Rama Steel Tubes Ltd

₹ 4.00 -1.96%

12 Oct 12:49 p.m.

ramasteel.com BSE: 539309 NSE: RAMASTEEL

About

Incorporated in 1974, Rama steel tubes is one of the leading manufacturers of Steel Pipes & Tubes, Rigid PVC & G.I. Pipes and square section products in India. ^[1]

Key Points

Product Portfolio ^[1]
The company has expanded its product portfolio to 1,500+ SKUs in FY26, with steel pipe sizes ranging from 15 mm to 800 mm, catering to diverse applications across construction, automotive, solar, oil & gas, infrastructure, and agriculture. Its portfolio includes MS ERW black pipes, GI pipes, scaffolding, and pre-grooved pipes, hollow sections, swaged poles, structural steel products, telecom and infrastructure structures, and solar mounting solutions, marketed under multiple brands including Rama Steel Tubes, Rama Classic Firefix, Rama Scaffold, etc. It also offers customised solutions such as lattice and tubular towers, substations, and single- and dual-axis solar trackers.

Website BSE NSE - BE

Market Cap ₹ 654 Cr.
Current Price ₹ 4.00
High / Low ₹ 11.3 / 3.43
Stock P/E 53.2
Book Value ₹ 2.56
Dividend Yield 0.00 %
ROCE 6.01 %
ROE 3.78 %
Face Value ₹ 1.00

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Pros

Company has reduced debt.

Cons

Though the company is reporting repeated profits, it is not paying out dividend
Promoter holding is low: 33.9%
Company has a low return on equity of 4.20% over last 3 years.
Earnings include an other income of Rs.11.0 Cr.
Promoter holding has decreased over last 3 years: -23.2%

* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.

Peer comparison

Industrials Capital Goods Industrial Products Iron & Steel Products

Part of BSE Industrials

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Detailed Comparison with:

Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	219.29	155.63	211.45	207.70	158.30	219.58	224.75	237.40	242.67	279.15	244.02	188.49	174.08
	208.54	149.35	199.85	199.43	153.51	222.85	223.41	229.86	242.15	275.40	239.18	187.39	170.38
Operating Profit	10.75	6.28	11.60	8.27	4.79	-3.27	1.34	7.54	0.52	3.75	4.84	1.10	3.70
OPM %	4.90%	4.04%	5.49%	3.98%	3.03%	-1.49%	0.60%	3.18%	0.21%	1.34%	1.98%	0.58%	2.13%
	1.05	1.37	2.03	5.20	1.54	10.18	6.16	2.47	10.99	2.84	2.78	3.93	1.44
Interest	3.04	1.27	4.96	3.04	1.69	1.40	2.03	1.85	1.82	1.60	1.60	1.97	1.65
Depreciation	0.97	1.04	1.13	1.24	1.43	1.11	1.05	1.07	1.20	1.04	1.06	1.02	1.22
Profit before tax	7.79	5.34	7.54	9.19	3.21	4.40	4.42	7.09	8.49	3.95	4.96	2.04	2.27
Tax %	26.70%	25.09%	24.27%	20.78%	19.63%	33.86%	8.14%	37.24%	24.03%	28.10%	23.99%	27.45%	-84.58%
	5.71	4.00	5.70	7.29	2.58	2.92	4.06	4.44	6.45	2.84	3.77	1.48	4.20
EPS in Rs	0.04	0.03	0.04	0.05	0.02	0.02	0.03	0.03	0.04	0.02	0.02	0.01	0.03
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Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
	192	215	235	334	405	292	326	517	1,010	794	840	954	886
	187	202	216	314	390	286	315	496	977	757	830	944	872
Operating Profit	6	14	19	20	14	6	11	21	33	37	10	11	13
OPM %	3.0%	6%	8%	6%	3.5%	2.0%	3.4%	4.1%	3.3%	4.7%	1.2%	1.1%	1.5%
	3	3	3	4	6	7	5	4	4	10	20	20	11
Interest	5	6	8	6	8	8	6	8	11	12	7	7	7
Depreciation	2	3	3	2	2	2	3	3	3	4	5	4	4
Profit before tax	1	8	12	16	10	3	7	15	22	30	19	19	13
Tax %	22%	34%	31%	35%	24%	49%	21%	28%	27%	24%	27%	25%
	1	5	8	11	8	1	5	11	16	23	14	15	12
EPS in Rs	0.01	0.05	0.07	0.08	0.06	0.01	0.04	0.08	0.12	0.15	0.09	0.09	0.08
Dividend Payout %	0%	0%	0%	0%	0%	0%	0%	8%	0%	0%	0%	0%

