Ratnaveer's Q4 profit gets a material lift from other income
Standalone operating margin was 11.38%, while management highlighted 29.17% FY26 production growth and a five-line CCL expansion.
Filed 01 Sep 2026, 19:04 IST · after market close · RATNAVEER (RATNAVEER)
Key takeaways
- Standalone Q4FY26 pre-tax profit was Rs 20.75 cr, with Rs 7.33 cr of other income making a material contribution.
- FY26 production increased 29.17% YoY to 46,668 MT, while nuts-and-bolts manufacturing added to the fastener vertical.
- Management said CCL Line 1 commissioning is targeted for November 2026 as part of a planned five-line expansion.
Other income was material to standalone Q4 profit
Ratnaveer reported standalone operating profit of Rs 28.32 cr, while interest of Rs 8.04 cr and depreciation of Rs 6.87 cr reduced profit before tax to Rs 20.75 cr. Other income of Rs 7.33 cr was material relative to pre-tax profit, so reported earnings included a meaningful non-operating contribution. The 17.89% tax rate also shaped the conversion from pre-tax profit to net profit.
Production growth supports the fastener business
The presentation said FY26 production reached 46,668 MT, up 29.17% YoY from 36,129 MT. Management said nuts-and-bolts manufacturing, launched in FY25, is now contributing to the fastener vertical. This gives the quarter's operating picture a volume-growth angle beyond the reported financial figures.
CCL expansion is the main strategic development
Management said Ratnaveer is expanding beyond stainless steel into electronics-grade materials and plans five CCL production lines, with Line 1 already in progress. The company said commissioning of Line 1 is targeted for November 2026. Management's FY2031 scaled CCL case lists capacity of 79,20,000 sheets and annual revenue of Rs 750+ cr.
Results were filed after market close
The results were filed after market close, so the stock's immediate response is not yet part of this readout. The presentation said more than 90% of India's CCL demand is currently imported and described the project as offering a first-mover advantage, both of which frame the rationale management gave for the expansion.
Q4FY26 at a glance
Standalone figures as filed with NSE — filed ahead of third-party databases, not yet independently cross-checked.
| Line item | Q4FY26 |
|---|---|
| Revenue | ₹249 cr |
| Other income | ₹7 cr |
| Expenses | ₹221 cr |
| Operating profit | ₹28 cr |
| Operating margin (%) | 11.38% |
| Interest | ₹8 cr |
| Depreciation | ₹7 cr |
| Profit before tax | ₹21 cr |
| Tax | ₹4 cr |
| Net profit | ₹17 cr |
| EPS (₹) | ₹2.94 |
What management said
From the company’s own investor presentation. Each point is checked against the source document before it appears here.
This quarter
- FY26 production volumes reached 46,668 MT, up 29.17% year on year from 36,129 MT.
- Nuts and bolts manufacturing launched in FY25 is contributing to the fastener vertical.
Guidance & outlook
- CCL Line 1 commissioning is targeted for November 2026.
- The FY2031 scaled CCL case lists annual revenue of ₹750+ Cr.
- The FY2031 scaled CCL case lists capacity of 79,20,000 sheets.
Expansion
- Ratnaveer plans five CCL production lines, with Line 1 already in progress.
New products
- Nuts and bolts manufacturing was launched in FY25.
New initiatives
- Ratnaveer is expanding beyond stainless steel into electronics-grade materials.
- The company is transitioning from an export manufacturer into a diversified industrial conglomerate.
Competition
- Ratnaveer describes itself as India's leading exporter of stainless-steel washers.
- The CCL project gives Ratnaveer a stated first-mover advantage in India.
Problems & risks
- More than 90% of India's CCL demand is currently imported, exposing manufacturers to pricing and supply risks.
What to watch
- Whether operating margin holds above 11.38%.
- Whether quarterly production builds from the FY26 level of 46,668 MT.
- Whether CCL Line 1 commissioning occurs in November 2026, as targeted by management.