Rex Pipes And Cables Industries Limited (REXPIPES)
Latest quarterly results (H2 FY26)
In its latest reported quarter, H2 FY26, Rex Pipes' revenue was ₹60.0 Cr (+0.0% year on year, -1.1% on the previous half-year), and net profit ₹3.0 Cr (-25.0% year on year); the operating margin was 6.7%.
| H2 FY26 (₹ Cr) | Value | YoY vs H2 FY25 | vs prev. half |
|---|---|---|---|
| Revenue | ₹60.0 | +0.0% | -1.1% |
| Operating profit | ₹4.0 | -42.9% | -9.3% |
| Net profit | ₹3.0 | -25.0% | +53.0% |
| EPS (₹) | 2.86 | -23.5% | +37.5% |
| Operating margin | 6.7% | — | — |
📢 Recent Corporate Announcements
Rex Pipes and Cables Industries reported a fire incident at its Palsana factory (Sikar, Rajasthan) between 9:00 AM and 9:15 AM on October 31, 2026. The fire caused damage to factory property, machinery, stock, and other insured assets, with no human injuries or casualties. Production was suspended for one day only and is expected to resume the next working day. The company has notified United India Insurance Company, and the exact financial loss is currently under assessment.
- Fire occurred on October 31, 2026, between 9:00 AM to 9:15 AM at the Palsana, Sikar unit
- Production and operations suspended for 1 day only
- No human loss or injury reported
- Assets and inventory covered under insurance policy with United India Insurance Company Limited
- Quantum of loss is not disclosed and is currently under assessment
Rex Pipes And Cables Industries Limited submitted the scrutinizer's report and voting results for its 24th Annual General Meeting held on September 15, 2026. All proposed agenda items, including the adoption of FY26 financial statements, the appointment of an independent director, and related party transactions, were passed with 100% of valid votes polled in favor. A total of 7,137,250 votes (75.53% of the 9,450,000 total shares) were polled for the routine items. Promoter and public non-institutional participation was recorded at 100% and 52.20% respectively, while institutional participation remained at zero.
- 75.53% of total outstanding shares (7,137,250 out of 9,450,000 shares) were polled for routine resolutions
- 100% of valid votes were cast in favor of adopting FY26 audited financial statements and ratifying cost auditor remuneration
- Special resolution passed appointing Mr. Varun Kacholia as Non-Executive Independent Director
- Related party transactions with Supreme Industries and Raj Polymers approved by non-interested public shareholders
- Zero votes polled by public institutional shareholders across all agenda items
Rex Pipes And Cables Industries Limited announced that shareholders approved the regularisation of Mr. Varun Kacholia as Non-Executive Independent Director at the Annual General Meeting held on September 15, 2026. The appointment is effective from January 30, 2026, for a tenure of five years. Mr. Kacholia has over 17 years of experience in investment banking, public issue execution, and corporate advisory. He holds nil shares in the company and has no inter-se relationship with other directors.
- Shareholders approved the regularisation of Mr. Varun Kacholia as Non-Executive Independent Director on September 15, 2026
- Appointment tenure is for a period of 5 years, effective January 30, 2026
- Mr. Kacholia brings over 17 years of post-qualification investment banking and corporate advisory experience
- Appointee holds zero shares in Rex Pipes And Cables Industries Limited
Rex Pipes and Cables Industries Limited concluded its 24th Annual General Meeting on September 15, 2026. A total of 12 shareholders attended the meeting out of 381 shareholders on the record date. The agenda covered 7 resolutions, including the adoption of FY26 financial statements and approval of related-party transactions with Supreme Industries, RK Industries, and Raj Polymers. All attendees had already voted via remote e-voting, and final voting results will be declared separately.
- 24th AGM held on September 15, 2026, from 2:00 PM to 3:00 PM IST
- 12 shareholders attended the meeting (6 promoter group, 6 public) out of 381 total shareholders
- 7 agenda items tabled, including approval of related-party transactions with Supreme Industries, RK Industries, and Raj Polymers
- Remote e-voting was conducted from September 12 to September 14, 2026
Rex Pipes And Cables Industries Limited has issued a corrigendum clarifying the remote e-voting cut-off date for its upcoming 24th Annual General Meeting (AGM). The correct cut-off/record date for determining member voting eligibility is Tuesday, September 8, 2026, correcting a prior clerical error in its July 21, 2026 filing. The 24th AGM remains scheduled for Tuesday, September 15, 2026. This is a standard administrative compliance update with no financial or operational impact.
- Clarified remote e-voting cut-off date as Tuesday, September 8, 2026
- 24th Annual General Meeting to be held on Tuesday, September 15, 2026
- Corrigendum amends the previous intimation dated July 21, 2026
Rex Pipes and Cables Industries Limited has issued the notice for its 24th Annual General Meeting scheduled for September 15, 2026, in Sikar, Rajasthan. Key agenda items include the confirmation of Mr. Varun Kacholia as an Independent Director for a 5-year term ending January 2031. Shareholders will also vote on approving annual related-party transactions for FY 2026-27, notably up to ₹16.00 crore with R.K. Industries (an entity owned by Executive Director Jitendra Kumar Kaler) and ₹4.00 crore with Supreme Industries (owned by MD Sharwan Kumar Kaler).
