• The document is a regulatory filing containing the transcript of an earnings conference call held on Thursday, 28th May, 2026 at 12:00 Noon IST to discuss Q4 and FY 2026 results.
  • The stated purpose of the event was to discuss business and performance highlights for the period ended March 2026, growth plans, and vision for the coming year.
  • Management participants included:
  • Mr. M.C. Garg – Chairman
  • Mr. Ram Aggarwal – Chief Executive Officer
  • Mr. Sanjay Bansal – Chief Financial Officer
  • The conference was moderated by Mr. Vinay Pandit from Kaptify Consulting Investor Relations.
  • The company discussed Q4 FY26 consolidated revenues of INR1,097 crores and Profit After Tax increasing by 34% year-on-year to more than INR56 crores. EBITDA margins expanded to above 10%.
  • For full FY26, consolidated revenues crossed INR4,100 crores with Profit After Tax at INR182.58 crores, registering a growth of 10.20%. Earnings per share stood at INR56.07 per share.
  • Key strategic themes discussed included transformation from conventional steel products to diversified engineering solutions, with focus on defense, renewable energy, railways, and infrastructure sectors.
  • Defense business generated INR46 crores revenue with INR29 crores EBITDA in FY26 (primarily from 2-3 months of operation). Capacity is being expanded from 150,000 to 400,000 artillery shells with expected FY27 defense revenue of INR250-300 crores at 30-35% EBITDA margins.
  • The company indicated no unpublished price sensitive information (UPSI) was shared during the call.

Additional Notes Section

  • The document includes the full transcript of the earnings conference call with detailed Q&A session covering operational performance, capacity expansion, margin outlook, and geopolitical impacts.
  • Financial data was disclosed including quarterly and annual results, segment performance, capacity utilization (94% in FY26), and debt position (INR1,000 crores total debt with INR800 crores working capital loans and INR200 crores term loan).
  • The company addressed impacts of West Asia crisis on supply chain disruptions and working capital, while expressing confidence in maintaining margins through product and market reshuffling.
  • Capex guidance for FY27 includes ongoing projects for GI conduit pipes and front fork tubes, with potential INR400 crores defense capacity expansion that may span into FY28.