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About
Rhetan TMT Ltd (RHETAN)
Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 543590 NSE: RHETAN Steel & Iron Products | Small Cap | Rhetan TMT Share Price
₹23.14 2.09 (9.93%)
As on 03-Sep'26 16:59
Rhetan TMT Ltd (RHETAN)
Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 543590 NSE: RHETAN Steel & Iron Products | Small Cap | Rhetan TMT Share Price
₹23.14 2.09 (9.93%)
As on 03-Sep'26 16:59
Key Metrics
Valuation Multiples
Market Cap
₹1,677 Cr.
Current Price
₹23.1
52-Week Low / High
₹18 / 35
TTM EPS
₹0.2
TTM Sales
₹23.5 Cr.
Book Value per Share
₹1.3
P/E Ratio
132.12
Lower than its 5-year historical median
Industry PE
24.9
Price to Book (P/B)
15.67
Higher than its 5-year historical median
Price to Sales (P/S)
71.47
Higher than its 5-year historical median
EV/EBITDA
97.40
Lower than its 5-year historical median
Dividend Yield
0%
Profitability Efficiency
Return on Equity (ROE)
10.66%
Outperforms industry median
Return on Capital Employed (ROCE)
11.30%
In line with industry median
Return on Assets (ROA)
7.14%
Operating Profit Margin
27.1%
Net Profit Margin
42.13%
Gross Profit Margin
56.2%
Growth Momentum
1-yr vs 3-yr growth
1-yr vs 3-yr growth
Sales Growth (1 Year)
Improving versus 3-year growth rate
-34.23%
Operating Profit Growth (1 Year)
Improving versus 3-year growth rate
66.58%
Net Profit Growth (1 Year)
Improving versus 3-year growth rate
232.26%
Asset Quality
Promoter Holding
62.12%
Pledged shares (%) of Promoter's holding (%)
0.00%
Reserves
₹32 Cr.
Equity
₹79.7 Cr.
Face Value
₹1
All Time Low / High
₹1.35 / 34.59
Check Before You Invest
Quality
Not GoodValuation
OvervaluedCheck Valuation charts
Price Trend
Weak
Is Rhetan TMT Ltd a good quality company?
Rhetan TMT Ltd is a weak quality company, based on a inconsistent 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 Rhetan TMT Ltd performance compare with that of its Peers?
Revenue growth of Rhetan TMT Ltd vs industry peers?
Rhetan TMT Ltd revenue CAGR is -14.05%, compared to the industry median CAGR of 7.75%, indicating slower growth and losing its market share.
Promoter shareholding and pledge status of Rhetan TMT Ltd?
Promoters hold 62.12% of the Rhetan TMT Ltd, with 0.00% of their stake pledged, indicating no pledge risk.
Stock return of Rhetan TMT Ltd over the last decade?
Over the last 3 year(s), the stock has delivered a CAGR of 31.74% 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 endData adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end.
What is a Financial Track Record? How to read this chart in order to understand the data present here?
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.
Rhetan TMT 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'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 | TTM | |
|---|---|---|---|---|---|---|---|---|
