Revised Financial Results for the quarter ended 31 st March, 2026
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Rajasthan Tube Manufacturing Company has revised and resubmitted its audited results for Q4 FY26 and full year FY26. Revenue from operations collapsed roughly 70% to Rs. 1,700.64 lacs from Rs. 5,634.08 lacs last year, with Q4 FY26 showing zero revenue from operations. The company explicitly noted that no production activities were carried out in the final quarter and revenue came only from sale of old stock. Full-year profit after tax still rose to Rs. 123.69 lacs (from Rs. 48.73 lacs), but Q4 FY26 standalone PAT was a loss of Rs. 56.43 lacs. Total assets shrunk sharply to Rs. 1,134.51 lacs (from Rs. 1,937.27 lacs), inventories dropped to zero from Rs. 874.97 lacs, and short-term borrowings were fully repaid (Rs. 648.52 lacs last year to nil). Operating cash flow was strong at Rs. 1,367.03 lacs, but mostly because the company was unwinding inventory and clearing payables. The auditor issued an unmodified opinion but flagged that GSTR-3B returns were not filed and the related GST liability had not been discharged, though the audit opinion was not modified in respect of this matter.
The underlying business has effectively shut down - no production in the final quarter and revenue down about 70% for the year. While reported annual PAT looks better on paper, this is largely a result of inventory liquidation and cost cutting rather than healthy operations. Retail investors should treat the improved margins with caution given the non-operational status, the GST compliance flag from auditors, and the shrinking balance sheet.