The 4 reports from 3 analysts offering long term price targets
for Ratnamani Metals & Tubes Ltd. have an average target of 1575.00. The consensus estimate
represents a downside of -18.37%
from the last price of 1929.50.
RMTL's order book as on January 1, 2021 was at | 1359 crore (| 1178 crore as on October 1, 2020). Stainless steel (SS) order book was at | 347 crore (| 439 crore as on October 1, 2020), while carbon steel (CS) orders were at | 1012 crore (| 739 crore as on October 1, 2020). In terms of domestic and exports mix, domestic orders were at | 1230 crore while export orders were at | 129 crore. Of the | 1230 crore domestic order book, | 286 crore is in the SS segment while balance | 944 crore is in the CS segment. Of the | 129 crore export order book: | 61 crore is in the SS segment while the balance...
Post decline in Q1FY21; order book to increase, going forward RMTL's order book as on August 1, 2020 was at | 860 crore (| 1380 crore as on June 1, 2020). Higher margin SS order book was at | 483 crore (| 660 crore as on June 1, 2020) with CS orders of | 377 crore (| 720 crore as on June 1, 2020). In terms of domestic and exports mix, domestic orders were at | 533 crore while export orders were at | 327 crore. Of the | 533 crore domestic order book, | 373 crore is in the SS segment while balance | 160 crore is in the CS segment. Of the | 327 crore export order book: | 110 crore...
Ratnamani Metals & Tubes Limited (RMTL) reported in-line revenue performance, while margins and net profit remained above our expectations. RMTL reported revenue decline of 12.1% y-o-y, in line with our modest estimates, owing to closure of plants during the last 10 days of March due to nationwide lockdown restrictions. Ease in input cost pressures along with revenue mix change led to 320 bps y-o-y improvement in gross margin to 33.3%. However, gross margin expansion was offset by 29.5% y-o-y and 31.2% y-o-y increase in employee expenses and other expenses, resulting...
to be flattish being capacities running at optimum level. Carbon Steel volume stands at 72525 tons flat yoy and Stainless Steel volume 6246 tons (up 16% YoY) higher than our estimates but volume gain was partially offset by lower realization/t. EBITDA stood at INR 1084mn up 7.4%YoY on back of Sector Outlook...
RMTL's order book as on February 1, 2020 was at | 1569 crore. Higher margin SS order book was at | 516 crore (| 536 crore as on October 1, 2019) and CS orders of | 1053 crore (| 1390 crore as on October 1, 2019). This is the third consecutive quarter wherein higher margin SS orders have stayed above the | 500 crore mark, auguring well for RMTL. In terms of domestic and exports mix, domestic orders were at | 1121 crore while export orders were at | 448 crore. Of the | 1121 crore domestic order book: | 403 crore is in the SS segment while balance | 718 crore is in the CS segment. Of the | 448 crore...
Ratnamani Metals & Tubes (RMTL) is expected to deliver healthy performance during Q3FY2020E on the back of healthy pace of order execution. Moreover, net profit growth is expected to see a significant jump during Q3FY2020E owing to reduced tax rate, as the company will opt for lower corporate tax rate of 25.2% (a one-time impact). Revenue visibility for the next 12-15 months remains strong, backed by robust order in-take (order book of Rs 1800 crore as of December 2019 and order intake of Rs 300 crore post that) as there has been a favourable...
Ratnamani Metals & Tubes (RMTL) is expected to deliver healthy performance during Q3FY2020E on the back of healthy pace of order execution. Moreover, net profit growth is expected to see a significant jump during Q3FY2020E owing to reduced tax rate, as the company will opt for lower corporate tax rate of 25.2% (a one-time impact). Revenue visibility for the next 12-15 months remains strong, backed by robust order in-take (order book of Rs 1800 crore as of December 2019 and order intake of Rs 300 crore post that) as there has been a favourable...
Over the last few quarters, RMTL has witnessed a steady increase in its order book position of its higher margin stainless steel segment. Ratnamani's order book as on October 1, 2019 was at | 1926 crore (| 1916 crore as on August 1, 2019, split between higher margin SS order of | 536 crore (| 502 crore as on August 1, 2019) and CS orders of | 1390 crore (| 1414 crore as on August 1, 2019), providing healthy revenue visibility. In terms of domestic and exports mix, domestic orders were at | 1549 crore while export orders were at | 377 crore. This is the second consecutive quarter wherein higher margin...