| ROCE % ⓘ | 1.7% | 4.1% | 10.1% | 11.2% | 6.6% | 4.6% | 11.3% | - |
| Value Creation Index ⓘ | NA | -0.7 | -0.3 | -0.2 | -0.5 | -0.7 | -0.2 | - |
Growth Parameters ⓘ |
||||||||
| Sales ⓘ | 20 | 52.1 | 67 | 86 | 64.8 | 37.2 | 24.4 | 23 |
| Sales YoY Gr. | - | 160.3% | 28.7% | 28.3% | -24.7% | -42.6% | -34.2% | - |
| Adj EPS ⓘ | -0 | 0 | 0.1 | 0.1 | 0.1 | 0 | 0.1 | 0.2 |
| YoY Gr. | - | NA | NA | 40% | -28.6% | -20% | 225% | - |
| BVPS (₹) ⓘ | -0 | 0.2 | 0.5 | 1.1 | 1.1 | 1.1 | 1.3 | 1.3 |
| Adj Net Profit ⓘ | -0.6 | 0.1 | 2.3 | 5.4 | 3.9 | 3.1 | 10.3 | 13 |
| Cash Flow from Ops. ⓘ | -11.9 | -7 | -14.4 | -44.3 | 13.9 | 5 | 1.3 | - |
| Debt/CF from Ops. ⓘ | -2 | -3.6 | -1.8 | -0.4 | 1.2 | 4.6 | 31.4 | - |
CAGR ⓘ
| 9 Years | 5 Years | 3 Years | 1 Years | |||||
|---|---|---|---|---|---|---|---|---|
| Sales ⓘ | NA | -14.1% | -34.3% | -34.2% | ||||
| Adj EPS ⓘ | NA | NA | 22.9% | 225% | ||||
| BVPSⓘ | NA | 50.2% | 7% | 16.1% | ||||
| Share Price | - | - | 31.7% | 21.4% | ||||
Key Financial Parameters ⓘ
| Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 | TTM | |
|---|---|---|---|---|---|---|---|---|
| Return on Equity % ⓘ | -65.7 | 2.9 | 14.6 | 10 | 4.4 | 3.4 | 10.2 | 12.1 |
| Op. Profit Mgn % ⓘ | 2.9 | 3.1 | 6.9 | 9.5 | 10.9 | 10.7 | 27.1 | 22.9 |
| Net Profit Mgn % ⓘ | -2.9 | 0.3 | 3.5 | 6.3 | 6 | 8.3 | 42.1 | 54.3 |
| Debt to Equity ⓘ | -92.3 | 3.4 | 1.2 | 0.2 | 0.2 | 0.3 | 0.4 | - |
| Working Cap Days ⓘ | 0 | 173 | 214 | 321 | 552 | 942 | 1,717 | 876 |
| Cash Conv. Cycle ⓘ | 0 | 114 | 172 | 200 | 298 | 549 | 942 | 705 |
Valuation of Rhetan TMT - Standalone
Analyst's Notes
No data found!
Management X-Ray
Shareholding Pattern
Promoter's Holding & Share Pledging
| Pledged * | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
* Pledged shares as % of Promoter's holding (%)
Financials
| PARTICULARS | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 |
|---|---|---|---|---|---|---|---|
| Sales | 20 | 52 | 67 | 86 | 65 | 37 | 24 |
| Operating Expenses ⓘ + | 19 | 50 | 62 | 78 | 58 | 33 | 18 |
| Operating Profit ⓘ | 1 | 2 | 5 | 8 | 7 | 4 | 7 |
| Operating Profit Margin (%) | 2.9% | 3.1% | 6.9% | 9.5% | 10.9% | 10.7% | 27.1% |
| Other Income ⓘ + | 0 | 0 | 0 | 1 | 0 | 2 | 9 |
| Interest ⓘ | 0 | 1 | 1 | 1 | 2 | 2 | 1 |
| Depreciation ⓘ | 0 | 0 | 0 | 1 | 1 | 1 | 1 |
| Profit Before Tax ⓘ | 0 | 0 | 3 | 7 | 5 | 3 | 13 |
| Tax ⓘ | 1 | 0 | 1 | 2 | 1 | 0 | 3 |
| Profit After Tax | -1 | 0 | 2 | 5 | 4 | 3 | 10 |
| PAT Margin (%) | -2.9% | 0.3% | 3.5% | 6.3% | 6.0% | 8.3% | 42.1% |
| Adjusted EPS (₹) | -0.0 | 0.0 | 0.1 | 0.1 | 0.1 | 0.0 | 0.1 |
| Dividend Payout Ratio (%) | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
| PARTICULARS | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 | ||||
|---|---|---|---|---|---|---|---|---|---|---|---|
Equity and Liabilities | |||||||||||
| Shareholders Fund + | 1 | 8 | 24 | 85 | 89 | 94 | 109 | ||||
