The promoters and promoter group of sal steel have confirmed that they have not encumbered any shares, directly or indirectly, as on 31 March 2026. This declaration excludes any encumbrances previously disclosed during the financial year 2025-26. The disclosure was submitted to the company's Audit Committee in compliance with regulatory requirements.

The confirmation was provided pursuant to Regulation 31(4) of the SEBI (Substantial Acquisition of Shares and Takeover) Regulations, 2011. The declaration was made on behalf of the Promoter and Promoter Group and for Shah Alloys Limited. The document was signed by Rajendrakumar Shah, Chairman & Director.

Copies of the disclosure have been forwarded to the Bombay Stock Exchange Ltd. and the National Stock Exchange of India Ltd. for their records. The BSE scrip code for the company is 532604, and it trades on the NSE under the symbol SALSTEEL.

Sal Steel reported a net loss of ₹0.35 crore for the financial year ended March 31, 2026, narrowing from a loss of ₹6.43 crore in the previous year. Revenue from operations fell to ₹207.58 crore in FY26 from ₹544.99 crore in FY25, impacted by a planned shutdown for modernization which temporarily restricted production capacity. The board approved the audited standalone financial results for the year and quarter ended March 31, 2026, in a meeting held on May 29, 2026.

The statutory auditor, Parikh & Majmudar, issued an unmodified opinion on the results. However, the auditor emphasized that balance confirmations from suppliers, banks, and customers were awaited at the date of the audit. Additionally, the company wrote back consumption of by-products worth ₹16.09 crore during the year based on physical verification, recording this as an exceptional item in the profit and loss statement.

Board Decisions and Appointments

The board approved the appointment of M/s. NRPS & Associates LLP as the internal auditor for FY27, effective May 29, 2026. The firm, based in Ahmedabad, was appointed based on the Audit Committee's recommendation and in compliance with Section 138 of the Companies Act, 2013. Additionally, the board appointed M/s. Ashish Bhavsar & Associates as the cost auditor for FY27, subject to shareholder approval at the ensuing Annual General Meeting.

Financial Performance

Total expenses for FY26 decreased to ₹224.06 crore from ₹548.14 crore in the previous year. The company reported a loss before exceptional items and tax of ₹16.48 crore. For the quarter ended March 31, 2026, the company reported a net loss of ₹1.02 crore, with revenue from operations at ₹11.97 crore.

Funding and Corporate Actions

To support its operations, the board approved a proposal to borrow ₹50 crore via term loan from Axis Finance Limited. The funds, sanctioned on May 26, 2026, will be utilized for the repayment of an inter-corporate deposit (ICD) from AIA Engineering Limited. The loan is secured by mortgages on immovable and movable assets, as well as corporate and personal guarantees.

The company also initiated a robust modernization program for its manufacturing facilities. Following the planned shutdown, plant operations have resumed. The board further approved a change in the registered office within the local limits of Ahmedabad, shifting from Shreeji House on Ashram Road to Zion Z1 on Sindhubhawan Road.