Shri Bajrang Alliance AGM: Approves ₹550 crore related-party deals
Shri Bajrang Alliance Limited filed its FY26 annual report, highlighting a rise in consolidated PAT to ₹4,426.63 lakh despite a revenue drop to ₹27,570.77 lakh. The upcoming AGM on September 10, 2026, will approve ₹550 crore in related party deals with associates and reappoint Independent Director Anshul Dave.
*this image is generated using AI for illustrative purposes only.
Shri Bajrang Alliance Limited has submitted its Annual Report for the financial year ended March 31, 2026, to BSE Limited. The company has convened its 36th Annual General Meeting (AGM) to be held virtually on September 10, 2026, at 4:00 pm. The meeting aims to transact ordinary business, including the adoption of standalone and consolidated financial statements, and special business items concerning related party transactions and director appointments.
Financial Performance Overview
The company reported a significant divergence between standalone and consolidated profitability metrics for FY26. On a standalone basis, total turnover stood at ₹28,741.66 lakh, a decline from ₹40,382.76 lakh in the previous year. Standalone profit after tax (PAT) rose to ₹1,457.37 lakh from ₹464.45 lakh in FY25.
However, the consolidated picture reflects a stronger bottom line driven by equity accounting. Consolidated revenue was ₹27,570.77 lakh, down from ₹40,121.32 lakh in FY25. Despite lower revenues, consolidated PAT increased to ₹4,426.63 lakh compared to ₹3,259.78 lakh in the prior year. This improvement was largely supported by a share of profit from associates amounting to ₹4,140.15 lakh, up from ₹3,056.76 lakh in FY25.
| Metric | FY26 (₹ Lakh) | FY25 (₹ Lakh) |
|---|---|---|
| Consolidated Revenue | 27,570.77 | 40,121.32 |
| Consolidated PAT | 4,426.63 | 3,259.78 |
| Share of Profit from Associates | 4,140.15 | 3,056.76 |
What the Numbers Show
The consolidated PAT of ₹4,426.63 lakh significantly exceeds the standalone PAT of ₹1,457.37 lakh. This indicates that approximately 93% of the group’s reported profit after tax is derived from the share of profits in associate entities rather than core standalone operations. While standalone EBITDA improved to ₹2,029.68 lakh from ₹959.72 lakh, the heavy reliance on associate performance highlights the strategic importance of these linked entities to the group's overall profitability narrative.
Related Party Transactions
The AGM seeks shareholder approval for material related party transactions under Regulation 23(4) of the SEBI Listing Regulations. The board proposes entering into contracts with two key promoter-group entities:
- Shri Bajrang Power and Ispat Limited: Transactions involving the purchase of steel billets and furnace oil, and the sale of billets and structural steel, capped at an aggregate value of ₹500 crore for the year commencing April 1, 2026.
- Shri Bajrang Chemical Distillery LLP: Supply of materials capped at an aggregate value of ₹50 crore for the same period.
Both sets of transactions are proposed on an arm’s length basis in the ordinary course of business. Directors Mr. Anand Goel and Mr. Archit Goel have declared their interest in these resolutions due to their roles in both entities.
Board Appointments
The meeting will also address board composition changes:
- Reappointment of Independent Director: Mr. Anshul Dave is eligible for reappointment as an Independent Director for a second term of five years, commencing August 13, 2026. He currently serves as Chairman of the Audit, Nomination & Remuneration, and Stakeholders Relationship Committees.
- Rotation Retirement: Mr. John Cherian, Non-Executive Non-Independent Director, retires by rotation and offers himself for reappointment.
The company did not recommend any dividend for FY26 to conserve resources. The register of members will remain closed from September 4, 2026, to September 10, 2026.
Historical Stock Returns for Shri Bajrang Alliance
| 1 Day | 5 Days | 1 Month | 6 Months | 1 Year | 5 Years |
|---|---|---|---|---|---|
| -0.03% | -4.19% | -5.48% | -1.50% | -1.50% | -1.50% |
How might the 93% reliance on associate profits impact the company's valuation stability if the performance of these linked entities fluctuates in FY27?
What specific operational strategies is the standalone entity pursuing to reverse the revenue decline from ₹40,382 lakh to ₹28,741 lakh while maintaining improved EBITDA?
Given the proposed ₹500 crore related-party transaction cap with Shri Bajrang Power and Ispat Limited, how will management ensure continued arm's length pricing to satisfy regulatory scrutiny?
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