Ratnamani Metals & Tubes Limited (RATNAMANI) fair value: what the stock is really worth
As of Oct 1, 2026: fair value of Ratnamani Metals & Tubes Limited ₹1,045, price ₹2,619, upside -60.1%, quality 56 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
69 individual criteria per stock, every one traceableSee the method →
Price vs Fair Value
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Oct 1, 2026.
How to read this chart
60‑month range ₹1,221 – ₹3,837 · fair‑value band ₹624.74 – ₹1,418 · the ₹2,619 price screens above the ₹1,045 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Oct 1, 2026.
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Ratnamani Metals & Tubes Limited manufactures and sells stainless steel pipes and tubes, and carbon steel pipes in India and internationally.
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Ratnamani Metals & Tubes Limited manufactures and sells stainless steel pipes and tubes, and carbon steel pipes in India and internationally. The company's stainless-steel products include seamless heat exchanger tubes, boiler tubes, instrumentation tubes, seamless pipes, heater pipes, seamless integral low-finned tubes, hollow bars, and coil tubes; and welded tubes and pipes, such as titanium welded tubes, seam-welded integral low, finned tubes, coil tubes, square and rectangular pipes, stainless steel 3lpe / pp /, and aro coated pipes. It also provides nickel alloy seamless heat exchanger and instrumentation tubes, and nickel alloy seamless pipes; titanium welded tubes; induction bending; and carbon steel products, such as high frequency electric resistance and submerged arc welded pipes. In addition, the company offers pipe coating solutions comprising external three-layer polyethylene/polypropylene coating and single/dual-layer fusion bonded epoxy coating; and internal coating solutions, such as internal liquid epoxy and cement mortar lining coatings. Further, it is involved in the generation of power from windmills. The company offers its products for various industries and applications, such as oil and gas exploration, LNG, food and dairy, fertilizer plants, thermal, solar and nuclear plants, defence, automobile, chemical, power plants, CNG, sugar, pulp and paper, petrochemicals and refineries, atomic energy, aerospace, desalination plants, pharmaceutical, marine, cross-country pipeline for gas and water, pipes for engineering purpose, booster compressors and dispensers, water distribution pipelines, plumbing and heating, city gas distribution, structural pipe systems, sewerage, dredging pipes, mining pipes, air duct pipes, high mast pipes for windmill towers, and general purpose applications. The company was incorporated in 1983 and is headquartered in Ahmedabad, India.
Stock analysis
Ratnamani Metals & Tubes Limited (RATNAMANI) currently trades at ₹2,619, while our model-based Fair Value estimate is ₹1,045, 60.1% below the price, so the stock looks overvalued today.
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Valuation
Bull case: the DCF Models group reads highest at a median of ₹1,100 per share, and 0 of the 26 models we run sit above the ₹2,619 price.
Bear case: the Dividend Discount group reads lowest at ₹179.04, and 26 of the 26 models stay below the price. Evidence for this calculation is high.
Scenario range: ₹624.74 (bear) to ₹1,418 (bull), the price of ₹2,619 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 56/100 (solid quality), in the Basic Materials sector.
Mixed Growth: Revenue is growing, but margins or cash flow do not fully confirm the trend.
Ratnamani Metals & Tubes Limited reported revenue of ₹44.9B in FY2026 versus ₹31.2B in FY2022, a compound +9.5%/yr. Reported net income was ₹4.8B in FY2026, compounding +10.6%/yr from FY2022.
Key figures
Market cap ₹184B (≈ $1.9B) · P/E ratio 42.4 · P/S ratio 4.55 · EPS (TTM) ₹61.77 · Dividend yield 0.4% · Net margin 10.7% · Return on equity 13.6% · Return on assets (EBIT) 15.7%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 50 out of 100 (low confidence).
What moves the price
The share trades about 14% below its 52-week high and 35% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Basic Materials peers we cover trades at −44% fair-value upside, at −60%, RATNAMANI screens richer than that median.
Fair Value models
Bear ₹624.74Fair Value ₹1,045Bull ₹1,418
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 (₹26.38 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.89/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Revenue growth 1 year
−12.7%
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.
+0.2%
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.
+14.4%
Start year 2021 (pandemic). Over 10 years: +10.1% a year
Revenue growth 21 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.
+16.6%
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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. 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.
+9.8%
Earnings growth per share plus dividend.
Earnings per share, growth per year+9.4%
Dividend (yield on the price)0.4%
Pace: 5 vs 10 years ⓘTwo data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.9.4% vs 11.3%, steady
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.15% → 14%
Start year 2021 (pandemic)
Growth Forecast
A lot of optimism in the price
The price assumes more growth than the company has delivered so far and more than analysts expect.
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).
+30.1%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect ⓘAnalysts publish sales forecasts for the next two fiscal years. For the years after that, growth slows evenly to 2 % a year by year ten (2 % is the long-run rate our models use). Projected years are marked as such.
+11.8%
Yearly sales growth analysts expect, extended to five years.
