Sal Steel Ltd reported a net profit of ₹3.09 crore for the quarter ended June 30, 2026, marking a significant turnaround from the net loss of ₹9.67 crore recorded in the corresponding quarter of FY25. The company’s revenue from operations contracted by 31% year-on-year to ₹87.37 crore, down from ₹127.55 crore in Q1FY26.

The improvement in profitability was driven by a substantial reduction in total expenses, which fell to ₹82.84 crore in Q1FY27 compared to ₹140.62 crore in the prior year period. This decline in costs coincided with a decrease in material consumption costs and favorable changes in inventory levels, contributing to a pre-tax profit of ₹4.53 crore.

Financial Performance

The company’s operational metrics showed marked improvement across key parameters during the quarter. While revenue declined, cost management efforts helped widen the margin between total revenue and total expenses, resulting in a profitable bottom line despite lower top-line growth.

Board Appointment

In a separate development, Sal Steel appointed Mrs. Monika Goyal as an Additional Director in the capacity of Non-Executive, Independent Woman Director, effective August 14, 2026. The appointment was approved by the Board on the recommendation of the Nomination and Remuneration Committee.

Mrs. Goyal, who holds a DIN of 11881952, is a law graduate and a Fellow Company Secretary (FCS). She brings over 12 years of experience in corporate law, regulatory compliance, risk management, and governance frameworks. Her term will be for five years, subject to shareholder approval.

What the Numbers Show

The primary driver of the turnaround was expense reduction rather than revenue growth. Total expenses fell by 41.1%, significantly outpacing the 31.5% decline in revenue. This divergence indicates that the company successfully controlled costs during a period of lower operational volume, allowing it to return to profitability.

SAL Steel Limited , the target company in a pending open offer by Sree Metaliks Limited, has informed stock exchanges that SEBI has granted a 3-month extension to complete the underlying transaction that triggered the open offer. The public notice, issued by Vivro Financial Services Private Limited as Manager to the Offer on behalf of the acquirer, was submitted to BSE Limited on August 4, 2026, in accordance with SEBI's letter bearing reference no. HO/49/12/18(4)2026-CFD-RAC-DCR1 dated July 30, 2026.

Open Offer Details

The open offer pertains to the acquisition of equity shares of SAL Steel Limited, a company incorporated in Gujarat with Corporate Identification Number L29199GJ2003PLC043148. The following table summarises the key parameters of the open offer:

Extension of Underlying Transaction Deadline

In terms of Regulation 22(3) of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011, the original last date for completing the underlying transaction which triggered the open offer was June 15, 2026. However, the parties to the Share Purchase Agreement (SPA) were unable to complete a portion of the underlying transaction — specifically, the acquisition of 1,95,00,000 Sale Shares — within the stipulated date, owing to extraordinary and supervening circumstances beyond the control of the acquirer.

Following an application made to SEBI, the regulator vide its letter dated July 30, 2026, granted an extension of 3 months from the date of application, extending the deadline to October 13, 2026, to complete the underlying transaction as contemplated under the SPA, in accordance with Regulation 22(3) of the SEBI (SAST) Regulations.

Key Timeline

The revised timeline for the underlying transaction is outlined below:

Regulatory Compliance and Disclosure

The public notice was issued by Vivro Financial Services Private Limited (SEBI Reg. No. MB/INM000010122), acting as Manager to the Offer, for and on behalf of Sree Metaliks Limited. The notice was signed by Mahesh Kumar Agarwal, Managing Director of Sree Metaliks Limited (DIN: 00168517), and dated August 3, 2026, from Gurugram, Haryana. The submission to BSE was made by CS Devilal J Shah, Company Secretary and Compliance Officer of SAL Steel Limited (ICSI Mem. No.: A58287), requesting the exchange to disseminate the information to shareholders.