Rathi Industries Limited, established in 1942 and headquartered in New Delhi, is a well-known player in India’s steel sector, primarily engaged in manufacturing Thermo-Mechanically Treated (TMT) bars under the brand “RATHI STELMAX.” The company operates four rolling mills in Uttar Pradesh and has expanded its product range to include complete steel reinforcement solutions such as binding wires, stirrups, lintel beam kits, and construction accessories. It introduced advanced QST (Quenched and Self-Tempered) technology to enhance durability and resistance against earthquakes, fire, and corrosion. However, in recent years, the company has faced pressure on profitability, with operating margins declining sharply to around 0.5% in FY23 due to a shift from manufacturing to trading activities, reducing its competitive edge. Additionally, liquidity remains tight with high working capital utilization, though promoter support through funding is expected to help sustain operations.