Rajasthan Tube Manufacturing Company Ltd (530253)
📢 Recent Corporate Announcements
Rajasthan Tube Manufacturing Company Ltd announced the results of its Extra-Ordinary General Meeting (EOGM) held on August 20, 2026. All five special resolutions were approved with a 99.94% majority (18,582 votes in favour vs 10 against). Key approved items include the issuance of warrants on a preferential basis, regularisation of two Independent Directors (Mr. Mahendra Soni and Mr. Ranjit Kumar Pandey), and the adoption of amended MoA and AoA.
- Resolution for issuance of warrants on a preferential basis approved with 99.94% votes in favour (18,582 votes vs 10 against)
- Approved regularisation of Mr. Mahendra Soni and Mr. Ranjit Kumar Pandey as Independent Directors
- Approved adoption of amended Memorandum of Association (MoA) and new Articles of Association (AoA)
- Remote e-voting was conducted between August 17, 2026 and August 19, 2026 based on a cut-off date of August 13, 2026
Rajasthan Tube Manufacturing Company Ltd has submitted copies of newspaper advertisements regarding its un-audited financial results for the quarter ended June 30, 2026. The results were published in Financial Express (English) and Business Remedies (Hindi) pursuant to Regulation 47 of SEBI LODR Regulations. This is a mandatory statutory compliance filing with no incremental financial disclosures beyond the previously declared quarterly results.
- Newspaper publication submitted for the quarter ended June 30, 2026
- Published in Financial Express (English edition) and Business Remedies (Hindi edition)
- Filing made pursuant to Regulation 47 of SEBI LODR Regulations, 2015
- Intimation dated August 17, 2026
Rajasthan Tube Manufacturing Company reported Q1 FY27 (quarter ended June 30, 2026) revenue from operations of ₹5.56 lakhs, representing a 99.6% decline from ₹1,344.97 lakhs (₹13.45 crore) in Q1 FY26. Despite near-negligible top-line operations, net profit turned positive to ₹2.85 lakhs compared to a net loss of ₹109.91 lakhs in the year-ago period, aided by near-zero material and operational expenses. Total expenses fell sharply to ₹2.72 lakhs compared to ₹1,454.96 lakhs in Q1 FY26. Basic EPS for the quarter was ₹0.01 compared to negative ₹0.24 in Q1 FY26.
- Revenue from operations fell to ₹5.56 lakhs from ₹1,344.97 lakhs in Q1 FY26.
- Net profit recorded at ₹2.85 lakhs compared to a net loss of ₹109.91 lakhs in the previous year corresponding quarter.
- Total expenses dropped to ₹2.72 lakhs from ₹1,454.96 lakhs in Q1 FY26, with zero raw material cost reported.
- Basic and diluted EPS stood at ₹0.01 compared to -₹0.24 in Q1 FY26.
Rajasthan Tube Manufacturing Company reported Q1 FY27 revenue from operations of ₹5.56 lakhs, plunging 99.6% YoY from ₹1,344.97 lakhs in Q1 FY26. Total operating expenses dropped sharply to ₹2.72 lakhs compared to ₹1,454.96 lakhs in Q1 FY26, reflecting negligible manufacturing and raw material activity. The company posted a small net profit of ₹2.85 lakhs against a net loss of ₹109.91 lakhs in the corresponding quarter of the previous year. Basic and diluted EPS for the quarter was ₹0.01 compared to negative ₹0.24 in Q1 FY26.
- Revenue from operations fell 99.6% YoY to ₹5.56 lakhs from ₹1,344.97 lakhs in Q1 FY26.
- Total expenses dropped to ₹2.72 lakhs from ₹1,454.96 lakhs in Q1 FY26 due to stalled manufacturing activity.
- Net profit stood at ₹2.85 lakhs compared to a net loss of ₹109.91 lakhs in Q1 FY26.
- Reported basic and diluted EPS was ₹0.01 per share versus ₹(0.24) in the prior-year quarter.
Rajasthan Tube Manufacturing Company reported Q1 (ended June 30, 2026) standalone revenue from operations of Rs 5.56 lakh, down 99.6% YoY from Rs 1,344.97 lakh in June 2025. The company recorded a modest net profit of Rs 2.85 lakh compared to a net loss of Rs 109.91 lakh in the year-ago period, largely due to a sharp reduction in total expenses to Rs 2.72 lakh (vs Rs 1,454.96 lakh in June 2025) as raw material consumption was nil. Basic EPS for the quarter stood at Rs 0.01 compared to negative Rs 0.24 in Q1 FY26.
- Revenue from operations plunged 99.6% YoY to Rs 5.56 lakh from Rs 1,344.97 lakh in June 2025
- Total expenses dropped to Rs 2.72 lakh compared to Rs 1,454.96 lakh in the previous year quarter
- Net profit turned positive at Rs 2.85 lakh against a net loss of Rs 109.91 lakh in Q1 FY26
- Basic and diluted EPS stood at Rs 0.01 versus negative Rs 0.24 YoY
Rajasthan Tube Manufacturing Company Ltd has scheduled a meeting of its Board of Directors on Saturday, August 15, 2026, at 05:00 PM. The board will consider, approve, and take on record the unaudited financial results for the quarter ended June 30, 2026, alongside the auditor's limited review report. Additionally, the trading window for designated persons, which has been closed since July 7, 2026, will remain shut until 48 hours following the results announcement.
