Rathi Steel: Forging Strength, Delivering Value Revenue of Rs 716.49 Cr, Up 41.76% YoY

B. Q4 FY26 vs Q4 FY25 – Year-on-Year Comparison (₹ Cr)

• Total Income ₹ 244.57 Cr, YoY growth of 63.34%
• EBITDA ₹ 9.89 Cr, YoY growth of 22.72%
• PAT ₹ 7.45 Cr, YoY growth of 95.84%
• PAT Margin 3.04%, YoY growth of 51 Bps
• EPS ₹ 0.86, YoY growth of 95.45%

C. FY26 vs FY25 – Full Year Annual Comparison (₹ Cr)

• Total Income ₹ 716.49 Cr, YoY growth of 41.76%
• EBITDA ₹ 28.90 Cr, YoY growth of 18.87%
• PAT ₹ 12.87 Cr, YoY growth of 39.24%

D. Q4 FY26 vs Q3 FY26 – Sequential Quarter Comparison (₹ Cr)

• Total Income ₹ 244.57 Cr, QoQ growth of 52.77%
• EBITDA ₹ 9.89 Cr, QoQ growth of 54.25%
• EBITDA Margin 4.04%, QoQ growth of 3 Bps
• PAT ₹ 7.45 Cr, QoQ growth of 290.53%
• PAT Margin 3.04%, QoQ growth of 185 Bps
• EPS ₹ 0.86, QoQ growth of 290.91%

* EBIDTA includes other income, excludes extraordinary and exceptional items 

* PAT includes other income, excludes extraordinary and exceptional items 

• Operational Excellence & Capacity Utilization
  • Recommencement of TMT Bar Mill: The Company restarted operations at its TMT Bar Mill during the fiscal year. This strategic move enabled sweating out of existing idle assets, re-energized the brand equity, and revitalized the dealer and distribution network.
  • Surge in Rolling Mill Capacity: Driven by the commencement of the TMT Mill, the production levels of the Rolling Mill achieved a growth of 117% on a Year-over-Year basis.
  • Maintained strong operational resilience despite rising fuel costs and geopolitical disruptions
  • Direct charging capabilities in stainless steel wire rods continue to support fuel efficiency and operational competitiveness

• Technology Modernization & Cost Optimization
  • Direct Charging Project: Encouraged by the results of similarly running operations for the stainless steel division, the company commenced Implementation of the same for the TMT Mill. Slated for completion in the first half of current fiscal, this project is engineered to further reduce specific fuel consumption, drive down manufacturing cost and cut down on carbon foot print.   

• Sustainability & Environmental Stewardship
  • Prestigious GreenPro Certification: Confederation of Indian Industry (CII) granted GreenPro Certification to the Company’s TMT Bars, validating company’s alignment with top-tier environmental standards and green building requirements.
  • Certified products contribute towards LEED (Leadership in Energy and Environmental Design) and IGBC (Indian Green Building Council) green building certification credits
  • Reinforces the Company’s focus on sustainable and environmentally responsible steel manufacturing
  • Certified rebars offer durable, high-quality, and toxic-free steel solutions.

 Green Steel Commitment

RSPL is India’s only stainless-steel wire rod manufacturer using direct billet charging technology, ensuring superior energy efficiency and lower carbon emissions. The company manufactures steel via the Recycling Route, ensuring minimal carbon footprint. CII GreenPro Type-1 Ecolabel Certified Fe 550 Grade TMT Rebars support LEED and IGBC green building certification credits.

MANAGEMENT COMMENT

Mr. Udit Rathi, Promoter, Rathi Steel And Power Limited:

“We have closed the fiscal year on a strong note, with robust performance in the last quarter. Despite market headwinds from macro-economic uncertainties and steel price volatility, we have demonstrated resilience and continued on our growth trajectory.

Our focus on strategic initiatives to improve product mix and efficiencies have reflected in our performance. Top line for the quarter grew over 63% YoY to Rs. 244.57 crores. EBITDA for the quarter grew about 23% YOY to Rs. 9.93 crores while PAT for the quarter nearly doubled YOY to Rs. 7.49 crores. Growth was driven by healthy demand for our products coupled with ramp up of operations of the TMT bar mill. Energy and other efficiency measures undertaken during the year helped offset pricing pressures, leading to better margins. During the year, green power purchased through open access contributed to more than a quarter of the overall power consumption. Company is committed to increase the share of green power in future.

The year marks a new phase in our journey as Rathi 2.0, with several key milestones. We continued to invest to upgrade our plant. Post gradual ramp of our TMT bar mill, we have initiated process of implementing Direct Charging Technology for the same, replicating what we did for stainless steel operations. Once implemented, this initiative is expected to further reduce specific fuel consumption and carbon foot print.

The GreenPro certification granted by CII for the TMT Rebars will help in marketing our TMT bars for the Green Projects of developers and to Government Supplies, where the Green Steel / Greenpro Certified steel are used. We aim to better utilize our existing capacities, leverage our sales network, and expand our brand visibility.

Our present Average Capacity utilisation levels provide us with significant headroom a to ramp up operations. We are taking proactive steps for the same. Alongside, we are also looking at organic and in-organic growth opportunities.

We have entered the new financial year on strong footing and are well positioned to capture the opportunities in the growing infrastructure, engineering and construction industry. Our focus remains on delivering sustainable value to all stakeholders. The present geopolitical situation does pose challenges and uncertainties, but we remain optimistic about the resilience of the Indian economy.

We would like to thank all our stakeholders and employees, for their continued support”

Rathi Steel and Power Limited (RSPL), headquartered in Ghaziabad, Uttar Pradesh, is a leading manufacturer of stainless steel and mild steel long products. Established in 1971, the company carries forward the renowned Rathi legacy built over five decades of innovation, trust, and quality in steel manufacturing.

Operating a modern integrated facility spread across about 12.5 acres in the NCR region, RSPL has a steel melting capacity of about 85,000 tonnes per annum and a rolling capacity of 2,00,000 tonnes per annum. Its diverse product portfolio includes stainless steel billets, wire rods, and TMT bars. It is India’s only stainless-steel wire rod manufacturer using direct billet charging technology, ensuring superior energy efficiency and lower carbon emissions.

In FY26, RSPL reported Total Income of ₹716.49 Cr, EBITDA of ₹28.90 Cr, and PAT of ₹12.87 Cr.

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