Rathi Steel & Power Limited (RSPL) has announced a significant change in its leadership team with the appointment of Pawan Kumar as the new Chief Financial Officer (CFO) and Key Managerial Personnel, effective November 3, 2025. This appointment comes following the resignation of the previous CFO, Rajeev Kumar.

Appointment Details

The decision to appoint Kumar was made by RSPL's Board of Directors during a meeting held on November 3, 2025. The appointment was based on recommendations from both the Audit Committee and the Nomination and Remuneration Committee, adhering to corporate governance best practices.

About Pawan Kumar

Pawan Kumar brings a wealth of experience to his new role at RSPL:

Kumar's diverse experience across multiple companies and his long-standing association with RSPL since 2017 position him well for this critical role within the company's financial leadership.

Corporate Disclosure

In compliance with the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, RSPL has made the necessary disclosures to the BSE Limited. The company's board meeting, where this decision was made, commenced at 5:00 p.m. and concluded at 5:55 p.m. on the appointment day.

This appointment marks a new chapter in RSPL's financial management, with Kumar's extensive experience expected to contribute to the company's financial strategies and operations going forward.

Rathi Steel & Power has reported a strong start to the fiscal year, with significant revenue growth and operational improvements in the first quarter ended June 30.

Financial Performance

The company's total revenue for Q1 stood at Rs 155.40 crore, marking a substantial 22% increase from Rs 127.82 crore in the corresponding quarter of the previous year. This growth demonstrates Rathi Steel & Power's ability to capitalize on market opportunities and expand its business operations.

*All figures in Rs crore

While the Earnings Before Interest, Tax, Depreciation, and Amortization (EBITDA) remained relatively stable at Rs 6.23 crore compared to Rs 6.06 crore in the previous year's Q1, the company saw a significant improvement in its Profit After Tax (PAT). The PAT increased to Rs 2.69 crore from Rs 1.89 crore, representing a robust 42.3% growth year-on-year.

Operational Highlights

A key development in Q1 was the commencement of TMT bar production, which has led to improved asset utilization and expanded market opportunities. The rolling mill capacity utilization increased significantly from 25% to 39% year-on-year, primarily due to the restart of the TMT bar mill.

*Production figures in Metric Tonnes

The production of rolled products saw a significant increase, rising to 19,617 MT from 12,400 MT in the previous year. Billet production also improved, reaching 14,475 MT compared to 12,427 MT in the previous year's Q1.

However, the steel melting shop capacity utilization declined from 64% to 55% due to a planned maintenance shutdown in April.

Strategic Initiatives

The resumption of TMT bar production is a strategic move that allows Rathi Steel & Power to:

1. Improve asset utilization
2. Increase revenue and margins
3. Rebuild brand equity in the B2B and B2C segments
4. Enter the premium FE 500/550 D grade TMT bar market, which is in high demand among top builders in the NCR region

Management Commentary

Mr. Udit Rathi, Promoter of Rathi Steel & Power Ltd., commented on the company's performance: "We have started the financial year on a strong note, with robust performance in the first quarter, despite challenging market conditions, particularly for stainless steel long products. Our strategy to rebuild our brand legacy in the TMT bars space is delivering positive outcomes."

He further added, "Our cost optimization project of direct rolling, commissioned last year, has also started to deliver promising results, with the net power and fuel costs going down."

Future Outlook

The management foresees robust opportunities to increase volumes and revenue streams, as there is significant headroom available to improve capacity utilization. The company remains focused on delivering sustainable value to all stakeholders.

Rathi Steel & Power continues to strengthen its position in the steel industry, leveraging its manufacturing capabilities and strategic initiatives to drive growth and profitability in the coming quarters.