Rathi Steel and Power 55th AGM and FY26 Performance Review

Total Revenue: Rs. 716.49 crore | EBITDA: Rs. 28.90 crore

Reader Takeaway: Strong revenue growth shows operational progress, though steel price volatility and pending tax disputes remain key pressures.

What just happened

Rathi Steel and Power Ltd (RSPL) has issued a formal notice for its 55th Annual General Meeting (AGM) to be held via video conferencing on September 29, 2026. The agenda includes the adoption of the company's FY26 financial statements and critical governance approvals, such as the appointment of cost auditors and updates to the Memorandum of Association.

Why this matters

The filing highlights a significant fiscal turnaround for the company, with revenue growing 42% year-on-year to Rs. 716.49 crore. While Profit After Tax (PAT) saw a slight dip to Rs. 12.86 crore, the company has successfully ramped up its TMT bar mill capacity and implemented 'Direct Charging' technology to improve energy efficiency. The AGM provides shareholders a platform to engage with the management regarding the 'Rathi 2.0' modernization strategy.

Governance and Leadership

The meeting will confirm the re-appointment of Executive Director Mr. Abhishek Verma. The board has also undergone transitions, with Mr. Mahesh Pareek taking over as Managing Director in May 2025 and Mr. Pawan Kumar appointed as CFO in November 2025. Internal auditors have reported that the company's internal financial control systems are currently adequate.

Risks to watch

Despite the top-line growth, the company faces headwinds from volatile global steel prices and pressure from lower-cost imports. Shareholders should also note the existence of ongoing tax disputes, which the company aims to resolve through legal channels.

What to track next

Investors should monitor the company’s ability to sustain high capacity utilization at its TMT mill and watch for progress on the 'Rathi 2.0' initiative, which aims to shift the product mix toward higher-margin premium infrastructure steel.