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Q2 FY27 Revenue Crosses ₹200 Cr, Up 30%+ YoY; Sales Volume Rises 28.86%
Rathi Steel and Power reported preliminary operational numbers for Q2 FY27, with revenue exceeding ₹200 Cr, marking a 30%+ YoY growth compared to ₹156.43 Cr in Q2 FY26. Sales volume rose 28.86% YoY to 32,028 MT from 24,855 MT. The company also secured an interest rate reduction of approximately 450 bps with its existing lender while raising additional growth capital. For FY27, management is targeting rolling mill capacity utilization of 55–60% compared to ~51–52% in FY26.
Confidence: HIGH
What changedRathi Steel shared preliminary Q2 FY27 operational updates showing >30% YoY revenue expansion and achieved a 450 bps cut in borrowing costs.
Why it mattersHigher volume throughput combined with a 450 bps interest rate reduction should significantly lower finance costs and expand operating leverage on its 200,000 TPA rolling capacity.
Q2 FY27 Revenue: Over ₹200 CrQ2 FY26 Revenue: ₹156.43 CrQ2 FY27 Sales Volume: 32,028 MTInterest Rate Reduction: about 450 bpsTarget Rolling Mill Utilisation (FY27): 55–60%
📅 Short termMarket sentiment may react positively to the strong top-line and volume trajectory ahead of audited quarterly filings.
📈 Long termImproving capacity utilization toward 60% and shifting mix toward higher-margin stainless steel rebars could support structural margin enhancement.
⚠ Risk flags
- Figures are unaudited and subject to review by the Audit Committee, Board, and Statutory Auditors
- Potential volatility in raw material and scrap prices impacting finished steel spreads
Key Highlights
Q2 FY27 revenue exceeded ₹200 Cr, growing over 30% YoY from ₹156.43 Cr
Sales volume reached 32,028 MT, up 28.86% YoY from 24,855 MT
Negotiated ~450 bps interest rate reduction with existing lender
Targeting FY27 rolling mill capacity utilization of 55–60% vs ~51–52% in FY26
FY26 full-year baseline reported at ₹716.49 Cr total income, ₹28.90 Cr EBITDA, and ₹12.87 Cr PAT
👀 What to Watch
Track the upcoming detailed Q2 FY27 financial results for reported EBITDA margins and net profitability to confirm if volume growth translates to margin expansion.
Q1 Total Income up 24.6% to Rs 193.67 Cr, PAT Jumps 84.5% to Rs 3.48 Cr
Rathi Steel & Power reported a 24.6% YoY rise in total income to Rs 193.67 Cr and an 84.5% YoY increase in PAT to Rs 3.48 Cr for Q1. Total sales volume grew 30% YoY to 28,372 MT, driven by a doubling of TMT bar volumes to 18,677 MT. Stainless steel volumes contracted by 10-12% YoY due to elevated ocean freights and geopolitical headwinds affecting export-oriented end-users. The company plans an annual capex of Rs 15 Cr+ in FY27 to be funded via internal accruals.
Confidence: HIGH
What changedSubmission of the detailed transcript of the Q1 earnings conference call discussing operational performance, volume growth, and capex outlook.
Why it mattersDemonstrates volume-led operational turnaround driven by TMT bars, backward integration trial runs, and gradual capacity utilization ramp-up.
Total Income (Q1): INR 193.67 CrPAT (Q1): INR 3.48 CrTotal Sales Volume: 28,372 MTTMT Bar Volume: 18,677 MTFull-Year Capex Target: INR 15 Cr+
📅 Short termVolume momentum is healthy, though Q2 faces typical seasonal monsoon softness in construction demand.
📈 Long termBackward integration into TMT and scaling higher-margin stainless steel products could structurally improve profitability if rolling mill utilization sustains above 60-70%.
⚠ Risk flags
- Export and geopolitical headwinds impacting stainless steel end-user demand
- Commodity price volatility and limited pricing power in standard TMT rebars
Key Highlights
Total income rose 24.6% YoY to INR 193.67 Cr, while EBITDA rose 24.83% YoY to INR 7.77 Cr.
PAT surged 84.5% YoY to INR 3.48 Cr, with PAT margins improving by 58 bps to 1.8%.
