Rama Steel Tubes financials and balance sheet

NSE: RAMASTEELBSE: 539309Industrial ProductsSmall Cap

₹3.66₹0.07 (1.88%)BSE ₹3.67

Share price at the NSE close on 23 Oct 2026. Previous close ₹3.73.

52-week range of traded prices to 23 Oct 2026

₹3.43Low, 30 Mar 2026₹11.29High, 12 Dec 2025

Delivery only: shares bought must be paid for in full, with no selling on the same day.

Market cap: ₹599 Cr1,466th largest listed
P/E: Earlier quarters restated in the year
P/B: 1.3
Dividend yield: Nonein the last 12 months
ROCE: 2.5%
Debt to equity: 0.27
Volume, NSE: 9,44,047

10 years at a glance

Consolidated: the company and its subsidiaries together. ₹ crore, years to March.Rama Steel Tubes annual reports

Revenue, net profit and borrowings, ₹ crore

Revenue
Net profit
Borrowings

Peak revenue ₹1,337 Cr, year to Mar 2023

Operating and net margin, per cent

Operating margin
Net margin

Results for the year to Mar 2026

Consolidated: the company and its subsidiaries together. ₹ crore.

From revenue to net profit

Revenue1,124
Materials and goods−1,071
Employee costs−8.2
Other expenses−28
Operating profit17
Depreciation−5.8
Other income+18
One-off items0.0
Finance costs−12
Profit before tax17
Tax−6.5
Joint ventures+0.5
Net profit11

What the company owns

Plant, investments and other assets₹452 Cr
Receivables₹302 Cr
Inventory₹131 Cr
Cash and bank₹5 Cr

What pays for it: net worth and liabilities

Net worth₹483 Cr
Owed to suppliers₹263 Cr
Borrowings₹129 Cr
Other liabilities₹16 Cr

Rama Steel Tubes business segments, year to Mar 2026

A reportable segment is a line of business the company must report on its own. Consolidated, ₹ crore, as the company reports them. A segment at a loss has no share of profit.Rama Steel Tubes segment results by quarter

Revenue by segment

₹1,124 CrTotal

Manufacturing- Steel Pipes₹656 Cr58.4% of total
Trading- Building Material & Steel Products₹468 Cr41.6% of total

Profit by segment

Manufacturing- Steel Pipes₹15.2 Cr100.0% of total

Segment results by year

Consolidated, ₹ crore, years to March.

Manufacturing- Steel Pipes
Revenue, ₹ crore
403
284
309
524
926
784
748
656
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
14
11
13
26
36
39
11
15
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Trading- Building Material & Steel Products
Revenue, ₹ crore
253
411
263
301
468
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
21
12
16
13
−4
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26

₹ crore	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Revenue of all businesses	507	356	474	777	1,337	1,047	1,048	1,124
Company revenue, as in its results	504	353	470	768	1,337	1,047	1,048	1,124
Revenue	403	284	309	524	926	784	748	656
Revenue growth	–	−29.6%	8.7%	69.6%	76.7%	−15.4%	−4.6%	−12.2%
Profit	14	11	13	26	36	39	11	15
Profit growth	–	−20.0%	10.0%	106.5%	39.5%	6.4%	−71.0%	35.4%
Margin	3.6%	4.0%	4.1%	5.0%	3.9%	4.9%	1.5%	2.3%
Return on capital	18.0%	22.0%	14.9%	27.9%	19.0%	16.2%	4.7%	6.5%
Assets	194	202	193	270	339	414	393	335
Liabilities	114	150	109	177	148	175	153	100
Capital employed	80	52	85	93	192	240	240	235
Revenue	–	–	–	253	411	263	301	468
Revenue growth	–	–	–	–	62.1%	−36.0%	14.3%	55.6%
Profit	–	–	–	21	12	16	13	−4
Profit growth	–	–	–	–	−42.4%	31.5%	−20.3%	–
Margin	–	–	–	8.2%	2.9%	6.0%	4.2%	−0.8%
Return on capital	–	–	–	62.5%	20.4%	18.4%	10.1%	−1.5%
Assets	–	–	–	88	356	310	365	555
Liabilities	–	–	–	55	297	224	241	313
Capital employed	–	–	–	33	59	85	124	243
Revenue	103	72	165	–	–	–	–	–
Revenue growth	–	−30.1%	128.0%	–	–	–	–	–
Profit	4	1	7	–	–	–	–	–
Profit growth	–	−77.5%	608.1%	–	–	–	–	–
Margin	4.3%	1.4%	4.3%	–	–	–	–	–
Return on capital	72.8%	13.7%	50.1%	–	–	–	–	–
Assets	7	36	54	–	–	–	–	–
Liabilities	1	29	40	–	–	–	–	–
Capital employed	6	7	14	–	–	–	–	–
	–	–	–	–	0	0	–	–
Profit	–	–	–	–	0	0	–	–
Assets	–	–	–	–	0	0	–	–
Liabilities	–	–	–	–	0	0	–	–

Profit is before tax and finance costs, the way companies report their segments.

