Financial Performance - Q2 FY27 (Standalone)

  • Total Income: ₹395.39 crore (vs. ₹244.75 crore in Q2 FY26, +61.55% YoY)
  • EBITDA: ₹36.59 crore (vs. ₹12.11 crore in Q2 FY26, +202.12% YoY)
  • EBITDA Margin: 9.26% (vs. 4.95% in Q2 FY26, +87.01% YoY)
  • PAT: ₹23.52 crore (vs. ₹4.01 crore in Q2 FY26, +486.74% YoY)
  • PAT Margin: 5.95% (vs. 1.64% in Q2 FY26, +263.20% YoY)
  • EPS: ₹3.59 (vs. ₹0.61 in Q2 FY26, +486.74% YoY)
  • Cash EPS: ₹4.02 (vs. ₹1.01 in Q2 FY26, +298.50% YoY)

Financial Performance - Q2 FY27 (Consolidated)

  • Total Income: ₹419.89 crore (vs. ₹263.63 crore in Q2 FY26, +59.27% YoY)
  • EBITDA: ₹38.21 crore (vs. ₹13.39 crore in Q2 FY26, +185.36% YoY)
  • EBITDA Margin: 9.10% (vs. 5.08% in Q2 FY26, +79.16% YoY)
  • PAT: ₹24.20 crore (vs. ₹4.50 crore in Q2 FY26, +437.44% YoY)
  • PAT Margin: 5.76% (vs. 1.71% in Q2 FY26, +237.43% YoY)
  • EPS: ₹3.69 (vs. ₹0.69 in Q2 FY26, +437.44% YoY)
  • Cash EPS: ₹4.19 (vs. ₹1.14 in Q2 FY26, +268.34% YoY)

Financial Performance - H1 FY27 (Standalone)

  • Total Income: ₹701.27 crore (vs. ₹448.23 crore in H1 FY26, +56.45% YoY)
  • EBITDA: ₹72.92 crore (vs. ₹24.65 crore in H1 FY26, +195.80% YoY)
  • EBITDA Margin: 10.40% (vs. 5.50% in H1 FY26, +89.07% YoY)
  • PAT: ₹45.90 crore (vs. ₹10.36 crore in H1 FY26, +343.22% YoY)
  • PAT Margin: 6.54% (vs. 2.31% in H1 FY26, +183.30% YoY)
  • EPS: ₹7.00 (vs. ₹1.58 in H1 FY26, +343.22% YoY)
  • Cash EPS: ₹7.85 (vs. ₹2.22 in H1 FY26, +254.44% YoY)

Financial Performance - H1 FY27 (Consolidated)

  • Total Income: ₹751.05 crore (vs. ₹483.63 crore in H1 FY26, +55.30% YoY)
  • EBITDA: ₹75.42 crore (vs. ₹26.65 crore in H1 FY26, +183.00% YoY)
  • EBITDA Margin: 10.04% (vs. 5.51% in H1 FY26, +82.24% YoY)
  • PAT: ₹46.84 crore (vs. ₹10.99 crore in H1 FY26, +326.31% YoY)
  • PAT Margin: 6.24% (vs. 2.27% in H1 FY26, +174.51% YoY)
  • EPS: ₹7.15 (vs. ₹1.68 in H1 FY26, +326.31% YoY)
  • Cash EPS: ₹8.13 (vs. ₹2.42 in H1 FY26, +236.43% YoY)

Operational Highlights

  • Sales of value-added coated steel products grew approximately 35% year-on-year
  • Aluzinc-Coated Steel Line operated at around 95% capacity utilization
  • Existing Colour-Coating Line continued to operate at full capacity
  • New Colour-Coating Line (CCL II) work progressing

Strategic Developments

  • Board approved ₹800 crore investment in specialty steel at Haldia facility
  • Investment expected to qualify for enhanced incentives under West Bengal Investment Promotion Policy, 2026 announced on 5th November 2026
  • Company awaiting detailed policy guidelines to submit Certificate of Intent (COI) to West Bengal Industrial Development Corporation (WBIDC)

Subsidiary Performance

  • Nigerian subsidiary Federated Steel Mills Ltd. (FSML) recorded approximately 38% year-on-year revenue growth
  • Relative stability and improvement in Nigerian Naira supported more favorable operating environment

Management Commentary

Managing Director Mr. Varun Agrawal stated the quarter began with subdued demand and softer steel prices in July due to monsoon, followed by sharp price increase from August driven by higher coking coal costs and improving demand. The company focused on volume growth, product mix, and disciplined cost management to deliver higher absolute EBITDA and profitability.

Forward-looking Priorities

  • Expanding value-added product offerings
  • Optimizing capacities
  • Strengthening backward integration
  • Maintaining financial discipline