BSE: 504903
RATHI STEEL & POWER LTD.
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
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · standalone | 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) |
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 | 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 |
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/E (TTM) | 7.5 | 15.4 | 22 of 105 | 80% |
| P/B | 1.1 | 1.5 | 38 of 101 | 63% |
| ROCE | 6.8 | 9.1 | 69 of 115 | 40% |
| ROE | 8.6 | 8.6 | 52 of 103 | 50% |
| Debt / Equity | 0.3 | 0.2 | 64 of 101 | 37% |
| 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 | 164 | 216 | 64 of 122 | 48% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 13 Oct 2026 · RTA confirms Q2 dematerialisation compliance under SEBI Reg 74(5) | compliance | minimal | — | — |
| 10 Oct 2026 · GST demand of about 59 lakh for January 2021 interest, company plans to contest | regulatory legal | medium | — | — |
| 8 Oct 2026 · Corrigendum to Q2 FY26-27 operational performance media release | business updates | medium | — | — |
| 7 Oct 2026 · Q2 FY27 revenue crosses Rs 200 Cr with 30 percent YoY growth | results | high | — | — |
| 1 Oct 2026 · 55th AGM voting results: all 4 resolutions passed | board shareholder meetings | low | — | — |
| 30 Sept 2026 · DBG Leasing reclassification from Promoter to Public category applied | ownership changes | medium | — | — |
| 29 Sept 2026 · 55th AGM held via video conferencing; 4 resolutions tabled | board shareholder meetings | medium | — | — |
| 28 Sept 2026 · Board approves reclassification of promoter DBG Leasing to Public category | ownership changes | high | — | — |
| 25 Sept 2026 · Trading window closure for Q2 and H1 FY27 results | compliance | minimal | — | — |
| 22 Sept 2026 · Investor meeting scheduled for 28 Sep 2026 at 2 PM via Arihant Capital | 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.