Inducto Steel has scheduled its 38th Annual General Meeting (AGM) for Wednesday, September 30, 2026. The meeting will be held via video conferencing or other audio-visual means at 10:00 am IST.

The company confirmed the cut-off date for determining shareholder eligibility for remote e-voting and voting at the AGM is Wednesday, September 23, 2026. This intimation was issued in compliance with Regulation 42 and 44 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Key Agenda Items

The primary business of the meeting involves the adoption of the company's audited standalone and consolidated financial statements for the fiscal year ended March 31, 2026. Shareholders will also consider the re-appointment of Mrs. Sweety Reniwal as a director, who retires by rotation.

Under special business, the board seeks shareholder approval for the remuneration of M/s. Kewlani & Associates, Cost Accountants. The firm was appointed by the board to audit the cost records for the financial year ending March 31, 2027.

The proposed remuneration for the cost audit is ₹40,000 plus applicable taxes and out-of-pocket expenses. The explanatory statement confirms that no directors or key managerial personnel have a financial interest in this resolution.

Voting and Participation

Remote e-voting will commence on Sunday, September 27, 2026, at 9:00 am and conclude on Tuesday, September 29, 2026, at 5:00 pm. The facility is provided through National Securities Depository Limited (NSDL). The company will also provide the facility of voting through e-voting systems during the AGM.

Institutional investors intending to appoint authorized representatives must submit certified copies of their board resolutions or power of attorney to the scrutinizer via email. The company has appointed Mr. Dilip Bharadiya of M/s. Dilip Bharadiya & Associates as the scrutinizer for the voting process.

Inducto Steel Limited reported a return to profitability in the first quarter of FY26, with net profit after tax (PAT) standing at ₹128.67 lakh compared to a loss of ₹24.76 lakh in Q1FY25. The company’s revenue from operations grew significantly to ₹79.38 crore, up 73% from ₹45.85 crore in the corresponding period of the previous fiscal year.

The board of directors approved the unaudited standalone and consolidated financial results on August 12, 2026. The results were reviewed by S N Shah & Associates, Chartered Accountants, who issued an unmodified limited review report.

Financial Performance

The company’s total income for the quarter reached ₹79.76 crore, supported by other income of ₹37.53 lakh. Total expenses stood at ₹78.03 crore. Profit before tax was recorded at ₹172.30 lakh, down slightly from ₹207.91 lakh in the preceding quarter but a sharp improvement from the ₹33.07 lakh loss in Q1FY25.

Deferred tax expense for the quarter was ₹43.63 lakh. There were no current tax provisions or exceptional items reported.

Segment Analysis

The Bhavnagar segment emerged as the primary growth engine, contributing ₹60.26 crore to segment revenue, a massive increase from just ₹46.75 lakh in Q1FY25. In contrast, the Mumbai segment saw its revenue decline to ₹19.66 crore from ₹45.55 lakh in the prior year quarter.

Segment results before finance costs and tax showed similar divergence. The Bhavnagar unit posted a profit of ₹559.83 lakh, turning around from a loss of ₹45.97 lakh in Q1FY25. The Mumbai segment contributed ₹36.39 lakh to profits, down from ₹96.22 lakh in the same period last year.

Auditor Observations

S N Shah & Associates highlighted a material matter regarding investments in partnership firms. As of June 30, 2026, the outstanding balance in current and fixed capital accounts amounted to ₹24.44 crore, representing 16.46% of the company’s total assets.

The auditors noted that ₹24.01 crore of this capital was utilized for advances intended for joint ventures and excess capital withdrawals by partners. Since the intended joint venture has not commenced and advances remain unrecovered, the auditors flagged a recoverability risk that could significantly impact the company’s financial position. This observation was included under 'Other Matters' without modifying the audit conclusion.

What the Numbers Show

The turnaround in profitability is heavily concentrated in the Bhavnagar segment, which shifted from a loss-making position to contributing over 93% of the pre-tax profit. Meanwhile, the significant rise in finance costs to ₹423.93 lakh from ₹66.15 lakh in the previous quarter indicates increased borrowing or interest accruals, partially offsetting the operational gains. The auditor’s caution regarding the ₹24.44 crore investment in partnership firms introduces a balance sheet risk that warrants monitoring in subsequent quarters.