Rajputana Stainless Limited · NSE:RSL
Rajputana Stainless — Q2 FY27 Earnings Presentation
42 slides from Rajputana Stainless's earnings presentation, Nov 3, 2026
Slide 1: Exchange filing cover letter
L B Rajputana Stainless Limited Rajputana Stainless Limited CIN: L27109GJ1991PLC015331 Date: 03/11/2026 To, To, Department of Corporate Services Listing Compliance Department, BSE Limited, National Stock Exchange of India Limited, Floor 1, Rotunda Building Exchange Plaza, C-1, BLOCK G, Phiroze Jeeje
Slide 2: Our Steel Runs Through the Arteries of India
OUR STEEL RUNS THROUGH THE ARTERIES OF INDIA N ov ’ 2 02 6 Investo r Presentation
Slide 3: Disclaimer
Disclaimer This presentation and the accompanying slides (the “Presentation”), which have been prepared by Rajputana Stainless Limited (the “Company”) solely for the information purposes and do not constitute any offer, recommendation or invitation to purchase or subscribe for any securities, and sh
Slide 4: Table of Contents
Table of CONTENTS About the Company USPs Strategic Priorities Q2 & H1 FY27 Performance Annexure
Slide 5: Business at a Glance
YO 1S) c = O © ~ (oJ Wn Y,) oO £ Wn =) [aa]
Slide 6: Business At a Glance
Business At a Glance 30+ years of proven expertise since 1991, backed by aerospace- grade certification, with a strong presence across 14 states & 2 UTs and exports to 9 countries. Integrated manufacturing facility in Gujarat with 48,000 MTPA stainless steel capacity, being enhanced to 60,000 MTPA i
Slide 7: Simplified Integrated Stainless Steel Business Model
Simplified Integrated Stainless Steel Business Model Intermediate Finished & Value Added Integration Raw Material Products Products (80+ Grades) Renewable energy – 7.5 MW ; Square Bars Wire Rods Solar Power – 3 MW ; Windmill – 4.2 MW SS Billets/ Blooms/Slabs Stainless Steel Scrap Round Cornered Roun
Slide 8: USPs
03 USPs 01 Niche Positioning 02 Diversified & De – Risked Sourcing 03 Strategic Location Edge 04 Risk Management Framework
Slide 9: Niche Leadership via Customized Innovation
1.Niche Leadership via Customized Innovation Customer-Centric Specialty Grades & Trusted by Leading R&D-Led Precision Specialised in Custom Small-Batch Product Development High SKU Depth : Industrial Customers; Engineering Custom Low-Volume, High-Spec Solutions Across aligned with end-use 80+ Grades
Slide 10: Diversified & De-risked Sourcing Network
2. Diversified & De-risked Sourcing Network Strategic Location Edge Sourcing from Top 10 Suppliers (%) 37.49% 32.17% 29.82% 28.13% South Korea USA Hong Kong FY23 FY24 FY25 FY26 UAE Malaysia Singapore Imports(%) Others 35.59% 33.75% 31.07% 26.25% Long-term Raw materials sourced Bulk procurement arran
Slide 11: Strategic Location Edge
3.Strategic Location Edge Strategically Located Facility Optimised Logistics Costs Halol–Kalol Road (Panchmahal, Reduced inbound and outbound Gujarat) with direct NH 148N transportation expenses connectivity and proximity to an industrial hub Strong Multi-Modal Access Efficient Supply Chain Road, ra
Slide 12: Robust Risk Management Framework
