Approval of Unaudited Financial Results for quarter and half year ended September 30, 2025
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Rathi Steel and Power's Board approved unaudited results for Q2 FY26 and H1 FY26. Revenue from operations rose sharply — Rs 31,159 lacs in H1 FY26 vs Rs 24,915 lacs in H1 FY25, a growth of about 25%. Q2 FY26 revenue at Rs 15,629.83 lacs was up roughly 28.7% year-on-year. However, profitability has weakened: H1 FY26 PAT was Rs 351.26 lacs vs Rs 962.62 lacs in H1 FY25 (which included a one-time exceptional gain of Rs 471.48 lacs). On a like-for-like basis, PAT still declined around 28%. EBITDA margin shrank to roughly 4% from 6.5% a year ago as input costs outpaced revenue growth. On the positive side, cash flow from operations swung to a positive Rs 1,255 lacs from a negative Rs 1,106 lacs in the prior year. Statutory auditor M. Lal & Co. issued an unmodified limited review report.
Top-line growth is healthy but margin compression is a concern — shareholders may focus on rising raw material costs eating into profits. The improvement in operating cash flow is a constructive sign for working-capital and near-term liquidity.