Slides
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2025-26 (Q2) Investor Presentation
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2025-26 (Q2) Investor Presentation Disclaimer This presentation and its accompanying slides, prepared by Ratnamani Metals and Tubes Limited ('the Company'), are intended solely for informational purposes. It does not constitute, or form part of, any offer, solicitation, recommendation, or invitation to subscribe for, underwrite, or purchase any securities of the Company. Nothing contained herein shall form the basis of, or be relied upon in connection with, any contract, commitment, or investment decision. Any offering of securities by the Company, if undertaken, would be made solely through formal offering documents containing detailed disclosures about the Company. The information contained in this Presentation has been compiled from sources that the Company believes to be reliable. However, the Company makes no representation or warranty, whether express or implied, regarding the fairness, accuracy, completeness, or correctness of such information. The Presentation is not comprehensive and may omit material information. Neither the Company nor any of its directors, officers, or employees accepts responsibility or liability for any direct or consequential loss arising from the use of this Presentation or its contents. Certain statements in this Presentation may be forward-looking in nature and are based on management’s current expectations, assumptions, estimates, and projections about future events. These forward-looking statements are not guarantees of future performance and are subject to risks, uncertainties, and factors beyond the Company’s control, including but not limited to: domestic and global economic conditions, industry developments, competition, regulatory changes, market demand, pricing fluctuations, raw material availability, technology adoption, and other risks. Actual results, performance, or outcomes may differ materially from those expressed or implied in such statements. The Company undertakes no obligation to revise or publicly release any updates to these forward-looking statements to reflect events, circumstances, or changes in expectations after the date of this Presentation. Any third-party projections or information included herein are provided for reference only and do not represent the Company’s views; the Company assumes no responsibility for such data. All charts, maps, or visuals included in this Presentation are illustrative, not to scale, and are provided ‘as is’ without any warranty as to accuracy or completeness. Heading To Come 2
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2025-26 (Q2) Investor Presentation 1. Q2 2025-26 Performance 2. About Us 3. Annexures Q2 2025-26 Performance
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2025-26 (Q2) Investor Presentation Financial Highlights - Q2 2025-26 (Consolidated) 4 Growth on a consolidated basis was supported by strong contribution from subsidiaries, particularly bearing rings and pipe spool businesses, along with a higher overall revenue base. Revenue from Operations (₹ in Crores) PAT (₹ in Crores) PBT (₹ in Crores) 133.58 199.44 Q2 2024-25 Q2 2025-26 971.33 1,191.69 Q2 2024-25 Q2 2025-26 173.05 238.15 17.8 20% 16.0% 17.0% 18.0% 19.0% 20.0% 21.0% - 50 100 150 200 250 300 Q2 2024-25 Q2 2025-26 EBITDA (₹ in Crores) EBITDA Margins (in %) 99.35 156.04 Q2 2024-25 Q2 2025-26
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2025-26 (Q2) Investor Presentation 5 Revenue grew by 5% with higher volumes, and despite lower realisations due to market conditions, we successfully maintained profitability levels. PAT (₹ in Crores) Revenue from Operations (₹ in Crores) 897.51 939.56 Q2 2024-25 Q2 2025-26 PBT (₹ in Crores) 136.94 144.18 Q2 2024-25 Q2 2025-26 Financial Highlights - Q2 2025-26 (Standalone) 168.13 173.69 18.7% 18.5% 16.0% 17.0% 18.0% 19.0% 20.0% 21.0% 164 166 168 170 172 174 176 Q2 2024-25 Q2 2025-26 EBITDA (₹ in Crores) EBITDA Margins (in %) 102.46 108.19 Q2 2024-25 Q2 2025-26
