Rhetan Tmt Limited (RHETAN)

About

Rhetan Tmt Limited manufactures iron and steel products (TMT bars). Operates at modest scale—quarterly standalone revenues of ₹4–₹8.5 Crore—with promoter control at 62% and minimal institutional participation (FII 0.34%).

Face value: ₹1

Market cap

₹1,326 Cr

P/E

104.4×

P/B

12.2×

Dividend yield

0%

ROE

10.2%

ROCE

12.3%

Debt / equity

0.38

OPM

27.1%

EPS (TTM)

₹0.2

Book value

₹1.4

52-week high

—

52-week low

—

Key insights

Company research notes and source-linked reviews

Key risks

Jun 2026 operating margin collapsed to -16.5% on ₹4.06 Cr revenue; verify operational challenges (cost overruns, pricing pressure, capacity underutilization)
Extreme margin volatility: OPM ranged from -41.6% (Mar 2025) to 63.26% (Sep 2024); check if structural or purely cyclical
PE ratio 132.08x prices in recovery not yet evidenced in recent quarters
Near-zero institutional ownership (FII 0.34%, DII 0%) suggests limited research coverage and potential liquidity risk

Generated analysis · source review pending

Growth drivers

Peak profitability demonstrated: Sep 2024 achieved 63.26% OPM and Dec 2025 reached 38.86%, showing operational capability exists
Jun 2026 returned net profit ₹3.16 Cr after losses; verify if from business recovery or one-time gains
Low leverage (D/E 0.38) enables reinvestment if demand normalizes; verify capex plans and current utilization rates

Generated analysis · source review pending

858 historical price candles were omitted because the exchange source has not been verified.

₹16.6-0.3%1Y

Quick read

rule-based

Pros

+Healthy operating margin of 27.1%
+Comfortable interest coverage of 10.3×
+High promoter holding of 62.1% with no pledge

Cons

−Low return on equity of 7.7% (3-yr avg)
−Expensive at 104.4× trailing earnings
−Trading at 12.2× book value

Research score

Structured signal from quality, growth, valuation and momentum.

34/100

Business quality: 53
Growth: 50
Valuation: 0

Revenue & net profit

₹ crore, by fiscal year

RevenuePAT

Margins

% of revenue, by fiscal year

OPMPAT margin

Peers

Comparable companies from the narrowest available industry classification.

Screen this industry Compare top 5 side-by-side

Company	Mkt Cap	EV	Revenue	EBITDA	OPM	PAT	NPM	ROCE	ROE	WC Days
Welspun Corp LimitedWELCORPWELCORP	₹68,741 Cr	₹70,904 Cr	₹17,300 Cr	₹2,403 Cr	13.3%	₹2,309 Cr	9.7%	19.2%	19.4%	85
Apl Apollo Tubes LimitedAPLAPOLLOAPLAPOLLO	₹58,753 Cr	₹59,205 Cr	₹22,897 Cr	₹1,841 Cr	7.8%	₹1,229 Cr	5.2%	30.8%	25.3%	-12
Shyam Metalics And Energy LimitedSHYAMMETLSHYAMMETL	₹29,244 Cr	₹30,225 Cr	₹19,574 Cr	₹2,519 Cr	12.6%	₹860 Cr	5.7%	13.5%	9.7%	8
Ratnamani Metals & Tubes LimitedRATNAMANIRATNAMANI	₹18,362 Cr	₹18,666 Cr	₹4,314 Cr	₹732 Cr	16.9%	₹433 Cr	11.9%	17.8%	12.5%	210
Jindal Saw LimitedJINDALSAWJINDALSAW	₹17,286 Cr	₹21,976 Cr	₹18,263 Cr	₹1,941 Cr	12.4%	₹653 Cr	5.2%	11.4%	8.1%	159
Usha Martin LimitedUSHAMARTUSHAMART	₹14,982 Cr	₹15,128 Cr	₹3,837 Cr	₹768 Cr	19.1%	₹507 Cr	12.6%	20%	15.4%	190
Godawari Power And Ispat LimitedGPILGPIL	₹14,517 Cr	₹14,943 Cr	₹5,808 Cr	₹1,263 Cr	23.3%	₹808 Cr	14.9%	20.1%	14.9%	73
Gallantt Ispat LimitedGALLANTTGALLANTT	₹12,793 Cr	₹13,340 Cr	₹4,437 Cr	₹655 Cr	16.2%	₹436 Cr	11%	19.2%	15.7%	58
Maharashtra Seamless LimitedMAHSEAMLESMAHSEAMLES	₹9,363 Cr	₹9,377 Cr	₹4,620 Cr	₹696 Cr	14.6%	₹737 Cr	15%	13.6%	10.6%	153
Jayaswal Neco Industries LimitedJAYNECOINDJAYNECOIND	₹8,863 Cr	₹10,960 Cr	₹7,589 Cr	₹1,409 Cr	18.6%	₹564 Cr	6.5%	22.9%	17.8%	151
Sunflag Iron And Steel Company LimitedSUNFLAGSUNFLAG	₹7,812 Cr	₹8,286 Cr	₹3,995 Cr	₹476 Cr	12.1%	₹206 Cr	5.1%	3.8%	2.3%	95
Man Industries (India) LimitedMANINDSMANINDS	₹6,912 Cr	₹7,411 Cr	₹3,875 Cr	₹532 Cr	12.3%	₹204 Cr	4.8%	18.4%	9.2%	114

