Ratnamani Metals & Tubes Initiating Coverage Report By Centrum

We initiate coverage on Ratnamani Metals & Tubes (RMTL) with Buy on the back of proven track record of superior earnings trajectory – best in industry, robust margins and strong return ratios driven by sustainable competitive strength of its niche business of stainless steel (SS) pipes and tubes. RMTL is poised to benefit from a pick-up in domestic investment cycle and significant entry barriers and
expertise required in SS business puts it in a sweet spot. Superior capital allocation record and a proactive management provide the icing on the cake and make RMTL an attractive investment for long term growth investors.

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