SEBI Reg. Investment Advisor

Download App

MoneyWorks4Me

Rathi Bars Ltd (532918)

Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 532918 NSE: Steel & Iron Products | Small Cap | Rathi Bars Share Price

₹21.23 -0.03 (-0.14%)

As on 04-Jun'26 16:59

Rathi Bars Ltd (532918)

Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 532918 NSE: Steel & Iron Products | Small Cap | Rathi Bars Share Price

₹21.23 -0.03 (-0.14%)

As on 04-Jun'26 16:59

Key Metrics
Valuation Multiples
Market Cap
₹35 Cr.
Current Price
₹21.2
52-Week Low / High
₹20 / 36
TTM EPS
₹-7.1
TTM Sales
₹369 Cr.
Book Value per Share
₹52
P/E Ratio
0.00
Lower than its 5-year historical median
Industry PE
25.8
Price to Book (P/B)
0.41
Lower than its 5-year historical median
Price to Sales (P/S)
0.09
Lower than its 5-year historical median
EV/EBITDA
-102.63
Lower than its 5-year historical median
Dividend Yield
0.00%
Profitability Efficiency
Return on Equity (ROE)
2.69%
Underperforms industry median
Return on Capital Employed (ROCE)
5.91%
Underperforms industry median
Return on Assets (ROA)
1.37%
Operating Profit Margin
2.7%
Net Profit Margin
0.52%
Gross Profit Margin
1.7%
Growth Momentum
1-yr vs 3-yr growth
Sales Growth (1 Year)
Slowing versus 3-year growth rate
-19.18%
Operating Profit Growth (1 Year)
Slowing versus 3-year growth rate
-6.77%
Net Profit Growth (1 Year)
Improving versus 3-year growth rate
-28.01%
Asset Quality
Promoter Holding
64.01%
Pledged shares (%) of Promoter's holding (%)
0.00%
Reserves
₹69 Cr.
Equity
₹16.3 Cr.
Face Value
₹10
All Time Low / High
₹1.98 / 59.79

Rathi Bars stock performance

Key Ratios
mw4me loader

Check Before You Invest

M-Cap below 100cr DeciZen not available

Q.1 Is Rathi Bars Ltd a good quality company?
Rathi Bars Ltd is a quality company, based on a multi-year financial track record.

This assessment is based on company’s performance on Revenue growth, ROCE, Equity and Assets, key margin ratios, cash conversion cycle, and debt to cash flow from operations and how it compares with its long term averages.

We have analysed the performance of the company on the following:

  • How has it performed on generating Profits?

    By checking its Revenue growth, Gross, Operating and Net Margins compared to its last 5-year median.

  • How efficiently has it utilized Capital?

    By checking its ROCE, ROA, ROE and its Cash Conversion Cycle.

  • How is it managing its Debt?

    By checking its Debt to Equity and Cash Flow from Operations.

How does Rathi Bars Ltd performance compare with that of its Peers?
Q.1 Revenue growth of Rathi Bars Ltd vs industry peers?
Rathi Bars Ltd revenue CAGR is 5.32%, compared to the industry median CAGR of 7.56%, indicating slower growth and losing its market share.
Q.1 Promoter shareholding and pledge status of Rathi Bars Ltd?
Promoters hold 64.01% of the Rathi Bars Ltd, with 0.00% of their stake pledged, indicating no pledge risk.
Q.1 Stock return of Rathi Bars Ltd over the last decade?
Over the last 9 year(s), the stock has delivered a CAGR of 13.1% based on the current price.

10 Year X-Ray :

Analysis of Financial Track Record (Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end)

Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end

Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end.

Financial track record gives insight into the company's performance on key parameters over the past ten years. MoneyWorks4me’s proprietary colour codes make it easy for retail investors to gauge the company’s past performance.
Rathi Bars Ltd has not performed well majority of the past ten years indicating its past ten year financial track record is not good

Value Creation

Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25TTM
ROCE % 3.9%3.6%4.4%4.3%5.5%5.1%5.3%5.5%6.3%5.9%-
Value Creation
Index
-0.7-0.7-0.7-0.7-0.6-0.6-0.6-0.6-0.6-0.6-

