Aanchal Ispat Limited reported a full-year turnaround for FY26, posting a net profit of ₹202.08 lakh compared to a loss of ₹1,340.23 lakh in the prior year. The steel manufacturer's revenue declined 33% to ₹10,128.69 lakh as it navigated the aftermath of its Corporate Insolvency Resolution Process (CIRP).

The company’s financial results reflect significant restructuring under an NCLT-approved resolution plan implemented during the fiscal year. While operational revenue contracted due to lower sales volumes and subdued market conditions, the bottom line benefited from non-operating income and cost rationalization.

Financial Performance

Revenue from operations stood at ₹9,876.32 lakh for FY26, down sharply from ₹15,113.04 lakh in FY25. Total income, including other income, was ₹10,128.69 lakh. EBITDA improved significantly to ₹336.76 lakh from a negative ₹469.51 lakh in the previous year, indicating better operational efficiency despite lower top-line growth.

What the Numbers Show

The reported profit is heavily influenced by non-recurring items rather than core operational gains. Other income surged to ₹252.37 lakh from just ₹17.09 lakh in FY25, driven primarily by the recovery of previously written-off bad debts amounting to ₹226.37 lakh. This single line item accounts for over 100% of the reported net profit, suggesting that underlying operational profitability remains thin. Without these recoveries, the company would have reported a pre-tax loss.

Balance Sheet and Capital Structure

The balance sheet reflects the completion of equity restructuring mandated by the NCLT order dated March 27, 2025. Paid-up equity capital was reduced to ₹283.33 lakh from ₹2,085.38 lakh. The promoter holding was extinguished and reconstituted, with Mr. Mukesh Goel emerging as the new promoter with a 75% stake following an Offer for Sale (OFS) to meet minimum public shareholding norms.

Total assets increased to ₹6,891.25 lakh from ₹5,884.39 lakh, largely due to higher current assets. Trade receivables rose 80% to ₹1,011.43 lakh, while cash and cash equivalents grew nearly tenfold to ₹217.23 lakh. However, auditors flagged material uncertainty regarding going concern status, citing pending implementation of the resolution plan and delayed fund infusions by the successful resolution applicant.

Corporate Governance and Compliance

The company conducted its 31st Annual General Meeting on September 23, 2026, via video conferencing. Key agenda items included the re-appointment of Non-Executive Director Manoj Goel and ratification of remuneration for Cost Auditor Mr. Rana Ghosh. The board comprises four directors, including two independent directors, ensuring compliance with SEBI listing regulations post-restructuring.

Auditors highlighted several areas of concern, including long-outstanding advances, slow-moving inventory valued at ₹5.23 crore without formal impairment testing, and related-party transactions constituting over one-third of total sales and purchases. Despite these risks, the company maintains that its internal controls are adequate and operating effectively.

Aanchal Ispat Limited has scheduled its 31st Annual General Meeting for September 23, 2026. The meeting will be conducted via video conferencing or other audio-visual means at 1:30 pm to transact ordinary and special business items.

The Board of Directors approved the meeting details during a session held on August 29, 2026. The company fixed August 28, 2026, as the cut-off date to determine members entitled to receive the AGM notice. The notice was subsequently filed with BSE Limited on August 31, 2026.

Agenda Items

Shareholders will consider the following resolutions:

• Ordinary Business: Receive, consider, and adopt the audited standalone financial statements for the year ended March 31, 2026. Reappoint Mr. Manoj Goel (DIN: 00554986), who retires by rotation.
• Special Business: Ratify the remuneration of ₹40,000 plus applicable taxes and out-of-pocket expenses payable to Mr. Rana Ghosh (FRN: 102189, Membership No. 09356) as Cost Auditor for FY27.

Mr. Goel holds a B.Com degree and has expertise across all company functions. He currently holds directorships in Penguin Creation Private Limited, Pratik Suppliers Private Limited, and Mansa Mata International Private Limited.

Voting Eligibility and Book Closure

Shareholders holding equity shares on record as of September 16, 2026, will be eligible to vote at the AGM or through remote e-voting. The register of members and share transfer books will remain closed from September 17, 2026, through September 23, 2026, inclusive of both days.

E-Voting Process

The remote e-voting period begins on September 20, 2026, at 9:00 am and ends on September 22, 2026, at 5:00 pm. Purva Sharegistry (India) Private Limited is the authorized e-voting agency. Individual shareholders holding securities in demat mode can vote through their CDSL or NSDL depository accounts using single login credentials.

The board appointed M/s Manisha Saraf & Associates, Practicing Company Secretaries, as the scrutinizer for the remote e-voting process. The firm holds membership number 7607 and Certificate of Practice number 8207.

This disclosure was made pursuant to Regulation 30, 34, and other applicable provisions under the SEBI (LODR) Regulations, 2015.