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2025-26 (Q2) Investor Presentation 6 110.37 Q2 2024-25 Q2 2025-26 Financial Highlights - Q2 2025-26 (Subsidiaries) 6 Ravi Technoforge Private Limited (RTL) Revenue from Operations (₹ in Crores) PAT (₹ in Crores) Ratnamani Finow Spooling Solutions Private Limited (RFSS) Revenue from Operations (₹ in Crores) EBITDA (₹ in Crores) PAT (₹ in Crores) PBT (₹ in Crores) PBT (₹ in Crores) EBITDA (₹ in Crores) (3.04) 30.75 Q2 2024-25 Q2 2025-26 68.18 95.59 Q2 2024-25 Q2 2025-26 5.86 12.61 9% 13% Q2 2024-25 Q2 2025-26 EBITDA % 0.35 4.84 Q2 2024-25 Q2 2025-26 0.99 7.05 Q2 2024-25 Q2 2025-26 (2.41) 25.45 Q2 2024-25 Q2 2025-26 (1.61) 36.05 (27) 33 Q2 2024-25 Q2 2025-26 EBITDA %
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2025-26 (Q2) Investor Presentation Financial Highlights - Q2 & H1 7 Particulars Standalone Consolidated Q2 2025-26 Q2 2024-25 H1 2025-26 H1 2024-25 Q2 2025-26 Q2 2024-25 H1 2025-26 H1 2024-25 Revenue 939.56 897.51 2,001.96 2,007.84 1,191.69 971.33 2,343.31 2,155.03 Other income 33.81 19.50 68.82 31.71 26.91 19.54 57.20 31.81 Total Income 973.37 917.00 2,070.79 2,039.55 1,218.59 990.86 2,400.51 2,186.84 Cost of material 604.29 559.98 1,254.33 1,320.43 727.04 599.94 1,433.66 1,396.64 Employee benefit expense 74.11 62.29 147.46 123.73 90.41 74.21 177.32 145.89 Other expenses 121.28 126.60 268.69 260.53 163.00 143.67 332.94 294.95 EBITDA 173.69 168.13 400.31 334.86 238.15 173.05 456.59 349.36 EBITDA % 18.5% 18.7% 20.0% 16.7% 20.0% 17.8% 19.5% 16.2% Depreciation and amortisation expense 26.92 22.05 53.93 44.55 32.04 25.89 63.70 52.14 Finance cost 2.59 9.14 6.86 14.07 6.67 13.57 17.67 23.29 Profit before tax 144.18 136.94 339.52 276.25 199.44 133.58 375.23 273.93 PBT % 15.3% 15.3% 17.0% 13.8% 16.7% 13.8% 16.0% 12.7% Tax expense 35.99 34.48 86.37 68.53 43.40 34.23 92.05 68.70 Profit after tax 108.19 102.46 253.15 207.72 156.04 99.35 283.18 205.23 PAT % 11.5% 11.4% 12.6% 10.3% 13.1% 10.2% 12.1% 9.5% (₹ in Crores)
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2025-26 (Q2) Investor Presentation CEO’s Message The Company delivered a strong performance during the quarter. On a consolidated basis, sales stood at ₹ 1,191 Crores, reflecting a 23% growth year-on-year, while standalone sales were ₹ 940 Crores, up 5%. Although half-year revenue growth remained moderate on standalone basis due to lower input prices and margin compression in select product categories, the Company maintained stable profitability through a strong focus on operational efficiency and cost control. During the period, several key milestones were achieved, including the commissioning of Phase I of the Odisha Plant, with Phase II (Coating Plant) expected in the next quarter. The Company also pioneered the supply of hydrogen-compliant carbon steel welded pipes in India, and the Kutch Plant received both the API Monogram certification from the American Petroleum Institute and the CII National Award for Excellence in Energy Management 2025. Subsidiary performance remained robust. Ravi Technoforge achieved ₹ 95.6 Crores in revenue, registering 40% growth with improved EBITDA margins, and is on track to deliver 15-20% annual growth over the next few years. Ratnamani Finow Spooling Solutions (RFSS) continues to gain traction with revenue of ₹ 110 Crores and strong order visibility, reaffirming its ₹ 300+ crores annual revenue guidance. Additionally, our Saudi Arabia subsidiary obtained commercial registration and commenced activities for setting up a stainless steel manufacturing facility, marking a key step in expanding presence across the GCC region. Despite short-term market challenges, the Company’s fundamentals remain strong, supported by healthy order visibility, expansion projects, and a positive long-term industry outlook, positioning it well for sustained growth and value creation. Mr. Manoj P. Sanghvi Whole-Time Director & Chief Executive Officer 8
