Board Meeting Outcomes

The Board of Directors transacted the following businesses:

1. Approval of Financial Results: Approved the Unaudited Financial Results for the quarter ended June 30, 2026, along with the Limited Review Report by statutory auditors M/s. Chaturvedi & Shah LLP, in compliance with Regulation 33 of SEBI LODR Regulations, 2015.

2. Annual General Meeting: Approved convening of the 53rd Annual General Meeting on Saturday, September 12, 2026, through Video Conferencing/Other Audio Visual Means. The Register of Members and Share Transfer Register will remain closed from Sunday, September 6, 2026, to Saturday, September 12, 2026 (both days inclusive).

3. Auditor Re-appointment: Approved the re-appointment of M/s. Chaturvedi & Shah LLP, Chartered Accountants, Mumbai (Registration No. 101720W/W100355), as Statutory Auditors from the conclusion of the ensuing AGM for a period of 5 years until the conclusion of the AGM for financial year 2030-2031, subject to member approval. Details provided as per Regulation 30 read with SEBI Circular No. HO/49/14/14(7)2025-CFD-POD2/1/3762/2026 dated January 30, 2026.

The meeting commenced at 12:30 PM and concluded at 3:40 PM.

Financial Results Highlights (Quarter Ended June 30, 2026)

Standalone Financials (₹ in lakhs):

  • Revenue from Operations: ₹210,656
  • Total Expenses: ₹184,159
  • Profit Before Tax: ₹26,497
  • Tax Expenses (including Deferred Tax): ₹26497
  • Profit for the Period: ₹19,392
  • Other Comprehensive Income (Net of Tax): ₹67
  • Total Comprehensive Income: ₹19,459
  • Paid-up Equity Share Capital: ₹97,099 (Face Value ₹10 per share)
  • Other Equity excluding Revaluation Reserve: ₹187,015

Comparative Figures:

  • Previous Quarter (March 31, 2026): Profit for Period ₹19,087 lakh; Total Comprehensive Income ₹19,321 lakh
  • Corresponding Quarter Previous Year (June 30, 2025): Profit for Period ₹9,302 lakh; Total Comprehensive Income ₹9,292 lakh

Segment Information (Quarter Ended June 30, 2026)

Segment Revenue (₹ in lakhs):

  • Steel: ₹199,224
  • Iron & Steel Castings: ₹12,512
  • Others: -
  • Less: Inter Segment Revenue: ₹1,080
  • Revenue from Operations: ₹210,656

Segment Results (Profit Before Tax) (₹ in lakhs):

  • Steel: ₹34,085
  • Iron & Steel Castings: ₹84
  • Others: -
  • Total Segment Results: ₹34,169
  • Less: Finance Cost: ₹6,553
  • Less: Other Un-allocable Expenditure: ₹1,813
  • Add: Unallocated Income: ₹694
  • Profit Before Exceptional Items and Tax: ₹26,497

Segment Assets (₹ in lakhs):

  • Steel: ₹509,100
  • Iron & Steel Castings: ₹30,023
  • Others: ₹55
  • Unallocated: ₹49,833
  • Total Segment Assets: ₹589,011

Segment Liabilities (₹ in lakhs):

  • Steel: ₹71,511
  • Iron & Steel Castings: ₹9,199
  • Others: -
  • Unallocated: ₹204,707
  • Total Segment Liabilities: ₹285,417

Notes to Financial Statements

1. ED Attachment Matter: The Directorate of Enforcement (ED) had provisionally attached certain properties, plant and machinery at Dagori and Siltara for ₹30,758 lakhs for alleged misuse of coal from Gare Palma IV/4 coal block. The PMLA Appellate Tribunal stayed this attachment.

The Court of Special Judge, New Delhi (CBI Court) discharged the Company, Mr. Arvind Jayaswal, and Mr. Ramesh Jayaswal under Sections 3 and 4 of PMLA, 2002, holding no money laundering offense in absence of cheating charges in coal block allocation.

The Appellate Tribunal allowed the Company's appeals and set aside the Provisional Attachment orders on November 28, 2024. The ED challenged the CBI Court order in the Supreme Court via Special Leave Petition.

The Supreme Court gave oral directions to the Company not to press its application for release of attached properties filed with the CBI Court. The Company gave an oral undertaking that it would not press for early adjudication.

2. Associate Company: The Company jointly holds equity share capital of "Maa Usha Urja Private Limited" without having any beneficiary interest in those shares. Accordingly, consolidated financial statements are not required.

3. Comparative Figures: Figures for corresponding previous period have been rearranged/regrouped for comparability. Figures for quarter ended March 31, 2026, represent the difference between audited full-year figures and unaudited published figures for nine months ended December 31, 2025.

4. Segment Reporting: The Company has identified reportable segments as per Ind AS 108:

  • Steel Segment: Manufacture and sale of Pellets, Pig Iron, Sponge Iron, Billets, Rolled Products including captive power plants at Chhattisgarh and Maharashtra units, and mining activities
  • Iron and Steel Castings Segment: Manufacture and sale of Engineering, Construction and Automotive Castings with production facilities at Nagpur, Maharashtra and Anjora, Chhattisgarh
  • Other Segment: Trading of Coal & PVC pipes
  • Unallocated: Income, expenses, assets and liabilities not directly identifiable to any segments
  • All operations are within India with no identified Geographical Segment

Auditor Information

M/s. Chaturvedi & Shah LLP, Chartered Accountants, provided their Limited Review Report dated July 17, 2026. The firm was founded in 1967 and is one of the largest audit firms catering to various large corporate clients in diverse sectors. Their services include Assurance, Taxation, Corporate and Transaction advisory. They are on the panel of C&AG, RBI, IRDA and other regulators.