- Board meeting convened for August 15, 2026 at 05:00 PM
- Agenda focuses on reviewing unaudited financial results for the quarter ended June 30, 2026
- Trading window closed from July 7, 2026 until 48 hours post-results announcement
- Meeting to be held at the registered office of the company
Rajasthan Tube Manufacturing Company is proposing a massive capital infusion of Rs 93.15 crore through a preferential issue of warrants, which is over 200% of its current market capitalization. The company issued a corrigendum to its EGM notice to clarify that 75% of the proceeds (Rs 69.86 crore) will be used for working capital and 25% (Rs 23.29 crore) for general corporate purposes. This fundraise is highly significant given the company's TTM revenue of only Rs 17 crore. The funds are expected to be utilized over a 24-month period following receipt.
- Proposed fundraise of Rs 93.15 crore through preferential warrants, representing ~548% of TTM revenue.
- Rs 69.86 crore (75% of proceeds) earmarked for working capital requirements to be utilized within 24 months.
- Rs 23.29 crore (25% of proceeds) allocated for general corporate purposes.
- Warrant conversion funds to be received by the company within 18 months from the date of allotment.
- Valuation for the issue conducted by IBBI registered valuer Mr. A.N. Gawade.
Rajasthan Tube Manufacturing Company has issued a newspaper notice for an Extraordinary General Meeting (EGM) scheduled for August 20, 2026. This procedural filing follows a volatile financial year where FY26 revenue stood at Rs 17.01 cr, but the Mar 2026 quarter reported zero revenue. The company currently operates with a small market cap of Rs 50 cr and a relatively low promoter holding of 16.8%. Investors should monitor the specific agenda of the EGM for any potential corporate actions or capital restructuring.
- Extraordinary General Meeting (EGM) scheduled for August 20, 2026, at 03:00 P.M. IST
- Notice published in Financial Express and Nafanuksan newspapers on July 29, 2026
- Company reported a significant revenue drop to Rs 0.0 cr in the Mar 2026 quarter
- Promoter holding remains low at 16.8% as of March 2026
- Market capitalization is approximately Rs 50 cr with a P/E of 40.1
Rajasthan Tube Manufacturing Company is seeking shareholder approval to raise up to Rs 93.15 Cr through the issuance of 6.21 crore warrants at Rs 15 each. This is a massive capital infusion for the company, representing approximately 182% of its current market capitalization (Rs 51 Cr) and over 9x its current net worth (Rs 10 Cr). The warrants are being issued to 53 public category investors, with 25% of the issue price (Rs 23.29 Cr) payable upfront. The Extra-Ordinary General Meeting (EGM) to approve this is scheduled for August 20, 2026.
- Proposed issuance of 6,21,00,000 warrants at a price of Rs 15 per warrant, totaling Rs 93.15 Cr.
- The fundraise amount is approximately 5.5x the company's TTM revenue of Rs 17 Cr.
- Warrant holders must pay 25% of the issue price (Rs 23.29 Cr) at the time of subscription.
- The warrants are exercisable into equity shares (1:1 ratio) within 18 months from the date of allotment.
- The relevant date for floor price determination was fixed as July 21, 2026.
Rajasthan Tube Manufacturing Company has approved a massive fundraise of ₹93.15 crore through the issuance of 6.21 crore convertible equity share warrants to 53 public investors. This proposed capital infusion is approximately 182% of the company's current market capitalization of ₹51 crore and over 5x its TTM revenue of ₹17 crore. The warrants are priced at ₹15 each, which is a premium to the current market price of ₹11.6. Additionally, the board has recommended the regularization of two independent directors and the adoption of a new MOA and AOA to align with the Companies Act 2013.
- Proposed issuance of 6,21,00,000 warrants at ₹15 per warrant, aggregating to ₹93.15 crore.
- Fundraise amount represents ~548% of the company's TTM revenue of ₹17 crore.
- Warrants are convertible into equity shares within 18 months, with 25% (₹3.75 per warrant) payable upfront.
- The relevant date for the preferential issue is July 21, 2026, with an EGM scheduled for August 20, 2026.
- Post-conversion, the equity base will expand significantly, leading to substantial dilution for existing shareholders.
Rajasthan Tube Manufacturing Company has approved a massive fundraise of up to ₹93.15 crore through the issuance of 6.21 crore convertible warrants to 53 public investors. The issue price of ₹15 per warrant represents a significant ~29% premium over the current market price of ₹11.6. This capital infusion is nearly 1.8x the company's current market capitalization and over 5x its TTM revenue. Investors will pay 25% of the price upfront, with the remaining 75% payable upon conversion within 18 months.
