SAL Steel Limited has announced a key board appointment, naming Shri Rajesh Mangal as an Additional Director in a non-executive capacity. The appointment reflects the company's ongoing efforts to strengthen its board composition and governance structure.

Board Appointment Details

The company's board has approved the appointment of Shri Rajesh Mangal, bearing Director Identification Number (DIN) 10562605, as an Additional Director designated as Non-Executive Non Independent Director. The appointment takes effect from February 14, 2026, marking a significant addition to the company's leadership team.

Regulatory Compliance and Approval Process

The appointment has been made in accordance with regulatory requirements under SEBI (Listing Obligations & Disclosure Requirements) Regulations, 2015. The decision was taken on the recommendation of the company's Nomination and Remuneration Committee, demonstrating adherence to proper governance protocols.

The appointment is subject to approval by the members of the company and has been made pursuant to sections 161, 203 and other applicable provisions of the Companies Act, 2013. Additionally, it complies with the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014.

Corporate Communication

SAL Steel Limited has formally communicated this appointment to both BSE Limited and the National Stock Exchange of India Limited, fulfilling its disclosure obligations under Regulation 30 of the listing regulations. The company has also provided detailed disclosures as required under SEBI circulars CIR/CFD/CMD/4/2015 dated September 9, 2015, and SEBI/HO/CFD/CFD-PoD-1/P/CIR/2023/123 dated July 13, 2023.

The appointment represents part of SAL Steel Limited's commitment to maintaining robust corporate governance standards and ensuring appropriate board composition to guide the company's strategic direction.

SAL Steel Limited has officially confirmed additional board leadership changes through regulatory filings dated February 14, 2026, following its earlier announcement of Q3 FY26 results and major board restructuring decisions.

Latest Board Leadership Confirmation

The company has now formally confirmed the designation change of Kaustubh Agarwal through regulatory intimation filed on February 14, 2026. The Board approved his promotion from Additional Whole Time Director to Additional Managing Director, effective from December 23, 2025, for a period of 3 years subject to shareholder approval.

Kaustubh Agarwal is a mining engineer with over 5 years of experience in the Mining and Steel Industry. He brings a fresh perspective to daily operations, seamlessly blending traditional wisdom with modern technology for optimal performance. He is the son of Mahesh Kumar Agarwal, who serves as Director of the company.

Financial Performance for Q3 FY26

The company reported a notable turnaround in its quarterly performance despite operational challenges. Revenue from operations declined significantly to ₹2.20 crores in Q3 FY26 compared to ₹193.56 crores in Q3 FY25, primarily due to maintenance activities carried out at manufacturing plants during the quarter.

The company's profitability was significantly boosted by exceptional items worth ₹16.09 crores, consisting of income derived from recovery of by-product materials during maintenance activities and physical verification at manufacturing plants.

Previous Board Restructuring Decisions

Earlier board meetings had approved several other significant leadership changes:

Warrant Conversion and Shareholding Changes

The Board had also approved the conversion of 3,57,50,000 warrants into equity shares by Sree Metaliks Limited, a promoter entity. Post-conversion, the company's paid-up equity share capital increased to ₹144,76,67,000 consisting of 14,47,66,700 fully paid-up equity shares. Sree Metaliks Limited's shareholding increased from 43.58% to 57.51% following this conversion.