Profit and loss

Consolidated, ₹ crore, years to March.Rama Steel Tubes quarterly results

₹ crore	Mar 2017	Mar 2018	Mar 2019Filed 4 Jun	Mar 2020Filed 2 Jul	Mar 2021Filed 19 Jun	Mar 2022Filed 14 Jun	Mar 2023Filed 31 May	Mar 2024Filed 12 Jun	Mar 2025Filed 29 Jul	Mar 2026Filed 30 May
Revenue from operations	260	382	504	353	470	768	1,337	1,047	1,048	1,124
	240	360	488	344	452	726	1,285	987	1,019	1,107
Materials and goods bought	225	338	470	324	430	692	1,244	949	982	1,071
Employee costs	3	–	6	7	8	11	13	13	9	8
Other expenses	11	–	12	13	14	23	28	26	28	28
Operating profit before depreciation	20	22	16	9	18	43	51	59	29	17
Operating margin	7.6%	5.8%	3.3%	2.5%	3.9%	5.5%	3.8%	5.7%	2.8%	1.5%
Materials, % of revenue	86.8%	–	93.3%	91.8%	91.4%	90.0%	93.1%	90.6%	93.7%	95.3%
Employee costs, % of revenue	1.3%	–	1.2%	2.0%	1.7%	1.5%	1.0%	1.2%	0.9%	0.7%
Other expenses, % of revenue	4.3%	–	2.3%	3.7%	2.9%	2.9%	2.1%	2.5%	2.7%	2.5%
Depreciation and amortisation	3	2	3	3	3	4	5	6	6	6
Operating profit after depreciation	17	20	14	6	15	38	47	54	23	11
Other income	4	5	3	4	3	9	7	4	17	18
Finance costs	8	7	9	10	8	11	20	21	12	12
Profit before one-off items and tax	13	18	7	0	11	37	33	37	28	17
One-off items	0	0	0	0	0	0	0	0	0	0
Profit before tax	13	18	7	0	11	37	33	37	28	17
	4	6	1	2	1	9	8	8	6	6
Current tax	–	6	2	0	1	8	8	8	6	6
Deferred tax	–	0	−1	1	−1	1	−1	0	0	1
Share of profit of joint ventures and associates	–	0	2	3	1	−1	2	1	1	0
	9	13	8	1	11	27	27	30	23	11
Belonging to the company's shareholders	9	13	8	–	11	27	–	29	23	13
Belonging to outside owners of subsidiaries	–	–	0	–	–	–	–	1	0	−2
Other comprehensive income	–	–	0	0	0	0	1	−3	1	6
Total comprehensive income	–	–	9	2	11	28	29	27	24	17
Net margin	3.5%	3.3%	1.7%	0.3%	2.4%	3.6%	2.1%	2.9%	2.2%	1.0%
Net margin without joint ventures and associates	–	3.2%	1.2%	−0.5%	2.1%	3.6%	1.9%	2.8%	2.1%	0.9%

Materials, employee costs and other expenses are shown for the years they add up to operating expenses; for the year to Mar 2018 they do not, so they are left blank. Belonging to the company's shareholders is left blank for the year to Mar 2020: the filing's earnings per share does not match the profit it states, and cannot be multiplied back into the owners' profit because the company's periods around it state no share for other owners for the gap to belong to. Belonging to the company's shareholders is left blank for the year to Mar 2023: the filing's split of the profit between the company's shareholders and the other owners of its subsidiaries is contradicted by its own figures, which do not prove which line is the shareholders'.

Balance sheet

Consolidated, ₹ crore, at 31 March.

