Electrosteel Castings Limited has filed its Annual Report for the Financial Year 2025-26 and issued a notice convening its 71st Annual General Meeting (AGM), scheduled for Monday, August 31, 2026, at 11:30 a.m. via Video Conferencing (VC) / Other Audio Visual Means (OAVM). The deemed venue for the meeting is the company's Registered Office at Rathod Colony, Rajgangpur, Sundergarh, Odisha 770 017.

Financial Performance: Standalone and Consolidated

The financial year 2025-26 was marked by a significant contraction in both revenues and profitability. On a standalone basis, Revenue from Operations declined to Rs. 5032.54 Crore from Rs. 6745.88 Crore in FY 2024-25. Profit After Tax fell to Rs. 131.34 Crore from Rs. 712.12 Crore in the previous year. The operating environment was characterised by a temporary lull in government expenditure on water-related infrastructure projects, which depressed domestic volume off-take and sales prices, while geopolitical conflicts and ongoing war conditions impacted export demand.

The following table summarises the key financial results:

Dividend and AGM Details

The Board of Directors has recommended a final dividend of Re. 0.90 per Equity Share of face value Re. 1 each (@ 90%) for the Financial Year ended March 31, 2026. If approved by shareholders at the 71st AGM, the total outlay on account of the final dividend for FY 2025-26 would amount to Rs. 55.64 crores. The dividend will be paid subject to deduction of income tax at source (TDS).

Key AGM and dividend-related dates are as follows:

Operations and Production

During FY 2025-26, production of Ductile Iron (DI) Pipes was 5,36,336 MT, compared to 732,004 MT in the previous year. The decline was attributed to stabilisation issues in pipe plants and reduced demand in Q3 and Q4. Cast Iron (CI) Pipe production was 42,795 MT versus 41,431 MT in the prior year, reflecting improved capacity utilisation. DI Fittings & Accessories production stood at 18,090 MT compared to 22,568 MT in FY 2024-25. The Blast Furnace produced liquid metal of 6,40,678 MT in FY 2025-26 versus 752,500 MT in FY 2024-25.

The company's standalone sales mix for FY 2025-26 is presented below:

Key Financial Ratios

Significant changes in key financial ratios were observed during the year, primarily due to a decrease in volume of sales and lower realisations:

Strategic Developments

During the year, the company acquired T.I.S. Service S.p.A. (TIS), an Italian valve manufacturer, pursuant to a Share Purchase Agreement with T.I.S. Group S.P.A. The company acquired 30,00,000 equity shares of EURO 1 each of TIS, representing 100% shareholding, at an aggregate consideration of EURO 1,15,00,000 equivalent to Rs. 11470.16 lakhs. The entire consideration was remitted on July 29, 2025, and TIS became a wholly owned subsidiary of the company. This acquisition is intended to expand the Group's water infrastructure solutions portfolio by adding a valve product range.

On the credit rating front, India Ratings and Research (Ind-Ra) maintained the company's Long-Term Issuer Rating at 'IND AA' with a Stable Outlook and reaffirmed short-term bank facilities at 'IND A1+'. CRISIL Ratings revised the outlook on the Long-Term Issuer Rating to 'CRISIL AA/Negative' from 'CRISIL AA/Stable', while reaffirming short-term bank facilities at 'CRISIL A1+' with a Stable Outlook.

Corporate Governance and Board Changes

During FY 2025-26, the Board held 5 meetings. Mr. Bikramjit Ghosh (DIN: 00164178) was appointed as an Additional Director (Non-Executive and Independent) with effect from August 30, 2025, subsequently regularised by shareholders via Postal Ballot on November 16, 2025. Dr. Ajay Kumar (DIN: 01975789) ceased to be an Independent Director and Chairman with effect from May 15, 2025, following his appointment as Chairman of the Union Public Service Commission. Mr. Rajkumar Khanna (DIN: 05180042) was re-appointed as an Independent Director for a second term of 5 consecutive years with effect from June 15, 2025. Mrs. Priya Manjari Todi (DIN: 01863690) and Mrs. Radha Kejriwal Agarwal (DIN: 02758092) retire by rotation at the forthcoming AGM and have offered themselves for re-appointment.

The CSR obligation for FY 2025-26 was Rs. 1504.36 lakhs, against which the company spent Rs. 1528.00 lakhs, resulting in an excess spend of Rs. 23.64 lakhs available for set-off in succeeding financial years.

Electrosteel Castings has accepted the retirement of two key executives, R.M. Gupta and Rashmi Ranjan Das, from their roles as Senior Vice Presidents. The departures are effective from the closing hours of July 31, 2026, marking the end of their tenure as Senior Management Personnel within the organization.

The company disclosed the changes in a filing submitted to both the Bombay Stock Exchange (BSE) and the National Stock Exchange of India Limited (NSE) on July 31, 2026. The disclosure was made pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, read with SEBI Master Circular No. HO/49/14/14(7)2025-CFDPOD2/I/3762/2026 dated January 30, 2026.

R.M. Gupta served as the Senior Vice President for DIW, while Rashmi Ranjan Das held the position of Senior Vice President for LMW. Both individuals will cease to be part of the company’s senior management structure upon the conclusion of business hours on the specified date.

Executive Departures

The following table outlines the details of the personnel changes as disclosed in the regulatory filing:

Indranil Mitra, the Company Secretary of Electrosteel Castings Limited, signed the disclosure document. The filing confirmed that there are no applicable relationships between directors or other disclosures required under BSE circular no. LIST/COM/14/2018-19 and NSE circular no. NSE/CML/2018/24, both dated June 20, 2018, regarding these specific exits.

The retirement of these senior leaders represents a routine transition in the company’s management hierarchy. No immediate replacements were named in the disclosure.