Key Financial Performance

Q4 FY26 Performance:

  • Total Income: ₹244.57 Cr, up 63.34% YoY from ₹149.73 Cr in Q4 FY25
  • Operating Income: ₹244.44 Cr vs ₹149.57 Cr in Q4 FY25
  • EBITDA: ₹9.89 Cr, up 22.72% YoY from ₹8.06 Cr in Q4 FY25
  • PAT: ₹7.45 Cr, up 95.84% YoY from ₹3.80 Cr in Q4 FY25
  • Raw Material Expenses: ₹202.85 Cr vs ₹112.63 Cr in Q4 FY25
  • Employee Benefit Expenses: ₹4.64 Cr vs ₹3.28 Cr in Q4 FY25
  • Finance Costs: ₹1.67 Cr vs ₹1.72 Cr in Q4 FY25
  • Depreciation: ₹0.77 Cr vs ₹2.54 Cr in Q4 FY25

Full Year FY26 Performance:

  • Total Revenue: ₹716.49 Cr vs ₹505.43 Cr in FY25
  • EBITDA: ₹28.90 Cr with EBITDA margin of 4.03%
  • PAT: ₹12.87 Cr with PAT margin of 1.80%
  • Finance Costs: ₹7.42 Cr vs ₹5.50 Cr in FY25
  • Depreciation: ₹8.61 Cr vs ₹9.57 Cr in FY25

Balance Sheet Position (as of March 31, 2026)

  • Total Equity: ₹149.89 Cr (Equity Share Capital: ₹86.36 Cr, Reserves & Surplus: ₹54.63 Cr)
  • Total Non-Current Liabilities: ₹37.97 Cr (Long Term Borrowings: ₹12.12 Cr)
  • Total Current Liabilities: ₹139.33 Cr (Short Term Borrowings: ₹32.68 Cr, Trade Payables: ₹91.35 Cr)
  • Total Assets: ₹327.19 Cr (Fixed Assets: ₹103.35 Cr, Current Assets: ₹144.61 Cr)
  • Cash & Bank Balance: ₹2.26 Cr
  • Inventories: ₹55.93 Cr
  • Trade Receivables: ₹56.54 Cr

Operational Highlights

  • Steel melting capacity: ~85,000 TPA
  • Rolling capacity: 200,000 TPA
  • FY26 rolled products: 102,972 tonnes vs 47,440 tonnes in FY25
  • Green power contributed more than 25% of overall power consumption
  • Company is India's only stainless-steel wire rod producer using direct billet charging technology
  • Received GreenPro certification from CII for TMT Rebars
  • BIS approval secured for SS 550 reinforcement bars (32mm) and Fe 550/Fe 550D grade TMT bars

Strategic Initiatives and Outlook

  • Target to increase capacity utilization from 55-60% to 80% of steel melting shop
  • Planning rooftop solar power generation unit to reduce energy costs
  • Expanding presence in Fe 550/550D grades of TMT bars for premium residential and infrastructure projects
  • Implementing conveyor system for TMT Mill to improve efficiency and reduce handling costs
  • Exploring organic and inorganic growth opportunities
  • Focus on increasing share of higher-margin stainless steel grades

Corporate History and Turnaround

  • Company incorporated in 1971 with over 50 years in steel manufacturing
  • Successfully resolved debt from Odisha unit closure (2012) through asset sales and internal cash flows
  • Raised ₹114.71 Cr through preferential allotment in February 2024
  • Achieved zero debt status by March 2024
  • ₹22.30 Cr CAPEX incurred for plant upgrades and debottlenecking

Management Commentary

Mr. Udit Rathi, Promoter & Chief Strategy Officer, stated: "We have closed the fiscal year on a strong note, with robust performance in the last quarter. Despite market headwinds from macro-economic uncertainties and steel price volatility, we have demonstrated resilience and continued on our growth trajectory." He highlighted focus on improving product mix and efficiencies, with growth driven by healthy demand and ramp-up of TMT bar mill operations.

Market Context

  • India is world's 2nd largest crude steel producer
  • Per-capita steel consumption crossed 100 kg, below global average of 230 kg
  • National Steel Policy targets 160 kg per-capita consumption and 300 MT capacity by 2030-31
  • Government infrastructure spending (₹11.1 lakh Cr in FY25 Budget) driving steel demand
  • Stainless steel consumption growing at 8.4% CAGR over 5 years

Stock Data

  • Share Price: ₹18.92
  • Market Capitalization: ₹163.40 Cr
  • Shares Outstanding: 8,63,63,004
  • Face Value: ₹10.00
  • 52-week High-Low: ₹33.00-₹13.50
  • Promoter Holding: 41.30%
  • Public Holding: 58.70%