Rajnandini Metal Ltd.
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ABOUT
AI Sector View
AI GENERATEDMetals & Mining
The sector backdrop is mixed. Iron ore output was very strong at 29.5% YoY (2026-07), but steel slowed to 2.9% YoY (2026-07), finished steel consumption was 8.0% YoY (2026-06), and headline mining production was still -0.9% (Jul/26). FPI outflows of INR -2349 crore over 3 months to 2026-08-31 also argue against an aggressive overweight.
PROS
- Company has a good return on equity (ROE) track record: 3 Years ROE 21.9%
- Latest quarter profit grew 119.6% YoY, showing strong momentum
- Company has delivered good sales growth of 47.4% CAGR over last 5 years
- Strong cash generation - operating cash flow backs reported profits (CFO/PAT 1.50x)
- Company converts assets efficiently - asset turnover of 6.5x
CONS
- Company is loss-making at the operating / net level
- Promoter holding has decreased over last 2 years: -20.1pp
- Interest coverage is weak at 0.8x - earnings barely cover interest
- Operating cash flow has been negative in recent years
- Contingent liabilities are large at 545.8% of net worth
* The pros and cons are machine generated based on quantitative rules.
Peer comparison
| Name | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| HINDZINC | 596.50 | 14.77 | 252040.28 | 1.68 | 5469.00 | 144.81 | 13747.00 | 81.10 | 69.83 | 58.56 |
| HINDALCO | 1014.30 | 13.90 | 227936.19 | 0.49 | 7013.00 | 75.15 | 84825.00 | 32.06 | 10.45 | 16.43 |
| VEDL | 274.25 | 5.45 | 107242.39 | 12.40 | 7918.00 | 77.65 | 24205.00 | -35.34 | 18.72 | 35.12 |
| HINDCOPPER | 526.40 | 44.78 | 50904.14 | 0.54 | 352.37 | 162.47 | 936.50 | 81.36 | 39.44 | 54.17 |
| VOGL | 38.34 | 0.00 | 14992.43 | 0.00 | 9450.00 | — | 25070.00 | — | 0.00 | 32.47 |
| GRAVITA | 1780.95 | 33.54 | 13144.92 | 0.00 | 106.37 | 14.30 | 1475.06 | 41.84 | 21.95 | 7.44 |
| JAINREC | 280.80 | 26.84 | 9690.01 | 0.00 | 69.41 | 22.79 | 2724.46 | 75.86 | 25.74 | 3.97 |
| CMRGREEN | 230.95 | 23.82 | 5059.09 | 0.00 | 68.18 | — | 3122.73 | 91.98 | 13.41 | 4.33 |
| POCL | 485.50 | 25.97 | 3703.31 | 0.41 | 358.80 | 42.58 | 9348.90 | 55.08 | 23.32 | 5.97 |
| ARDEE | 56.20 | 20.92 | 1771.43 | 0.00 | 199.03 | — | 3388.11 | — | 49.04 | 9.90 |
| ONIXSOLAR | 347.85 | 21.33 | 1282.45 | 0.00 | 208.97 | — | 945.10 | — | 32.85 | 29.74 |
| RAJMET | 3.11 | 41.74 | 85.99 | 0.00 | 0.39 | 119.60 | 51.95 | -29.68 | 8.11 | 2.00 |
Quarterly Results
Standalone Figures in Rs. Crores / View Consolidated
| Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 266 | 333 | 298 | 316 | 315 | 278 | 233 | 209 | 74 | 71 | 62 | 56 | 52 | |
| 259 | 325 | 292 | 315 | 314 | 277 | 230 | 210 | 75 | 70 | 60 | 54 | 52 | |
| Operating Profit | — | — | — | — | — | — | — | — | — | — | — | — | — |
| OPM % | — | — | — | — | — | — | — | — | — | — | — | — | — |
| Other Income | 1 | 1 | 3 | 3 | 2 | 1 | 1 | 4 | 1 | 0 | 0 | 0 | 1 |
| Interest | 2 | 2 | 3 | 4 | 4 | 4 | 3 | 2 | 1 | 1 | 1 | 1 | 1 |
| Depreciation | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| 6 | 6 | 5 | 0 | -2 | -2 | 0 | 0 | -2 | 0 | 1 | 2 | 1 | |
| Tax % | 19.19% | -9.43% | 26.62% | 42.00% | 24.85% | 25.15% | 35.71% | 9.52% | 19.11% | 76.92% | 33.77% | 31.93% | 25.00% |
| Net Profit | 5 | 6 | 4 | 0 | -1 | -1 | 0 | 0 | -2 | 0 | 1 | 1 | 0 |
| 0 | 0 | 0 | 0 | -0 | -0 | 0 | 0 | -0 | 0 | 0 | 0 | 0 | |
| Equity Capital | 28 | 28 | 28 | 28 | 28 | 28 | 28 | 28 | 28 | 28 | 28 | 28 | 28 |
| Reserves | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Promoter Pledge % | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Profit & Loss
