BSE: 538812
Aanchal Ispat Limited
Manufactures iron and steel products, generating Rs 98.7632 crore of revenue in FY26. The cost structure is dominated by materials at 83.1% of revenue, with other operating expenses at 9.3%, employee costs at 2.6%, and depreciation at 0.6%, consistent with a raw-material-heavy steel manufacturer. The company exited the Corporate Insolvency Resolution Process in March 2025, with new management taking over on April 10, 2025 under resolution applicant Mukesh Goel. FY26 EBITDA margin was 3.4098% and net profit was Rs 2.0208 crore. Following the insolvency exit, the company has been raising fresh capital — a Rs 7 crore Qualified Institutional Placement in June 2026, planned fully convertible warrants of up to Rs 8.65 crore to the promoter, and a proposed rights issue of up to Rs 15 crore — to meet obligations under the approved Resolution Plan. AR · MarketPing reader · 2026-08-02
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · standalone | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 170 | 194 | 109 | 151 | 99 |
| EBITDA (ex other income) | (3) | (23) | (3) | (17) | 1 |
| margin % | (1.8) | (11.8) | (3.1) | (11.5) | 0.9 |
| Owners' profit | (5) | (23) | (6) | (13) | 2 |
| EPS, as reported (₹) | (2.27) | (11.25) | 6.00 | (6.43) | 14.26 |
| ROE % · ROCE % | (10.2) · 1.7 | (101.1) · (28.8) | (37.1) · (23.6) | (388.3) · (48.6) | 24.7 · 8.0 |
| Debt / equity (x) | 0.37 | 1.09 | 5.00 | 0.00 | 0.21 |
| Cash from operations | 3 | 2 | 6 | (3) | (2) |
| Capex | (1) | (0) | (0) | 0 | (0) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 39 | 34 | 35 | 23 | 18 | 19 | 38 | 25 |
| Profit before tax | (0) | (0) | (18) | 0 | 0 | 1 | 2 | 1 |
| Net profit | (0) | (0) | (13) | 0 | 0 | 1 | 1 | 1 |
| EPS (₹) | (0.14) | (0.20) | (6.26) | 0.02 | 0.75 | 2.01 | 8.42 | 1.72 |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| APL APOLLO TUBES LTD | 60,686 | 46.5 | 10.57 | 33.6 | 11.2 | 13.4 | 22.1 | 8.3 |
| WELSPUN CORP LIMITED | 58,448 | 24.7 | 5.36 | 26.4 | 14.1 | 9.3 | 21.1 | 15.7 |
| SHYAM METALICS AND ENGY L | 36,191 | 26.4 | 2.93 | 15.9 | 7.0 | 8.2 | 24.1 | 13.8 |
| RATNAMANI MET & TUB LTD. | 17,348 | 40.1 | 4.12 | 23.2 | 12.7 | 15.6 | 14.4 | 16.7 |
| JINDAL SAW LIMITED | 16,042 | 29.1 | 1.30 | 9.2 | 1.0 | 1.1 | 10.9 | 5.8 |
| USHA MARTIN LTD. | 14,584 | 28.7 | 4.42 | 20.6 | 14.1 | 17.7 | 12.0 | 20.1 |
| GODAWARI POW & ISP LTD | 13,559 | 15.9 | 2.32 | 10.9 | 13.7 | 17.0 | 5.7 | 19.1 |
| GALLANTT ISPAT LIMITED | 12,956 | 31.8 | 3.72 | 18.7 | 5.3 | 6.6 | 34.4 | 9.6 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 4.4 | 15.8 | 14 of 105 | 88% |
| P/B | 2.9 | 1.6 | 73 of 99 | 27% |
| ROCE | 7.9 | 5.8 | 43 of 109 | 61% |
| ROE | 24.7 | 5.3 | 4 of 99 | 97% |
| Debt / Equity | 0.2 | 0.2 | 51 of 99 | 49% |
| EBITDA margin | 0.4 | 7.3 | 95 of 110 | 14% |
| Revenue growth | 9.2 | 12.1 | 54 of 97 | 45% |
| Profit growth | 1070.0 | 19.7 | 2 of 105 | 99% |
| Market cap | 24 | 250 | 96 of 122 | 22% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 3 Nov 2026 · Promoter buys 17.17% voting stake through convertible warrants | ownership changes | high | — | — |
| 30 Oct 2026 · Promoter gets 726,829 convertible warrants at Rs 82 each | fund raising | high | — | — |
| 30 Oct 2026 · Promoter allotted 726,829 convertible warrants at Rs 82 | fund raising | high | — | — |
| 14 Oct 2026 · Aanchal Ispat appoints Aparna Sharma as Company Secretary | management changes | medium | — | — |
| 14 Oct 2026 · Aanchal Ispat appoints Aparna Sharma as Company Secretary and Compliance Officer | management changes | medium | — | — |
| 3 Oct 2026 · Routine RTA compliance filing for quarter ended September 2026 | compliance | minimal | — | — |
| 26 Sept 2026 · Trading Window Closed from Oct 1 Until Q2 Results Declaration | compliance | minimal | — | — |
| 23 Sept 2026 · 31st AGM held via video conferencing; three ordinary resolutions tabled | board shareholder meetings | medium | — | — |
| 12 Sept 2026 · Company Secretary Puspendu Kayal resigns, effective 5 Oct 2026 | management changes | medium | — | — |
| 3 Sept 2026 · AGM notice and annual report link dispatched to shareholders | compliance | minimal | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.