Company Disclosure: Unaudited Financial Results Q2 FY2027
Financial Performance Highlights
Consolidated Profit and Loss Statement (₹ crore):
- Revenue from operations: ₹1,146 crore in Q2 FY27 (flat QoQ, +13% YoY)
- Other income: ₹18 crore in Q2 FY27 (-1% QoQ, +37% YoY)
- Total income: ₹1,164 crore in Q2 FY27 (flat QoQ, +13% YoY)
- Cost of raw materials consumed: ₹794 crore in Q2 FY27 (-10% QoQ, +9% YoY)
- Employee benefits expense: ₹42 crore in Q2 FY27 (+8% QoQ, +24% YoY)
- Finance cost: ₹9 crore in Q2 FY27 (+8% QoQ, +1% YoY)
- Depreciation and amortization: ₹36 crore in Q2 FY27 (+18% QoQ, +9% YoY)
- Profit before tax: ₹83 crore in Q2 FY27 (-50% QoQ, -19% YoY)
- Tax expense: ₹23 crore in Q2 FY27 (-45% QoQ, +44% YoY)
- Net profit: ₹61 crore in Q2 FY27 (-51% QoQ, -31% YoY compared to Q2 FY26 PAT of ₹87 crore including share of profit from associate)
Key Financial Metrics:
- Net debt/EBITDA: 0.64x
- Debt/Equity: 0.289
- ROCE: 7.09% (as of September 2026)
- EBITDA per tonne: ₹6,149 in Q2 FY27 (down from ₹6,618 in Q2 FY26)
Operational Performance
Production Volumes (Q2 FY27 vs Q1 FY27 vs Q2 FY26):
- Power Plant: 45 MWH (-61% QoQ, -17% YoY)
- Pellet: 228 KT (+103% QoQ, +23% YoY) - Gorakhpur plant only
- DRI - Sponge Iron: 204 KT (-14% QoQ, -6% YoY)
- Billets - Steel Melt Shop: 180 KT (-22% QoQ, -12% YoY)
- TMT Bars - Rolling Mills: 162 KT (-18% QoQ, -10% YoY)
Sales Volumes (Q2 FY27 vs Q1 FY27 vs Q2 FY26):
- Pellet: 21 KT (0% QoQ, -16% YoY)
- DRI - Sponge Iron: 46 KT (+274% QoQ, +35% YoY)
- Billets - Steel Melt Shop: 20 KT (-25% QoQ, -12% YoY)
- TMT Bars - Rolling Mills: 164 KT (-14% QoQ, -7% YoY)
Capital Expenditure Program
Total Capex Plan: ₹3,000 crore by FY 2029-2030
Amount spent till September 30, 2026: ₹652.54 crore
Gorakhpur Unit Capex Breakdown (₹ crore):
- Steelmaking capacity: Plan ₹330.00, Spent ₹318.62, Balance ₹11.38
- Raw-material deepening: Plan ₹249.00, Spent ₹8.25, Balance ₹240.75
- Solar: Plan ₹175.00, Spent ₹3.74, Balance ₹171.26
- Thermal: Plan ₹106.00, Spent ₹107.99, Balance (₹1.99)
- Total: Plan ₹860.00, Spent ₹438.60, Balance ₹421.40
Kutch Unit Capex Breakdown (₹ crore):
- Steelmaking capacity: Plan ₹236.00, Spent ₹127.00, Balance ₹109.00
- Solar: Plan ₹50.00, Spent ₹39.58, Balance ₹10.42
- Thermal: Plan ₹45.00, Spent ₹47.36, Balance (₹2.36)
- Total: Plan ₹331.00, Spent ₹213.94, Balance ₹117.06
Capacity and Expansion Plans
Current Capacities:
- Finished Steel: 1.0 MMTPA
- Captive Power: 129 MW
- Workforce: 5,000+
- Land Bank: ₹300 crore
Capacity Enhancement Plans:
- Steelmaking capacity to increase from 9,93,300 MT to 12,29,000 MT (debottlenecking)
- Thermal power from 129 MW to 160 MW
- Solar power from 7 MW to 85 MW
- Iron ore mines target: 70,00,000 MT capacity
Project Status Updates:
- Solar 18 MW, Sidhpur: Commissioned July 2026
- Solar 60 MW, Prayagraj: Expected Q4 FY27
- Capacity to ~12.3 lakh MT: About to start Q3 FY27
- Iron ore mines (operational): Target FY30
Market Position and Brand Strength
- Largest rebar producer in Uttar Pradesh with 25% market share
- 3,000+ dealers network
- 2-3% realization premium versus unbranded peers
- Brand awareness increased ~35% in core markets
- Brand ambassadors: Ajay Devgn & Janhvi Kapoor
- Share of premium grades in TMT sales: ~35%
- Working capital efficiency: 15-day DSO (Days Sales Outstanding)
Mining Assets
- Todpura (Rajasthan): ~85 MT iron ore reserves
- Sonbhadra (UP): ~51 MT iron ore reserves (431 hectares)
- Targeted cost gain: about ₹2,000 per tonne from mine development
Logistics and Technology
- Dedicated rail rakes, in-house siding and mechanized tipplers
- Annual cost savings: ₹3.50 crore from logistics optimization
- SAP Implementation, Salesforce CRM, digitization of SOPs
- AI-led Plant Automation
ESG Initiatives
Environmental Performance:
- CSR spend over 5 years: ₹47 crore
- Beneficiaries: 50,000+
- Meals served per year: 7 lakh
- Students supported: 3,000+
- Schools upgraded: 250+
- Para athletes supported: 100+
Governance Structure:
- Mr. Chandra Prakash Agrawal: Chairman & MD (40+ years experience)
- Mr. Nitin Kandoi: Whole Time Director (25+ years experience)
- Mr. Prem Prakash Agrawal: Whole Time Director (30+ years experience)
- Mr. Dindayal Jalan: Vice Chairman & Whole Time Director (40+ years experience)
- Mr. Dinesh R. Agrawal: Whole Time Director (30+ years experience)
- Independent Directors: Mr. Atul Kumar Gupta, Mr. Ashtbhuja P Srivastava, Mrs. Nishi Agrawal, Mr. Sanjay Kumar Jain, Mr. Kishore Pariyar
Industry Outlook
Global Steel Market:
- China's steel demand declined -1.5% in 2026
- China finished steel exports reached record 119 MT in 2025 (+7.5% YoY)
- US Section 232 steel tariffs increased to 50%
- EU CBAM implementation accelerating transition to low-carbon steel
- India's safeguard duty effective April 2025 for 200 days
India Steel Market:
- India contributed 43% of incremental steel demand growth outside China
- Steel demand expected to grow 8-8.5% in 2026
- Crude steel production grew 10.4% YoY to 165 MT in 2025
- National Steel Policy target: 300 MT steel production capacity by FY31
- India targets 604 MT steelmaking capacity by 2047
- UP infrastructure allocation: ₹1.78 lakh crore for FY27
Shareholding Pattern (as on September 30, 2026)
- Promoters: 70.98% (70.03% in June 2026)
- DIIs: 0.09% (0.10% in June 2026)
- Public and others: 29.02% (29.87% in June 2026)
- Shares outstanding: 24,12,80,945
- Share price (BSE): ₹537.90 (₹690.65 in June 2026)
- Market capitalization: ₹12,978 crore (₹16,664 crore in June 2026)