Audited Standalone Financial Results for the quarter and Financial Year ended March 31, 2026
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Rathi Steel & Power Ltd reported total revenue of Rs 71,649.32 Lacs for FY2026, a significant increase of ~42% from Rs 50,543.39 Lacs in FY2025. However, profit after tax declined 7.8% to Rs 1,286.49 Lacs from Rs 1,395.43 Lacs, indicating cost pressures outpaced revenue growth. Cost of materials consumed surged to Rs 58,423.99 Lacs from Rs 39,829.20 Lacs. Finance costs rose to Rs 742.06 Lacs from Rs 550.26 Lacs. The company reported a negative operating cashflow of Rs 132.16 Lacs versus negative Rs 1,106.46 Lacs in the prior year — an improvement but still negative. Borrowings increased from Rs 3,774.07 Lacs to Rs 13,490.21 Lacs, mainly due to dealers' security deposits. The statutory auditor issued an unmodified (clean) opinion.
Strong top-line growth of 42% is encouraging, but the decline in profitability and persistent negative operating cashflow are concerning. The sharp rise in debt levels warrants monitoring. Shareholders should note cost inflation and working capital stress despite improved cash burn.