Ram Ratna’s Q1 margin trails Industrials median by 9.72 points
The standalone quarter was filed after market close; management said Copper Tubes & Pipes rose to 26% of the mix from 14% in Q1FY26.
Filed 31 Jul 2026, 16:52 IST · after market close · Ram Ratna Wires Ltd (RAMRAT)
Key takeaways
- Ram Ratna’s standalone operating margin of 4.78% was 9.72 percentage points below the 32-peer Industrials median.
- Copper Tubes & Pipes rose to 26% of the revenue mix from 14% in Q1FY26, according to management, marking a material portfolio shift.
- Interest of Rs 30.36 cr absorbed a sizeable part of the Rs 87.49 cr operating profit, while other income was only Rs 2.28 cr.
Price around the results
Operating margin ranks near the bottom of Industrials peers
Ram Ratna reported a 4.78% standalone operating margin in Q1FY27, versus a 14.5% median among 32 Industrials companies that had reported the quarter. Its margin was 9.72 percentage points below that median and ranked third from the bottom, making profitability the main weakness in the quarter.
Copper tubes became a larger part of the portfolio
Management said Copper Tubes & Pipes increased its share of the revenue mix to 26% in Q1FY27 from 14% in Q1FY26. The company said it aims to become a leading domestic supplier in a market with approximately 70% import dependency, while its Advanced Cast & Roll technology is intended to support quality competitiveness. Management also said production had commenced at Bhiwadi and that Tefabo’s Vadodara facility was being expanded from approximately 40 to 80 towers per month.
Interest expense mattered more than non-operating income
Interest of Rs 30.36 cr took a sizeable portion of the Rs 87.49 cr operating profit before depreciation and tax. Other income was Rs 2.28 cr against profit before tax of Rs 47.64 cr, so reported earnings were not mainly supported by non-operating income. The 22.93% tax rate does not indicate that a lower tax burden was the main driver of profit.
Results were filed after market close
The company filed its Q1FY27 results after market close on 31 Jul 2026.
Q1FY27 at a glance
Standalone figures as filed with NSE — filed ahead of third-party databases, not yet independently cross-checked.
| Line item | Q1FY27 |
|---|---|
| Revenue | ₹1,832 cr |
| Other income | ₹2 cr |
| Expenses | ₹1,745 cr |
| Operating profit | ₹87 cr |
| Operating margin (%) | 4.78% |
| Interest | ₹30 cr |
| Depreciation | ₹12 cr |
| Profit before tax | ₹48 cr |
| Tax | ₹11 cr |
| Net profit | ₹37 cr |
| EPS (₹) | ₹3.93 |
Operating margin of 4.78% compares with a Industrials sector median of 14.50% across 32 peers that have reported Q1FY27.
What management said
From the company’s own investor presentation. Each point is checked against the source document before it appears here.
This quarter
- Copper Tubes & Pipes revenue mix share increased from 14% in Q1 FY26 to 26% in Q1 FY27.
Guidance & outlook
- Copper Tubes & Pipes diversification is positioning the portfolio for long-term growth and profitability.
- RRWL aims to become a leading domestic supplier in India’s expanding copper tubes and pipes market.
Expansion
- Tefabo’s Vadodara facility is undergoing phased expansion from approximately 40 to 80 towers per month.
- Production has successfully commenced at the Bhiwadi unit.
New products
- The company offers BLDC motors for room air conditioners.
- The company offers BLDC kits and motors for ceiling fans.
New initiatives
- The company is developing BLDC and PMSM motors through EPAVO Electricals Pvt. Ltd.
- Tefabo is progressing European technology transfer through a demonstration small wind turbine at Chikmagalur.
- Tefabo is diversifying into nacelle parts alongside tower internals.
- The copper tubes business uses Advanced Cast & Roll technology to support global quality competitiveness.
Problems & risks
- India has approximately 70% copper tube import dependency.
What to watch
- Whether standalone operating margin moves above or below 4.78% next quarter.
- Whether Copper Tubes & Pipes retains a revenue mix share near 26%.
- Whether the Rs 30.36 cr interest burden changes relative to operating profit.