About Rhetan
Rhetan is a publicly listed company based in Ahmedabad (India) founded in 1984. Steel products are manufactured and distributed by Rhetan. The company has 79 employees. Its Indian entity Rhetan Tmt Limited reported revenue of ₹32.96 Cr. Its focus areas include Real Estate and Construction, Building Materials, Construction Materials and Steel. Similar companies include Tata Steel, Shyam Steel and SISCOL; 2 of its 3 listed similar companies have raised funding.
Company details
Rhetan was established in 1984 in Ahmedabad, India, as a player in the steel sector. Manufacturing processes for various steel products are handled at facilities in India, while distribution networks support delivery to domestic and international clients. Operations focus on production efficiency and supply chain management. Leadership is provided by Managing Director Shalin Shah, overseeing strategic directions in the industry.
- Headquarters Ahmedabad, India
- Employees 79
- Stage Public
- SectorsReal Estate & Construction
- Email••••••••
- Phone•••• ••••
- Website rhetan.com
- Legal Name Rhetan Tmt Ltd.
- Market Cap₹1,069 Cr
RHETAN · NSE
- Share Price₹14.07
+4.92% today
- Revenue₹24.44 Cr
FY 2025-26 · -34.2% YoY
- EBITDA₹6.75 Cr
Margin 27.6%
- Net Profit₹10.30 Cr
FY 2025-26 · +233.3% YoY
- P/E (TTM)84.1x
P/B 9.9x
- ROE10.2%
ROCE 11.1%
- Debt / Equity0.32
Interest cover 24.9x
- Employee Count79
Associated legal entities of Rhetan
Rhetan operates through Rhetan Tmt Limited, a listed company (active). Its filings, financials, charges and directors are on the company page.
| Legal entity | Status | Incorporated | Registered in | Revenue (FY 2026) | Employees | Directors | Company page |
|---|---|---|---|---|---|---|---|
| Rhetan Tmt Limited Listed CIN L27100GJ1984PLC007041 | Active | 26 Jun 1984 | Ahmedabad, Gujarat | ₹33.0 Cr | 2 | 8 | View details |
Board of directors of Rhetan Tmt Limited (Rhetan)
Rhetan Tmt Limited is the primary company behind Rhetan. The board of Rhetan Tmt Limited currently have 6 directors; the longest-serving is Shalin Ashok Shah, appointed in 2022. 5 earlier directors have ceased.
| Director | Designation | Appointed | Tenure | Entity |
|---|---|---|---|---|
| Shalin Ashok Shah DIN 00297447 | Managing Director | 08 Jan 2022 | 4 yrs 9 mo | Rhetan Tmt Limited |
| Ashok Chinubhai Shah DIN 02467830 | Director | 08 Jan 2022 | 4 yrs 9 mo | Rhetan Tmt Limited |
| Rushabh Rajnikantbhai Shah DIN 09474282 | Director | 22 Jan 2022 | 4 yrs 9 mo | Rhetan Tmt Limited |
| Deepti Ghanshyam Gavali DIN 10272798 | Director | 01 Sep 2023 | 3 yrs 2 mo | Rhetan Tmt Limited |
| Yash Vishwanath Bodade DIN 10669649 | Director | 12 Aug 2024 | 2 yrs 2 mo | Rhetan Tmt Limited |
| Swapnil Sharad Shimpi DIN 10469352 | Additional Director | 10 Nov 2025 | 11 mo | Rhetan Tmt Limited |
People of Rhetan
1 people are tracked at Rhetan (1 in leadership); the tracked headcount is 79.
| Name | Role | Group |
|---|---|---|
| Managing Director | Leadership |
Complete people profiles for Rhetan
Full employee and board profiles, team structure, tenure and professional contact details require an active premium plan.
- Full employee list
- Team structure
- Board tenure
- Professional contacts
Verified entity values are shown only after access is granted.
IPO & Listings of Rhetan
Rhetan is a publicly listed company on the BSE with ticker symbol RHETAN in India, operating in the Non-energy minerals sector. As a publicly traded entity, the company provides investors with opportunities to participate in its growth story through equity ownership. The listing enables access to capital markets, enhances corporate visibility, and provides liquidity for shareholders while maintaining transparency through regulatory compliance and regular financial disclosures.