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2025-26 (Q2) Investor Presentation Operational Highlights during the Quarter Phase I of the spiral welded pipe plant in Odisha has been commissioned, with Phase II expected to be completed by the end of the calendar year. Pioneered hydrogen-compliant Carbon Steel Welded pipelines in India. The Kutch Plant received the Official API Monogram certification from the American Petroleum Institute, enabling new business opportunities in the CRA line pipes segment. Successfully completed the process of making Ratnamani Trade EU AG in Luzern, Switzerland, a wholly-owned subsidiary. To optimise the equity shareholding and funding requirement of the subsidiary, Ravi Technoforge, the equity shareholding was restructured through Rights Issue and under the terms of the Master Amendment Agreement diluting equity holding from 80.017% to 75.00%. The Kutch Plant was conferred the National Award for Excellence in Energy Management 2025 by the Confederation of Indian Industry (CII). 1 2 3 4 5 6 9 The Odisha Plant was honored with the ‘Star Employer Award’ under the category of Emerging Industrial Champions for Local Employment Generation.
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2025-26 (Q2) Investor Presentation Kutch Ongoing Projects 2025-26 (Q2) Investor Presentation 10 CSAW Plant - Additional expansion for the manufacture of high-thickness CSAW pipes (up to 150 mm), 18 metres in length and with a maximum pipe weight of 60 MT. The production capacity for CSAW pipes will increase from 48,000 MT to 75,000 MT, with a maximum pipe diameter of 200”. Ratnamani Metals & Tubes Limited Plant Location Kutch Category Brownfield Product Developing a new carbon steel HSAW spiral pipe facility for producing pipes up to 18 metres in length and diameters ranging from 18” to 143”, with a production capacity of 1,00,000 MT. Ratnamani Metals & Tubes Limited Plant Location Kutch Category Brownfield Product Projected Timeline March 2026 Coating plant to supplement the recently commissioned Spiral Welded Pipes Plant. Ratnamani Metals & Tubes Limited Plant Location Odisha Category Greenfield Product Parent Company Projected Timeline December 2025 Projected Timeline December 2025
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2025-26 (Q2) Investor Presentation Kutch 2025-26 (Q2) Investor Presentation 11 Manufacture of High-Speed Hot Forming Facility for manufacturing new product line (Gen 3 hubs and other drivetrain components) for the automobile industry. The high-precision and high-speed machines result in better efficiency. Ravi Technoforge Private Limited Plant Location Rajkot Category Greenfield Product Projected Timeline December 2026 Increase in capacity for spool manufacturing along with advanced equipment. Ratnamani Finow Spooling Solutions Private Limited Plant Location Kutch Category Greenfield Product Manufacturing of Cold-finished Stainless Steel Seamless products. Ratnamani Middle East Company, LLC Plant Location The Kingdom of Saudi Arabia Category Greenfield Product Projected Timeline March 2027 Subsidiary Companies Projected Timeline June 2026 Ongoing Projects
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2025-26 (Q2) Investor Presentation 1. Q2 2025-26 Performance 2. About Us 3. Annexures About Us
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2025-26 (Q2) Investor Presentation About Us Largest Player of the Stainless Steel Tubes & Pipes in India Wide Product Portfolio with Varied Applications Sustainability and ESG Deeply Ingrained in the Company’s Philosophy AA/Positive CRISIL Rating 3,200+ Employees 4 Manufacturing Facilities with Ongoing Expansions to Support Growth Experienced and Professional Management Team Market Capitalisation of ₹ 18,083 Crores as of March 31, 2025 One of the Largest Player for Carbon Steel Welded Pipes in India 40+ Years of Experience 13
