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Rhetan TMT Q2 FY27 results: net profit up 1.7% to ₹2.92 crore, revenue down 23.7%
Rhetan TMT Limited reported standalone revenue of ₹3.63 crore in Q2 FY27, down 23.7% from ₹4.76 crore a year earlier, while net profit rose 1.7% to ₹2.92 crore. The company posted an EBITDA loss of ₹0.97 crore for the quarter, against profit of ₹1.10 crore in Q2 FY26, and basic EPS was unchanged at ₹0.04.
Key points
- Revenue was ₹3.63 crore in Q2 FY27, down 23.7% from ₹4.76 crore in Q2 FY26 and down 10.6% from ₹4.06 crore in Q1 FY27.
- Net profit was ₹2.92 crore, up 1.7% from ₹2.87 crore a year earlier but down 7.6% from ₹3.16 crore in the previous quarter.
- The company reported an EBITDA loss of ₹0.97 crore in Q2 FY27, against ₹1.10 crore of EBITDA in Q2 FY26, with margin moving to -26.8% from 23.0%.
- Other income rose to ₹4.47 crore from ₹2.45 crore a year earlier, while total expenses rose to ₹5.11 crore from ₹4.18 crore.
- In H1 FY27, revenue was ₹7.69 crore against ₹9.79 crore, while total income rose to ₹16.62 crore from ₹12.92 crore and net profit rose to ₹6.08 crore from ₹3.63 crore.
How did Rhetan TMT perform in Q2 FY27?
Rhetan TMT reported standalone revenue of ₹3.63 crore for Q2 FY27, the July–September 2026 quarter, down 23.7% from ₹4.76 crore in Q2 FY26 and down 10.6% from ₹4.06 crore in Q1 FY27. Total income was ₹8.10 crore, up 12.3% from ₹7.21 crore a year earlier but down 4.9% from ₹8.52 crore in the previous quarter. The company operates in a single segment, manufacturing of TMT Bars, and the results are on a standalone basis.
EBITDA for the quarter was a loss of ₹0.97 crore, against profit of ₹1.10 crore in Q2 FY26 and a loss of ₹0.66 crore in Q1 FY27. The EBITDA margin was -26.8%, against 23.0% a year earlier and -16.3% in the previous quarter, a change of 49.8 percentage points and 10.5 percentage points respectively. Profit before tax was ₹2.99 crore, down 1.3% from ₹3.03 crore a year earlier, and down 9.7% from ₹3.31 crore in Q1 FY27.
Net profit for the quarter was ₹2.92 crore, up 1.7% from ₹2.87 crore in Q2 FY26 and down 7.6% from ₹3.16 crore in Q1 FY27. The net profit margin was 80.4%, against 60.4% a year earlier and 77.7% in the previous quarter. Basic EPS was unchanged at ₹0.04 in Q2 FY27, compared with ₹0.04 in both Q2 FY26 and Q1 FY27. The board approved the unaudited results on 3 November 2026, and the limited review report contained no observation that could have an impact on the results.
| ₹ crore | Q2 FY27 | Q1 FY27 | Q2 FY26 | YoY | QoQ |
|---|---|---|---|---|---|
| Revenue from operations | 3.63 | 4.06 | 4.76 | −23.7% | −10.6% |
| Other income | 4.47 | 4.45 | 2.45 | +82.4% | +0.4% |
| Total expenses | 5.11 | 5.21 | 4.18 | +22.2% | −1.9% |
| EBITDA | −0.97 | −0.66 | 1.10 | turned to loss | |
| EBITDA margin | -26.8% | -16.3% | 23.0% | −49.8 pp | −10.5 pp |
| Profit before tax | 2.99 | 3.31 | 3.03 | −1.3% | −9.7% |
| Tax | 0.07 | 0.15 | 0.16 | −56.2% | −53.3% |
| Net profit | 2.92 | 3.16 | 2.87 | +1.7% | −7.6% |
| EPS (₹) | 0.04 | 0.04 | 0.04 | +0.0% | +0.0% |
EBITDA here is revenue from operations less operating costs (total expenses excluding finance costs and depreciation): before other income and exceptional items. Growth is shown only when both figures are positive. Source: Company's results filing (XBRL).
What changed in Rhetan TMT's costs and profit?
Total expenses rose to ₹5.11 crore in Q2 FY27 from ₹4.18 crore in Q2 FY26, an increase of ₹0.93 crore or 22.2%. Cost of materials consumed fell to ₹3.65 crore from ₹3.91 crore, down ₹0.26 crore or 6.6%, while employee cost rose to ₹0.33 crore from ₹0.30 crore and finance costs fell to ₹0.35 crore from ₹0.38 crore. Depreciation was ₹0.15 crore against ₹0.14 crore.