- IPO date05 Sep 2022
- Listed onBSE: 543590
- Listed entityRhetan TMT Ltd.
- Exchange sectorNon-energy minerals
- ISININE0KKN01029
- Share price₹26.60 (-0.56% on the day) · 2026-05-11
- Market capitalisation₹2,134 Cr
- Price to earnings146.6
- EPS (diluted, trailing year)₹0.18
- Volume (last session)26,144
- Analyst consensusNo rating
Financials of Rhetan
Exchange-reported figures of Rhetan Tmt Limited, the listed company behind Rhetan (NSE: RHETAN).
Financial Highlights
FY 2025-26 · StandaloneRevenue vs Net Profit ₹ Cr
Margin trends
Financial summary ₹ Cr
| Metrics | FY 2025-26 | FY 2024-25 | FY 2023-24 | FY 2022-23 | FY 2021-22 | FY 2020-21 | FY 2019-20 |
|---|---|---|---|---|---|---|---|
| Income statement | |||||||
| Revenue | 24.44 | 37.16 | 64.77 | 86.02 | 67.03 | 52.09 | 20.01 |
| Revenue growth | -34.2% | -42.6% | -24.7% | +28.3% | +28.7% | +160.3% | - |
| EBITDA | 6.75 | 3.98 | 7.05 | 8.17 | 4.60 | 1.60 | 0.58 |
| EBITDA margin | +27.6% | +10.7% | +10.9% | +9.5% | +6.9% | +3.1% | +2.9% |
| Profit before tax | 13.17 | 3.40 | 5.25 | 7.13 | 2.87 | 0.19 | 0.11 |
| Net profit | 10.30 | 3.09 | 3.87 | 5.40 | 2.34 | 0.14 | (0.58) |
| Net profit margin | +42.1% | +8.3% | +6.0% | +6.3% | +3.5% | +0.3% | -2.9% |
| EPS (₹) | 0.13 | 0.04 | 0.05 | 0.07 | 1.77 | 0.12 | (1.45) |
| Balance sheet | |||||||
| Total assets | 151 | 117 | 106 | 103 | 50.24 | 33.86 | 24.83 |
| Net worth | 109 | 93.99 | 89.04 | 85.17 | 23.75 | 8.42 | 0.88 |
| Total debt | 42.13 | 22.71 | 16.65 | 17.84 | 26.49 | 25.43 | 23.94 |
| Cash & bank | 0.30 | 0.30 | 1.25 | 0.28 | 0.12 | 0.19 | 0.14 |
| Net working capital | 110 | 88.57 | 83.97 | 91.60 | 40.36 | 21.83 | 13.05 |
| Cash flow | |||||||
| Cash from operations | 1.34 | 4.97 | 13.90 | (44.26) | (14.44) | (7.02) | (11.92) |
| Cash from investing | (8.70) | (4.36) | (8.80) | (0.73) | (0.10) | (0.17) | (1.60) |
| Cash from financing | 7.36 | (1.57) | (4.12) | 45.15 | 14.47 | 7.23 | 13.57 |
| Particulars | Jun 2026 | Mar 2026 | Dec 2025 | Sep 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sep 2024 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 4.06 | 8.49 | 6.15 | 4.76 | 5.04 | 6.49 | 6.38 | 4.95 |
| Revenue growth (YoY) | -19.4% | +30.8% | -3.6% | -3.8% | -74.0% | - | - | - |
| Other income | 4.45 | 2.22 | 3.17 | 2.45 | 0.68 | 3.42 | 0.01 | 0.00 |
| Total expenses | 4.72 | 5.95 | 3.77 | 3.66 | 4.43 | 9.50 | 4.15 | 1.82 |
| EBITDA | (0.66) | 2.54 | 2.38 | 1.10 | 0.61 | (3.01) | 2.23 | 3.13 |
| EBITDA margin | -16.3% | +29.9% | +38.7% | +23.1% | +12.1% | -46.4% | +35.0% | +63.2% |
| Depreciation | 0.15 | 0.14 | 0.14 | 0.14 | 0.14 | (0.15) | 0.26 | 0.24 |
| Interest | 0.33 | 0.32 | 0.34 | 0.38 | 0.39 | 0.37 | 0.40 | 0.40 |
| Profit before tax | 3.31 | 4.30 | 5.07 | 3.03 | 0.76 | 0.19 | 1.58 | 2.49 |