4.Robust Risk Management Framework Fully Hedged Raw Material Strategy, with prices locked at order stage to eliminate input cost volatility Diversified Global Sourcing Network, across India, Europe, USA, the Middle East & Asia, reducing supply disruption risk Make-to-Order Model with Minimal Open Ex
Slide 13: Strategic Priorities
02 Strategic Priorities 01 Forward Integration into Seamless Pipes 02 Debt-Free Milestone Achieved 03 Market Expansion & Distribution Strengthening 04 Expanding Value Added Portfolio
Slide 14: Forward Integration into Stainless Steel Seamless Pipes
1.Forward Integration into Stainless Steel Seamless Pipes Expansion of the existing facility through forward integration and product diversification, with the addition of a 9,600 MTPA stainless steel seamless pipes unit within the current premises. Capital Structure & Capex - Total capex of INR 57.4
Slide 15: From Leveraged to Debt-Free
2.From Leveraged to Debt-Free – A Strong Balance Sheet Shift Strong Liquidity Backed by Net Cash (Rs. Cr) 86 89 Debt-Free Milestone Achieved - Fully repaid total 73 70 debt of INR 96 Cr. Interest Cost Optimization - Expected annual savings of INR 12 - 13 Cr, improving profitability and cash flows. F
Slide 16: Market Expansion & Distribution Strengthening
3. Market Expansion & Distribution Strengthening Punjab Domestic Market Deepening • Target expansion from 14 to 20 states and Haryana Uttarakhand 2 - 4 UTs by FY28 Delhi • Achieve 89.8% of total revenue from Rajasthan domestic markets by FY30 Uttar Pradesh Gujarat Madhya Pradesh West Bengal Dadra &
Slide 17: Expanding Value Added Portfolio
4.Expanding Value Added Portfolio Austenitic High-Temperature Martensitic Precipitation-Hardening (PH) Duplex Stainless Super Austenitic Grades High-Strength Grades Grades Steels Grades 321, 321H, 347, 410, 420, 431, 17-4 PH, 2205, 904L, Grades 347H, 316Tі 440A / B/C 15-5 PH 2507 254 SMO Capability
Slide 18: Growth Guidance
Growth Guidance Revenue (Rs. Cr) EBITDA (Rs Cr) EBITDA /ton (Rs.) 152 1,650 23,000 19,000 96 1,006 FY26 Next 3 Yrs FY26 Next 3 Yrs FY26 Next 3 Yrs Volume growth led by 25% capacity increase in the Stainless-Steel Segment from 48,000 MTPA to 60,000 MTPA Entry into Stainless Steel Seamless segment Str
Slide 19: Q2 and H1FY27 Performance Highlight
Q2 and H1FY27 Performance Highlight
Slide 20: Management Commentary
Management Commentary “Rajputana Stainless Limited delivered a strong Q2 FY27, with revenue and PAT growing 33% and 79% YoY, respectively. H1 FY27 revenue increased 33% to INR 666.4 Cr, while PAT grew 80% to INR 43.9 Cr, reflecting improved operational performance and lower finance costs. We remain
Slide 21: Performance Highlight
Performance Highlight Q1FY27 Financial Performance (YoY) • Q2 FY27 Revenue from Operations stood at INR 359.8 Cr, up 33% YoY. • Operating EBITDA increased 38% YoY to INR 33.4 Cr, while PAT grew 79% YoY to INR 23.7 Cr. • H1 FY27 Revenue grew 33% to INR 666.4 Cr, with Operating EBITDA and PAT increasi
Slide 22: Strategic Updates
Strategic Updates 3. Power Projects 1. Revenue Power Cost Optimisation: Finalised a 2.1 MW Highest-ever Revenue from windmill and 8 MW (DC) solar power project, Operations of INR 360 Cr in expected to deliver annual electricity cost savings Q2FY27 of ~INR 12 Cr. 01 4. Credit Rating 03 CARE Ratings u
