1. Opening Hook
Just when everyone thought the tyre cycle would wobble, Rajratan decided to roll over expectations—literally. While the sector cribbed about pricing pressure, Rajratan quietly crossed ₹300 crore quarterly revenue for the first time in its life. No fireworks, no chest-thumping—just tonnes, tonnes, and more tonnes.
Management suddenly sounds like a gym trainer obsessed with reps: volume, volume, volume. Margins? They’ll come later, promise. Thailand is sweating, Chennai is finally waking up, and India is back to peak market share nostalgia.
But before you celebrate, remember: this party runs on capacity utilisation, not pricing power. And volume-led strategies have a habit of looking great… until they don’t.
Stick around. The real masala is in how profits doubled while margins barely moved. 🍿
2. At a Glance
- Revenue up 38% YoY – ₹300-cr barrier broken; management unlocked a new dopamine level.
- EBITDA up 54% – Operating leverage finally decided to show up.
- PAT up 122% – Profits said, “Margins who?” and sprinted ahead.
- Volumes up 32% – Peak tonnage achieved; factories running like Mumbai locals.
- EBITDA margin at 13.4% – Barely budged; volume did the heavy lifting.
3. Management’s Key Commentary
“Revenue grew by 38% YoY while EBITDA grew 54% and PAT strengthened 122%.”
(Translation: Volumes saved the day, accounting did the rest
😏)
“Revenues crossed ₹300 crore for the first time in the company’s existence.”
(Translation: Please clap. This slide was long overdue 👏)
“EBITDA of ₹40.39 crore is the highest in 14 quarters.”
(Translation: After a long diet, operating leverage finally ate carbs)
“Market share returned to its erstwhile peaks.”
(Translation: We lost it earlier, but let’s not talk about that 🙃)
“The strategic shift from value to volume-value was a game changer.”
(Translation: Pricing power was missing, so we sold more instead)
“Chennai plant capacity utilisation has already reached 70%.”
(Translation: The new kid is finally pulling its weight 🏭)
4. Numbers Decoded
| Metric | Q3 FY26 | YoY | Edu Take |
|---|---|---|---|
| Sales Volume (MT) | 35,610 | +32% | Volume obsession confirmed |
| Revenue (₹ Cr) | 301.5 | +38% | First ₹300-cr quarter |
| EBITDA (₹ Cr) | 40.4 | +54% | Operating leverage magic |
| PAT (₹ Cr) | 20.7 | +122% | Profits on steroids |
| EBITDA Margin | 13.4% | +138 bps | Stable, not spectacular |
Decoded: This quarter was less about pricing power and more about sweating assets harder.
5. Analyst
