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.

SAL Steel has received a disclosure from Shah Alloys Limited regarding the substantial disposal of shares under Regulation 29 of SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011. The transaction represents a significant reduction in the promoter group's shareholding in the steel company.

Transaction Details

Shah Alloys Limited, which belongs to the promoter group of SAL Steel Limited, executed an off-market transfer of shares pursuant to a Share Purchase Agreement dated September 4, 2025. The actual disposal took place on December 12, 2025.

Shareholding Pattern Changes

The disposal has resulted in a significant change in Shah Alloys Limited's shareholding pattern in SAL Steel Limited. Before the transaction, the promoter entity held a total of 3,02,56,989 shares representing 29.03% of the company's voting capital.

Company Capital Structure

SAL Steel Limited's equity share capital remains unchanged following this transaction. The company maintains its capital structure with no impact on the total number of outstanding shares.

SAL Steel Limited's shares are listed on both BSE Limited and National Stock Exchange of India Limited. The disclosure was signed by Narayanlal F. Shah, Company Secretary & Compliance Officer of Shah Alloys Limited, ensuring compliance with regulatory requirements for substantial shareholding changes.

As a result of this transaction, Shah Alloys Limited has reduced its total holding in SAL Steel Limited to 18.71%, down from the previous 29.03%. This significant reduction in stake through an off-market transfer marks a notable change in the ownership structure of SAL Steel Limited.