| Debt + | 24 | 25 | 26 | 17 | 16 | 22 | 42 | ||||
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||
| Trade Payables | 5 | 4 | 5 | 6 | 4 | 5 | 6 | ||||
| Others Liabilities ⓘ | 1 | 2 | 4 | 5 | 5 | 3 | 8 | ||||
| Total Liabilities ⓘ | 30 | 40 | 59 | 113 | 114 | 124 | 165 | ||||
Fixed Assets | |||||||||||
| Net Fixed Assets ⓘ + | 9 | 9 | 8 | 9 | 17 | 16 | 16 | ||||
| CWIP ⓘ | 0 | 0 | 0 | 0 | 0 | 2 | 6 | ||||
| Investments ⓘ | 1 | 1 | 1 | 1 | 1 | 3 | 7 | ||||
| Inventories | 8 | 12 | 24 | 32 | 34 | 40 | 51 | ||||
| Trade Receivables | 7 | 14 | 22 | 27 | 23 | 23 | 24 | ||||
| Cash Equivalents | 0 | 0 | 0 | 0 | 1 | 0 | 0 | ||||
| Others Assets ⓘ | 5 | 4 | 3 | 44 | 38 | 40 | 60 | ||||
| Total Assets ⓘ | 30 | 40 | 59 | 113 | 114 | 124 | 165 | ||||
| PARTICULARS | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 |
|---|---|---|---|---|---|---|---|
| Cash Flow From Operating Activity ⓘ + | -12 | -7 | -14 | -44 | 14 | 5 | 1 |
| Cash Flow From Investing Activity ⓘ + | -2 | -0 | -0 | -1 | -9 | -4 | -9 |
| Cash Flow From Financing Activity ⓘ + | 14 | 7 | 14 | 45 | -4 | -2 | 7 |
| Net Cash Flow ⓘ | 0 | 0 | -0 | 0 | 1 | -1 | 0 |
| PARTICULARS | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 | |||
|---|---|---|---|---|---|---|---|---|---|---|
| Ratios | ||||||||||
| ROE (%) | 0 | 3.76 | 15.56 | 10.14 | 4.53 | 3.51 | 10.66 | |||
| ROCE (%) | 1.72 | 4.11 | 10.1 | 11.17 | 6.6 | 4.61 | 11.3 | |||
| Asset Turnover Ratio | 0.66 | 1.48 | 1.36 | 1 | 0.57 | 0.31 | 0.17 | |||
| PAT to CFO Conversion(x) | N/A | N/A | -7 | -8.8 | 3.5 | 1.67 | 0.1 | |||
| Working Capital Days | ||||||||||
| Receivable Days | 133.50 | 74.80 | 98.10 | 104.20 | 141.50 | 225.60 | 353 | |||
| Inventory Days | 154.60 | 70.30 | 97.40 | 118.90 | 186.60 | 364.50 | 678.50 | |||
| Payable Days | 109.20 | 38.60 | 29.50 | 26.30 | 34.20 | 54.40 | 155.40 | |||
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Rhetan TMT Ltd FAQs
The current trading price of Rhetan TMT on 03-Sep-2026 16:59 is ₹23.14.
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 02-Sep-2026 the market cap of Rhetan TMT stood at ₹1,677.4 Cr
The latest P/E ratio of Rhetan TMT as of 02-Sep-2026 is 132.1.
The latest P/B ratio of Rhetan TMT as of 02-Sep-2026 is 15.67.
The 52-week high of Rhetan TMT is ₹34.59 and the 52-week low is ₹18.00.
The TTM revenue is Trailing Twelve Months sales. The TTM revenue/sales of Rhetan TMT is ₹23.47 ( Cr.) .
Past 10 year’s financial track record analysis by Moneyworks4me indicates that Rhetan TMT Ltd is a below average quality company.
The key valuation ratios of Rhetan TMT Ltd's currently when compared to its past seem to suggest it is in the Overvalued zone.
The Price Trend analysis by MoneyWorks4Me indicates it is Weak which suggest that the price of Rhetan TMT Ltd is likely to Fall in the short term. However, please check the rating on Quality and Valuation before investing.