| Tax | 0.15 | 2.08 | 0.64 | 0.16 | 0.00 | (0.30) | 0.19 | 0.22 |
Financial Statements
| Particulars | Jun 2026 | Mar 2026 | Dec 2025 | Sep 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sep 2024 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 4.06 | 8.49 | 6.15 | 4.76 | 5.04 | 6.49 | 6.38 | 4.95 |
| Revenue growth (YoY) | -19.4% | +30.8% | -3.6% | -3.8% | -74.0% | - | - | - |
| Other income | 4.45 | 2.22 | 3.17 | 2.45 | 0.68 | 3.42 | 0.01 | 0.00 |
| Total expenses | 4.72 | 5.95 | 3.77 | 3.66 | 4.43 | 9.50 | 4.15 | 1.82 |
| EBITDA | (0.66) | 2.54 | 2.38 | 1.10 | 0.61 | (3.01) | 2.23 | 3.13 |
| EBITDA margin | -16.3% | +29.9% | +38.7% | +23.1% | +12.1% | -46.4% | +35.0% | +63.2% |
| Depreciation | 0.15 | 0.14 | 0.14 | 0.14 | 0.14 | (0.15) | 0.26 | 0.24 |
| Interest | 0.33 | 0.32 | 0.34 | 0.38 | 0.39 | 0.37 | 0.40 | 0.40 |
| Profit before tax | 3.31 | 4.30 | 5.07 | 3.03 | 0.76 | 0.19 | 1.58 | 2.49 |
| Tax | 0.15 | 2.08 | 0.64 | 0.16 | 0.00 | (0.30) | 0.19 | 0.22 |
| Particulars | FY 2025-26 | FY 2024-25 | FY 2023-24 | FY 2022-23 | FY 2021-22 | FY 2020-21 | FY 2019-20 |
|---|---|---|---|---|---|---|---|
| Revenue | 24.44 | 37.16 | 64.77 | 86.02 | 67.03 | 52.09 | 20.01 |
| Revenue growth | -34.2% | -42.6% | -24.7% | +28.3% | +28.7% | +160.3% | - |
| Other income | 8.52 | 1.57 | 0.45 | 0.92 | 0.01 | 0.04 | 0.07 |
| Total expenses | 17.69 | 33.18 | 57.72 | 77.85 | 62.43 | 50.49 | 19.43 |
| Employee cost | 1.23 | 1.03 | 1.04 | 1.21 | 1.04 | 1.15 | 0.54 |
| EBITDA | 6.75 | 3.98 | 7.05 | 8.17 | 4.60 | 1.60 | 0.58 |
| EBITDA margin | +27.6% | +10.7% | +10.9% | +9.5% | +6.9% | +3.1% | +2.9% |
| Depreciation | 0.56 | 0.59 | 0.72 | 0.66 | 0.47 | 0.47 | 0.24 |
| Interest | 1.54 | 1.56 | 1.53 | 1.30 | 1.27 | 0.98 | 0.30 |
| Profit before tax | 13.17 | 3.40 | 5.25 | 7.13 | 2.87 | 0.19 | 0.11 |
| Tax | 2.87 | 0.31 | 1.38 | 1.73 | 0.53 | 0.05 | 0.69 |
| Net profit | 10.30 | 3.09 | 3.87 | 5.40 | 2.34 | 0.14 | (0.58) |
| Net profit margin | +42.1% | +8.3% | +6.0% | +6.3% | +3.5% | +0.3% | -2.9% |
| EPS (₹) | 0.13 | 0.04 | 0.05 | 0.07 | 1.77 | 0.12 | (1.45) |
| Particulars | FY 2025-26 | FY 2024-25 | FY 2023-24 | FY 2022-23 | FY 2021-22 | FY 2020-21 | FY 2019-20 |
|---|---|---|---|---|---|---|---|
| Equity & liabilities | |||||||
| Share capital | 79.69 | 79.69 | 79.69 | 79.69 | 13.25 | 11.40 | 4.00 |
| Reserves & surplus | 28.93 | 14.30 | 9.35 | 5.48 | 10.50 | (2.98) | (3.12) |
| Shareholders' funds (net worth) | 109 | 93.99 | 89.04 | 85.17 | 23.75 | 8.42 | 0.88 |
| Secured loans | 15.19 | 15.63 | 15.65 | 13.65 | 14.95 | 11.74 | 8.52 |
| Unsecured loans | 26.94 | 7.08 | 1.00 | 4.19 | 11.54 | 13.69 | 15.42 |
| Total debt | 42.13 | 22.71 | 16.65 | 17.84 | 26.49 | 25.43 | 23.94 |
| Total liabilities | 151 | 117 | 106 | 103 | 50.24 | 33.86 | 24.83 |