Total sales volumes increased 30% YoY to 28,372 MT, led by TMT bar volume growth to 18,677 MT.
Management targets FY27 rolling mill capacity utilization to exceed 60% (vs 51-52% in FY26).
FY27 capex targeted at Rs 15 Cr+ for plant modernization and direct charging, funded via internal accruals.
👀 What to Watch
Monitor whether rolling mill utilization crosses the guided 60% threshold and observe recovery in high-margin stainless steel volumes in subsequent quarters.
Rathi Steel Q1 FY27 PAT Rises 84.6% YoY to ₹3.48 Cr as Sales Volumes Grow 30%
Rathi Steel and Power reported a 24.63% YoY increase in total income to ₹193.67 Cr for Q1 FY27, compared to ₹155.40 Cr in Q1 FY26. Net profit (PAT) grew 84.56% YoY to ₹3.48 Cr, supported by a 30% YoY increase in sales volumes to 28,372 MT. EBITDA expanded 24.83% YoY to ₹7.77 Cr, with EBITDA margins remaining flat at 4.01%. While YoY growth was robust, revenue moderated sequentially from ₹244.44 Cr in Q4 FY26 due to softer steel realizations.
Confidence: HIGH
What changedRathi Steel published its Q1 FY27 investor presentation detailing 24.6% revenue growth and 84.6% PAT growth.
Why it mattersConfirms volume-driven growth (+30% YoY) and steady operating margins despite softer steel prices and raw material price volatility.
Total Income (Q1 FY27): ₹193.67 CrPAT (Q1 FY27): ₹3.48 CrSales Volume (Q1 FY27): 28,372 MTEBITDA Margin: 4.01%Rolling Mill Capacity: 2,00,000 TPA
📅 Short termStrong YoY earnings growth should support sentiment, though sequential revenue moderation from Q4 FY26 (₹244.4 Cr) reflects seasonal and pricing softness.
📈 Long termLong-term upside depends on sweating existing rolling capacities, expanding higher-margin retail stainless steel rebars, and leveraging direct billet charging cost advantages.
⚠ Risk flags
- Thin EBITDA margin profile of ~4% leaving limited buffer against input cost spikes
- Steel price cyclicality and risk of low-cost overseas imports
- Geographic concentration in North India
Key Highlights
Total income increased 24.63% YoY to ₹193.67 Cr in Q1 FY27 from ₹155.40 Cr in Q1 FY26
Net profit (PAT) surged 84.56% YoY to ₹3.48 Cr versus ₹1.89 Cr in the year-ago quarter
Total sales volumes increased by approximately 30% YoY to 28,372 MT
EBITDA rose 24.83% YoY to ₹7.77 Cr, maintaining an EBITDA margin of 4.01%
Installed rolling mill capacity stands at 2,00,000 TPA and steel melting capacity at ~85,000 TPA
👀 What to Watch
Track capacity utilization levels across the 200,000 TPA rolling mill and the margin trajectory as higher-margin stainless steel rebars ramp up in the product mix.
85% PAT Growth in Q1 FY27; Revenue Up 25% to ₹194 Cr Driven by TMT Volume Surge
Rathi Steel & Power reported a strong Q1 FY27 with revenue growing 24.6% YoY to ₹193.67 Cr. Net profit surged 84.6% YoY to ₹3.48 Cr, significantly outpacing revenue growth due to improved operational leverage. Total sales volumes increased 30% YoY to 28,372 MT, led by the TMT rebar segment where volumes more than doubled. Despite flat EBITDA margins at 4.01%, the company achieved a 58 bps improvement in PAT margins to 1.80%.
Confidence: HIGH
What changedThe company has significantly scaled its TMT rebar volumes and improved its bottom-line profitability through better product mix and volume-driven cost absorption.
Why it mattersThe strong volume growth in a challenging environment of volatile energy costs suggests the company is successfully gaining market share or sweating its 200,000 TPA rolling capacity more effectively.
Q1 FY27 Revenue: ₹193.67 CrQ1 Revenue vs TTM Revenue: 27.04%PAT Growth (YoY): 84.56%TMT Volume Growth: 125.16%EBITDA Margin: 4.01%
📅 Short termThe sharp increase in PAT and robust volume growth are likely to be viewed positively by the market in the coming weeks, reflecting improved operational execution.