Other expenses rose to ₹0.69 crore from ₹0.20 crore a year earlier, an increase of ₹0.49 crore or 245.0%. There was no exceptional item in either quarter. Other income rose to ₹4.47 crore from ₹2.45 crore, up ₹2.02 crore or 82.4%, while tax expense fell to ₹0.07 crore from ₹0.16 crore, down ₹0.09 crore or 56.2%. The filing does not state the reasons for the movement in revenue or other income.
Against the previous quarter, total expenses fell to ₹5.11 crore from ₹5.21 crore, and cost of materials consumed fell to ₹3.65 crore from ₹4.75 crore. Employee cost rose to ₹0.33 crore from ₹0.28 crore, finance costs to ₹0.35 crore from ₹0.33 crore and other expenses to ₹0.69 crore from ₹0.67 crore, while depreciation was unchanged at ₹0.15 crore. Other income was ₹4.47 crore against ₹4.45 crore, and tax was ₹0.07 crore against ₹0.15 crore.
| ₹ crore | Q2 FY27 | Q2 FY26 | Change | Change % |
|---|---|---|---|---|
| Cost of materials | 3.65 | 3.91 | −0.26 | −6.6% |
| Employee cost | 0.33 | 0.30 | +0.03 | +10.0% |
| Finance costs | 0.35 | 0.38 | −0.03 | −7.9% |
| Depreciation | 0.15 | 0.14 | +0.01 | +7.1% |
| Other expenses | 0.69 | 0.20 | +0.49 | +245.0% |
| Total expenses | 5.11 | 4.18 | +0.93 | +22.2% |
| Other income | 4.47 | 2.45 | +2.02 | +82.4% |
| Tax | 0.07 | 0.16 | −0.09 | −56.2% |
Source: Company's results filing (XBRL).
How did the first half of FY27 go?
For the first half of FY27, revenue was ₹7.69 crore, down 21.5% from ₹9.79 crore in H1 FY26. Total income rose to ₹16.62 crore from ₹12.92 crore, an increase of 28.6%, while profit before tax rose to ₹6.30 crore from ₹3.79 crore, up 66.2%.
Net profit for H1 FY27 was ₹6.08 crore, up 67.5% from ₹3.63 crore a year earlier, and basic EPS rose to ₹0.08 from ₹0.05. The results for the six months ended 30 September 2026 were prepared under Ind AS 34 following the company's first-time adoption of Indian Accounting Standards from 1 April 2024, and the company had no other comprehensive income in the period.
| ₹ crore | H1 FY27 | H1 FY26 | Change |
|---|---|---|---|
| Revenue from operations | 7.69 | 9.79 | −21.5% |
| Profit before tax | 6.30 | 3.79 | +66.2% |
| Net profit | 6.08 | 3.63 | +67.5% |
| EPS (₹) | 0.08 | 0.05 | +60.0% |
Source: Company's results filing (XBRL).
What do the balance sheet and cash flow show?
At 30 September 2026, total assets stood at ₹160.56 crore, down from ₹165.12 crore at 31 March 2026, while total equity rose to ₹114.69 crore from ₹108.61 crore. Borrowings fell to ₹29.76 crore from ₹41.73 crore. Cash was ₹0.30 crore, unchanged from the previous balance sheet date, with inventories at ₹50.92 crore against ₹50.98 crore.
Trade receivables rose to ₹26.45 crore from ₹24.44 crore and trade payables to ₹7.28 crore from ₹6.42 crore. For H1 FY27, operating cash flow was negative ₹0.08 crore against negative ₹3.59 crore in H1 FY26, investing cash flow was negative ₹7.94 crore against ₹0.75 crore, and financing cash flow was ₹8.02 crore against ₹2.84 crore. Capital expenditure was ₹0.00 crore against ₹0.26 crore a year earlier.
| ₹ crore | As of 30 September 2026 | As of 31 March 2026 |
|---|---|---|
| Total assets | 160.56 | 165.12 |
| Total equity | 114.69 | 108.61 |
| Borrowings | 29.76 | 41.73 |
| Cash and equivalents | 0.30 | 0.30 |
| Inventories | 50.92 | 50.98 |
| Trade receivables | 26.45 | 24.44 |
Source: Company's results filing (XBRL).
| ₹ crore | H1 FY27 | H1 FY26 |
|---|---|---|
| Cash from operations | −0.08 | −3.59 |
| Cash from investing | −7.94 | 0.75 |
| Cash from financing | 8.02 | 2.84 |
| Capital expenditure | 0 | 0.26 |
Source: Company's results filing (XBRL).
