504903

Rathi Steel financials

Market cap
₹187 Cr
Sector
Capital Goods
Calls analysed
6
Latest concall · Q1 FY27 · call held 18 Aug 2026

Rathi Steel Q1 FY27

EBITDA ₹7.77 cr +25%PAT ₹3.48 cr +85%PAT Margin 1.8% Total Income ₹193.67 cr +25%

What went well

  • Total income for Q1 FY27 stood at ₹193.67 crores, registering a year-on-year growth of 24.6%.
  • EBITDA for the quarter was ₹7.77 crores, reflecting growth of 24.83% on a year-to-year basis.
  • Profit after tax stood at ₹3.48 crores, registering a strong year-to-year growth of 84.5%.

What to watch

  • The broader operating environment remained characterized by softer steel realizations, volatile energy prices, geopolitical uncertainties, and fluctuating demand across certain end-user industries.
  • Stainless steel volumes were softer, down approximately 10-12% YoY, due to geopolitical disruptions and high ocean freight impacting export-oriented applications.
Read the full call →

What Rathi Steel does

Rathi Steel and Power Limited (RSPL) manufactures stainless steel billets, wire rods, flats and rebars, and mild-steel TMT bars (sold under the Rathi Powertech brand), at an integrated ~12.5-acre facility in Ghaziabad, NCR. A Steel Melting Shop converts raw material into billets that are fed directly into an in-house Rolling Mill, making RSPL India's only stainless-steel wire rod producer using direct billet-charging technology. TMT bars are sold primarily in the NCR region, while stainless steel products are distributed across multiple states through a dealer network spanning 7 states.

Segments

  • Steel Melting (stainless steel billets)
  • Rolling Mill (wire rods, flats, rebars, TMT bars)
Manufacturing facility
1 integrated plant in Ghaziabad (NCR), ~12.5 acres
Steel melting capacity
~85,000 TPA
Rolling mill capacity
2,00,000 TPA
Capacity utilization (FY26)
Steel Melting Shop ~53%; Rolling Mill ~51.5%
FY26 rolled-product volume
1,02,972 tonnes
FY26 billet production
45,452 tonnes
Founded 1971Headquarters New Delhi, India Company website

Guidance record · Q1 FY27

what the last two calls moved 12 tracked 2 delivered 1 missed 9 open
  • Cost of Debt delivered said Q3 FY25 Promised: Refinance high-cost 18% working capital loan in the coming financial year (FY26) Q1 FY27: Promise achieved in prior quarter. Management is now looking to refinance the current 16% loan.
  • Product Launch (SS Rebars 8-32mm) went quiet said Q3 FY25 Promised: Launch full range of stainless steel rebars in Q1 FY26 Q1 FY27: No mention of the specific SS rebar launch. Stainless steel volumes were reported as softer, but this specific product was not discussed.
  • Steel Melting Shop Utilization at risk said Q4 FY25 Promised: Ramp up capacity utilization from 60% to 80% Q1 FY27: No current utilization number provided. Management stated they will look to expand capacity once utilization reaches 70-75%, but did not update on progress towards the 80% target.

All 12 tracked — every revision, and every one management stopped mentioning.

Open the guidance ledger

Quarterly results

Q4 FY26: revenue up 63.4%, net profit up 96.1% against the same quarter last year.

₹ Cr · quarterly
Line itemQ1 FY25Q2 FY25Q3 FY25Q4 FY25Q1 FY26Q2 FY26Q3 FY26Q4 FY26
Revenue128 121 104 150 155 +22%156 +29%160 +53%244 +63%
EBITDA6 5 3 8 6 +3%6 +21%6 +110%10 +24%
Net profit3 7 1 4 2 −30%2 −77%2 +260%7 +96%
How to read this

₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.

Performance −10.3% 1Y

₹15.0₹20.0₹25.0Sept 25Oct 25Dec 25Jan 26Mar 26Apr 26Jun 26Jul 26Sept 26Q2 FY26 — 19 Nov 2025Q3 FY26 — 18 Feb 2026Q4 FY26 — 3 Jun 2026Q1 FY27 — 18 Aug 2026

1Y: ₹24.52 on 10 Sept 2025 → ₹22. High ₹28.43 (15 Dec 2025), low ₹13.8 (30 Mar 2026).

How the price took the results

close before → close after

Q1 FY27
−0.4%
18 Aug
Q4 FY26
+4.3%
3 Jun
Q3 FY26
−0.9%
18 Feb
Q2 FY26
−0.4%
19 Nov

The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.

Financials, as filed

Revenue fell 0.5% a year over 3 years, FY23 to FY26. Operating margin held at 4.0%.

