Key Financials Snapshot

TTM · Standalone · ₹ in Cr
Market Cap
₹32 Cr.
Stock P/E
3.1
P/B
11.1
Current Price
₹15
Book Value
₹ 1.3
Face Value
1
52W High
₹34.6
52W Low
₹ 14.4
Dividend Yield
—

Rhetan TMT Overview

Business

Rhetan TMT Ltd. is an Indian manufacturer of steel products, primarily focused on Thermo-Mechanically Treated (TMT) bars. TMT bars are high-strength reinforcement bars used extensively in construction for their ductility, strength, and earthquake resistance. The company operates manufacturing facilities to produce these bars. Its core business model involves procuring raw materials (such as billets), processing them into finished TMT bars through its manufacturing units, and selling these products to a range of customers including construction companies, real estate developers, government contractors, and potentially retail consumers through a distribution network. The company generates revenue by selling its manufactured steel products.

Revenue Mix

Given the company name "Rhetan TMT Ltd." and its stated business, the overwhelming majority of its revenue is derived from the manufacturing and sale of TMT bars. While it may produce other ancillary steel products or billets, detailed segmental revenue breakdowns are typically not publicly disclosed for companies of this size. Therefore, TMT bars are the primary and dominant revenue driver.

Industry

Rhetan TMT operates within India's highly competitive and cyclical steel & iron products industry. The Indian steel industry is characterized by a mix of large integrated players (e.g., Tata Steel, JSW Steel, SAIL) and numerous secondary steel producers and regional mills. Rhetan TMT likely positions itself as a regional player, focusing on specific geographies (e.g., Gujarat, given its manufacturing base) rather than a national footprint. It competes on factors such as product quality, pricing, delivery timelines, and strength of its regional distribution network against both larger national brands and other local manufacturers. The company is a relatively small player in the broader Indian steel landscape.

MOAT

For a company of its size in the highly commoditized and capital-intensive steel manufacturing sector, Rhetan TMT is unlikely to possess a strong or durable competitive advantage (moat) in the classical sense. Steel production typically offers limited differentiation. Potential, though weak, advantages could include:

Operational Efficiency: Efficient manufacturing processes and cost control at its regional plant.

Regional Brand & Distribution: A well-established regional brand reputation for quality and a strong dealer network in its primary markets.

Proximity to Markets/Raw Materials: Strategic location of its plant reducing logistics costs for sourcing inputs or delivering finished goods.

However, these are generally not strong enough to deter significant competition or provide sustained abnormal returns.

Growth Drivers

Infrastructure Spending: Significant government investment in infrastructure projects (roads, railways, ports, urban development) in India directly drives demand for steel products like TMT bars.

Real Estate & Construction Growth: Expansion in residential, commercial, and industrial construction activities fuels the need for reinforcement steel.

Urbanization and Economic Development: General economic growth and increasing urbanization lead to higher construction activity and thus greater steel consumption.

Capacity Expansion: Any planned or executed increases in Rhetan TMT's manufacturing capacity would directly contribute to higher sales volumes.

Geographical Expansion: Expanding its distribution and market reach into new regions within India.

Risks

Cyclicality: The steel industry is highly cyclical and sensitive to economic downturns, impacting demand and pricing.

Raw Material Price Volatility: Fluctuations in the prices of key raw materials like billets, iron ore, and coking coal, as well as energy costs, can significantly impact profit margins.

Intense Competition: Strong competition from larger integrated steel players and other regional mills can lead to pricing pressures and market share erosion.

Regulatory & Environmental Compliance: Evolving environmental regulations and compliance costs can impact operations and profitability.

Capital Intensity: Steel manufacturing requires significant capital expenditure, making the company susceptible to interest rate changes if debt-financed.

Demand Fluctuations: Any slowdown in the construction or infrastructure sectors could severely impact demand for TMT bars.

Management & Ownership

Rhetan TMT Ltd. is likely promoter-led, typical for many Indian SMEs. The promoters and their families generally hold a significant ownership stake, indicating a high degree of control and alignment of interests with the company's performance. The management team would be responsible for day-to-day operations, manufacturing efficiency, and market strategy. Specific details on individual management qualifications or board structure would require reviewing their public filings, such as IPO documents or annual reports.

