Rathi Steel & Power Ltd. · BSE:RATHIST
Rathi Steel & Power — Q2 FY26 Earnings Presentation
33 slides from Rathi Steel & Power's earnings presentation, Nov 19, 2025
Slide 1: Cover letter to BSE on analyst presentation
RSPL/BSE/2025-26/ Date: November 19, 2025 To The BSE Limited Phiroze, Jeejeebhoy Towers, Dalal Street, Mumbai-400001 Maharashtra Scrip Code: 504903 Dear Sir, Subject: Presentation to the analysts, on the Unaudited Financial Results for the quarter and half year ended September 30, 2025 Pursuant to R
Slide 2: Rathi Steel And Power Limited Investor Presentation Q2 FY26
Rathi Steel And Power Limited Investor Presentation Q2 FY26
Slide 3: Disclaimer
Disclaimer This presentation & the accompanying slides (the Presentation), which have been prepared by Rathi Steel And Power Limited (RSPL, The Company) solely for information purposes & do not constitute any offer, recommendation or invitation to purchase or subscribe for any securities, & shall no
Slide 4: Management Comment On Q2 FY26 Financial Performance
Management Comment On Q2 FY26 Financial Performance “We reported consolidated revenue of ₹156.43 Cr and net profit of ₹1.63 Cr in Q2 FY26, reflecting stable operational performance amid steady demand from infrastructure/ construction and our B to B customers from the stainless steel Space. The quart
Slide 5: Q2 & H1 FY26 Financials Performance
Q2 & H1 FY26 Financials Performance (In ₹ Cr) Particulars Q2 FY25 H1 FY26 Net Sales 156.30 311.59 Other Income 0.14 0.24 Total Income 156.44 311.84 Cost of Consumption 118.74 243.58 Employee Benefit Expenses 3.97 7.68 Other Expenses 27.35 47.97 Total Expenditure 150.07 299.24 EBIDTA 6.37 12.60 EBIDT
Slide 6: Rathi Steel And Power Limited at Glance
Rathi Steel And Power Limited at Glance Incorporated in 1971, Rathi Steel And Power Limited (RSPL) has built over five decades of trust, quality, and reliability in steel manufacturing. The Company carries forward the renowned Rathi brand, a name in India’s steel industry since the 1940s. RSPL opera
Slide 7: Innovation In Steel, Leadership In Quality
Innovation In Steel, Leadership In Quality Goal icon Vision Goal Rathi Steel And Power infuses creativity To Become The Leader In 'Longer into the craft of steel. With pioneering Segment’ Of Steel Catering To The technology and relentless innovation, the Construction infrastructure and new company r
Slide 8: Key Facts & Figures
Key Facts & Figures Legacy of Direct/ Indirect Manufacturing Plant Steel melting Capacity Rolling Mill Capacity 5 Decades Manpower Spread Across ~85,000 TPA 300+ 2,00,000 TPA ~12.5 Acres Strong ISO Certification IS Certifacation Presence Across IS 1786:2008 Distribution ISO 9001:2015 7 States IS 166
Slide 9: Journey Through The Decades
Journey Through The Decades 2020 – Present • Strategic exit from Odisha unit; debt fully resolved with ARCs & banks 2000s – 20s • Strengthened financials with ₹114.7 Cr • Transitioned to TMT raised via preferential allotment technology under the • Achieved debt-free status & regained “Thermax” brand
Slide 10: Leadership Team
Leadership Team Room used for official event Mr. Mahesh Pareek Mr. Pawan Kumar Managing Director | Experience: 40+ year Chief Financial Officer Experience: 10+ years A commerce graduate with over four decades in marketing, accounts, secretarial functions, & strategic planning. He has worked with PVM
Slide 11: Core Products Powering Rathi Steel And Power
Core Products Powering Rathi Steel And Power Core offerings fueling Rathi Steel And Power Limited’s present success Stainless Steel Billets Mild Steel TMT Bars Stainless Steel Wire Rods Stainless Steel Flats • Features: High strength, corrosion • Features: High tensile strength, • Features: High mec