Slide 23: Operational Performance (1/2)
1. Operational Performance (1/2) Billet Ingots (‘000 T) Rolling Mill – Black Bars (‘000 T) Bright Bars (‘000 T) 1.11 12.47 11.41 11.68 Production 10.14 0.83 8.79 8.46 0.69 Q2FY26 Q1FY27 Q2FY27 Q2FY26 Q1FY27 Q2FY27 Q2FY26 Q1FY27 Q2FY27 4.98 5.11 8.39 3.17 2.64 2.75 1.67 Sales 7.63 7.54 Q2FY26 Q1FY27
Slide 24: Operational Performance (2/2)
1. Operational Performance (2/2) Billet Ingots (‘000 T) Rolling Mill – Black Bars (‘000 T) Bright Bars (‘000 T) 1.93 48 48 Production 25.15 19.62 1.43 23.09 17.25 H1FY26 H1FY27 H1FY26 H1FY27 H1FY26 H1FY26 H1FY27 H1FY27 15.82 10.09 15.17 5.81 5.78 3.27 Sales H1FY26 H1FY27 H1FY26 H1FY27 H1FY26 H1FY27
Slide 25: Realization and EBITDA per Ton
1. Operational Performance (2/2) Realization (Rs/ton) EBITDA (Rs/Ton) 212047 21386.64 19738.09 17674.08 187936 191586 Q2FY26 Q1FY27 Q2FY27 Q2FY26 Q1FY27 Q2FY27 Realization (Rs/ton) EBITDA (Rs/Ton) 202,099 20,585 180,018 17,126 H1FY26 H1FY27 H1FY26 H1FY27 Investor Presentation 24
Slide 26: Q2 FY27 Financial Performance
Q1 FY27 Financial Performance Revenue (Rs. Cr) EBITDA (Rs. Cr) & EBITDA Margin (%) PAT (Rs. Cr) & PAT Margin (%) 360 307 6.6% 6.6% 9.3% 9.0% 9.4% 270 4.9% Q1FY27 23.7 33.4 20.2 28.7 24.2 13.2 Q2FY26 Q1FY27 Q2FY27 Q2FY26 Q1FY27 Q2FY27 Q2FY26 Q1FY27 Q2FY27 EBITDA Margin PAT Margin Revenue (Rs. Cr) EBI
Slide 27: Quarterly Profit & Loss Account
Quarterly Profit & Loss Account Particulars ( Rs. Cr) Q2FY27 Q1FY27 QoQ% Q2FY26 YoY% H1FY27 H1FY26 YoY% Revenue from operations 359.8 306.5 17% 270 33% 666.4 501.5 33% Gross profit 66.3 55.8 19% 54.4 22% 122.1 108.1 13% Gross margin 18.40% 18.20% — 20.10% — 18.30% 21.60% — Operating EBITDA 33.4 28.7
Slide 28: Balance Sheet
Balance Sheet Particulars (Rs. Cr) H1FY27 H2FY26 Particulars (Rs. Cr) H1FY27 H2FY26 Assets Equity and Liabilities Fixed assets (incl. right-of-use) 79.4 71.1 Equity share capital 83.6 83.6 Capital work in progress 4 4.4 Other equity 319.4 279.7 Other non-current assets 39.7 12.2 Borrowings 11.4 67 I
Slide 29: Annexure
Annexure
Slide 30: Milestones Achieved
Milestones Achieved Addition of Induction Upgraded the Capacity to 20000 MTA. Rajputana Stainless Steel Furnace & AOD of 10 Ton Started Oxygen & Nitrogen Listed on India’s Leading was with fully automatic Caster Manufacturing Plant Stock Exchanges Established BSE & NSE 1993 2008 2010 & 2013 & 2018 &
Slide 31: Legacy Led Business
Legacy Led Business Shankarlal Deepchand Mehta Yashkumar Shankarlal Mehta Babulal D. Mehta Jayesh Natvarlal Pithva Chairman & Managing Director Chief Executive Officer Whole-Time Director Executive Director On the Board since Next gen catalyst – driving On the Board since On the Board since February
Slide 32: IPO Milestone: Powering the Next Phase
IPO Milestone: Powering the Next Phase IPO Details Proposed Utilization Of Proceeds 254.98 Cr Funding capex for expansion of the Panchmahal (Gujarat) facility through Rs. 98 Cr Total Net Issue forward integration and diversification Fully Utilised into stainless steel seamless pipes. THE OFFER COMPR
Slide 33: The Stainless Steel Opportunity in India
