Revised presentation on Audited Financial Results for quarter and financial year ended March 31, 2026
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Rathi Steel & Power has filed a revised investor presentation to correct errors on slide 5 (Q4 FY25/Q4 FY26 figures were interchanged) and slide 19 (incorrect CAPEX figure). The presentation shows FY26 consolidated revenue grew 41.76% YoY to ₹716.49 Cr, with PAT up 39.24% to ₹12.87 Cr and EBITDA at ₹28.90 Cr. Q4 FY26 was particularly strong, with total income of ₹244.57 Cr (+63% YoY), EBITDA of ₹9.89 Cr (+23% YoY), and PAT nearly doubling YoY to ₹7.45 Cr. However, EBITDA margin compressed to 4.03% from 4.81% in FY25, and PAT margin fell to 1.80% from 2.76%, indicating pricing pressure despite higher volumes. Management highlighted GreenPro certification, ramp-up of the TMT bar mill, plans to raise capacity utilization from 55-60% to 80%, and a proposal for a new higher-capacity melting unit.
Strong revenue and profit growth in absolute terms is positive, but shrinking margins signal pricing pressure in the steel sector. The stock trades at ₹18.92 with a small market cap of ₹163.40 Cr, and the correction of presentation errors (especially the CAPEX figure) may prompt some investor scrutiny but is unlikely to materially shift sentiment.