ICICI Direct has given Buy recommendation for Ratnamani Metals and Tubes with a target price of Rs. 2000 in its research report issued on Aug 11, 2022

ICICI Direct’s research report on Ratnamani Metals and Tubes

Ratnamani Metals & Tubes (RMTL) is a niche player with superior capabilities in the domestic industrial pipes and tube segment. RMTL manufactures a wide range of stainless steel and carbon steel pipes & tubes, which find application in key end user industries like oil & gas refineries, power, healthcare, etc. • RMTL has an impeccable capital allocation strategy and best in class operating margins and return ratios • RMTL has healthy cash flow and strong balance-sheet. It is one of the few players in the steel pipe sector having net cash position on its balance-sheet.


We maintain BUY rating on the stock. With improvement in product-mix, going forward, EBITDA margin is expected to improve from Q1FY23 levels. We value RMTL at Rs 2000, 25x FY24E EPS.

Leave a Reply

Your email address will not be published. Required fields are marked *