The Stainless Steel Opportunity in India India Stainless Steel Industry India Stainless Steel Export & India Stainless Steel Consumption SS Import Product Wise (Mn Tons) Import Scenario (INR Cr) (Mn Tons) 1% 2% 5.5 2% 37 Billets 36.08 4.80 Semi Finished Rectangular 28.76 Ingots & other 3.75 Primary
Slide 34: Ratio Analysis
Ratio Analysis Returns Profile (%) Working Capital Days 28% 27% 26% 26% 24% 23% 66 59 19% 53 51 52 52 50 47 16% 41 41 42 41 12% 14% 34 37 36 FY22 FY23 FY24 FY25 FY26 FY22 FY23 FY24 FY25 FY26 ROE ROCE Debtor Days Inventory Days Payable Days Debt to Equity (x) Interest Coverage Ratio (x) 1.3 4.1 4.1 3
Slide 35: Historical Operational Trend Production
Historical Operational Trend Production (1/2) Billets (T) Rolling Mill – Black Bar (T) Bright Bars (T) 47,960 5,999 Production 47,979 35,990 47,999 35,327 47,993 36,000 33,470 3,255 3,110 1,952 FY23 FY24 FY25 FY26 FY23 FY24 FY25 FY26 FY23 FY24 FY25 FY26 Billets (T) Rolling Mill – Black Bar (T) Brigh
Slide 36: Historical Operational Trend Realization & EBITDA
Historical Operational Trend Realization & EBITDA (2/2) Realization (Rs/Ton) EBITDA (Rs/Ton) 20,358 17,650 14,859 19,624 12,821 9,420 18,531 18,548 FY23 FY24 FY25 FY26 FY23 FY24 FY25 FY26 Investor Presentation 35
Slide 37: Revenue Domestic Presence & Customer Base
Revenue Domestic Presence & Customer Base Industry - Wise Sales Breakup 38% 32% 32% 33% 34% 32% 31% 31% 23% 19% 17% 12% 11% 10% 9% 9% 9% 7% 6% 5% FY23 FY24 FY25 FY26 Bar Processing Seamless Pipes Forging Wire Manufacturing Others 1. Other Revenue – Job Work, Traded Goods & Scrap & consumables 2. Oth
Slide 38: Strong Domestic Presence & Customer Base
Strong Domestic Presence & Customer Base Revenue from Top 10 Customers Customer Bifurcation (No’s) Customer Bifurcation (No’s) 45.07% 44.29% 199 145 FY25 FY26 225 144 41.95% 41.69% Manufacturers Traders FY23 FY24 FY25 FY26 Manufacturers Traders Investor Presentation 37
Slide 39: Historical Profit & Loss Account
Historical Profit & Loss Account Particulars (Rs. Cr) FY26 FY25 FY24 FY23 FY22 Net Sales 1,007 932 910 952 770 Total Expenses 915 858 850 908 740 Other Income 4 5 6 3 2 EBITDA 92 74 59 44 31 EBITDA Margin (%) 9.1% 7.9% 6.5% 4.6% 4.0% Depreciation 9 9 8 5 5 Finance Costs 20 16 14 11 11 PBT 66 55 42 3
Slide 40: Historical Balance Sheet
Historical Balance Sheet Particulars (Rs. Cr) FY26 FY25 FY24 FY23 FY22 Net Worth 363 152 112 93 71 Debt Long Term Debt 1 18 19 25 34 Short Term Debt 66 82 60 55 58 Other Long Term Liabilities 11 12 10 15 9 Current liabilities Accounts Payable 130 132 103 98 107 Other Current Liabilities 29 25 19 22
Slide 41: Clean energy, reliable power, water stewardship
Simplified Integrated Stainless Steel Business Model Clean energy Reliable power Water stewardship 7.2 MW ( Solar & Wind) renewable capacity 1,000 KVA diesel generators ensuring zero Sustainable sourcing through bore wells & local reducing carbon footprint downtime. Uninterrupted operations via grid
Slide 42: Thank You
Thank You COMPANY CONTACT: 213- Madhwas, Halol Kalol Road, Taluka-kalol, Dist. Panchmahals, Gujarat - 389330 Investor Relations Partner : GO INDIA ADVISORS Sana Kapoor Sakshi Narvekar Go India Advisors Go India Advisors [email protected] [email protected] M: +91 81465 50469 M: +91 8