₹ crore	Mar 2019Filed 4 Jun	Mar 2020Filed 2 Jul	Mar 2021Filed 19 Jun	Mar 2022Filed 14 Jun	Mar 2023Filed 31 May	Mar 2024Filed 12 Jun	Mar 2025Filed 29 Jul	Mar 2026Filed 30 May
	87	89	99	127	264	347	373	483
	87	89	99	127	250	335	364	477
Share capital	8	8	8	8	47	154	155	164
Reserves	79	80	90	118	204	181	209	314
Belonging to outside owners of subsidiaries	–	–	0	–	13	12	9	5
	87	80	82	138	193	144	88	129
Repayable after a year	21	18	30	32	32	27	7	50
Repayable within a year	66	62	52	106	161	117	81	78
	93	129	117	198	398	358	376	355
Trade payables	20	59	53	69	216	229	286	263
Other financial liabilities	3	3	4	–	0	0	1	0
Other liabilities	3	5	8	15	13	8	5	8
Provisions	0	0	0	0	0	0	0	0
Tax owed	1	0	1	7	8	3	3	6
	22	21	31	33	33	29	9	52
Other financial liabilities	1	1	0	0	0	1	1	0
Other liabilities	–	–	0	–	0	0	1	1
Provisions	0	1	1	1	1	1	1	1
Deferred tax	–	1	0	1	0	0	0	0
Total assets	202	238	247	358	695	734	758	890
	54	65	76	86	157	134	132	250
Plant in use, after depreciation	38	36	46	50	72	75	70	75
Plant being built	1	7	4	6	1	1	10	4
Intangible assets	0	0	1	2	2	2	0	0
Goodwill	0	0	0	0	28	28	28	28
Property held to earn rent	4	4	4	4	4	4	4	4
Investments	0	0	0	0	13	6	5	11
Stakes in joint ventures and associates	5	8	8	8	0	0	0	–
Loans given	0	0	0	0	6	7	12	13
Other financial assets	5	10	12	12	2	2	1	90
Deferred tax	1	0	–	–	1	1	1	0
Other assets	1	1	0	4	28	7	1	26
	148	174	171	273	538	600	626	640
Inventories	51	54	73	101	197	132	127	131
Trade receivables	64	72	52	106	233	217	243	302
Cash and cash equivalents	7	13	22	19	13	17	6	5
Other financial assets	0	0	0	0	0	0	0	0
Other assets	25	34	23	47	95	234	250	202
Net debt	80	67	60	119	180	127	82	123

Borrowings are counted again inside the liabilities due within a year and after a year. No balance sheet is on record for the years to Mar 2017 and Mar 2018, so its lines and the ratios worked from it are blank there.

Cash flow

Consolidated, ₹ crore, years to March.

₹ crore	Mar 2021Filed 19 Jun	Mar 2022Filed 14 Jun	Mar 2023Filed 31 May	Mar 2024Filed 12 Jun	Mar 2025Filed 29 Jul	Mar 2026Filed 30 May
	25	−35	−96	18	51	−109
	26	−31	−89	31	57	−106
	5	−81	−147	−28	18	−149
Receivables	20	−53	−127	16	−27	−59
Inventories	−19	−28	−96	65	4	−4
Payables	−6	19	147	13	58	−23
Other working capital	11	−19	−71	−123	−17	−64
Tax paid	−1	−4	−8	−13	−6	−3
Capital spending	11	11	32	13	14	7
Free cash flow	14	−46	−128	6	37	−116
	−10	−9	−53	−1	3	−9
Plant and property sold	0	0	10	5	0	3
Interest received	1	2	0	1	0	1
	−6	41	143	−13	−66	118
Borrowings raised	2	53	55	0	0	41
Borrowings repaid	0	0	0	−48	−56	0
Interest paid	−8	−11	−20	−21	−12	−12
Dividends paid	0	1	0	0	0	0
Shares bought back	0	0	0	0	0	0
Shares issued	0	0	95	78	8	–
Net change in cash	9	−3	−6	5	−12	0

Capital spending is part of cash from investing, and dividends paid, shares bought back and shares issued are part of cash from financing. Each is shown as an amount on a line of its own, and the section's other items are in its total only. No cash flow statement is on record for the years to Mar 2017, Mar 2018, Mar 2019 and Mar 2020. Shares issued is left blank for the year to Mar 2026: the money stated as raised on shares and other equity instruments is more than three times what the shares issued in the period were worth at its end, so not all of it bought shares and the figure is not given.

