BSE: 543590 | NSE: | Steel & Iron Products | Small Cap
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.
Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end.
| Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | TTM | |
|---|---|---|---|---|---|---|
| ROCE % ⓘ | 1.7% | 4.1% | 10.1% | 11.2% | 6.6% | - |
| Value Creation Index ⓘ | NA | -0.7 | -0.3 | -0.2 | -0.5 | - |
Growth Parameters ⓘGrowth Parameters Colour Code Guide ⓘ | ||||||
| Sales ⓘ | 20 | 52.1 | 67 | 86 | 64.8 | 65 |
| Sales YoY Gr. | - | 160.3% | 28.7% | 28.3% | -24.7% | - |
| Adj EPS ⓘ | -0 | 0 | 0.1 | 0.1 | 0.1 | 0.1 |
| YoY Gr. | - | NA | NA | 40% | -28.6% | - |
| BVPS (₹) ⓘ | -0 | 0.2 | 0.5 | 1.1 | 1.1 | 1.1 |
| Adj Net Profit ⓘ | -0.6 | 0.1 | 2.3 | 5.4 | 3.9 | 4 |
| Cash Flow from Ops. ⓘ | -11.9 | -7 | -14.4 | -44.3 | 14.5 | - |
| Debt/CF from Ops. ⓘ | -2 | -3.6 | -1.8 | -0.4 | 1.2 | - |
CAGR Colour Code Guide ⓘ
| 9 Years | 5 Years | 3 Years | 1 Years | |||||
|---|---|---|---|---|---|---|---|---|
| Sales ⓘ | NA | NA | 7.5% | -24.7% | ||||
| Adj EPS ⓘ | NA | NA | NA | -28.6% | ||||
| BVPSⓘ | NA | NA | 86.3% | 3.8% | ||||
| Share Price | - | - | - | 135.3% | ||||
Performance Ratio Colour Code Guide ⓘ
| Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | TTM | |
|---|---|---|---|---|---|---|
| Return on Equity % ⓘ | -65.7 | 2.9 | 14.6 | 10 | 4.4 | 4.5 |
| Op. Profit Mgn % ⓘ | 2.9 | 3.1 | 6.9 | 9.5 | 10.9 | 12.4 |
| Net Profit Mgn % ⓘ | -2.9 | 0.3 | 3.5 | 6.3 | 6 | 6.2 |
| Debt to Equity ⓘ | -92.3 | 3.4 | 1.2 | 0.2 | 0.2 | 0 |
| Working Cap Days ⓘ | 0 | 173 | 214 | 321 | 554 | 448 |
| Cash Conv. Cycle ⓘ | 0 | 114 | 172 | 200 | 298 | 326 |
Debt to equity has declined versus last 3 years average to 0.19
Return on Equity has declined versus last 3 years average to 4.50%
Sales growth has been subdued in last 3 years 7.53%
Net Profit has been subdued in last 3 years 0.00%
Sales growth is not so good in last 4 quarters at -18.27%
| Standalone | Consolidated | |
|---|---|---|
| TTM EPS (₹) | 0.1 | - |
| TTM Sales (₹ Cr.) | 64.8 | - |
| BVPS (₹.) ⓘ | 1.1 | - |
| Reserves (₹ Cr.) ⓘ | 12 | - |
| P/BV ⓘ | 16.29 | - |
| PE ⓘ | 381.31 | - |
| From the Market | |
|---|---|
| 52 Week Low / High (₹) | 7.62 / 19.85 |
| All Time Low / High (₹) | 1.35 / 19.85 |
| Market Cap (₹ Cr.) | 1,476 |
| Equity (₹ Cr.) | 79.7 |
| Face Value (₹) | 1 |
| Industry PE ⓘ | 21.7 |
| Pledged * | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| PARTICULARS | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 |
|---|---|---|---|---|---|
| Sales | 20 | 52 | 67 | 86 | 65 |
| Operating Expenses ⓘ | 19 | 50 | 62 | 78 | 58 |
| Manufacturing Costs | 3 | 5 | 3 | 4 | 4 |
| Material Costs | 16 | 43 | 58 | 72 | 52 |
| Employee Cost | 1 | 1 | 1 | 1 | 1 |
| Other Costs ⓘ | 1 | 1 | 0 | 1 | 1 |
| Operating Profit ⓘ | 1 | 2 | 5 | 8 | 7 |
| Operating Profit Margin (%) | 2.9% | 3.1% | 6.9% | 9.5% | 10.9% |
| Other Income ⓘ | 0 | 0 | 0 | 1 | 0 |
| Interest ⓘ | 0 | 1 | 1 | 1 | 2 |
| Depreciation ⓘ | 0 | 0 | 0 | 1 | 1 |
| Exceptional Items ⓘ | 0 | 0 | 0 | 0 | 0 |
