Rhetan TMT Limited (RHETAN)
₹14.92 -4.97% last close, 23 Oct
Latest quarterly results (Q1 FY27)
In its latest reported quarter, Q1 FY27, Rhetan TMT's revenue was ₹4.1 Cr (-19.3% year on year, -52.1% on the previous quarter), and net profit ₹3.2 Cr (+316.7% year on year); the operating margin was -16.3%.
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹4.1 | -19.3% | -52.1% |
| Operating profit | ₹-0.7 | to loss | to loss |
| Net profit | ₹3.2 | +316.7% | +42.3% |
| EPS (₹) | 0.04 | +300.0% | +33.3% |
| Operating margin | -16.3% | — | — |
RHETAN delivery percentage and bulk deals
NSE end-of-day data for
On Fri, 23 Oct 2026, 100.0% of the RHETAN shares traded on NSE were taken to delivery, against the stock's own 20-session average of 66.38%. That is higher than usual for this stock. Turnover was only ₹65 lakh, so a handful of trades can move this figure. Volume was under a tenth of its average. It closed at its lower price band (circuit) on 23 Oct, one of 16 band closes in about the last 20 sessions. 13 bulk or block deals were reported in RHETAN in the last 60 days: ₹52 Cr bought and ₹74 Cr sold.
Delivery in the last 5 sessions: 100.0% · 46.9% · 52.2% · 27.9% · 100.0%
| Date | Side | Counterparty | Value | Price | Quantity | Type |
|---|---|---|---|---|---|---|
| 14 Oct | Buy | Jagid Vanitaben Rajendraprasad | ₹8.12 Cr | ₹18.16 | 4,472,411 | Bulk |
| 14 Oct | Sell | Jagid Vanitaben Rajendraprasad | ₹1.28 Cr | ₹18.31 | 698,438 | Bulk |
| 8 Oct | Buy | Jagid Vanitaben Rajendraprasad | ₹12.51 Cr | ₹18.26 | 6,851,125 | Bulk |
| 8 Oct | Sell | Jagid Vanitaben Rajendraprasad | ₹10.36 Cr | ₹18.27 | 5,667,754 | Bulk |
| 6 Oct | Buy | Jagid Vanitaben Rajendraprasad | ₹11.07 Cr | ₹15.90 | 6,960,259 | Bulk |
A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed
📢 Recent Corporate Announcements
Rhetan TMT has executed a strategic commercial Memorandum of Understanding (MOU) with Pune-based Bajaj Tubular Products Private Limited on September 25, 2026. The MOU establishes a framework for the proposed procurement of approximately 20,000 MT of TMT bars over a 24-month period. Management estimates the broader commercial potential of this relationship at approximately ₹250-300 crore, compared to the company's TTM revenue of just ₹9 crore. However, the MOU is non-binding, pricing is not fixed, and revenue is contingent upon individual purchase orders being issued and accepted.
- Executed commercial MOU on September 25, 2026, with Bajaj Tubular Products Private Limited
- Framework covers proposed procurement of approximately 20,000 MT of TMT Bars over 24 months
- Management estimates broader commercial potential at ₹250-300 crore (internal assessment, not a confirmed order)
- Either party can terminate the MOU by giving 30 days' prior written notice
Rhetan TMT Limited announced that shareholders approved the regularization of Mrs. Jhanvi Vikas Sethi as an Independent Director at the Annual General Meeting on September 16, 2026. Her appointment is approved for a 5-year tenure effective August 12, 2026, through August 11, 2031. Mrs. Sethi brings over 20 years of experience in the stock market and financial sector. This is a standard corporate governance approval with no immediate financial or operational impact.
- Shareholder regularization approved at the AGM on September 16, 2026
- Term of appointment is 5 years, effective August 12, 2026, to August 11, 2031
- Appointee Jhanvi Vikas Sethi has over 20 years of experience in stock market and finance
- No directorship committee positions held across other listed entities
Shareholders of Rhetan TMT Limited approved the re-appointment of Mr. Shalin Ashok Shah as Managing Director at their Annual General Meeting on September 16, 2026. The re-appointment is for a 5-year tenure effective from January 08, 2027 to January 07, 2032. Mr. Shah, aged 53, is a promoter director with over three decades of industry experience. This ensures leadership continuity for the company, which reported TTM revenues of Rs 9 crore against a market capitalization of Rs 1,697 crore.
