Steel Exchange India Limited has announced a board meeting scheduled for March 4, 2026, to consider significant fund raising activities and related corporate governance matters. The meeting has been convened in accordance with Regulation 29 and 50 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Fund Raising Proposal

The primary agenda of the board meeting centers on the proposed issuance of securities worth up to Rs 350 crores. This fund raising initiative forms part of the company's broader financial strategy, drawing from an overall fund-raising limit of Rs 750 crores that was previously approved by the board during its meeting held on December 30, 2025.

Board Meeting Agenda

The board will deliberate on several critical aspects of the fund raising process, including:

• Determination of issue price and class of securities
• Number of securities to be issued
• Identification of proposed allottees and investors
• Mode of issue and related terms and conditions
• Draft preparation of Extraordinary General Meeting (EGM) notice
• Ancillary matters including cut-off date fixation and appointment of scrutinizer and e-voting agency

Extraordinary General Meeting Preparations

A significant portion of the board meeting will focus on preparing for an Extraordinary General Meeting to obtain shareholders' approval for the proposed fund raising. The board will consider and approve the draft notice for the EGM, ensuring compliance with regulatory requirements and proper shareholder engagement protocols.

Trading Window Restrictions

In compliance with SEBI (Prohibition of Insider Trading) Regulations, 2015, and subsequent amendments from 2018, Steel Exchange India Limited has implemented trading window restrictions. The trading window will remain closed from February 27, 2026, and will continue until 48 hours after the conclusion of the March 4, 2026 board meeting.

During this period, employees, directors, key managerial personnel, designated persons, and their immediate relatives are prohibited from trading in the company's shares or securities. This measure ensures compliance with insider trading regulations and maintains market integrity during the decision-making process.

Corporate Compliance

The company has followed proper notification procedures by informing both BSE Limited and National Stock Exchange of India Limited about the scheduled board meeting. This demonstrates Steel Exchange India Limited's commitment to maintaining transparency and adhering to regulatory requirements in its corporate governance practices.

Steel Exchange India Limited announced its unaudited standalone financial results for the quarter and nine months ended December 31, 2025. The Board of Directors approved these results at their meeting held on February 14, 2026, following a limited review by the company's statutory auditors.

Financial Performance Overview

The company's financial performance for Q3FY26 shows a significant decline compared to the previous year. Revenue from operations dropped substantially while profitability was severely impacted across both quarterly and nine-month periods.

Nine-Month Performance Analysis

For the nine months ended December 31, 2025, the company demonstrated continued challenges with declining revenue and profitability metrics compared to the corresponding period in the previous year.

Segment-wise Business Performance

Steel Exchange India operates through two primary business segments: steel production and power generation. Both segments experienced revenue declines during the reporting period.

Steel Business Segment

The steel segment, which includes production and marketing of sponge iron, billets, and rebars (TMT), generated revenue of ₹23,829.54 lakhs in Q3FY26 compared to ₹32,465.89 lakhs in Q3FY25. For the nine-month period, steel segment revenue reached ₹76,000.49 lakhs against ₹83,207.43 lakhs in the previous year.

Power Generation Segment

The power segment, focusing on thermal-based power generation and marketing, contributed ₹2,075.47 lakhs in quarterly revenue compared to ₹3,055.81 lakhs in the corresponding quarter of FY25. Nine-month power segment revenue stood at ₹7,039.92 lakhs versus ₹9,840.40 lakhs in the previous year.

Key Financial Ratios and Metrics

The company's financial health indicators reflect operational challenges and margin compression during the quarter.

Corporate Developments

During the quarter, the company undertook several significant financial restructuring activities. Steel Exchange India received ₹3,828 crores worth of 18.75% rated, redeemable, secured Non-Convertible Debentures (NCDs) taken over by Kotak Credit Opportunities Fund on October 7, 2025, with modified terms including a reduced interest rate to 14.06%. Additionally, the company secured a working capital demand loan of ₹1,000 lakhs from Oxyzo Financial Services Limited at an interest rate of 12.00% per annum.

The company also incorporated SEIL Infra Logistics Limited, a wholly-owned subsidiary, on June 29, 2025. As of the reporting date, this subsidiary had not commenced business operations, and consequently, consolidation of its financials was not undertaken for the current quarter.

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