Ratnamani Metals Q4 FY26: Profit drops 49%, sales -37%

What the Q4 FY26 numbers show

Ratnamani Metals & Tubes Ltd reported a weak set of consolidated results for the quarter ended March 2026 (Q4 FY26), with revenue, operating profit and net profit all down sharply from a year ago. Net sales came in at ₹1,084.82 crore, compared with ₹1,715.15 crore in the March 2025 quarter. Consolidated net profit attributable after minority interest was ₹104.65 crore versus ₹207.14 crore a year earlier. EBITDA for the quarter stood at ₹187.21 crore, down from ₹311.25 crore in the year-ago period. Basic EPS for the quarter fell to ₹14.94 from ₹28.99.

Consolidated revenue falls despite stable sequential sales

On a sequential basis, the revenue line was relatively flat between December 2025 and March 2026, even as it remained far below the March 2025 level. Sales for December 2025 were reported at ₹1,065.83 crore, compared with ₹1,084.82 crore in March 2026. The year-on-year contraction, however, was significant at 36.75% based on the stated comparison (March 2026 vs March 2025). This divergence between sequential stability and year-on-year decline is visible across most profitability metrics for the quarter.

Profitability: EBITDA and margins compress year-on-year

Operating performance weakened meaningfully in Q4 FY26. EBITDA was reported at ₹187.21 crore in March 2026, down 39.85% from ₹311.25 crore in March 2025. The operating margin (OPM) in the summary table was shown at 14.16% for the March 2026 quarter versus 17.62% in March 2025. Profit before tax (PBT) was ₹154.03 crore in March 2026 compared with ₹275.94 crore in March 2025. After accounting for tax of ₹38.13 crore, profit after tax from ordinary activities was ₹115.91 crore.

Cost line items: raw material and other expenses

The expenditure section indicates lower raw material consumption in line with lower sales. Consumption of raw materials was ₹558.92 crore in March 2026, compared with ₹926.49 crore in March 2025. Other expenses were ₹195.97 crore in March 2026 versus ₹205.34 crore a year earlier. Employee cost was ₹92.90 crore in March 2026 (₹87.53 crore in March 2025), while depreciation rose to ₹34.69 crore from ₹28.64 crore.

Other income, interest and exceptional items in Q4

Other income increased to ₹33.58 crore in the March 2026 quarter, compared with ₹9.11 crore in March 2025. Interest cost was broadly stable at ₹6.29 crore versus ₹6.67 crore in the year-ago quarter. Exceptional items were reported at ₹7.81 crore in March 2026, while March 2025 showed no exceptional items in the provided table. Minority interest for the quarter was -₹11.25 crore in March 2026, compared with ₹3.98 crore in March 2025, which influenced the final net profit attributable figure.

Full-year FY26: sales and profit decline

For the year ended March 2026, the summary section reported sales of ₹4,493.96 crore, down 13.35% from ₹5,186.47 crore in the year ended March 2025. Full-year net profit was ₹482.55 crore, down 11.29% from ₹543.98 crore in FY25. In the same summary, full-year PBT was reported at ₹716.74 crore versus ₹737.99 crore, while full-year OPM was shown at 16.86% versus 15.88%.

Stock price snapshot and return profile

Ratnamani Metals shares were stated to have closed at ₹2,693.40 on May 14, 2026 on NSE. The same page snapshot also showed the price at ₹2,693.40 with a one-day move of -₹195.20 (-6.76%) as on 15 May 2026 at 15:51. Over the last six months, the stock delivered 10.30% returns, while the 12-month return was -3.40%, as stated. The stock snapshot also listed market cap at ₹18,879 crore, PE ratio at 32.60, and ROCE at 19.84%.

Ownership and trend flags highlighted in the data

The data also flagged a decline in retail shareholding, with retail investors’ holding falling from 10.19% to 10.15% in the March 2026 quarter. Another highlighted trend was that net profit was down for the last three quarters, moving from ₹136.22 crore to ₹104.65 crore, with an average decrease of 12.1% per quarter (as stated). These indicators do not explain the causes on their own, but they capture the direction of earnings momentum and participation.

Key quarterly comparison table

Company facts mentioned alongside results

Ratnamani Metals & Tubes’ listing date was shown as 09 May, 2006. The chairperson name was listed as P M Sanghvi. The results and financial tables were attributed to Dion Global Solutions Limited and a Capital Market powered news summary in the provided text.

Conclusion

Q4 FY26 was marked by a sharp year-on-year decline in consolidated sales, EBITDA and profit, alongside lower EPS. For FY26, the company also reported lower sales and net profit compared with FY25. Investors tracking Ratnamani Metals will likely focus on subsequent quarterly filings for confirmation on whether revenue stabilisation seen sequentially in Q4 translates into a broader earnings recovery trend.