Rhetan TMT 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
- Operating margins have improved to 27.1% from 10.6%
- Strong cash generation - operating cash flow backs reported profits (CFO/PAT 1.17x)
- Stock looks reasonably valued - P/E of 145.2 is below its historical median
- Company comfortably covers its interest (10.3x coverage)
- Company generates healthy free cash flow
- Company maintains a comfortable, low leverage position
CONS
- A large part of profit comes from other income (64.7% of PBT)
- Receivables are growing faster than sales - a possible quality concern
- Company has a low return on capital employed of 7.5%
- Company has a low return on equity of 6.2% over last 3 years
- Company's sales have been declining over the last five years
* The pros and cons are machine generated based on quantitative rules.
Peer comparison
| Name | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| JSWSTEEL | 1309.00 | 12.92 | 320109.92 | 0.54 | 4696.00 | 112.58 | 47364.00 | 11.55 | 20.67 | 19.60 |
| TATASTEEL | 183.65 | 20.78 | 229258.67 | 2.18 | 2385.24 | 18.82 | 60794.29 | 15.26 | 12.70 | 15.40 |
| SAIL | 196.00 | 18.95 | 80958.30 | 1.20 | 1644.05 | 120.80 | 26245.67 | 1.25 | 7.08 | 15.92 |
| WELCORP | 2646.15 | 30.23 | 69802.96 | 0.19 | 1047.88 | 200.11 | 4081.12 | 14.91 | 23.94 | 32.17 |
| JSL | 737.80 | 18.72 | 60825.68 | 0.54 | 768.66 | 7.56 | 11278.54 | 10.50 | 19.19 | 12.09 |
| APLAPOLLO | 2151.00 | 48.59 | 59724.32 | 0.40 | 263.11 | 10.94 | 5606.71 | 12.07 | 31.83 | 7.34 |
| SHYAMMETL | 1081.75 | 26.88 | 30195.09 | 0.42 | 350.73 | 20.66 | 5455.09 | 23.45 | 13.88 | 14.03 |
| JINDALSAW | 310.70 | 30.41 | 19869.52 | 0.64 | 90.79 | -78.15 | 4452.31 | 9.00 | 10.38 | 8.79 |
| RATNAMANI | 2666.75 | 43.18 | 18691.78 | 0.38 | 107.03 | -15.82 | 971.63 | -15.63 | 18.01 | 16.69 |
| SARDAEN | 506.95 | 15.81 | 17863.97 | 0.39 | 478.13 | 9.50 | 1608.04 | -1.07 | 17.76 | 41.59 |
| GPIL | 239.75 | 20.01 | 16140.90 | 0.42 | 222.37 | 2.75 | 1750.47 | 32.29 | 20.20 | 19.36 |
| RHETAN | 23.14 | 145.24 | 1843.97 | 0.00 | 3.16 | 315.53 | 4.06 | -19.38 | 11.30 | -16.27 |
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 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 24 | 10 | 12 | 18 | 19 | 5 | 6 | 6 | 5 | 5 | 6 | 8 | 4 | |
| 23 | 9 | 10 | 17 | 18 | 2 | 4 | 10 | 4 | 4 | 4 | 6 | 5 | |
| Operating Profit | 2 | 1 | 2 | 1 | 2 | 3 | 2 | -3 | 1 | 1 | 2 | 3 | -1 |
| OPM % | 6.26% | 10.12% | 14.95% | 7.38% | 8.48% | 63.23% | 34.95% | -46.38% | 12.10% | 23.11% | 38.80% | 29.80% | -28.18% |
| 0 | 0 | 0 | 0 | 0 | 0 | 0 | 3 | 1 | 2 | 3 | 2 | 4 | |
| Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Depreciation | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -0 | 0 | 0 | 0 | 0 | 0 |
| Profit before Tax | 1 | 1 | 1 | 1 | 1 | 2 | 2 | 0 | 1 | 3 | 5 | 4 | 3 |
| Tax % | 20.00% | 0.00% | 11.97% | 20.00% | 19.80% | 8.84% | 12.03% | -157.89% | 0.00% | 5.28% | 12.60% | 48.48% | 4.51% |