- Re-appointment approved for a 5-year term from January 08, 2027 to January 07, 2032
- Shareholder approval granted at the AGM held on September 16, 2026
- Mr. Shalin Ashok Shah, aged 53, has over 30 years of experience in steel manufacturing and trading
- Mr. Shalin Shah is related to Mr. Ashok Shah as Son-Father
Rhetan TMT Limited shareholders approved the re-appointment of promoter Mr. Shalin Ashok Shah as Managing Director at the AGM held on September 16, 2026. The re-appointment is for a 5-year tenure effective from January 8, 2027, to January 7, 2032. Mr. Shah, aged 53, brings over 30 years of industry experience across steel manufacturing and trading. The announcement reflects leadership continuity for a firm with a market cap of Rs 1,697 Cr and TTM revenue of Rs 9 Cr.
- Shareholders approved the re-appointment of MD Shalin Ashok Shah at the AGM held on September 16, 2026
- New tenure spans 5 years from January 8, 2027, to January 7, 2032
- AGM commenced at 3:30 P.M. and concluded at 3:47 P.M. on September 16, 2026
- Appointee is aged 53 with over 30 years of experience in steel trading and manufacturing
Rhetan TMT Limited disclosed the Scrutinizer's Report for its 42nd Annual General Meeting held on September 16, 2026. All ordinary and special resolutions were approved by shareholders with near-unanimous majorities. Notably, special resolutions approving material related-party transactions with Ashnisha Industries, Lesha Industries, Gujarat Natural Resources, and Lesha Ventures each passed with 100.00% of votes cast in favor (44,874,977 valid votes). Additionally, resolutions pertaining to borrowing limits under Section 180(1)(c) and the appointment of key managerial personnel were carried.
- 42nd AGM concluded on September 16, 2026, conducted via Video Conference from 03:30 P.M. to 03:47 P.M.
- Material Related Party Transactions with Ashnisha Industries, Lesha Industries, Gujarat Natural Resources, and Lesha Ventures approved with 44,874,977 votes in favor (100.00%)
- Approval granted for increase in borrowing limits under Section 180(1)(c) of the Companies Act, 2013
- Appointment of Mr. Shalin Ashok Shah as Managing Director and other managerial appointments passed with 100% requisite majority
Rhetan TMT Limited submitted the Scrutinizer Report for its 42nd Annual General Meeting held on September 16, 2026. All listed ordinary and special resolutions were passed with virtually 100% of valid votes in favor. Key approvals included entering into material Related Party Transactions (RPTs) with Ashnisha Industries, Lesha Industries, Gujarat Natural Resources, and Lesha Ventures, each receiving 44,874,977 favorable votes (100.00%). Additionally, shareholders approved an increase in borrowing limits under Section 180(1)(c) of the Companies Act.
- AGM concluded on September 16, 2026, within 17 minutes (3:30 PM to 3:47 PM IST) via Video Conferencing.
- Special resolutions for material Related Party Transactions (Resolutions 9 to 12) passed with 100.00% approval (44,874,977 votes in favor vs 2 votes against).
- Approval granted for increasing borrowing limits under Section 180(1)(c) of the Companies Act, 2013.
- Ordinary resolutions including adoption of financial statements and reappointment of Managing Director Shalin A. Shah passed unanimously.
Rhetan TMT Limited has announced plans to explore entry into the Corrosion Resistant Steel (CRS) TMT Bars market to diversify its product portfolio into value-added segments. The company recently obtained BIS licences for manufacturing Fe500D, Fe550, and Fe550D grade TMT bars, expanding beyond its existing Fe500 grade base. The initiative is currently at a preliminary stage, with the company evaluating feasibility, potential technology tie-ups, and statutory approvals. Specific financial outlay, capex figures, and capacity additions were not disclosed in the filing.
- Exploring entry into the specialized Corrosion Resistant Steel (CRS) TMT Bars segment for marine and coastal infrastructure.
- Obtained requisite BIS licences for manufacturing Fe500D, Fe550, and Fe550D grade TMT bars.
- Initiated preliminary feasibility evaluations, commercial assessments, and technology tie-up exploration.
- Capital expenditure, capacity additions, and execution timelines remain not disclosed.
Rhetan TMT Limited has dispatched communication letters to members without registered email addresses under Regulation 36(1)(b) of SEBI LODR, providing web links to access the FY 2025-26 Annual Report. The company announced its 42nd Annual General Meeting (AGM) will be held via video conferencing on September 16, 2026, at 03:30 PM IST. The cut-off date to determine e-voting eligibility has been set for September 09, 2026. Remote e-voting will commence on September 13, 2026 (09:00 AM) and conclude on September 15, 2026 (05:00 PM).