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Financials

Reported profit and loss, balance sheet, cash flow and growth history.

Annual Quarterly

Standalone figures · ₹ crore · years without a filed annual are summed from quarters

₹ Cr	Mar 2025	Mar 2026
	37	24
COGS	-28	13
Gross profit	—	11
	61	5
	4	7
OPM %	11.6%	27.1%
Depreciation	1	1
Interest	2	1
	3	9
Profit before tax	5	13
Tax	0	3
Tax %	5.9%	21.8%
	5	10
PAT margin %	13.3%	42.1%
EPS (₹)	0.1	0.2
EPS adjusted (₹)	0.1	0.1
Annual report	Annual report for Mar 2025	—

₹ Cr	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity capital	13	80	80	80	80
Reserves	11	5	9	14	29
	26	17	16	22	42
	9	10	9	8	15
Total equity & liabilities	59	113	114	124	165
	8	9	17	16	16
CWIP	—	—	—	—	6
Investments	1	1	1	3	7
	50	103	96	104	136
Total assets	59	113	114	124	165

₹ Cr	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	-14	-44	14	5	1
	-0	-1	-9	-4	-9
	14	45	-4	-2	7
Net cash flow	-0	0	1	-1	0
Free cash flow	-15	-45	5	3	1
CFO / Operating profit %	—	—	—	115.6%	20.2%

Compounded sales growth

7 years: —
5 years: —
3 years: —
1 year: -34%

Compounded profit growth

7 years: —
5 years: —
3 years: —
1 year: 108%

Return on equity

7 years: —
5 years: —
3 years: —
Last year: 10%

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Ratios

Annual operating, return, leverage and working-capital ratios.

Standalone figures

Ratio	Mar 2025	Mar 2026
Margins
Gross margin %	—	46.8%
EBITDA margin %	11.6%	27.1%
EBIT margin %	9.1%	24.8%
PAT margin %	13.3%	42.1%
Working capital
Receivable days	224	365
Inventory days	443	1,432
Payable days	—	180
NWC days	—	1,617
Leverage
Current ratio	4.44	4.25
Debt to EBITDA	5.12	6.29
Debt to equity	0.23	0.38
Interest coverage	4.4	10.3
Asset turnover	0.3	0.15
Return ratios
Return on assets %	4%	6.2%
Return on capital employed %	6.7%	12.3%
Return on equity %	5.3%	9.5%

Derived from reported annual statements. ROCE uses EBIT over capital employed (total assets less current liabilities). Day counts average the opening and closing balance; receivables turn on revenue, inventory and payables on cost of goods sold.

