Bajaj Steel Industries Ltd

Bajaj Steel Industries Limited: Trading window closed from October 01, 2026 for the quarter ended September 30, 2026 results; reopening 48 hours after the announcement/declaration of aforesaid Financial Results to the Stock Exchange

AGM Details

• AGM held physically on 23 Sep 2026 at 4:00 PM IST.
• Mode: Physical; remote e-voting and poll conducted.
• Voting eligibility cut-off date for members: 16 Sep 2026.

Resolutions Put to Vote

• Resolution 1 (Ordinary): Adoption of standalone and consolidated financial statements; passed.
• Resolution 2 (Ordinary): Final dividend of Rs 1 per equity share; passed.
• Resolution 3 (Ordinary): Re-appointment of Deepak Batra, retiring by rotation; passed.
• Resolution 4 (Special): Ratify remuneration payable to Cost Auditor; passed.

Dividend

• Final dividend of Rs 1 per equity share approved.

Directors

• Deepak Batra re-appointed by rotation; eligible for re-appointment.

Auditors

• Remuneration of Cost Auditor ratified (Special Business).

Related Party Transactions

• No material related party transactions approved.

Other Material Approvals

• No other material approvals reported.

AGM Details

• AGM held physically on Sept 23, 2026, 4:00–4:30 PM IST, at Udyam Hall, Nagpur.
• Remote e-voting offered Sept 20–22, 2026; cut-off Sept 16, 2026.
• Ballot voting allowed at AGM for members unable to vote online.
• Independent Scrutinizer Siddharth Sipani appointed for e-voting and polling.
• Voting results to be announced within 2 working days.

Ordinary Resolutions

• Adoption of standalone financial statements for the year ended March 31, 2026.
• Adoption of consolidated financial statements for the year ended March 31, 2026.
• Declaration of final dividend of Rs 1 per equity share.
• Re-appointment of Deepak Batra, who retires by rotation.

Special Resolutions

• Ratification of remuneration payable to cost auditor.

Director Changes

• Director Deepak Batra retires by rotation; offers for re-appointment.

Rating action

• CRISIL Ratings reaffirmed Bajaj Steel Industries' rating; disclosure delay due to spam caused no rating change.

Rating Action

• CRISIL reaffirmed Bajaj Steel's LT rating A/Stable and ST rating A1 on Rs 194 crore facilities.

Instruments and Ratings

• Total bank facilities rated: Rs 194 crore.
• Bank facilities include Bank Guarantee (HDFC Bank) 100 Cr, A1, and Cash Credit (HDFC) 30 Cr, A/Stable.
• Long-term loans: HDFC Bank 15 Cr, Exim Bank 10 Cr, both A/Stable.
• Non-fund based limit: HDFC Bank 39 Cr, A1.

Outlook and Surveillance

• Outlook: Stable.
• Ratings under continuous surveillance; may be withdrawn or revised.

Material Changes

• No material change indicated; ratings reaffirmed.

Business Overview

• Core: multiproduct engineering company; Cotton Ginning leader; diversified into infrastructure, electrical panels, heavy engineering.
• 14 manufacturing facilities; 100,000+ sq m built-up across five divisions.
• Presence in 60+ countries; exports ≥50% of FY25 revenue.
• Partnerships with ABB, Schneider Electric, Mitsubishi for electrical panels and related systems.
• Four subsidiaries: USA, Uganda, Brazil; global footprint across regions.
• R&D collaborations with CIRCOT (ICAR) and CBRI.
• Listed on BSE since 1986; four decades of cotton ginning leadership.

Operational Highlights

• Q1FY27 revenue Rs120.4 Cr, up 11.9% YoY.
• Other Business contributed 53% of revenue; Cotton Ginning subdued.
• Infrastructure 29%, Electrical Panels 5%, Heavy Engineering 14%, Others 5% of revenue.
• Heavy Engineering and Infrastructure grew 32% and 35% YoY.
• Margin headwinds from sharp raw material price increases; company absorbed escalation.
• Order book Rs605 Cr as of Aug 8, 2026.
• Segment order books: Cotton Ginning 376 Cr; Infrastructure 85 Cr; Heavy Eng 75 Cr; Other 15 Cr.

Financial Performance

• Revenue from operations Rs120.4 Cr; YoY growth 11.9%.
• EBITDA Rs5.9 Cr; EBITDA margin 4.9%; EBIT Rs2.4 Cr; EBIT margin 1.9%.
• PAT Rs -0.3 Cr; PAT margin -0.2%.
• Cash and cash equivalents Rs99.3 Cr as of Mar-26.
• Share capital Rs10.4 Cr as of Mar-25/26, up from Rs2.6 Cr.

Capital & Liquidity

• ST borrowings Rs40.9 Cr; LT borrowings Rs15.3 Cr.
• Net cash position ~Rs43 Cr after borrowings.
• Total assets Rs699.1 Cr; Total liabilities Rs699.1 Cr as of Mar-26.

Strategic Priorities & Outlook

• Pursue diversification across verticals; Other Business ~53% of revenue.
• Expect profitability to improve progressively over coming quarters.
• Maintain global footprint; export-led growth and expanding Heavy Engineering capabilities.

Risks & Mitigation

• Risks: delays in order conversion/dispatch; raw material price volatility; geopolitical trade conditions.
• Mitigation: diversified verticals and in-house design/production capabilities.

Governance & Leadership

• Board includes independent directors; strong governance framework.
• Key executives: Dr. M.K. Sharma (CEO); Manish Sharma (CFO); Rachit Jain (CS & Compliance).

Standalone results

• Revenue from operations: Rs 10,761.77 lacs; Other income: Rs 125.54 lacs; Total income: Rs 10,877.31 lacs.
• Total expenses: Rs 11,249.14 lacs.
• Profit before tax: negative Rs 71.83 lacs.
• Net profit after tax: Rs -71.89 lacs.
• Paid up equity share capital: Rs 1,040.00 lacs.
• Statement prepared under Ind AS; limited review conducted by Statutory Auditors.

Consolidated results

• Total income (consolidated): Rs 12,234.45 lacs; Revenue from operations: Rs 12,035.27 lacs; Other income: Rs 1,675.86 lacs.
• Total expenses: Rs 12,082.29 lacs.
• Profit before tax: Rs 87.60 lacs.
• Net profit after tax: Rs -26.87 lacs.
• Subsidiaries in consolidation: Bajaj Coneagle LLC, Bajaj Steel Industries (U) Ltd, Bajaj Services Ltda, Bajaj Continental Ltda.
• Segment: Multiple Engineering Products is the sole reportable segment.

Other details

• Auditor's review status: Independent Auditor's Review conducted; no audit opinion issued.
• Notes: Interim results of subsidiaries not reviewed by auditors; management-provided statements used for those entities.
• Board meeting date: 10 August 2026; Place: Nagpur.

Rescheduled board meeting

• Board meeting rescheduled to Aug 10, 2026 to consider unaudited results for quarter ended June 30, 2026.
• Original meeting date was Aug 8, 2026.
• Reason: unavoidable circumstances.
• Trading window closed from July 01, 2026; remains closed 48 hours after results.
• Trading window closure update per June 26, 2026 communication.

Dematerialisation processing and listing status

• Dematerialisation requests processed and confirmed to the depositories.
• Securities dematerialised have been listed on the stock exchanges.
• Physical certificates dematerialised were mutilated and cancelled after verification.
• Depository name substituted as registered owner in the records within 15 days.