BSE: 532918 | NSE: | Steel & Iron Products | Small Cap
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 Somewhat 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.
Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end.
| Mar'15 | Mar'16 | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROCE % ⓘ | 4.4% | 3.9% | 3.6% | 4.4% | 4.3% | 5.5% | 5.1% | 5.3% | 5.5% | 6.3% | - |
| Value Creation Index ⓘ | -0.7 | -0.7 | -0.7 | -0.7 | -0.7 | -0.6 | -0.6 | -0.6 | -0.6 | -0.6 | - |
Growth Parameters ⓘGrowth Parameters Colour Code Guide ⓘ | |||||||||||
| Sales ⓘ | 237 | 209 | 186 | 247 | 410 | 383 | 324 | 494 | 482 | 614 | 519 |
| Sales YoY Gr. | - | -11.5% | -11.3% | 32.9% | 66% | -6.5% | -15.5% | 52.5% | -2.3% | 27.3% | - |
| Adj EPS ⓘ | -0.1 | 0.9 | 0.5 | 0.9 | 1.2 | 1.7 | 1.4 | 1.8 | 1.6 | 2.2 | 2.2 |
| YoY Gr. | - | NA | -45.1% | 72% | 36.1% | 42.7% | -15% | 23.2% | -9.7% | 38.6% | - |
| BVPS (₹) ⓘ | 45.3 | 46.2 | 46.8 | 47.6 | 48.9 | 50.4 | 52 | 53.8 | 55.3 | 57.5 | 58.5 |
| Adj Net Profit ⓘ | -0.1 | 1.5 | 0.8 | 1.4 | 1.9 | 2.7 | 2.3 | 2.9 | 2.6 | 3.6 | 4 |
| Cash Flow from Ops. ⓘ | 5.7 | 14.7 | -2.6 | 9.6 | -0.9 | 2.2 | 3.1 | -9.4 | 3 | 12.3 | - |
| Debt/CF from Ops. ⓘ | 5.4 | 1.6 | -5.7 | 1.3 | -32.6 | 18.6 | 15.5 | -6.9 | 23.9 | 5.4 | - |
CAGR Colour Code Guide ⓘ
| 9 Years | 5 Years | 3 Years | 1 Years | |||||
|---|---|---|---|---|---|---|---|---|
| Sales ⓘ | 11.2% | 8.4% | 23.8% | 27.3% | ||||
| Adj EPS ⓘ | NA | 13.4% | 15.5% | 38.6% | ||||
| BVPSⓘ | 2.7% | 3.3% | 3.4% | 4% | ||||
| Share Price | 16.8% | 32.5% | 14.4% | 51.7% | ||||
Performance Ratio Colour Code Guide ⓘ
| Mar'15 | Mar'16 | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Return on Equity % ⓘ | -0.2 | 2 | 1.1 | 1.8 | 2.4 | 3.4 | 2.8 | 3.3 | 2.9 | 3.9 | 3.8 |
| Op. Profit Mgn % ⓘ | 4.2 | 3.5 | 3.6 | 3 | 2.1 | 3.1 | 3.7 | 2.7 | 3.1 | 2.3 | 2.5 |
| Net Profit Mgn % ⓘ | -0.1 | 0.7 | 0.4 | 0.6 | 0.5 | 0.7 | 0.7 | 0.6 | 0.5 | 0.6 | 0.7 |
| Debt to Equity ⓘ | 0.4 | 0.3 | 0.2 | 0.2 | 0.4 | 0.5 | 0.6 | 0.7 | 0.8 | 0.7 | 0.1 |
| Working Cap Days ⓘ | 111 | 126 | 136 | 107 | 68 | 81 | 107 | 82 | 98 | 80 | 51 |
| Cash Conv. Cycle ⓘ | 68 | 76 | 76 | 60 | 42 | 53 | 71 | 56 | 65 | 49 | 25 |
Return on Equity has increased versus last 3 years average to 3.80%
Sales growth is growing at healthy rate in last 3 years 23.78%
Net Profit is growing at healthy rate in last 3 years 15.54%
Debt to equity has declined versus last 3 years average to 0.71
Sales growth is not so good in last 4 quarters at -0.99%
