Rajputana Stainless Limited Q2 profit climbs 79% to Rs 23.70 crore

Rajputana Stainless Limited reported profit of Rs 23.70 crore for the quarter ended September 30, 2026, up 79% from Rs 13.22 crore a year earlier, as total income rose 34% to Rs 361.92 crore. Finance costs fell to Rs 1.45 crore from Rs 5.00 crore, alongside higher revenue from operations.

How did Rajputana Stainless perform in the September quarter?

Rajputana Stainless delivered higher revenue, profit before tax and profit in the September 2026 quarter. Revenue from operations rose to Rs 359.81 crore from Rs 269.96 crore in the quarter ended September 30, 2025, while total income increased to Rs 361.92 crore from Rs 270.84 crore. Profit before tax increased to Rs 31.89 crore from Rs 17.43 crore, and profit for the period reached Rs 23.70 crore against Rs 13.22 crore.

Rajputana Stainless also improved sequentially from the June 2026 quarter. September-quarter revenue from operations was Rs 53.27 crore higher than the preceding quarter’s Rs 306.54 crore, while profit rose by Rs 3.50 crore from Rs 20.20 crore. Basic earnings per share increased from Rs 2.42 in June 2026 and Rs 1.92 a year earlier to Rs 2.84 in September 2026.

Rajputana Stainless reports one operating segment under Indian Accounting Standard 108, which covers long and flat stainless-steel products. Its disclosed products include billets, forging ingots, rolled black bar, rolled bright bar, flat products and patti. The quarter’s Rs 359.81 crore of operating revenue therefore represents the reported result of this single stainless-steel manufacturing business rather than separately reported divisions.

Did lower finance costs contribute to Rajputana Stainless profit growth?

Yes, lower finance costs contributed to the reported improvement, although they do not account for all of it. Rajputana Stainless recorded finance costs of Rs 1.45 crore in the September 2026 quarter, down Rs 3.55 crore from Rs 5.00 crore a year earlier and below Rs 1.72 crore in the June 2026 quarter. Over the same year-on-year comparison, profit before tax increased by Rs 14.46 crore to Rs 31.89 crore.

The earnings movement also coincided with a larger reported scale of activity. Total expenses rose to Rs 330.03 crore from Rs 253.05 crore, but total income increased by Rs 91.08 crore to Rs 361.92 crore. Cost of materials consumed rose to Rs 223.54 crore from Rs 192.51 crore, while purchases of traded goods increased to Rs 67.53 crore from Rs 29.66 crore.

Other reported cost movements were smaller. Employee-benefit expense was Rs 5.67 crore, compared with Rs 5.46 crore a year earlier; depreciation and amortisation was Rs 2.17 crore versus Rs 2.34 crore; and other expenses were Rs 27.18 crore against Rs 24.64 crore. Total tax expense increased to Rs 8.19 crore from Rs 4.21 crore, reflecting current tax of Rs 8.19 crore and a deferred-tax credit of Rs 0.004 crore, or Rs 36,000.

The September 2025 quarterly figures were approved by Rajputana Stainless’ board but were not audited or reviewed by its statutory auditor, according to the notes. The September 2026 quarter and six-month results were subject to a limited review by Ruparel & Bavadiya Chartered Accountants, which said nothing had come to its attention to suggest the statement contained a material misstatement.

What do Rajputana Stainless’ half-year results and balance sheet show?

Rajputana Stainless reported first-half profit of Rs 43.90 crore for the six months ended September 30, 2026, compared with Rs 24.41 crore in the corresponding 2025 period. First-half revenue from operations rose to Rs 666.35 crore from Rs 501.53 crore, total income increased to Rs 670.76 crore from Rs 502.77 crore, and profit before tax grew to Rs 59.13 crore from Rs 32.32 crore.

Finance costs for the six-month period fell to Rs 3.18 crore from Rs 10.25 crore. Basic and diluted earnings per share were Rs 5.25, compared with Rs 3.54 in the six months ended September 30, 2025. The filing states that the 2025 half-year figures were derived from audited special-purpose interim financial statements prepared during the red herring prospectus and prospectus process.

Total assets were Rs 638.82 crore at September 30, 2026, compared with Rs 600.25 crore at March 31, 2026. Trade receivables increased to Rs 232.34 crore from Rs 137.51 crore, while inventories declined to Rs 174.19 crore from Rs 181.78 crore. Cash and cash equivalents fell to Rs 2.01 crore from Rs 102.43 crore during the same period.

Equity increased to Rs 402.99 crore from Rs 363.30 crore, including other equity of Rs 319.42 crore versus Rs 279.73 crore. Short-term borrowings declined to Rs 1.43 crore from Rs 66.01 crore, while long-term borrowings increased to Rs 9.94 crore from Rs 1.03 crore. The filing also shows current liabilities of Rs 214.63 crore at September 30, 2026, compared with Rs 224.98 crore at March 31, 2026.

How has Rajputana Stainless used its initial public offer proceeds?

Rajputana Stainless had used Rs 96.01 crore of the Rs 98.00 crore allocated for repayment or prepayment of borrowings from its initial public offer proceeds as of September 30, 2026. It had also used Rs 44.46 crore of the Rs 44.64 crore set aside for general corporate purposes. The company completed its initial public offer in the year ended March 31, 2026, and its shares were listed on BSE Limited and the National Stock Exchange of India Limited on March 19, 2026.

The Rs 18.57 crore allocation for capital expenditure for the Panchmahal facility remained unutilised at September 30, 2026. Total unutilised proceeds were Rs 21.58 crore, including Rs 21.23 crore temporarily invested in fixed deposits, Rs 16.13 lakh held in the monitoring account and Rs 86.43 lakh held in the escrow account.

Rajputana Stainless disclosed a fresh issue of 1.47 crore equity shares of face value Rs 10 each, aggregating to Rs 178.73 crore, as part of the initial public offer. The offer also included an offer for sale of 62.50 lakh equity shares. The filing does not state a date for deployment of the unutilised Rs 18.57 crore expansion allocation.

The results announcement is dated November 2, 2026, when the board meeting began at 3:00 p.m. and ended at 3:32 p.m. A note to the financial statements, however, says the results were reviewed and approved by the board on October 2, 2026. Rajputana Stainless did not explain that differing date in the disclosed material.

Conclusion

Rajputana Stainless’ September-quarter result showed a 79% year-on-year rise in profit to Rs 23.70 crore, supported by a 34% increase in total income to Rs 361.92 crore. Revenue growth, higher spending on materials and traded goods, and a Rs 3.55 crore year-on-year reduction in finance costs were all reported features of the quarter, while first-half profit increased to Rs 43.90 crore from Rs 24.41 crore.

The next disclosed matter to watch is use of the Rs 18.57 crore earmarked for Panchmahal expansion, which was entirely unutilised at September 30, 2026. Subsequent disclosures may also provide updates on trade receivables of Rs 232.34 crore, cash and cash equivalents of Rs 2.01 crore, and the differing October 2 and November 2 board-approval dates stated in the filing.