| Net Profit | 1 | 1 | 1 | 1 | 1 | 2 | 1 | 0 | 1 | 3 | 4 | 2 | 3 |
| 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.03 | 0.02 | 0.01 | 0.01 | 0.04 | 0.06 | 0.08 | 0.04 |
Profit & Loss
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|
| 20 | 52 | 67 | 86 | 65 | 37 | 24 | 23 | |
| 19 | 50 | 62 | 78 | 58 | 33 | 18 | 19 | |
| Operating Profit | 1 | 2 | 5 | 8 | 7 | 4 | 7 | 5 |
| OPM % | 2.87% | 3.05% | 6.87% | 9.52% | 10.88% | 10.71% | 27.11% | 20.77% |
| 0 | 0 | 0 | 1 | 0 | 2 | 9 | 12 | |
| Interest | 0 | 1 | 1 | 1 | 2 | 2 | 1 | 1 |
| Depreciation | 0 | 0 | 0 | 1 | 1 | 1 | 1 | 1 |
| Profit before Tax | 0 | 0 | 3 | 7 | 5 | 3 | 13 | 16 |
| Tax % | 641.42% | 25.47% | 18.38% | 24.20% | 26.29% | 9.16% | 21.79% | 19.28% |
| Net Profit | -1 | 0 | 2 | 5 | 4 | 3 | 10 | 13 |
| EPS | -14.51 | 1.18 | 1.77 | 0.09 | 0.05 | 0.04 | 0.13 | — |
| Dividend Payout % | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | — |
COMPOUNDED SALES GROWTH
- 10 Years:
- —
- 5 Years:
- -14%
- 3 Years:
- -34%
COMPOUNDED PROFIT GROWTH
- 10 Years:
- —
- 5 Years:
- 138%
- 3 Years:
- 24%
STOCK PRICE CAGR
- 10 Years:
- —
- 5 Years:
- —
- 3 Years:
- —
- 1 Year:
- —
RETURN ON EQUITY
- 10 Years:
- —
- 5 Years:
- 9%
- 3 Years:
- 6%
- Last Year:
- 11%
Balance Sheet
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|
| Equity Capital | 4 | 11 | 13 | 80 | 80 | 80 | 80 |
| -3 | -3 | 10 | 5 | 9 | 14 | 29 | |
| 24 | 25 | 26 | 17 | 16 | 22 | 42 | |
| Trade Payables | 5 | 4 | 5 | 6 | 4 | 5 | 6 |
| 1 | 1 | 4 | 5 | 5 | 3 | 8 | |
| Total Liabilities | 30 | 40 | 59 | 113 | 114 | 124 | 165 |
| 9 | 9 | 8 | 9 | 17 | 16 | 16 | |
| Capital Work in Progress | 0 | 0 | 0 | 0 | 0 | 2 | 6 |
| 1 | 1 | 1 | 1 | 1 | 3 | 7 | |
| 8 | 12 | 24 | 32 | 34 | 40 | 51 | |
| 0 | 0 | 0 | 0 | 23 | 23 | 24 | |
| Cash & Bank | 0 | 0 | 0 | 0 | 1 | 0 | 0 |
| 12 | 18 | 25 | 71 | 38 | 40 | 60 | |
| Total Assets | 30 | 40 | 59 | 113 | 114 | 124 | 165 |
Cash Flows
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|
| -12 | -7 | -14 | -43 | 14 | 5 | 1 | |
| Cash from Investing | -2 | -0 | -0 | -1 | -9 | -4 | -9 |
| Cash from Financing | 14 | 7 | 14 | 45 | -4 | -2 | 7 |
| 0 | 0 | -0 | 0 | 1 | -1 | 0 |
Ratios
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|
| PER SHARE | |||||||
| EPS (₹) | -14.51 | 1.18 | 1.77 | 0.07 | 0.05 | 0.04 | 0.13 |
| Book Value (₹) | -6.49 | 64.91 | 17.15 | 1.06 | 1.09 | 1.12 | 1.30 |
| Dividend per Share (₹) | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Cash EPS (₹) | -0.02 | 0.01 | 0.06 | 0.08 | 0.06 | 0.05 | 0.14 |
| PROFITABILITY | |||||||
| Operating Margin % | 3.24% | 3.13% | 6.88% | 10.59% | 10.88% | 10.71% | 27.11% |
| Net Margin % | -2.90% | 0.26% | 3.50% | 6.30% | 5.98% | 8.33% | 42.13% |
| ROE % | 0.00% | 3.76% | 15.56% | 10.14% | 4.53% | 3.51% | 10.66% |
