Shah Alloys Limited accepted the resignation of Independent Director Ambalal Chitabhai Patel effective from the close of business hours on July 13, 2026. The resignation was submitted due to unavoidable personal reasons, with Patel confirming there are no other material factors for his departure. The Board of Directors acknowledged the resignation and noted that the necessary regulatory formalities would be completed with the Registrar of Companies and stock exchanges.

Resignation Details

The company informed the exchanges pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The disclosure was also made in accordance with SEBI Circular No. SEBI/HO/CFD/CFD-POD-1/P/CIR/2023/123 dated July 13, 2023. Patel confirmed that his inability to discharge responsibilities towards the company was the sole reason for stepping down.

Director Profile and Other Roles

Patel, holding DIN 00037870, served as an Independent Director on the board of Shah Alloys . The filing disclosed his directorships and committee positions in other listed entities, which include roles at Sadbhav Engineering Limited and Sadbhav Infrastructure Project Limited.

Regulatory Compliance

The company stated that it would file the requisite forms with the Registrar of Companies and make necessary disclosures to the stock exchanges within the prescribed timelines. The resignation was formally acknowledged by Whole Time Director Ashok Sharma on behalf of Shah Alloys Limited.

Shah Alloys Limited reported a consolidated net profit of ₹107.73 crore for the financial year ended March 31, 2026, reversing from a net loss of ₹17.43 crore in the previous year. The turnaround was primarily driven by exceptional items totaling ₹135.60 crore, which included gains from the sale of plant and machinery, disinvestment in associate shares, and a waiver of liabilities from HDFC Bank. The company's standalone net profit for the year stood at ₹72.60 crore.

The Board of Directors, in its meeting held on May 30, 2026, approved the audited standalone and consolidated financial results for the quarter and year ended March 31, 2026. The results were reviewed by the Audit Committee and are accompanied by an audit report from Parikh & Majmudar, Chartered Accountants. The auditors issued an unmodified opinion on the financial statements.

Financial Performance

The company's consolidated total revenue for FY26 declined to ₹39.43 crore from ₹267.28 crore in the previous year. However, the inclusion of exceptional items significantly boosted the bottom line. On a standalone basis, total revenue for the year was ₹48.29 crore, down from ₹267.28 crore in FY25. The exceptional items for the standalone entity were recorded at ₹91.61 crore.

The following table summarizes the key financial metrics for the standalone entity:

Exceptional Items and Disclosures

The exceptional items reported during the year included a profit of ₹16.92 crore from the sale of the 16-inch Rolling Mill Plant and a gain of ₹53.48 crore from the sale of plant and machinery along with technical know-how. Additionally, the company realized a gain of ₹13.98 crore from the disinvestment of shares in its associate, SAL Steel Limited. A settlement agreement with HDFC Bank resulted in a waiver of liability amounting to ₹7.24 crore, which was also recorded as an exceptional item.

The auditors highlighted a material uncertainty related to the company's status as a going concern. The Board had declared the closure of the existing Iron and Steel plant at Santej, Gujarat, in July 2025 due to technology obsolescence and increasing production costs. Consequently, the auditors stated they were unable to give an opinion on the "going concern" status, though the accounts have been prepared on that basis based on management representations.

Corporate Governance

In compliance with Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, the Board approved the appointment of M/s. G M C A & Co., Chartered Accountants, as the internal auditor for the financial year 2026-27. The firm, based in Ahmedabad, brings extensive experience in internal audit and statutory audits.

The company also submitted a revised outcome of the Board meeting to the exchanges on June 13, 2026, to correct a clerical error in the Consolidated Independent Auditor's Report. The word "Opinion" had been inadvertently printed as "Qualified Opinion" in the section heading, though there were no changes to the financial figures or results.