MSP Steel & Power Limited will hold a board meeting on June 19, 2026, to consider a variation in the utilization of funds raised through a preferential issue of convertible warrants. The meeting will also address the approval of a draft notice for an Extra-Ordinary General Meeting (EGM) to secure shareholder consent for the proposed resolutions.

The board’s agenda includes the appointment of a scrutinizer to oversee the remote e-voting process and the voting procedures during the EGM. These steps are being taken in compliance with Regulation 29 read with Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Shreya Kar, Company Secretary & Compliance Officer, signed the intimation submitted to the exchanges on June 16, 2026. The filing confirms that the board will discuss any other matter with the permission of the Chair.

The proposed variation in the objects of the fund utilization is a key item requiring shareholder approval via the EGM. The company has not yet disclosed the specific details of the variation or the date of the EGM in this filing.

MSP Steel & Power returned to profitability in FY26 with a net profit of ₹33.85 crore, reversing the net loss of ₹28.71 crore reported in the previous year. The company’s board approved the audited standalone and consolidated financial results for the quarter and year ended March 31, 2026, at a meeting held on May 30, 2026. Revenue from operations for the year stood at ₹2,842.96 crore, slightly lower than ₹2,905.25 crore in FY25.

For the quarter ended March 31, 2026, the company reported a net profit of ₹85.31 crore, a significant turnaround from the net loss of ₹34.20 crore in the same period last year. Revenue for Q4FY26 was ₹816.32 crore. The board also approved a capital expenditure programme worth approximately ₹500 crore to expand the company’s existing integrated steel manufacturing facilities in Raigarh, Chhattisgarh. The expansion aims to enhance production capacity and improve operational efficiencies.

Financial Performance

The company’s turnaround was driven by a reduction in finance costs and the recognition of a deferred tax asset. Finance costs for the year decreased to ₹47.50 crore from ₹81.12 crore in the previous year. The board also took on record the auditors' report, which included an emphasis of matter regarding the recognition of a deferred tax asset on a deduction claimed under Section 43B of the Income-tax Act, 1961, following the conversion of Optionally Convertible Debentures into equity shares.

Expansion and Fund Utilisation

The proposed expansion will increase the capacity of sponge iron, billet, and rolling mill products, along with an additional 22 MW power plant. The project is expected to be completed in phases, subject to statutory approvals. Additionally, the company disclosed that it had raised ₹24.50 crore through a preferential issue of convertible warrants in March 2026. The funds were utilised for unsecured debt repayment and general corporate purposes, with no deviation from the stated objects.

The statutory auditors, Singhi & Co., issued an unmodified opinion on the standalone and consolidated annual financial results. The trading window for dealing in the company's securities, which was closed since April 1, 2026, will reopen 48 hours after the declaration of the results.