Rhetan TMT Limited
NSE: RHETANIron & Steel Products
Share price
₹18.26
+4.94% close of 8 Oct 2026
Business score
How strong the business is, in one number. The parts behind it are in Pro.
41
out of 100 · worked out 8 Oct 2026
Your ratios
The numbers you want to see first. Tap Edit to change them.
Market cap
₹1,461 Cr
P/E ratio
115.0
P/B ratio
13.4
ROCE
11.0%
ROE
9.9%
Dividend yield
0.0%
Price & valuation chart
How the share price and its valuation have moved. Hover over the chart to see any day. Prices as of the last close.
Answers
Simple answers to the questions investors ask most, from the company's own numbers.
How fast it has been growing
Our sales figures for this company step down at Sep 2024 and we hold nothing that says why, so we cannot honestly quote a growth rate across it.
Whether it grew faster than its sector
Our sales figures for this company step down at Sep 2024 and we hold nothing that says why, so there is no honest growth rate of its own to set against its sector.
Room to re-rate, or risk of de-rating
At 115.0× earnings it costs 4.8× the market, which pays 23.9× across 2199 companies we can price. Its own industry sits at 30.3×, across 5 companies. It is against its own five-year median of 250.9×, the 1st percentile of its own range.
Whether growth justifies the valuation
Priced at 4.8 times its growth rate, on earnings growth of 24%.
| Profit growth | Price per ₹1 profit | Per 1% growth | |
|---|---|---|---|
| Rhetan TMT Limited — this one | 24%/yr | 115.0× | ₹4.8 |
| Welspun Corp Limited | 119%/yr | 30.3× | — |
| APL Apollo Tubes Limited | 23%/yr | 46.5× | ₹2.0 |
| Shyam Metalics and Energy Limited | 9%/yr | 26.4× | ₹2.9 |
| Ratnamani Metals & Tubes Limited | -1%/yr | 39.9× | — |
| Jindal Saw Limited | 14%/yr | 26.5× | ₹1.9 |
Compared with companies filed under the same label. That grouping comes from the exchange's filing category, so some of them may not be real rivals.
How it compares with its peers
Against companies the exchange files under the same label (Iron & Steel Products), it ranks 41 of 70 on returns, 68 of 68 on growth, 2 of 70 on margin. That grouping comes from the exchange's filing category, so some of them may not be real rivals.
What makes it hard to beat — and is that still true?
No durable advantage shows in the numbers: it earns 11% on capital, ahead of 41% of companies filed under the same label. That grouping comes from the exchange's filing category, so some of them may not be real rivals.
Whether its growth pays for itself
No — Over the last five years the business itself consumed ₹38 crore of cash before any plant spend, funded from lenders and shareholders. And the profit is not backed by cash: it reported a profit over 7 years and consumed cash from the business. Its cash comes back more slowly than it used to: it went from being waiting 150 days for its cash to waiting 1409 days for its cash.
Profit reality check
Is the profit real cash? Simple checks on the accounts. Facts only, not advice.
6 of 9 checks clear · 67%
Latest result · Q1 FY27
What the last results showed. Whether management kept its word is in Pro.
Revenue fell 19.4% year on year, while net profit rose 315.6% on higher other income.
Announced 12 Aug 2026 · Standalone · Unaudited
Revenue
₹4 Cr
Revenue vs last year
-19.4%
Revenue vs last quarter
-52.1%
Net profit
₹3 Cr
Profit vs last year
+315.6%
Profit vs last quarter
+42.3%
Net margin
77.7%
EPS
₹0.08
Checklist before you investPRO
Points for and against, in one list.
Key numbers & peers
The main numbers grouped by topic, and how the company compares with similar ones.