📈 Long termThe company's focus on backward integration and specialized products like stainless steel rebars, combined with its proprietary direct billet charging technology, provides a structural cost advantage for long-term competitiveness.
⚠ Risk flags
- Volatility in energy and input costs
- Softer steel price realizations impacting top-line growth
- High competition from larger integrated steel players
Key Highlights
Total sales volumes increased ~30% YoY to 28,372 MT compared to 21,864 MT in Q1 FY26
TMT rebar sales volumes more than doubled to 18,677 MT from 8,295 MT in the previous year
Net Profit (PAT) rose 84.56% YoY to ₹3.48 Cr from ₹1.89 Cr
Revenue from operations grew 24.63% YoY to ₹193.67 Cr
PAT margin improved by 58 basis points to 1.80% from 1.21% YoY
👀 What to Watch
Investors should monitor the sustainability of the TMT volume growth and the impact of 'softer steel realizations' mentioned by management on future margins. Watch for progress in the high-margin stainless steel rebar segment which is a key part of their long-term strategy.
84% YoY PAT Growth to ₹3.48 Cr in Q1 FY27; Revenue Up 24.5%
Rathi Steel & Power reported a strong year-on-year performance for Q1 FY27, with revenue from operations growing 24.5% to ₹193.41 Cr. Net profit surged 84% YoY to ₹3.48 Cr, although it declined sequentially from ₹7.45 Cr in the preceding March quarter. Operating margins remain thin at approximately 4%, consistent with the company's historical TTM performance. The company maintained its focus on the steel segment without any extraordinary items impacting the bottom line.
Confidence: HIGH
What changedThe company has reported its first-quarter results for the new fiscal year, showing significant YoY growth in both top-line and bottom-line figures, despite a sequential dip from Q4 FY26.
Why it mattersThe results confirm the company's ability to maintain growth momentum and manage costs in a volatile steel market, though the low margin profile remains a structural challenge for valuation re-rating.
Revenue (Q1 FY27): ₹193.41 CrNet Profit (Q1 FY27): ₹3.48 CrYoY Revenue Growth: 24.5%YoY PAT Growth: 84.1%Estimated OPM: 4.02%Q1 Revenue vs TTM Revenue: 27.0%
📅 Short termThe stock may see positive sentiment due to the strong YoY profit jump, though the sequential (QoQ) decline in profit from ₹7.45 Cr to ₹3.48 Cr might lead to some profit booking.
📈 Long termLong-term value depends on the successful execution of the backward integration strategy and the shift toward specialized stainless steel products to improve EBITDA margins from the current 4% level.
⚠ Risk flags
- Thin operating margins (4%)
- Sequential decline in profitability
- High sensitivity to raw material price volatility
Key Highlights
Revenue from operations increased to ₹193.41 Cr, up 24.5% from ₹155.29 Cr in Q1 FY26.
Net profit grew 84.1% YoY to ₹3.48 Cr compared to ₹1.89 Cr in the same period last year.
Finance costs increased to ₹2.09 Cr from ₹1.75 Cr YoY, reflecting higher working capital or debt servicing needs.
Earnings Per Share (EPS) improved to ₹0.40 from ₹0.22 in the year-ago quarter.
Total expenses rose to ₹190.19 Cr, with cost of materials consumed accounting for 84.5% of total revenue.
👀 What to Watch
Investors should monitor the company's progress in transitioning to high-margin stainless steel rebars, as current operating margins are low at 4%. Watch for improvements in capacity utilization of the 200,000 TPA rolling mill in upcoming quarters.
Rathi Steel Q1 FY27: Net Profit Surges 84% YoY to ₹3.48 Cr
Rathi Steel & Power reported a strong year-on-year performance for Q1 FY27, with revenue from operations growing 24.5% to ₹193.41 Cr compared to ₹155.29 Cr in Q1 FY26. Net profit saw a significant jump of 84% YoY, reaching ₹3.48 Cr. However, on a sequential basis, performance softened as revenue declined 20.9% and profit fell 53% from the preceding March 2026 quarter. The company maintains a lean balance sheet with a debt-to-equity ratio of 0.30.