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2025-26 (Q2) Investor Presentation About Us Our Vision ◊ To attain Global excellence by continuously developing and providing the best quality products and services. ◊ Exceeding expectations of our Customers with innovative products & applications. ◊ Building value for all our stakeholders. ◊ To be a value driven organisation that is a benchmark in Corporate Citizenship. Our Values ◊ Customer Focus ◊ Passion ◊ Innovation ◊ Respect ◊ Integrity ◊ Responsibility ◊ Self-discipline Our Mission To be leading Pipes & Tubes Manufacturing Company in Stainless Steel & Carbon Steel Industry by making difference in our Space through: ◊ Products & Services (providing product range, becoming supplier's choice and creating value to customers) ◊ Practices (Robust processes and systems keeping future in mind) 14
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2025-26 (Q2) Investor Presentation Journey 1983 1985 1993 1995 2005 2008 2009 2013 2015 2021 2023 2025 The Company was established Listed on NSE and BSE Started commercial production at the Kutch Plant Operations commenced at the 3LPE Coating Plant, High-Speed Welded Tube Mill, and Offline Welding Unit in HSAW Started manufacturing of Titanium tubes Coating capacity increased from 100 NPS to 122 NPS Commissioned high wall-thickness, large-diameter CSAW pipes at Kutch Started production of stainless steel welded pipes and seamless tubes as twin small-scale units Carbon Steel SAW Pipe Division commenced commercial production The facility for hot-extruded mother pipes was fully established The new seamless tube facility for Heat Exchanger Tubes started commercial production Enhanced the capacity of Hot Extrusion Commissioned the LSAW plant at Kutch Commissioned the Hot Extrusion plant at Indrad Commissioned manufacturing of instrumentation tubes in coil form at Indrad Commissioned manufacturing of HSAW Pipes at Odisha 15
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2025-26 (Q2) Investor Presentation JV and Acquisition Timelines Ratnamani Finow Spooling Solutions Private Limited Ravi Technoforge Private Limited Ratnamani Middle East Company, LLC 2023 2022 (initial); 2025 (stake increased to 75%) 2025 Manufacturing of Spools Specialised for Nuclear Power Plants Manufacturing of Bearing Rings Manufacturing of Stainless Steel Seamless Products 51% 75% 75% India India The Kingdom of Saudi Arabia (KSA) 16 Ratnamani Inc. Ratnamani Middle East Pipes Trading LLC OPC Ratnamani Trade EU AG 2014 2024 2024 Marketing Office Marketing Office Stock and Sale 100% 100% 100% USA UAE Switzerland with a Warehouse in Germany Ratnamani operates through a well-diversified network of subsidiaries and joint ventures, enabling both scale and reach. Manufacturing Marketing & Sales Stake (%)
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2025-26 (Q2) Investor Presentation Multi-Location Manufacturing Facilities Indrad (Mehsana) Stainless Steel Seamless Works Chhatral (Gandhinagar) Carbon Steel Works Bhimasar (Kutch) Stainless Steel & Carbon Steel Works Sundargarh Carbon Steel Works 4 Manufacturing Facilities 17 Gujarat Odisha
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2025-26 (Q2) Investor Presentation Product Portfolio Wide Range of Product Portfolio 18 Carbon Steel ◊ Carbon Steel Welded (L-SAW, ERW and H-SAW) Pipes ◊ Induction Bends ◊ Structural (Square & Rectangular) Pipes ◊ Coating Solutions ◊ Heat Exchanger Tubes ◊ Integral Low Finned Tubes ◊ Boiler Tubes ◊ Stainless Steel Seamless & Welded Pipes Stainless Steel ◊ Heater Pipes ◊ Hollow Bars ◊ Instrumentation Tubes ◊ Coiled Tubing ◊ Coating Solutions
