RUDRA - Rudra Global

📊 NSE: RUDRA 🏢 Iron & Steel Products 📅 Last Updated: 11/13/2025 15:25

💰 Financial Performance

Revenue Growth by Segment

Total revenue grew 0.87% YoY to INR 560.79 Cr. TMT Bars revenue decreased 19.97% to INR 486.60 Cr despite a 2.2% volume increase to 1,04,135 MTS. MS Billets revenue fell 97.9% to INR 0.33 Cr from INR 16.03 Cr.

Geographic Revenue Split

Primarily concentrated in Gujarat, India, leveraging the steel cluster in Bhavnagar. Specific regional % split not disclosed.

Profitability Margins

Net Profit Margin declined from 3.74% to 2.03% (a 45.63% drop) due to sluggish demand and higher operational costs. Return on Net Worth halved from 18.27% to 9.11%.

EBITDA Margin

Operating EBITDA Margin was 6.77% in FY25, down from 7.79% in FY24, reflecting a 13.09% deterioration in core profitability.

Capital Expenditure

Planned expansion of Rudra Inframart retail outlets from 7 to 30 by 2026. Specific INR Cr expenditure for this expansion not disclosed.

Credit Rating & Borrowing

Infinium downgraded long-term ratings to IVR BBB-/ Stable in Nov 2025 from IVR BBB/ Stable. Crisil ratings were withdrawn in June 2025 due to non-cooperation.

⚙️ Operational Drivers

Raw Materials

Primary raw materials include MS Billets and steel scrap. MS Billets are used to manufacture TMT bars, which represent over 86% of gross turnover.

Import Sources

Sourced locally within the Bhavnagar steel cluster in Gujarat to minimize logistics costs.

Capacity Expansion

TMT Bar production was 1,04,135 MTS in FY25. Expansion is focused on retail footprint (Rudra Inframart) rather than upstream manufacturing capacity in the current period.

Raw Material Costs

Not disclosed as a specific % of revenue, but sluggish performance is attributed to price volatility in the steel sector.

Manufacturing Efficiency

TMT Bar production volume increased 2.2% YoY to 1,04,135 MTS, indicating stable capacity utilization despite falling revenue realizations.

📈 Strategic Growth

Expected Growth Rate

Not disclosed in available documents

Growth Strategy

Expansion of 'Rudra Inframart' retail outlets from 7 to 30 by 2026 to provide a 'one-roof' solution for home building. This strategy aims to increase brand visibility and customer orientation by selling TMT bars alongside binding wire, pipes, and professional services.

Products & Services

TMT Bars (flagship), MS Billets, Binding Wire, MS and PVC Pipes, Structural Steel, Water Proofing Solutions, and Laminates.

Brand Portfolio

Rudra, Rudra Inframart.

New Products/Services

Patented TMT bars with a 'Quadra rib pattern' launched to provide superior strength and reduced steel consumption.

Market Expansion

Targeting 30 retail outlets across Gujarat by 2026 to deepen penetration in the infrastructure and home-building segments.

Strategic Alliances

Collaborations with Gujarat and Ahmedabad traffic police for safety gear distribution and traffic awareness campaigns.

🌍 External Factors

Industry Trends

Indian crude steel production rose 13.6% to 131.136 MT in the prior period, but the company faces a sluggish domestic market in H1FY26 with declining net profit margins.

Competitive Landscape

Operates in a highly competitive environment within the Bhavnagar steel cluster, competing with both local players and national TMT brands.

Competitive Moat

Moat is based on the patented Quadra rib pattern for TMT bars which reduces consumption and increases yield strength. Sustainability is challenged by rapid technological advancements requiring high capital investment.

Macro Economic Sensitivity

Highly sensitive to Government macro and micro economic policies regarding infrastructure and road transport.

Consumer Behavior

Shift toward 'one-stop-shop' retail experiences for home building, which the company is addressing through Rudra Inframart.

⚖️ Regulatory & Governance

Industry Regulations

Subject to pollution norms and manufacturing standards for the steel industry. Secretarial audit noted non-compliance with the appointment of an Internal Auditor under the Companies Act 2013.

Environmental Compliance

ISO 14001:2004, ISO 9001:2008, and BS OHSAS 18001:2007 certified.

Legal Contingencies

No major pending court cases disclosed; however, the company has a corporate guarantee exposure of INR 38.44 Cr for group company Rudra Green Ship Recycling Private Limited.