Consolidated, ₹ per share, years to March.Rama Steel Tubes dividend history

₹ per share	Mar 2017	Mar 2018	Mar 2019Filed 4 Jun	Mar 2020Filed 2 Jul	Mar 2021Filed 19 Jun	Mar 2022Filed 14 Jun	Mar 2023Filed 31 May	Mar 2024Filed 12 Jun	Mar 2025Filed 29 Jul	Mar 2026Filed 30 May
	₹0.08	₹0.10	₹0.07	₹0.01	₹0.09	₹0.22	₹0.41	₹0.50	₹0.15	₹0.08
As stated that year	₹6.07	₹7.62	₹4.99	₹0.93	₹6.52	₹16.41	₹1.22	₹0.50	₹0.15	₹0.08
	₹0.08	₹0.10	₹0.07	₹0.01	₹0.09	₹0.22	₹0.39	₹0.49	₹0.15	₹0.07
As stated that year	₹6.07	₹7.62	₹4.99	₹0.93	₹6.52	₹16.41	₹1.16	₹0.49	₹0.15	₹0.07
	–	–	–	–	–	₹0.01	–	–	–	–
As declared that year	–	–	–	–	–	₹0.50	–	–	–	–
	–	–	₹0.69	₹0.70	₹0.78	₹1.01	₹1.79	₹2.17	₹2.34	₹2.92
On that year's share count	–	–	₹51.81	₹52.74	₹58.82	₹75.42	₹5.37	₹2.17	₹2.34	₹2.92
Dividend payout	–	–	–	–	–	3.1%	–	–	–	–
Shareholder yield	–	–	–	–	0.0%	0.2%	−7.3%	−3.5%	−0.5%	–
Market cap at the year end (₹ crore)	195	297	192	32	117	524	1,297	2,203	1,458	594

Every year is restated for later splits and bonuses, so they do not break the line. The figure the company stated that year is under each line it differs from. Shareholder yield is left blank for the year to Mar 2026: the money stated as raised on shares and other equity instruments is more than three times what the shares issued in the period were worth at its end, so not all of it bought shares and the figure is not given.

Ratios

Consolidated, years to March.Rama Steel Tubes PE ratio and valuation

Ratio	Mar 2017	Mar 2018	Mar 2019Filed 4 Jun	Mar 2020Filed 2 Jul	Mar 2021Filed 19 Jun	Mar 2022Filed 14 Jun	Mar 2023Filed 31 May	Mar 2024Filed 12 Jun	Mar 2025Filed 29 Jul	Mar 2026Filed 30 May
Revenue growth	6.8%	47.2%	31.9%	−30.0%	33.3%	63.3%	74.0%	−21.7%	0.1%	7.3%
Operating profit growth	24.5%	12.5%	−26.2%	−47.3%	112.0%	131.4%	20.9%	15.4%	−51.1%	−41.5%
Net profit growth	50.5%	40.3%	−34.2%	−86.1%	855.2%	146.0%	0.4%	9.3%	−24.2%	−51.9%
Earnings per share growth	50.6%	25.5%	−34.5%	−81.4%	603.9%	151.7%	85.9%	23.0%	−70.0%	−46.7%
	–	–	9.6%	–	11.9%	24.2%	–	10.0%	6.5%	3.0%
	–	–	–	–	–	12.4 pts	–	–	−3.4 pts	−3.5 pts
From the net margin	–	–	–	–	–	6.0 pts	–	–	−2.2 pts	−3.2 pts
From asset turnover	–	–	–	–	–	5.5 pts	–	–	−0.3 pts	−0.1 pts
From borrowing	–	–	–	–	–	0.9 pts	–	–	−0.9 pts	−0.3 pts
Return on capital employed	–	–	7.9%	3.4%	8.3%	14.5%	10.2%	10.9%	5.0%	1.8%
Cash conversion	–	–	–	–	223.5%	−128.1%	−350.5%	60.3%	224.3%	−993.5%
Interest cover	2.2	3.1	1.5	0.6	1.9	3.5	2.3	2.5	2.0	0.9
Debt to equity	–	–	1.00	0.90	0.83	1.09	0.73	0.42	0.24	0.27
Receivable days	–	–	47	75	41	50	64	76	85	98
Inventory days	–	–	40	61	62	53	58	51	47	45
Payable days	–	–	15	67	45	37	63	88	106	90
Cash conversion cycle, days	–	–	71	69	58	67	58	38	26	53
Working capital days	–	–	83	96	64	77	79	119	113	116
Asset turnover	–	–	2.50	1.60	1.94	2.54	2.54	1.46	1.40	1.36
Assets per rupee of net worth	–	–	2.32	2.50	2.59	2.69	2.80	2.44	2.13	1.96
Sales per rupee of plant	–	–	13.44	9.93	10.23	15.21	18.45	13.87	14.98	14.91
Capital spending to depreciation	–	–	–	–	3.22	2.53	6.76	2.22	2.37	1.22
Plant being built, % of plant in use	–	–	2.5%	19.1%	9.4%	11.4%	1.8%	1.3%	14.6%	5.3%

