### **Overview** Ratnamani Metals & Tubes Limited (RMTL) is one of India’s leading multi-product, multi-location manufacturers of critical piping and tubing solutions, with over four decades of presence in the steel pipe and tube industry. Headquartered in Ahmedabad, Gujarat, the company operates advanced manufacturing facilities in **Chhatral, Indrad, and Bhimasar (Kutch)**, and has expanded its footprint to **Saudi Arabia, the UAE, and Europe** through strategic joint ventures (JVs) and subsidiaries. The company serves more than **35 countries** across over **20 high-specification industries**, including **oil & gas, nuclear, power, defence, aerospace, chemicals, and water infrastructure**. --- ### **Key Business Segments** 1. **Stainless Steel, Nickel Alloy & Titanium Division** - Produces seamless and welded tubes, boiler tubes, heater pipes, instrumentation tubes, hollow bars, finned tubes, coated pipes (3LPE/PP/ARO), and titanium welded tubes. - Capable of manufacturing pipes from **40 mm to 400 mm diameter**; also produces **EFW pipes up to 180 inches**, suitable for large infrastructure projects. - Equipped with **hot extrusion presses** (including a **20,000 TPA facility under development**) enabling production of **large-diameter seamless pipes up to 10' NPS**, including exotic alloys like **Inconel, Incoloy, Monel**. - **ISO 17025-accredited in-house laboratories** ensure product compliance and quality testing. 2. **Carbon Steel Division** - Manufactures **HF-ERW, LSAW, HSAW, and C-SAW** pipes for water, oil, gas, and infrastructure applications. - Expanded **LSAW capacity from 40,000 to 120,000 TPA** to meet rising demand. - New **spiral-welded plant in Odisha (Phase I commissioned, Phase II by end-2025)** enhances capacity for large-diameter pipes. --- ### **Strategic Growth Initiatives (as of Nov 2025)** #### **1. Joint Ventures & Global Expansion** - **Ratnamani Finow Spooling Solutions (RFSS)** (51% owned): - JV with **Technoenergy AG (Switzerland)** to manufacture high-integrity **pipe spools and support systems** for **nuclear, thermal, and oil & gas sectors**. - Located in Gujarat, commenced operations in August 2024. - **FY25 Revenue: ₹55–56 crores**; **current order book: ₹600–650 crores**; **revenue target: ₹250 crores in FY26**. - **Capacity expansion**: From **1,200 MT to 4,000 MT/year**, with **commercial operations from April 1, 2026**. - New **30,000 sq. meter facility** under construction; will include **induction bending up to 100 mm thickness**. - **Ratnamani – SESCO JV (Saudi Arabia)**: - Partnership with **Saudi Electric Supply Company (SESCO)**, part of the **Tamimi Group**, to **localize production of seamless pipes** in KSA. - Aims to reduce import dependency in the GCC and serve regional/global markets. - **New stainless steel manufacturing facility** in Saudi Arabia underway; expected full impact beyond **FY2027**. - Enhances supply chain agility, branding, and customer service. - **Ratnamani Trade EU AG**: - JV with **Technoenergy AG** in **Luzern, Switzerland**, with **60% ownership by Ratnamani**. - Acts as exclusive **trading and distribution hub** for stainless steel products in Europe. - Maintains **warehouse in Germany** for faster delivery and improved service. #### **2. Subsidiaries & Acquisitions** - **Ravi Technoforge Pvt. Ltd. (RTL)**: - Manufacturer of high-precision **forged bearing rings, gear blanks, and automotive components** (80% ownership). - Located in Rajkot, Gujarat; supplies top global OEMs; **40% of output exported to 15+ countries**. - Revenue (FY25): ~**₹450–500 crores**; **FY24: ₹138 crores (post-acquisition)**; **EBITDA margin >10%**. - Capacity being expanded with **automation and high-precision machinery**; targeting **margin improvement by FY27** via **import substitution and client migration from Europe to India**. - **Ratnamani Middle East Company, LLC**: - 75%-owned entity established in 2025; manufactures **stainless steel seamless products in Saudi Arabia**. - **Other Subsidiaries**: - **Ratnamani Inc. (USA)**: 100%-owned marketing office. - **Ratnamani Middle East Pipes Trading LLC** (UAE): 100%-owned trading office. - **Ratnamani Trade EU AG** (Switzerland): 100%-owned legal entity with European warehouse. --- ### **Market Position & Competitive Advantages** - **First Indian company to supply hydrogen-compliant steel pipes**, secured **export order from Europe** for dual hydrogen & natural gas pipelines. - Approved by **Saudi Aramco, SABIC, and NPCIL (Nuclear Power Corp of India)**. - Only Indian supplier approved for **nuclear, aerospace, and defense** sectors. - **Global benchmarking**: Competes with **Nippon Sumitomo (Japan), Tubacex, Alleima (Europe)**. - Strong **export presence (55% of total order book)**; products sold in 35+ countries. --- ### **Recent Orders & Order Book** - **Total order book (Nov 2025)**: **₹2,900 crores**, up from ₹2,100 crores in May 2025. - **RFSS JV order book**: >**₹500 crores**, targeted execution in **12–18 months**. - **Record bookings** across Stainless Steel, LSAW, HSAW, and boiler tube segments. - **First sour service crude transport order** from Middle East (2025), improving LSAW plant utilization. - Supply contracts for **ITER nuclear project, ADNOC Refinery, Thai Oil, Mozambique LNG**, and **BPCL/HPCL refinery upgrades**. --- ### **Capacity & Capital Expenditure** - **Ongoing Capex**: - **3 projects at parent level**, **2 at subsidiaries**. - Each subsidiary project: **INR 225–250 crores**, focused on **RFSS rolled-forged seamless shells**. - **Production Capacity**: - **Stainless Steel**: **61,500 TPA** (up from 50,000 in 2024). - **Carbon Steel (LSAW/HSAW/ERW)**: **510,000 TPA**; expanding to **750,000 TPA by FY27**. - **Forging Capacity (RTL)**: 40,000 MT/year (with automation and CNC integration). - **Green Energy**: - **9 MW solar power plant** under construction; will meet **50% of RTL’s energy needs**. - Focus on **sustainable manufacturing and ESG compliance**. --- ### **Innovation & Forward Integration** - **Hydrogen economy leadership**: First-mover in **hydrogen-ready steel pipelines**; aligned with **India’s National Hydrogen Mission (5–10 MMT by 2030)**. - **Backward integration under evaluation**: Potential investment in **steel bar manufacturing** for stainless and alloy steels to ensure supply security and proprietary grade development. - **Product Diversification**: - **Boiler tubes**: New domestic market; previously import-dependent. - **LNG segment**: First order for **coated stainless seamless pipes**. - Expanding into **deep drilling, aerospace, and API sectors**.