Steelco Gujarat Limited announced that its 36th Annual General Meeting will be held on September 25, 2026, at 12:00 noon via video conferencing or other audio-visual means. The meeting aims to transact business as outlined in the notice, including the approval of financials for FY26.

The company dispatched the notice and annual report electronically to members with registered email addresses on August 27, 2026. These documents are also available on the company’s website, the BSE website, and the e-voting agency’s portal.

E-Voting Schedule and Eligibility

Shareholders holding shares as of the cut-off date of September 18, 2026, are eligible to vote. Remote e-voting will commence on September 22, 2026, at 9:00 am and conclude on September 24, 2026, at 9:00 am. The e-voting module will be disabled after 5:00 pm on September 24.

The register of shareholders and share transfer register will remain closed from September 19, 2026, to September 25, 2026. Shareholders who have already cast their votes remotely may attend the meeting but cannot vote again. Those who have not voted remotely can do so during the meeting if they are not barred from doing so.

Scrutinizer and Results

The company appointed Mr. Devesh Pathak, Proprietor of M/s. Devesh Pathak & Associates, as the scrutinizer for the e-voting process. The voting results will be announced within two working days of the meeting’s conclusion and displayed on the company’s website and the BSE portal.

Shareholders with queries regarding login or e-voting can contact NSDL at evoting@nsdl.com or call 022-4886 7000. Physical shareholders are requested to update their email addresses with the Registrar and Share Transfer Agent, MUFG Intime India Pvt. Ltd.

Steelco Gujarat reported a net loss of ₹372.72 crore for FY26, widening from a loss of ₹205.38 crore in the previous year. The company recorded revenue from operations of ₹585.29 crore, a significant increase from ₹41.77 crore in FY25, as it resumed commercial production following its emergence from the Corporate Insolvency Resolution Process (CIRP).

The financial year marked a decisive turnaround for the manufacturer, which recommenced operations in July 2025. Management focused on recommissioning plant machinery, re-engaging the workforce, and rebuilding supply-chain relationships. Despite the operational restart, profitability remains constrained by high finance costs and administrative expenses associated with the restructuring phase.

Financial Performance

Revenue growth was driven by the sale of manufactured goods and traded items. The company produced 6,832.18 metric tonnes of steel products, including galvanised coils and pre-painted galvanized iron (PPGI) sheets. Sales volumes reached 8,435.42 metric tonnes, generating total income of ₹591.99 crore.

The widening loss was primarily attributed to finance costs of ₹152.49 crore, employee benefit expenses of ₹41.78 crore, and other operational expenses. Finance costs rose sharply due to interest on new borrowings, including non-convertible debentures issued during the year.

Capital Raise and Subsequent Events

In January 2026, the company raised ₹140 crore through the issuance of Secured Listed Non-Convertible Debentures (NCDs). These funds were deployed towards working capital requirements, funding the restart of production, and augmenting manufacturing capacity. The NCDs carry an internal rate of return of 21.90% per annum and are secured by first-ranking mortgages and hypothecations on company assets.

Subsequent to the financial year-end, Steelco Gujarat completed a Rights Issue in June 2026. The company allotted 13.30 lakh equity shares at ₹112 per share, raising approximately ₹149 crore. This move was undertaken to comply with Minimum Public Shareholding (MPS) requirements under SEBI regulations and to strengthen the capital structure.

What the Numbers Show

The divergence between revenue growth and net loss highlights the heavy cost burden of restarting operations after a prolonged period of insolvency. While revenue surged more than 13-fold, finance costs alone consumed roughly 26% of total income. Additionally, the debt-equity ratio stands at 83.47 times, reflecting the substantial leverage taken on to fund the turnaround. The subsequent rights issue aims to dilute this leverage and improve the equity base.

Governance and Compliance

The company appointed M/s T R Chadha & Co LLP as statutory auditors to fill the casual vacancy caused by the resignation of M/s M Sahu & Co. This change was necessitated by compliance requirements under the Debenture Trust Deed. The Board also approved the appointment of Mr. Sudeep Saxena as an Independent Director.

Management emphasized strict adherence to the Resolution Plan terms and covenants applicable to listed debt securities. The focus for the coming year remains on improving capacity utilization, optimizing costs, and maintaining working capital discipline.