Rudra Global Infra Products Limited

Basic Materials — Steel · NSE

₹18.79+₹0.24 (+1.29%)

DalalBaazaar Score

49 / 100

🟡 Moderate

Verdict

NEUTRAL

Risk

High

Driven by moderate debt load, negative free cash flow, micro-cap size, which brings thin liquidity.

In simple words: Strong business and financial position, though profits are falling even as sales grow. Cash generation is currently the main factor to watch.

Decision support, not a buy or sell call.

As of 18 Oct 2026, 6:08 pm

Mixed / neutral. No major red flags jump out, but nothing here screams "obviously cheap" either. This is a name that needs a peer comparison and a view on near-term earnings triggers before sizing a position.

Understanding the Business

Company site ↗

The 60-second version of Rudra Global Infra Products Limited — what it does, how it earns, and who it competes with, before any of the numbers below.

What does this company do?

Rudra Global Infra Products Limited manufactures and trades billets and TMT bars in India. The company is also involved in ship recycling, oxygen plant, induction furnace, and re-rolling mill businesses. It offers its products under the Rudra TMX brand.

IndustrySteel

SectorBasic Materials

Employees77

Annual revenue₹622 Cr

How does it make money?

Turns over ₹622 Cr a year. Of every ₹100 of sales, about ₹2 reaches shareholders as profit, with ₹6 left at the operating level before interest, tax and depreciation. Each of its 77 employees supports ₹8.08 Cr of revenue a year, the signature of a capital- or asset-led business.

EBITDA margin6.0%

Net margin2.2%

Revenue / employee₹8.08 Cr

Who are its competitors?

The closest listed comparisons in its industry are TATA STEEL LIMITED, JSW STEEL LIMITED, JINDAL STEEL LIMITED, STEEL AUTHORITY OF INDIA. These are the companies its valuation and returns are measured against elsewhere in this report.

TATA STEEL LIMITEDP/E 19.8x · ROE 10.8%

JSW STEEL LIMITEDP/E 12.0x · ROE 24.7%

JINDAL STEEL LIMITEDP/E 39.1x · ROE 5.3%

STEEL AUTHORITY OF INDIAP/E 16.5x · ROE 7.1%

What is its competitive advantage?Some evidence

ROCE of 19.0% is above what capital typically costs, which suggests some pricing power, though not yet the sustained, wide gap that marks a durable advantage.

ROCE19.0%

ROE9.7%

Peer median ROE10.8%

What has been driving growth?

Sales and margins have both contributed to where profit is now. Over 3 years revenue moved +39% while net margin moved -30% relative to itself. What this cannot tell you is which products, customers or geographies did the work — that lives in the segment disclosures of the annual report.

Revenue effect+39%

Margin effect-30%

DalalBaazaar Score

49/ 100

Moderate

Weighted across six categories. Every point is explained below.

✗ ROE of 9.7% is weak
✗ ROE has fallen by 5.2 points over the period

Quality vs. Valuation

Company Quality

44/ 100

Weak

How good the business is, ignoring the share price entirely.

Valuation

74/ 100

Cheap

What you are being asked to pay, ignoring how good the business is.

Optically cheap, but the underlying business scores poorly. Cheap-and-weak is what a value trap looks like from the outside — the low price may be deserved.

Historical Valuation

Current P/E

14.2x

1.0Y Median

15.3x

12 monthly readings · mean 16.0x · range 13.1x–22.4x

Sector Median

18.2x

median of 4 sector peers

🟡Currently trading close to its 1.0y median of 15.3x — the market is paying about what it usually pays for this company.

🟢Against its sector it trades 22% below the peer median of 18.2x.

vs. its own history

Fair

15.3x median over 12 months · -7%

vs. sector peers

Cheap

18.2x median of 4 peers · -22%

vs. generic bands

Cheap

Below 15x

P/E (Trailing)

14.2x

P/B

1.41x

EV/EBITDA

8.7x

PEG

—

Dividend Yield

None

What's Good / What's Bad

🟢 What's Going Well1

Consistently profitable
Profitable in every one of the last 4 reported years.

🔴 What Needs Attention2

Free cash flow is negative
The business is not currently covering its capital spending from operations.
Return on equity is falling
ROE has dropped from 14.9% to 9.7% — each rupee of shareholder capital earns less than it did.