| Assets | |||||||
| Gross block | 19.20 | 19.00 | 18.98 | 10.18 | 9.48 | 9.38 | 9.22 |
| Net block | 15.95 | 16.31 | 16.87 | 8.58 | 8.29 | 8.64 | 8.95 |
| Capital work in progress | 5.73 | 1.50 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Investments | 7.32 | 2.99 | 0.83 | 0.83 | 1.04 | 1.04 | 1.04 |
| Inventories | 50.98 | 39.89 | 34.34 | 31.87 | 24.20 | 11.58 | 8.47 |
| Sundry debtors | 24.44 | 22.83 | 23.10 | 27.10 | 22.00 | 14.03 | 7.32 |
| Cash & bank balances | 0.30 | 0.30 | 1.25 | 0.28 | 0.12 | 0.19 | 0.14 |
| Loans & advances | 47.99 | 31.68 | 32.76 | 41.05 | 2.04 | 1.25 | 2.07 |
| Total current assets | 124 | 94.70 | 91.45 | 100 | 48.36 | 27.05 | 18.00 |
| Total current liabilities | 13.90 | 6.13 | 7.48 | 8.70 | 8.00 | 5.22 | 4.95 |
| Net working capital | 110 | 88.57 | 83.97 | 91.60 | 40.36 | 21.83 | 13.05 |
| Total assets | 151 | 117 | 106 | 103 | 50.24 | 33.86 | 24.83 |
| Particulars | FY 2025-26 | FY 2024-25 | FY 2023-24 | FY 2022-23 | FY 2021-22 | FY 2020-21 | FY 2019-20 |
|---|---|---|---|---|---|---|---|
| Opening cash | 0.30 | 1.25 | 0.28 | 0.12 | 0.19 | 0.14 | 0.09 |
| Net cash from operating activities | 1.34 | 4.97 | 13.90 | (44.26) | (14.44) | (7.02) | (11.92) |
| Net cash from investing activities | (8.70) | (4.36) | (8.80) | (0.73) | (0.10) | (0.17) | (1.60) |
| Net cash from financing activities | 7.36 | (1.57) | (4.12) | 45.15 | 14.47 | 7.23 | 13.57 |
| Net change in cash | 0.00 | (0.96) | 0.98 | 0.16 | (0.07) | 0.04 | 0.05 |
| Closing cash | 0.30 | 0.30 | 1.25 | 0.28 | 0.12 | 0.19 | 0.14 |
| Particulars | FY 2025-26 | FY 2024-25 | FY 2023-24 | FY 2022-23 | FY 2021-22 | FY 2020-21 | FY 2019-20 |
|---|---|---|---|---|---|---|---|
| Growth | |||||||
| Sales growth | -34.2% | -42.6% | -24.7% | +28.3% | +28.7% | +160.3% | - |
| EBITDA growth | +69.6% | -43.6% | -13.7% | +77.6% | +187.5% | +175.9% | - |
| PBT growth | +287.4% | -35.2% | -26.4% | +148.4% | +1410.5% | +72.7% | +9997.0% |
| Net income growth | +233.3% | -20.2% | -28.3% | +130.8% | +1571.4% | +124.1% | - |
| Revenue CAGR (3Y) | -34.3% | -17.9% | +7.5% | +62.6% | - | - | - |
| EBITDA CAGR (3Y) | -6.2% | -4.7% | +63.9% | +141.5% | - | - | - |
| Profitability & leverage | |||||||
| Net income margin | +42.1% | +8.3% | +6.0% | +6.3% | +3.5% | +0.3% | -2.9% |
| Return on capital employed | +11.1% | +4.5% | +6.5% | +11.0% | +9.4% | +3.8% | 0.0% |
| Return on net worth | +10.2% | +3.4% | +4.5% | +9.9% | +13.0% | +2.2% | 0.0% |
| Debt / equity | 0.32 | 0.22 | 0.20 | 0.41 | 1.67 | 6.06 | 79.81 |
| Long-term debt / equity | 0.00 | 0.01 | 0.03 | 0.16 | 0.77 | 3.25 | 51.40 |
| Interest cover | 24.88 | 46.02 | 24.17 | 17.31 | 30.75 | 86.73 | 88.24 |
| Efficiency & per share | |||||||
| Fixed asset turnover | 1.32 | 2.02 | 4.63 | 9.30 | 7.57 | 5.97 | 2.32 |
