NSE: SALSTEEL · BSE: 532604
S.A.L. STEEL LTD.
Manufactures steel at a plant in Bharapar, Gujarat, with operations centred on a pellet facility and a furnace that was recently upgraded. FY26 revenue stood at ₹207.4 crore against ₹198.89 crore in raw materials cost, and the plant resumed production after a modernisation shutdown. A ₹20 crore outlay from a ₹48.26 crore preferential warrant issue was allocated to the pellet plant and ₹10 crore to furnace refurbishment, with the balance going to plant infrastructure, working capital and general corporate use. A fresh ₹50 crore term loan from Axis Finance was raised to retire an inter-corporate deposit owed to AIA Engineering. Total assets reached ₹621.47 crore, capex was ₹174.83 crore, and net result for the year was a small loss of ₹0.35 crore. AR · MarketPing reader · 2026-08-03
Revenue streams, as the annual report describes them. Steel manufacturing. Cyclical, asset-heavy steel manufacturer undergoing capacity expansion
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · standalone | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 505 | 496 | 577 | 544 | 207 |
| EBITDA (ex other income) | (4) | 8 | 21 | 19 | 31 |
| margin % | (0.7) | 1.7 | 3.7 | 3.5 | 14.8 |
| Owners' profit | 12 | 4 | 0 | (6) | (0) |
| EPS, as reported (₹) | 1.36 | 0.42 | 0.06 | (0.76) | (0.04) |
| ROE % · ROCE % | 30.5 · 27.3 | 8.5 · 7.1 | 1.1 · 7.1 | (16.6) · 5.1 | (0.2) · 4.0 |
| Debt / equity (x) | 3.28 | 3.01 | 2.97 | 4.58 | 2.38 |
| Cash from operations | 22 | 8 | 26 | (21) | (84) |
| Capex | 0 | (2) | (14) | (19) | (175) |
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 | 123 | 194 | 116 | 128 | 66 | 2 | 12 | 87 |
| Profit before tax | 0 | 0 | (8) | (13) | 5 | 8 | (0) | 5 |
| Net profit | 0 | (1) | (6) | (10) | 4 | 7 | (1) | 3 |
| EPS (₹) | 0.01 | (0.08) | (0.70) | (1.14) | 0.44 | 0.68 | (0.07) | 0.21 |
Exhibit 3: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 20 Oct 2026 · Newspaper ad on postal ballot notice dispatch filed with BSE and NSE | compliance | minimal | — | — |
| 19 Oct 2026 · Postal ballot seeks member approval for related party transactions | board shareholder meetings | low | — | — |
| 16 Oct 2026 · Board okays postal ballot for material related party transactions | board shareholder meetings | low | — | — |
| 8 Oct 2026 · Routine regulatory filing for Sep 2026 quarter demat and remat certificate | compliance | minimal | — | — |
| 7 Oct 2026 · Vora Financial crosses 5% in SAL Steel via open market buy | ownership changes | medium | — | — |
| 1 Oct 2026 · SAL Steel avails Rs 124 crore facility from Kotak Mahindra Bank | credit debt | high | — | — |
| 1 Oct 2026 · Board approves Rs 75 Cr term loan from Kotak Mahindra Bank | credit debt | high | — | — |
| 26 Sept 2026 · 23rd AGM voting results - all 4 resolutions passed with about 99.99% majority | board shareholder meetings | medium | — | — |
| 25 Sept 2026 · SAL Steel 23rd AGM held, four resolutions passed | board shareholder meetings | low | — | — |
| 24 Sept 2026 · Non-promoter picks up 5.05 percent stake in SAL Steel from open market | ownership changes | medium | — | — |
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.