- Proposed issuance of 6,21,00,000 convertible warrants at ₹15 each, aggregating to ₹93.15 crore
- Fundraise amount represents approximately 182% of the current market capitalization of ₹51 crore
- Issue price of ₹15 is a ~29% premium to the current market price of ₹11.6
- Warrants are convertible into equity shares within 18 months with a 25% upfront payment requirement
- Participation from 53 public investors, including entities like ESPS Finserve and Revati Holdings
Rajasthan Tube Manufacturing Company has approved a massive fundraise of up to ₹93.15 crore through the issuance of 6.21 crore convertible warrants to 53 public investors. The issue price of ₹15 per warrant represents a significant premium over the current market price of ₹11.6. This capital infusion is extraordinary relative to the company's current scale, representing approximately 183% of its market capitalization and over 5x its TTM revenue. Investors will pay 25% of the price upfront, with the remaining 75% due upon conversion within 18 months.
- Issuance of up to 6,21,00,000 convertible warrants at ₹15 each, totaling ₹93.15 crore
- Fundraise amount is ~183% of the current market capitalization of ₹51 crore
- Issue price of ₹15 is a ~29% premium to the current market price of ₹11.6
- Participation from 53 public investors; 25% upfront payment required on allotment
- Warrants are convertible into equity shares within a maximum period of 18 months
Rajasthan Tube Manufacturing Company has scheduled a board meeting for July 24, 2026, to consider raising funds through a preferential issue of equity shares or convertible warrants. This move comes as the company faces significant financial pressure, with a 73.6% decline in stock price over the last 12 months and zero revenue reported in the March 2026 quarter. With a small market capitalization of ₹51 Cr and a low promoter holding of 16.8%, the scale of this fundraise will be critical for its capital structure. The board will also decide on the date for an Extraordinary General Meeting (EGM) to seek shareholder approval.
- Board meeting scheduled for July 24, 2026, to approve fund raising via private placement.
- Current promoter holding is low at 16.8% as of March 2026, suggesting potential for significant dilution.
- Company reported ₹0.0 cr revenue and a net loss of ₹0.56 cr in the most recent quarter (Mar 2026).
- Market capitalization is currently ₹51 Cr, making any sizeable fundraise highly material to the equity base.
- Trading window is closed from July 20, 2026, until 48 hours after the board meeting outcome.
Financial Performance
Revenue Growth by Segment
The company operates in a single segment, Steel Tubes. Turnover decreased in FY2024-25, which led to a 27.3% drop in the Inventory Turnover Ratio from 5.96 to 4.33.
Geographic Revenue Split
Not explicitly disclosed, but the company focuses on the Rajasthan market due to purchase preferences in state government and semi-government organizations.
Profitability Margins
Operating Profit Margin and Net Profit Margin both remained stagnant at 0.01 (1%) for FY2024-25 and FY2023-24, indicating extremely thin profitability and high sensitivity to cost fluctuations.
EBITDA Margin
Operating Profit Margin was 1% in FY2024-25, showing no YoY change. Core profitability is constrained by high raw material costs and competitive pricing.
Credit Rating & Borrowing
The company has a credit rating of [ICRA]C; ISSUER NOT COOPERATING for its INR 20.00 Cr Cash Credit facility and [ICRA]A4; ISSUER NOT COOPERATING for its INR 12.25 Cr Non-Fund Based limits.
Operational Drivers
Raw Materials
Hot Rolled (H.R.) Coils are the primary raw material for manufacturing M.S. steel tubes; specific percentage of total cost not disclosed.
Raw Material Costs
Raw material costs are a major concern due to the rise in H.R. coil prices, which directly impacts the company's 1% operating margin.
Strategic Growth
Growth Strategy
Growth is targeted through purchase preferences in Rajasthan government and semi-government organizations. The company also implemented a 1:10 stock split (face value Rs. 10 to Re. 1) to increase liquidity.
Products & Services
M.S. Steel tubes and pipes.
Brand Portfolio
Rajasthan Tube Manufacturing Company Limited.
External Factors
Industry Trends
The steel tube industry is currently subject to market cycles. Increased availability of H.R. coils is expected to support industry prospects, though competition is rising.
Competitive Landscape
Greater competition is expected as more units with similar facilities are established, leading to lower price realization.
Competitive Moat
The primary moat is the purchase preference from the Rajasthan government, which is sustainable only as long as state policies remain favorable.
Macro Economic Sensitivity
Highly sensitive to steel industry market cycles and Rajasthan state government industrial policies.
Regulatory & Governance
Industry Regulations
Operations are governed by Rajasthan state government policies and standard steel industry manufacturing norms.
Legal Contingencies
No applications or proceedings were pending under the Insolvency and Bankruptcy Code 2016 during FY2024-25. Secretarial audit noted non-maintenance of a Structured Digital Database (SDD) as per SEBI Insider Trading regulations.
Risk Analysis
Key Uncertainties
Volatility in H.R. coil prices and potential changes in government purchase preference policies are the primary business risks.
Geographic Concentration Risk
High geographic concentration in Rajasthan, which accounts for the bulk of the company's government-linked revenue.
Credit & Counterparty Risk
Debtors Turnover Ratio decreased from 12.61 to 9.87, indicating a slowdown in collection efficiency from customers.
