SAL Steel shareholders adopted the audited financial statements for the fiscal year ended March 31, 2026, during the company's 23rd Annual General Meeting held on September 25, 2026. The meeting was conducted via Video Conferencing and Other Audio-Visual Means in compliance with regulatory guidelines.

The proceedings included the adoption of the Board of Directors' report and the auditors' report. Additionally, members approved the reappointment of Mahesh Kumar Agarwal as a director and ratified the remuneration for cost auditors for the upcoming fiscal year ending March 31, 2027.

Key resolutions passed

The following ordinary and special resolutions were passed by the shareholders during the meeting:

Meeting details and attendance

The AGM commenced at 12:30 pm and concluded at 1:20 pm, including time allotted for e-voting. A total of 54 members attended the virtual meeting. Kaustubh Agarwal, Managing Director, chaired the session. The statutory registers and documents required under applicable laws were made available for inspection electronically.

Key personnel present via video conference included:

• Mahesh Kumar Agarwal, Chairman and Managing Director
• Anil Kumar Singh, Whole Time Director and CFO
• Devilal J Shah, Company Secretary and Compliance Officer
• Parikh & Majmudar, Chartered Accountants (Statutory Auditors)

The meeting adhered to the provisions of the Companies Act, 2013, and SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. Kamlesh M Shah served as the scrutinizer for the e-voting process.

Sal Steel reported a net loss of ₹35 lakh for the financial year ended March 31, 2026 (FY26), marking a significant improvement from the net loss of ₹6.42 crore recorded in FY25. The company's total revenue declined 62% to ₹207.58 crore, down from ₹544.98 crore in the prior year, primarily due to plant shutdowns and management changes.

The steel manufacturer faced operational disruptions as its facility was shut down between September 2025 and February 2026 for modifications and transition to new management. This reduced operating period led to lower production volumes, with sponge iron output falling to 54,875 MT from 131,281 MT in FY25. Ferro chrome production also dropped to 5,081 MT from 12,916 MT.

Financial Performance

Despite the revenue contraction, the company managed to narrow its losses significantly. Profit before tax stood at a loss of ₹39 lakh compared to a loss of ₹7.31 crore in FY25. Total expenditure decreased to ₹192.89 crore from ₹520.89 crore in the previous year. Depreciation and interest costs rose slightly to ₹31.17 crore from ₹27.24 crore.

Change in Control

A material development during FY26 was the change in control following a Share Purchase Agreement dated September 4, 2025. Sree Metaliks Limited acquired 57.51% of Sal Steel's equity share capital, becoming the controlling shareholder. This transaction triggered an open offer process under SEBI regulations and resulted in the reconstitution of the Board of Directors.

The company undertook preferential allotments to support this transition, issuing 1.92 crore equity shares and 3.57 crore warrants convertible into equity shares to Sree Metaliks at ₹18 per share. Consequently, the paid-up equity capital increased from ₹84.97 crore to ₹144.77 crore.

What the Numbers Show

The financial results highlight a divergence between operational performance and bottom-line impact. While revenue collapsed by over 60% due to the extended plant shutdown, the net loss narrowed by 95%. This improvement was largely driven by exceptional items, including a write-back of by-product consumption worth ₹16.09 crore, which offset operational losses. The data suggests that while top-line growth was halted by structural transitions, cost containment and non-recurring accounting adjustments helped stabilize the bottom line during a period of zero production for several months.

Governance Updates

The Board reconstituted during the year, appointing Mahesh Kumar Agarwal as Chairman and Managing Director and Kaustubh Agarwal as Managing Director. The company also appointed Devilal J Shah as Company Secretary and Compliance Officer effective February 14, 2026. No dividend was recommended for FY26 given the accumulated losses and financial position.

The 23rd Annual General Meeting is scheduled for September 25, 2026, to approve these financial statements and regularize director appointments. The meeting will be held through Video Conferencing or Other Audio Visual Means at 12:30 pm IST. Remote e-voting will be available from September 22, 2026, at 9:00 am until September 24, 2026, at 5:00 pm. The cut-off date for voting rights is September 18, 2026.