About Rhetan TMT Ltd
The company was incorporated as Shivani Rolling Mills Private Limited on June 26, 1984 under the Companies Act, 1956 with the Registrar of Companies, Gujarat bearing Registration number 007041. Further name of the company was changed from Shivani Rolling Mills Private Limited to Shree Ghantakarna Rolling Mills Private Limited vide Special resolution dated December 27, 1996. The fresh certificate of incorporation consequent of name change was issued on January 03, 1997 by the Registrar of Companies, Gujarat, Dadra & Nagar Haveli. Further name of company was changed from Shree Ghantakarna Rolling Mills Private Limited to Rhetan Rolling Mills Private Limited vide Special resolution dated August 29, 2018. The fresh certificate of incorporation consequent of name change was issued on September 12, 2018 by the Registrar of Companies, Ahmedabad. Further name of company was changed from Rhetan Rolling Mills Private Limited to Rhetan TMT Private Limited vide Special resolution dated December 31, 2021. The fresh certificate of incorporation consequent of name change was issued on January 07, 2022 by the Registrar of Companies, Ahmedabad. The status of the Company was changed to public limited and the name of the Company was changed to Rhetan TMT Limited vide Special Resolution dated January 10, 2022. The fresh certificate of incorporation consequent to conversion was issued on January 19, 2022 by the Registrar of Companies, Ahmedabad.
The company owns and operates a Steel Rolling Mill with an aggregate installed capacity of 30,000 MTPA. It is an IS 1786: 2008 certified company and it manufactures TMT Bars and Round Bars which are primarily used in construction industry. Its products have been used in construction of dams, bridges, residential and commercial towers and major infrastructure projects in Gujarat. Its plant is located at Survey No. 325, Karannagar, Kadi-Kalol Road, Taluka Kadi, Dist. Mehsana, Gujarat and is spread over 15,000 sq. yards. The plant is fully geared with latest technologies to provide good quality steel products and the plant is operating smoothly since 2019. It has a vision to become one the trusted brands in TMT Bars manufacturing in its geography.
The company’s sales have increased at a CAGR of 83.18 % from Rs. 2,000.84 lakh in FY 2020 to Rs 6,702.87 lakh in FY 2022. Further its EBIDTA has increased at a CAGR of 167.07 % from Rs 64.62 lakh in FY 2020 to Rs 459.67 lakh in FY 2022. Due to this strong historical growth, it has decided to further expand its manufacturing capacities and hence it has decided to raise funds to increase its plant capacities and also its working capital capabilities.
Business area of the company
The company is actively engaged in the manufacturing of premium Quality TMT Bars confirming to ISI Standards.
Key Events, Milestones and Achievements
- 1984: Incorporated as Shivani Rolling Mills Private Limited.
- 1986: Commenced production of TMT bars at Manufacturing facility located at 325, Karannagar, Kadi-Kalol Road, Taluka Kadi, Dist. Mehsana, Gujarat.
- 1992: Uttar Gujrat Vij Company Limited (UGVCL) filed special civil suit No. 49 of 1992 for recovery of electricity charges incurred at the factory site.
- 1994: Revaluation of Land was done by the Management of the Company.
- 1997: Name of the Company was changed to Shree Ghantakarna Rolling Mills Private Limited vide special resolution passed at general meeting dated December 12, 1996.
- 2001: Closure of Plant due to internal financial constrain as well as unfavorable Market conditions.
- 2002: Electricity connection was discontinued at the factory site due to non-payment of dues.
- 2012: State of Gujarat vide notification dated March 29, 2012 had declared Amnesty Scheme for settlement of outstanding claims of consumers. At that time Company had applied for the Amnesty Scheme which was rejected by the UGVCL/Industries‘ Commissioner stating that the Company does not come under the said Scheme.
- 2017: Company applied to the UGVCL/ Industries‘ Commissioner to re-consider it for eligibility under the Scheme.
- 2018: Company availed low-tension (LT) load of 13.33 KVA from Uttar Gujarat Vij Company Ltd (UGVCL) for carrying out modernization and overhauling of existing Plant and Machinery and for installation of new machinery at the factory site.
- 2018: Name of the Company was changed to Rhetan Rolling Mills Private Limited vide special resolution passed at general meeting dated August 29, 2018.
- 2018: Company availed high-tension (HT) load of 1500 KVA from Uttar Gujarat Vij Company Ltd (UGVCL) for Manufacturing.
- 2019: Company re-commenced commercial production of TMT bars.
- 2021: Sub-Division of Equity shares from 100 to 10 each vide special resolution passed at general meeting dated August 29, 2021.
- 2022: Name of the Company was changed to Rhetan TMT Private Limited vide special resolution passed at General Meeting dated December 31, 2021.
- 2022 Company converted from Private Limited Company to Public Limited Company vide special resolution passed at General Meeting dated January 10, 2022.
- 2022: Company crossed turnover of Rs 50 crore.
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