Statement of Deviation & Variation under Regulation 32 for the Quarter ended 31st March 2026
MSPL · price
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MSP Steel & Power Ltd reported Q4 FY26 standalone net profit of ₹85.30 crore on revenue of ₹816.32 crore, a significant improvement from Q4 FY25 loss of ₹34.20 crore. Full year FY26 net profit stood at ₹33.85 crore versus loss of ₹287.10 crore in FY25. The company raised ₹24.50 crore via preferential warrant issue (25% upfront of ₹98 crore total) in March 2026, with funds utilized for unsecured debt repayment (₹1.50 crore), restructuring scheme payments (₹18.50 crore), and plant modernization (₹2.84 crore). No deviation in fund utilization was reported. The Board approved a ₹500 crore capex programme for expansion at Raigarh, Chhattisgarh, adding 2.04 lakh MT sponge iron, 2.18 lakh MT billet, 2 lakh MT rolling mill capacity, and 22 MW power. The company completed all restructuring obligations including ₹101.63 crore Right to Recompense payment and recognized a Deferred Tax Asset of ₹47.37 crore.
The company returned to profitability with strong Q4 performance and cleared its restructuring obligations, reducing financial risk. The ₹500 crore expansion signals growth ambitions but will increase debt levels. Shareholders may see dilution from warrant conversion and potential upside from expanded capacity.