← Scenarios

RATNAMANI

Ratnamani Metals & Tubes Limited

Steel/ NSE

Compiled

Auto-generated from filings and public channels — no analyst dossier.

If management delivers what it guided

arithmetic on filed guidance and past valuations · not a price target

RATNAMANI

FY26 → FY27 · 1 year of guidance · ~0.7 years from today₹2,359 today

BEAR

₹2,127

-10%

17.4% a year · 26.3x exit

BASE

₹2,896

+23%

30% a year · 32.4x exit

BULL

₹3,286

+39%

40.8% a year · 33.9x exit

Where the market has priced it

14x34x today37x

at 34x its FY26 earnings the stock already trades above the top of its own ten-year range (34x)
this company's own median multiple sits 74% above its filed-industry peers; the scenario uses its own

How these numbers are produced

Earnings base	FY26 fiscal year EPS ₹68.85 (screener)
Guided growth	30% a year, said on the call of 20-May-2026 · transcript
Read across as	operating: guided margin x own realised revenue CAGR — medium confidence
Delivery calibration	0.58x / 1x / 1.36x of what was guided — measured: 76 annual guided-vs-filed pairs + 77 near-complete quarterly years — NSE transcripts against the companies' own filings
Exit multiple	26.33x / 32.35x / 33.9x, this company’s own p20 / median / p80 across 10 filed years
Filed-industry peers	median 18.59x across 25 peers — the cross-check, not the input
Arithmetic	base EPS × (1 + guided growth × delivery)¹ × exit multiple

Arithmetic on management’s own guidance and this company’s own past valuations. Not a price target, not a recommendation, and not a forecast of what the stock will do.

How to read this

It answers one question. If this management delivers the growth it told its own investors it would, and the market pays what it has historically paid for this company's earnings, where does the arithmetic land? Nothing here is a forecast of the share price.
Three cases, two moving parts. Bear, base and bull vary the delivery — what fraction of guidance managements actually file — and the exit multiple together, because a company that misses its guidance is usually de-rated for missing it. Each case shows the growth rate and the multiple that produced it.
Read the width, not just the middle. A wide gap between bear and bull means the inputs are uncertain, not that the upside is bigger. A narrow range is a more confident statement than a high one.
“Where the market has priced it” puts today's P/E on the company's own historical range. Sitting far below that range is why a scenario can look enormous: the number is then mostly about re-rating, not about delivery, and the board marks those separately.
The bullets underneath are the caveats — a borrowed peer multiple, a thin filed history, an earnings base that carried a one-off. They are the reasons to trust the number less, listed rather than buried.

Not a price target, not a recommendation, and not a forecast of what the stock will do. The field guide covers the method.

What management said

from a third-party research digest · not our own extraction

implied earnings growth 30%

Standalone sales target of INR 4,800-5,000 crores for FY27 (assuming normalization), EBITDA margins of 16-17% (with caveats on conflict duration), order book of INR 2,162 crores (INR 1,631 crores carbon steel, INR 531 crores stainless steel), RTL growth guidance of 10-15% YoY, RFSS growth guidance of 20-25% YoY, and maintained consolidated revenue target of INR 7,500 crores in 2-3 years.

Call 20-May-2026 · bridge confidence medium · transcript PDF

Coverage

SectorSteel

Dossiersnone

Guidanceyes

Scenarioyes

Street chatter

unverified · logged from public channels

*Elara on Ratnamani Metals & Tubes*

Maintain Buy, Target price: ₹3,249

Management guides for 31-37% revenue growth in FY27

Orderbook rises 13% YoY to ₹21.6 bn

Standalone Q4 revenue declines ~37% YoY amid export disruptions

Subsidiaries continue to perform well

Brokerage sees stronger order inflows from energy security and Jal Jeevan Mis

Rating / broker19 May 04:15

ELARA ON RATNAMANI METALS & TUBES

Maintain Buy

Target price: ₹3,249

Management guides for 31-37% revenue growth in FY27

Orderbook rises 13% YoY to ₹21.6 bn

Standalone Q4 revenue declines ~37% YoY amid export disruptions

Subsidiaries continue to perform well

Brokerage sees stronger order inflows from energy security and Jal Jeevan M

Rating / broker19 May 03:08

Jindal Stainless | BUY | TP 861 |

NMDC Ltd | NEU | TP 84 |

Hindalco | NEU | TP 918 |

APL Apollo | NEU | TP 2124 |

Ratnamani Metals & Tubes | BUY | TP 2477 |

Mention only