- 24th AGM scheduled for Tuesday, September 15, 2026, at 2:00 PM in Sikar, Rajasthan.
- Proposed approval for up to ₹16.00 crore of RPTs with R.K. Industries during FY 2026-27 (approx. 6.2% of TTM revenue).
- Proposed approval for up to ₹4.00 crore of RPTs with Supreme Industries during FY 2026-27.
- Regularization of Mr. Varun Kacholia as Non-Executive Independent Director for 5 years from January 30, 2026.
Financial Performance
Revenue Growth by Segment
The company operates in a single business segment (Pipes and Cables). Revenue from operations for H1 FY26 was INR 60.69 Cr, representing a 22.6% YoY decline from INR 78.44 Cr in H1 FY25.
Profitability Margins
Net Profit Margin improved to 3.23% in H1 FY26 from 2.05% in H1 FY25. Gross profitability is impacted by material costs which consumed 71.8% of revenue in the current half-year.
EBITDA Margin
Operating profit before working capital changes was 7.6% (INR 4.62 Cr) in H1 FY26, compared to 14.8% (INR 11.61 Cr) for the full year FY25, indicating a significant compression in core operational profitability.
Capital Expenditure
Capital expenditure for H1 FY26 was INR 0.13 Cr (INR 13.14 Lakhs) for the purchase of fixed assets, down from INR 0.35 Cr in FY25.
Credit Rating & Borrowing
Total borrowings as of September 30, 2025, stood at INR 32.86 Cr (INR 32.42 Cr short-term and INR 0.44 Cr long-term). Finance costs for H1 FY26 were INR 1.37 Cr, representing an interest-to-revenue ratio of 2.26%.
Operational Drivers
Raw Materials
Raw materials include polymers and metal components for pipes and cables. Cost of materials consumed was INR 43.59 Cr (71.8% of revenue) and purchase of stock-in-trade was INR 9.06 Cr (14.9% of revenue).
Capacity Expansion
Current tangible assets are valued at INR 9.83 Cr. No specific capacity expansion timeline or MTPA figures were disclosed.
Raw Material Costs
Total material-related costs (consumed + stock-in-trade) reached 86.7% of revenue in H1 FY26. Procurement strategies involve related-party transactions with entities like Raj Polymers and R.K. Industries.
Manufacturing Efficiency
Depreciation and amortization expenses were INR 0.65 Cr in H1 FY26, down 15.4% YoY, suggesting lower utilization of aging machinery or a shift in asset base.
Logistics & Distribution
Other expenses, including manufacturing and distribution, were INR 4.01 Cr in H1 FY26, a 39.9% decrease from INR 6.67 Cr in H1 FY25.
Strategic Growth
Growth Strategy
Growth is pursued through a single-segment focus on pipes and cables, supported by its subsidiary Swastik Infracity Private Limited (INR 6 Cr share capital). The company leverages related-party sales to Raj Polymers (INR 31.85 Lakhs) and R.K. Industries (INR 107.14 Lakhs) to maintain volume.
Products & Services
Pipes and Cables.
Brand Portfolio
Rex.
Strategic Alliances
The company operates with one subsidiary, Swastik Infracity Private Limited, and engages in transactions with related parties like Rex Cold Storage.
External Factors
Industry Trends
The industry is shifting toward organized players due to stricter compliance with SEBI and Companies Act regulations. Demand is currently driven by government infrastructure projects and urban housing.
Competitive Landscape
Operates in a fragmented market with competition from both large-scale national manufacturers and local unorganized players.
Competitive Moat
The company possesses a narrow moat based on its established manufacturing presence in the RIICO Industrial Area, Sikar. Sustainability is challenged by low net margins (3.23%) and high competition from national brands.
Macro Economic Sensitivity
Highly sensitive to infrastructure spending and interest rates, as high rates deter real estate development, the primary end-market for pipes and cables.
Consumer Behavior
Increasing demand for standardized, certified cables and pipes for safety in residential construction.
Regulatory & Governance
Industry Regulations
Subject to Section 133 of the Companies Act 2013 and AS-25 for interim financial reporting. The company is exempt from maintaining cost records as it does not meet the prescribed threshold.
Taxation Policy Impact
Effective tax rate for H1 FY26 was approximately 30.3% (INR 0.85 Cr tax on INR 2.82 Cr PBT).
Legal Contingencies
No instances of fraud were reported by statutory or secretarial auditors for the period ending March 31, 2025. No specific pending litigation values were disclosed.
Risk Analysis
Key Uncertainties
High working capital risk; trade receivables of INR 32.40 Cr represent 53.4% of H1 FY26 revenue, indicating potential collection delays.
Geographic Concentration Risk
High concentration in Rajasthan, with the registered office and manufacturing facilities located in Sikar.
Third Party Dependencies
Significant dependency on raw material suppliers, with material costs accounting for nearly 72% of the total cost structure.
Technology Obsolescence Risk
Low risk in basic pipe manufacturing, but higher risk in specialized cabling if manufacturing technology is not upgraded.
Credit & Counterparty Risk
Credit risk is elevated as trade receivables (INR 32.40 Cr) nearly equal the total short-term borrowings (INR 32.42 Cr).