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 136 | 127 | 141 | 137 | 148 | 631 | 1,028 | 1,029 | 1,212 | 1,034 | 241 | |
| 134 | 124 | 138 | 133 | 144 | 620 | 1,010 | 1,009 | 1,191 | 1,030 | 237 | |
| Operating Profit | 3 | 3 | 3 | 3 | 4 | 12 | 19 | 30 | 30 | 12 | — |
| OPM % | 2 | 2 | 2 | 3 | 3 | 2 | 2 | 3 | 2 | 1 | — |
| Other Income | 0 | 0 | 0 | 0 | 0 | 1 | 1 | 10 | 8 | 8 | 2 |
| Interest | 2 | 2 | 2 | 2 | 2 | 4 | 4 | 7 | 11 | 13 | 3 |
| Depreciation | 0 | 0 | 0 | 0 | 0 | 1 | 1 | 1 | 1 | 1 | 1 |
| 1 | 1 | 1 | 2 | 2 | 7 | 14 | 21 | 17 | -3 | 3 | |
| Tax % | 52 | 31 | 33 | 32 | 28 | 28 | 29 | 35 | 12 | 20 | 33 |
| Net Profit | 0 | 1 | 1 | 1 | 1 | 5 | 10 | 14 | 15 | -2 | 2 |
| EPS | 0 | 0 | 0 | 0 | 0 | 4 | 5 | 0 | 1 | -0 | — |
| Dividend Payout % | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 20 | 0 | 0 | — |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share of Associates | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Adjusted EPS | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1 | -0 | — |
COMPOUNDED SALES GROWTH
- 10 Years:
- 25%
- 5 Years:
- 47%
- 3 Years:
- 0%
COMPOUNDED PROFIT GROWTH
- 10 Years:
- —
- 5 Years:
- —
- 3 Years:
- —
STOCK PRICE CAGR
- 10 Years:
- —
- 5 Years:
- -20%
- 3 Years:
- -32%
- 1 Year:
- -31%
RETURN ON EQUITY
- 10 Years:
- 18%
- 5 Years:
- 27%
- 3 Years:
- 22%
- Last Year:
- -4%
Balance Sheet
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|
| LIABILITIES | - | - | - | - | - | - | - | - | - | - |
| Equity Capital | 4 | 4 | 4 | 6 | 6 | 12 | 18 | 28 | 28 | 28 |
| 2 | 3 | 4 | 7 | 8 | 7 | 11 | 14 | 29 | 29 | |
| 22 | 22 | 22 | 24 | 28 | 26 | 40 | 63 | 94 | 34 | |
| Trade Payables | 6 | 13 | 8 | 1 | 8 | 26 | 25 | 23 | 5 | 43 |
| 0 | 0 | 0 | 2 | 13 | 18 | 14 | 19 | 14 | 14 | |
| Total Liabilities | 34 | 43 | 38 | 40 | 63 | 90 | 108 | 146 | 170 | 148 |
| ASSETS | - | - | - | - | - | - | - | - | - | - |
| 0 | 1 | 1 | 7 | 17 | 25 | 25 | 35 | 34 | 33 | |
| Capital Work in Progress | 0 | 0 | 0 | 1 | 5 | 0 | 0 | 0 | 1 | 2 |
| 8 | 6 | 5 | 8 | 17 | 23 | 44 | 62 | 97 | 93 | |
| 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 25 | 11 | |
| Cash & Bank | 0 | 0 | 1 | 1 | 1 | 0 | 2 | 1 | 1 | 1 |
| 26 | 36 | 31 | 24 | 24 | 42 | 36 | 49 | 12 | 9 | |
| Total Assets | 34 | 43 | 38 | 40 | 63 | 90 | 108 | 146 | 170 | 148 |
| Total Debt | 22 | 22 | 22 | 25 | 40 | 43 | 51 | 72 | 100 | 44 |
| Net Working Capital | 6 | 7 | 8 | 8 | 5 | 13 | 18 | 17 | 29 | 30 |
| Contingent Liabilities | 0 | 0 | 0 | 4,512 | 3 | 3 | 0 | 2 | 7 | 308 |
| Book Value per Share | 14.52 | 15.75 | 17.84 | 21.73 | 23.61 | 15.93 | 16.06 | 1.50 | 2.05 | 2.04 |
| Face Value | 10.00 | 10.00 | 10.00 | 10.00 | 10.00 | 10.00 | 10.00 | 1.00 | 1.00 | 1.00 |
Cash Flows
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|
| -2 | 2 | 2 | 2 | 2 | 5 | -5 | -3 | -20 | 62 | |
| Cash from Investing | -0 | -0 | 0 | 0 | -14 | -4 | -0 | -9 | 2 | 5 |
| Cash from Financing | 2 | -2 | -2 | 1 | 12 | -1 | 5 | 11 | 17 | -67 |
| -0 | -0 | 0 | 3 | -0 | -0 | 0 | 0 | -0 | -0 | |
| Free Cash Flow | -2 | 2 | 2 | -5 | -12 | 1 | -6 | -14 | -21 | 62 |
| OCF / Net Profit | -6.01 | 3.78 | 2.00 | 1.45 | 1.71 | 0.98 | -0.46 | -0.19 | -1.30 | -28.78 |
| Cumulative 5-Year FCF | 0 | 0 | 0 | 0 | -16 | -13 | -20 | -35 | -52 | 23 |
Ratios
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|
| PER SHARE | ||||||||||
| EPS (₹) | 0.70 | 1.23 | 2.09 | 1.70 | 1.89 | 4.12 | 5.44 | 0.49 | 0.55 | -0.08 |
| Book Value (₹) | 14.52 | 15.75 | 17.84 | 21.73 | 23.61 | 15.93 | 16.06 | 1.50 | 2.05 | 2.04 |