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Shareholding

Quarterly ownership, named holders, insider transactions and disclosed deals.

Quarterly Annual

Every quarter filed · % of equity

Holder (%)	Mar 2023	Sep 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	62.12%	62.12%	62.12%	62.12%	62.12%	62.12%	62.12%	62.12%	62.12%	62.12%	62.12%	62.12%
	0.55%	0.54%	0.37%	0%	0.15%	0%	0%	0%	0%	0.63%	0.87%	0.34%
DII	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%
Government	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%
	37.33%	37.34%	37.51%	37.88%	37.73%	37.88%	37.88%	37.88%	37.88%	37.25%	37.01%	37.54%
No. of shareholders	—	—	—	—	—	—	—	—	87,947	82,047	78,105	76,501

Promoter holding up 0 percentage points since Mar 2023.

78 deals · 5 Sept 2022 – 28 Sept 2026

Date	Client	Type	Venue	Side	Quantity	Price	Value
28 Sept 2026	JAGID VANITABEN RAJENDRAPRASAD	Bulk	NSE	Sell	1,04,97,211	₹15.56	₹16.33 Cr
28 Sept 2026	JAGID VANITABEN RAJENDRAPRASAD	Bulk	NSE	Buy	94,30,260	₹14.71	₹13.87 Cr
28 Sept 2026	PANCHAL HIREN JAGDISHBHAI	Bulk	NSE	Sell	80,00,000	₹14.51	₹11.61 Cr
28 Sept 2026	RATHOD YUVRAJSINH	Bulk	NSE	Sell	69,10,353	₹14.44	₹9.98 Cr
28 Sept 2026	SHIVAM VIRENDRA SHARMA	Bulk	NSE	Sell	51,00,000	₹14.44	₹7.36 Cr
28 Sept 2026	PRIJAL TRADEFIN LLP	Bulk	NSE	Buy	42,00,000	₹14.66	₹6.16 Cr
28 Sept 2026	PRIJAL TRADEFIN LLP	Bulk	NSE	Sell	41,00,000	₹15.14	₹6.21 Cr
9 Sept 2026	SHIVAM VIRENDRA SHARMA	Bulk	NSE	Buy	87,25,000	₹28.51	₹24.87 Cr
9 Sept 2026	RATHOD YUVRAJSINH	Bulk	NSE	Buy	87,00,000	₹28.51	₹24.80 Cr
9 Sept 2026	PANCHAL HIREN JAGDISHBHAI	Bulk	NSE	Buy	87,00,000	₹28.51	₹24.80 Cr

1–10 of 78

1 / 8

Bulk deals are a client trading over 0.5% of the equity in a session, aggregated across their trades; block deals are single negotiated trades in the exchange’s block window. Each is reported by the exchange it was crossed on, so NSE and BSE rows are separate trades rather than the same trade twice.

Mr. Ashok Chinubhai ShahNon-Executive - Non Independent Director-Chairperson related to Promoter
Mr. Shalin Ashok ShahExecutive Director-MD
Mr. Rushabh Rajnikantbhai ShahNon-Executive - Independent Director
Mrs. Deepti Ghanshyam GavaliNon-Executive - Independent Director
Mr. Swapnil Sharad ShimpiNon-Executive - Independent Director
Mr. Yash Vishwanath BodadeNon-Executive - Independent Director
Subha Ranjan DashChief Financial Officer
Mr. Tanuj JainCompany Secretary & Compliance Officer

Current officeholders as filed with BSE. A person holding two offices is listed once per office.

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F&O

Current futures and options contracts with compact option-chain pages.

Not in the F&O segment

Only about 210 stocks have listed futures and options. Contracts appear here for those, refreshed after each close.

Fund holders

Mutual-fund schemes that disclosed a holding in the company.

No fund holdings on record

No scheme among the 32 fund houses on record reported a position in Rhetan Tmt Limited. Portfolios are published monthly by each AMC; coverage is still partial.

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Documents

Annual reports, exchange filings, offer documents, ratings and earnings-call material.