Slide 12: State-of-Art Manufacturing Facility
State-of-Art Manufacturing Facility Steel Melting Shop Rolling Mill Location Plant Area India’s only stainless-steel wire rod ~80% power sourced from open Ghaziabad (NCR Region) ~12.5 acres producer with direct billet charging market (green + conventional mix) ~61% capacity ~24% capacity ~85,000 TPA
Slide 13: Billets To Direct Rolling: Rathi's Unique Advantage
Billets To Direct Rolling: Rathi’s Unique Advantage Unique advantage Most peers cannot do this as they don’t have melting & rolling in the same campus Molten steel flows from the Continuous Casting Machine into billets. These billets are carried hot on roller conveyors. Instead of cooling & reheatin
Slide 14: Energy Conservation & Efficiency Measures
Energy Conservation & Efficiency Measures Key Energy-Saving Measures Capital Investments in Efficiency • Adopted Direct Rolling • Investments in VFDs, Conveyor Systems & → Reduced reheating needs, saving fuel & Capacitor Banks minimising scaling loss → Enhanced energy efficiency & operational saving
Slide 15: Leveraging Brand & Distribution Strength
Leveraging Brand & Distribution Strength Broad dealer Retail-led TMT Strategic rollout Products used B2B stainless outlets network bar sales with of stainless- in both private steel sales with strong strong brand steel TMT bars sector & through direct presence across recall in NCR & in retail under
Slide 16: Marquee Clientele
Marquee Clientele Clients for Stainless Steel Products Clients for TMT Rebars Investor Presentation 15
Slide 17: Adversity In Odisha Operations, Its Impact & Turnaround
Adversity In Odisha Operations, Its Impact & Turnaround Commitment & Investment Successful Fund Raise – Growth Catalyst • Odisha Government committed • Equity infusion of ₹114.71 Cr through preferential allocation of raw material mines. allotment (Feb 2024). • Integrated, capital-intensive steel pla
Slide 18: Core Strengths Powering Growth
Core Strengths Powering Growth • First mover in direct billet charging for stainless rods; ~1.25–1.5% savings in Technology energy & yield & Cost • Cutting-edge facilities with continuous investment in advanced technologies Leadership • Lowest electricity costs in UP through open access benefits • ₹
Slide 19: Strategic Path Ahead
Strategic Path Ahead Enhancing Capacity & Asset Sustainable & Strategic Expanding Stainless Steel Utilization Investments Portfolio • Target utilization ramp-up from 55% - 60% • Rooftop Solar Power Generation unit planned to • Scale stainless steel rebars business to become a (of Steel Melting Shop)
Slide 20: Expand Green Steel Rebars Portfolio
Expand Green Steel Rebars Portfolio Strengthening presence Producing premium- Manufactured through Aligned with India’s Lower energy usage in the rapidly growing Fe quality Fe 550 / 550D recycling-based, Green Steel Vision, through direct charging 550 / Fe 550D TMT bars grade matching the circular e
Slide 21: Fe 550 / Fe 550D TMT Bars – RSPL vs Conventional Route
Fe 550 / Fe 550D TMT Bars – RSPL vs Conventional Route Conventional Primary Producers Advantage – Rathi Steel & Power Limited Large integrated steelmakers Scrap-based steelmaking using various grades of quality scrap Use Iron Ore + Coal/Coke as primary raw material Circular economy model using recyc
Slide 22: The Indian Steel Industry – A Global Powerhouse
The Indian Steel Industry – A Global Powerhouse India is the world’s 2nd largest crude steel producer. Consumption Of Finished Steel (In Million Tonnes) 135.9 Per-capita steel consumption has crossed 100 kg, well below the global average 119.17 105.75 111.25 (230 kg), leaving strong growth potential
Slide 23: Growth Drivers & Government Initiatives