How has Rhetan TMT done over the last 8 quarters?
Revenue over the last eight quarters moved from ₹6.38 crore in Q3 FY25 to a peak of ₹8.49 crore in Q4 FY26, before falling to ₹4.06 crore in Q1 FY27 and ₹3.63 crore in Q2 FY27, the lowest of the period. Net profit peaked at ₹4.45 crore in Q3 FY26 and was ₹2.92 crore in the latest quarter.
The EBITDA margin reached a high of 38.8% in Q3 FY26 and fell to -16.3% in Q1 FY27 and -26.8% in Q2 FY27, the lowest reading in the series shown. Profit rose year on year in each of the last five quarters. Revenue in Q2 FY27 was ₹3.63 crore, below the ₹4.76 crore of Q2 FY26, and the margin moved 49.8 percentage points lower over that comparison.
How did Rhetan TMT shares react?
The results were announced after market hours on 3 November 2026. From the price when the filing appeared, the stock moved 0.1% after 5 minutes, -0.9% after 15 minutes and -0.7% after 30 minutes. On the reaction day, the stock closed 4.6% lower from the previous close of ₹14.08, and by the next day's close it was 4.4% lower from that pre-results close.
The Iron & Steel Products industry median move was 1.6% on the reaction day and 2.9% by the next day's close, so the stock underperformed the sector by 6.2 percentage points on the reaction day and 7.3 percentage points by the next day's close. The nearest market benchmark, the Nifty Microcap 250, rose 2.2% on the reaction day.
On earlier results days, the stock moved -19.6% on 12 August 2026, -17.9% on 2 May 2026 and 1.1% on 12 February 2026, measured from the previous close to the close of the first session that could trade on the news.
| After the filing | Stock | Iron & Steel Products median |
|---|---|---|
| 5 minutes | +0.1% | |
| 15 minutes | −0.9% | |
| 30 minutes | −0.7% | |
| Reaction day | −4.6% | +1.6% |
| Next day | −4.4% | +2.9% |
Minutes are measured from the price when the filing appeared; days from the previous close. Source: MarketPing price-reaction measurement.
| Results filed on | Stock on the reaction day |
|---|---|
| 12 August 2026 | −19.6% |
| 2 May 2026 | −17.9% |
| 12 February 2026 | +1.1% |
Source: MarketPing price-reaction measurement.
How did other Iron & Steel Products companies do?
Of the 46 Iron & Steel Products companies compared this quarter, the median revenue growth was 18.4%. Five peers grew revenue more slowly than Rhetan TMT and 41 grew faster, while 29 of the 49 peers compared for profit reported higher profit.
| Rhetan TMT revenue growth (YoY) | −23.7% |
|---|---|
| Median of 46 other Iron & Steel Products companies | +18.4% |
| Companies with slower revenue growth than Rhetan TMT | 5 of 46 |
| Companies with faster revenue growth than Rhetan TMT | 41 of 46 |
| Companies whose net profit rose | 29 of 49 |
Source: Filed results (XBRL) of the industry's companies.
Quick answers
What was Rhetan TMT's revenue in Q2 FY27?
Revenue from operations was ₹3.63 crore, down 23.7% from ₹4.76 crore in Q2 FY26 (standalone).
Did Rhetan TMT make a profit in Q2 FY27?
Yes. Net profit was ₹2.92 crore, against a net profit of ₹2.87 crore in Q2 FY26.
What was Rhetan TMT's EPS in Q2 FY27?
Basic earnings per share were ₹0.04, against ₹0.04 in Q2 FY26.
How did Rhetan TMT shares react to the Q2 FY27 results?
On the reaction day the stock moved −4.6% from the previous close; the median Iron & Steel Products stock moved +1.6%.
When did Rhetan TMT announce its Q2 FY27 results?
On 3 November 2026, in a filing to the BSE.
Sources
- Compliances-Reg. 50 (1) - Prior intimation about Board meeting under Regulation 50(1) (BSE, 28 October 2026) · PDF
- Board Meeting Intimation for Meeting To Be Held On Tuesday, November 03 2026 (BSE, 30 October 2026) · PDF
- Board Meeting Outcome for Outcome Of Board Meeting Held On November 03, 2026 (BSE, 3 November 2026) · PDF
- Unaudited Standalone Financial Results For The Quarter And Half Year Ended September 30, 2026 (BSE, 3 November 2026) · PDF
How this was written: every figure in the tables and charts is calculated from the company’s filed results (XBRL) and MarketPing’s price measurements. The text is drafted with AI from those figures and the filings, and a checker removes any sentence carrying a number it cannot trace to them. How we write these.
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