1. Consolidated revenue target of ₹7,500 crore - Management has set a consolidated revenue target of ₹7,500 crore within the next two to three years. This implies nearly doubling the FY26 standalone revenue of \~₹4,500 crore, with subsidiaries RTL and RFSS providing the incremental scale.
2. Saudi Arabia seamless tube JV - A 75%-owned JV with SESCO is building a stainless-steel cold finishing plant in Dammam, with design and engineering submitted and a projected completion by March 2027. Ratnamani will be the only player with stainless-steel cold finishing in the GCC region, serving a market currently reliant on imports with no customs duty protection.
3. RFSS nuclear spooling expansion - A greenfield Kutch facility is under construction to triple RFSS capacity from 1,200 MT to 4,000 MT annually, with a projected timeline of December 2026 and revenue contribution expected from H2 FY27. The subsidiary holds a ₹550 crore active order book and targets 20-25% revenue growth at 20-25% EBITDA margins.
4. Kutch 18-metre HSAW and high-thickness CSAW capacity - A new 1,00,000 MT HSAW spiral pipe line for pipes up to 18 metres was commissioning with a June 2026 timeline, and CSAW capacity has already expanded from 48,000 MT to 75,000 MT with thickness capability up to 150 mm. These additions directly raise the ceiling on pipe revenue from the company's largest segment.
5. RTL auto parts greenfield and margin ramp - A board-approved greenfield plant at Rajkot is setting up a high-speed hot forming facility for Gen 3 hubs and drivetrain components, with a December 2026 timeline and ₹240-250 crore capex. RTL's peak revenue potential post-capex is ₹700-750 crore, up from ₹377 crore in FY26, with margins already improving from 10% to 12%.
6. Standalone FY27 revenue and margin guidance - Management guides standalone FY27 revenue of ₹4,800-5,000 crore and sustainable EBITDA margins of 16% plus/minus 1%, assuming near-term normalisation of conditions. This represents a recovery from the FY26 revenue dip and anchors the base business while new projects ramp up.
7. Odisha spiral welded pipe plant and coating facility - Phase I was commissioned in Q2 FY26 and Phase II was expected in Q3 FY26, with production now started and an external 3LPE coating plant under trial runs as of May 2026. The Odisha location positions the company closer to East Coast customers and pipeline projects, improving logistics and order competitiveness.
8. Hydrogen-compliant pipe exports to Europe - Ratnamani became the first Indian company to commercially supply hydrogen-compliant carbon steel welded pipes to Europe. This opens a premium product category tied to Europe's hydrogen backbone buildout, with the company also developing carbon capture and clad pipe capabilities.
9. Stainless steel cold finishing capacity addition - Production has started at the new cold finishing facility, adding 1,200 tonnes to the existing 10,000-tonne cold finish capacity, with ramp-up expected over 3-6 months from Q4 FY25. The expansion broadens the product portfolio and facilitates entry into newer international markets.
10. Europe trading subsidiary scaling up - Ratnamani Trade EU AG, now a wholly-owned subsidiary with a warehouse in Germany, generated EUR 86 lakh in FY25 revenue and is stocking stainless-steel ahead of potential EU tariff increases. The subsidiary provides a direct channel to European customers, improving realisations and utilising domestic extrusion press capacity.