Eastcoast Steel Limited declared the voting results of its 43rd Annual General Meeting held on September 28, 2026, with both ordinary resolutions passing by an overwhelming majority.

The meeting was conducted via video conferencing, chaired by Prithviraj S. Parikh, Chairman and Non-Executive Director. Key managerial personnel present included P. K. R. K. Menon, Company Secretary and Non-Executive Director; Ajit K. Honyalkar, Chief Executive Officer and Chief Financial Officer; and Sharmila Chitale, Independent Non-Executive Director. A total of 34 shareholders participated through video conferencing, comprising 3 from the promoter group and 31 public shareholders.

Voting participation and record date

The record date for voting eligibility was September 21, 2026, with a total of 6,717 shareholders on record. Remote e-voting was open from September 25, 2026 to September 27, 2026. An additional voting window was provided during the meeting. The company used the e-voting facility of National Securities Depository Limited. Out of 5,396,468 total shares, 4,019,235 votes were polled, representing a participation rate of 74.48% of outstanding shares.

Resolution 1: Adoption of financial statements

The first ordinary resolution for adoption of the audited financial statements, Directors' and Auditors' Report for FY26 was passed with the following results:

A total of 33 members voted in favour, casting 2,939,069 votes. One member voted against with 50 votes. No invalid votes were recorded.

Resolution 2: Re-appointment of Prithviraj S. Parikh

The second ordinary resolution for the re-appointment of Prithviraj S. Parikh (DIN: 00106727), who retired by rotation and offered himself for reappointment, was also passed. The promoter group was noted as interested in this resolution.

A total of 32 members voted in favour, casting 2,938,769 votes. Two members voted against with 350 votes. No invalid votes were recorded.

Scrutinizer and process details

CS Ashish C. Bhatt, Proprietor of Ashish Bhatt & Associates, served as the scrutinizer for the voting process, appointed at the Board meeting held on August 14, 2026. The scrutinizer's report was issued on September 28, 2026, pursuant to Section 108 of the Companies Act, 2013 and Rule 20(4)(xii) of the Companies (Management and Administration) Rules, 2014. The voting results were filed with BSE Limited and uploaded on the company's website. The meeting concluded at 3:28 pm.

East Coast Steel reported a standalone net profit of ₹34.13 lakh for the quarter ended June 30, 2026, marking a significant turnaround from the ₹14.65 lakh profit recorded in the same period of FY25. Revenue from operations remained relatively stable at ₹1,648.86 lakh, compared to a negligible ₹0.85 lakh in Q1FY26, reflecting the company’s continued shift towards trading activities following the cessation of manufacturing operations.

The Board of Directors approved the unaudited financial results during its meeting held on August 14, 2026. The results were reviewed by the Audit Committee and accompanied by an independent auditor’s review report from M/s. Paresh Rakesh & Associates LLP. The Board also fixed September 28, 2026, as the date for the company’s 43rd Annual General Meeting (AGM).

Financial Performance

The company’s total income for the quarter stood at ₹1,690.91 lakh, comprising revenue from operations and other income of ₹42.05 lakh. Total expenses were contained at ₹1,639.77 lakh, down from ₹1,700.14 lakh in the preceding quarter (Q4FY26). This cost management contributed to a profit before tax of ₹51.14 lakh, up from ₹11.46 lakh in Q1FY25.

Tax expenses for the quarter included current tax of ₹14.55 lakh and deferred tax of ₹2.46 lakh. The basic and diluted earnings per share (EPS) stood at ₹0.62, compared to ₹0.26 in the previous year’s corresponding quarter.

What the Numbers Show

A key analytical observation is the divergence between operating scale and profitability drivers. While revenue from operations normalized to typical trading levels (₹1,648.86 lakh) compared to the anomalous low base of the prior year (₹0.85 lakh), the profit expansion was disproportionately high. This suggests that cost containment—particularly in employee benefits (₹10.85 lakh) and legal/professional expenses (₹6.82 lakh, down from ₹15.36 lakh in Q1FY25)—played a more critical role in bottom-line growth than top-line volume. The company continues to operate solely in the trading segment, having disposed of its manufacturing assets in November 2020.

Corporate Developments

The Board re-appointed M/s. Krishnan & Giri, Chartered Accountants (FRN: 001512S), as Internal Auditors for the financial year 2026-27. The firm, established in 1987, specializes in statutory audits, bank audits, and financial services assignments.

Legal Proceedings Update

The company provided updates on ongoing litigation:

• NCLT/NCLAT Matters: In C.P. No. (IB) 347/CHE/2020, the NCLT Chennai allowed the company’s maintainability application on September 18, 2025. An appeal by M/s. M.B. Gupta HUF before NCLAT Chennai was adjourned to September 3, 2026, after condonation of delay was granted.
• Transfer Application: The application by Mr. Suresh Kumar Jalan to transfer C.P. No. 38/CHE/2023 from NCLT Chennai to New Delhi was dismissed on May 20, 2026. The matter remains pending before NCLT-2, Chennai, with the next hearing scheduled for November 17, 2026.
• Criminal Proceedings: Crime No. 6 of 2023 filed by M/s Suresh Kumar Jalan & others was disposed of by the Madras High Court in July 2024, deemed "civil in nature." A subsequent protest petition was dismissed by the Chief Judicial Magistrate, Puducherry, on June 25, 2026.