Ratnamani Metals & Tubes is a manufacturer that turns steel into the specialised pipes and tubes that keep the world’s most demanding industries running - from nuclear reactors and hydrogen pipelines to oil refineries and city gas networks. It began in 1983 as a small stainless steel pipe unit in Gujarat and, over four decades, has expanded into carbon steel, nickel alloys, and titanium, adding coating, spooling, and precision forging capabilities along the way. The recurring approach is a long-term bet on difficult-to-make, high-specification products that require years of customer approvals to qualify - creating a moat that competitors find hard to cross. # Business segments Four engines at different stages - a stainless steel specialist that supplies the world’s toughest projects, a carbon steel workhorse riding India’s infrastructure build-out, a precision forging unit feeding global bearing makers, and a nuclear-grade spooling venture scaling fast - each built on the approvals and expertise of the one before. ## 1. Stainless Steel, Nickel Alloy & Titanium Tubes and Pipes: the high-specification specialist **This division makes seamless and welded tubes from stainless steel, nickel alloys, and titanium for industries where failure is not an option - nuclear power, aerospace, defence, and oil & gas - and its approvals are its moat.** - **The hot extrusion press is the differentiator** - a dedicated 4,500 MT press produces ‘mother hollows’ with tight tolerances and special chemistries, giving the company the ability to work with exotic materials like nickel alloys and titanium that few others in India can handle. - **Approvals take years to earn and are hard to keep** - the division holds NADCAP accreditation for aerospace-grade heat treatment and testing, IATF 16949 certification for automotive supply, and is approved by Saudi Aramco, while management notes that getting into this segment takes more than a year and maintaining approvals is equally tough. - **It supplies where specifications are the tightest** - the company was the first in India to commercially supply pipes certified for carrying hydrogen, has clearance to sell urea-grade tubes to fertiliser plants worldwide, and is a trusted vendor to India’s atomic energy and defence programmes. - **Exports are the backbone** - roughly 40% of the division’s revenue comes from exports, with over half of stainless steel sales going directly to physical exports across more than 35 countries, reducing dependence on any single domestic cycle. - **Capacity is split between seamless and welded** - total sellable capacity is about 50,000 tonnes per year, with 30,000 tonnes from hot-extruded seamless lines and 20,000 tonnes from welded, and the company focuses on high-value extruded products where only one new competitor is expected. ## 2. Carbon Steel Welded Pipes and Coating Solutions: the infrastructure workhorse **This division makes large-diameter carbon steel pipes and applies protective coatings for oil & gas pipelines, city gas distribution, and water infrastructure - a high-volume business where production flexibility and project-by-project execution determine success.** - **It makes pipes from 6 inches to 200 inches in diameter** - the product range spans HF-ERW, LSAW, HSAW, and CSAW pipes with wall thicknesses up to 150 mm, and a new API 5CT product line and 18-metre-long HSAW pipes were added in the latest year. - **Coating is done in-house** - the division applies external coatings like 3LPE and fusion-bonded epoxy, and internal coatings like liquid epoxy and cement lining, so customers get a finished, ready-to-lay pipe from a single supplier. - **Flexibility wins orders** - the company can accommodate small and medium-sized lots and urgent deliveries, and it operates a mobile SAW plant that can be deployed to project sites, which helped it secure its largest-ever order of ₹801 Crores for a water lift canal project. - **Domestic demand drives the business** - close to 95% of sales revenue comes from within India, with roughly 20-25% of the carbon steel order book tied to water-related projects under government missions like the Jal Jeevan Mission. - **Capacity has been expanded steadily** - LSAW capacity was tripled from 40,000 to 120,000 tonnes per year, ERW capacity rose from 75,000 to 125,000 tonnes, and a new spiral pipe facility in Kutch is adding another 100,000 tonnes. ## 3. Ravi Technoforge: precision bearing rings for global manufacturers **This subsidiary forges and machines high-precision bearing rings and gear blanks, supplying the world’s top bearing makers across automotive and industrial applications - a diversification away from the cyclicality of infrastructure and oil & gas.** - **It makes rings from 40 mm to 400 mm in diameter** - the product range covers unit weights from 0.3 kg to 25 kg, with over 1,400 part approvals from key global bearing players, meaning its components are designed into customers’ products. - **Acquisition brought scale and a new growth path** - Ratnamani acquired its stake starting in 2022, seeing the Indian bearing rings market as a US$1.4 billion opportunity that was less cyclical than its core pipe businesses. - **A greenfield plant is under construction** - a new high-speed hot forming facility in Rajkot will manufacture Gen 3 hubs and drivetrain components for the automobile industry, with completion targeted for December 2026. ## 4. Ratnamani Finow Spooling Solutions: nuclear-grade pipe spools and supports **This joint venture fabricates high-integrity pipe spools, hangers, and support systems for nuclear and thermal power plants - a business built by pairing Ratnamani’s infrastructure with a century-old German specialist’s technical know-how.** - **The partner brings a century of nuclear experience** - Technoenergy AG, Switzerland, holding entity of FINOW GmbH, has specialised in nuclear spools for over a hundred years, and the 51:49 joint venture combines that expertise with Ratnamani’s manufacturing base and market access in India. - **Orders are already flowing** - in its first full year of operations, the subsidiary generated revenue of ₹390 Crores and holds an active order book exceeding ₹400 Crores, supporting high-profile nuclear and thermal projects in India and internationally. - **Capacity is tripling** - a greenfield facility in Kutch is expanding annual capacity from 1,200 tonnes to 4,000 tonnes, with commercial production expected to begin by the fourth quarter of next year. # Group structure and partners **The listed parent company operates through two domestic manufacturing subsidiaries, a Middle Eastern manufacturing joint venture, and three international trading arms - each structured to open markets or add capabilities that the standalone entity could not access alone.** - **Ravi Technoforge (75% stake)** - acquired in tranches starting in 2022, this Rajkot-based subsidiary adds precision forging to the group’s portfolio, with the promoter family retaining a 25% shareholding under a revised agreement. - **Ratnamani Finow Spooling Solutions (51% stake)** - a joint venture with Switzerland’s Technoenergy AG, parent of FINOW GmbH, giving the group entry into nuclear-grade spool fabrication with the option to increase its stake to 60% upon future capital expenditure. - **Three trading subsidiaries** - Ratnamani Inc. in Texas serves the US market, Ratnamani Middle East Pipes Trading in Abu Dhabi covers the Gulf, and Ratnamani Trade EU AG in Switzerland (now wholly owned) operates a warehouse in Germany to stock products for faster delivery across Europe.