Manufactures stainless steel long products and TMT rebars from an integrated 12.5-acre Ghaziabad plant with 85,000 TPA melting and 2,00,000 TPA rolling capacity. The portfolio spans stainless steel billets, stainless steel wire rods, bright bars, and Fe 550 / Fe 550D-grade TMT rebars; it claims to be India's first and only stainless steel wire rod maker using direct-charging technology, and has begun extending that technology to its TMT mill. The TMT bar mill restarted in April 2025, driving a 117% YoY jump in rolling-mill volumes, and Q1 FY27 TMT rebar volumes more than doubled to 18,677 MT against total Q1 FY27 sales of 28,372 MT. Distribution is concentrated in northern India, particularly NCR, serving retail TMT buyers, institutional builders, real estate developers and infrastructure companies. Materials are the dominant input cost at 81.6% of FY26 revenue. The company holds GreenPro certification for its 550-grade TMT rebars and sources over 25% of its power from renewables/open-access. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. TMT rebars (Fe 550 / Fe 550D), Stainless steel wire rods, Stainless steel billets, Bright bars. Cyclical, asset-heavy, single-location integrated long-steel and stainless-steel products maker
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 543 | 727 | 493 | 503 | 716 |
| EBITDA (ex other income) | (13) | 32 | 41 | 27 | 28 |
| margin % | (2.4) | 4.4 | 8.2 | 5.3 | 4.0 |
| Owners' profit | (36) | 12 | 24 | 14 | 13 |
| EPS, as reported (₹) | (11.65) | 27.86 | 2.77 | 1.62 | 2.98 |
| ROE % · ROCE % | 20.3 · (78.6) | (50.2) · 35.2 | 19.1 · 24.2 | 10.2 · 13.5 | 8.6 · 10.8 |
| Debt / equity (x) | (1.55) | (3.21) | 0.00 | 0.28 | 0.30 |
| Cash from operations | (12) | 105 | 24 | (11) | (1) |
| Capex | (7) | (7) | (13) | (23) | (22) |
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 121 | 104 | 150 | 155 | 156 | 160 | 244 | 193 |
| Profit before tax | 7 | 1 | 4 | 2 | 2 | 2 | 7 | 3 |
| Net profit | 7 | 1 | 4 | 2 | 2 | 2 | 7 | 3 |
| EPS (₹) | 0.82 | 0.06 | 0.44 | 0.22 | 0.19 | 0.22 | 1.72 | 0.40 |
| 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 % |
|---|---|---|---|---|
| 6 Sept 2026 · Newspaper publication of 55th AGM notice and FY 2025-26 annual report | compliance | minimal | — | — |
| 5 Sept 2026 · Rathi Steel files Annual Report FY26 with 55th AGM Notice | board shareholder meetings | medium | — | — |
| 5 Sept 2026 · Rathi Steel files FY26 Annual Report; 55th AGM on Sept 29, 2026 | board shareholder meetings | medium | — | — |
| 5 Sept 2026 · 55th AGM on Sep 29, 2026 via VC; FY26 revenue up 42% to Rs 716.49 Cr | board shareholder meetings | medium | — | — |
| 3 Sept 2026 · Newspaper ad about 55th AGM on Sept 29, 2026 via video conferencing | compliance | minimal | — | — |
| 1 Sept 2026 · Appoints Cost Auditor and Internal Auditor for FY 2026-27 | management changes | medium | — | — |
| 1 Sept 2026 · Board approves new MoA, auditor appointments and 55th AGM notice | management changes | medium | — | — |
| 1 Sept 2026 · Board approves auditors, AGM notice and new MoA for FY26-27 | management changes | medium | — | — |
| 27 Aug 2026 · Rathi Steel Q1 FY27 PAT up 84.5%, guides 2-3% margin improvement | investor communications | medium | — | — |
| 18 Aug 2026 · Earnings call audio recording for Q1 FY27 uploaded | investor communications | low | — | — |
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) |
| 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) | 8.7 | 16.2 | 29 of 118 | 76% |
| P/B | 1.3 | 1.7 | 37 of 99 | 63% |
| ROCE | 6.8 | 8.7 | 70 of 120 | 42% |
| ROE | 8.6 | 8.6 | 58 of 114 | 50% |
| Debt / Equity | 0.3 | 0.1 | 77 of 114 | 33% |
| EBITDA margin | 4.0 | 11.0 | 82 of 100 | 18% |
| Revenue growth | 24.5 | 13.7 | 32 of 97 | 68% |
| Profit growth | 84.6 | 29.3 | 33 of 105 | 69% |
| Market cap | 190 | 247 | 65 of 120 | 46% |
| 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 |
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.
