72× · Priciest 25%
P/FCF2.8× · Cheapest 25%
EV/EBITDA12.9× · Pricier than median
Strength profile in five axes (Snowflake)
This stockSector peers
VALUE (fair-value potential)0· sector 19
FUTURE (revenue growth)0· sector 33
PAST (return on equity)53· sector 19
HEALTH (low debt)100· sector 95
DIVIDEND (yield)0· sector 51
VALUE 0: the price sits above our fair-value range.
For bloggers, editors and developers: paste this into your site or blog (a “Custom HTML” block in WordPress), it shows the current fair value and links back here. Free, plain HTML, and welcome. Full data streams (CSV/JSON) at /developers.
Is RAJASTHAN TUBE MANUFACTURING CO.LTD. (RAJTUBE) overvalued or undervalued?
As of Oct 3, 2026, our model estimates a fair value of ₹4.66 versus a price of ₹8.61, about −46% upside (overvalued).
What is the fair value of RAJTUBE?
Our model-based fair value for RAJASTHAN TUBE MANUFACTURING CO.LTD. is ₹4.66 (as of Oct 3, 2026), built from audited fundamentals. The current price: ₹8.61.
What is the quality score of RAJTUBE?
RAJASTHAN TUBE MANUFACTURING CO.LTD. has a Quality Score of 77/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for RAJASTHAN TUBE MANUFACTURING CO.LTD. (RAJTUBE)?
Our model-based price target is the fair value of ₹4.66 (as of Oct 3, 2026) from 20 valuation models. Cautious scenario ₹3.50, optimistic scenario ₹5.83. It is a calculation from audited fundamentals, not an analyst target.
What is the RAJASTHAN TUBE MANUFACTURING CO.LTD. stock forecast for 2026?
Our models put fair value at ₹4.66, about −46% upside versus a price of ₹8.61 (overvalued). Cautious scenario ₹3.50, optimistic scenario ₹5.83. The calculation is refreshed regularly with new filings.
What growth is priced into RAJASTHAN TUBE MANUFACTURING CO.LTD. (RAJTUBE)?
For today's price to be fair in a discounted-cash-flow model, RAJASTHAN TUBE MANUFACTURING CO.LTD. would have to grow free cash flow by -24.2 % per year for five years (discount rate 11.2 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew -16.7 % per year. As of Oct 3, 2026.
What discount rate (WACC) does the fair value of RAJTUBE use?
Our models discount RAJASTHAN TUBE MANUFACTURING CO.LTD. at 11.2 %: a base by market capitalisation (nano), damped by beta 0.62, country premium for India. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For RAJASTHAN TUBE MANUFACTURING CO.LTD. that is -24.2 % per year a year over ten years, using the same discount rate (11.2 %) and the same formula as our fair value.
How much growth has RAJASTHAN TUBE MANUFACTURING CO.LTD. (RAJTUBE) delivered so far?
Over the past 5 years revenue at RAJASTHAN TUBE MANUFACTURING CO.LTD. grew -16.7 % a year. The price currently implies -24.2 % per year free-cash-flow growth a year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of RAJASTHAN TUBE MANUFACTURING CO.LTD. (RAJTUBE) growing?
The median revenue growth in the sector is +13.3 % a year. That is the yardstick for the growth priced into RAJASTHAN TUBE MANUFACTURING CO.LTD. (-24.2 % per year a year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of RAJASTHAN TUBE MANUFACTURING CO.LTD. (RAJTUBE)?
The free-cash-flow yield on the price is 35.22 %: that much free cash flow RAJASTHAN TUBE MANUFACTURING CO.LTD. produces per unit of market value. When it exceeds the discount rate of our models (11.2 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of RAJASTHAN TUBE MANUFACTURING CO.LTD. (RAJTUBE)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For RAJASTHAN TUBE MANUFACTURING CO.LTD. it is ₹4.66 per share (as of Oct 3, 2026), against a price of ₹8.61. It is the blended result of 20 valuation models (cash flow, earnings, asset, dividend).
Is RAJASTHAN TUBE MANUFACTURING CO.LTD. stock overvalued or undervalued in 2026?
As of Oct 3, 2026, RAJTUBE trades above its calculated fair value: price ₹8.61, fair value ₹4.66, a gap of about −46% (overvalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of RAJTUBE?
No. The price is what the market pays today (₹8.61); the fair value is what the company's own numbers justify (₹4.66). For RAJASTHAN TUBE MANUFACTURING CO.LTD. the two are ₹3.95 per share apart. That gap is exactly why we show both numbers side by side.
How much is RAJASTHAN TUBE MANUFACTURING CO.LTD. worth?
