Unaudited Financial Results for the quarter ended 31st December, 2025
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Rajasthan Tube Manufacturing reported Q3 FY26 revenue of Rs. 351.24 lakhs, entirely from the sale of old/closing stock as no production activities were carried out during the quarter. The company swung to a profit after tax of Rs. 289.41 lakhs in Q3, compared to a loss of Rs. 28.12 lakhs in the same quarter last year. However, on a nine-month basis, revenue dropped sharply to Rs. 1,700.64 lakhs from Rs. 4,846.21 lakhs in the prior year period (a decline of about 65%), although the company moved to a profit of Rs. 180.12 lakhs versus a loss of Rs. 61.37 lakhs earlier. Inventories were fully drawn down from Rs. 874.97 lakhs to zero, and borrowings stood at Rs. 689.70 lakhs against equity of Rs. 1,056.87 lakhs. The auditor flagged a revenue cut-off timing issue, noting that entire Q3 sales were recorded in GST returns in January (Q4), and highlighted an auditor change from Giriraj & Lohiya to Bakliwal & Co.
Near-term profit is driven by liquidation of old inventory rather than fresh manufacturing, raising concerns about the sustainability of earnings. The sharp revenue decline and absence of production activity are negative signals, while the auditor's cut-off observation and mid-year auditor change warrant caution for shareholders.