Rathi Bars Ltd

₹ 21.4 -5.05%

27 Mar - close price

About

Incorporated in 1993, Rathi Bars Ltd is a manufacturer of TMT bars and other steel products^[1]

Key Points

Business Overview:^[1]^[2]
RBL is a part of Rathi Group. It is an ISO 9001-2015 certified manufacturer, marketer, and distributor of reinforcing thermo-mechanically treated Steel Bars and Low Carbon Billets under the brand name Rathi Shaktiman and Rathi Thermex brands.

Website BSE

Market Cap ₹ 35.0 Cr.
Current Price ₹ 21.4
High / Low ₹ 38.6 / 21.0
Stock P/E 9.78
Book Value ₹ 60.2
Dividend Yield 0.00 %
ROCE 5.91 %
ROE 2.70 %
Face Value ₹ 10.0

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Pros

Stock is trading at 0.36 times its book value

Cons

Though the company is reporting repeated profits, it is not paying out dividend
Company has low interest coverage ratio.
The company has delivered a poor sales growth of 5.32% over past five years.
Company has a low return on equity of 3.15% over last 3 years.
Debtor days have increased from 58.3 to 71.7 days.

* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.

Peer comparison

Industrials Capital Goods Industrial Products Iron & Steel Products

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Detailed Comparison with:

Quarterly Results

Figures in Rs. Crores

	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025
	73.92	198.42	169.76	172.03	134.42	137.32	147.64	99.94	110.53	138.18	132.84	125.60	90.62
	70.62	193.90	165.52	167.63	130.27	135.28	144.08	96.44	107.06	135.36	129.69	121.97	88.29
Operating Profit	3.30	4.52	4.24	4.40	4.15	2.04	3.56	3.50	3.47	2.82	3.15	3.63	2.33
OPM %	4.46%	2.28%	2.50%	2.56%	3.09%	1.49%	2.41%	3.50%	3.14%	2.04%	2.37%	2.89%	2.57%
	0.20	0.26	0.16	0.11	0.45	0.11	0.00	0.00	0.00	1.42	0.22	0.53	0.34
Interest	1.35	1.78	1.83	1.80	2.17	0.33	1.47	1.57	1.49	1.97	1.43	1.87	0.76
Depreciation	1.49	2.08	1.59	1.72	1.60	0.59	1.12	1.33	1.10	1.20	1.09	1.32	1.20
Profit before tax	0.66	0.92	0.98	0.99	0.83	1.23	0.97	0.60	0.88	1.07	0.85	0.97	0.71
Tax %	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
	0.67	0.91	0.99	1.00	0.83	1.23	0.97	0.60	0.89	1.07	0.84	0.97	0.70
EPS in Rs	0.41	0.56	0.61	0.61	0.51	0.75	0.59	0.37	0.54	0.66	0.51	0.59	0.43
Raw PDF

Profit & Loss

Figures in Rs. Crores

	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
	272	236	209	186	247	410	383	324	494	482	614	496	487
	264	227	202	179	239	401	371	312	481	467	600	483	475
Operating Profit	8	10	7	7	7	8	12	12	13	15	14	13	12
OPM %	3%	4%	3%	4%	3%	2%	3%	4%	3%	3%	2%	3%	2%
	2	1	1	1	0	0	0	0	0	0	0	1	3
Interest	4	4	2	2	2	2	4	3	4	5	6	6	6
Depreciation	3	6	5	4	4	5	6	6	6	7	4	5	5
Profit before tax	3	1	1	2	2	3	3	3	3	3	4	4	4
Tax %	26%	76%	-3%	38%	35%	32%	5%	24%	10%	22%	12%	27%
	2	0	1	1	1	2	3	2	3	3	4	3	4
EPS in Rs	1.49	0.14	0.91	0.59	0.86	1.15	1.67	1.41	1.75	1.58	2.19	1.57	2.19
Dividend Payout %	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%

Compounded Sales Growth
10 Years:	8%
5 Years:	5%
3 Years:	0%
TTM:	-2%

Compounded Profit Growth
10 Years:	32%
5 Years:	-1%
3 Years:	-3%
TTM:	-3%

Stock Price CAGR
10 Years:	13%
5 Years:	6%
3 Years:	-1%
1 Year:	-38%

Return on Equity
10 Years:	3%
5 Years:	3%
3 Years:	3%
Last Year:	3%

Balance Sheet

Figures in Rs. Crores

	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Sep 2025
Equity Capital	16	16	16	16	16	16	16	16	16	16	16	16	16
Reserves	57	58	59	60	61	64	66	69	71	74	78	80	82
	34	31	23	15	12	29	41	47	65	72	67	82	86
	31	30	29	21	19	18	20	20	22	22	18	17	13
Total Liabilities	139	135	128	112	110	127	143	152	175	185	179	195	198
	32	27	22	22	25	36	38	43	42	42	38	41	44
CWIP	4	6	9	13	11	10	13	10	9	7	7	5	3
Investments	23	20	12	0	0	0	0	1	1	1	0	0	0
	80	83	85	77	72	80	91	100	123	136	134	149	151
Total Assets	139	135	128	112	110	127	143	152	175	185	179	195	198