| Standalone | Consolidated | |
|---|---|---|
| TTM EPS (₹) | 2.2 | - |
| TTM Sales (₹ Cr.) | 519 | - |
| BVPS (₹.) ⓘ | 58.5 | - |
| Reserves (₹ Cr.) ⓘ | 79 | - |
| P/BV ⓘ | 0.69 | - |
| PE ⓘ | 18.05 | - |
| From the Market | |
|---|---|
| 52 Week Low / High (₹) | 24.70 / 59.79 |
| All Time Low / High (₹) | 1.98 / 59.79 |
| Market Cap (₹ Cr.) | 65.5 |
| Equity (₹ Cr.) | 16.3 |
| Face Value (₹) | 10 |
| Industry PE ⓘ | 21.7 |
| Pledged * | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| PARTICULARS | Mar'15 | Mar'16 | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 |
|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 236.51 | 209.30 | 185.64 | 246.65 | 409.53 | 383.01 | 323.75 | 493.84 | 482.36 | 614.04 |
| Operating Expenses ⓘ | 226.68 | 202.04 | 178.92 | 239.16 | 401.09 | 371.22 | 311.89 | 480.59 | 467.39 | 599.70 |
| Manufacturing Costs | 32.37 | 32.01 | 31.62 | 40.17 | 43.01 | 24.20 | 10.72 | 11.50 | 7.76 | 11.56 |
| Material Costs | 186.15 | 163.37 | 140.88 | 187.57 | 341.85 | 333.20 | 291.36 | 458.57 | 451.10 | 578.24 |
| Employee Cost | 3.82 | 3.26 | 3.02 | 7.43 | 9.60 | 9.66 | 6.47 | 7.38 | 6.42 | 5.63 |
| Other Costs ⓘ | 4.34 | 3.40 | 3.41 | 3.98 | 6.63 | 4.15 | 3.34 | 3.14 | 2.12 | 4.28 |
| Operating Profit ⓘ | 9.83 | 7.26 | 6.72 | 7.49 | 8.44 | 11.79 | 11.86 | 13.25 | 14.97 | 14.33 |
| Operating Profit Margin (%) | 4.2% | 3.5% | 3.6% | 3.0% | 2.1% | 3.1% | 3.7% | 2.7% | 3.1% | 2.3% |
| Other Income ⓘ | 0.85 | 1.43 | 0.75 | 0.44 | 0.35 | 0.33 | 0.36 | 0.09 | 0.28 | 0.34 |
| Interest ⓘ | 3.71 | 2.49 | 1.84 | 1.82 | 1.54 | 3.52 | 3.49 | 4.31 | 5.39 | 6.13 |
| Depreciation ⓘ | 5.98 | 4.75 | 4.06 | 3.95 | 4.52 | 5.72 | 5.69 | 5.85 | 6.54 | 4.49 |
| Exceptional Items ⓘ | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit Before Tax ⓘ | 0.99 | 1.45 | 1.57 | 2.16 | 2.73 | 2.87 | 3.03 | 3.17 | 3.32 | 4.05 |
| Tax ⓘ | 0.75 | -0.04 | 0.60 | 0.76 | 0.86 | 0.15 | 0.72 | 0.32 | 0.73 | 0.48 |
| Profit After Tax | 0.23 | 1.49 | 0.97 | 1.40 | 1.87 | 2.72 | 2.31 | 2.85 | 2.58 | 3.57 |
| PAT Margin (%) | 0.1% | 0.7% | 0.5% | 0.6% | 0.5% | 0.7% | 0.7% | 0.6% | 0.5% | 0.6% |
| Adjusted EPS (₹) | 0.1 | 0.9 | 0.6 | 0.9 | 1.2 | 1.7 | 1.4 | 1.8 | 1.6 | 2.2 |
| Dividend Payout Ratio (%) | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
| PARTICULARS | Mar'15 | Mar'16 | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 |
|---|---|---|---|---|---|---|---|---|---|---|
Equity and Liabilities | ||||||||||