Year endingFY23FY24FY25FY26
Revenue₹727 Cr₹493 Cr₹503 Cr₹716 Cr
Operating profit₹32 Cr₹21 Cr₹22 Cr₹28 Cr
Operating margin4.4%4.2%4.4%4.0%
Interest₹12 Cr₹12 Cr₹6 Cr₹7 Cr
Depreciation₹8 Cr₹9 Cr₹10 Cr₹9 Cr
Net profit₹87 Cr₹24 Cr₹14 Cr₹13 Cr
Net margin12.0%4.8%2.8%1.8%
Cash from operations₹105 Cr₹24 Cr₹-11 Cr₹-1 Cr
Free cash flow₹98 Cr₹11 Cr₹-40 Cr₹-24 Cr
How to read this

From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.

Balance sheet

Year endingFY21FY22FY23FY24FY25FY26
Equity capital₹31 Cr₹31 Cr₹31 Cr₹85 Cr₹95 Cr₹95 Cr
Reserves₹-220 Cr₹-256 Cr₹-100 Cr₹28 Cr₹45 Cr₹55 Cr
Borrowings₹436 Cr₹324 Cr₹122 Cr₹10 Cr₹37 Cr₹45 Cr
Other liabilities₹96 Cr₹98 Cr₹152 Cr₹96 Cr₹122 Cr₹132 Cr
Total liabilities₹343 Cr₹196 Cr₹205 Cr₹220 Cr₹299 Cr₹327 Cr
Fixed assets₹208 Cr₹67 Cr₹66 Cr₹70 Cr₹78 Cr₹98 Cr
Capital work in progress₹0 Cr₹0 Cr₹0 Cr₹0 Cr₹14 Cr₹5 Cr
Investments₹0 Cr₹0 Cr₹0 Cr₹0 Cr₹0 Cr₹0 Cr
Other assets₹135 Cr₹129 Cr₹139 Cr₹149 Cr₹207 Cr₹223 Cr
Total assets₹343 Cr₹196 Cr₹205 Cr₹220 Cr₹299 Cr₹327 Cr
How to read this

As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.

Who owns it

As disclosed at Jun 2026

Since Jun 2025, FIIs trimmed −2.31 pp while the public added +2.30 pp. The shareholder count shrank 4% to 26,381.

Promoters
41.3%
FIIs
2.7%
DIIs
2.5%
Government
3.6%
Public
49.9%

Since Jun 2025

  • FIIs −2.31 pp
  • Public +2.30 pp
  • Promoters 0.00 pp

How it drifted, 12 quarters

Over this window promoters fell from 51.5% to 41.3% — −10.2 pp.

Sep '23Dec '24Jun '26

Ownership split by quarter, oldest first. Sep '23: Promoters 51.5%, DIIs 8.2%, Public 40.3%.Dec '23: Promoters 51.5%, DIIs 8.2%, Public 40.3%.Mar '24: Promoters 40.3%, DIIs 2.5%, Public 57.1%.Jun '24: Promoters 40.3%, FIIs 8.9%, DIIs 2.9%, Public 47.8%.Sep '24: Promoters 40.3%, FIIs 8.9%, DIIs 2.9%, Public 47.9%.Dec '24: Promoters 40.3%, FIIs 8.9%, DIIs 2.5%, Public 48.2%.Mar '25: Promoters 41.3%, FIIs 8.6%, DIIs 2.5%, Public 47.6%.Jun '25: Promoters 41.3%, FIIs 5.0%, DIIs 2.5%, Government 3.6%, Public 47.6%.Sep '25: Promoters 41.3%, FIIs 5.0%, DIIs 2.5%, Government 3.6%, Public 47.6%.Dec '25: Promoters 41.3%, FIIs 5.0%, DIIs 2.5%, Government 3.6%, Public 47.6%.Mar '26: Promoters 41.3%, FIIs 2.7%, DIIs 2.5%, Government 3.6%, Public 49.9%.Jun '26: Promoters 41.3%, FIIs 2.7%, DIIs 2.5%, Government 3.6%, Public 49.9%.

Who was buying across the market this quarter →

Who bought this quarter

since Mar 2026

Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.

The same filing shows 0 holders trimming and 1 off the list — both are in the register beside this.

Who is on the register

Named in the Jun 2026 filing

Every holder of Rathi Steel above SEBI's 1% disclosure line, and what changed since Mar 2026.

HolderStakeChange
Pcr Holdings Private Limited 26.41%unchanged
Pradeep Kumar Rathi Pkr 9.11%unchanged
Asg Trading Pvt Ltd. 6.53%unchanged
Dbg Leasing And Housing Limited 4.44%unchanged
Enforcement Directorate Raipur 3.59%unchanged
Ebisu Global Opportunities Fund Limited FPI fund1.88%unchanged
Sammys Dreamland Co Private Limited 1.65%unchanged
Udit Rathi Ur 1.34%newly disclosed
First Rate Investments Private Limited 1.31%unchanged
Canara Bank-Mumbai Bank1.26%unchanged
Lauls Limited 1.08%unchanged
Udit Rathi —off the list

A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.

All earnings calls (6)

Read the Q1 FY27 call →

Learn to analyse Rathi Steel

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