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 Limited has announced another significant development involving Sree Metaliks Limited, with the conversion of 48,00,000 warrants into equity shares representing 3.32% of the company's expanded share capital. This latest transaction follows the earlier acquisition disclosed in September 2025.

Warrant Conversion Details

The conversion was executed in compliance with SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011 and SEBI (Prohibition of Insider Trading) Regulations, 2015. SAL Steel received formal intimation from Sree Metaliks Limited on December 29, 2025, regarding this warrant conversion.

Previous Acquisition Context

This warrant conversion is part of the broader acquisition structure established through the Share Purchase Agreement dated September 4, 2025. The original transaction involved both equity shares and warrants, with the current conversion representing the materialization of the warrant component.

Regulatory Compliance Framework

The disclosure fulfills requirements under multiple SEBI regulations, ensuring transparency in substantial acquisition activities. The company has submitted necessary documentation to both NSE and BSE exchanges as mandated by regulatory frameworks.

Corporate Structure Evolution

With this warrant conversion, Sree Metaliks Limited further consolidates its position as a substantial shareholder in SAL Steel. The conversion represents the completion of the investment structure initially established through the September 2025 agreement.

The disclosure was signed by Company Secretary Radhika P. Soni on December 29, 2025, maintaining the company's commitment to regulatory compliance and transparent communication with stakeholders.