Ratnamani Metals & Tubes Limited (RATNAMANI.NS) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-7.3%

₹2,194.83

vs ₹2,368.80 price

Levered DCF

₹7,889.21

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

—

Rating

C+

Overall 2 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
P/E	31.98×	34.07×	31.66×	27.21×	37.56×	32.2×	13.79×	16.64×
P/B	3.75×	5.1×	6.28×	5.33×	5.39×	4.47×	2.48×	2.76×
P/S	3.43×	3.6×	3.92×	3.11×	3.88×	3.88×	1.64×	1.53×
EV / EBITDA	18.03×	21.22×	20.57×	17.66×	23.16×	20.55×	9.25×	9.34×
Gross margin	29.3%	31.8%	31.3%	31.5%	30.0%	32.8%	45.9%	41.1%
Operating margin	13.9%	13.9%	15.9%	15.5%	13.3%	15.1%	14.4%	12.6%
Net margin	10.7%	10.6%	12.4%	11.4%	10.3%	12.1%	11.9%	9.2%
Current ratio	3.92×	3.31×	4.44×	2.94×	3.47×	3.88×	2.65×	2.91×
Debt / equity	0.08×	0.04×	0.05×	0.09×	0.07×	0.1×	0.15×	0.04×
Interest coverage	19.98×	28.98×	17.99×	23.9×	19.79×	15.88×	17.94×	25.19×
Dividend yield	0.6%	0.5%	0.4%	0.5%	0.5%	0.0%	2.3%	0.7%
Payout ratio	20.3%	18.0%	13.5%	12.8%	20.3%	0.0%	31.9%	11.1%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	11.7%	15.0%	19.8%	19.6%	14.4%	13.9%	18.0%	16.6%
Return on invested capital	10.2%	13.2%	17.1%	16.6%	12.7%	11.7%	14.1%	14.5%
Return on assets	9.0%	11.1%	15.5%	13.5%	10.9%	10.5%	12.1%	12.3%
Free cash flow yield	2.9%	1.1%	1.4%	1.2%	-3.5%	4.7%	-2.0%	9.2%
Earnings yield	3.1%	2.9%	3.2%	3.7%	2.7%	3.1%	7.3%	6.0%
Enterprise value	₹156.8B	₹184.7B	₹196.6B	₹140.9B	₹122.4B	₹90.5B	₹44.4B	₹41.3B
Net debt / EBITDA	0.28×	-0.08×	-0.06×	0.25×	0.22×	0.37×	0.43×	-0.17×
Cash conversion cycle (days)	190	199	173	188	203	134	208	128