Steel Exchange India Limited will convene its 27th Annual General Meeting (AGM) on Saturday, August 22, 2026, at 11:45 a.m. IST via Video Conferencing or Other Audio-Visual Means (OAVM). The company has designated Friday, August 14, 2026, as the cut-off date for determining shareholder eligibility to vote on resolutions or attend the meeting. In compliance with Regulation 42 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, and Section 91 of the Companies Act, 2013, the Register of Members and Share Transfer Books will remain closed from Sunday, August 16, 2026, to Saturday, August 22, 2026, inclusive.

The Board has placed several critical governance resolutions before shareholders. A primary focus is the regularization of Mr. Anirudh Misra as a Non-Executive Non-Independent Director. This appointment follows a ₹75 crore investment from the IMR Group, representing 25% of a total ₹300 crore issuance through warrants. Under the Warrants Subscription Agreement, the IMR Group holds the right to nominate directors. Mr. Misra, appointed as an Additional Director on May 25, 2026, seeks approval to regularize his position liable to retire by rotation.

Shareholders will also vote on the reappointment of Mr. Mohit Sai Kumar Bandi as Whole-Time Director. His existing remuneration approval expires on November 17, 2026. The Board seeks consent to continue his monthly salary of ₹5,00,000 for the remaining two years of his tenure, effective from November 18, 2026. This amount excludes performance bonuses but includes standard perquisites such as telephone facilities and travel reimbursements.

Additionally, the meeting will address the ratification of remuneration for M/s. Dendukuri & Co., Cost Accountants, appointed as Cost Auditors for the Financial Year ending March 31, 2027. The proposed fee is ₹9.00 lakh plus applicable taxes. This appointment was recommended by the Audit Committee and approved by the Board on May 25, 2026, in compliance with Section 148 of the Companies Act, 2013.

A special resolution will seek approval for the continuation of Ms. Bhagyam Ramani as a Non-Executive Independent Director beyond the age of 75 years until the completion of her first term on July 11, 2028. This action is required under Regulation 17(1A) of the SEBI Listing Obligations and Disclosure Requirements Regulations, 2015.

Key Agenda Items

What the Numbers Show

The financial context for the remuneration approval highlights a regulatory nuance. While Steel Exchange India reported a net profit of ₹27.09 crore for FY2026 (up from ₹10.89 crore in FY2025), the proposed managerial remuneration exceeds the 11% limit of net profit calculated under Section 198 of the Companies Act, 2013. Consequently, despite the company being profitable, the remuneration falls under the category of "inadequate profit" for managerial pay purposes, necessitating shareholder approval under Schedule V. Total revenue for FY2026 stood at ₹10,664.18 crore, down from ₹11,633.77 crore in FY2025, while total expenditure decreased from ₹11,178.79 crore to ₹10,261.73 crore.

Steel Exchange India Limited submitted its Business Responsibility and Sustainability Report (BRSR) for the financial year ended March 31, 2026, to the Bombay Stock Exchange and the National Stock Exchange of India Limited on July 30, 2026. The filing, made pursuant to Regulation 34 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, outlines the company’s sustainability performance, stakeholder engagement, and environmental compliance metrics for FY26. Steel sales remained the dominant revenue driver, contributing 98.39% of the entity’s total turnover, while manufacturing activities accounted for 94.17% of turnover.

The report confirms that CSR provisions under Section 135 of the Companies Act, 2013 are applicable to the company, citing a turnover of ₹105,944 lakh and net worth of ₹49,741 lakh. Raveendra Babu M, Company Secretary & Compliance Officer, signed the submission. The disclosures cover standalone operations, including one integrated steel plant in Vizianagaram District and two offices. The company reported resolving all 11 shareholder complaints received during FY26, with none pending at year-end.

Operational and Workforce Metrics

Steel Exchange India employed a total of 667 employees and engaged 682 workers as of March 31, 2026. Female representation remains low, comprising only 0.89% of employees and 4.10% of workers. The Board of Directors includes one woman, representing 14.29% of the board strength. No differently abled employees or workers were employed during the period.

Employee turnover for permanent staff stood at 11.29% in FY26, an increase from 9.42% in FY25. Worker turnover was lower at 4.11%. The company conducted health and safety training for 60.72% of employees and 75.71% of workers. All permanent employees and workers underwent career development reviews.

Environmental Performance and Compliance

The company identified greenhouse gas emissions and energy management as key material issues. Total energy consumption rose to 7,785,078 GJ in FY26 from 7,409,336 GJ in FY25, driven primarily by non-renewable sources which accounted for 6,658,852 GJ. Scope 1 emissions increased to 601,053.59 metric tons of CO₂ equivalent, while Scope 2 emissions showed a negative value of -37,130.09 metric tons.

Water withdrawal totaled 355,983 kilolitres, sourced entirely from groundwater (116,800 kilolitres) and third-party sources (239,183 kilolitres). The company reported zero water discharge, attributing this to its Zero Liquid Discharge mechanism where wastewater is neutralized and reused for ash conditioning and green belt development. Air emissions included NOx at 40 µg/m³, SOx at 26 µg/m³, and particulate matter at 52 µg/m³.

Safety and Governance

Safety incidents were limited to workers, with a Lost Time Injury Frequency Rate (LTIFR) of 4.51 per million person-hours worked, up from 3.67 in FY25. There were 15 recordable work-related injuries among workers, compared to 12 in the previous year. No fatalities or high-consequence injuries were reported for either employees or workers. The company maintains ISO 45001:2018 certification for occupational health and safety.

Governance structures include a Corporate Social Responsibility Committee, Stakeholder Relationship Committee, and Risk Management Committee overseeing sustainability policies. The company reported no fines, penalties, or disciplinary actions for bribery or corruption. Related party transactions constituted 0.50% of total purchases and 2.76% of total sales in FY26.