Earning Call Transcript- Unaudited Financial Results for quarter and nine months ended December 31, 2025
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Rathi Steel & Power reported strong Q3 FY26 with total income of INR160.09 cr (up ~51% YoY), EBITDA of INR6.41 cr (up 38%), and PAT of INR1.91 cr (up 262%). For 9M FY26, total income reached INR472 cr (up 32.67%), EBITDA INR19 cr (up 17%), and PAT INR5.42 cr. The company posted its highest-ever monthly sales of INR77.45 cr in January 2026 from its Ghaziabad facility. Current capacity utilization stands at 60-65%, with a target to reach 80-85%. Management guided for 20% yearly CAGR growth and expects turnover to double over the next five years. Gross debt is INR43.50 cr and the company is actively working to lower borrowing costs. The company disclosed it is exploring acquisitions in line with its existing product portfolio and expects GreenPro certification this quarter.
Strong revenue growth and PAT surge signal improving operating leverage, though EBITDA margins remain thin at ~4%. The capacity utilization ramp-up from 60-65% toward 80-85% is the key margin lever going forward. Debt reduction efforts and green steel positioning add positive long-term tailwinds for shareholders.