Rathi Bars Ltd (532918)
Latest quarterly results (Q3 FY26)
In its latest reported quarter, Q3 FY26, Rathi Bars' revenue was ₹90.6 Cr (-18.0% year on year, -27.9% on the previous quarter), and net profit ₹0.7 Cr (-21.3% year on year); the operating margin was 2.6%.
| Q3 FY26 (₹ Cr) | Value | YoY vs Q3 FY25 | QoQ |
|---|---|---|---|
| Revenue | ₹90.6 | -18.0% | -27.9% |
| Operating profit | ₹2.3 | -32.9% | -35.8% |
| Net profit | ₹0.7 | -21.3% | -27.8% |
| EPS (₹) | 0.43 | -20.4% | -27.1% |
| Operating margin | 2.6% | — | — |
📢 Recent Corporate Announcements
Rathi Bars Limited has issued the notice convening its 33rd Annual General Meeting (AGM) on September 17, 2026, via video conferencing. Key special business items include seeking member approval for material related party transactions of up to Rs 100 crore each with Rathi Special Steels Limited and Bhiwadi Iron Private Limited for FY 2026-27. The company is also seeking approval to appoint Mr. Sachindra Jha as an Independent Director for a 5-year term and ratify FY26 audited financial statements.
- 33rd AGM scheduled for September 17, 2026 at 12:00 Noon IST via VC/OAVM.
- Approval sought for material related party transactions up to Rs 100 crore with Rathi Special Steels Limited for FY27.
- Approval sought for material related party transactions up to Rs 100 crore with Bhiwadi Iron Private Limited for FY27.
- Proposed appointment of Mr. Sachindra Jha as Independent Director for 5 years up to September 17, 2031.
Rathi Bars Limited has submitted its 33rd Annual Report for FY 2025-26 and scheduled its Annual General Meeting (AGM) for September 17, 2026. Key shareholder resolutions include approving material related-party transactions of up to Rs 100 crore each with Rathi Special Steels Limited and Bhiwadi Iron Private Limited for FY 2026-27. These proposed related-party limits aggregate to Rs 200 crore, which represents approximately 54% of the company's FY26 revenue of Rs 369 crore. Additionally, the company seeks approval for the appointment of Sachindra Jha as an Independent Director for a five-year term ending September 17, 2031.
- 33rd Annual General Meeting scheduled for September 17, 2026 via video conferencing
- Proposed shareholder approval for material related-party transactions up to Rs 100 crore with Rathi Special Steels Limited for FY 2026-27
- Proposed shareholder approval for material related-party transactions up to Rs 100 crore with Bhiwadi Iron Private Limited for FY 2026-27
- Appointment of Sachindra Jha as Non-Executive Independent Director for a 5-year term up to September 17, 2031
Rathi Bars Ltd has designated its Chief Financial Officer (CFO), Mr. Uddhav Rathi, as the Compliance Officer on an interim basis effective August 26, 2026. This interim arrangement was made to maintain regulatory continuity pending the formal appointment of a qualified Company Secretary as Compliance Officer. Under SEBI LODR Regulation 6(1A), the company is required to fill the vacancy within 3 months.
- CFO Uddhav Rathi designated as Interim Compliance Officer on August 26, 2026
- SEBI LODR Regulation 6(1A) mandates filling the Compliance Officer vacancy within 3 months
- Referenced SEBI Circular No. SEBI/HO/CFD/PoD2/CIR/P/2025/47 dated April 1, 2025 for compliance structure
- Arrangement will remain in place until a qualified Company Secretary is appointed
Rathi Bars reported zero revenue for the quarter ended June 30, 2026, as manufacturing operations remained suspended due to regulatory and financial hurdles. The company posted a net loss of Rs 15.62 crore, compared to a profit of Rs 0.84 crore in the same quarter last year, primarily due to a Rs 11.94 crore provision for bad debts. Major lenders, including Axis Bank and Yes Bank, have classified Rs 83.83 crore of credit facilities as Non-Performing Assets (NPAs). Auditors have issued a 'going concern' warning, noting material uncertainty about the company's future.
- Revenue from operations fell to zero in Q1 FY27 from Rs 132.84 crore in Q1 FY26.
- Total bank facilities of Rs 83.83 crore (Axis, Yes, and HDFC Bank) classified as NPA during the quarter.
- Recognized a provision of Rs 11.94 crore for bad and doubtful debts, representing ~20% of disputed receivables.
- Unpaid TReDS financier dues of Rs 64.21 crore are currently under litigation.
- Manufacturing operations remain suspended following income tax searches and pollution control board (RSPCB) orders.
Rathi Bars reported a complete halt in operations for Q1 FY27, recording zero revenue from operations compared to Rs 132.84 crore in the same quarter last year. The company posted a net loss of Rs 15.62 crore, exacerbated by a Rs 11.94 crore provision for doubtful debts. Major lenders including Axis Bank and Yes Bank have classified credit facilities totaling Rs 83.83 crore as Non-Performing Assets (NPAs). Auditors have raised a 'going concern' warning, noting that the company is now discussing asset monetization with lenders to settle dues.
- Revenue from operations fell to zero in Q1 FY27 from Rs 132.84 crore in Q1 FY26.
- Total debt classified as NPA by Axis Bank (Rs 60.08 cr), Yes Bank (Rs 19.68 cr), and HDFC Bank (Rs 4.07 cr) totals Rs 83.83 crore.
- Recognized a provision of Rs 11.94 crore for bad and doubtful debts, covering 20% of disputed receivables.
- Unpaid TReDS financier dues of Rs 64.21 crore are currently under litigation.
- Manufacturing operations remain suspended due to IT searches, pollution restrictions (GRAP IV), and high power tariffs.
Rathi Bars has scheduled a board meeting for August 12, 2026, to address critical operational and financial distress. The board will review the ongoing suspension of manufacturing operations and the status of a writ petition in the Rajasthan High Court involving the Central Pollution Control Board (CPCB). Furthermore, the company is evaluating debt restructuring options, including One-Time Settlements (OTS) and asset monetization, to address its ₹86 crore debt. This follows a weak FY26 where the company reported a net loss of ₹12 crore.
- Board meeting scheduled for August 12, 2026, to approve Q1 FY27 results and review operational status.
- Review of manufacturing operations suspension and progress on revival efforts.
- Status update on writ petition in Rajasthan High Court regarding Central Pollution Control Board (CPCB) directions.
- Discussion on debt restructuring, moratoriums, and potential asset monetization to manage ₹86 crore in debt.
- Company reported a significant net loss of ₹12 crore in FY26 compared to a ₹3 crore profit in FY25.
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