Ratnaveer Precision Engineering Limited
Current Price
₹183.4
As of 20 May 2026
Market Cap
₹1.24K Cr
As of 20 May 2026
India's largest SS washers manufacturer pivoting to CCL via Rs.338 Cr ECMS-backed import-substitution bet
Report updated: 2026-05-20
Ratnaveer Precision Engineering Limited
India's largest stainless-steel washers manufacturer (1.8 Bn+ units/year, 31 countries, 219 clients) pivoting into Copper Clad Laminates — Rs.338 Cr ECMS-backed Phase III capex to substitute India's 90%+ CCL imports, with Line 1 commercial Nov-2026. FY26 closed at Revenue Rs.1,069 Cr (+19.8% YoY), PAT Rs.64 Cr (+37.5%), EBITDA Rs.122 Cr — Q4 EBITDA margin step-jumped to 14.32% (vs full-year 11.40%). Infomerics upgraded to IVR A-/Stable + A2+ on 28-Apr-2026; bank facilities enhanced to Rs.388.47 Cr. Promoter Sanghvi family 45.49% (Mar-26) — down 10pp in 2 years from preferential + warrants; Vijay Sanghvi holds combined Chairman + MD + CFO. CMP Rs.189 / mkt cap Rs.1,286 Cr.
Rs.189
Share price (20 May 2026)
Rs.1,286 Cr
Market cap (Small Cap)
Rs.1,069 Cr
FY26 revenue (+19.8% YoY)
Rs.64 Cr
FY26 PAT (P/E 20.0x)
14.32%
Q4FY26 EBITDA margin (step-jump from 10.61%)
45.49%
Promoter holding (Mar-26; down from 55.49% Mar-24)
Stock Funda Summary
- Ratnaveer Precision Engineering Limited (NSE: RATNAVEER / BSE: 543978) is India's largest stainless steel washers manufacturer (2,500+ SKUs) + SS fasteners + SS bright bars. 5 manufacturing facilities in Gujarat (Vadodara + Ahmedabad cluster); installed capacity 30K MTPA (FY24) → 67-70K MTPA (FY26) after Phase 1 + Phase 2 expansion.
- IPO'd Sep-2023 on NSE+BSE mainboard at Rs.98 (Rs.165 Cr issue, 94x subscribed, 32% listing premium).
- FY26 audited: Revenue Rs.1,069 Cr / PAT Rs.64 Cr / EBITDA Rs.122 Cr (11.40% margin)
- Q4FY26 EBITDA margin step-jumped to 14.32% (from 10.34% Q1FY26 → 10.51% → 10.61% → 14.32%).
- Mgmt FY27 target Revenue >Rs.1,500 Cr at 13-13.5% EBITDA.
- THE REAL STORY: Copper Clad Laminates (CCL) pivot — Rs.338 Cr capex over 3 years APPROVED under ECMS (Electronics Component Manufacturing Scheme) with letter handed by IT Minister Ashwini Vaishnaw on 30-Mar-2026.
- India imports >90% of CCL today; market Rs.5,000 Cr → Rs.29,880 Cr by 2031 per industry estimates.
- CCL Line 1 trial Sep-2026 / commercial Nov-2026 — 1.6M FR-4 sheets/year; 5 lines target 7.92M sheets at FY31 maturity.
- First-mover vs Wipro / Syrma / Amber Enterprises (announced 1-2 months earlier).
- Customer base: 219 clients across 31 countries + 89 distribution partners
- Top 10 = 72% of FY25 revenue (concentration risk).
- Promoter holding has drifted 55.49% (Mar-24) → 50.73% (Mar-25) → 45.49% (Mar-26) — Aug-24 Rs.65 Cr preferential + FY26 warrants.