Price
- Market cap
- ₹1,461 Cr
- Prev close
- ₹18.26
- 52w High
- ₹34.9
- 52w Low
- ₹14.4
- Enterprise value
- ₹1,502 Cr
- Beta
- 0.7
- Price CAGR 1y
- -19.0%
- Price CAGR 3y
- 25.0%
- Price CAGR 5y
- —
- Price CAGR 10y
- —
Ratios
- Return on assets
- 6.1%
- PEG ratio
- 4.8
- P/E ratio
- 115.0
- P/B ratio
- 13.4
- EV / EBITDA
- 279.8
- Industry P/E
- 24.9
- ROCE
- 11.0%
- ROCE 5y average
- 8.4%
- ROE
- 9.9%
- Debt / Equity
- 0.4
- Interest coverage
- 7.5
- Dividend yield
- 0.0%
- ROE 3y average
- 6.0%
- ROE last year
- 10.0%
Annual P&L
- Annual revenue
- ₹24 Cr
- Annual profit
- ₹10 Cr
- Operating margin
- 28.0%
- Net profit margin
- 41.7%
- EBITDA margin
- 29.2%
- Sales growth 3y
- -34.7%
- Sales growth 5y
- -14.3%
- Profit growth 3y
- 24.0%
- Profit growth 5y
- 140.0%
- EPS
- ₹0.1
- Sales growth TTM
- 3.0%
- Profit growth TTM
- 159.0%
- Dividend payout
- 0.0%
Quarter P&L
- Sales latest quarter
- ₹4 Cr
- Profit latest quarter
- ₹3 Cr
- YoY quarterly sales growth
- -19.4%
- YoY quarterly profit growth
- 315.8%
- OPM latest quarter
- -16.3%
Balance Sheet
- Book Value
- ₹1.4
- Face Value
- ₹1.0
- Total debt
- ₹42 Cr
- Total cash
- ₹0 Cr
- Borrowings
- ₹42 Cr
- Reserves / Equity
- 0.4
Cash Flow
- Operating cash flow
- ₹1 Cr
- Free cash flow
- -₹3 Cr
- FCF yield
- -0.3%
- Net cash flow
- ₹0 Cr
Shareholding
- Promoter holding
- 62.1%
- FII holding
- 0.3%
- DII holding
- —
- Public holding
- 37.5%
Peer comparison
| Company | Price ₹ | P/E | Mkt cap ₹ Cr | Div yield % | Profit qtr ₹ Cr | Profit var % | Sales qtr ₹ Cr | Sales var % | ROCE % |
|---|---|---|---|---|---|---|---|---|---|
| Welspun Corp | 2,651.90 | 30.3 | 69,955 | 0.18 | 1,047.9 | 198.6 | 4,081.1 | 14.9 | 22.9 |
| APL Apollo Tubes | 2,080.30 | 46.9 | 57,761 | 0.40 | 263.1 | 10.9 | 5,606.7 | 8.4 | 31.8 |
| Shyam Metalics | 1,061.00 | 26.4 | 29,616 | 0.42 | 350.7 | 18.1 | 5,455.1 | 23.4 | 13.0 |
| Ratnamani Metals | 2,475.15 | 39.5 | 17,349 | 0.40 | 107.0 | -37.7 | 971.6 | -15.6 | 17.9 |
| Jindal Saw | 268.70 | 26.3 | 17,184 | 0.72 | 90.8 | -75.4 | 4,452.3 | 9.0 | 10.4 |
| Usha Martin | 504.00 | 28.2 | 15,359 | 0.73 | 142.0 | 40.7 | 1,033.0 | 16.4 | 19.5 |
| Godawari Power | 207.30 | 17.0 | 13,956 | 0.47 | 222.4 | 2.7 | 1,750.5 | 32.3 | 20.5 |
| Rhetan TMT Ltd | 18.28 | 114.7 | 1,457 | 0.00 | 3.2 | 315.8 | 4.1 | -19.4 | 11.0 |
| Median | 171.05 | 22.6 | 965 | 0.00 | 14.3 | 28.3 | 213.2 | 16.6 | 13.0 |
Competes with: APL Apollo Tubes Limited, Gallantt Ispat Limited, Godawari Power And Ispat limited, Jindal Saw Limited, Ratnamani Metals & Tubes Limited, Shyam Metalics and Energy Limited, Usha Martin Limited, Welspun Corp Limited
Quarterly results
Sales and profit for each of the last 13 quarters. Newest on the right. ₹ crore.