| Inventory turnover | 0.54 | 1.00 | 1.96 | 3.07 | 3.75 | 5.20 | 2.36 |
| Debtors turnover | 1.03 | 1.62 | 2.58 | 3.50 | 3.72 | 4.88 | 2.73 |
| EPS (₹) | 0.13 | 0.04 | 0.05 | 0.07 | 1.77 | 0.12 | (1.45) |
| Dividend per share (₹) | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Book value per share (₹) | 1.36 | 1.17 | 1.11 | 1.06 | 17.48 | 6.87 | 0.76 |
Similar companies to Rhetan
Rhetan has 3 listed similar companies in our database, 2 of them funded. They include Tata Steel, Shyam Steel and SISCOL.
| Company Name | Domain | Founded | HQ Location | Total funding | Employees | Description |
|---|---|---|---|---|---|---|
| tatasteel.com | 1907 | Jamshedpur, India | 116 | Steel and related metal products are manufactured globally. | ||
| shyamsteel.com | 1953 | Kolkata, India | $18.8M | 6,785 | Manufacturer and supplier of TMT rebar, billets, sponge iron and ferro alloys | |
| siscol.co.in | 2017 | Delhi, India | $11.54M | 636 | End-to-end steel structure solutions are provided for construction projects. |
Detailed similar companies of Rhetan
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Top companies in Building Materials
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| Company | Description | Founded | Location | Total funding | Revenue | Employees |
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Manufacturer of cement, gypsum plaster, tile adhesives, and wood finishing products | 1975 | Kanpur, Uttar Pradesh, India | USD 1.44 B | 11,790 | ||
Industrial and decorative paints are manufactured along with related solutions. | 1942 | Mumbai, Maharashtra, India | USD 3.79 B | 33,600 | ||
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Frequently Asked Questions about Rhetan
Rhetan was founded in 1984.
Rhetan is headquartered in Ahmedabad, India. It is registered at Ahmedabad, Gujarat, India.
Rhetan has 79 employees.
The primary company behind Rhetan, Rhetan Tmt Limited, reported revenue of ₹32.96 Cr for FY 2026, down 34% year on year.
Rhetan was established in 1984 in Ahmedabad, India, as a player in the steel sector. Manufacturing processes for various steel products are handled at facilities in India, while distribution networks support delivery to domestic and international clients. Operations focus on production efficiency and supply chain management. Leadership is provided by Managing Director Shalin Shah, overseeing strategic directions in the industry.
Rhetan's top competitors include Tata Steel, SISCOL and Shyam Steel.
Yes, Rhetan is publicly traded on BSE under the ticker symbol RHETAN.
Rhetan operates through Rhetan Tmt Limited.
The legal entities of Rhetan currently have 8 directors, including Shalin Ashok Shah, Ashok Chinubhai Shah, Rushabh Rajnikantbhai Shah and others.