Revised Integrated Filing (financial) for the quarter ended 31st March,2026
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Rajasthan Tube Manufacturing Company has reported audited results for FY26 showing revenue from operations collapsing to nil in Q4 (Mar 2026) with no production activities during the quarter, as the company only sold old stock from inventory. Full-year FY26 revenue fell sharply to Rs 1,700.64 lacs from Rs 5,634.08 lacs in FY25, a drop of roughly 70%. Despite the revenue collapse, FY26 PAT was higher at Rs 123.69 lacs versus Rs 48.73 lacs in FY25, but this profit was driven almost entirely by liquidating old inventory (inventories dropped from Rs 874.97 lacs to zero) and not from real operations. Total assets shrank to Rs 1,134.51 lacs from Rs 1,937.27 lacs, while short-term borrowings nearly doubled to Rs 648.52 lacs. Operating cash flow was strong at Rs 1,367 lacs mainly because the company was monetizing inventory and collecting receivables.
This is a deeply concerning filing for shareholders: the core manufacturing business has effectively stopped, revenue is nil in the latest quarter, and reported profits are coming from inventory liquidation rather than operations. Short-term debt has surged, GST returns are unfilled, and an outstanding GST liability has been flagged by the auditor, raising questions about the company's ability to restart operations and service its obligations.