Growth Parameters

Sales 209186247410383324494482614496369
Sales YoY Gr.--11.3%32.9%66%-6.5%-15.5%52.5%-2.3%27.3%-19.2%-
Adj EPS 0.90.50.91.21.71.41.81.62.21.6-7.1
YoY Gr.--45.1%72%36.1%42.7%-15%23.2%-9.7%38.6%-28.3%-
BVPS (₹) 46.246.847.648.950.45253.855.357.559.152
Adj Net
Profit
1.50.81.41.92.72.32.92.63.62.6-12
Cash Flow from Ops. 14.7-2.69.6-0.92.23.1-9.4312.4-3-
Debt/CF from Ops. 1.6-5.71.3-32.618.615.5-6.923.95.4-27.7-

CAGR

9 Years 5 Years 3 Years 1 Years
Sales 10.1%5.3%0.2%-19.2%
Adj EPS 6.3%-1.2%-3.6%-28.3%
BVPS2.8%3.2%3.2%2.7%
Share Price 11.8% -5.3% -2.2% -37.6%

Key Financial Parameters

Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25TTM
Return on
Equity %
21.11.82.43.42.83.32.93.92.7-12.7
Op. Profit
Mgn %
3.53.632.13.13.72.73.12.32.72.7
Net Profit
Mgn %
0.70.40.60.50.70.70.60.50.60.5-3.1
Debt to
Equity
0.30.20.20.40.50.60.70.80.70.9-
Working Cap
Days
126136107688110782988010327
Cash Conv.
Cycle
7676604253715665496711

Profit And Loss

(All Figures are in Crores.)
PARTICULARSMar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25
Sales209.30185.64246.65409.53383.01323.75493.84482.36614.04496.29
Operating Expenses + 202.04178.92239.16401.09371.22311.89480.59467.39599.70482.93
Manufacturing Costs32.0131.6240.1743.0124.2010.7211.507.7611.567.95
Material Costs163.37140.88187.57341.85333.20291.36458.57451.10578.24463.41
Employee Cost 3.263.027.439.609.666.477.386.425.635.20
Other Costs 3.403.413.986.634.153.343.142.124.286.37
Operating Profit 7.266.727.498.4411.7911.8613.2514.9714.3313.36
Operating Profit Margin (%) 3.5%3.6%3.0%2.1%3.1%3.7%2.7%3.1%2.3%2.7%
Other Income + 1.430.750.440.350.330.360.090.280.341.42
Exceptional Items 0000000000
Interest 2.491.841.821.543.523.494.315.396.136.50
Depreciation 4.754.063.954.525.725.695.856.544.494.76
Profit Before Tax 1.451.572.162.732.873.033.173.324.053.52
Tax -0.040.600.760.860.150.720.320.730.480.95
Profit After Tax 1.490.971.401.872.722.312.852.583.572.57
PAT Margin (%) 0.7%0.5%0.6%0.5%0.7%0.7%0.6%0.5%0.6%0.5%
Adjusted EPS (₹)0.90.60.91.21.71.41.81.62.21.6
Dividend Payout Ratio (%)0%0%0%0%0%0%0%0%0%0%

Valuation of Rathi Bars - Standalone

YTD 1Y 3Y 5Y 10Y Max
mw4me loader

YTD 1Y 3Y 5Y 10Y Max
mw4me loader

YTD 1Y 3Y 5Y 10Y Max
mw4me loader

YTD 1Y 3Y 5Y 10Y Max
mw4me loader

mw4me loader

Analyst's Notes

data not found
No data found!

Balance Sheet

(All Figures are in Crores.)
PARTICULARSMar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25

Equity and Liabilities

Shareholders Fund + 75.4476.4177.8179.8482.3784.9387.7790.3693.9296.49
Share Capital 16.3316.3316.3316.3316.3316.3316.3316.3316.3316.33
Reserves 59.1160.0861.4863.5166.0468.6071.4474.0377.5980.16
Debt +23.1114.7212.3028.7340.8647.1964.9672.2166.5681.98
Long Term Debt1.801.381.175.685.3710.9713.2415.459.917.37
Short Term Debt21.3113.3311.1423.0535.4936.2251.7356.7656.6474.61
Minority Interest0000000000
Trade Payables10.3011.019.1110.3811.4911.6011.7510.628.897.59
Others Liabilities 19.059.7910.357.778.378.6210.0611.489.329.05
Total Liabilities 127.90111.92109.57126.72143.08152.34174.55184.67178.69195.11

