Electrotherm (India) Ltd has appointed Raj Kumar Bansal as a Non-Executive Independent Director and Harish Mukati as Whole Time Director & Chief Executive Officer to strengthen its leadership. These appointments, effective from July 20, 2026, are aimed at bolstering the company's governance and operational capabilities within the engineering and steel sectors.

The Board of Directors approved the appointment of Mr. Raj Kumar Bansal (DIN: 00122506) for a term of five consecutive years, concluding on July 19, 2031. He will hold office as an Additional Director until the date of the next Annual General Meeting. Aged 67, Mr. Bansal is a rank-holder Chartered Accountant with approximately 40 years of experience in the banking and Asset Reconstruction Company (ARC) industry. His previous roles include Managing Director and CEO of Edelweiss Asset Reconstruction Ltd. and President of Edelweiss Financial Services Limited.

Simultaneously, the Board appointed Mr. Harish Mukati (DIN: 03214401) as an Additional Director and Whole Time Director & Chief Executive Officer. His tenure as Whole Time Director is set for three years, from July 20, 2026, to July 19, 2029, subject to the approval of the company's members. Mr. Mukati, aged 49, holds a Bachelor of Engineering in Civil & Structural Engineering from NIT Bhopal and has completed Executive Management Studies from IIM Ahmedabad. He brings over 25 years of experience in strategic planning and business operations, having served as the CEO of the Steel Division since November 14, 2024.

Director Profiles

The following table summarizes the key details of the new appointments:

Regulatory Disclosures

The company confirmed that neither appointee is related to the existing directors of the company. Furthermore, both Mr. Bansal and Mr. Mukati are not debarred from accessing the capital market or restrained from holding the position of director in any listed entity by the Securities and Exchange Board of India (SEBI) or any other authority. The disclosures were made in compliance with Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Electrotherm (India) Limited has published its audited standalone and consolidated financial results for the quarter and year ended March 31, 2026, in the Financial Express on May 22, 2026. The Board of Directors had approved these results during a meeting held on May 21, 2026. The publication complies with Regulation 47 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Financial Performance

For the financial year ended March 31, 2026, the company reported a consolidated net loss of Rs 15.66 crore. This marks a significant decline from the net profit of Rs 442.15 crore recorded in the previous year ended March 31, 2025. On a standalone basis, the company reported a net loss of Rs 16.18 crore for FY26, compared to a net profit of Rs 428.60 crore in FY25.

Revenue from operations for the consolidated entity decreased to Rs 3,692.09 crore in FY26 from Rs 4,115.37 crore in the previous year. For the quarter ended March 31, 2026, the consolidated net profit was Rs 13.63 crore, while revenue from operations stood at Rs 1,139.99 crore.

Q4 Operating Performance

The company's quarterly operating metrics reflected a sharp year-on-year contraction. The following table summarises key Q4 performance indicators:

Key Annual Financial Figures

The table below presents a consolidated view of annual financial performance:

Segment Results

The company operates across three primary segments: Engineering & Technologies, Special Steel, and Electric Vehicle. The Special Steel Division contributed the majority of segment revenue at Rs 2,465.65 crore for the year, though it reported a segment loss before finance costs and tax of Rs 10.44 crore. The Engineering & Technologies Division reported a segment profit of Rs 23.81 crore on revenue of Rs 1,208.94 crore.

Audit Qualifications

Hitesh Prakash Shah & Co., Chartered Accountants, issued a qualified opinion on the financial results. The auditors highlighted the non-provision of interest on non-performing asset (NPA) accounts. For the standalone results, interest amounting to Rs 149.61 crore for the year and Rs 39.20 crore for the quarter was not provided. In the consolidated results, the unprovided interest totalled Rs 194.99 crore for the year and Rs 50.93 crore for the quarter. The auditors stated that these omissions resulted in an overstatement of net profit and an understatement of liabilities and retained earnings.