Jayaswal Neco Industries Limited board approved audited financial statements and results for FY26 at its meeting held on April 24, 2026. The company reported revenue from operations of ₹71,318.2 crore for FY26, compared to ₹59,997.3 crore in the previous year, representing an 18.87% increase. Profit for the period stood at ₹4,631.1 crore, a significant increase from ₹1,126.8 crore in FY25.

Financial Performance Highlights

The company's financial performance showed strong growth across key metrics:

The auditors, M/s. Chaturvedi and Shah LLP, issued an unmodified opinion on the financial results. The board approved the re-appointment of M/s. Manisha & Associates, Cost Accountants, Nagpur as the Cost Auditor for FY27.

Preferential Issue of Warrants

Subject to shareholder and regulatory approvals, the board approved issuing 2,24,39,134 warrants by way of preferential allotment on a private placement basis to M/s. Vibrant Enterprises. Each warrant, priced at ₹89.13, carries the right to subscribe to one equity share, aggregating to ₹200 crore. The warrants can be exercised and converted within 18 months from the date of allotment. Post-allotment, the investor would hold 2.26% of the company's equity shares.

Utilization of Issue Proceeds

The company plans to utilize the ₹200 crore proceeds for capacity expansion at its Integrated Steel Plant Division in Siltara, Raipur:

The upgrades include de-bottlenecking schemes, environmental compliance measures, dust extraction systems, annealing furnace, natural gas burners, bright bar equipment, ladle refining furnace, and construction of additional buildings.

Extraordinary General Meeting

The board has convened an EGM on May 21, 2026, through video conferencing to seek shareholder approval for the amendment to Articles of Association and the preferential issue of warrants. The board meeting commenced at 12:30 PM and concluded at 4:10 PM on April 24, 2026.

Operational Performance

During FY26, Metabodeli Mines achieved annual record production of 9,99,848 MT. The Blast Furnace underwent planned Category One Capital Repairs & Upgradation from May 10, 2024, to August 1, 2024, with stabilization achieved within three weeks. The Coke Ovens division completed sole repairs for 7 ovens and ceramic welding for 45 ovens during the fiscal year.

The company operates three manufacturing units in and around Nagpur, with business divisions spanning Steel Plant Division, Castings Division, and Mining Operations. The product portfolio includes pellets, sponge iron, pig iron, billets, alloy steel bars, alloy steel wire rods, and various iron and steel castings catering to construction, infrastructure, automotive, engineering, and core industries.

Jayaswal Neco Industries board has approved significant corporate developments including audited financial statements and a major fundraising initiative through warrant issuance. The board meeting held on April 24, 2026, addressed multiple strategic decisions aimed at expanding the company's manufacturing capabilities and operational infrastructure.

Board Approvals and Financial Results

The board approved the audited financial statements and results for the quarter and year ended March 31, 2026. The company received an unmodified audit opinion from M/s. Chaturvedi and Shah LLP, Chartered Accountants, confirming the accuracy of the financial reporting.

Warrant Issue for Capacity Expansion

The board approved the issuance of 2,24,39,134 warrants through preferential allotment on a private placement basis. Each warrant carries the right to subscribe to one equity share at ₹89.13 per warrant, aggregating to ₹200,00,00,013.42.

Fund Utilization Strategy

The company plans to utilize the warrant proceeds for two major projects at its Integrated Steel Plant Division in Siltara, Raipur. The strategic investments focus on expanding pellet production capacity and upgrading existing infrastructure.

The pellet plant project involves setting up a 1.50 MT straight-grate pellet plant with raw material handling systems. The upgrade project includes de-bottlenecking schemes, environmental compliance systems, dust extraction systems, annealing furnace, natural gas burners, bright bar equipment, and ladle refining furnace.

Corporate Governance Measures

The board approved amendments to the Articles of Association to incorporate specific clauses related to warrant issuance and convertible securities. An extraordinary general meeting has been scheduled for May 21, 2026, to seek shareholder approval for the warrant issue and AOA amendments. The meeting will be conducted through video conferencing to ensure broad shareholder participation.