Ratnamani's order book as on August 1, 2019 was at | 1916 crore (| 1492 crore as on May 1, 2019), split between high margin stainless steel (SS) orders of | 502 crore (| 437 crore as on May 01, 2019) and carbon steel (CS) orders of | 1414 crore (| 1055 crore as on May 01, 2019) providing healthy revenue visibility. In terms of domestic and exports mix, domestic orders were at | 1631 crore while exports order were at | 285 crore. In the backdrop of a capex revival in key end user industries, the stainless steel segment witnessed a consistent traction in the order book. Over the last few quarters,...
Ratnamani Metals & Tubes (RMTL) reported a mixed set of results during Q1FY20, as revenue was below expectation; while beat on operating margins and the PAT front. Revenues declined 4% y-o-y to Rs 588 crores owing to weak revenue performance in carbon steel division (down 23% y-o-y largely due to 34% y-o-y decline in volumes). EBITDA margin came at 17.5%, an improvement of 267 bps y-o-y, exceeding estimates, largely on account of ease in input cost pressures (gross margin expanded by 208 bps to 34.1%) along with operating efficiencies. Carbon steel (CS)...
the Carbon Steel (CS) segment to Rs 496 crore largely driven by improved blended realisations up by 30.0% y-o-y to Rs 68737/ tonne as volumes sold was lower by 3.5% y-o-y to 72153 MT. Also revenue grew by 25.5% y-o-y in the Stainless steel (SS) segment to Rs 212 crore led by improved blended realisation up by 23.8% y-oy to Rs 392,796/ tonne along with slightly...
Ratnamani reported a mixed set of Q4FY19 numbers wherein the topline came in lower than our estimates while EBITDA margin and PAT came in broadly line with our estimate. The stainless steel division reported sales of 5406 tonnes (in line with our estimate of 5425 tonne). The carbon steel division sales came in at 72153 tonnes (marginally lower than our estimate of 74375 tonnes). Total operating income for the quarter was at | 686.7 crore (up 10.9% YoY, down 5.7% QoQ) lower than our estimate of | 734.1 crore. The EBITDA margin came in at 14.4% (up 50 bps QoQ, down 60 bps YoY) in...
Ratnamani Metals and Tubes was incorporated in 1983. It is the market leader in manufacturing Tubes & Pipes in Stainless Steel/Exotic and also a significant player in manufacturing Carbon Steel Welded Pipes. The company is multi location and multi product enterprise. It caters to more than 16 industries and has 37 countries export presence. The company is headquartered in Ahmedabad and its manufacturing facilities are at Chhatral, Indrad and Kutch in Gujarat and its business offices are situated in Mumbai, Delhi, Hyderabad and Chennai. The products are widely accepted by its end user...
The stainless steel division reported sales of 5405 tonnes (flattish YoY; down 4% QoQ) in line with our estimate of 5425 tonne. The carbon steel division sales came in at 73680 tonnes (up 5% YoY, down 4% QoQ and higher than our estimate of ~70000 tonnes). Total operating income for...
Ratnamani Metals and Tubes reported a strong set of Q2FY19 numbers. The performance was driven by higher realisations on a YoY basis in both stainless steel and carbon steel division The stainless steel division reported sales of ~5651 tonnes (down 2.3% YoY; up 41.9% QoQ) higher than our estimate of ~4200 tonne. The carbon steel division sales came in at ~76653 tonnes (up 212.3% YoY, 7.8% QoQ, and higher than our estimate of ~ 74375 tonnes). Total operating income for the quarter was at | 730.3 crore (up 129.9% YoY,...
Strong execution leads to massive growth, retain Hold We remain structurally positive on Ratnamani Metals & Tubes (RMTL) but retain our Hold rating with a revised TP of Rs985 (vs Rs940 earlier) on the back of limited upside potential with strong growth outlook largely factored in at current valuations. Q2 performance was well above expectations with solid EBITDA growth of 127% YoY & 28% QoQ led by strong execution of previous orders. We continue to believe in RMTL's long-term growth story, with expected strong domestic capex over FY19-22E and...
