Riddhi Steel & Tube H1FY27 Net Profit Drops 42% as Revenue Falls 44%

Riddhi Steel & Tube reported a net profit of ₹353.68 lakh for the half year ended September 30, 2026, down 42% from ₹608.39 lakh a year earlier, ScanX reported on November 4, 2026. Revenue from operations fell 44% to ₹1,370.87 lakh from ₹2,467.99 lakh in H1FY26.

Riddhi Steel's Revenue and Margin Squeeze

Riddhi Steel & Tube makes and sells iron and steel products as its single operating segment. The company is an Ahmedabad-based manufacturer and exporter of ERW steel tubes and pipes, supplying infrastructure, energy, industrial and government projects since 2002, according to its company profile.

Total income fell 44% to ₹1,379.90 lakh from ₹2,482.97 lakh. Earnings per share for basic and diluted shares stood at ₹2.84, compared with ₹7.34 in H1FY26. The cost of materials consumed declined 33% to ₹1,467.92 lakh from ₹2,187.09 lakh, a smaller drop than revenue. Finance costs rose 10% year on year to ₹744.54 lakh.

Cash flow from operating activities turned negative at ₹1,726.71 lakh, against a positive ₹605.16 lakh in FY26, driven by inventory outflows of ₹1,959.64 lakh and trade receivables outflows of ₹1,103.56 lakh. Long-term borrowings rose to ₹6,972.87 lakh as of September 30, 2026, from ₹4,485.41 lakh in March 2026, while short-term borrowings increased marginally to ₹9,650.77 lakh.

The board meeting on November 4, 2026 approved the unaudited results and the appointment of M/s. G R Shah & Associates as Secretarial Auditor for FY27, with Mr. Gaurang Shah as proprietor. M/s. C. P. Shah & Associates, Chartered Accountants, was appointed Internal Auditor.

Riddhi Steel's Long-Term Borrowing Growth

Company records show Riddhi Steel & Tube has manufactured ERW steel tubes and pipes for more than two decades, according to akta.pro company records. The same records list a headcount range of 101-250 and leadership including Mr. Rajesh Mittal as Chairman and Managing Director, Mr. Rajat Mittal as Managing Director and Ms. Preeti Mittal as Director.

Northwest Pipe and Kirloskar Ferrous Results Ahead

Peer tube and steel producers have also given recent earnings signals. TradingView reported on October 27, 2026 that Northwest Pipe will report Q3 earnings, after beating analysts' revenue expectations last quarter with $159.5 million, up 19.7% year on year. CNBCTV18 reported on November 2, 2026 that Kirloskar Ferrous Industries expects casting volumes to cross 2 lakh tonnes annually and targets ₹1,000 crore EBITDA for the full year.

Riddhi Steel's FY27 Auditor Appointments

The board approved the FY27 auditor appointments on November 4, 2026, based on the Audit Committee's recommendation, alongside the unaudited results for the half year ended September 30, 2026.