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
| ₹ crore · consolidated | 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) |
| ₹ 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 |
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| WELSPUN CORP LIMITED | 70,880 | 30.7 | 7.54 | 30.2 | 17.2 | 14.9 | 21.1 | 18.5 |
| APL APOLLO TUBES LTD | 59,803 | 48.6 | 11.29 | 31.1 | 22.7 | 26.1 | 22.1 | 8.0 |
| SHYAM METALICS AND ENGY L | 29,979 | 26.8 | 2.43 | 12.2 | 8.6 | 11.4 | 24.1 | 14.9 |
| JINDAL SAW LIMITED | 20,016 | 30.5 | 1.63 | 10.5 | 7.5 | 6.8 | 10.9 | 9.4 |
| Date · filing | Category | Importance | 1-day % | 5-day % |
|---|---|---|---|---|
| 27 Aug 2026 · Notice of 33rd AGM published; meeting on 17 Sept 2026 | compliance | minimal | — | — |
| 26 Aug 2026 · Notice of 33rd AGM on September 17, 2026 via video conferencing | board shareholder meetings | low | — | — |
| 26 Aug 2026 · 33rd Annual Report submitted; AGM set for September 17, 2026 | results | high | — | — |
| 26 Aug 2026 · CFO designated as interim Compliance Officer at Rathi Bars | management changes | medium | — | — |
| 13 Aug 2026 · Rathi Bars swings to Rs 11.5 cr Q1 FY27 loss vs profit last year | compliance | minimal | — | — |
| 12 Aug 2026 · Q1 FY27 net loss Rs 15.6 cr as manufacturing stays shut | results | high | — | — |
| 12 Aug 2026 · Rathi Bars Q1 loss deepens, factory stays shut, loans tagged NPA | board shareholder meetings | medium | — | — |
| 6 Aug 2026 · Board meeting on Aug 12 to approve Q1 results and review operations revival | board shareholder meetings | low | — | — |
| 9 Jul 2026 · Compliance certificate for share dematerialisation for quarter ended June 30, 2026 | compliance | minimal | — | — |
| 24 Jun 2026 · Trading window closed ahead of Q1 FY27 results | compliance | minimal | — | — |
| 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 |
| RATNAMANI MET & TUB LTD. |
| 19,815 |
| 45.8 |
| 4.71 |
| 23.1 |
| 12.7 |
| 15.6 |
| 14.4 |
| 18.5 |
| GODAWARI POW & ISP LTD | 15,875 | 18.6 | 2.71 | 12.0 | 13.7 | 17.0 | 5.7 | 21.0 |
| USHA MARTIN LTD. | 15,069 | 29.7 | 4.56 | 19.8 | 14.1 | 17.7 | 12.0 | 21.0 |
| GALLANTT ISPAT LIMITED | 13,270 | 30.6 | 4.00 | 17.7 | 14.6 | 16.8 | 34.4 | 17.8 |
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 0.9 | 16.2 | 8 of 118 | 94% |
| P/B | 0.3 | 1.7 | 4 of 99 | 97% |
| ROCE | (13.1) | 8.7 | 113 of 120 | 6% |
| ROE | (13.6) | 8.6 | 110 of 114 | 4% |
| Debt / Equity | 1.0 | 0.1 | 107 of 114 | 6% |
| Revenue growth | (100.0) | 13.7 | 94 of 97 | 0% |
| Profit growth | (1955.1) | 29.3 | 105 of 105 | 0% |
| Market cap | 27 | 247 | 94 of 120 | 22% |
| 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 |
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.