| Line item | Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 24 | 10 | 12 | 18 | 19 | 4.95 | 6.38 | 6.49 | 5.04 | 4.76 | 6.15 | 8.49 | 4.06 |
| Expenses | 23 | 9.42 | 10 | 17 | 18 | 1.82 | 4.15 | 9.51 | 4.43 | 3.66 | 3.76 | 5.95 | 4.72 |
| Material Cost | 3.91 | 3.98 | 6.53 | 4.75 | |||||||||
| Change in Inventories | -0.74 | -1.15 | -2.03 | -0.98 | |||||||||
| Purchases of Stock-in-Trade | 0 | 0 | 0 | 0 | |||||||||
| Employee Cost | 0.30 | 0.34 | 0.31 | 0.28 | |||||||||
| Other Expenses | 0.20 | 0.61 | 1.14 | 0.67 | |||||||||
| Operating Profit | 1.52 | 1.05 | 1.82 | 1.32 | 1.65 | 3.13 | 2.23 | -3.02 | 0.61 | 1.10 | 2.39 | 2.54 | -0.66 |
| OPM % | 6.26 | 10 | 15 | 7.38 | 8.53 | 63 | 35 | -47 | 12 | 23 | 39 | 30 | -16 |
| Other Income | 0 | 0 | 0 | 0.44 | 0 | 0 | 0.01 | 3.42 | 0.68 | 2.45 | 3.17 | 2.22 | 4.45 |
| Exceptional items (within Other Income) | 0 | 0 | 0 | 0 | |||||||||
| Interest | 0.36 | 0.36 | 0.43 | 0.38 | 0.39 | 0.40 | 0.40 | 0.37 | 0.39 | 0.38 | 0.34 | 0.32 | 0.33 |
| Depreciation | 0.21 | 0.01 | 0.22 | 0.18 | 0.25 | 0.24 | 0.26 | -0.15 | 0.14 | 0.14 | 0.14 | 0.14 | 0.15 |
| Profit before tax | 0.95 | 0.68 | 1.17 | 1.20 | 1.01 | 2.49 | 1.58 | 0.18 | 0.76 | 3.03 | 5.08 | 4.30 | 3.31 |
| Tax % | 20 | 0 | 12 | 20 | 20 | 8.84 | 12 | -167 | 0 | 5.28 | 13 | 48 | 4.53 |
| Net Profit | 0.76 | 0.68 | 1.03 | 0.96 | 0.81 | 2.27 | 1.39 | 0.48 | 0.76 | 2.87 | 4.45 | 2.22 | 3.16 |
| EPS in Rs | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.03 | 0.02 | 0.01 | 0.01 | 0.04 | 0.06 | 0.03 | 0.04 |
| Diluted EPS in Rs | 0.04 | 0.06 | 0.08 | 0.08 |
Profit & loss
Yearly sales, costs and profit for 12 years, plus the last 12 months (TTM). ₹ crore.
| Line item | Mar 2011 | Mar 2012 | Mar 2013 | Mar 2014 | Mar 2015 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 0 | 0 | 0 | 0 | 0 | 20 | 52 | 67 | 86 | 65 | 37 | 24 | 23 |
| Expenses | 0 | 2 | 0 | 0 | 0 | 19 | 50 | 62 | 78 | 58 | 33 | 18 | 18 |
| Material Cost | 18 | ||||||||||||
| Change in Inventories | -5.08 | ||||||||||||
| Purchases of Stock-in-Trade | 0 | ||||||||||||
| Employee Cost | 1.23 | ||||||||||||
| Other Expenses | 3.60 | ||||||||||||
| Operating Profit | -0 | -2 | -0 | -0 | -0 | 1 | 2 | 5 | 8 | 7 | 4 | 7 | 5 |
| OPM % | 2.90 | 3 | 7 | 10 | 11 | 11 | 28 | 23 | |||||
| Other Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1 | 0 | 2 | 9 | 12 |
| Exceptional items (within Other Income) | 0 | ||||||||||||
| Interest | 0 | 0 | 0 | 0 | 0 | 0 | 1 | 1 | 1 | 2 | 1.56 | 2 | 1 |
| Depreciation | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1 | 0.72 | 0.59 | 0.56 | 1 |
| Profit before tax | -0 | -2 | -0 | -0 | 0 | 0 | 0 | 3 | 7 | 5.25 | 3.41 | 13 | 16 |
| Tax % | 0 | 0 | 0 | 0 | 627 | 28 | 18 | 24 | 26 | 9 | 22 | ||
| Net Profit | -0 | -2 | -0 | -0 | 0 | -1 | 0 | 2 | 5 | 3.87 | 3.10 | 10 | 13 |
| EPS in Rs | -0.39 | 0.03 | 0.05 | 0.07 | 0.05 | 0.04 | 0.13 | 0.17 | |||||
| Diluted EPS in Rs | 0.18 | ||||||||||||
| Dividend Payout % | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Compounded growth
Average yearly growth over different spans, as stored. A span can cross a demerger or an acquisition.