Confidence: HIGH
What changedThe filing represents the first quarter financial results for the fiscal year 2026-27, showing substantial YoY growth but a sequential slowdown.
Why it mattersThe results demonstrate the company's ability to grow its top and bottom lines YoY in a competitive steel market, though thin operating margins (approx. 1.8% this quarter) remain a structural challenge.
Revenue (Q1 FY27): ₹193.41 CrNet Profit (Q1 FY27): ₹3.48 CrYoY Revenue Growth: 24.5%YoY PAT Growth: 84.1%QoQ Revenue Growth: -20.9%
📅 Short termThe stock may see positive sentiment due to the strong YoY profit growth, although the sequential decline in revenue and profit compared to Q4 FY26 might lead to some consolidation.
📈 Long termLong-term value depends on the company's strategy to shift from conversion-based TMT operations to backward-integrated production and scaling its specialized stainless steel products.
⚠ Risk flags
- Thin operating margins
- Sequential decline in profitability
- Sensitivity to raw material price volatility
Key Highlights
Revenue from operations increased 24.5% YoY to ₹193.41 Cr.
Net profit grew 84.1% YoY to ₹3.48 Cr from ₹1.89 Cr in the year-ago period.
Earnings Per Share (EPS) improved to ₹0.40 from ₹0.22 YoY.
Total expenses for the quarter stood at ₹190.19 Cr, representing 98.3% of total revenue.
Finance costs increased to ₹2.09 Cr from ₹1.75 Cr in Q1 FY26.
👀 What to Watch
Investors should monitor the company's progress in increasing capacity utilization of its 200,000 TPA rolling mill and the market reception of its higher-margin stainless steel rebars.
30% Sales Volume Growth and ₹193 Cr+ Revenue in Q1 FY27 for Rathi Steel & Power
Rathi Steel & Power reported a strong start to FY27 with sales volumes reaching 28,372 MT, a 30% increase over Q1 FY26. Revenue grew by over 24% to exceed ₹193 Cr, driven primarily by the TMT rebar segment where volumes more than doubled to 18,677 MT. This quarterly revenue represents approximately 27% of the total income reported in FY26 (₹716.49 Cr), indicating a positive trajectory. The company is specifically targeting the 550D TMT bar segment to cater to major real estate developers while managing volatile energy costs.
Confidence: HIGH
What changedThe company released preliminary unaudited operational numbers for Q1 FY27 ahead of official financial results, showing significant volume and revenue growth.
Why it mattersThe doubling of TMT rebar volumes suggests a successful shift in product mix and market capture in the construction sector, which could improve capacity utilization of their 2,00,000 TPA rolling facility.
Sales Volume (Q1 FY27): 28,372 MTRevenue (Q1 FY27): >₹193 CrTMT Volume Growth: >100%Q1 Revenue vs FY26 Total Income: ~27%Rolling Capacity: 2,00,000 TPA
📅 Short termPositive sentiment is expected in the coming weeks as the market reacts to the strong volume growth and early disclosure of performance ahead of formal results.
📈 Long termThe focus on high-grade 550D TMT bars and recycling-based manufacturing could provide a structural competitive edge in the infrastructure and real estate sectors over the next few years.
⚠ Risk flags
- Volatile energy costs
- Geopolitical conditions affecting raw materials
- Fluctuating demand momentum in select sectors
Key Highlights
Total sales volume grew ~30% YoY to 28,372 MT in Q1 FY27 from 21,864 MT in Q1 FY26
Quarterly revenue exceeded ₹193 Cr, representing a growth of more than 24% year-on-year
TMT rebar segment volumes more than doubled from 8,295 MT to 18,677 MT during the quarter
Q1 FY27 revenue of ₹193 Cr is approximately 27% of the full-year FY26 income of ₹716.49 Cr
Company maintains a rolling capacity of 2,00,000 tonnes per annum and steel melting capacity of 85,000 tonnes per annum
👀 What to Watch
Monitor the upcoming official Q1 FY27 financial results to see if the 30% volume growth translates into improved EBITDA margins, especially given the mention of volatile energy costs. Watch for execution updates on the 550D TMT bar segment expansion.
