Kalana Ispat Limited's Board of Directors convened a meeting on Thursday, May 14, 2026, at the company's registered office in Ahmedabad, Gujarat, and approved the audited standalone financial results for the half year and year ended March 31, 2026, pursuant to Regulation 30 and Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The statutory auditors, Dinesh R. Thakkar & Co., Chartered Accountants (FRN: 102612W), issued an unmodified opinion on the financial results. The results were reviewed and recommended by the Audit Committee prior to Board approval.

Annual Financial Performance

For the full year ended March 31, 2026, Kalana Ispat reported revenue from operations of ₹5,184.04 lakhs, compared to ₹5,519.08 lakhs in the previous year. Total income, including other income of ₹105.87 lakhs, stood at ₹5,289.91 lakhs against ₹5,609.87 lakhs in FY25. Total expenses for the year were ₹5,153.51 lakhs versus ₹5,436.85 lakhs in the prior year. The company's net profit for the year ended March 31, 2026 was ₹96.72 lakhs, compared to ₹121.14 lakhs in the year ended March 31, 2025.

The following table presents the key standalone financial results:

Half-Year Performance

For the second half year ended March 31, 2026, the company reported revenue from operations of ₹2,697.41 lakhs and total income of ₹2,738.83 lakhs. Net profit for the half year ended March 31, 2026 was ₹95.87 lakhs, compared to ₹50.43 lakhs in the half year ended March 31, 2025. Basic and diluted earnings per share for the half year ended March 31, 2026 stood at ₹0.73 (not annualised).

Balance Sheet Highlights

As at March 31, 2026, total assets stood at ₹5,014.75 lakhs compared to ₹4,792.49 lakhs as at March 31, 2025. Shareholders' funds increased to ₹4,399.65 lakhs from ₹4,302.93 lakhs, comprising share capital of ₹1,303.92 lakhs and reserves and surplus of ₹3,095.73 lakhs. Property, plant and equipment rose to ₹1,244.33 lakhs from ₹460.94 lakhs, while capital work-in-progress increased significantly to ₹1,557.75 lakhs from ₹518.14 lakhs, reflecting ongoing capital expenditure activity. Cash and cash equivalents declined to ₹252.64 lakhs from ₹1,944.06 lakhs, primarily on account of capital expenditure deployed during the year.

IPO Fund Utilisation

Kalana Ispat raised ₹3,259.08 lakhs through its Initial Public Offer, with allotment on September 24, 2024, and listing on the NSE Emerge platform on September 26, 2024. As at March 31, 2026, the company had utilised ₹3,058.62 lakhs of the IPO proceeds, with ₹200.46 lakhs remaining unutilised and placed in a fixed deposit with a bank.

A variation in the allocation of IPO funds was approved by shareholders through a special resolution via postal ballot e-voting concluded on March 19, 2025. The original allocation for installation of a 4 MW DC and 3.5 MW AC Ground Mounted Solar Power Plant was modified to installation of a 1.4 MW Ground Mounted Solar Power Plant for the existing manufacturing plant and a 1 MW Ground Mounted Solar Power Plant for the proposed rolling mill, with the modified allocation revised to ₹1,103.65 lakhs from the original ₹2,298.75 lakhs. The allocation for setting up a rolling mill was correspondingly increased to ₹1,994.55 lakhs from ₹799.45 lakhs. The auditors confirmed no deviation or variation in the utilisation of funds raised.

Other Board Decisions

The Board approved convening of the 14th Annual General Meeting of the members of the company on June 9, 2026, in accordance with applicable circulars issued by the Ministry of Corporate Affairs and SEBI. The Board also approved the draft Board Report and its annexures and the annual report for the year ended March 31, 2026. Mr. Sumit Bajaj, proprietor of M/s. Sumit Bajaj & Associates, Practising Company Secretaries (Membership No. 45042 / CoP No. 23948), was appointed as Scrutinizer for e-voting at the 14th AGM.

The company also disclosed that pursuant to a special resolution passed at the Extra-Ordinary General Meeting held on March 27, 2026, it approved issuance of up to 45,00,000 Convertible Equity Warrants on a preferential basis to persons belonging to the Promoter and Promoter Group category, at an issue price of Rs. 22.50 per Warrant (including premium of Rs. 12.50 per Warrant), aggregating up to Rs. 10,12,50,000. Since no Warrants were allotted during the year ended March 31, 2026, no funds were raised through such preferential issue, and the proposed warrants were not considered for computation of diluted earnings per share. No investor complaints were received for the period from October 1, 2025 to March 31, 2026.