Date: September 25, 2026

Board Meeting Outcomes

  • The company executed a Memorandum of Understanding dated September 25, 2026 with Bajaj Tubular Products Private Limited, Pune, Maharashtra
  • The MOU establishes a structured commercial framework for proposed procurement of TMT Bars

Operational / Strategic Disclosures

MOU Key Terms:

  • Parties: Rhetan TMT Limited and Bajaj Tubular Products Private Limited
  • Counterparty Profile: Bajaj Tubular is engaged in trading and supply of steel tubular products, infrastructure raw materials, iron ingots, steel ingots and iron pipes, with registered office in Pune, Maharashtra
  • Nature and Purpose: Commercial framework for proposed procurement of TMT Bars by Bajaj Tubular from Rhetan TMT Limited
  • Indicative Proposed Quantity: Approximately 20,000 Metric Tonnes (MT) of TMT Bars during the term
  • Term/Time Period: 24 months from date of execution (September 25, 2026), unless extended or terminated earlier
  • Procurement Mechanism: Purchase orders to be placed from time to time based on actual business/project requirements, with each purchase order separately issued by Bajaj Tubular and accepted by Rhetan TMT Limited
  • Product Specifications: Grades, sizes, specifications, quality requirements and other product parameters will be mutually agreed and specified in each purchase order
  • Price and Commercial Terms: Price not fixed under MOU; will be mutually agreed for each purchase order based on prevailing market conditions, taxes, duties, freight, transportation costs and other relevant commercial factors
  • Delivery and Payment Terms: Delivery schedule, location, payment terms, freight/transport arrangements to be set out in respective purchase orders
  • Nature of Commitment: The approximately 20,000 MT quantity is indicative and does not constitute an unconditional or irrevocable purchase commitment
  • Termination: Either party may terminate by giving 30 days' prior written notice
  • Governing Law/Jurisdiction: Governed by laws of India; exclusive jurisdiction of competent courts at Ahmedabad, Gujarat

Commercial Potential Assessment:

  • Management estimates broader commercial potential of approximately ₹250-300 crore over the 24-month period
  • This represents an internal business opportunity assessment, not a contracted order value or assured revenue
  • Estimate based on current internal commercial assessment of broader relationship, expected product mix, potential order frequency, prevailing and anticipated market realisations

Strategic Significance:

  • Provides defined starting framework for approximately 20,000 MT of TMT Bars
  • Creates potential for repeat procurement and continuing customer relationship over 24 months
  • Supports company's efforts to widen customer network, strengthen market presence and diversify sales channels
  • May support higher sales volumes, improved utilisation of manufacturing capabilities and larger recurring business base

Important Clarifications:

  • MOU does not constitute unconditional purchase commitment by Bajaj Tubular or unconditional supply obligation by Rhetan TMT
  • Actual supplies will arise only upon issuance and acceptance of individual purchase orders
  • ₹250-300 crore figure is management's current estimate and not stated in the MOU itself
  • Actual business and revenue may be materially higher or lower depending on quantities ordered, product mix, prices, market conditions, delivery schedules, and production availability