Compounded sales growth
- 10 years
- —
- 5 years
- -14%
- 3 years
- -35%
- TTM
- 3%
Compounded profit growth
- 10 years
- —
- 5 years
- 140%
- 3 years
- 24%
- TTM
- 159%
Stock price CAGR
- 10 years
- —
- 5 years
- —
- 3 years
- 25%
- 1 year
- -19%
Return on equity
- 10 years
- —
- 5 years
- 7%
- 3 years
- 6%
- Last year
- 10%
Balance sheet
What the company owns and what it owes, at the end of each year. ₹ crore.
| Line item | Mar 2011 | Mar 2012 | Mar 2013 | Mar 2014 | Mar 2015 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 0.12 | 0.12 | 0.12 | 0.12 | 0.12 | 4 | 11 | 13 | 80 | 80 | 80 | 80 |
| Reserves | 3 | 1 | 1 | 1 | -0 | -3 | -3 | 10 | 5 | 9.35 | 14 | 29 |
| Borrowings | 4 | 11 | 11 | 9 | 7 | 24 | 25 | 26 | 18 | 17 | 23 | 42 |
| Other Liabilities | 0 | 0 | 0 | 0 | 0 | 6 | 6 | 9 | 9 | 8 | 7 | 14 |
| Total Liabilities | 8 | 11 | 11 | 10 | 7 | 30 | 40 | 59 | 112 | 114 | 124 | 165 |
| Fixed Assets | 4 | 4 | 4 | 4 | 4 | 9 | 9 | 8 | 9 | 17 | 16 | 16 |
| CWIP | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 2 | 6 |
| Investments | 0 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 3 | 7 |
| Other Assets | 4 | 7 | 6 | 5 | 2 | 20 | 30 | 50 | 103 | 96 | 103 | 136 |
| Total Assets | 8 | 11 | 11 | 10 | 7 | 30 | 40 | 59 | 112 | 114 | 124 | 165 |
Cash flows
Real money coming in and going out each year — from the business, from investments and from loans. ₹ crore.
| Line item | Mar 2011 | Mar 2012 | Mar 2013 | Mar 2014 | Mar 2015 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash from Operating Activity | -12 | -7 | -14 | -44 | 14 | 4.97 | 1.34 | |||||
| Cash from Investing Activity | -2 | -0 | -0 | -1 | -9 | -4 | -9 | |||||
| Cash from Financing Activity | 14 | 7 | 14 | 45 | -4 | -2 | 7 | |||||
| Net Cash Flow | 0 | 0 | -0 | 0 | 1 | -1 | 0 | |||||
| Free Cash Flow | -14 | -7 | -15 | -45 | 5 | 3.48 | -3.43 |
Ratios
How fast customers pay, how long stock sits, and how well capital earns — year by year.
| Line item | Mar 2011 | Mar 2012 | Mar 2013 | Mar 2014 | Mar 2015 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debtor Days | 134 | 98 | 120 | 115 | 130 | 224 | 365 | |||||
| Inventory Days | 197 | 98 | 152 | 161 | 241 | 488 | 1,432 | |||||
| Days Payable | 109 | 38 | 31 | 28 | 30 | 57 | 180 | |||||
| Cash Conversion Cycle | 222 | 158 | 241 | 248 | 341 | 656 | 1,617 | |||||
| Working Capital Days | 80 | 78 | 150 | 334 | 379 | 718 | 1,409 | |||||
| ROCE % | -26 | -1 | -0 | 0 | 4 | 10 | 11 | 6 | 4 | 11 |
Price trend
The price as a Renko brick chart: small moves drop out so the bigger path stands out.
Every brick is the same size, about one typical day's move. A new brick needs a full brick's move; turning the other way needs two. Bricks show where the price went, not where it will go.
Open interestPRO
Where option traders are positioned on this stock.
Industry numbers
The numbers that matter most in this industry, from the company's own filings.
1 when an audit qualification is filed as repetitive
0.00flag
2026-03-31
the company's own unlisted debt securities in default at period end
0.00cr
2026-06-30
the company's own loans / revolving facilities in default at period end (standalone filing)
0.00cr
2026-06-30
net debt from the filed balance sheet at the newest year end: Borrowings − Cash Equivalents − Investments (Current); negative = net cash
41.70inr_cr
2026-03-31
guarantees / comfort given for promoter, promoter group, directors and KMP
0.00cr
2026-03-31
loans outstanding to promoter, promoter group, directors and KMP (governance filing)
1.81cr
2026-03-31
security given for the borrowing of promoter, promoter group, directors and KMP
0.00cr
2026-03-31
FY revenue / permanent employees + workers, same basis (calc)
60,00,000inr
2026-03-31
News
News and filings about Rhetan TMT Limited. Open one to see why it matters.
No recent news for this company.
Supply chain
Who it buys from, sells to and competes with — as recorded in our map of company links.
