BSE: 532918
RATHI BARS LTD.
It manufactures iron and steel products at a factory in Bhiwadi, Rajasthan, and sells them through trade credit arrangements. In FY26 the business generated ₹368.60 crore of revenue, down 26% from ₹496.29 crore the prior year. Materials are the largest cost input at 37.7% of revenue, followed by other operating expenses at 6.9%, depreciation at 1.4%, and employee costs at 1.1%. Manufacturing has been suspended since April 2026, with the company citing income tax search proceedings in December 2025, pollution restrictions, and a 25% power tariff hike. Trade receivables at year-end stood at ₹94.56 crore, of which roughly ₹23-30 crore is in dispute. The company is pursuing revival through a Rajasthan High Court writ petition and debt restructuring with lenders including Axis Bank, Yes Bank, and HDFC Bank. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Iron and steel products. Small BSE-listed steel products manufacturer, operations currently suspended
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · standalone | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 494 | 482 | 614 | 496 | 369 |
| EBITDA (ex other income) | 13 | 15 | 14 | 13 | (2) |
| margin % | 2.7 | 3.1 | 2.3 | 2.7 | (0.7) |
| Owners' profit | 3 | 3 | 4 | 3 | (12) |
| EPS, as reported (₹) | 1.75 | 1.58 | 2.19 | 1.57 | (7.06) |
| ROE % · ROCE % | 3.3 · 7.1 | 2.9 · 7.8 | 3.8 · 9.4 | 2.7 · 9.2 | (13.6) · (6.6) |
| Debt / equity (x) | 0.15 | 0.80 | 0.71 | 0.85 | 1.01 |
| Cash from operations | (9) | 3 | 12 | (3) | 1 |
| Capex | (4) | (5) | (1) | (6) | (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 | 100 | 111 | 249 | 133 | 126 | 91 | 20 | 0 |
| Profit before tax | 1 | 1 | 2 | 1 | 1 | 1 | (15) | (16) |
| Net profit | 1 | 1 | 1 | 1 | 1 | 1 | (15) | (16) |
| EPS (₹) | 0.37 | 0.54 | 0.61 | 0.52 | 0.59 | 0.43 | (9.04) | (9.56) |
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. % |
|---|---|---|---|---|---|---|---|---|
| WELSPUN CORP LIMITED | 67,533 | 29.2 | 7.18 | 28.8 | 17.2 | 14.9 | 21.1 | 18.5 |
| APL APOLLO TUBES LTD | 60,250 | 49.0 | 11.38 | 31.4 | 22.7 | 26.1 | 22.1 | 8.0 |
| SHYAM METALICS AND ENGY L | 31,861 | 28.4 | 2.58 | 12.9 | 8.6 | 11.4 | 24.1 | 14.9 |
| RATNAMANI MET & TUB LTD. | 16,161 | 37.3 | 3.84 | 18.9 | 12.7 | 15.6 | 14.4 | 18.5 |
| JINDAL SAW LIMITED | 15,396 | 23.5 | 1.25 | 8.5 | 7.5 | 6.8 | 10.9 | 9.4 |
| USHA MARTIN LTD. | 14,152 | 27.9 | 4.29 | 18.6 | 14.1 | 17.7 | 12.0 | 21.0 |
| GALLANTT ISPAT LIMITED | 13,005 | 29.9 | 3.92 | 17.3 | 14.6 | 16.8 | 34.4 | 17.8 |
| GODAWARI POW & ISP LTD | 12,751 | 14.9 | 2.18 | 9.7 | 13.7 | 17.0 | 5.7 | 21.0 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/B | 0.3 | 1.5 | 4 of 101 | 96% |
| ROCE | (13.1) | 9.1 | 109 of 115 | 5% |
| ROE | (13.6) | 8.6 | 99 of 103 | 4% |
| Debt / Equity | 1.0 | 0.2 | 94 of 101 | 7% |
| Revenue growth | (100.0) | 13.7 | 94 of 97 | 0% |
| Profit growth | (1955.1) | 29.3 | 105 of 105 | 0% |
| Market cap | 25 | 216 | 94 of 122 | 23% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 27 Oct 2026 · Rathi Bars submits overdue related-party dealings disclosure | compliance | minimal | — | — |
| 13 Oct 2026 · Compliance certificate under SEBI DP Regulations for Jul-Sep 2026 quarter | compliance | minimal | — | — |
| 8 Oct 2026 · Audit and other board committees reconstituted at Rathi Bars | management changes | medium | — | — |
| 28 Sept 2026 · Independent Director Ms. Sonali Chitalkar ends second term | management changes | medium | — | — |
| 28 Sept 2026 · Independent Director Ms. Sonali Chitalkar completes second term | management changes | medium | — | — |
| 26 Sept 2026 · Rathi Bars shifts registered office to new address within New Delhi | general | low | — | — |
| 25 Sept 2026 · Rathi Bars appoints Diwakar Soni as Company Secretary and Compliance Officer | management changes | medium | — | — |
| 25 Sept 2026 · Rathi Bars appoints Diwakar Soni as Company Secretary and Compliance Officer | management changes | medium | — | — |
| 25 Sept 2026 · Rathi Bars shifts registered office within New Delhi | general | low | — | — |
| 23 Sept 2026 · Trading Window Closure for Q2 FY26-27 | compliance | minimal | — | — |
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.