Tuesday, August 11, 2026

RATNAVEER - Precision engineering company playing good in industrial sector

NSE: RATNAVEER
BSE: 543978

RATNAVEER Precision Engineering Ltd is into Marine, Defence, Bullet Train, Railways, Long Transportation and Aero Space.

Based in GIDC Vadodara, Gujarat (SAVLI)

As on July with market capitalisation of INR 1481 crore (source: screener)

Stock P/E 21.9

Face Value of Rs. 10

RATNAVEER has reported good 1st quarterly result of fy 26-27 with increased sales turnover and OPM of 10% and increase in EPS.
Promotor holding as on Jun-26 is 45.49%
FIIs Holding 3.53%
DIIs Holding 2.00%
Public Holding 48.98%

Their product list includes Stainless Steel Washer, Solar Mounting Hooks, Finishing Sheets, SS Tube and Pipes, Retaining Ring, Toothhed Lock Washer, Circlip, Spring Washer and Copper Clad Laminates. 

 Their annual capacity is 6000 Metric Tonnes Per Annum.

Company is ISO 9001 certified and their motto is Customer First including promise to provide world class products to their customers.

Growth Company delivers good profit growth of increased CAGR in last five years.

Promotors are buying and increasing their share.

Working capital requirement has reduced.

CWIP is increasing Year on Year.
ROCE on average is more than 10%

Their office address is as below;
Office : 703/704, "OCEAN",Sarabhai Compound,Near Center Square Mall,Dr.Vikram Sarabhai Road,Vadodara, Gujarat 390023.

Peers:
Jindal Saw
Ratnamani Metals
Godawari Power
APL Apollo Tubes

Saturday, August 8, 2026

Kalyan Jewellers — 3-Year Investment Analysis

 NSE: KALYANKJIL

Investment horizon: FY27–FY29


₹ croreFY25FY26Growth
Revenue25,04535,74343%
EBITDA1,5172,49164%
PAT7141,35089%
EBITDA margin6.1%7.0%+90 bps
PAT margin2.9%3.8%+90 bps
ROCE15.9%24.3%Strong improvement
ROE19.8%28.8%Strong improvement

Existing stores are generating higher sales.

The company has demonstrated strong same-store growth in recent quarters.

The franchisee provides much of the capital.

Kalyan operates the store and earns the economics.

This allows Kalyan to expand much faster than if it had to fund every store itself.


Good Opportunity:

There are:

  • Local family jewellers
  • Regional chains
  • National chains
  • Organised players
  • Online brands
Interestingly, younger customers increasingly want:
  • Lightweight jewellery
  • Daily-wear jewellery
  • Online discovery
  • Lower-ticket products
  • Contemporary designs

Kalyan has a significant Middle East presence.

This provides geographic diversification.

But I wouldn't assign the same valuation to the international business as the Indian business.

Why?

Middle East jewellery demand is affected by:

  • Gold prices
  • Oil economy
  • Geopolitics
  • expatriate income
  • local consumer confidence

The India business should remain the primary investment thesis.


ScenarioFY29 EPSP/EIndicative FY29 price
🔴 Bear₹2422x₹530
🟡 Base₹3025x₹750
🟢 Bull₹3528x₹980

⭐ Final rating

Business quality: 9/10

3-year growth potential: 9/10

Financial improvement: 8.5/10

Risk: 6.5/10

Valuation at ~₹600: 6.5–7/10

Overall 3-year investment rating: 🟢 8/10

My preferred strategy: ACCUMULATE ON CORRECTIONS rather than chase the stock after a sharp rally.

Note: Not an invitation to invest

Ratnaveer Precision Engineering — Future Perspective

 NSE: RATNAVEER

ParameterMy assessment
Business growth🟢 Strong
Revenue growth🟢 Strong
Profit growth🟢 Strong
Product diversification🟢 Improving
Industry opportunity🟢 Positive
Export opportunity🟢 Positive
Margins🟡 Moderate
Debt/finance cost🟠 Watch
Cash-flow quality🔴 Weak currently
Working capital🔴 High
Promoter holding🟡 Needs monitoring
Valuation🟡 Reasonable, not cheap
3–5 year potential🟢 Good, if execution remains strong

Ratnaveer manufactures stainless-steel products including:

  • Stainless-steel finishing sheets
  • Stainless-steel washers
  • Stainless-steel tubes
  • Solar mounting hooks
  • Other precision stainless-steel products
The company describes itself as India's largest producer/exporter of stainless-steel washers, and has manufacturing facilities around Vadodara.

₹ croreFY24FY25FY26Growth
Revenue~595~892~1,06919.8% YoY FY26
Net Profit~31~47~6437.4% YoY FY26
EPS~₹7.61₹9.31₹11.1119.3%
Operating Profit~47~69~87Strong

 

A sustainable 15–20% revenue growth + 20%+ earnings growth story can still generate attractive shareholder returns if valuation remains reasonable.

CategoryJun-26
Promoters45.49%
FIIs3.53%
DIIs2.00%
Public/others48.98%