• Spooling order execution: Ratnamani Finow secured a ₹2,700 crore ($286 million) nuclear export order in the MENA region with expected margins of 25% to 30%, which will be recognized over four years with dispatches scaling from ₹50–100 crore this year to ₹1,000 crore in the final year.
• Core business guidance: Revenue expectations for the core pipes and tubes business were trimmed from 20% growth to under 10% (around ₹4,000 crore) due to muted domestic demand and unresolved shipping and geopolitical headwinds in the Middle East.
• Consolidated financial targets: The company projects full-year consolidated revenue of ₹5,000 to 5,200 crore with margins between 15% and 17%, aided by over ₹425 crore from Ravi Technoforge at mid-teens EBITDA margins.
• Inorganic expansion stance: Management rejected acquiring Welspun Specialty Steel at its current ₹3,400 crore market valuation, choosing instead to scout land for a cheaper greenfield project unless asset valuations become more favorable.