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)