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2025-26 (Q2) Investor Presentation Product Details Seamless SS+ ◊ Dia: 3 to 273.05 mm (10") ◊ Thickness: 0.5 to 45 mm Welded SS+ ◊ Dia: 4.7 to 2,235 mm (88") ◊ Thickness: 0.5 to 60 mm Welded Titanium ◊ Dia: 15.87 to 31.75 mm ◊ Thickness: 0.5 to 1.6 mm Nickel Alloy: 400, 600, 625, 800, 825 SS: 304, 316, 317, 321, 347 L/N/LN/H, DSS, SDSS Titanium: Grade I & 2 API 5L: Grades A, B, X42, X46...X80 API 2B: As per client requirement ASTM A671/A672/691: Various Grades and Class, as per client requirement External: 3LPE, 3LPP, FBE, DFBE; Internal: Liquid Epoxy SS/Ni/Ti Business Portfolio CS Business Portfolio 30,000 MT – Hot Finish 11,500 MT– Cold Finish 20,000 MT 19 HSAW ◊ Dia- 406.4 to 3658mm (16" to 144") ◊ Thickness - 4 to 25.4mm 3,10,000 MT HFW ◊ Dia: 168.3 to 457 mm (6" to 18") ◊ Thickness: 3.2 to 14.27 mm HSAW ◊ Dia: 406.4 to 3,658 mm (16" to 144") ◊ Thickness: 4 to 25.4 mm LSAW ◊ Dia: 406.4 to 1,422 mm (16" to 56") ◊ Thickness: 5 to 50 mm CSAW ◊ Dia: 406.4 to 5,080 mm (16" to 200") ◊ Thickness: 5 to 150 mm 1,00,000 MT 2,00,000 MT 2,30,000 MT For Stainless Steel and Carbon Steel Coating External 3LPE, 3LPP, FBE, DFBE Internal Liquid Epoxy Induction bends
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2025-26 (Q2) Investor Presentation Industries Served 20 At the Core of Every Industry Oil & Gas Exploration Refinery & Petrochemical Food, Dairy & Beverages Chemical & Fertiliser Chillers & Cooling Systems Aerospace Defence CNG & Automotive Pulp & Paper Cross-Country Pipelines for Gas & Water Structural Applications Atomic Energy Thermal Power Solar & Nuclear Power LNG Desalination Pharmaceuticals Sugar Marine Carbon Capture Hydrogen Semiconductors Data Centres
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2025-26 (Q2) Investor Presentation Strengths Ratnamani’s Edge Serving 20+ industries in 35+ countries. Extensive Product Portfolio Multi-location, multi- product plants in Gujarat and Odisha. State-of-the-Art Manufacturing Facilities ISO 17025-accredited laboratories and global certifications. Approvals from the end clients, EPC contractors, and process licensors. Quality at the Core Strong balance sheet, healthy cash flows, robust credit profile, and consistent returns to the shareholders. Financial Health First in India to supply hydrogen-compliant pipes. Building capabilities for new energy and offshore applications. Technological Prowess and Innovation Expanding global reach, enhancing product depth, and driving diversification and forward integration. Strategic Subsidiaries and Joint Ventures 21
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2025-26 (Q2) Investor Presentation Clients Our Marquee Clients 22
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2025-26 (Q2) Investor Presentation Subsidiaries and Joint Ventures Facilities and Capabilities 23 Ravi Technoforge Private Limited (RTL) Ravi Technoforge is a leading manufacturer of high-precision forged and turned bearing rings, gear blanks and auto components, with a portfolio equally divided between automotive and non-automotive sectors such as heavy industrial, railways, agriculture and off highway. It has vintage of more than 20 years with all top bearing manufacturers in the world renowned for quality. RTL is one of the few suppliers from India having global supplies with 40% of portfolio being exports to 15 countries. With a strong presence in India as well, the company continues to scale its operations, supported by strategic expansion initiatives and synergies with Ratnamani's global network. ◊ State of the art facility, capable to handle diverse product range from 40 mm to 400 mm. One stop solution for customer for various applications. ◊ 40,000 MT per annum forging capacity with cold rolling and high precision CNC machines. ◊ Automation-driven processes for high accuracy and consistency. ◊ Inhouse strong R&D and tooling capabilities for customised solutions. ◊ Large range of products offering catering as one-stop solution to customer’s diverse product requirements. ◊ With the view of adding new capabilities and offering new products to customers, the Company has recently completed expansion of its Pipaliya unit to enhance capacity by 20%. This expansion also included mechanisation and automation of various processes to improve efficiency and productivity. ◊ A 9 MW solar power plant is currently under construction. Upon commissioning, 50% of RTL’s energy requirement will be sourced from green energy.
