Transcript of the Earning Call related to the Audited Financial Results for the Quarter and Financial Year ended March 31, 2026
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Rathi Steel & Power filed the transcript of its Q4 and FY26 earnings call held on June 3, 2026. For FY26, total income rose ~41.7% YoY to INR716 crores, EBITDA grew 18.8% to INR28.9 crores, and PAT climbed 39.24% to INR12.87 crores. Q4 was particularly strong with total income of INR244.57 crores (63.3% YoY, 52.7% sequential), EBITDA of INR9.89 crores (22% YoY, 54% QoQ), and PAT margin expanding nearly 185 basis points to 3%. Management highlighted a 117% YoY jump in rolling mill production post the TMT restart and aims to lift rolling mill utilization from ~52% to 60-70% and steel melting shop utilization toward 80%. Implementation of direct charging technology in the TMT mill is expected to deliver 6-7% savings on TMT selling price, and management reiterated a 20-25% revenue CAGR target over three years from the FY25 base while exploring inorganic growth opportunities in steel and allied sectors.
Strong FY26 print and clear capacity headroom support the growth narrative, but raw material cost at ~80% of sales and a high 16% cost of borrowing leave margins exposed to steel price swings and fuel cost inflation, which management flagged from the Iran conflict.