- 42nd Annual General Meeting scheduled for Wednesday, September 16, 2026, at 03:30 PM IST
- Cut-off date for e-voting eligibility fixed as Wednesday, September 09, 2026
- Remote e-voting window runs from September 13, 2026 (09:00 AM) to September 15, 2026 (05:00 PM)
- Communication dispatched under Regulation 36(1)(b) for FY26 Annual Report access
Rhetan TMT Limited has issued notice for its 42nd Annual General Meeting scheduled for September 16, 2026, via video conferencing. Key resolutions include the adoption of FY26 audited financial statements, re-appointment of statutory auditors M/s. GMCA & Co. for a second 5-year term through FY31, and the re-appointment of Managing Director Shalin Ashok Shah for a 5-year term (January 8, 2027 to January 7, 2032) without remuneration. Additionally, the company seeks shareholder approval for an increase in borrowing limits under Section 180(1)(c), with pre-transaction debt-to-equity disclosed at 0.38.
- 42nd Annual General Meeting scheduled for Wednesday, September 16, 2026 at 3:30 PM IST
- Re-appointment of M/s. GMCA & Co. as statutory auditors for a 5-year term spanning FY 2026-27 to FY 2030-31
- Managing Director Shalin Ashok Shah proposed for re-appointment for 5 years (Jan 8, 2027 – Jan 7, 2032) without remuneration
- Appointment of Mrs. Jhanvi Vikas Sethi as Independent Director for a 5-year term from August 12, 2026 to August 11, 2031
- Disclosed debt-to-equity ratio of 0.38 prior to proposed omnibus borrowing transactions
Rhetan TMT Limited has successfully operationalized its 1 MW (AC) captive ground-mounted solar power project at its manufacturing facility in Kadi, Gujarat. The company has completed all statutory approvals, infrastructure setup, testing, and commissioning. Power generated from this unit will be utilized entirely for captive consumption to meet energy requirements at the Kadi plant. This renewable energy integration is aimed at reducing power costs and improving manufacturing operational efficiency.
- Commissioned 1 MW (AC) ground-mounted captive solar power project
- Facility located at manufacturing unit in Kadi, Mehsana district, Gujarat
- Transitioned from commissioning stage to active power generation for captive use
- Follows earlier corporate communication dated August 6, 2026
Rhetan TMT Limited has announced its 42nd Annual General Meeting (AGM) will be held on September 16, 2026. The company has fixed September 09, 2026, as the record date (cut-off) to determine shareholder eligibility for remote e-voting and participation. The register of members will remain closed from September 10 to September 16, 2026. This is a standard procedural filing for the annual shareholder meeting.
- 42nd Annual General Meeting scheduled for September 16, 2026, at 3:30 P.M. IST
- Record date for e-voting eligibility fixed as September 09, 2026
- Book closure period set from September 10, 2026, to September 16, 2026
- Remote e-voting window open from September 13, 2026 (9:00 AM) to September 15, 2026 (5:00 PM)
Rhetan TMT has approved a significant capacity expansion at its Kadi, Gujarat facility, increasing production from 45,000 MTPA to 75,000 MTPA. For Q1 FY27, the company reported a standalone PAT of ₹3.16 cr, up from ₹0.76 cr in the same quarter last year, although this was heavily supported by ₹4.45 cr in other income. The board also proposed increasing borrowing and investment limits from ₹200 cr to ₹300 cr each, representing a substantial potential increase in leverage. Additionally, the Managing Director has been re-appointed for a five-year term starting January 2027.
- Manufacturing capacity to be enhanced by 66.7% from 45,000 MTPA to 75,000 MTPA
- Q1 FY27 Net Profit rose to ₹3.16 cr compared to ₹0.76 cr in Q1 FY26
- Proposed increase in borrowing limits from ₹200 cr to ₹300 cr, subject to AGM approval
- Other income of ₹4.45 cr exceeded revenue from operations of ₹4.06 cr during the quarter
- Managing Director Shalin Ashok Shah re-appointed for a 5-year term effective January 2027
Rhetan TMT Limited has announced a change in its registered office address within the local limits of Ahmedabad, effective August 12, 2026. The office is moving from Mithakhali (380006) to the Bopal area (380058). Alongside the relocation, the company has updated its primary contact number to +91-6358028105. This is a purely administrative update with no impact on the company's TMT manufacturing operations or financial standing.
- Board of Directors approved the relocation in a meeting held on August 12, 2026
- Registered office moved from Ashoka Chambers, Mithakhali (380006) to Corporate House-2, Anam-2, Bopal (380058)
- Primary contact numbers changed from 079-2646 3226/27 to +91-6358028105
- The relocation remains within the local limits of Ahmedabad city
Rhetan TMT has approved a significant capacity expansion at its Kadi, Gujarat manufacturing facility, increasing production from 45,000 MTPA to 75,000 MTPA. This 66.7% increase in capacity is intended to capitalize on the Government of Gujarat's recent industrial policy. The company will now initiate the procurement of plant and machinery to implement this growth strategy. Given the company's current TTM revenue of just Rs 5 Cr, this expansion represents a major attempt to scale operations and justify its high market valuation.