The market values RAJASTHAN TUBE MANUFACTURING CO.LTD. at about ₹388M (market capitalisation, as of Oct 3, 2026). Per share that is ₹8.61; our models calculate a fair value of ₹4.66 per share.
What do the bullish and bearish scenarios say about RAJTUBE?
Our models span a range for RAJASTHAN TUBE MANUFACTURING CO.LTD.: cautious scenario ₹3.50, base ₹4.66, optimistic ₹5.83 per share (as of Oct 3, 2026, price ₹8.61). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of RAJTUBE?
RAJASTHAN TUBE MANUFACTURING CO.LTD. trades at a price-to-earnings ratio of 16.6 (as of Oct 3, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of ₹4.66 is built from several models across several years. Other multiples: P/B 3.9, P/S 10.7, EV/EBITDA 12.9.
How solid is the balance sheet of RAJASTHAN TUBE MANUFACTURING CO.LTD. (RAJTUBE)?
Balance-sheet figures for RAJASTHAN TUBE MANUFACTURING CO.LTD. (as of Oct 3, 2026): return on equity 13.2%. They feed the Quality Score of 77/100, which measures business quality independently of the share price.
How far is RAJTUBE from its 52-week high?
RAJASTHAN TUBE MANUFACTURING CO.LTD. trades at ₹8.61, about 81% below its 52-week high of ₹44.77 and at the low of ₹8.61 (as of Oct 1, 2026). Distance from the high says nothing about value: that is what the fair value of ₹4.66 is for.
Which stocks are comparable to RAJASTHAN TUBE MANUFACTURING CO.LTD.?
From the same area (Basic Materials) we also value Nucor Corporation, ArcelorMittal S.A, Steel Dynamics, Inc, JSW Steel Limited, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is RAJASTHAN TUBE MANUFACTURING CO.LTD. stock attractive at the current price?
The data as of Oct 3, 2026: price ₹8.61, calculated fair value ₹4.66 (−46%), Quality Score 77/100, from 20 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of RAJTUBE calculated?
We run RAJASTHAN TUBE MANUFACTURING CO.LTD. through 20 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of ₹4.66, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 14.9 % above its aggregate fair value. RAJASTHAN TUBE MANUFACTURING CO.LTD. itself currently trades above fair value. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of RAJASTHAN TUBE MANUFACTURING CO.LTD. (RAJTUBE)?
The closing price on Oct 1, 2026 was ₹8.61. Our model-based fair value is ₹4.66, about −46% upside (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with RAJASTHAN TUBE MANUFACTURING CO.LTD. right now?
A high-quality business (quality 77/100), yet the market already pays well above fair value. Quality at a full price, with little margin of safety. The price sits above even our optimistic bull case (₹5.83). The favourable scenario is already priced in. The large gap to fair value rests on thin data (low evidence): fewer applicable models and a shorter history. Read it with extra caution.
Key figures of RAJASTHAN TUBE MANUFACTURING CO.LTD.
How large is the market capitalisation of RAJASTHAN TUBE MANUFACTURING CO.LTD. (RAJTUBE)?
The market capitalisation of RAJASTHAN TUBE MANUFACTURING CO.LTD. is ₹388M (≈ $4.0M). The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of RAJASTHAN TUBE MANUFACTURING CO.LTD. (RAJTUBE)?
The price-to-sales ratio of RAJASTHAN TUBE MANUFACTURING CO.LTD. is 1.20 (P/E × margin). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of RAJASTHAN TUBE MANUFACTURING CO.LTD. (RAJTUBE)?
Earnings per share at RAJASTHAN TUBE MANUFACTURING CO.LTD. are ₹0.5200 (price ÷ EPS = P/E 16.6). Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of RAJASTHAN TUBE MANUFACTURING CO.LTD. (RAJTUBE)?
The net margin of RAJASTHAN TUBE MANUFACTURING CO.LTD. is 7.3% (fiscal year 2026). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of RAJASTHAN TUBE MANUFACTURING CO.LTD. (RAJTUBE)?
The return on equity (ROE) of RAJASTHAN TUBE MANUFACTURING CO.LTD. is 13.2% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of RAJASTHAN TUBE MANUFACTURING CO.LTD. (RAJTUBE)?
On an EBIT basis the return on assets of RAJASTHAN TUBE MANUFACTURING CO.LTD. is 9.7% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of RAJASTHAN TUBE MANUFACTURING CO.LTD. (RAJTUBE)?
The operating margin of RAJASTHAN TUBE MANUFACTURING CO.LTD. is 57.6% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How much net debt does RAJASTHAN TUBE MANUFACTURING CO.LTD. (RAJTUBE) carry?
The net debt of RAJASTHAN TUBE MANUFACTURING CO.LTD. is ₹69.0M (fiscal year 2025, ≈ 0.5 yrs of FCF). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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