Welcast Steels has scheduled its 54th Annual General Meeting (AGM) for Thursday, September 10, 2026, at 11:00 A.M. The meeting will be conducted exclusively through Video Conferencing (VC) or Other Audio Visual Means (OAVM), as per the guidelines issued by the Ministry of Corporate Affairs (MCA) and the Securities and Exchange Board of India (SEBI). This virtual format ensures shareholder participation without physical presence, aligning with regulatory mandates for general meetings.

The company submitted the notice to the BSE Limited on August 7, 2026, pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The AGM notice and the Annual Report for the Financial Year 2025-26 will be dispatched electronically to shareholders who have registered their email addresses with the company or their Depository Participants. Shareholders without registered email IDs will receive a letter containing a weblink and QR code to access these documents.

Key Details of the AGM

Shareholders can attend and participate in the AGM only through the VC/OAVM facility. Instructions for joining the meeting will be included in the AGM notice. Members attending via these modes will be counted towards the quorum under Section 103 of the Companies Act, 2013.

E-Voting and Document Access

The company is providing a remote e-voting facility to all members to cast votes on resolutions outlined in the AGM notice. Additionally, e-voting will be available during the meeting. The AGM notice and Annual Report for FY25-26 are also accessible on the company’s website at www.welcaststeels.com , the BSE website at www.bseindia.com , and the Central Depository Services (India) Limited (CDSL) website at www.evotingindia.com .

Shareholders holding shares in physical mode are requested to update their email IDs and mobile numbers by submitting Form ISR-1 and ISR-2, available on the company’s investor KYC page or the Registrar and Share Transfer Agent’s website. Demat account holders should update their details with their respective Depository Participants. For grievances related to e-voting, shareholders may contact Mr. Rakesh Dalvi, Sr. Manager at CDSL, via email at helpdesk.evoting@cdslindia.com or the toll-free number 1800 21 09911.

Welcast Steels Limited reported a net loss of ₹71.90 lakh for the quarter ended June 30, 2026 (Q1FY26), widening from a ₹29.42 lakh loss in the corresponding period of the previous fiscal year. The company recorded zero revenue from operations, reflecting the permanent cessation of manufacturing activities at its Bengaluru plant since December 15, 2025. With no operational income, the firm’s financial health remains under pressure, marked by total expenses exceeding total income by ₹71.90 lakh. The results were approved by the Board of Directors on August 5, 2026, and reviewed by statutory auditors Dagliya & Co., who issued an unmodified conclusion.

The Board had previously resolved to close the only manufacturing unit on October 15, 2025, citing operational challenges. Following the shutdown, the company surrendered its Factory Licence and sanctioned power facilities. Management intends to maintain the status quo while labour disputes remain pending before various courts and judicial forums. Consequently, the financial statements for Q1FY26 have been prepared on a non-going concern basis, rendering them incomparable with the prior year’s figures, which were prepared on a going concern basis.

Financial Performance Overview

Welcast Steels generated no revenue from core operations during the quarter. Total income amounted to ₹168.16 lakh, driven entirely by other operating income and other income. Other operating income stood at ₹121.69 lakh, primarily comprising proceeds from the sale of remaining inventories post-closure. Of this amount, ₹119.36 lakh was derived from a single customer, identified as the holding company, AIA Engineering Limited. Other income contributed an additional ₹46.47 lakh.

Total expenses for the quarter reached ₹240.06 lakh. Cost of materials consumed accounted for ₹108.37 lakh, likely related to final inventory adjustments or write-offs. Employee benefits expense was ₹49.02 lakh, while other expenses totaled ₹72.69 lakh. Depreciation and amortisation expenses were ₹9.54 lakh, and finance costs remained minimal at ₹0.44 lakh.

What the Numbers Show

The divergence between zero operational revenue and significant other operating income highlights the transitional nature of the company’s current status. The ₹121.69 lakh in other operating income represents liquidation of residual assets rather than sustainable business activity. This shift underscores the complete halt in core manufacturing, with the company now functioning essentially as a holding entity managing wind-down processes. The widening net loss, despite lower operational costs compared to active periods, indicates that fixed obligations and settlement-related expenses continue to outpace any incidental income. AIA Engineering Limited holds 74.85% of the share capital, maintaining control during this non-operational phase.

Regulatory and Audit Details

The unaudited financial results were prepared in accordance with Ind AS 34 “Interim Financial Reporting” and Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. Statutory auditors Dagliya & Co., led by partner Chetan Kumar Jain, conducted a limited review under Standard on Review Engagements (SRE) 2410. The auditors emphasized the non-going concern basis of preparation, noting that non-financial assets are measured at the lower of carrying value and fair value less costs to sell. No deferred tax assets or liabilities were recognized due to the absence of probable future taxable income. The company does not have reportable operating segments under Ind AS 108.