Rhetan TMT Ltd Q1 FY27 Results

Rhetan TMT's standalone Q1 FY27 (quarter ended June 30, 2026) revenue from operations fell 19.3% YoY to ₹4.06 Cr (₹5.04 Cr in Q1 FY26) and dropped 52.2% sequentially from ₹8.49 Cr in Q4 FY26. Reported PAT of ₹3.16 Cr looks like a strong beat — up 316.7% YoY and 42.4% QoQ from ₹0.76 Cr and ₹2.22 Cr respectively — but the entire move came from Other Income of ₹4.45 Cr, nearly as large as revenue itself and up sharply from ₹2.22 Cr in Q4 FY26 and just ₹0.68 Cr a year ago. The filing gives no breakup of this line (interest, gains or write-backs), so its source cannot be confirmed.

Stripping out other income, the operating picture weakened materially: EBITDA (revenue less operating costs, excluding other income, finance cost and depreciation) turned negative at roughly -₹0.66 Cr, an operating margin of -16.3%, against +29.9% in Q4 FY26 and +12.0% in Q1 FY26. Net profit margin on total income screens at 37.1% (up from 20.7% QoQ and 13.3% YoY), but that expansion is entirely a function of the other-income spike rather than the core manufacturing business. There are no analyst estimates or management guidance on record for this micro-cap name, so vs-street and vs-guidance both remain unknown.

The stock went into the print at ₹26.17, down 3.5% over the past month of trading.

For context: this is the second-highest quarterly PAT of the last 6 quarters.

Basic EPS ₹0.04, up from ₹0.01 in Q1 FY26 but down from ₹0.08 in Q4 FY26, tracking the PAT swing.

Results are unaudited (limited review) — standalone only, single segment (TMT bars) — no consolidated statement filed.

The quarter's board actions — a 67% capacity expansion at the Kadi, Gujarat facility (45,000 to 75,000 MT/annum) and a hike in borrowing/investment limits from ₹200 Cr to ₹300 Cr — signal management is funding growth ahead of a revenue base that is currently shrinking. No press release accompanied the results to explain either the other-income jump or the revenue decline.