Sambhv Steel Tubes Limited submitted a Revised Monitoring Agency Report for the quarter ended March 31, 2026, to the stock exchanges on May 12, 2026. The submission was made pursuant to Regulation 32 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, read with Regulation 41 of the SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018. The revised report supersedes the earlier Monitoring Agency Report submitted by the company on May 09, 2026, with no changes in figures or comments made by the Monitoring Agency in the revised version.

IPO and Monitoring Agency Overview

The report was prepared by CARE Ratings Limited, acting as the Monitoring Agency for the company's Initial Public Offer. The IPO, which was a public issue of equity shares, was open during the period June 25, 2025 to June 27, 2025, and aggregated to Rs. 440 crore. The report covers the utilization of gross IPO proceeds for the quarter ended March 31, 2026, and has been duly noted and approved by the Board of Directors of the company.

IPO Proceeds Utilization — Q4 FY26

The Monitoring Agency confirmed that all utilization of IPO proceeds during the quarter was in accordance with the disclosures made in the Offer Document. No deviation from the stated objects was observed, and the means of finance for the disclosed objects remained unchanged. The report noted that there was no utilization of IPO proceeds in Q3 FY26, and no major deviation was observed over earlier monitoring agency reports.

During Q4 FY26, the company utilized Rs. 1.93 crore toward issue-related expenses. No amount was utilized toward General Corporate Purposes (GCP) during the quarter. The following table summarizes the progress in utilization of IPO proceeds as at the end of the quarter:

Deployment of Unutilized Proceeds

The total unutilized amount of Rs. 1.70 crore from the gross proceeds of the IPO has been parked in the Kotak Mahindra Public Issue Account (account no. 5949967445). The breakdown of the unutilized balance is as follows:

• Public Issue Account with Kotak Mahindra Bank: Rs. 1.75 crore
• Less: Unutilized offer expenses pertaining to Offer for Sale shareholders: Rs. 0.05 crore
• Net Unutilized Proceeds: Rs. 1.70 crore

This has been verified with the Kotak Mahindra Public Offer account bank statement and a Chartered Accountant certificate from S S Kothari Mehta & Co. LLP dated May 04, 2026.

Delay in Implementation and GCP Timeline Extension

The Monitoring Agency noted a delay in the full utilization of proceeds allocated toward General Corporate Purposes. As per the Offer Document, Rs. 22.46 crore under GCP was scheduled to be utilized by end of March 2026. However, as of that date, Rs. 1.50 crore remained unutilized, as the amount had not been claimed by vendors. In accordance with a Board resolution dated April 23, 2026, the timeline for utilization of IPO proceeds under GCP has been extended to September 30, 2026, representing an extension of two quarters. The exact number of days of delay was noted as not ascertainable.

The Revised Monitoring Agency Report, along with the Board's comments, has been made available on the company's website at www.sambhv.com . The submission was signed by Niraj Shrivastava, Company Secretary and Compliance Officer (Membership No. F8459), on behalf of Sambhv Steel Tubes Limited.

Sambhv Steel Tubes held its Board of Directors meeting on May 09, 2026, approving the audited standalone and consolidated financial results for the quarter and year ended March 31, 2026, pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The meeting commenced at 12:50 P.M. and concluded at 01:57 P.M. The statutory auditors, M/s S S Kothari Mehta & Co. LLP, issued an unmodified opinion on both the standalone and consolidated audited financial results. Subsequently, pursuant to Regulation 47 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, the audited financial results for the quarter and year ended March 31, 2026 were published in Business Line (English) and Amrit Sandesh (Hindi) newspapers on May 11, 2026.

Consolidated Financial Performance

Sambhv Steel Tubes reported a strong improvement in its consolidated financial performance for the year ended March 31, 2026. Revenue from operations grew significantly, while net profit more than doubled on a year-on-year basis. The following table presents the key consolidated financial metrics:

An exceptional item of ₹35.10 million was recognised during the quarter and year ended March 31, 2026, relating to a provision for doubtful advance by wholly owned subsidiary Sambhv Tubes Limited. The subsidiary had paid an advance of ₹115.10 million towards a land purchase at Nevda, Distt Balodabazar, Chhattisgarh, where certain undisclosed encumbrances were subsequently identified. Of the total advance, ₹80.00 million has been recovered, while a provision of ₹35.10 million has been created as an exceptional item given the uncertainty in recovery. The matter is under legal proceedings and has no impact on normal operations.

