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RMTL/SEC/CREDIT RATING/2026-27 September 10, 2026 BSE Ltd. National Stock Exchange of India Ltd. Corporate Relationship Department “Exchange Plaza”, 5th Floor, 1st Floor, New Trading Ring, Bandra – Kurla Complex, Rotunda Building, P. J. Tower, Bandra (E), Dalal Street, Fort, Mumbai – 400 001 Mumbai - 400 051 Company Code : 520111 Company Code : RATNAMANI Subject: Intimation under Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, (“SEBI Listing Regulations”) Dear Sir/Madam, Pursuant to Regulation 30 read with para-A, part A of Schedule III of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 (“Listing Regulations”), this is to inform you that “Crisil Ratings Limited” has upgraded (long term) / reaffirmed (short term) ratings to the bank loan facilities of the Company vide its communication dated September 9, 2026, as under: Total bank loan facilities rated Rs. 2,200 Crores Long-term rating Crisil AA+/Stable (upgraded from “Crisil AA/Positive”) Short-term rating Crisil A1+ (reaffirmed) The detailed rationale provided by the rating agency is enclosed. The said information was published by the CRISIL Ratings Limited in their website, website of the Stock Exchanges under system driven disclosure on September 9, 2026, at around 19:08 p.m. (IST). The above information will be made available on the website of the Company at www.ratnamani.com. Kindly take the above on your record. Thanking you, Yours faithfully, For, RATNAMANI METALS & TUBES LIMITED ANIL MALOO COMPANY SECRETARY & COMPLIANCE OFFICER Encl.: As above Rating Rationale September 09, 2026 | Mumbai Ratnamani Metals and Tubes Limited Long-term rating upgraded to 'Crisil AA+/Stable'; Short-term rating reaffirmed Rating Action Regulator Of Total Bank Loan Facilities Rated Rs.2200 Crore Instrument Crisil AA+/Stable (Upgraded from 'Crisil Long Term Rating RBI AA/Positive') Short Term Rating Crisil A1+ (Reaffirmed) RBI Note: None of the Directors on Crisil Ratings Limited’s Board are members of rating committee and thus do not participate in discussion or assignment of any ratings. The Board of Directors also does not discuss any ratings at its meetings. 1 crore = 10 million Refer to Annexure for Details of Instruments & Bank Facilities Detailed Rationale Crisil Ratings has upgraded its rating on the long-term bank facilities of Ratnamani Metals and Tubes Limited (Ratnamani) to 'Crisil AA+/Stable' from 'Crisil AA/Positive' and has reaffirmed its 'Crisil A1+' rating on the short-term bank facilities. The upgrade reflects the strengthening of the company's business risk profile, driven by increasing revenue diversification through the faster-than-expected scale-up of subsidiaries, a robust growth in order book providing healthy growth visibility, its sustained market leadership in the niche stainless steel tubes and pipes (SSTP) segment, and strong operating efficiency. The upgrade is further supported by the company's strong financial risk profile, characterised by conservative leverage, a net cash position, strong liquidity and healthy cash accrual generation. During fiscal 2026, consolidated operating margin improved to 17.01% from 15.90% in fiscal 2025, supported by a favourable product mix with increasing contribution from high-margin SSTP spooling businesses, as well as healthy earnings from subsidiaries. As a result, profit after tax (PAT) remained resilient at Rs 534 crore (fiscal 2025: Rs 542) despite decline in consolidated revenue to Rs 4,498 crore (Rs 5,187 crore), attributable to subdued demand in the carbon steel segment following lower government spending and export disruptions caused by the West Asia conflict. Further, net cash accrual remained strong at Rs 568 crore (fiscal 2025: Rs 551 crore) supported by treasury income in addition to healthy operating profits. Going forward, revenue is expected to grow at a healthy rate of 12–15%, supported by its record-high order book of over Rs 4,900 crore as on August 31, 2026, strong execution capabilities, stabilisation and ramp-up of the Odisha facility, recovery in export business, and continued scale-up of subsidiary operations. Notably, more than 50% of the order book comprises high-value pipe spooling orders for nuclear power projects, which typically generate operating margins in excess of 30%, underscoring the improving quality of the revenue mix. The increasing contribution from these value-added, high-margin businesses, along with improving operating leverage at subsidiaries, is expected to further strengthen the consolidated profitability profile. The operating margin should sustain at a healthy 17–18% over the medium term, supporting strong cash accrual generation and financial flexibility. The financial risk profile continues to be robust, with consolidated networth of around Rs 4,187 crore as on March 31, 2026, against total debt of Rs 304 crore. Cash and liquid investments increased significantly to around Rs 988 crore as on March 31, 2026 from Rs 438 crore in the previous fiscal. Debt protection metrics remained strong, reflected in adjusted interest coverage of 27.6 times and gearing of only 0.07 time as on March 31, 2026. The company continues to undertake strategic capital expenditure (capex), with planned investments of around Rs 1,200 crore over the next three fiscals. The capex will primarily be directed towards capacity expansion, product diversification, enhancement of operational efficiency and strengthening its global presence. The proposed investments are expected to improve the product mix, enhance execution capabilities, and strengthen the company's presence in high-value domestic and export markets. As the planned expenditure is expected to be funded entirely through cash accrual, the financial risk profile is expected to remain strong. The ratings continue to reflect Ratnamani's strong business risk profile, supported by its market leadership in the SSTP segment, diversified revenue streams, and healthy financial risk profile, as reflected in low gearing and comfortable debt protection metrics. These strengths are partially offset by the company's large working capital requirement and susceptibility to slowdowns in end-user industries. Analytical Approach Crisil Ratings has consolidated the business and financial risk profiles of Ratnamani and its subsidiaries, because of strong operational and financial linkages between them. Please refer Annexure - List of Entities Consolidated, which captures the list of entities considered and their analytical treatment of consolidation. Key Rating Drivers - Strengths Strong business risk profile, driven by market leadership in the SSTP segment, increasing revenue diversification, and healthy scale-up of subsidiary operations Ratnamani benefits from a diversified product portfolio comprising SSTP, carbon steel longitudinal submerged arc welded (LSAW), helical submerged arc welded (HSAW) and electric resistance welded (ERW) pipes catering to a wide range of end-user industries including oil and gas, petrochemicals, refineries, power, water infrastructure and process industries. The company is among the largest players in the domestic SSTP segment and has steadily expanded its stainless-steel pipe capacity to 61,500 tonne per annum (TPA). It has also strengthened its presence in the carbon steel segment, with aggregate pipe manufacturing capacity increasing to 7.5 lakh TPA as on June 30, 2026, and expected to further rise to 8.1 lakh TPA by the end of fiscal 2027. The business profile has been further strengthened through successful diversification into adjacent businesses via subsidiaries and joint ventures. Ravi Techno Forge Limited, subsidiary of Ratnamani, engaged in the manufacture of precision forged bearing rings catering to engineering, capital goods and automotive sectors, reported revenue of Rs 377 crore in fiscal 2026 and is expect [Showing first 8,000 characters — download PDF for full document]