| Shareholders Fund | 73.94 | 75.44 | 76.41 | 77.81 | 79.84 | 82.37 | 84.93 | 87.77 | 90.36 | 93.92 |
| Share Capital ⓘ | 16.33 | 16.33 | 16.33 | 16.33 | 16.33 | 16.33 | 16.33 | 16.33 | 16.33 | 16.33 |
| Reserves ⓘ | 57.61 | 59.11 | 60.08 | 61.48 | 63.51 | 66.04 | 68.60 | 71.44 | 74.03 | 77.59 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Debt | 30.83 | 23.11 | 14.72 | 12.30 | 28.73 | 40.86 | 47.19 | 64.96 | 72.21 | 66.56 |
| Long Term Debt | 3.99 | 1.80 | 1.38 | 1.17 | 5.68 | 5.37 | 10.97 | 13.24 | 15.45 | 9.91 |
| Short Term Debt | 26.84 | 21.31 | 13.33 | 11.14 | 23.05 | 35.49 | 36.22 | 51.73 | 56.76 | 56.64 |
| Trade Payables | 11.33 | 10.30 | 11.01 | 9.11 | 10.38 | 11.49 | 11.60 | 11.75 | 10.62 | 8.89 |
| Others Liabilities ⓘ | 18.73 | 19.05 | 9.79 | 10.35 | 7.77 | 8.37 | 8.62 | 10.06 | 11.48 | 9.32 |
| Total Liabilities ⓘ | 134.84 | 127.90 | 111.92 | 109.57 | 126.72 | 143.08 | 152.34 | 174.55 | 184.67 | 178.69 |
Fixed Assets | ||||||||||
| Gross Block | 53.26 | 53.57 | 55.81 | 63.62 | 77.17 | 84.96 | 93.85 | 98.70 | 105.42 | 105.96 |
| Accumulated Depreciation | 26.61 | 31.22 | 34.27 | 38.22 | 40.80 | 46.52 | 51.16 | 57.01 | 63.55 | 67.84 |
| Net Fixed Assetsⓘ | 26.65 | 22.35 | 21.54 | 25.40 | 36.38 | 38.44 | 42.69 | 41.69 | 41.87 | 38.12 |
| CWIP ⓘ | 5.68 | 9.13 | 13.27 | 11.30 | 9.87 | 13.06 | 9.52 | 8.83 | 6.67 | 6.91 |
| Investmentsⓘ | 19.54 | 11.82 | 0.47 | 0.52 | 0.57 | 0.61 | 0.69 | 0.69 | 0.69 | 0.22 |
| Inventories | 17.57 | 15.32 | 15.22 | 10.16 | 12.68 | 13.35 | 18.46 | 29.13 | 16.29 | 15.69 |
| Trade Receivables | 45.75 | 40.24 | 38.26 | 40.35 | 49.71 | 58.67 | 58.46 | 69.75 | 79.28 | 72.79 |
| Cash Equivalents | 0.85 | 9.22 | 0.35 | 0.08 | 0.14 | 0.34 | 0.02 | 0.07 | 0.53 | 0.49 |
| Others Assetsⓘ | 18.81 | 19.81 | 22.80 | 21.75 | 17.37 | 18.61 | 22.49 | 24.38 | 39.35 | 44.46 |
| Total Assets ⓘ | 134.84 | 127.90 | 111.92 | 109.57 | 126.72 | 143.08 | 152.34 | 174.55 | 184.67 | 178.69 |
| PARTICULARS | Mar'15 | Mar'16 | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash Flow From Operating Activity ⓘ | 5.71 | 14.67 | -2.59 | 9.61 | -0.88 | 2.19 | 3.05 | -9.36 | 3.02 | 12.34 |
| PBT ⓘ | 0.99 | 1.45 | 1.57 | 2.16 | 2.73 | 2.87 | 3.03 | 3.17 | 3.32 | 4.05 |
| Adjustment ⓘ | 8.97 | 7.11 | 5.49 | 5.61 | 5.87 | 9.05 | 9.09 | 10.12 | 11.88 | 10.62 |
| Changes in Working Capital ⓘ | -4.06 | 6.41 | -9.34 | 2.26 | -9.08 | -9.14 | -8.74 | -22.38 | -11.53 | -1.51 |
| Tax Paid ⓘ | -0.19 | -0.30 | -0.32 | -0.42 | -0.40 | -0.59 | -0.34 | -0.27 | -0.64 | -0.82 |
