Key Financial Highlights (H1 FY27)

  • Revenue from Operations: ₹34,750 lakhs
  • Operating EBITDA: ₹6,850 lakhs (19.7% margin)
  • PAT (attributable to owners): ₹4,074 lakhs (10.9% margin)
  • EPS: ₹1.81
  • Annualized ROCE: 9.7%
  • Annualized ROE: 10.0%

Business Segment Revenue (H1 FY27)

  • CGL Complex: ₹17,455 lakhs (includes GI products)
  • Rolling Mill (TMT Bars): ₹5,246 lakhs (excludes Bansal Super TMT Rebars)
  • Pipes & Tubes: ₹6,305 lakhs
  • Logistics: ₹2,846 lakhs
  • Others: ₹2,898 lakhs

Balance Sheet Position (as of September 30, 2026)

  • Net Worth: ₹83,503 lakhs
  • Net Debt: ₹58,852 lakhs
  • Capital Employed: ₹1,47,204 lakhs (includes ₹307.5 crore Bokaro project debt)
  • Net Fixed Assets: ₹1,03,501 lakhs
  • Net Current Assets: ₹30,848 lakhs (excludes cash, investments, short-term borrowings, and current lease liabilities)
  • Total Assets: ₹1,56,550 lakhs

Operational and Solvency Ratios (H1 FY27 Annualized)

  • Sales/Capital Employed: 0.52
  • Cash Conversion Cycle Days: 107 (calculated on operating income)
  • Net Debt/Equity: 0.70
  • Net Debt/Operating EBITDA: 4.30
  • Interest Coverage Ratio: 5.69

Bokaro Expansion Project Update

  • Total Project Cost: ₹803 crore
  • Capex deployed as of September 30, 2026: ₹516.4 crore
  • Internal Accruals: ₹208.9 crore
  • Debt Drawdown: ₹307.5 crore
  • Phase 1 commissioning: Colour Coating line commenced operations on October 5, 2026
  • Location: Bokaro, Jharkhand
  • Proposed capacities:
  • Cold Rolled Full Hard Coils: 5,50,000 TPA
  • GA/GI/ZAM Coils: 5,40,000 TPA
  • Colour Coated Coils: 2,00,000 TPA
  • Funding: ₹500 crore debt tied up from consortium led by SBI, HDFC Bank, and Yes Bank
  • Strategic partnerships: Indian Oil Corporation Limited for PNG supply to Bokaro facility

Regulatory Benefits

  • Qualified under PLI 1.1 Scheme for Coated/Plated Steel category (performance-linked incentives on sales up to FY29)
  • Benefits under Jharkhand Industrial & Investment Promotion Policy (capital subsidies, SGST reimbursements, power-duty incentives)

Management Structure

Board of Directors:

  • Ram Gopal Bansal: Chairman & Whole-time Director (50+ years experience)
  • Harsh Bansal: Managing Director (25+ years experience, Executive MBA Harvard)
  • Vivek Bansal: Managing Director (19+ years experience)
  • Joginder Pal Dua: Independent Director (former CMD of Allahabad Bank)
  • Other independent directors with expertise in marketing, administration, and company secretariat

Execution Team:

  • Vikram Kapur: Chief Financial Officer (31+ years experience)
  • Rajat Kumar Kulshrestha: CBO - Sales & Marketing (28+ years experience)
  • R.K. Singh: VP - Finance (30 years experience)
  • Avinash Jha: VP - Operations (23 years experience)
  • Yash More: AVP - Commercial (13 years experience)
  • Other operational executives with steel industry expertise

ESG Initiatives

  • Installed solar panels across facilities to reduce carbon footprint
  • Achieved Zero Liquid Discharge at all plants
  • Planted 5,000 out of targeted 10,000 trees at factory
  • Annual Health Check-up Camp: 600+ beneficiaries
  • Eye Check-up Camp: 550+ beneficiaries
  • Free Artificial Limb and Caliper Camp: 200+ beneficiaries

Historical Financial Performance

FY24-FY26 Summary:

  • Revenue: ₹59,819 lakhs (FY24) → ₹62,862 lakhs (FY25) → ₹66,523 lakhs (FY26)
  • Operating EBITDA: ₹15,706 lakhs (FY24) → ₹14,815 lakhs (FY25) → ₹16,514 lakhs (FY26)
  • PAT: ₹6,375 lakhs (FY24) → ₹7,505 lakhs (FY25) → ₹8,112 lakhs (FY26)
  • EPS: ₹2.83 (FY24) → ₹3.33 (FY25) → ₹3.59 (FY26)

Product Portfolio and Capacity

Existing Operations:

  • CGL Complex: 10,14,000 MT capacity (HRPO coils, HR slit coils, GP coils, GC sheets)
  • Rolling Mill: 7,32,000 MT capacity (TMT bars)
  • Pipes & Tubes: 1,80,000 MT capacity (hot rolled and cold rolled hollow sections)

Investment Thesis Highlights

  • 40 years of management expertise
  • Location advantage in key industrial hubs
  • Integrated manufacturing capabilities
  • Conservative balance sheet management
  • Strategic move toward specialty steel products
  • Strong industry growth drivers
  • Bokaro capacity expansion driving diversification

Industry Context

  • India's crude steel production: 151.14 MT in FY25 (#2 globally)
  • Projected steel capacity: 300 MT by FY30
  • Finished steel consumption: 150.23 MT in FY25 (+10% YoY)
  • India market CAGR (2025-33): 6.2%
  • Structural supply gaps in specialized flat steel segments (97% of FY25 imports)