Fixed Assets

Net Fixed Assets +22.3521.5425.4036.3838.4442.6941.6941.8738.1241.35
Gross Block53.5755.8163.6277.1784.9693.8598.70105.42105.96113.95
Accumulated Depreciation31.2234.2738.2240.8046.5251.1657.0163.5567.8472.60
CWIP 9.1313.2711.309.8713.069.528.836.676.915.03
Investments 11.820.470.520.570.610.690.690.690.220.22
Inventories15.3215.2210.1612.6813.3518.4629.1316.2915.6912.87
Trade Receivables40.2438.2640.3549.7158.6758.4669.7579.2872.7997.45
Cash Equivalents 9.220.350.080.140.340.020.070.530.490.25
Others Assets 19.8122.8021.7517.3718.6122.4924.3839.3544.4637.93
Total Assets 127.90111.92109.57126.72143.08152.34174.55184.67178.69195.11

Cash Flow

(All Figures are in Crores.)
PARTICULARSMar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25
Cash Flow From Operating Activity + 14.67-2.599.61-0.882.193.05-9.363.0212.43-2.96
PBT 1.451.572.162.732.873.033.173.324.053.52
Adjustment 7.115.495.615.879.059.0910.1211.8810.7111.38
Changes in Working Capital 6.41-9.342.26-9.08-9.14-8.74-22.38-11.53-1.51-17.27
Tax Paid -0.30-0.32-0.42-0.40-0.59-0.34-0.27-0.64-0.82-0.59
Cash Flow From Investing Activity + 3.944.36-5.74-13.91-10.84-6.38-4.12-4.51-0.60-6.23
Capex -3.90-7.40-5.84-14.05-10.99-6.40-4.16-4.56-0.98-6.11
Net Investments 7.7111.58-0.06-0.05-0.04-0.08000.470
Others 0.130.180.150.190.190.100.050.05-0.09-0.12
Cash Flow From Financing Activity + -10.24-10.64-4.1314.858.843.0213.531.94-11.868.95
Net Proceeds from Shares 0000000000
Net Proceeds from Borrowing -0.78-0.33-0.125.410.115.532.352.29-5.61-2.52
Interest Paid -2.49-1.84-1.82-1.54-3.52-3.49-4.31-5.39-6.13-6.50
Dividend Paid 0000000000
Others -6.98-8.47-2.1910.9812.250.9815.505.03-0.1217.97
Net Cash Flow 8.37-8.87-0.270.060.20-0.320.060.45-0.04-0.24

Financial Ratio

PARTICULARSMar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25
Ratios
ROE (%)21.281.812.383.352.763.32.93.872.69
ROCE (%)3.883.64.394.35.525.115.265.526.35.91
Asset Turnover Ratio1.741.72.283.472.842.193.022.693.382.66
PAT to CFO Conversion(x)9.85-2.676.86-0.470.811.32-3.281.173.48-1.15
Working Capital Days
Receivable Days68.7070.4056.9040.1051.606647.4056.4045.2062.60
Inventory Days26.3027.4018.4010.2012.4017.9017.6017.209.5010.50
Payable Days24.2027.6019.6010.401214.509.309.106.206.50

Management X-Ray

Shareholding Pattern

Promoter's Holding & Share Pledging

Pledged *0.000.000.000.000.000.000.000.000.000.00
* Pledged shares as % of Promoter's holding (%)

Top 5 Mutual Funds Holding

Last Visited Stocks

Announcements

Rathi Bars Ltd FAQs

The current trading price of Rathi Bars on 04-Jun-2026 16:59 is ₹21.23.

Market capitalization or market cap is determined by multiplying the current market price of a company's shares with the total number of shares outstanding. As of 03-Jun-2026 the market cap of Rathi Bars stood at ₹34.67 Cr

The latest P/E ratio of Rathi Bars as of 03-Jun-2026 is 0.00.

The latest P/B ratio of Rathi Bars as of 03-Jun-2026 is 0.41.

The 52-week high of Rathi Bars is ₹36.00 and the 52-week low is ₹20.00.

