Ratnamani Metals & Tubes Ltd. share price target

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 Ltd (RMTL) reported marginal decline in revenues by ~4% on yoy basis to INR 599cr in line with our estimate of INR 600cr.

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)...

Ratnamani Metals & Tubes Ltd (RMTL) reported steady topline growth of 9% YoY for Q4FY19, registering revenue of INR 689 crs.

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...