Integrated Filing (Financial ) for the quarter ended 31st December,2025
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Rajasthan Tube Manufacturing reported a profit of Rs 289.41 lakhs for Q3 FY26, compared to a loss of Rs 28.12 lakhs in Q3 FY25. However, the company disclosed that no production activities took place during the quarter and all revenue (Rs 351.24 lakhs) came from selling old closing stock, not fresh manufacturing. For the nine months ended December 2025, total revenue fell sharply to Rs 1,700.64 lakhs from Rs 4,846.22 lakhs in the same period last year, a drop of about 65%. The auditor (Bakliwal & Co.) flagged that Q3 sales were recorded in the January GST returns instead of December, raising a timing/revenue recognition concern. Inventory dropped to zero and current borrowings jumped to Rs 648.52 lakhs from nil at March 2025.
The headline profit is misleading because it came from liquidation of old inventory rather than active manufacturing, signalling weak core operations. Shareholders should note the sharp revenue decline, halted production, auditor's revenue cut-off observation, and rising short-term debt, all of which raise concerns about near-term business sustainability.