- Production capacity to be enhanced from 45,000 MT per annum to 75,000 MT per annum
- Total capacity addition of 30,000 MT per annum, representing a 66.7% increase
- Expansion located at the existing facility in Kadi, Gujarat
- Board has authorized the Managing Director to initiate procurement of plant and machinery immediately
Rhetan TMT Limited has appointed Mrs. Jhanvi Vikas Sethi as an Additional Non-Executive Independent Director effective August 12, 2026. Mrs. Sethi brings over 20 years of experience in the stock market and finance sectors, specializing in investment management and financial analysis. The appointment is for a five-year term, subject to shareholder approval at the next Annual General Meeting. This board addition comes as the company maintains a high market cap of Rs 1,984 Cr despite a low TTM revenue of Rs 5 Cr.
- Appointment of Mrs. Jhanvi Vikas Sethi for a fixed term of 5 years starting August 12, 2026
- Appointee brings over 20 years of professional experience in financial markets and investment management
- Mrs. Sethi, aged 49, holds no other directorships in listed entities and has no relationship with other directors
- The board meeting for the appointment concluded at 5:30 PM on August 12, 2026
Financial Performance
Revenue Growth by Segment
The company operates in a single segment, manufacturing TMT Bars, which generated a total revenue of Rs. 3,873.92 Lakhs in FY 2024-25.
Profitability Margins
Operating Profit Margin stood at 13.37% (up 21.77% YoY). Net Profit Margin was 13.32% (up 122.68% YoY), driven by increased profit after tax and a decrease in revenue from operations.
EBITDA Margin
Operating Profit Margin was 13.37% for FY 2024-25, representing a 21.77% improvement over the 10.46% recorded in FY 2023-24.
Operational Drivers
Raw Materials
Steel and labor are the primary operational inputs, though specific percentage costs for each are not disclosed.
Raw Material Costs
Raw material costs are under pressure due to global market fluctuations; the company focuses on cost reduction exercises to manage these expenses.
Manufacturing Efficiency
The company focuses on operational efficiency and reliability of operations to maintain product quality and productivity.
Logistics & Distribution
The company manages inventory and logistics to bridge the gap between steel manufacturers and consumers, though specific costs are not disclosed.
Strategic Growth
Growth Strategy
Growth is targeted through cost reduction, operational efficiency, strategic expansion, and enhanced marketing and branding efforts. The company is also targeting niche global opportunities and untapped domestic regions.
Products & Services
The company manufactures and sells TMT Bars.
Brand Portfolio
Rhetan TMT.
Market Expansion
The company plans to penetrate regions not yet tapped and target niche opportunities in the global arena.
Strategic Alliances
The company identifies potential for productive foreign collaborations to drive growth.
External Factors
Industry Trends
India became a net importer of steel for the second consecutive year, with imports rising 38.1% to 8.3 million tonnes. The industry is shifting toward capacity increases to restore net exporter status.
Competitive Landscape
Competition has intensified, forcing players to adopt aggressive marketing and promotional campaigns to protect market shares.
Competitive Moat
The company's moat is built on its marketing network, strategic planning, and R&D capabilities, which it uses to maintain product quality and customer retention.
Macro Economic Sensitivity
The business is sensitive to global recessionary trends, economic slowdowns, and fluctuating global market conditions in the steel sector.
Consumer Behavior
Demand is driven by stainless steel-intensive investments in engineering, defense, and consumer durables.
Geopolitical Risks
Geopolitical risks include trade barriers and the government's 12% safeguard duty on select steel products to protect domestic producers.
Regulatory & Governance
Industry Regulations
Operations are subject to the Companies Act 2013 and SEBI regulations. A 12% safeguard duty on select steel products impacts the import-export dynamics.
Environmental Compliance
The company focuses on environment-friendly processes for effective resource usage, though specific ESG costs are not disclosed.
Legal Contingencies
The company was noted for non-compliance with Section 186(7) of the Companies Act, 2013, regarding the non-charging of interest on some loans granted.
Risk Analysis
Key Uncertainties
Key risks include political and regulatory changes, raw material price volatility, and labor shortages.
Third Party Dependencies
Dependency on steel suppliers and labor providers is a noted risk, though specific vendor names are not disclosed.
Technology Obsolescence Risk
Technology changes are identified as a potential risk to the business model.
Credit & Counterparty Risk
Debtors turnover ratio was 1.62, a 37.28% decrease from 2.58 in the previous year, indicating a change in the collection cycle relative to revenue growth.