| Profit Before Tax ⓘ | 0 | 0 | 3 | 7 | 5 |
| Tax ⓘ | 1 | 0 | 1 | 2 | 1 |
| Profit After Tax | -1 | 0 | 2 | 5 | 4 |
| PAT Margin (%) | -2.9% | 0.3% | 3.5% | 6.3% | 6.0% |
| Adjusted EPS (₹) | 0.0 | 0.0 | 0.1 | 0.1 | 0.1 |
| Dividend Payout Ratio (%) | 0% | 0% | 0% | 0% | 0% |
| PARTICULARS | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | |||||
|---|---|---|---|---|---|---|---|---|---|---|
Equity and Liabilities | ||||||||||
| Shareholders Fund | 1 | 8 | 24 | 85 | 89 | |||||
| Share Capital ⓘ | 4 | 11 | 13 | 80 | 80 | |||||
| Reserves ⓘ | -3 | -3 | 10 | 5 | 9 | |||||
| Minority Interest | 0 | 0 | 0 | 0 | 0 | |||||
| Debt | 24 | 25 | 26 | 17 | 16 | |||||
| Long Term Debt | 15 | 15 | 14 | 5 | 1 | |||||
| Short Term Debt | 9 | 10 | 12 | 12 | 15 | |||||
| Trade Payables | 5 | 4 | 5 | 6 | 4 | |||||
| Others Liabilities ⓘ | 1 | 2 | 4 | 5 | 5 | |||||
| Total Liabilities ⓘ | 30 | 40 | 59 | 113 | 114 | |||||
Fixed Assets | ||||||||||
| Gross Block | 9 | 9 | 9 | 10 | 19 | |||||
| Accumulated Depreciation | 0 | 1 | 1 | 2 | 2 | |||||
| Net Fixed Assetsⓘ | 9 | 9 | 8 | 9 | 17 | |||||
| CWIP ⓘ | 0 | 0 | 0 | 0 | 0 | |||||
| Investmentsⓘ | 1 | 1 | 1 | 1 | 1 | |||||
| Inventories | 8 | 12 | 24 | 32 | 34 | |||||
| Trade Receivables | 7 | 14 | 22 | 27 | 23 | |||||
| Cash Equivalents | 0 | 0 | 0 | 0 | 1 | |||||
| Others Assetsⓘ | 5 | 4 | 3 | 44 | 38 | |||||
| Total Assets ⓘ | 30 | 40 | 59 | 113 | 114 | |||||
| PARTICULARS | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 |
|---|---|---|---|---|---|
| Cash Flow From Operating Activity ⓘ | -12 | -7 | -14 | -44 | 15 |
| PBT ⓘ | 0 | 0 | 3 | 7 | 5 |
| Adjustment ⓘ | 0 | 2 | 2 | 2 | 2 |
| Changes in Working Capital ⓘ | -12 | -9 | -19 | -52 | 9 |
| Tax Paid ⓘ | 0 | 0 | 0 | -2 | -1 |
| Cash Flow From Investing Activity ⓘ | -2 | 0 | 0 | -1 | -9 |
| Capex | -2 | 0 | 0 | -1 | -9 |
| Net Investments | 0 | 0 | 0 | 0 | 0 |
| Others ⓘ | 0 | 0 | 0 | 0 | 0 |
| Cash Flow From Financing Activityⓘ | 14 | 7 | 14 | 45 | -4 |
| Net Proceeds from Shares ⓘ | 0 | 7 | 13 | 56 | 0 |
| Net Proceeds from Borrowing ⓘ | 0 | 0 | 0 | 0 | 0 |
| Interest Paid ⓘ | 0 | -1 | -1 | -1 | -2 |
| Dividend Paid ⓘ | 0 | 0 | 0 | 0 | 0 |
| Others ⓘ | 14 | 1 | 3 | -10 | -3 |
| Net Cash Flow ⓘ | 0 | 0 | 0 | 0 | 2 |
| PARTICULARS | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | |||||
|---|---|---|---|---|---|---|---|---|---|---|
| Ratios | ||||||||||
| ROE (%) | 0 | 3.76 | 15.56 | 10.14 | 4.51 | |||||
| ROCE (%) | 1.72 | 4.11 | 10.1 | 11.17 | 6.57 | |||||
| Asset Turnover Ratio | 0.66 | 1.48 | 1.36 | 1 | 0.57 | |||||
| PAT to CFO Conversion(x) | N/A | N/A | -7 | -8.8 | 3.75 | Working Capital Days | ||||
| Receivable Days | 134 | 75 | 98 | 104 | 141 | |||||
| Inventory Days | 155 | 70 | 97 | 119 | 187 | |||||
| Payable Days | 109 | 39 | 29 | 26 | 34 | |||||
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
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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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