Bajaj Steel Industries Limited has fulfilled its regulatory compliance obligations by submitting the mandatory certificate under SEBI (Depositories and Participants) Regulations, 2018 for the quarter ended March 31, 2026. The submission was made to BSE Limited on April 13, 2026, ensuring adherence to securities market regulations.

Regulatory Compliance Details

The compliance certificate was issued under Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018, which governs the dematerialisation process of securities. Company Secretary Rachit Jain digitally signed the submission document, confirming the company's commitment to regulatory compliance.

Registrar and Transfer Agent Confirmation

Adroit Corporate Services Private Limited, serving as the company's registrar and transfer agent, issued the compliance certificate confirming proper handling of dematerialisation processes during the quarter. The certificate validates that all securities received from depository participants for dematerialisation were appropriately processed and confirmed to the depositories.

The registrar confirmed several key compliance aspects:

• Securities received for dematerialisation were properly accepted or rejected
• All securities have been listed on stock exchanges where earlier issued securities are listed
• Security certificates received for dematerialisation were mutilated and cancelled after verification
• Depository names were substituted in the register of members within the mandated 15-day period

Corporate Information

Bajaj Steel Industries Limited operates from its registered office at C-108, MIDC Industrial Area, Hingna, Nagpur - 440016, Maharashtra. The company maintains its collaboration with Continental Eagle Corporation and continues to ensure compliance with all regulatory requirements governing securities trading and transfer processes.

This routine compliance submission demonstrates the company's ongoing commitment to maintaining transparency and adhering to securities market regulations as mandated by SEBI for listed entities.

Bajaj Steel Industries Limited has announced its financial results for the quarter and nine months ended December 31, 2025, revealing mixed performance across its business segments. The company's consolidated revenue declined in Q3FY26 while facing operational challenges in its core cotton ginning machinery division.

Financial Performance Overview

The company reported consolidated revenue from operations of Rs 125.3 Cr for Q3FY26, marking a 9.3% decline from Rs 138.0 Cr in Q3FY25. On a sequential basis, revenue dropped 28.3% from Rs 174.6 Cr in Q2FY26. For the nine-month period ending December 31, 2025, revenue stood at Rs 407.4 Cr compared to Rs 431.3 Cr in the corresponding period last year, reflecting a 5.5% decline.

Segment-wise Performance Analysis

The cotton ginning machinery segment experienced a 26% year-on-year decline, with revenue dropping from Rs 97 Cr in Q3FY25 to Rs 72 Cr in Q3FY26. This decline was attributed to customer site unpreparedness, delays in commercial approvals, increased tariff barriers, geo-political issues, and consequent dispatch delays, leading to reduced export turnover.

Conversely, other business segments demonstrated resilience with 29% year-on-year growth, driven by improved order inflow and execution in infrastructure (PEBs) and electrical panels divisions. The infrastructure segment revenue increased from Rs 15 Cr to Rs 26 Cr, representing 73% growth, while electrical panels grew 25% from Rs 12 Cr to Rs 15 Cr.

Order Book and Business Outlook

Despite current challenges, the company maintains a robust order book of Rs 561 Cr as of February 11, 2026, with 38% contribution from other business segments. The cotton ginning machinery division holds Rs 348 Cr in orders, while infrastructure, electrical panels, heavy engineering, and other products contribute Rs 90 Cr, Rs 66 Cr, Rs 37 Cr, and Rs 20 Cr respectively.

Operational Challenges and Recovery Prospects

The nine-month revenue in the cotton ginning machinery segment was impacted by customer site unpreparedness and commercial clearances resulting in dispatch delays and deferred revenue recognition despite receipt of advances. However, the company expects performance improvement as commercial clearances, payment approvals, and order finalizations are progressing steadily.

Operating and net profitability were impacted by lower export revenues from the cotton ginning machinery segment, which accounts for approximately 60% of total revenue, amid largely unchanged fixed costs. The company anticipates that continued growth in other verticals will strengthen overall financial performance going forward.

Strategic Diversification Impact

The revenue growth in other business segments underscores the company's strategic emphasis on diversification and scaling other verticals. This diversification strategy appears to be providing some cushion against the challenges faced in the core cotton ginning machinery business, with other segments showing a compound annual growth rate of 47% compared to 6% for the cotton ginning machinery segment.