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2025-26 (Q2) Investor Presentation Subsidiaries and Joint Ventures Facilities and Capabilities 24 Ratnamani Finow Spooling Solutions Private Limited (RFSS) RFSS is a specialised provider of high-integrity pipe spool fabrication and support systems, catering to critical industries such as nuclear & thermal power, and oil & gas. It is a joint venture between Ratnamani Metals & Tubes Limited, one of India’s leading manufacturers of welded and seamless pipes and tubes, and Technoenergy AG, Switzerland, holding entity of FINOW GmbH, Germany, specialising in nuclear spools for over a century. ◊ The company is currently holding an active order book exceeding ₹ 500 Crores (~US$ 60 Million), which we are targeting to execute over the next 12-18 months, supporting high-profile projects in India and internationally. ◊ The company is currently undertaking a major infrastructure expansion to enhance our capacity from 1,200 MT to 4,000 MT annually. This new capacity will be ready by the end of the current financial year, with commercial production commencing from April 01, 2026. This expansion positions us to handle significantly larger volumes and more complex project scopes going forward.
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2025-26 (Q2) Investor Presentation ESG Environment 41 MW Captive Clean Energy Projects Commissioned 42% Total Energy Came from Clean Sources 7% Reduction in Water Intensity 4% Reduction in Waste Intensity ~100% Key Raw Materials Sourced Sustainably 100% Manufacturing Plants Compliant with ZLD Mechanism 3,041 Trees Planted across Locations 25 Our Company has voluntarily been evaluated by two independent ESG rating agencies, both of which have assigned us ratings in the ‘Adequate’ category.
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2025-26 (Q2) Investor Presentation Social 34% Reduction in Lost Time Injury Frequency Rate in 2024-25 3,00,000+ People Provided Eye-care through the ‘Drashtirath’ Initiative 100% Employees and Workers Trained on EHS and NGRBC Principles ESG 26
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2025-26 (Q2) Investor Presentation Governance Mr. Prakash M. Sanghvi Chairman and Managing Director Mr. Jayanti M. Sanghvi Joint Managing Director Mr. Shantilal M. Sanghvi Whole-Time Director Mr. Manoj P. Sanghvi Whole-Time Director and Chief Executive Officer Mr. Prashant J. Sanghvi Whole-Time Director Mr. Rajendra S. Shah Independent Director Mr. Sushil Solanki Independent Director Mr. Dhinal A. Shah Independent Director Mr. Rajesh G. Desai Independent Director Ms. Sangeetha Chhajed Independent Director Mr. Vimal Katta Executive Director - Finance and Chief Financial Officer Mr. Anil Maloo Company Secretary and Legal Head ESG 27 Board of Directors Key Managerial Personnel
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2025-26 (Q2) Investor Presentation 1. Q2 2025-26 Performance 2. About Us 3. Annexures Annexures
