Rhetan TMT Ltd

Overview

• Standalone BRSR for FY2025-26; manufacturer of iron and steel products, dominated by TMT bars.
• 100% turnover from TMT Bars; main activity is steel product manufacturing.
• One plant and one office; national operations only.
• Reporting boundary: standalone basis; not externally assured.
• Consolidation limited to the entity; no other entities included.

Key ESG Risks & Opportunities

• Occupational health and safety risk from high heat and chemicals; mitigated by health and safety policy and PPE.
• Community relations seen as opportunity to build social license and local workforce.
• Employee well-being and retention opportunities cited; training and welfare programs referenced.
• Energy efficiency efforts noted; no quantified targets disclosed.
• Governance oversight via board ESG committee and ongoing policy development.

Governance & Policy Highlights

• Board-level ESG Committee exists; oversees ESG commitments.
• Policies include CSR Policy and Whistle Blower Policy; anti-bribery and code of conduct.
• Whistleblower mechanism available online; safeguards against retaliation.
• No external assurance; BR report not assured.
• Penalties for BR non-compliance NIL.
• Highest BR responsibility assigned to MD; board approves policies.

Social Responsibility & Workforce

• Total employees 40; 37 male and 3 female.
• Total workers 37; all male; differently abled none.
• Board has 1 female director among 6; KMP female 0.
• Grievance mechanisms: online platform and formal channels.
• Training coverage: 100% for Board, KMPs, and workers.
• CSR not applicable under Companies Act; no CSR spend disclosed.
• Discrimination zero tolerance; compliant with Disabilities Act.

Environmental Performance

• Total energy 2942.97 GJ; electricity 2919.23 GJ; fuel 23.74 GJ; renewables zero.
• Water withdrawal 695 kl; groundwater source; consumption 340 kl; water intensity negligible.
• GHG emissions (Scope 1/2) not disclosed.
• Waste: metal scrap generated and reused; no plastics packaging; no hazardous waste.
• PAT designation not applicable; no environmental certifications or targets reported.

Stakeholder Engagement & Complaints

• Stakeholders include shareholders, investors, employees, customers, communities, lenders, regulators.
• Engagement channels: periodic reports, AGM/EGM, emails, website.
• Employee grievances: 0 filed, 1 pending at year end.
• Community and customer complaints: NIL; no unresolved issues.
• POSH complaints: 0; no POSH cases in FY2025-26.
• Grievance policy link available on company site.

Other Notable Metrics

• Related party transactions: sales to related parties 16.93% of turnover; purchases from RP 64.30%.
• Loans to related parties 23.42%; investments to related parties 0%.
• Holding company: Ashoka Metcast Limited with 55.52% stake.
• Board gender: 1 female director among 6; 79.68 crore paid-up capital.
• No product recalls; data privacy incidents: 0 breaches.
• Affiliations: member of two trade associations.

Financial snapshot

• FY2025-26 revenue from operations: Rs 2,444.07 Lakhs.
• Total income: Rs 3,295.72 Lakhs.
• Profit after tax: Rs 1,029.78 Lakhs.
• Total comprehensive income: Rs 1,463.01 Lakhs.
• EPS (basic/diluted): Rs 0.13.
• Dividend declared: none.

YoY performance trends

• Revenue declined to Rs 2,444.07 Lakhs from Rs 3,716.48.
• PAT rose to Rs 1,029.78 Lakhs from Rs 309.50.
• Profit before tax: Rs 1,316.74 Lakhs.
• Current tax: Rs 309.18 Lakhs; Deferred tax: (22.22).

Capital structure & liquidity

• Equity share capital Rs 79.69 Cr; authorised Rs 80 Cr.
• Total borrowings Rs 4,172.84 Lakhs; current Rs 1,478.85; non-current Rs 2,693.99.
• Cash and cash equivalents Rs 30.24 Lakhs.
• Net borrowings Rs 4,142.60 Lakhs.
• Current ratio 4.25.

Governance and board changes

• MD Shalin A. Shah reappointed for 5 years from 2027.
• Mrs. Jhanvi Vikas Sethi appointed Independent Director from 12-Aug-2026 for 5 years.
• Deepti Gavali resigned 7-Aug-2026; Paragkumar Raval resigned 11-Aug-2025.
• GMCA & Co. reappointed as Statutory Auditors for five years (to 2030-31).
• Audit Committee reconstituted on 12-Aug-2026; five meetings in FY2025-26.