| Dividend per Share (₹) | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.10 | 0.00 | 0.00 |
| Cash EPS (₹) | 0.02 | 0.03 | 0.05 | 0.04 | 0.05 | 0.21 | 0.40 | 0.54 | 0.59 | -0.04 |
| PROFITABILITY | ||||||||||
| Operating Margin % | 2.10% | 2.45% | 2.39% | 2.56% | 2.96% | 1.83% | 1.87% | 2.88% | 1.77% | 0.32% |
| Net Margin % | 0.23% | 0.43% | 0.67% | 0.76% | 0.78% | 0.80% | 0.97% | 1.33% | 1.26% | -0.21% |
| ROE % | 4.96% | 8.11% | 12.47% | 9.78% | 8.32% | 29.69% | 40.75% | 38.52% | 31.06% | -3.84% |
| ROCE % | 10.49% | 10.26% | 10.83% | 9.74% | 8.73% | 18.33% | 25.31% | 29.22% | 21.26% | 8.11% |
| 0.94% | 1.44% | 2.34% | 2.67% | 2.25% | 6.64% | 10.15% | 10.78% | 9.66% | -1.37% | |
| EFFICIENCY | ||||||||||
| Debtor Days | 61 | 82 | 76 | 60 | 48 | 16 | 12 | 11 | 9 | 6 |
| Inventory Days | 22 | 20 | 14 | 17 | 30 | 12 | 12 | 19 | 24 | 33 |
| Payable Days | 20 | 27 | 28 | 13 | 12 | 10 | 9 | 9 | 4 | 9 |
| 63 | 75 | 63 | 64 | 66 | 18 | 15 | 21 | 28 | 31 | |
| FINANCIAL HEALTH | ||||||||||
| Debt to Equity (x) | 3.39x | 3.16x | 2.76x | 1.90x | 2.76x | 2.17x | 1.74x | 1.74x | 1.77x | 0.79x |
| Interest Coverage (x) | 1.31x | 1.37x | 1.77x | 1.85x | 1.66x | 2.92x | 4.56x | 3.90x | 2.53x | 0.79x |
| 1.22x | 1.19x | 1.25x | 1.31x | 1.15x | 1.24x | 1.27x | 1.18x | 1.29x | 1.38x | |
| GROWTH | ||||||||||
| Revenue Growth % | 24.35% | -6.92% | 10.97% | -2.91% | 8.52% | 325.10% | 62.98% | 0.06% | 17.84% | -14.75% |
| Operating Profit Growth % | -3.92% | 8.66% | 8.01% | 4.00% | 25.46% | 163.12% | 66.90% | 53.63% | 1.28% | -61.13% |
| Net Profit Growth % | -42.93% | 74.60% | 70.71% | 10.89% | 10.91% | 336.55% | 98.02% | 36.53% | 11.40% | -114.24% |
| 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 11.40% | -114.24% | |
| VALUATION | ||||||||||
| P/E (x) | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 18.69x | 0.00x |
| P/B (x) | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 5.02x | 2.03x |
| Dividend Yield % | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
| 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 12.83x | 13.56x |
Documents
Corporate disclosures, annual reports, credit ratings, and concall transcripts
2026-09-01 - Rajnandini Metal Limited has informed the Exchange about Copy of Newspaper Publication
2026-08-14 - Rajnandini Metal Limited has informed the Exchange about Copy of Newspaper Publication
2026-08-13 - Appointment of Internal and Cost Auditor for FY 2026-27
2026-08-13 - Rajnandini Metal Limited has submitted to the Exchange, the financial results for the period ended Jun 30, 2026.
2026-07-17 - Rajnandini Metal Limited has submitted the Exchange a copy Srutinizers report of Postal Ballot. Further, the company has informed the Exchange regarding voting results.
2026-07-09 - Rajnandini Metal Limited has informed the Exchange about Certificate under SEBI (Depositories and Participants) Regulations, 2018
2026-06-27 - Rajnandini Metal Limited has informed the Exchange regarding the Trading Window closure pursuant to SEBI (Prohibition of Insider Trading) Regulations, 2015
2026-06-25 - The Exchange had sought clarification from Rajnandini Metal Limited for the quarter ended 31-Mar-2025 with respect to Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. On basis of above the Company was required to clarify the following: The response of the Company is enclosed.
2026-06-17 - Rajnandini Metal Limited has informed the Exchange about Copy of Newspaper Publication
News
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