Compounded Sales Growth
10 Years:	16%
5 Years:	24%
3 Years:	-2%
TTM:	-4%

Compounded Profit Growth
10 Years:	11%
5 Years:	21%
3 Years:	-6%
TTM:	-31%

Stock Price CAGR
10 Years:	9%
5 Years:	1%
3 Years:	-31%
1 Year:	-59%

Return on Equity
10 Years:	7%
5 Years:	6%
3 Years:	4%
Last Year:	4%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital	1	7	8	8	8	8	8	8	47	154	155	164
Reserves	18	17	42	66	73	75	80	90	163	137	156	255
	56	58	53	50	70	69	76	118	128	100	72	58
	21	21	24	11	24	36	28	54	32	94	135	73
Total Liabilities	96	104	128	135	176	188	193	271	370	486	518	549
	12	16	23	29	27	27	38	36	79	83	77	73
CWIP	6	1	0	0	1	7	2	6	1	1	3	4
Investments	13	13	3	8	10	13	14	13	17	14	12	105
	65	73	102	98	137	142	140	215	273	388	427	366
Total Assets	96	104	128	135	176	188	193	271	370	486	518	549

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	3	5	-8	6	-11	14	4	-33	-48	-7	15	19
	-7	-2	3	-5	-1	-5	-6	-3	-44	-4	9	-93
	9	-5	7	-1	12	-9	1	33	94	17	-29	71
Net Cash Flow	5	-2	1	-0	0	0	-2	-4	2	6	-5	-3
Free Cash Flow	6	3	-17	5	-13	8	-4	-39	-89	-16	23	18
CFO/OP	65%	45%	-27%	51%	-44%	251%	43%	-146%	-131%	5%	188%	197%

Ratios

Standalone / View Consolidated

	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Debtor Days	21	33	47	35	44	69	39	52	43	59	73	52
Inventory Days	55	62	93	40	46	37	70	70	24	35	23	12
Days Payable	5	26	27	4	18	41	27	36	8	43	57	24
Cash Conversion Cycle	71	70	114	71	72	65	82	87	60	51	39	39
Working Capital Days	-3	8	41	38	34	27	38	34	29	78	75	77
ROCE %	9%	17%	21%	20%	13%	7%	8%	12%	12%	11%	5%	6%

Insights

In beta

Mar 2016

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Sales Volume
MT

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	xx,xxx.xx	xx,xxx.xx	xx,xxx.xx	xx,xxx.xx	xx,xxx.xx	xx,xxx.xx	xxx,xxx.xx	xxx,xxx.xx	xxx,xxx.xx	xxx,xxx.xx
	xxx	xxx	xxx	xxx		xxx	xxx	xxx	xxx	xxx
	xxx,xxx	xxx,xxx	xxx,xxx	xxx,xxx		xxx,xxx	xxx,xxx	xxx,xxx	xxx,xxx	xxx,xxx
		xxx	xxx	xxx	xxx	xxx	x,xxx	x,xxx	x,xxx	x,xxx
		xx.xx	xx.xx	xx.xx		xx.xx	xx.xx	xx.xx	xx.xx	xx.xx
xx.xx	xx.xx	xx.xx		xx.xx	xx.xx	xx.xx				x.xx
	xx.xx	x.xx	xx.xx	xx.xx		xx.xx

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Production Volume
MT

Dealer / Distributor Network
count

Installed Capacity
MTPA

Number of SKUs
count

Capacity Utilization
%

Export Revenue Contribution
%

Galvanized Pipes Share of Revenue
%

Extracted by Screener AI

Shareholding Pattern

Numbers in percentages

5 Recently

	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026	Sep 2026
	57.22%	56.70%	56.33%	47.97%	47.97%	47.97%	47.84%	37.76%	37.76%	35.89%	34.18%	33.94%
	0.33%	0.08%	0.05%	0.17%	0.07%	0.44%	0.46%	5.45%	5.73%	5.71%	2.70%	2.67%
	0.59%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
	41.84%	43.24%	43.61%	51.87%	51.98%	51.60%	51.70%	56.79%	56.52%	58.39%	63.12%	63.39%
No. of Shareholders	74,086	1,64,880	2,79,751	8,51,948	8,50,598	8,42,661	8,97,389	8,58,278	8,17,808	8,08,104	8,08,539	7,96,981

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	Sep 2026
	59.52%	60.28%	60.40%	61.28%	62.33%	70.46%	65.11%	56.70%	47.97%	35.89%	33.94%
	0.00%	0.29%	0.00%	0.00%	0.00%	0.38%	2.74%	0.08%	0.44%	5.71%	2.67%
	0.70%	2.17%	0.00%	0.00%	0.00%	0.71%	0.67%	0.00%	0.00%	0.00%	0.00%
	39.78%	37.26%	39.60%	38.72%	37.67%	28.45%	31.48%	43.24%	51.60%	58.39%	63.39%
No. of Shareholders	2,947	4,193	3,641	3,805	3,376	27,026	54,997	1,64,880	8,42,661	8,08,104	7,96,981

* The classifications might have changed from Sep'2022 onwards. The new XBRL format added more details from Sep'22 onwards.

Classifications such as banks and foreign portfolio investors were not available earlier. The sudden changes in FII or DII can be because of these changes.

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