Rathi Industries Limited
- Unlisted share
- Chemicals & Materials
- ISIN INE173X01019
At a glance
Sales
FY26
₹425 Cr
+12.3%on FY25What the company earned from its customers in the year.
Profit
FY26
₹8.8 Cr
+92.6%on FY25What was left after every cost and tax was paid.
Net worth
FY26
₹425 Cr
What the owners would have left on paper if every debt was repaid.
From the company's published figures; sources are beside each figure further down the page.
Key details
- Company
- Rathi Industries Limited
- ISIN
- INE173X01019
- Sector
- Chemicals & Materials
- Type of share
- Unlisted equity share
- Indicative price per share
- On request
- Price last updated
- 12 Oct 2026
- Minimum quantity
- Confirmed by the desk
- How you hold it
- In your own demat account
- Enquiries
- GrowFast desk, on WhatsApp
Indicative prices, illiquid shares. Prices are indicative and can change without notice. Unlisted shares are illiquid: you may not be able to sell when you want to, or at the price shown.
Company
About Rathi Industries Limited
Rathi Industries is a Delhi-registered steel company that used to roll TMT reinforcement bars at Chhapraula in Uttar Pradesh under the Rathi Stelmax brand and now mainly trades iron and steel bars under that brand, with manufacturing done through contract arrangements and a subsidiary, Rathi Iron Steel Private Limited. It was started in 1991 by Prem Ratan Rathi and is run by his sons Vinay Rathi and Vikas Rathi. Its equity shares are listed on the Metropolitan Stock Exchange of India.
Written from: rilstelmax.com, crisil.com, msei.in
Listing status. Already listed: equity shares are listed on the Metropolitan Stock Exchange of India (MSEI), symbol RATHIIND. Not listed on NSE or BSE. Integrated Annual Report 2025-26 (filed with MSEI)
Financials
Ask for the full annual report.
The figures on this page are the headline numbers. The desk can share the latest annual report and anything published since.
Ask for the financials- Sector
- Chemicals & Materials
- ISIN
- INE173X01019
- Registered and corporate office
- New Delhi (registered office, Mohan Co-operative Industrial Estate); corporate office at Chhapraula, Gautam Budh Nagar, Uttar Pradesh
- Promoters
- Vinay Rathi and Vikas Rathi, sons of founder Prem Ratan Rathi
- CRISIL Ratings rating update, 21 March 2025
- Key people
- Chairman & Whole Time Director: Mukesh Bhardwaj; Managing Director: Vikas Rathi; Director & CFO: Vinay Rathi
- Employees
- 21 people
- Face value per share
- ₹10
- Equity shares outstanding
- 1,21,27,260 shares
- CIN
- L74899DL1991PLC046570
- Official website
- rilstelmax.com
Read from: Integrated Annual Report 2025-26 (filed with MSEI), unless another source is shown on a card.
Key data
What the numbers mean
The ratios buyers look at, each said in plain words.
Profit margincalculated
2.1%
Out of every ₹100 of sales, ₹2.1 was left as profit.
Return on equitycalculated
2.1%
For every ₹100 of the owners' money, the company made ₹2.1 of profit in the year.
Debt to equitycalculated
0.01×
The company has borrowed ₹0.01 for every ₹1 of its owners' money.
- Indicative price
- On request
- No. of shares
- 1,21,27,260
- Book value per share
- ₹350.2
- Face value
- ₹10
Figures marked “calculated” are worked out by GrowFast from its indicative price and the company's published figures for FY2025-26. They move with the price, and they are arithmetic, not a valuation.
Figures in ₹ crore
Financials
Rathi Industries Limited. As published in the company's audited reports. GrowFast has not audited them.
Sales, year by year
₹ crore. The darkest bar is the latest year.
FY24 to FY26: ₹575 Cr to ₹425 Cr.
Profit, year by year
₹ crore, after tax. A bar below the line is a loss.
FY24 to FY26: ₹3.86 Cr to ₹8.8 Cr.
| Particulars | FY24 | FY25 | FY26Latest |
|---|---|---|---|
| Revenue from operations | 575.4 | 378.67 | 425.26▲12% |
| Other income | 0.73 | 0.41 | 0.23▼44% |
| Total income | 576.13 | 379.08 | 425.48▲12% |
| Depreciation and amortisation | 0.56 | 0.36 | 0.39▲8% |
| Finance costs | 5.03 | 2.44 | 1.24▼49% |
| Profit before tax | 4.6 | 4.17 | 5.72▲37% |
| Profit after tax | 3.86 | 4.57 | 8.8▲93% |
| Basic earnings per share (₹) | 5.98 | 4.57 | n/a |
Rupees crore unless marked, standalone. The change shown is the latest year against the year before. Read from: Integrated Annual Report 2024-25 (filed with MSEI), Integrated Annual Report 2025-26 (filed with MSEI).