| ROCE % | 1.72% | 4.11% | 10.10% | 11.17% | 6.60% | 4.61% | 11.30% |
| -1.90% | 0.38% | 4.75% | 6.32% | 3.42% | 2.60% | 7.14% | |
| EFFICIENCY | |||||||
| Debtor Days | 134 | 75 | 98 | 104 | 141 | 226 | 353 |
| Inventory Days | 155 | 70 | 97 | 119 | 187 | 365 | 679 |
| Payable Days | 109 | 39 | 29 | 26 | 34 | 54 | 155 |
| 179 | 107 | 166 | 197 | 294 | 536 | 876 | |
| FINANCIAL HEALTH | |||||||
| Debt to Equity (x) | -92.29x | 3.44x | 1.17x | 0.21x | 0.19x | 0.25x | 0.41x |
| Interest Coverage (x) | 1.36x | 1.18x | 3.26x | 6.51x | 4.44x | 3.18x | 10.30x |
| 1.34x | 1.72x | 2.34x | 4.73x | 4.00x | 4.44x | 4.25x | |
| GROWTH | |||||||
| Revenue Growth % | 0.00% | 160.34% | 28.68% | 28.34% | -24.71% | -42.62% | -34.24% |
| Operating Profit Growth % | 0.00% | 151.26% | 182.69% | 97.53% | -17.72% | -25.85% | 172.58% |
| Net Profit Growth % | 0.00% | 123.14% | 1645.57% | 131.10% | -28.56% | -20.03% | 232.72% |
| 0.00% | 0.00% | 0.00% | 0.00% | -28.57% | -20.11% | 232.99% | |
| VALUATION | |||||||
| P/E (x) | 0.00x | 0.00x | 0.00x | 0.00x | 171.92x | 439.18x | 187.54x |
| P/B (x) | 0.00x | 0.00x | 0.00x | 0.00x | 7.67x | 15.20x | 18.59x |
| Dividend Yield % | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
| 0.00x | 0.00x | 0.00x | 0.00x | 90.87x | 248.45x | 130.27x |
Documents
Corporate disclosures, annual reports, credit ratings, and concall transcripts
2026-08-25 - Rhetan TMT Limited has informed the Exchange about General Updates dispatch of letters to non-email shareholders under Regulation 36(1)(b) of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015.
2026-08-25 - Rhetan TMT Limited has informed the Exchange about Copy of Newspaper Publication of 42nd Annual General Meeting for the financial year 2025-26
2026-08-25 - Rhetan TMT Limited has informed the Exchange regarding Notice of Annual General Meeting to be held on September 16, 2026
2026-08-19 - Rhetan TMT Limited has informed the Exchange about Captive Solar Power Project Update_19.08.2026
2026-08-13 - Rhetan TMT Limited has informed the Exchange about Copy of Newspaper Publication for the unaudited financial results for the first quarter ended June 30, 2026
2026-08-12 - Rhetan TMT Limited has informed the Exchange that Cut off date for the purpose of determing the eligibility of shareholders for remote e-voting as well as voting at AGM is 09-Sep-2026.
2026-08-12 - Rhetan TMT Limited has informed the Exchange regarding Outcome of Board Meeting held on August 12, 2026 for the approval of unaudited standalone financial results for the quarter ended June 30, 2026 and other business agendas.
2026-08-12 - Rhetan TMT Limited has informed the Exchange about General Updates regarding the change of Registered Office of Company within the same city.
2026-08-12 - Rhetan TMT Limited has informed the Exchange about General Updates
News
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