After inflation (India: IMF forecast 4.1% a year to 2030, 4.7% from 2016 to 2025) that is about +24.9% a year for the price and +7.4% for the forecasts.
Compare Ratnamani Metals & Tubes Limited 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 · 406 stocks
Beats the industry median on 6/14 measures
A mixed picture versus its industry peers.
Valuation
Quality Score56 · Above median
Fair Value upside−60.1% · Bottom 25%
Profitability
Return on equity (TTM)13.6% · Top 25%
Return on assets8.1% · Top 25%
Net margin (TTM)9.9% · Top 25%
Operating margin (TTM)13.0% · Top 25%
Growth and dividend
Revenue growth−8.5% · Bottom 25%
Dividend yield (TTM)0.4% · Bottom 25%
Balance sheet
Debt / equity0.04× · Below median
Valuation Multiplesvs Steel median · lower = cheaper
P/E (TTM)42.4× · Priciest 25%
P/B4.47× · Priciest 25%
P/S (TTM)4.22× · Priciest 25%
P/FCF41.6× · Priciest 25%
EV/EBITDA23.9× · Priciest 25%
Strength profile in five axes (Snowflake)
This stockSector peers
VALUE (fair-value potential)0· sector 22
FUTURE (revenue growth)0· sector 30
PAST (return on equity)54· sector 18
HEALTH (low debt)98· sector 95
DIVIDEND (yield)8· 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 Ratnamani Metals & Tubes Limited (RATNAMANI) overvalued or undervalued?
As of Oct 1, 2026, our model estimates a fair value of ₹1,045 versus a price of ₹2,619, about −60% upside (overvalued).
What is the fair value of RATNAMANI?
Our model-based fair value for Ratnamani Metals & Tubes Limited is ₹1,045 (as of Oct 1, 2026), built from audited fundamentals. The current price: ₹2,619.
What is the quality score of RATNAMANI?
Ratnamani Metals & Tubes Limited has a Quality Score of 56/100. 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 Ratnamani Metals & Tubes Limited (RATNAMANI)?
Our model-based price target is the fair value of ₹1,045 (as of Oct 1, 2026) from 26 valuation models. Cautious scenario ₹624.74, optimistic scenario ₹1,418. It is a calculation from audited fundamentals, not an analyst target.
What is the Ratnamani Metals & Tubes Limited stock forecast for 2026?
Our models put fair value at ₹1,045, about −60% upside versus a price of ₹2,619 (overvalued). Cautious scenario ₹624.74, optimistic scenario ₹1,418. The calculation is refreshed regularly with new filings.
What is the revenue of Ratnamani Metals & Tubes Limited (RATNAMANI)?
Ratnamani Metals & Tubes Limited reported trailing-twelve-month revenue of about ₹43.6B (latest available figure, as of Oct 1, 2026).
Does Ratnamani Metals & Tubes Limited pay a dividend?
Ratnamani Metals & Tubes Limited currently shows a dividend yield of about 0.38% relative to its recent price (as of Oct 1, 2026).
What growth is priced into Ratnamani Metals & Tubes Limited (RATNAMANI)?
For today's price to be fair in a discounted-cash-flow model, Ratnamani Metals & Tubes Limited would have to grow free cash flow by +30.1 % per year for five years (discount rate 12.4 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +14.4 % per year. As of Oct 1, 2026.
What discount rate (WACC) does the fair value of RATNAMANI use?
Our models discount Ratnamani Metals & Tubes Limited at 12.4 %: a base by market capitalisation (small), damped by beta 0.36, 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 Ratnamani Metals & Tubes Limited that is +30.1 % per year a year over ten years, using the same discount rate (12.4 %) and the same formula as our fair value.
How much growth has Ratnamani Metals & Tubes Limited (RATNAMANI) delivered so far?
Over the past 5 years revenue at Ratnamani Metals & Tubes Limited grew +14.4 % a year. The price currently implies +30.1 % 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 Ratnamani Metals & Tubes Limited (RATNAMANI) growing?
The median revenue growth in the sector is +7.6 % a year. That is the yardstick for the growth priced into Ratnamani Metals & Tubes Limited (+30.1 % 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 Ratnamani Metals & Tubes Limited (RATNAMANI)?
The free-cash-flow yield on the price is 2.40 %: that much free cash flow Ratnamani Metals & Tubes Limited produces per unit of market value. When it exceeds the discount rate of our models (12.4 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Ratnamani Metals & Tubes Limited (RATNAMANI)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Ratnamani Metals & Tubes Limited it is ₹1,045 per share (as of Oct 1, 2026), against a price of ₹2,619. It is the blended result of 26 valuation models (cash flow, earnings, asset, dividend).
Is Ratnamani Metals & Tubes Limited stock overvalued or undervalued in 2026?
As of Oct 1, 2026, RATNAMANI trades above its calculated fair value: price ₹2,619, fair value ₹1,045, a gap of about −60% (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 RATNAMANI?
No. The price is what the market pays today (₹2,619); the fair value is what the company's own numbers justify (₹1,045). For Ratnamani Metals & Tubes Limited the two are ₹1,575 per share apart. That gap is exactly why we show both numbers side by side.
