Ratnamani Metals & Tubes Ltd. share price target

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...

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 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...

Ratnamani Metals & Tubes Ltd (RMTL) reported strong topline growth of 36% YoY for Q3FY19, registering revenue of INR 728 crs.

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...