Red Flags

1 item require attention · 1 high

🔴Free cash flow negative for 3 yearsFinancial
The business has not covered its capital spending from operations for several years running, which has to be funded externally.

Investment Thesis

🟢 Bull CaseWhat could make this work?

Capital compounds at a high rate
ROCE of 19.0% means each rupee reinvested earns well above what capital costs. If the company can keep deploying at this rate, growth creates value rather than just consuming cash.
Cheaper than its peers
It trades 22% below the sector median. Either the market sees a problem the numbers do not show, or the discount closes.
Earnings have proved durable
Profitable in every one of the last 4 reported years. Consistency lowers the risk that any single bad year is structural rather than cyclical.

🔴 Bear CaseWhat could go wrong?

The debt load needs earnings to hold up
Debt is 3.6x EBITDA. At that level a downturn in earnings turns a manageable balance sheet into a refinancing problem, and lenders get paid before shareholders.
Returns on shareholder capital are falling
ROE has dropped from 14.9% to 9.7%. Each rupee of equity earns less than it did, so profit growth increasingly depends on raising more capital rather than on the existing base working harder.
Size brings its own risk
Micro Cap businesses are thinly traded, so exits are harder in a falling market and single events move the price more than they would for a larger company.

🟡 Key Things to WatchMeasurable tripwires, set against where this company stands today

1Revenue growth stays above 9% a year✓ 11.6% CAGR
Latest reported year was 6.7%. The bar is set below the established compounding rate, so ordinary variation does not trip it.
2EBITDA margin holds above 4%✓ 6.0%
Two points below today's level — enough room for noise, tight enough to catch real compression.
3Debt / EBITDA falls below 3x✗ 3.6x
Already stretched, so this is a reduction target rather than a level to hold. Around 3x is where lenders typically start attaching conditions.
4Free cash flow remains positive✗ -₹1 Cr
Profit that never becomes cash eventually stops being profit.
5Interest cover stays above 3x✗ 2.6x
How much operating profit can fall before interest stops being comfortably covered.

Investment Checklist

6 / 11 checks passed

✗ Strong return on equity (ROE ≥ 15%)
✓ Strong return on capital employed (ROCE ≥ 15%)
✗ Healthy net margin (≥ 10%)
✗ Generates positive free cash flow
✓ Manageable leverage (Debt/Equity < 1.0)
✓ Adequate short-term liquidity (Current Ratio ≥ 1.0)
✓ Revenue growing year-over-year
✗ Profit growing year-over-year
✓ Not trading at an extreme valuation (P/E < 40x)
✓ Not buying right at the 52-week high
✗ Short-term technical trend isn't bearish

Price history

Quick Metrics

4 good · 5 neutral · 2 weak

Market Cap

₹189 Cr

Micro Cap

Smaller company — thin liquidity and deep drawdowns are normal here

P/E (Trailing)

14.2x

Cheap

Cheap against the generic band

P/B Ratio

1.41x

Reasonable

Reasonable against the company's book value

EPS (TTM)

₹1.32

Profitable

Profitable on a per-share basis

ROE

9.7%

Moderate

Moderate capital efficiency

ROCE

19.0%

Strong

Earns comfortably above its likely cost of capital

Debt/Equity

0.97x

Moderate

Moderate leverage

Revenue Growth (YoY)

6.7%

Modest

Modest growth

Profit Growth (YoY)

-7.7%

Falling

Profits are shrinking

Dividend Yield

None

No dividend yield reported — usually means no payout, but verify if one was recently initiated

Free Cash Flow

-₹1 Cr

Cash burning

Spending more cash than the operations bring in

More Metrics

CMP

₹18.79

Operating Margin

5.6%

Average

Average margins

Net Margin

2.1%

Weak

Very little revenue reaches the bottom line

Current Ratio

1.32

Comfortable

Healthy short-term liquidity

Beta (vs Nifty)

0.17

Defensive

Steadier than the market

52W Range Position

28%

Mid-range

Technical Snapshot

SMA 20 / SMA 50

19.0 / 20.0

Bearish alignment (short < long)

Price vs SMA 200

Below

Long-term downtrend

RSI (14)

