Welcast Steels has scheduled its 54th Annual General Meeting (AGM) for Thursday, September 10, 2026, at 11:00 am. The meeting will be conducted through Video Conference or Other Audio Visual Means (OAVM) in compliance with Ministry of Corporate Affairs and SEBI circulars.

The company notified shareholders that the Notice of AGM and the Annual Report for FY26 are available for download on its website and the BSE Limited portal. Shareholders whose email IDs are registered received these documents electronically, while others will receive a letter with a weblink and QR code via Registered Speed Post.

E-Voting Schedule

Welcast Steels is providing remote e-voting facilities through Central Depository Services (India) Limited (CDSL). The voting window and eligibility criteria are detailed below:

Only shareholders recorded in the register of members or beneficial owners as of the cut-off date are eligible to vote. Members who cast their votes remotely cannot vote again during the AGM, though they may attend the meeting. Those who have not voted remotely can cast their votes during the live session.

Shareholder Instructions

Shareholders holding shares in physical mode are requested to update their email IDs and mobile numbers using Form ISR-1 and Form ISR-2, available on the company’s investor relations page or the Registrar and Share Transfer Agent’s website. Demat holders must coordinate with their respective Depository Participants to register contact details.

For queries regarding the e-voting process, shareholders may refer to the FAQs on the CDSL website or contact the helpdesk at 180021 09911. Grievances related to electronic voting should be directed to Mr. Rakesh Dalvi, AVP at CDSL.

Welcast Steels Limited reported a net loss of ₹530.22 lakh for the financial year ended March 31, 2026, marking a significant deterioration from the net loss of ₹33.74 lakh recorded in FY25. The company permanently discontinued its manufacturing operations at its Bengaluru facility on December 15, 2025, leading management to prepare the financial statements on a non-going concern basis.

Revenue from operations fell 42% year-on-year to ₹489.74 lakh, down from ₹845.03 lakh in the previous fiscal. This decline reflects the cessation of production activities for high chrome grinding media balls, which had previously been the company's sole business segment. The company sold 4,582 metric tons of grinding media during FY26, a sharp drop from 9,650 metric tons in FY25.

Financial Performance

The company’s total income stood at ₹509.60 lakh, comprising revenue from operations and other income of ₹198.69 lakh. Total expenses amounted to ₹525.53 lakh, resulting in a loss before exceptional items and tax of ₹159.30 lakh. Exceptional expenses of ₹328.19 lakh further widened the pre-tax loss to ₹487.49 lakh. After accounting for total tax expenses of ₹42.73 lakh, the net loss for the year reached ₹530.22 lakh.

Cost of materials consumed decreased to ₹258.05 lakh from ₹510.94 lakh in FY25, while employee benefits expense fell to ₹70.69 lakh from ₹90.30 lakh. Depreciation and amortization expense was ₹6.20 lakh, down from ₹7.90 lakh in the prior year.

What the Numbers Show

The divergence between the decline in revenue (42%) and the larger decline in total expenses (39%) highlights the fixed cost burden remaining even after operational shutdown. While variable costs like material consumption dropped significantly, other expenses remained at ₹156.50 lakh, suggesting ongoing administrative or settlement costs associated with the closure. Additionally, the write-back of deferred tax assets totaling ₹68.94 lakh contributed to the tax expense line, reflecting the management’s assessment that future taxable profits are not probable.

Balance Sheet and Cash Flow

Total assets declined to ₹356.01 lakh as of March 31, 2026, from ₹476.78 lakh in the previous year. Non-current assets dropped to ₹34.50 lakh, primarily due to the revaluation of property, plant, and equipment to their fair value less costs to sell. Current assets stood at ₹321.50 lakh, with investments forming the largest component at ₹238.10 lakh.

Cash and cash equivalents decreased significantly to ₹7.70 lakh from ₹24.49 lakh in FY25. The cash flow statement shows cash generated from operating activities of ₹28.40 lakh, offset by cash used in investing activities of ₹45.15 lakh, largely due to net purchases of investments. Total equity reduced to ₹344.20 lakh from ₹397.25 lakh, reflecting the accumulated losses.

Corporate Actions

The company has no plans to restart operations in the foreseeable future. The Board of Directors did not recommend any dividend for FY26 due to the losses incurred. The 54th Annual General Meeting is scheduled for September 10, 2026, where shareholders will consider the re-appointment of Mr. Bhadresh K. Shah as a director. Statutory auditors Dagliya & Co. confirmed that the financial statements give a true and fair view on a non-going concern basis.