Announcements

30

Annual reports

3

Documents link to external sources (exchange filings, company investor pages).

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Events

Upcoming dates and the company’s corporate-action history.

1

Board meeting to consider results12 Aug 2026

1

Face value ₹10 → ₹110 Mar 2023 · ex-date

1

Bonus 11:410 Mar 2023 · ex-date

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Announcements

Latest exchange announcements, filings and downloadable documents.

1 month 3 months 6 months 1 year All

20 announcementsExport CSV

16 Sept 2026, 8:44 pmCompany Update

Announcement under Regulation 30 (LODR)-Change in Management

Change in Management PDF

16 Sept 2026, 8:38 pmCompany Update

Announcement under Regulation 30 (LODR)-Change in Management

Change in Management PDF

16 Sept 2026, 8:29 pmCompany Update

Announcement under Regulation 30 (LODR)-Appointment of Statutory Auditor/s

Appointment of Statutory Auditor/s PDF

16 Sept 2026, 8:19 pmAGM/EGM

Shareholder Meeting / Postal Ballot-Scrutinizer''s Report

AGM PDF

16 Sept 2026, 6:00 pmAGM/EGM

Shareholder Meeting / Postal Ballot-Outcome of AGM

AGM PDF

5 Sept 2026, 2:42 pmCompany Update

Announcement Under Reg 30 (LODR)-Exploring Entry Into The Corrosion Resistant Steel (CRS) TMT Bars Market

General PDF

25 Aug 2026, 6:16 pmCompany Update

Letter To Shareholders Under Regulation 36(1)(B) Of Securities And Exchange Board Of India (Listing Obligations And Disclosure Requirements) Regulations, 2015.

General PDF

25 Aug 2026, 5:41 pmCompany Update

Announcement under Regulation 30 (LODR)-Newspaper Publication

Newspaper Publication PDF

Date	Category	Subject	Filing
16 Sept 2026, 8:44 pm	Company Update Change in Management	Announcement under Regulation 30 (LODR)-Change in Management	PDF
16 Sept 2026, 8:38 pm	Company Update Change in Management	Announcement under Regulation 30 (LODR)-Change in Management	PDF
16 Sept 2026, 8:29 pm	Company Update Appointment of Statutory Auditor/s	Announcement under Regulation 30 (LODR)-Appointment of Statutory Auditor/s	PDF
16 Sept 2026, 8:19 pm	AGM/EGM AGM	Shareholder Meeting / Postal Ballot-Scrutinizer''s Report	PDF
16 Sept 2026, 6:00 pm	AGM/EGM AGM	Shareholder Meeting / Postal Ballot-Outcome of AGM	PDF
5 Sept 2026, 2:42 pm	Company Update General	Announcement Under Reg 30 (LODR)-Exploring Entry Into The Corrosion Resistant Steel (CRS) TMT Bars Market	PDF
25 Aug 2026, 6:16 pm	Company Update General	Letter To Shareholders Under Regulation 36(1)(B) Of Securities And Exchange Board Of India (Listing Obligations And Disclosure Requirements) Regulations, 2015.	PDF
25 Aug 2026, 5:41 pm	Company Update Newspaper Publication	Announcement under Regulation 30 (LODR)-Newspaper Publication	PDF

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Rhetan Tmt Limited

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Profit & loss

Balance sheet

Cash flow

Compounded returns

Compounded sales growth

Compounded profit growth

Return on equity

Ratios

Ratio timeline

Shareholding

Quarterly record

Bulk & block deals

Board and management

F&O

Not in the F&O segment

Fund holders

No fund holdings on record

Documents

Announcements

Annual reports

Events

Board meetings1

Stock splits1

Bonus issues1

Announcements

Ratio timeline

Quarterly record

Bulk & block deals

Board and management

No fund holdings on record

Announcements

Annual reports

Board meetings1

Stock splits1

Bonus issues1

Profit & loss

Balance sheet

Cash flow

Compounded returns

Compounded sales growth

Compounded profit growth

Return on equity

1

1

1

1

1

1