BSE: 531233
RASI ELECTRODES LTD.
Manufactures welding electrodes and CO2 welding wire. FY26 revenue from operations was Rs 7,201.80 lakhs, down from Rs 8,144.18 lakhs in FY25 (an 11.6% decline), while net profit rose to Rs 351.57 lakhs from Rs 273.77 lakhs as the cost of materials consumed fell to Rs 5,469.18 lakhs. Materials account for 75.9% of revenue, making raw material prices the dominant cost driver, with employees at 6.8% and other operating expenses at 11.6% of revenue. The Board approved selling 2.28 acres of surplus vacant land in Manjankaranai Village, Tiruvallur District, Tamil Nadu for Rs 300 lakhs (around 7.7% of net worth of Rs 3,885.24 lakhs as on 31 March 2026), and the company abandoned a previously planned grocery/staples trading expansion, citing an unfavourable business environment. It is also setting up a 100 KWA solar plant, with a related-party arrangement to supply power at Rs 7 per unit to Kashyap Wire Products over a 5-year contract. A final dividend of Rs 0.20 per equity share (on Rs 2 face value) was recommended for FY26, and the statutory auditor issued an unmodified opinion on the accounts. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Welding electrodes, CO2 welding wire. Small-cap, materials-heavy industrial manufacturer of welding consumables.
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · standalone | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 68 | 88 | 84 | 81 | 72 |
| EBITDA (ex other income) | 3 | 4 | 4 | 4 | 4 |
| margin % | 4.0 | 4.4 | 4.9 | 4.6 | 5.0 |
| Owners' profit | 2 | 3 | 3 | 3 | 4 |
| EPS, as reported (₹) | 0.63 | 0.96 | 1.02 | 0.86 | 1.15 |
| ROE % · ROCE % | 7.7 · 11.9 | 10.2 · 15.2 | 9.8 · 12.9 | 7.8 · 10.8 | 9.0 · 12.1 |
| Debt / equity (x) | 0.36 | 0.11 | 0.04 | 0.03 | 0.00 |
| Cash from operations | (4) | 7 | 4 | 5 | 6 |
| Capex | (1) | (1) | (1) | (1) | (0) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 21 | 19 | 20 | 19 | 17 | 17 | 19 | 18 |
| Profit before tax | 1 | 0 | 1 | 2 | 1 | 1 | 1 | 2 |
| Net profit | 1 | 0 | 1 | 1 | 1 | 1 | 1 | 1 |
| EPS (₹) | 0.25 | 0.05 | 0.20 | 0.40 | 0.24 | 0.23 | 0.28 | 0.43 |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| ADITYA INFOTECH LIMITED | 46,904 | 97.4 | 24.99 | 80.9 | 19.6 | 24.5 | — | 14.8 |
| SYRMA SGS TECHNOLOGY LTD | 30,105 | 81.2 | 9.82 | 52.4 | 11.3 | 13.4 | — | 11.1 |
| HONEYWELL AUTOMATION IND | 26,932 | 49.1 | 6.04 | — | 11.8 | 15.5 | — | 18.2 |
| JYOTI CNC AUTOMATION LTD | 21,121 | 65.7 | 10.55 | 37.3 | 16.8 | 19.2 | — | 22.2 |
| KAYNES TECHNOLOGY IND LTD | 20,995 | 60.6 | 4.41 | 29.9 | 7.6 | 9.8 | — | 17.1 |
| LMW LIMITED | 17,483 | 100.1 | 6.10 | 56.6 | 4.6 | 5.9 | 13.2 | 11.9 |
| TEGA INDUSTRIES LIMITED | 13,085 | 459.6 | 3.84 | 39.1 | 4.2 | 5.4 | — | 4.2 |
| LLOYDS ENGG WORK LIMITED | 12,360 | 48.5 | 7.34 | 50.4 | 11.7 | 11.5 | — | 15.0 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 10.6 | 26.7 | 30 of 130 | 77% |
| P/B | 1.0 | 3.1 | 18 of 112 | 85% |
| ROCE | 12.0 | 11.3 | 68 of 142 | 53% |
| ROE | 9.1 | 9.8 | 63 of 113 | 45% |
| Debt / Equity | 0.0 | 0.2 | 27 of 113 | 77% |
| EBITDA margin | 10.8 | 12.4 | 66 of 110 | 40% |
| Revenue growth | (9.2) | 20.6 | 90 of 114 | 21% |
| Profit growth | 6.1 | 17.1 | 63 of 109 | 43% |
| Market cap | 39 | 273 | 115 of 141 | 19% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 28 Oct 2026 · 32nd AGM approves annual accounts, dividend and director reappointment | board shareholder meetings | low | — | — |
| 23 Oct 2026 · 32nd AGM minutes filed - 10% dividend declared, all resolutions passed | board shareholder meetings | low | — | — |
| 17 Oct 2026 · Rasi Electrodes files quarterly RTA compliance certificate for Q2 FY27 | compliance | minimal | — | — |
| 30 Sept 2026 · 32nd AGM: All 4 resolutions passed, dividend of Rs 0.20 declared | compliance | minimal | — | — |
| 30 Sept 2026 · 32nd AGM voting results: 4 resolutions passed, Re.0.20 dividend declared | board shareholder meetings | low | — | — |
| 28 Sept 2026 · RASI ELECTRODES 32nd AGM held on Sept 28; 4 resolutions put to e-vote | board shareholder meetings | low | — | — |
| 25 Sept 2026 · Trading Window Closed from October 1 to November 16, 2026 | compliance | minimal | — | — |
| 4 Sept 2026 · Rasi Electrodes files 32nd Annual Report, declares 10 percent dividend | compliance | minimal | — | — |
| 4 Sept 2026 · Rasi Electrodes gives 32nd AGM notice dispatch update | compliance | minimal | — | — |
| 30 Aug 2026 · 32nd AGM notice on Sep 28, 2026; Re.0.20 dividend recommended | board shareholder meetings | low | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.