Competes with
Uses as raw material
- Lignite coal (reheating furnace fuel)
- MS bars / semi-finished steel
- MS billets / ingots (primary re-rolling feedstock)
Depends on the price of
- coal
- steel
Buys from
- Ashoka Metcast Limited · traded steel goods (inter-company sales)
About
What the company is, from our own records: where it sits, where it makes things, and what it is made of.
- Sector
- Capital Goods
- Industry
- Iron & Steel Products
- Classification
- Capital Goods › Iron & Steel Products
- ISIN
- INE0KKN01029
Plants
- Kadi rolling mill
News impact
Big market events that reach Rhetan TMT Limited, and how the effect spreads.
28 Sept, 17:20 IST · Market event · high impact
Unmoved by stock market crash! Small-cap stock under ₹50 hits 5% upper circuit after this MoU worth ₹300 crore
Rhetan TMT, a small steel-bar maker, won a Rs 300 crore order understanding and its shares hit the upper circuit, helping its own shareholders while rival steel-pipe makers see no real gain or loss.
Who it hits first
- Rhetan TMT Limited, a small maker of TMT steel bars, announced a memorandum of understanding worth Rs 300 crore.
- Its shares rose 4.94% on September 28 to hit the 5% upper circuit, even as the wider market fell.
Who may gain
- Rhetan TMT Limited shareholders, who gain from the Rs 300 crore order pipeline
- Ashokamet, which supplies inputs to Rhetan TMT and could see follow-on orders if the MoU converts to production
Along the supply chain
Downstream
Downstream, the MoU buyer and end builders using TMT steel bars take delivery; the graph shows no standing Rhetan TMT customers, so this is a new outlet rather than an existing chain.
Upstream
Upstream, Ashokamet supplies inputs to Rhetan TMT, so it could see follow-on orders if the Rs 300 crore MoU converts into production.
Where demand moves
Business
New business demand flows to Rhetan TMT from the Rs 300 crore MoU counterparty for TMT steel bars, while rival pipe and steel makers get no new orders from this company-specific understanding.
Capital
Capital flow chased Rhetan TMT shares to the 5% upper circuit on September 28 despite the market crash, a stock-specific buying rush with no sector-wide inflow.
How it spreads across sectors
Metals & Mining
Small sympathy readthrough only — a Rs 300 crore win for one tiny TMT maker does not change steel demand, so large steel makers see no real impact.
When it plays out
Immediate
In 1–7 days Rhetan TMT stays in focus after the September 28 circuit while peers drift with the market.
Medium term
In 1–6 months the Rs 300 crore MoU either converts into revenue or fades as a sentiment spike.
Short term
In 1–4 weeks attention shifts to MoU details — the buyer, the timeline, and conversion into firm orders.
Dividends, splits & big trades
Money paid out, share splits and buybacks, and big buys or sells by funds and insiders.
Splits, bonuses & buybacks
- daily-prices repair: 2 rows from NSE's archive (replace 0, delete 1, insert 1), 2026-01-15..2026-02-01 (docs/flat_day_repair.md)1× · 15 Jan 2026
Bulk & block deals
| Date | Who | Bought / sold | Shares | Price |
|---|---|---|---|---|
| 6 Oct 2026 | JAGID VANITABEN RAJENDRAPRASAD | BUY | 69,60,259 | ₹15.90 |
| 6 Oct 2026 | JAGID VANITABEN RAJENDRAPRASAD | SELL | 64,60,259 | ₹16.60 |
| 28 Sep 2026 | JAGID VANITABEN RAJENDRAPRASAD | SELL | 1,04,97,211 | ₹15.56 |
| 28 Sep 2026 | JAGID VANITABEN RAJENDRAPRASAD | BUY | 94,30,260 | ₹14.71 |
| 28 Sep 2026 | PANCHAL HIREN JAGDISHBHAI | SELL | 80,00,000 | ₹14.51 |
| 28 Sep 2026 | RATHOD YUVRAJSINH | SELL | 69,10,353 | ₹14.44 |
| 28 Sep 2026 | SHIVAM VIRENDRA SHARMA | SELL | 51,00,000 | ₹14.44 |
| 28 Sep 2026 | PRIJAL TRADEFIN LLP | BUY | 42,00,000 | ₹14.66 |
| 28 Sep 2026 | PRIJAL TRADEFIN LLP | SELL | 41,00,000 | ₹15.14 |
| 9 Sep 2026 | SHIVAM VIRENDRA SHARMA | BUY | 87,25,000 | ₹28.51 |
Documents
Annual reports, results presentations and earnings calls, straight from the source.
- Annual report · 2025-2625 Aug 2026
Facts from company filings and exchange data. Not investment advice: nothing here tells you to buy or sell.