44.3

Neutral momentum

Financial Trend (4-Year)

Metric	FY23	FY24	FY25	FY26	3Y CAGR
Revenue	₹448 Cr	₹553 Cr	₹558 Cr	₹622 Cr	+11.6%
EBITDA	₹28 Cr	₹39 Cr	₹34 Cr	₹37 Cr	+9.5%
EBITDA Margin	6.3%	7.0%	6.0%	6.0%	—
PAT (Net Profit)	₹14 Cr	₹21 Cr	₹11 Cr	₹14 Cr	-0.9%
EPS	₹1.38	₹2.07	₹1.13	₹1.35	-0.8%
ROE	14.9%	18.3%	9.1%	9.7%	—
ROCE	18.2%	22.6%	20.9%	19.0%	—
Total Debt	₹115 Cr	₹131 Cr	₹120 Cr	₹135 Cr	+5.5%
Free Cash Flow	₹34 Cr	-₹3 Cr	-₹20 Cr	-₹1 Cr	—

🟢 Revenue has grown at 11.6% a year over 3 years.

🟢 EBITDA has grown at 9.5% a year over 3 years.

🟡 EBITDA Margin has held roughly flat at 6.0% over 3 years.

🟡 PAT (Net Profit) has been broadly flat over 3 years (-0.9% a year).

🟡 EPS has been broadly flat over 3 years (-0.8% a year).

🔴 ROE has fallen from 14.9% to 9.7% over 3 years (-5.2 pts).

🟡 ROCE has held roughly flat at 19.0% over 3 years.

🔴 Total Debt has grown at 5.5% a year over 3 years.

🔴 Free Cash Flow has turned negative, from ₹34 Cr to -₹1 Cr.

Balance Sheet & Cash Flow — FY2026

Total Assets

₹406 Cr

Total Liabilities

₹267 Cr

Total Debt

₹135 Cr

Cash & Equivalents

₹1 Cr

Operating Cash Flow

₹32 Cr

Capex

-₹34 Cr

Shareholding (proxy)

Institutional Holding

0.0%

Insider Holding

74.3%

Peer Comparison

Company	P/E	ROE
TATA STEEL LIMITED	19.8x	10.8%
JSW STEEL LIMITED	12.0x	24.7%
JINDAL STEEL LIMITED	39.1x	5.3%
STEEL AUTHORITY OF INDIA	16.5x	7.1%

Recent News

1 mixed1 negative4 general

Is Rudra Global Infra Products the Best Stock in Its Sector? A Look at the Numbers

Univest, 06 Oct

Rudra Global Infra Products consolidated net profit declines 7.42% in the June 2026 quarter

Business Standard, 14 AugResults

🔴Potentially negativeReported deterioration, which feeds the growth and margin inputs on this page directly.

Rudra Global Infra closes trading window ahead of Q2FY27 results

scanx.trade, 28 SeptResults

🟡Mixed / dependsA results event. The figures on this page update once the new statements reach the data feed, which usually lags the announcement.

RUDRA Stock Price and Chart — NSE:RUDRA

TradingView, 19 Dec

Rudra Global Infra appoints Swati Jain as Company Secretary

scanx.trade, 22 Sept

Regency Ceramics Ltd leads gainers in 'B' group

Business Standard, 12 Aug

Watch Items

Cross-check against the company's latest quarterly filing / investor presentation before acting.

DalalBaazaar Thesis

🟡Business QualityAdequate10.3/20

🟡Financial HealthAdequate10.5/20

🔴GrowthWeak7.7/20

🔴ProfitabilityWeak4.6/15

🟢ValuationAttractive11.8/15

🔴RiskHigh4.4/10

Cheap, but for a reason

The low price is the whole case here, and the business underneath scores poorly. Cheap-and-weak is what a value trap looks like from the outside — it needs a specific reason the numbers are about to improve, not just the observation that they are low. 1 high-severity red flag sits above this conclusion and should be read first.

This thesis breaks if

✓Revenue growth stays above 9% a year11.6% CAGR
✓EBITDA margin holds above 4%6.0%
✗Debt / EBITDA falls below 3x3.6x
✗Free cash flow remains positive-₹1 Cr
✗Interest cover stays above 3x2.6x