The statutory auditors, BSR & Co. LLP, issued an unmodified limited review report on the unaudited financial results pursuant to Regulation 33 of the SEBI Listing Regulations. The report states that nothing has come to their attention that causes them to believe the statement contains any material misstatement.

Financial Performance (Quarter Ended September 30, 2026)

  • Revenue from operations: ₹24,033 lakhs (vs. ₹23,908 lakhs in Q2 FY26; ₹19,367 lakhs in Q1 FY27)
  • Other income: ₹167 lakhs (vs. ₹363 lakhs in Q2 FY26; ₹379 lakhs in Q1 FY27)
  • Total income: ₹24,200 lakhs (vs. ₹24,271 lakhs in Q2 FY26; ₹19,746 lakhs in Q1 FY27)
  • Cost of materials consumed: ₹24,484 lakhs (vs. ₹17,903 lakhs in Q2 FY26; ₹10,908 lakhs in Q1 FY27)
  • Changes in inventories: (₹6,753) lakhs (vs. (₹1,255) lakhs in Q2 FY26; ₹1,784 lakhs in Q1 FY27)
  • Employee benefits expense: ₹1,198 lakhs (vs. ₹1,213 lakhs in Q2 FY26; ₹1,267 lakhs in Q1 FY27)
  • Finance costs: ₹347 lakhs (vs. ₹436 lakhs in Q2 FY26; ₹518 lakhs in Q1 FY27)
  • Depreciation and amortization: ₹481 lakhs (vs. ₹408 lakhs in Q2 FY26; ₹441 lakhs in Q1 FY27)
  • Power and fuel expense: ₹2,389 lakhs (vs. ₹1,897 lakhs in Q2 FY26; ₹1,804 lakhs in Q1 FY27)
  • Consumption of stores and spares: ₹1,031 lakhs (vs. ₹1,304 lakhs in Q2 FY26; ₹1,118 lakhs in Q1 FY27)
  • Other expenses: ₹1,408 lakhs (vs. ₹1,400 lakhs in Q2 FY26; ₹1,432 lakhs in Q1 FY27)
  • Total expenses: ₹24,585 lakhs (vs. ₹23,306 lakhs in Q2 FY26; ₹19,272 lakhs in Q1 FY27)
  • Profit/(Loss) before tax: (₹385) lakhs (vs. ₹965 lakhs in Q2 FY26; ₹474 lakhs in Q1 FY27)
  • Tax expense: ₹66 lakhs (vs. Nil in Q2 FY26; (₹42) lakhs in Q1 FY27)
  • Net profit/(loss): (₹451) lakhs (vs. ₹965 lakhs in Q2 FY26; ₹516 lakhs in Q1 FY27)
  • Earnings per share (Basic): (₹0.07) (vs. ₹0.14 in Q2 FY26; ₹0.08 in Q1 FY27)
  • Earnings per share (Diluted): (₹0.07) (vs. ₹0.14 in Q2 FY26; ₹0.08 in Q1 FY27)

Financial Performance (Half Year Ended September 30, 2026)

  • Revenue from operations: ₹43,400 lakhs (vs. ₹44,040 lakhs in H1 FY26)
  • Other income: ₹546 lakhs (vs. ₹1,333 lakhs in H1 FY26)
  • Total income: ₹43,946 lakhs (vs. ₹45,373 lakhs in H1 FY26)
  • Total expenses: ₹43,857 lakhs (vs. ₹44,483 lakhs in H1 FY26)
  • Profit before tax: ₹89 lakhs (vs. ₹890 lakhs in H1 FY26)
  • Tax expense: ₹24 lakhs (vs. Nil in H1 FY26)
  • Net profit: ₹65 lakhs (vs. ₹890 lakhs in H1 FY26)
  • Earnings per share (Basic): ₹0.01 (vs. ₹0.13 in H1 FY26)
  • Earnings per share (Diluted): ₹0.01 (vs. ₹0.13 in H1 FY26)

Balance Sheet Highlights (as of September 30, 2026)

  • Property, plant and equipment: ₹24,732 lakhs (vs. ₹19,760 lakhs as of March 31, 2026)
  • Capital work-in-progress: ₹878 lakhs (vs. ₹4,887 lakhs as of March 31, 2026)
  • Inventories: ₹31,530 lakhs (vs. ₹25,751 lakhs as of March 31, 2026)
  • Trade receivables: ₹8,812 lakhs (vs. ₹14,295 lakhs as of March 31, 2026)
  • Cash and cash equivalents: ₹2,097 lakhs (vs. ₹1,125 lakhs as of March 31, 2026)
  • Total assets: ₹78,367 lakhs (vs. ₹87,090 lakhs as of March 31, 2026)
  • Equity share capital: ₹39,756 lakhs (unchanged)
  • Other equity: ₹5,991 lakhs (vs. ₹5,898 lakhs as of March 31, 2026)
  • Total equity: ₹45,747 lakhs (vs. ₹45,654 lakhs as of March 31, 2026)

Cash Flow Highlights (Half Year Ended September 30, 2026)

  • Net cash used in operating activities: (₹4,485) lakhs (vs. (₹1,998) lakhs in H1 FY26)
  • Net cash from investing activities: ₹9,831 lakhs (vs. (₹4,579) lakhs in H1 FY26)
  • Net cash used in financing activities: Not quantified for current period (vs. (₹208) lakhs in H1 FY26)
  • Net decrease in cash: Not fully quantified due to missing financing activities data

Notes to Financial Results

1. The financial results were reviewed by the Audit Committee and approved by the Board of Directors.

2. The company is engaged in manufacturing stainless steel products as a single business segment.

3. The company has unabsorbed tax losses and unabsorbed depreciation. Net deferred tax asset stood at ₹3,355 lakhs (vs. ₹3,388 lakhs as of March 31, 2026).

4. Deferred tax charged to P&L: ₹65 lakhs for Q2 FY27; (₹42) lakhs for Q1 FY27; ₹24 lakhs for H1 FY27.

5. During Q2 FY26, the company redeemed its 12% Non-Cumulative Redeemable Preference Shares (NCRPS) at fair market value of ₹2,700 lakhs, resulting in a finance cost of ₹578 lakhs.