Bihar Sponge Iron Ltd

Dematerialisation processing and listing

• Dematerialisation requests during the quarter ended September 2026 were processed and confirmed to the depositories.
• Securities dematerialised have been listed on the stock exchanges where the existing securities are listed.
• Physical certificates received for dematerialisation were mutilated and cancelled; depository names substituted as registered owner within 15 days.

AGM Details

• AGM held on 28-09-2026 via VC/OAVM.
• Start time 03:30 PM, end 03:49 PM.
• Deemed venue: Registered Office of the company.
• Record date for eligibility: 21-09-2026.
• Notice dispatched 03-09-2026; e-voting window: 25-27 Sep 2026.

Resolutions Put to Vote

• Ordinary Resolution 1: Adopt Audited Financial Statements for the year.
• Ordinary Resolution 2: Re-appoint Director Modi (rotation).
• Ordinary Resolution 3: Approve Material Related Party Transactions.
• Ordinary Resolution 4: Ratify Cost Auditors’ remuneration for FY ending Mar 2027.

Voting Results

• Resolution 1: Passed with majority.
• Resolution 2: Passed; small dissent noted.
• Resolution 3: Passed; promoter votes excluded per SEBI LODR.
• Resolution 4: Passed.

Dividend and Cash Matters

• No dividend declared or proposed at the AGM.

Directors and Auditors

• Director Modi re-appointed (rotational term noted).
• Cost Auditors’ remuneration for FY2027 ratified.

Related Party Transactions

• Material related party transactions approved.

Legal action

• Filing under Negotiable Instruments Act Sections 138/142 before Sub-Divisional Judicial Magistrate, Chandil.
• Defendants: M/s Vanraj Steels Private Limited and others.
• Dishonoured cheques aggregate ₹38 crore related to outstanding liability.
• Case No. 614 of 2026.
• Status: complaint filed; no court resolution yet.
• Regulatory disclosure under SEBI LODR Regulation 30.

AGM Details

• Date and time: 28 September 2026, 03:30 P.M. IST, via VC/OVAM.
• Meeting concluded at 03:49 P.M. IST.
• Remote e-voting window: 25 Sept 2026 9:00 A.M. to 27 Sept 2026 5:00 P.M.
• Four resolutions were eligible for e-voting during AGM.
• Attendance: 54 members attended via VC/OVAM.

Resolutions

• Adoption of Audited Standalone Financial Statements for year ended 31 March 2026.
• Appointment of Jayesh Modi as director, who retires by rotation, eligible for re-appointment.
• Approval of material related party transactions with related party.
• Ratification of remuneration to M.K. Singhal & Co., Cost Auditors, for FY 2026-27.

Voting Status

• Results pending; scrutinizer report due within two working days and released publicly.

Director Changes

• Re-appointment of Jayesh Modi as director on rotation.

Auditors

• Remuneration to Cost Auditors ratified for FY 2026-27.

Related Party Transactions

• Approval of material related party transactions with related party.

Bihar Sponge Iron Limited: Trading window closed from 1st October, 2026 till 48 hours after the declaration of Un-Audited Financial Results for the 2nd quarter and half-year ended 30th September, 2026.

Key dates

• Book closure: 22 Sep 2026 to 28 Sep 2026 (inclusive) for AGM.
• AGM date: 28 September 2026 at 3:30 PM IST via VC/OAVM.
• Record/e-voting cut-off: 21 September 2026.
• E-voting window: 25 Sep 2026 09:00 to 27 Sep 2026 17:00.
• Book closure purpose: record of Members for 44th AGM.

AGM & notices

• 44th AGM on 28 September 2026 at 3:30 PM IST via VC/OAVM.
• Notice and Annual Report available on bsil.org.in; electronically sent to members.

Financial highlights

• FY2025-26 sales (net) Rs 24,547.73 lakh; total income Rs 27,294.29 lakh.
• Profit before tax Rs 1,132.28 lakh; profit after tax Rs 1,133.23 lakh.
• EPS (basic) Rs 1.26; revenue declined vs FY2024-25.
• Dividend declared: none for FY2025-26.

Operations revival & strategy

• Plant shut since Aug 2013 due to coal supply issues.
• Entered Facility User Agreement with Amalgam Steel & Power Limited (23 Mar 2026).
• Renovation/overhaul in progress; commercial operations to commence on completion.
• Litigation and recovery efforts against VSPL group ongoing.
• Financial statements prepared on going concern basis; revival via third-party operations.

Capital structure & liquidity

• Total borrowings Rs 11,170.23 lakh (non-current Rs 8,424.04; current Rs 2,746.19).
• Cash and cash equivalents Rs 66.99 lakh; other bank balances Rs 216.78 lakh.
• Share capital Rs 9,020.54 lakh; promoter holding 69.23%.
• 63% of shares are dematerialised as of 31 March 2026.

Related party transactions

• MRPT with Moderate Leasing & Capital Services Ltd approved; aggregate value up to Rs 50 crore.
• Proposed MRPT: Consultancy charges Rs 3.60 crore; inter-corporate loan Rs 46.40 crore.
• MRPT value equals 20.37% of BSIL's prior-year turnover.
• Promoter group entity Moderate Leasing holds significant influence; omnibus approvals used.

Governance & board

• Board of 11 directors; 1 woman director (Kumkum Modi).
• Audit Committee: 4 independent directors plus WTD; meetings four times.
• Secretarial Auditor: Soniya Gupta & Associates; Board evaluation conducted.
• Four board meetings held in FY2025-26.

CSR & sustainability

• CSR expenditure Rs 19.98 lakh; 2% average net profit Rs 19.98 lakh.
• CSR policy and projects disclosed on bsil.org.in; Board discharges CSR functions.
• Annual CSR activity focused on education in rural areas.

Risks & outlook

• Outlook positive for sponge iron sector; revival relies on renovation and Amalgam operations.
• Risks include coal/iron ore price volatility and regulatory disputes.
• Management optimistic about future profitability post-revival.