Key Quantitative Figures (₹ in Lakhs, except per share data)

Quarter Ended 30 September 2026 (Q2 FY27):

  • Revenue from Operations: 219,446
  • Total Income: 220,094
  • Profit Before Tax (PBT): 30,745
  • Tax Expense: 7,783 (Deferred Tax: 7,783; Income Tax for earlier years: 0)
  • Profit for the Period (after tax): 22,981
  • Other Comprehensive Income (Net of Tax): 67
  • Total Comprehensive Income: 23,048
  • Earnings Per Share (Basic & Diluted): ₹2.00

Half Year Ended 30 September 2026 (H1 FY27):

  • Revenue from Operations: 430,102
  • Total Income: 431,924
  • Profit Before Tax (PBT): 57,242
  • Tax Expense: 14,786 (Deferred Tax: 14,786; Income Tax for earlier years: 0)
  • Profit for the Period (after tax): 42,373
  • Other Comprehensive Income (Net of Tax): 134
  • Total Comprehensive Income: 42,507
  • Earnings Per Share (Basic & Diluted): ₹4.36

Comparative Figures (Q2 FY26):

  • Revenue from Operations: 178,100
  • Profit for the Period: 10,513
  • EPS: ₹1.08

Capital Structure:

  • Paid-up Equity Share Capital: 97,099 Lakhs (Face Value: ₹10 per share)

Segment-Wise Performance (Quarter Ended 30 September 2026)

  • Steel Segment Revenue: 206,128 Lakhs
  • Iron & Steel Castings Segment Revenue: 14,120 Lakhs
  • Others Segment Revenue: 410 Lakhs
  • Total Segment Revenue (before inter-segment elimination): 220,658 Lakhs
  • Inter-Segment Revenue: 1,212 Lakhs
  • Segment Profit (Steel): 37,013 Lakhs
  • Segment Profit (Iron & Steel Castings): 148 Lakhs

Legal and Regulatory Update (Emphasis of Matter by Auditors)

The auditors drew attention to Note No. 2 regarding the attachment of properties worth ₹30,758 Lakhs by the Directorate of Enforcement (ED). The PMLA Appellate Tribunal set aside the provisional attachment orders. The Company was discharged by the CBI Court, but the ED challenged this in the Supreme Court. The Supreme Court, on 29 July 2026, disposed of the ED's Special Leave Petition and directed them to approach the Delhi High Court (DHC). The DHC first listed the matter on 19 August 2026, with the next hearing scheduled for 28 October 2026. The CBI Court will keep the company's application for release of frozen assets pending until the DHC decides the revision petition.

Subsequent Event

On 1 October 2026, subsequent to the quarter end, the company allotted 2,24,39,134 warrants to Vibrant Enterprises on a preferential basis. Each warrant carries a right to subscribe to one equity share (Face Value: ₹10) at a price of ₹89.13 per share, aggregating to ₹20,000 Lakhs. 25% of the consideration (₹5,000 Lakhs) was received during the quarter. The warrants can be exercised within eighteen months from the date of allotment.

Other Events During the Quarter

The company redeemed 28,08,766 zero coupon, unlisted, unsecured, redeemable, non-convertible debentures (Face Value: ₹100 each) aggregating to ₹2,808 Lakhs from Maa Usha Urja Private Limited, utilizing internal accruals.

Cash Flow Highlights (Half Year Ended 30 September 2026)

  • Net Cash from Operating Activities: 96,817 Lakhs
  • Net Cash Used in Investing Activities: (19,967) Lakhs
  • Net Cash Used in Financing Activities: (65,171) Lakhs
  • Net Increase in Cash and Cash Equivalents: 11,679 Lakhs
  • Cash and Cash Equivalents at period end: 24,287 Lakhs