The TTM revenue is Trailing Twelve Months sales. The TTM revenue/sales of Rathi Bars is ₹369 ( Cr.) .

Past 10 year’s financial track record analysis by Moneyworks4me indicates that Rathi Bars Ltd is a below average quality company.

The key valuation ratios of Rathi Bars Ltd's currently when compared to its past seem to suggest it is in the Undervalued zone.

The Price Trend analysis by MoneyWorks4Me indicates it is Weak which suggest that the price of Rathi Bars Ltd is likely to Fall in the short term. However, please check the rating on Quality and Valuation before investing.

About Rathi Bars Ltd

Rathi Bars, incorporated in 1993, is promoted by Shree Kamlesh Kumar Rathi. The company started with a re-rolling mill that had a production capacity of 369 kilogram per day. Today company is produces high strength steel bars for the secondary steel sector of India.

It is exclusive licensee for Thermex steel bars for entire northern India. The state-of-the-art patented Thermex water quenching process makes the steel earthquake-resistant.

The products manufactured by company have been used in landmarks projects like the Chhattarpur Mandir Complex in New Delhi, Lotus Temple in New Delhi, LIC Building in New Delhi, Delhi Metro Rail Corporation in New Delhi, Atomic Power Station, Narora Uttar Pradesh, Tehri Dam, Garhwal and many more.

Rathi markets its product under the brand name ‘Rathi Shaktiman’. The company operates two state-of-the-art manufacturing plants in north India. The plant consists of steel rolling mills having an installed capacity of 1,25,000 TPA, wire rod mill and steel melting shop with 40,000 TPA comprising of induction furnace, continuous casting machine and other facilities for manufacturing high end value- added alloy steel products.

Rathi Bars has network of 900 dealers across India. Its products and manufacturing process have received global quality certifications such as IS1786/1985, Grade Fe-415, Fe-500, ISO 14000 and ISO 9001.

Milestone

  • 10.08.1993 - Rathi Bars got incorporated under the Companies Act, 1956.
  • 18.03.1994 - The company was certified for commencement of business.
  • 27.07.1996 - Rathi Bars commenced commercial production.
  • 02.03.1998 - The company entered into an agreement with Rathi Research Centre for the use of the registered ‘RathiI’ trademark.
  • 08.06.1998 - Rathi Bars received the licence of (Bureau of Indian Standards) BIS 1786:1985 Certification to use ISI Mark.
  • 28.06.2000 - The company entered into an agreement with H&K Rolling Mill Engineers Private Limited for use patented ‘Thermex’ Technology by Henningsdorfer Stahl Engineering GmbH, Germany for production of the goods.
  • 21.09.2002 - Rathi Bars was awarded the certificate from H&K Rolling Mill Engineers Private Limited for use of ‘Thermex’ Technology for production of the goods.
  • 25.02.2003 - The company again entered into an agreement with H&K Rolling Mill Engineers Private Limited to use Thermex trademark.
  • 20.09.2004 - The company was honoured with certificate of recognition of organization’s quality system which complies with ISO 9001:2000 awarded by United Registrar of Systems Limited.
  • 29.03.2005 - Rathi Bars received the certificate of importer – exporter code (IEC No. 0504089846).
  • 01.10.2005 - The company entered into an agreement with Torsteel Research Foundation to use the trademark  TOR registered in India under No. 148618.
You have 2 views remaining as a Guest User. To get DeciZen Rating of 3,500+ Stocks based on their Quality, Valuation and Price Trend Login Now

About MoneyWorks4Me

MoneyWorks4Me is a SEBI-registered Investment Adviser (IA) dedicated to helping investors build long-term wealth through transparent, research-driven, conflict-free guidance. Founded in 2008, we started our journey as a Research Analyst (RA), providing deep fundamental analysis, intrinsic value insights, and long-term investing frameworks for Indian equities. In 2017, we transitioned to a full-fledged SEBI-registered Investment Adviser, strengthening our commitment to acting as a fiduciary—always putting the investor’s interest first.

Our Vision

To become India’s most trusted, research-powered fiduciary advisory platform—where every investor, regardless of experience, can make calm, confident, and well-reasoned investment decisions.

What Makes MoneyWorks4Me Different

Our Approach: Ensuring compounding work its magic on client portfolio.

MoneyWorks4Me ensures this through:

×