Investor Presentation on unaudited financial results for quarter and nine months ended December 31, 2025
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Rathi Steel & Power reported Q3 FY26 total income of ₹160.09 Cr, up about 51% YoY from ₹106.04 Cr, with EBITDA rising 38% to ₹6.41 Cr and PAT surging 262% to ₹1.91 Cr. For 9M FY26, total income grew 32.67% to ₹471.93 Cr versus ₹355.70 Cr last year, driven by stable steel demand and improved realizations. The company is debt-free since March 2024 after a successful turnaround from its failed Odisha expansion, and has raised ₹114.7 Cr via preferential allotment to fund growth. Management highlighted plans to ramp steel melting shop utilization from 55-60% to 80%, expand the Fe 550/550D TMT bars portfolio, and scale higher-margin stainless steel rebars. The company also positioned its scrap-based direct billet charging route as a green steel advantage with significantly lower carbon emissions than conventional producers.
Sharply higher Q3 PAT and revenue growth signal improving operational traction, while debt-free status and stainless steel rebar expansion provide a runway for margin expansion; however, absolute PAT remains small at ₹1.91 Cr and EBITDA margins stay thin at ~4%, so meaningful re-rating depends on execution of the stated capacity ramp-up and value-added product mix shift.