Panchmahal Steel Limited has announced the resignation of its Chief Financial Officer, Mr. Nilesh Shah, effective from the closure of business hours on March 5, 2026. The company informed BSE Limited about this key managerial personnel change through a regulatory filing dated February 16, 2026, in compliance with Regulation 30 of SEBI Listing Obligations and Disclosure Requirements Regulations, 2015.

Resignation Details

Mr. Nilesh Shah submitted his resignation letter on February 16, 2026, requesting relief from his duties for personal reasons. In his resignation letter, Shah confirmed that there are no other reasons apart from personal circumstances regarding his decision to step down from the CFO position.

Regulatory Compliance

Following his departure, Mr. Shah will cease to be a Key Managerial Personnel under Section 203 of the Companies Act, 2013, and Regulation 30(5) of SEBI LODR Regulations, 2015. The company has ensured full compliance with regulatory requirements by providing all necessary details as prescribed under SEBI Listing Regulations and the SEBI Master Circular dated January 30, 2026.

Administrative Changes

In his resignation letter, Mr. Shah requested the company to remove his name as an authorized signatory from banks and initiate the process of informing the Ministry of Corporate Affairs, stock exchanges, and other statutory authorities about his separation. This includes updating the change in authorized signatory status in compliance with applicable laws and regulations.

Succession Planning

Panchmahal Steel Limited has initiated the process of appointing a new Chief Financial Officer to fill the vacant position. The company stated that details regarding the new appointment will be communicated to the stock exchange in due course, ensuring continuity in financial leadership.

Acknowledgment

In his farewell message, Mr. Shah expressed gratitude for the support and guidance provided during his tenure, describing his service as CFO as a privilege. The resignation was accepted by the company management, as indicated by the acceptance signature on the resignation letter.

Panchmahal Steel Limited announced the publication of its unaudited financial results extract for the quarter and nine months ended December 31, 2025, following regulatory compliance under Regulation 47 of SEBI (LODR) Regulations, 2015. The stainless steel manufacturer reported mixed performance with quarterly profits declining year-over-year while showing sequential improvement.

Regulatory Publication and Compliance

The company published the extract of unaudited financial results in multiple newspapers on January 31, 2026, including Indian Express & Business Standard (English) and Financial Express & Loksatta-Jansatta (Gujarati). Company Secretary Deepak Nagar facilitated the regulatory disclosures to BSE Limited under company code 4166 (Scrip Code: 513511).

Quarterly Financial Performance

For the third quarter of FY26, the company demonstrated resilience with improved sequential performance despite year-over-year challenges. The quarterly results reflect the company's operational dynamics in the stainless steel long products segment.

Nine-Month Performance Analysis

The nine-month period ending December 31, 2025, presented significant challenges for the company, with a notable shift from profitability to losses compared to the previous year. This performance indicates operational headwinds faced during the current financial year.

Operational Cost Structure

The company's expense management during Q3 FY26 showed mixed results across various cost categories. Total expenses for the quarter amounted to ₹9,712.81 lakhs compared to ₹9,301.72 lakhs in Q3 FY25.

Key expense components included:

• Cost of materials consumed: ₹6,303.10 lakhs
• Power & fuel costs: ₹1,061.17 lakhs
• Other expenses: ₹809.14 lakhs
• Employee benefits expense: ₹575.83 lakhs
• Depreciation & amortisation: ₹199.70 lakhs
• Finance costs: ₹143.80 lakhs

Corporate Governance and Regulatory Framework

Panchmahal Steel Limited operates in the manufacturing of stainless steel long products, which constitutes a single reportable segment under Ind AS-108 on Segment Reporting. The company maintains its registered office at GIDC Industrial Estate, Kalol, Panchmahals, Gujarat.

The financial results were reviewed by statutory auditors CNK & Associates LLP and recommended by the Audit Committee before Board approval on January 29, 2026. The company noted that the new Labour Codes effective from November 21, 2025, are not expected to have any material financial impact on the financial statements.

Capital Structure and Market Information

The company maintained a stable capital structure with paid-up equity share capital of ₹1,907.83 lakhs, consisting of shares with a face value of ₹10 each. The complete financial results are available on BSE website at www.bseindia.com and the company's website at www.panchmahalsteel.co.in , accessible through QR code provided in the published extract.