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2025-26 (Q2) Investor Presentation 276 323 512 625 542 11.8% 10.3% 11.4% 12.4% 10.4% 0% 2% 4% 6% 8% 10% 12% 14% - 100 200 300 400 500 600 700 FY21 FY22 FY23 FY24 FY25 Profit After Tax (₹ in Crores) PAT % 14 9.33* 12 14 14 700% 467% 600% 700% 700% 0% 100% 200% 300% 400% 500% 600% 700% 800% - 2 4 6 8 10 12 14 16 FY21 FY22 FY23 FY24 FY25 Dividend (in ₹) Dividend % 443 533 808 970 883 18.9% 17.0% 18.1% 19.2% 17.0% 14.0% 15.0% 16.0% 17.0% 18.0% 19.0% 20.0% - 200 400 600 800 1,000 1,200 FY21 FY22 FY23 FY24 FY25 EBITDA (₹ in Crores) EBITDA % to Sales 2,341 3,139 4,474 5,059 5,186 - 1,000 2,000 3,000 4,000 5,000 6,000 FY21 FY22 FY23 FY24 FY25 Revenue from Operations (₹ in Crores) Financial Highlights (Consolidated) Revenue growth from 2020-21 to 2024-25: 22.5% CAGR 29 13.9 14.4 19.7 19.9 14.9 0.00 5.00 10.00 15.00 20.00 25.00 FY21 FY22 FY23 FY24 FY25 Return on Equity (%) * After bonus issue of 1:2 363 431 693 828 738 15.5% 13.7% 15.5% 16.4% 14.2% 8% 10% 12% 14% 16% 18% 20% - 100 200 300 400 500 600 700 800 900 FY21 FY22 FY23 FY24 FY25 Profit Before Tax (₹ in Crores) PBT %
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2025-26 (Q2) Investor Presentation Financial Highlights (Standalone) Revenue growth from 2020-21 to 2024-25: 20.3% CAGR 275 322 514 609 575 12.0% 10.3% 11.8% 12.7% 11.8% 0% 2% 4% 6% 8% 10% 12% 14% - 100 200 300 400 500 600 700 FY21 FY22 FY23 FY24 FY25 Profit After Tax (₹ in Crores) PAT % 363 431 694 810 778 15.8% 13.7% 15.9% 16.9% 15.9% 8% 10% 12% 14% 16% 18% 20% - 100 200 300 400 500 600 700 800 900 FY21 FY22 FY23 FY24 FY25 Profit Before Tax (₹ in Crores) PBT % 30 14 9.33* 12 14 14 700% 467% 600% 700% 700% 0% 100% 200% 300% 400% 500% 600% 700% 800% - 2 4 6 8 10 12 14 16 FY21 FY22 FY23 FY24 FY25 Dividend (in ₹) Dividend % 13.9 14.4 19.1 18.9 15.6 0.00 5.00 10.00 15.00 20.00 25.00 FY21 FY22 FY23 FY24 FY25 Return on Equity (%) 2,298 3,139 4,370 4,807 4,882 - 1,000 2,000 3,000 4,000 5,000 6,000 FY21 FY22 FY23 FY24 FY25 Revenue from Operations (₹ in Crores) * After bonus issue of 1:2 443 495 762 874 814 19.3% 15.8% 17.4% 18.2% 16.7% 14% 15% 16% 17% 18% 19% 20% - 100 200 300 400 500 600 700 800 900 1,000 FY21 FY22 FY23 FY24 FY25 EBITDA (₹ in Crores) EBITDA % to Sales
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2025-26 (Q2) Investor Presentation Profit and Loss Particulars Year ended March 31, 2025 Year ended March 31, 2024 Year ended March 31, 2025 Year ended March 31, 2024 Revenue from Operations 5,186.47 5,059.10 4,876.14 4,806.77 Other Income 59.62 73.21 83.31 46.49 Total Income 5,246.09 5,132.31 4,959.45 4,853.26 Total Expenses 4,508.10 4,304.64 4,181.34 4,043.51 Profit Before Tax 737.99 827.67 778.11 809.75 Total Tax Expense 196.42 202.57 200.10 201.15 Net Profit for the Year 541.57 625.10 578.01 608.61 (₹ in Crores) 31 Annual sales in 2024-25 were the highest in the Company’s history StandaloneConsolidated