Growth Drivers & Government Initiatives Total Crude / Finished Steel Production In Million Tonnes Infrastructure & construction remain the largest drivers of steel demand. Crude Steel Production Finished Steel Production Finished steel consumption is projected to grow ~11% by FY26. 143.6 138.5 137.9
Slide 24: The Stainless-Steel Opportunity
The Stainless-Steel Opportunity India is the 2nd largest consumer of stainless steel globally. Consumption Of Stainless Steel (In Million Tonnes) Stainless steel demand is expected to grow 7–8% annually, faster than carbon steel. 4.8 Preferred material for modern infrastructure: railways, metro syst
Slide 25: Financial Highlights
Financial Highlights Year On Year Fixed Asset Interest Revenue Growth Turnover Coverage 1.84% 5.61 Times 4.42 Times Year on Year Profit Return on capital Return on Equity Employed Growth 10.18% 10.22% 149.73% Long Term Debt to Book Value Equity 0.03 Times ₹ 14.84 Investor Presentation 24
Slide 26: Key Financial Highlights
Key Financial Highlights (All Amount In ₹ Cr & Margins In %) Total Revenue EBITDA# PAT Excluding Exceptional Item 35.00 32.68 14.00 727.57 30.00 12.00 12.00 25.00 24.25 24.31 9.24 10.00 496.28 505.43 20.00 8.00 15.00 6.00 10.00 4.00 3.70 5.00 2.00 0.00 0.00 FY23* FY24 FY25 FY23 FY24 FY25 FY23 FY24 F
Slide 27: Profit & Loss Statement & Cashflow Highlights
Profit & Loss Statement & Cashflow Highlights (In ₹ Cr) Particulars FY23 FY24 FY25 Cashflow Highlights Revenues 726.55 493.19 503.15 Other Income 1.02 3.10 2.28 Total Revenue 727.57 496.28 505.43 105.33 Raw Material Expenses 587.70 375.07 377.87 Employee Costs 6.81 9.51 12.08 Other Expenses 100.37 8
Slide 28: Balance Sheet
Balance Sheet (In ₹ Cr) Equities & Liabilities FY23 FY24 FY25 Assets FY23 FY24 FY25 Equity 31.32 85.06 86.36 Non-Current Assets Preference Share Capital 45.20 10.40 8.89 Fixed assets 65.91 70.35 89.65 Reserves & Surplus -100.41 27.61 41.77 Deferred Tax Assets (Net) 72.91 72.91 72.91 Total Equity -23
Slide 29: Key Ratios
Key Ratios (In %) (In Times) (In Days) ROCE ROE Current Ratio Receivable Turnover Ratio 19.12% 10.18% 35.24% 40.00% 25.00% 0.80 89.82 -25.00% 35.00% 0.78 0.90 -75.00% 0.8 0 30.00% -125.00% 0.70 25.00% 0.60 0.45 -175.00% 20.00% 12.19% 0.50 -225.00% -365.00% 10.22% 30.32 0.40 15.00% -275.00% 20.31 0.3
Slide 30: Stock Data
Stock Data As On 19-11-2025 As On 30-09-2025 BSE (504903| INE336C01016) Share Holding Pattern Share Price (₹) 27.95 Market Capitalization (₹ Cr) 241.38 No. of Shares Outstanding 8,63,63,004 41.30% Promoter & Promoter Group 58.70% Public Face Value (₹) 10.00 52-week High-Low (₹) 51.95– 21.65 Share Pe
Slide 31: SWOT Analysis
SWOT Analysis Strengths Weaknesses • 80+ years of legacy & strong Rathi brand recall. • Current utilisation levels below potential, leaving room for improvement. • Integrated facility with end-to-end steel operations. • Product diversification into stainless steel rebars • Proprietary direct billet
Slide 32: Investor Rationale
Investor Rationale Trusted Legacy, Proven Brand Poised for Growth in Stainless Steel Scalable Manufacturing Platform Technology-Led Cost Advantage Over 80 years of steelmaking Strategic focus on stainless steel Integrated, modern facility in Only player in India with direct billet expertise; Rathi i
Slide 33: Rathi Steel And Power Limited contact details
Rathi Steel And Power Limited Plot No. 24/1, Block A, Mohan Cooperative Industrial Estate, Mathura Road, New Delhi – 110044 Phone: +11 4505 8011, +91-120-2840348-50 Website: https://www.rathisteelandpower.com/ Email: investors@rathisteelandpower.com Kirin Advisors Private Limited 713-B, Lodha Suprem
Rathi Steel And Power — Q2 FY26 Earnings Presentation on 6ix