Ratnamani Metals and Tubes (RMTL) is a niche player with superior capabilities in the domestic industrial pipes domain. RMTL manufactures a wide range of stainless steel (SS) and carbon steel (CS) pipes and tubes, finding application in the highly corrosive environment of end user industries like oil & gas refineries, power, water and chemicals. RMTL has ~35-40% domestic market share of SS tubes/pipes for niche applications. Going forward, we remain positive on the company on the back of a capex revival in its key end user industries. RMTL, with its competitively...