*MNCL Research: Ratnamani Metals (RMT) 3QFY25 results first cut: Misses ebitda estimates due to adverse product mix* *_CMP: Rs2545; TP: Rs3900 (under revision); Rating: Accumulate_* *Consol. Revenue:* Rs13.1bn, +5% y/y, +36% q/q; meets our estimates. Additionally, ~Rs640mn is contribution from Ravi Technoforge. Negligible revenue from spools.  *Blended volumes Q3fy25* Vol - 87.2kt, +7% y/y, +81% q/q; Blended Realization at Rs1,49,934; +1.5% y/y; -21% q/q. *EBITDA:* Rs2bn, +2% y/y, +33% q/q; *Margins:* 15.5%, -45bps y/y and -32bps q/q - margins misses the guided range of 16-18% as line pipe proportion was higher and that too catering to water segment.  *PAT:* Rs1.3bn, -1% y/y; +33% q/q *Order book:* Rs27.9bn - 01 Feb'25 (vs. Rs29.6bn in Nov'24); SS/CS - Rs8.48bn/Rs19.5bn (export rises to ~53%: Rs14.7bn) *Outlook:* Q3FY25 was miss to our ebitda estimates due to high proportion of low margin line pipes especially to the water segment. SS pipe order booking has shown improvement both in domestic and export markets but line pipes order booking has not picked up meaningfully post elections. Ravi technoforge is on track to achieve guidance of Rs2.7-3bn in FY25. Spooling business guidance cut to Rs350-400mn for FY25. Cold finishing line capex undergoing trial runs and Odisha plant to be started from Mar'25. We will release a detailed update shortly. Regards, Sahil Sanghvi | Smit Shah @ Monarch Networth Capital Ltd.