Credit rating. CRISIL BB/Stable on Rs 57 crore of long-term bank facilities, reaffirmed 2 February 2024 (short-term rating withdrawn) (2 February 2024) CRISIL Ratings rating rationale, 2 February 2024
Ownership
Shareholding pattern
Who owns the company
9.9%VB Infracon Pvt. Ltd
- Largest holder
- 9.9%
- Top 3 together
- 27.5%
- Holders named
- 6
- VB Infracon Pvt. Ltd9.92%
- Mahavira Enterprises8.79%
- Shankar Suvan Associates8.77%
- Keshri Nandan and Company8.50%
- Vikas Rathi6.00%
- Raghav Rathi5.11%
- Total47.09%
Read from: Integrated Annual Report 2025-26 (filed with MSEI), note on shareholders holding more than 5%
Capital history
Fund raise history
| Date and detail | Type | Instrument | Price per share | Amount raised |
|---|---|---|---|---|
| 30 Sept 2025Shareholders approved the issue of 21,04,360 warrants at Rs 150 each to promoter and non-promoter investors, for up to Rs 31.57 crore; the 2025-26 annual report says all were converted into equity shares during the year, taking paid-up capital to 1,21,27,260 shares. | Preferential allotment | Share warrants convertible into equity shares | ₹150 | ₹32 Cr |
Read from: Integrated Annual Report 2025-26 (issue size from the AGM notice in the 2024-25 report)
Leadership
Management
Mukesh Bhardwaj
Chairman & Whole Time Director
Vikas Rathi
Managing Director
Vinay Rathi
Director & Chief Financial Officer
Ankush Vij
Company Secretary
Parminder Singh Kalsi
Non-Executive Independent Director
Mona Gupta
Non-Executive Independent Director
Kailash
Non-Executive Independent Director
Read from: Integrated Annual Report 2025-26 (filed with MSEI)
Corporate calendar
Events
- 30 Sept 2026AGM34th annual general meeting called for 30 September 2026Open
- 30 May 2026Board outcomeAudited accounts for 2025-26 signed; no dividend recommendedOpen
- 30 Sept 2025AGM33rd AGM: authorised capital raised to Rs 15 crore, preferential warrants, an employee stock option plan and Vikas Rathi's appointment as Managing Director put to shareholdersOpen
- 21 Mar 2025RatingCRISIL said it was awaiting information from the company to review its ratingOpen
- 2 Feb 2024RatingCRISIL reaffirmed BB/Stable on a reduced Rs 57 crore of bank facilities and withdrew the short-term ratingOpen
Reports and filings
Annual reports and results
Each link opens the document where its publisher keeps it.
- Quarter ended 30 September 2024Shareholding pattern under Regulation 31
- FY2025-26Integrated Annual Report 2025-26 with notice of 34th AGM
- FY2024-25Integrated Annual Report 2024-25 with notice of 33rd AGM
- FY2023-24Integrated Annual Report 2023-24 with notice of 32nd AGM
- FY2022-23Integrated Annual Report 2022-23 with notice of 31st AGM
- 2 February 2024CRISIL rating rationale, Rathi Industries Limited
Before you buy
Six things to check on any unlisted share.
The same list applies to every stock. None of it is advice on this one.
The company's latest financials
Revenue, profit and debt for the last three years, from its audited annual report. Ask the desk for the most recent set.
What the price implies
Compare the price per share with earnings and book value per share, and with listed companies in the same business.
Whether a listing is planned
A company may file for an IPO, delay it or never list. A listing, its timing and its price are never certain.
How you would sell
There is no exchange for these shares. You sell by finding a buyer, which can take time and may be at a lower price.
Lock-in after a listing
Shares bought before an IPO are usually locked in for a period after the company lists. Confirm the current rule before you buy.
Tax on your gains
Unlisted shares are taxed differently from listed ones. Check your position with a tax adviser.
Questions
What buyers ask about this stock.
Not answered here? Ask the desk.
Inquire about Rathi Industries Limited on WhatsAppIs the price shown for Rathi Industries Limited final?
No. It is an indicative price per share. The desk confirms the price and the quantity available when you inquire, and the confirmed price is the one you deal at.
How do I buy these shares?
Press Inquire. It opens a WhatsApp chat with the desk, with this stock already named. After the price and quantity are agreed, a 10% advance locks the deal. Once your KYC is complete you pay the balance, and the shares are transferred to your demat account.
Do I pay anything on this website?
No. No payment is taken and no order is placed on this site. Payment details are shared by the desk only after the deal is agreed.
What do I need before I can buy?
A demat account in your name and the documents for KYC: your identity and demat account details are verified before any deal, as the regulations require.
Can I sell my Rathi Industries Limited shares to GrowFast?
GrowFast buys as well as sells. Press Inquire and tell the desk how many shares you hold; it will come back with what it can offer.
How do I sell Rathi Industries Limited shares I already hold?
Tell the desk how many you hold. If a price is agreed, you transfer the shares from your demat account with a delivery instruction to your depository participant (a DIS, or its online equivalent), and payment follows as agreed with the desk.
Is there a lock-in if the company lists?
Shares held before an IPO are generally locked in for a period after the listing under SEBI's rules, which have changed over time. Ask the desk for the rule that applies today before you buy.
Is buying unlisted shares legal in India?
Yes. Shares of an unlisted company can be bought and sold privately and are transferred between demat accounts. They are not traded on a stock exchange, so the protections of an exchange do not apply.
What is the minimum I can buy?
It differs by stock and by what the desk holds at the time. The desk confirms the minimum quantity when you inquire.
What is an ISIN?
The 12-character code that identifies a security. It is how your depository knows exactly which share is being transferred to your demat account.
Why are unlisted shares riskier than listed ones?
Prices are indicative and can change without notice. Unlisted shares are illiquid: you may not be able to sell when you want to, or at the price shown.
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Risk disclosure
Prices on this site are indicative, quoted per share, and are not an offer to buy or sell. The price and quantity for any deal are confirmed by GrowFast's desk at the time you deal.
Unlisted, pre-IPO and delisted shares are not traded on a stock exchange. They are illiquid, their prices can move sharply, and you may be unable to sell them when you wish or at all. A company that is expected to list may not do so.
Nothing on this site is investment advice or a promise of returns. Past prices do not predict future prices. Consider your own circumstances, and take independent advice, before you invest.
Inquire opens a WhatsApp chat with GrowFast. No payment is taken and no order is placed on this site.
GrowFast is not affiliated with, sponsored by or endorsed by Rathi Industries Limited. Its name and logo belong to their owner and are shown only to identify the company. Figures about it come from published sources and have not been audited by GrowFast. See the Terms and Conditions.