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2025-26 (Q2) Investor Presentation Balance Sheet Particulars As at March 31, 2025 As at March 31, 2025 ASSETS Non-current assets Property, Plant and Equipment 1,323.32 1,094.45 Capital Work-in-Progress 189.88 147.82 Goodwill 22.52 - Other Intangible Assets 2.61 2.07 Financial Assets • Investment - 148.74 • Loans 0.16 46.16 • Other Financial Assets 12.06 3.25 Deferred Tax Asset (Net) 3.03 - Other Non-current Assets 49.43 42.16 Total Non-current Assets 1,603.00 1,484.66 Current Assets Inventories 1,506.00 1,240.10 Financial Assets • Investments 179.50 179.50 • Trade Receivables 1,265.10 1,292.81 • Cash and Cash Equivalents 225.22 219.76 • Loans 0.41 0.21 • Other Current Financial Assets 29.04 29.02 Current Tax Assets (Net) 0.17 - Other Current Assets 97.53 160.84 Total Current Assets 3,302.96 3,122.24 Total Assets 4,905.97 4,606.90 Particulars As at March 31, 2025 As at March 31, 2025 EQUITY AND LIABILITIES EQUITY Equity Share Capital 14.02 14.02 Other Equity 3,623.02 3,694.73 Equity Attributable to Owners of the Company 3,637.04 3,708.74 Non-Controlling Interest 27.59 - Total Equity 3,664.63 3,708.74 LIABILITIES Non-current Liabilities Financial Liabilities • Borrowings 64.88 - • Lease Liabilities 13.30 13.26 • Other Financial Liabilities 52.22 11.90 Deferred Tax Liabilities (Net) 80.83 63.61 Other Non-current Liabilities 30.96 27.08 Provisions 1.97 - Total Non-current Liabilities 244.16 115.85 Current Liabilities Financial Liabilities • Borrowings 75.69 - • Lease Liabilities 3.53 2.13 • Trade Payables 458.12 331.97 • Other Current Financial Liabilities 34.01 27.64 Other Current Liabilities 397.88 394.60 Provisions 10.39 9.21 Current Tax Liabilities (Net) 17.56 16.75 Total Current Liabilities 997.18 782.31 Total Liabilities 1,241.34 898.15 Total Equity and Liabilities 4,905.97 4,606.90 32 StandaloneConsolidated(₹ in Crores) StandaloneConsolidated(₹ in Crores)
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2025-26 (Q2) Investor Presentation Cash Flow (₹ in Crores) Particulars Year ended March 31, 2025 Year ended March 31, 2024 Year ended March 31, 2023 Cash from Operating Activity 536.22 511.23 310.47 Cash from Investing Activity (397.12) (145.26) (207.67) Cash from Financing Activity (130.18) (192.95) (116.08) Net Cash Flow 8.92 173.02 (13.28) 33 Consolidated (₹ in Crores) Particulars Year ended March 31, 2025 Year ended March 31, 2024 Year ended March 31, 2023 Cash from Operating Activity 520.99 489.46 317.39 Cash from Investing Activity (345.46) (108.89) (243.00) Cash from Financing Activity (160.09) (208.28) (83.23) Net Cash Flow 15.44 172.29 (8.84) Standalone
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2025-26 (Q2) Investor Presentation THANK YOU For further information, please contact: ratnamani.com info@ratnamani.com CIN : L70109GJ1983PLC006460 Mr. Anil Maloo Company Secretary and Compliance Officer +91 79 2960 1200/01/02 anil.maloo@ratnamani.com Registered Office: 17, Rajmugat Society, Naranpura Cross Roads, Ahmedabad 380 013, Gujarat, India Phone: +91 79 2741 5504/2747 8700 Fax: +91 79 2960 1210 Email: info@ratnamani.com