Outlook

Bull Case: Rhetan TMT could benefit significantly from India's robust economic growth, sustained government focus on infrastructure development, and an expanding real estate sector. If the company maintains operational efficiency, strengthens its regional brand, and effectively manages its distribution network, it could capture a growing share of the regional market, translating into consistent revenue growth and profitability. Potential capacity expansions or diversification into related high-margin steel products could further enhance its growth trajectory.

Bear Case: The company operates in a highly competitive and cyclical industry, making it vulnerable to economic downturns, sharp fluctuations in raw material prices, and intense pricing pressure from larger players. Without a strong proprietary competitive advantage, its margins could remain susceptible to market dynamics. Regulatory changes, environmental compliance costs, or an inability to scale efficiently could hinder its long-term growth and profitability. Furthermore, being a smaller player, access to capital for significant expansion might be more challenging compared to larger, established competitors.

Rhetan TMT Share Price

Live · BSE / NSE · Inception: 1984
₹ | |
Volume
Price

Key Financials — Profit & Loss

₹ in Cr · Standalone · annual

Rhetan TMT Quarterly Results

#(Fig in Cr.) Mar 2024 Jun 2024 Sep 2024 Dec 2024 Mar 2025 Jun 2025 Sep 2025 Dec 2025 Mar 2026 Jun 2026
Net Sales 18 19 5 6 6 5 5 6 8 4
Other Income 0 0 0 0 3 1 2 3 2 4
Total Income 18 19 5 6 10 6 7 9 11 9
Total Expenditure 17 18 2 4 10 4 4 4 6 5
Operating Profit 2 2 3 2 0 1 4 6 5 4
Interest 0 0 0 0 0 0 0 0 0 0
Depreciation 0 0 0 0 -0 0 0 0 0 0
Exceptional Income / Expenses 0 0 0 0 0 0 0 0 0 0
Profit Before Tax 1 1 2 2 0 1 3 5 4 3
Provision for Tax 0 0 0 0 -0 0 0 1 2 0
Profit After Tax 1 1 2 1 0 1 3 4 2 3
Adjustments 0 0 0 0 0 0 0 0 0 -0
Profit After Adjustments 1 1 2 1 0 1 3 4 2 3
Adjusted Earnings Per Share 0 0 0 0 0 0 0 0.1 0 0

Rhetan TMT Profit & Loss

#(Fig in Cr.) Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026 TTM
Net Sales 20 52 67 86 65 37 24 23
Other Income 0 0 0 1 0 2 9 11
Total Income 20 52 67 87 65 39 33 36
Total Expenditure 19 50 62 78 58 33 18 19
Operating Profit 1 2 5 9 7 6 15 19
Interest 0 1 1 1 2 2 1 0
Depreciation 0 0 0 1 1 1 1 0
Exceptional Income / Expenses 0 0 0 0 0 0 0 0
Profit Before Tax 0 0 3 7 5 3 13 15
Provision for Tax 1 0 1 2 1 0 3 3
Profit After Tax -1 0 2 5 4 3 10 12
Adjustments 0 0 0 0 0 0 0 0
Profit After Adjustments -1 0 2 5 4 3 10 12
Adjusted Earnings Per Share -0 0 0 0.1 0 0 0.1 0.1

Rhetan TMT Balance Sheet

#(Fig in Cr.) Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
Shareholder's Funds 1 8 24 85 89 94 109
Minority's Interest 0 0 0 0 0 0 0
Borrowings 15 15 14 5 1 7 27
Other Non-Current Liabilities 1 1 1 1 1 1 0
Total Current Liabilities 13 16 21 21 23 21 29
Total Liabilities 30 40 59 113 114 124 165
Fixed Assets 9 9 8 9 17 16 16
Other Non-Current Assets 3 4 2 3 4 8 21
Total Current Assets 18 27 48 100 91 95 124
Total Assets 30 40 59 113 114 124 165

Rhetan TMT Cash Flow

#(Fig in Cr.) Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
Opening Cash & Cash Equivalents 0 0 0 0 0 1 0
Cash Flow from Operating Activities -12 -7 -14 -44 14 5 1
Cash Flow from Investing Activities -2 -0 -0 -1 -9 -4 -9
Cash Flow from Financing Activities 14 7 14 45 -4 -2 7
Net Cash Inflow / Outflow 0 0 -0 0 1 -1 0
Closing Cash & Cash Equivalent 0 0 0 0 1 0 0

