Company Overview

AGM Details

  • Date: September 25, 2026
  • Time: 11:00 AM
  • Mode: Video Conferencing (VC)/Other Audio Visual Means (OAVM)
  • Book Closure: September 18, 2026 to September 25, 2026 (both days inclusive)
  • Cut-off Date for e-voting: September 18, 2026
  • Remote e-voting period: September 22, 2026 (9:00 AM) to September 24, 2026 (5:00 PM)

Business to be Transacted

Ordinary Business:

1. Adoption of Audited Financial Statements for FY ended March 31, 2026

2. Appointment of director retiring by rotation - Ms. Suchita Shah (DIN: 00427169)

Special Business:

3. Re-appointment of Mr. Ashok Ramlubhaya Malhotra (DIN: 00120198) as Chairman & Managing Director for 3 years from April 1, 2027 to March 31, 2030

4. Continuation of directorship of Ms. Suchita Shah as Non-Executive Non-Independent Director post attaining age of 75 years

5. Ratification of remuneration of ₹2,00,000 plus expenses to Cost Auditors M/s. Kiran J. Mehta & Co. for FY 2026-27

Financial Performance (₹ in Crores)

| Particulars | FY 2025-26 | FY 2024-25 | Change |

| Revenue from Operations | 384.24 | 383.10 | 0.30% |

| Other Income | 2.98 | 2.71 | 9.96% |

| Total Income | 387.22 | 385.81 | 0.37% |

| Operating Profit before Interest, Tax, Depreciation & Amortization | 11.15 | 15.51 | (28.11%) |

| Finance Costs | 5.41 | 5.61 | (3.57%) |

| Profit before Tax | 0.74 | 4.56 | (83.77%) |

| Tax Expense | 3.00 | 1.23 | 143.90% |

| Profit for the year | (2.26) | 3.33 | (167.87%) |

| Earnings per Share (₹) | (1.19) | 1.74 | (168.39%) |

Key Notes:

  • Loss primarily attributable to tax credit reversal of ₹2.79 crore
  • No dividend recommended for FY 2025-26
  • Previous year dividend: ₹3.00 per share (₹5.72 crore total)

Capital Structure

  • Paid-up Equity Share Capital: ₹19.08 crore (1,90,78,329 equity shares of ₹10 each)
  • Promoter Holding: Honeyvick Enterprises Private Limited holds 55.36% (10,561,005 shares)
  • Public Holding: 44.64%
  • Shares in Demat Form: 99.61% of total share capital

Credit Rating

India Ratings and Research (Ind-Ra) affirmed credit ratings on August 3, 2026:

  • Instrument: Bank Loan Facilities
  • Size: ₹970.00 million
  • Rating: IND BBB-/Stable/IND A3
  • Action: Affirmed

Key Management Changes

  • CFO Change: Mr. Nilesh Shah resigned effective March 5, 2026
  • New CFO: Mr. Kunal Thakrar appointed effective June 1, 2026
  • Company Secretary: Mr. Deepak Nagar continues as AVP (Legal) & Company Secretary

Board of Directors

  • Mr. Ashok R. Malhotra - Chairman & Managing Director
  • Mr. Samir M. Parikh - Independent Director
  • Mr. Jaswantkumar P. Jain - Independent Director
  • Mr. Swapon L. Adhikary - Independent Director
  • Ms. Suchita Shah - Director
  • Mr. Kalpesh J. Parmar - Director

Regulatory Compliance Issues

  • BSE Limited levied fine of ₹1,32,160 (inclusive of GST) for non-compliance with Regulation 19(1)/19(2) of SEBI LODR Regulations for part of Q1 FY25
  • Company's waiver application rejected by BSE's Internal Regulatory Oversight and Review Group
  • Fine paid on July 21, 2026 as directed by BSE email dated July 20, 2026

Foreign Exchange Details (₹ in Lakhs)

| Particulars | FY 2025-26 | FY 2024-25 |

| FOB Value of Exports | 5,510.92 | 7,590.84 |

| CIF Value of Imports | 17,973.68 | 15,805.08 |

| Other Expenditure in Foreign Currency | 12.00 | 57.27 |

Legal Contingencies (₹ in Lakhs)

| Nature of Dues | Gross Amount | Amount Deposited | Net Amount | Period | Forum |

| Custom Duty | 42.32 | 1.59 | 40.74 | 2014-2015 | CESTAT, Mumbai |

| Excise Duty | 102.95 | 10.27 | 92.67 | 2012-2015 | CESTAT, Ahmedabad |

| Goods & Service Tax | 105.70 | 5.04 | 100.65 | 2017-2018 | GST Appeal, Vadodara |

Employee Benefits

  • Gratuity Liability: ₹180.42 lakhs (net liability as of March 31, 2026)
  • Leave Encashment Liability: ₹126.30 lakhs
  • Total Employees: 498 as of March 31, 2026

Bankers and Registered Office

  • Banker: State Bank of India
  • Corporate Office: "Landmark", 7th Floor, Race Course Circle, Vadodara - 390 007
  • Registrar & Transfer Agent: M/s MCS Share Transfer Agent Limited, Mumbai

Important Dates

  • Board Meeting Dates during FY26: May 23, 2025; August 11, 2025; October 9, 2025; October 18, 2025; January 29, 2026
  • Annual Report Availability: On company website www.panchmahalsteel.co.in and BSE website www.bseindia.com
  • E-voting Agency: Central Depository Services (India) Limited (CDSL)
  • Scrutinizer: Mr. Niraj Trivedi, Practicing Company Secretary

Corporate Governance Compliance

  • Company has complied with corporate governance requirements except for the noted SEBI LODR violation
  • Whistle Blower Policy and Vigil Mechanism in place
  • No sexual harassment complaints during the year
  • Related Party Transactions at arm's length and in ordinary course of business