No balance sheet is on record for the years to Mar 2017 and Mar 2018, so its lines and the ratios worked from it are blank there.

Growth and returns over 3, 5 and 10 years

Consolidated: the company and its subsidiaries together. Each window ends with the year to Mar 2026.

Return on assets, latest year: 1.5%
Cash from operations against operating profit: −640.3%

Measure	10 years	5 years	3 years
Revenue growth, yearly rate	16.5%	19.0%	−5.6%
Profit growth, yearly rate	7.6%	2.5%	–
Return on equity, average	–	10.9%	6.5%
Return on capital employed, average	–	8.5%	5.9%
Operating margin, average	4.2%	3.9%	3.3%
Net margin, average	2.3%	2.3%	2.0%
Asset turnover, average	–	1.86	1.41
Cash conversion cycle, days, average	–	48	39
Interest cover, average	2.1	2.2	1.8
Debt to equity, average	–	0.55	0.31

Where the cash came from and went

Consolidated: the company and its subsidiaries together. ₹ crore, added up over each window, which ends with the year to Mar 2026.

₹ crore	5 years	3 years	Latest year
Cash from operations	−171	−40	−109
Cash from investing	−70	−7	−9
Cash from financing	224	40	118
Capital spending	76	34	7
Dividends paid	1	0	0
Shares bought back	0	0	0
Borrowings raised	148	41	41
Borrowings repaid	105	105	0

Accounting checks

Consolidated, years to March. Published tests of whether reported profit is backed by cash and the balance sheet.

Check	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Piotroski score, out of 9Published threshold 3 points out of 9	–	–	–	–	8	6	3	5	4	3
Altman Z-scorePublished threshold 1.81	–	–	4.65	2.43	3.39	4.65	4.63	5.87	4.61	3.12
Beneish M-scorePublished threshold −1.78	–	–	–	–	−2.84	−1.09	−0.39	−2.67	−2.24	−0.82
Profit not backed by cash, % of assetsPublished threshold 10 per cent of average total assets	–	–	–	–	−1.46	23.62	33.57	1.77	−4.14	15.64
Cash from operations to profit, 3 yearsPublished threshold 0.7 times	–	–	–	–	–	–	−1.61	−1.33	−0.34	−0.62
Receivables growth less revenue growthOur threshold 0 percentage points	–	–	–	41.95	−60.91	38.92	46.14	14.81	12.18	16.83
Inventory growth less cost-of-goods growthOur threshold 0 percentage points	–	–	–	36.13	2.34	−22.01	14.99	−9.45	−6.73	−6.19
Other current assets growth less revenue growthOur threshold 5 per cent of revenue	–	–	–	2.61	−2.35	3.10	3.59	13.29	1.47	−4.26
Assets under construction, years of additionsOur threshold 2 years of additions	–	–	–	7.52	0.31	0.65	0.05	0.11	26.74	0.36
Effective tax ratePublished threshold 17.16 per cent	28.70	31.73	14.72	–	8.06	23.59	22.60	20.47	21.63	38.32
Tax charged less tax paid, % of profitOur threshold 10 percentage points	–	–	–	–	–	13.56	−0.34	−15.18	0.67	19.84

A threshold marked as ours has no published figure; it is the line we read the check against.

Credit ratings

An agency's view of the chance the company repays a borrowing on time, from AAA, the highest, down to D, in default.

Date	Agency	Borrowing rated	Rating	Outlook	Amount, ₹ Cr
16 Jul 2026	ICRA Limited (opens in a new tab)	Non-fund based-Others	[ICRA]A4+ Rating Watch with Developing ImplicationsReview, Other		30
16 Jul 2026	ICRA Limited (opens in a new tab)	Fund-based-Cash credit	[ICRA]BB+ Rating Watch with Developing ImplicationsReview, Other		80

The latest rating on each borrowing. The agency's name opens its reasoning for the rating.