Cash Flows

Figures in Rs. Crores

	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
	14	6	15	-3	10	-1	2	3	-9	3	12	-3
	-10	2	4	4	-6	-14	-11	-6	-4	-5	-1	-6
	-5	-8	-10	-11	-4	15	9	3	14	2	-12	9
Net Cash Flow	-1	0	8	-9	-0	0	0	-0	0	0	-0	-0

Ratios

Figures in Rs. Crores

	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Debtor Days	61	71	70	75	60	44	56	66	52	60	43	72
Inventory Days	28	34	34	63	39	14	15	23	23	13	10	10
Days Payable	21	22	23	46	35	11	13	15	9	9	6	6
Cash Conversion Cycle	69	83	81	93	64	47	58	74	65	65	48	76
Working Capital Days	32	45	49	90	68	38	38	54	40	46	37	46
ROCE %	6%	4%	4%	3%	4%	4%	6%	5%	5%	6%	6%	6%

Insights

In beta

Mar 2014

Mar 2015

Mar 2016

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Manufacturing Production Volume - Steel Bars
MT

xx,xxx.xx	xx,xxx.xx	xx,xxx.xx	xx,xxx.xx	xx,xxx.xx	xx,xxx.xx	xx,xxx.xx	xx,xxx.xx	xx,xxx.xx	xx,xxx.xx	xx,xxx.xx	xx,xxx.xx
xx,xxx.xx	xx,xxx.xx	xx,xxx.xx	xx,xxx.xx	xx,xxx.xx	xx,xxx.xx	xxx,xxx.xx	xx,xxx.xx	xx,xxx.xx	xx,xxx.xx	xxx,xxx.xx	xx,xxx.xx
xx,xxx.xx	xx,xxx.xx		xx,xxx.xx	xx,xxx.xx	xx,xxx.xx	xxx,xxx.xx		xx,xxx.xx	xx,xxx.xx	xxx,xxx.xx	xx,xxx.xx
xx,xxx	xx,xxx		xx,xxx	xx,xxx	xx,xxx			xx,xxx	xx,xxx	xx,xxx	xx,xxx
xxx,xxx	xxx,xxx		xx,xxx	xx,xxx	xxx,xxx			xxx,xxx	xxx,xxx	xxx,xxx	xxx,xxx
xx,xxx.xx	xx,xxx.xx		xx,xxx.xx	xx,xxx.xx	xx,xxx.xx			xx,xxx.xx	xx,xxx.xx	xx,xxx.xx	xx,xxx.xx

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Total Production Volume - Steel Bars (Manufacturing + Trading)
MT

Sales Volume (Despatch) - Steel Bars
MT

Annual Licensed Capacity - Ingots / Billets
MT

Annual Licensed Capacity - Steel Bars
MT

Raw Material Consumption (Ingots/Billets)
MT

Shareholding Pattern

Numbers in percentages

	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025
	64.01%	64.01%	64.01%	64.01%	64.01%	64.01%	64.01%	64.01%	64.01%	64.01%	64.01%	64.01%
	36.00%	35.99%	35.99%	35.99%	35.99%	35.98%	35.99%	35.99%	35.99%	35.98%	35.99%	36.01%
No. of Shareholders	8,135	7,965	8,115	8,249	8,285	8,299	8,678	9,392	9,250	9,106	8,967	8,871

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Dec 2025
	59.68%	64.01%	64.01%	64.01%	64.01%	64.01%	64.01%	64.01%	64.01%	64.01%
	40.32%	35.99%	35.99%	35.99%	35.99%	35.99%	36.00%	35.99%	35.99%	36.01%
No. of Shareholders	7,911	7,731	7,342	7,041	7,185	9,090	8,135	8,285	9,250	8,871

Rathi Bars Ltd

Rathi Bars Ltd

Peer comparison

Quarterly Results

Profit & Loss

Balance Sheet

Cash Flows

Ratios

Insights

Shareholding Pattern

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