Major business developments

• Commissioned 1 MW (AC) / 1.25 MW (DC) captive solar power project; GETCO approvals.
• BIS certification for Fe500D, Fe550 and Fe550D.
• MoA amended: new object clause for commodity trading.
• Outlook: Indian steel sector positive; focus on cost optimization and market expansion.
• New object clause enables commodity trading and related activities.

Related party transactions

• RPT cap: up to Rs 150 crore per related party for FY2027-28.
• Related parties include Ashoka Metcast, Ashnisha, Lesha, Gujarat Natural Resources, LVPL.
• RPTs cover sale, purchase, loans; reviewed by Audit Committee; arm's length terms.
• Aggregate RPTs with each related party up to Rs 150 crore for FY2027-28.

ESG, CSR and risk management

• CSR policy; CSR Committee formed; policy available on website.
• Board-level ESG oversight; 100% board and 100% employees training.
• Whistle blower policy in place; governance and risk management framework.
• Managing environmental impact via BIS-certified products and energy initiatives.

AGM Details

• AGM date/time: 16 September 2026, 3:30 PM IST via VC/OAVM.
• Mode: VC/OAVM; venue deemed at Registered Office.
• Record date for voting: 9 September 2026.
• Register of Members closed from 10 to 16 September 2026.

Ordinary resolutions

• Adopt Audited standalone financial statements for year ended 31 March 2026.
• Re-appoint Ashok C. Shah as Non-Executive Director, retiring by rotation.
• Re-appoint GMCA & Co. as Statutory Auditors for five-year term; remuneration to be fixed.

Special resolutions

• Re-appoint Shalin Ashok Shah as MD for five years with no remuneration.
• Appoint Mrs. Jhanvi Vikas Sethi as Independent Director for five-year term.
• Increase borrowing limit under Section 180(1)(c) to Rs 300 crore.
• Increase limits under Section 186 to Rs 300 crore for loans and investments.
• Approve material RPT with Ashoka Metcast Limited up to Rs 150 crore for FY 2027-28.
• Approve material RPT with Ashnisha Industries Limited up to Rs 150 crore.
• Approve material RPT with Lesha Industries Limited up to Rs 150 crore.
• Approve material RPT with Gujarat Natural Resources Limited up to Rs 150 crore.
• Approve material RPT with Lesha Ventures Private Limited up to Rs 150 crore.

Operational update

• 1 MW AC captive solar project at Kadi, Gujarat has commenced power generation.
• Project completion followed statutory approvals, infrastructure installation, testing, and commissioning.
• Operational for captive consumption at the manufacturing facility.
• Expected to meet energy requirements and support renewable energy integration.
• Supports long-term strategy to strengthen manufacturing infrastructure and sustainable energy.

• No AGM details, resolutions, or voting outcomes are disclosed in this chunk.

Registered office change within city

• Old: 7th Floor, Ashoka Chambers, Opp. HCG Hospital, Mithakhali Six Road, Ahmedabad 380006, Gujarat, India
• New: Corporate House-2, Anam-2, Iscon Ambli BRTS Road, Nr. Vakil Bridge, Bopal, Ahmedabad-380058, Gujarat, India
• Shift within Ahmedabad city local limits.
• Board approval via meeting dated August 12, 2026.
• New contact number: +91-6358028105.

Capacity expansion

• Board approved increasing Kadi facility capacity from 45,000 to 75,000 MT per year.
• Increase aimed at leveraging Gujarat government's industrial policy and supporting future growth.
• Company will initiate procurement of plant and machinery and related implementation activities.
• Managing Director Shalin A. Shah authorised to undertake actions necessary to implement the decision, including procurement.
• Approval date: August 12, 2026.
• Facility located at Kadi, Gujarat; no cost details disclosed.

Director appointment

• Type: Appointment of Mrs. Jhanvi Vikas Sethi as Additional Non-Executive Independent Director.
• Effective date and term: w.e.f. August 12, 2026 for up to 5 years.
• Reason: Appointment.
• Brief profile: 49-year-old with 20 years' experience in stock markets and finance.
• Disclosure of relationships with other directors: None.
• Directorships in listed entities: NIL.

Managing Director Re-appointment

• Type of change: Re-appointment of Managing Director.
• Name and designation: Shalin Ashok Shah, Managing Director.
• Effective date: Jan 08, 2027; term: five years to Jan 07, 2032, subject to Members' approval.
• Reason for change: Re-appointment.
• Brief profile: 52-year-old promoter-director with 30+ years in manufacturing, IT, oil & gas, renewable energy.
• Disclosure of relationships: Son-Father relationship with Ashok Shah; no other inter-se relationships.
• AGM confirmation: Re-appointment subject to Members' approval at the ensuing AGM.