Standalone Financial Performance

On a standalone basis, Sambhv Steel Tubes also reported robust growth for the year ended March 31, 2026. Standalone net profit for Q4 rose to 558M rupees from 165M rupees in the same period last year, while Q4 EBITDA more than doubled to 922M rupees versus 482M rupees year-on-year. The Q4 EBITDA margin expanded significantly to 13.45% from 9.70% in the corresponding prior period. Key standalone financial highlights are presented below:

Q4 EBITDA Performance

The standalone EBITDA performance for Q4 reflects a sharp improvement in operational profitability, as summarised below:

Consolidated Balance Sheet Highlights

The consolidated balance sheet as at March 31, 2026 reflects a significant strengthening of the company's financial position, driven in part by the IPO proceeds utilised during the year. Key balance sheet metrics are as follows:

During the year, the company completed its Initial Public Offer (IPO) of 6,58,64,549 equity shares of face value of ₹10 each, aggregating to ₹5,400.00 million, comprising a fresh issue aggregating to ₹4,400.00 million and an offer for sale of 1,21,95,120 equity shares aggregating to ₹1,000.00 million. The equity shares were listed on NSE and BSE on July 2, 2025. Of the ₹4,400.00 million fresh issue proceeds, ₹3,900.00 million was utilised for prepayment or repayment of outstanding borrowings, with ₹17.04 million remaining unutilised as on March 31, 2026.

IPO Proceeds Utilisation

The following table details the utilisation of IPO proceeds as on March 31, 2026:

Consolidated Cash Flow Summary

The consolidated statement of cash flows for the year ended March 31, 2026 reflects strong operating cash generation alongside significant investing and financing activity:

Standalone Balance Sheet Highlights

The standalone balance sheet as at March 31, 2026 also reflects a strengthened financial position. Key standalone balance sheet metrics are presented below:

Standalone Cash Flow Summary

The standalone statement of cash flows for the year ended March 31, 2026 is summarised below:

Capacity Expansion Approved

The board approved a significant capacity expansion at the company's facility in Village-Sarora, Tehsil-Tilda, Dist-Raipur, Chhattisgarh. The details of the approved expansion are as follows:

The pipe mill expansion aims to strengthen the product portfolio and improve plant operational efficiency through de-bottlenecking of the existing integrated facility. The additional power plant is intended to provide captive power generation for round-the-clock uninterrupted energy supply, optimise power costs, and reduce dependency on external power sources.

Board-Level Changes and Auditor Appointments

The board also approved several key personnel and governance changes, effective May 09, 2026, subject to shareholder approval where applicable:

Mr. Bikash Agrawal holds an MBA from KIIT School of Management and has passed the Chartered Financial Analyst examination from CFA Institute, USA. He has over 18 years of experience in finance and has previously been associated with TCS, Raheja Universal Limited, Kanakia Spaces Realty Limited, ECL Finance Limited, Rattan-India Finance Private Limited, and RBL Bank Limited. Mr. Suresh Kumar Goyal is the elder brother of Mr. Vikas Kumar Goyal, Managing Director and CEO of the company.

Mr. Shashank Goyal holds a Bachelor's of Science specialising in business with a law degree from Queen Mary University of London, UK. He serves as a director on the board of Sambhv Life Science Private Limited and has previously served as a director on the boards of Brijdham Minerals Private Limited and Anjaneya Minerals Private Limited. He has three years of relevant experience in the steel industry.

On the auditor front, the board approved the appointment of M/s Agrawal Jain & Co., Chartered Accountants, Raipur, as Internal Auditor, and the re-appointment of M/s A S Rao & Co., Cost Accountants, Hyderabad (Firm Registration No. 000326), as Cost Auditor, both for the financial year 2026-27.

Source: None/Company/INE12NJ01018/f568267a24434785.pdf