How much is Ratnamani Metals & Tubes Limited worth?
The market values Ratnamani Metals & Tubes Limited at about ₹184B (market capitalisation, as of Oct 1, 2026). Per share that is ₹2,619; our models calculate a fair value of ₹1,045 per share.
What do the bullish and bearish scenarios say about RATNAMANI?
Our models span a range for Ratnamani Metals & Tubes Limited: cautious scenario ₹624.74, base ₹1,045, optimistic ₹1,418 per share (as of Oct 1, 2026, price ₹2,619). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of RATNAMANI?
Ratnamani Metals & Tubes Limited trades at a price-to-earnings ratio of 42.4 (as of Oct 1, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of ₹1,045 is built from several models across several years. Other multiples: P/B 4.5, P/S 4.2, EV/EBITDA 23.9.
How solid is the balance sheet of Ratnamani Metals & Tubes Limited (RATNAMANI)?
Balance-sheet figures for Ratnamani Metals & Tubes Limited (as of Oct 1, 2026): return on equity 13.6%, debt of 0.04 per unit of equity. They feed the Quality Score of 56/100, which measures business quality independently of the share price.
How far is RATNAMANI from its 52-week high?
Ratnamani Metals & Tubes Limited trades at ₹2,619, about 14% below its 52-week high of ₹3,046 and 35% above the low of ₹1,946 (as of Oct 1, 2026). Distance from the high says nothing about value: that is what the fair value of ₹1,045 is for.
Which stocks are comparable to Ratnamani Metals & Tubes Limited?
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 Ratnamani Metals & Tubes Limited stock attractive at the current price?
The data as of Oct 1, 2026: price ₹2,619, calculated fair value ₹1,045 (−60%), Quality Score 56/100, from 26 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 RATNAMANI calculated?
We run Ratnamani Metals & Tubes Limited through 26 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 ₹1,045, 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 15.1 % above its aggregate fair value. Ratnamani Metals & Tubes Limited 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 Ratnamani Metals & Tubes Limited (RATNAMANI)?
The closing price on Oct 1, 2026 was ₹2,619. Our model-based fair value is ₹1,045, about −60% upside (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Ratnamani Metals & Tubes Limited right now?
The price sits above even our optimistic bull case (₹1,418). The favourable scenario is already priced in. Solid but not exceptional quality (56/100) and above fair value, neither a clear bargain nor a standout compounder. A fairly wide model range (₹624.74 to ₹1,418) leaves room in how you read the outcome.
Where does the earnings growth of Ratnamani Metals & Tubes Limited (RATNAMANI) come from?
Earnings per share at Ratnamani Metals & Tubes Limited grew +14.6 % a year from 2015 to 2026. Broken into its drivers: revenue per share +13.3 %, EBIT margin −0.1 %, tax rate +1.0 %, residual (interest, one-offs) +0.2 %. The four rates multiply to the earnings growth rate, they do not add up. Start and end are three-year averages so a single exceptional year does not distort the result.
Key figures of Ratnamani Metals & Tubes Limited
How large is the market capitalisation of Ratnamani Metals & Tubes Limited (RATNAMANI)?
The market capitalisation of Ratnamani Metals & Tubes Limited is ₹184B (≈ $1.9B). 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 Ratnamani Metals & Tubes Limited (RATNAMANI)?
The price-to-sales ratio of Ratnamani Metals & Tubes Limited is 4.55 (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 Ratnamani Metals & Tubes Limited (RATNAMANI)?
Earnings per share at Ratnamani Metals & Tubes Limited are ₹61.77 (price ÷ EPS = P/E 42.4). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Ratnamani Metals & Tubes Limited (RATNAMANI)?
The dividend yield of Ratnamani Metals & Tubes Limited is 0.4% (payout 16.2%). Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of Ratnamani Metals & Tubes Limited (RATNAMANI)?
The net margin of Ratnamani Metals & Tubes Limited is 10.7% (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 Ratnamani Metals & Tubes Limited (RATNAMANI)?
The return on equity (ROE) of Ratnamani Metals & Tubes Limited is 13.6% (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 Ratnamani Metals & Tubes Limited (RATNAMANI)?
On an EBIT basis the return on assets of Ratnamani Metals & Tubes Limited is 15.7% (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 Ratnamani Metals & Tubes Limited (RATNAMANI)?
The operating margin of Ratnamani Metals & Tubes Limited is 13.0% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Ratnamani Metals & Tubes Limited (RATNAMANI)?
Revenue at Ratnamani Metals & Tubes Limited is growing −8.5% versus a year earlier (3y avg +0.2%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Ratnamani Metals & Tubes Limited (RATNAMANI)?
Earnings per share at Ratnamani Metals & Tubes Limited are growing −43.4% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does Ratnamani Metals & Tubes Limited (RATNAMANI) carry?
The net debt of Ratnamani Metals & Tubes Limited is ₹2.4B (fiscal year 2026, ≈ 0.6 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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