| Cash Flow From Investing Activity ⓘ | 2.08 | 3.94 | 4.36 | -5.74 | -13.91 | -10.84 | -6.38 | -4.12 | -4.51 | -0.52 |
| Capex | -2.45 | -3.90 | -7.40 | -5.84 | -14.05 | -10.99 | -6.40 | -4.16 | -4.56 | -0.98 |
| Net Investments | 3.76 | 7.71 | 11.58 | -0.06 | -0.05 | -0.04 | -0.08 | 0 | 0 | 0.47 |
| Others ⓘ | 0.77 | 0.13 | 0.18 | 0.15 | 0.19 | 0.19 | 0.10 | 0.05 | 0.05 | 0 |
| Cash Flow From Financing Activityⓘ | -7.78 | -10.24 | -10.64 | -4.13 | 14.85 | 8.84 | 3.02 | 13.53 | 1.94 | -11.86 |
| Net Proceeds from Shares ⓘ | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Net Proceeds from Borrowing ⓘ | -2.13 | -0.78 | -0.33 | -0.12 | 5.41 | 0.11 | 5.53 | 2.35 | 2.29 | -5.61 |
| Interest Paid ⓘ | -3.71 | -2.49 | -1.84 | -1.82 | -1.54 | -3.52 | -3.49 | -4.31 | -5.39 | -6.13 |
| Dividend Paid ⓘ | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Others ⓘ | -1.94 | -6.98 | -8.47 | -2.19 | 10.98 | 12.25 | 0.98 | 15.50 | 5.03 | -0.12 |
| Net Cash Flow ⓘ | 0 | 8.37 | -8.87 | -0.27 | 0.06 | 0.20 | -0.32 | 0.06 | 0.45 | -0.04 |
| PARTICULARS | Mar'15 | Mar'16 | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 |
|---|---|---|---|---|---|---|---|---|---|---|
| Ratios | ||||||||||
| ROE (%) | 0.31 | 2 | 1.28 | 1.81 | 2.38 | 3.35 | 2.76 | 3.3 | 2.9 | 3.87 |
| ROCE (%) | 4.42 | 3.88 | 3.6 | 4.39 | 4.3 | 5.52 | 5.11 | 5.26 | 5.52 | 6.3 |
| Asset Turnover Ratio | 1.93 | 1.74 | 1.7 | 2.28 | 3.47 | 2.84 | 2.19 | 3.02 | 2.69 | 3.38 |
| PAT to CFO Conversion(x) | 24.83 | 9.85 | -2.67 | 6.86 | -0.47 | 0.81 | 1.32 | -3.28 | 1.17 | 3.46 | Working Capital Days |
| Receivable Days | 63 | 69 | 70 | 57 | 40 | 52 | 66 | 47 | 56 | 45 |
| Inventory Days | 24 | 26 | 27 | 18 | 10 | 12 | 18 | 18 | 17 | 10 |
| Payable Days | 23 | 24 | 28 | 20 | 10 | 12 | 14 | 9 | 9 | 6 |
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
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MoneyWorks4Me rates and ranks mutual funds based on the following data-driven system:
Funds ranking in screeners: Performance Consistency and Quality are two parameters used for ranking funds for SIP. The ranking as follows GG, GO, GR, OG, OO, OR, RG, RO and RR.
With the same color-coded funds, the one with the higher Average 3-year rolling returns (over 5 to 10 years), the number that appears in the Performance tag, ranks higher.
Here is the summary:
The third tag Upside Potential is not relevant for SIP. It is relevant for lumpsum investments in Mutual Funds.
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