Steel Exchange India Limited reported its audited financial results for the quarter and financial year ended March 31, 2026, posting a net profit of ₹12.37 crore for Q4 FY26, a surge of 442.80% from ₹2.28 crore in the preceding quarter. For the full year, net profit rose to ₹26.99 crore from ₹25.93 crore in FY25. Total income for the year stood at ₹1,066.42 crore, compared to ₹1,163.38 crore in the previous year, while Q4 income increased 19.45% quarter-on-quarter to ₹287.70 crore. The company’s EBITDA for the quarter jumped to ₹50.10 crore, with margins expanding to 17.41%. The audio recording of the earnings conference call held on May 28, 2026, is available on the company's website.

Financial Performance

The company’s operating profitability improved significantly in the fourth quarter. EBITDA rose from ₹22.97 crore in Q3 FY26 to ₹50.10 crore in Q4 FY26, driving an expansion in EBITDA margin by 788 basis points to 17.41%. For the full year, EBITDA was recorded at ₹138.03 crore against ₹143.61 crore in the prior year.

The following table summarises the key financial metrics for the quarter and year:

Strategic Developments

The board approved the audited financial results and announced key leadership changes. Mr. Vankina Sri Rakesh was appointed as Chief Financial Officer (CFO) and Key Managerial Personnel effective May 25, 2026. Mr. Suresh Kumar Bandi was assigned the additional responsibility of the finance function, with his designation revised to “Whole-Time Director designated as Joint Managing Director & Director – Finance”. Additionally, Mr. Anirudh Misra was appointed as an Additional Non-Executive & Non-Independent Director, subject to shareholder approval.

The company also made progress on its balance sheet strengthening initiatives. It received ₹85 crore upfront via the allotment of convertible warrants as part of a ₹350 crore preferential issue. Furthermore, 2.83 crore existing warrants were converted into equity shares post receipt of approximately ₹29.92 crore. In terms of debt reduction, the company redeemed ₹43.19 crore towards Non-Convertible Debentures (NCDs) in a single tranche. Combined with repayments of ₹24.97 crore over the previous two quarters, the total debt reduction amounts to approximately ₹68.16 crore. The company has repaid over 20% of its long-term debt since October 2025.

Business Highlights

Steel Exchange India secured a 5-year renewal of its Ministry of Defence (MES) approval for TMT bar supplies, reinforcing its eligibility for government and defence infrastructure projects. The management stated that FY26 was focused on improving operational capabilities, financial flexibility, and strengthening the platform for long-term growth. The company is also planning an expansion into specialty and green steel along with logistics infrastructure development.

Outlook and Guidance

During the earnings conference call, management highlighted that the strategic partnership with IMR Group, involving a ₹300 crore warrant subscription, will secure raw material sourcing and support green steel initiatives. The company expects to double production capacities starting next quarter, with TMT rebar sales volume in Q4 FY26 reaching 49,760 tons. Management targets sustainable EBITDA margins and aims to reduce finance costs to sub-10% levels through debt refinancing. The company is also developing a logistics park and has entered MoUs with the Andhra Pradesh government for land acquisition to support a 1 million ton green steel plant.

Steel Exchange India has achieved a notable milestone by securing approved vendor status for key infrastructure projects associated with Adani, ArcelorMittal, and institutional segments, according to a concall update. This recognition positions the company as a qualified supplier within some of India's most prominent infrastructure and industrial project networks.

Approved Vendor Status Across Major Project Segments

The company's inclusion as an approved vendor spans multiple high-profile project associations, reflecting its capability to meet the procurement and quality standards required by large-scale infrastructure developers and steel industry players. The concall update highlighted the following key approvals:

Strategic Significance

Being recognized as an approved vendor by entities of the scale of Adani and ArcelorMittal, alongside institutional segments, underscores Steel Exchange India's standing in the domestic steel and infrastructure supply chain. Approved vendor status typically enables a company to participate in procurement processes and bid for supply contracts within the associated project pipelines. This development was communicated by the company's management as part of a concall update, signaling its strategic intent to deepen engagement with large infrastructure and industrial clients.