THE CHAIRMAN'S COMMUNIQUE
Dear Shareholders
It is with great pride that I reflect on our collective journey—a journey defined
by continuous growth, enduring resilience, and purposeful innovation. Over the decades, we
have navigated through challenging headwinds with unwavering determination, consistently
delivering value to our stakeholders and reinforcing our commitment to long-term
excellence.
Building on the momentum of the previous year, we continued to reach new milestones.
For the fourth consecutive year, Ratnamani delivered record-breaking sales and a robust
topline performance notwithstanding the challenges on the demand side, both domestic and
international—an achievement that is fast becoming a hallmark of our culture of
excellence.This consistent outperformance reaffirms our confidence in the strength of our
team and the soundness of our strategy, as we accelerate growth and drive enduring value
for all our stakeholders.
Throughout the year, we continued to focus on further strengthening our core business,
exploring new frontiers, and setting bold ambitions for long-term sustainable growth. This
progress was made possible by the relentless dedication of our employees and the enduring
support of our valued business partners, all working in concert to deliver lasting value
to our customers and shareholders. Even as geopolitical challenges grew more complex, our
unwavering ambition to expand our horizons remained undeterred, reinforcing our commitment
to growth with resilience and purpose.
We formalised a joint venture with SESCO in Saudi Arabia—an important step in
expanding our international footprint.
We have already taken steps to establish a state-of-the-art stainless steel pipe
manufacturing facility in the region. Once the work starts, this strategic initiative will
not only reinforce our local presence and elevate brand visibility but also position us to
serve customers across Saudi Arabia and the broader GCC region with greater agility and
precision.
In addition, we are actively exploring establishing a greenfield facility under our
subsidiary, Ratnamani Finow Spooling. Once finalised and commissioned, this facility will
serve as a key catalyst for growth, elevating our operational capabilities and driving the
next phase of performance excellence.
During the year, we increased our stake in Ravi Technoforge from 53% to 80% at an
additional investment of Rs.33.39 crore as per the agreed terms. Considering the
increasing traction of the products, we plan to augment the operational capacity at its
facility in the current year, which should enhance its contribution to the Company's
growth.
As part of our strategy to deepen our presence in European markets, we entered into a
joint venture with Technoenergy AG, Switzerland to help in the initial period. This
collaboration led to the establishment of our new subsidiary, Ratnamani Trade EU AG,
headquartered in Luzern, Switzerland, marking a significant step in our global expansion
journey.
The remarkable initiatives and milestones fill me with pride and gratitude. With
multiple new partnerships and expansion projects underway and a positive industry outlook,
we are confident in our ability to continue scaling our performance in the years to come.
Though the domestic demand scenario from the sectors we serve, i.e. Oil & Gas and
Water distribution continues to be slow and the geo-political issues in Europe and the
Gulf Region, continue to impact the global demand also, mainly from the Middle East,
looking at the horizon, in the long run, I see considerable opportunities in India and the
markets we currently serve.
India is no longer the world's fastest- growing economy only in theory—it is now
structurally better positioned than most advanced economies. This marks a fundamental
realignment in the global economic order. It's a seismic shift.
Moreover, the global macroeconomic landscape is undergoing a profound transition. Amid
a sharp downward revision in U.S. growth forecasts, barring unforeseen events, India is
poised to contribute over 15% to global GDP growth between 2025 and 2030, surpassing the
combined GDP growth of Japan, Germany, and the entire G7.
India's growth strategy is underpinned by a robust economy, strong governance, and
progressive policies. Substantial investments in infrastructure are transforming the
nation's physical landscape and driving economic growth.
Diving straight into the primary sectors of our presence, namely oil and gas and water
management, there is significant activity being explored, planned, and in progress.
As we enter FY26, our strategic focus remains on unlocking sustainable and profitable
growth by expanding our manufacturing capabilities and enhancing our commercial
excellence. We are committed to enhancing operating margins, optimising asset utilisation,
and seizing emerging opportunities with agility and foresight.
As we move forward with our aspirations, I would like to gratefully acknowledge your
continued trust and faith in us and assure you of progressive growth in shareholder value
year after year.
Looking ahead, I extend my heartfelt gratitude for your continued trust and support. We
remain steadfast in our commitment to delivering progressive, long-term value for our
shareholders, year after year.
Warm regards,
PRAKASH M. SANGHVI
Chairman & Managing Director.