Kabra Commercial Limited has appointed Intelligent Money Managers Private Limited as the merchant banker for the proposed voluntary delisting of Kabra Steel Products Ltd from the Calcutta Stock Exchange Limited. The appointment was announced through a regulatory filing dated April 6, 2026, submitted to both the Bombay Stock Exchange Limited and Calcutta Stock Exchange Limited.

Regulatory Compliance and Filing Details

The appointment has been made pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, and in accordance with Regulation 9 of the SEBI (Delisting of Equity Shares) Regulations, 2021, as amended. Kabra Commercial Ltd is acting as the acquirer/promoter in this delisting process.

Company Information and Stock Exchange Details

Kabra Steel Products Ltd is currently listed only on the Calcutta Stock Exchange Limited, making it the sole exchange from which the company's equity shares will be delisted. The delisting process involves the voluntary removal of the company's shares from public trading.

Board Resolution and Authorization

The Board of Directors of Kabra Commercial Limited conducted a meeting on April 6, 2026, at 11:00 A.M. at the company's registered office to formalize the merchant banker appointment. The board resolution confirmed the appointment of Intelligent Money Managers Private Limited as the manager for the delisting offer.

Key authorizations granted include:

• Authority to Mr. Chandra Prakassh Kabra (DIN: 00338838) and Mr. Ramawtar Kabra (DIN: 00341280) to act on behalf of the company
• Power to handle all necessary acts, deeds, and matters related to the delisting process
• Authorization to settle any questions or difficulties that may arise during the process

Compliance Undertakings

As part of the appointment process, Kabra Commercial Ltd has provided specific undertakings regarding the delisting process. The company has confirmed that it has not sold equity shares of Kabra Steel Products Ltd in the last 6 months and has not engaged in any fraudulent, deceptive, or manipulative practices in connection with the proposed delisting.

Corporate Structure

Kabra Commercial Limited operates in coal logistics and liaising, supply chain management, and import of coal and coke. The company is registered under CIN L67120WB1982PLC035410 with its registered office located at 2, Brabourne Road, Kolkata-700 001. The filing was signed by Afsha Rafique Nag Chowdhury, Company Secretary & Compliance Officer, and authorized by Managing Director Rajesh Kumar Kabra (DIN: 00331305).

Kabra Commercial Limited has reported its unaudited financial results for the quarter and nine months ended December 31, 2025, showing a significant decline in profitability amid challenging business conditions. The Board of Directors approved these results on February 12, 2026, following a comprehensive review by the Audit Committee.

Financial Performance Overview

The company's financial performance for Q3FY26 reflected substantial pressure on both revenue and profitability metrics. The results demonstrate the impact of market conditions on the company's core transportation and service operations.

Nine-Month Performance Analysis

For the nine-month period ended December 31, 2025, Kabra Commercial demonstrated resilience despite year-over-year challenges. The company maintained operational efficiency while navigating market headwinds.

Segment-wise Revenue Performance

The company's primary business segment, Coal/Coke Transportation & Service/Commission, generated revenue of ₹479.05 lacs in Q3FY26, compared to ₹962.83 lacs in the corresponding quarter of the previous year. The Investment & Finance segment reported negative revenue of ₹48.04 lacs during the quarter, while unallocated revenue contributed ₹32.74 lacs.

Operational Expenses and Profitability

Total expenses for Q3FY26 amounted to ₹338.10 lacs, significantly lower than ₹741.10 lacs in Q3FY25. Transportation & Direct Expenses constituted the largest expense component at ₹304.19 lacs. The company reported profit before tax of ₹125.65 lacs, with current tax expense of ₹52.35 lacs.

Balance Sheet Position

The company maintained a strong balance sheet with total assets of ₹4,259.16 lacs as of December 31, 2025, compared to ₹4,352.83 lacs in the previous year. Total liabilities stood at ₹1,789.05 lacs. The paid-up equity share capital remained unchanged at ₹294.00 lacs with a face value of ₹10 per share.

Auditor's Observations

The independent auditor's limited review report highlighted a significant matter regarding Sundry Debtors amounting to ₹2,66,22,251 outstanding for more than three years and currently under litigation. The management considers this amount fully recoverable based on legal opinion, though the auditor expressed inability to comment on the ultimate realization value given the extended court process timeline.