Rhetan TMT Ratios

# Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
Earnings Per Share (Rs) -0.04 0 0.05 0.07 0.05 0.04 0.13
CEPS(Rs) -0.02 0.01 0.06 0.08 0.06 0.05 0.14
DPS(Rs) 0 0 0 0 0 0 0
Book NAV/Share(Rs) -0.02 0.17 0.46 1.06 1.09 1.12 1.3
Core EBITDA Margin(%) 2.87 3.05 6.87 9.52 10.88 10.71 27.11
EBIT Margin(%) 2.03 2.23 6.18 9.82 10.46 13.37 59.67
Pre Tax Margin(%) 0.54 0.35 4.29 8.31 8.11 9.17 53.87
PAT Margin (%) -2.9 0.26 3.5 6.3 5.98 8.33 42.13
Cash Profit Margin (%) -1.69 1.16 4.19 7.07 7.08 9.91 44.42
ROA(%) -1.9 0.38 4.75 6.32 3.42 2.6 7.14
ROE(%) 0 3.76 15.56 10.14 4.53 3.51 10.66
ROCE(%) 1.72 4.11 10.1 11.17 6.6 4.61 11.3
Receivable days 133.54 74.8 98.09 104.17 141.46 225.55 353.01
Inventory Days 154.56 70.25 97.4 118.94 186.57 364.51 678.54
Payable days 109.17 38.55 29.48 26.27 34.16 54.36 155.39
PER(x) 0 0 0 217.65 171.81 439.18 187.54
Price/Book(x) 0 0 0 14.02 7.67 15.2 18.59
Dividend Yield(%) 0 0 0 0 0 0 0
EV/Net Sales(x) 1.39 0.7 0.59 13.91 10.51 37.14 80.71
EV/Core EBITDA(x) 42.83 22.47 8.6 131.45 90.87 248.45 130.27
Net Sales Growth(%) 0 160.34 28.68 28.34 -24.71 -42.62 -34.24
EBIT Growth(%) 0 185.2 257.28 103.78 -19.75 -26.71 193.6
PAT Growth(%) 0 123.14 1645.57 131.1 -28.56 -20.03 232.72
EPS Growth(%) 0 108.12 1402.46 44.07 -28.53 -20.16 232.99
Debt/Equity(x) -92.29 3.44 1.17 0.21 0.19 0.25 0.41
Current Ratio(x) 1.34 1.72 2.34 4.73 4 4.44 4.25
Quick Ratio(x) 0.71 0.98 1.17 3.23 2.5 2.57 2.5
Interest Cover(x) 1.36 1.18 3.26 6.51 4.44 3.18 10.3
Total Debt/Mcap(x) 0 0 0 0.02 0.03 0.02 0.02

Growth Rates

Compounded annual
# 1 Year 3 Year 5 Year 10 Year
Sales CAGR -35% -35% -14% —
Operating Profit CAGR +150% +19% +50% —
PAT CAGR +233% +26% — —
Share Price CAGR -32% +21% — —
ROE Average +11% +6% +9% +7%
ROCE Average +11% +8% +9% +7%

Rhetan TMT Shareholding Pattern

Latest · Jun 2026
100% held
Promoters 62.12 %
FII 0.34 %
DII (MF + Insurance) 0 %
Public (retail) 37.55 %
# Mar 2024 Jun 2024 Sep 2024 Dec 2024 Mar 2025 Jun 2025 Sep 2025 Dec 2025 Mar 2026 Jun 2026
Promoter 62.1262.1262.1262.1262.1262.1262.1262.1262.1262.12
FII 0.3700.1500000.630.870.34
DII 0000000000
Public 37.5237.8837.7337.8837.8837.8837.8837.2537.0237.55
Others 0000000000
Total 100100100100100100100100100100

Rhetan TMT Peer Comparison

Steel & Iron Products Edit Columns

Rhetan TMT Quarterly Price

10-year quarterly close · BSE
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News & Updates

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Rhetan TMT Pros & Cons

Pros

  • Company is almost debt free.

Cons

  • Company has a low return on equity of 6% over the last 3 years.
  • Debtor days have increased from 54.36 to 155.39days.
  • Stock is trading at 11.1 times its book value.
  • Earnings include an other income of Rs. 9 Cr.
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