Kalyani Steels Ltd

Rating action

• Instrument: Commercial Paper; Rated amount Rs 75 crore; Rating: [ICRA] A1+
• Action: Reaffirmed / assigned for enhanced amount

Rating agency

• Agency: ICRA Limited

Material change

• Enhanced Commercial Paper limit to Rs 75 crore

Outlook

• Outlook: Not disclosed

Kalyani Steels Limited — Trading Window closed from Thursday, October 1, 2026 till the end of 48 hours after the declaration of Unaudited Financial Results (Standalone and Consolidated) for the quarter and half year ended September 30, 2026.

Purpose

• Special Resolution to appoint Ajay Kirtane as Independent Director for 5-year term.

Resolution details

• Resolution type: Special; subject to Sections 149, 152 and Listing Regulations.

Director appointment specifics

• Role: Independent Director; Term: five years from Sept 7, 2026 to Sept 6, 2031.
• Appointed as Additional Independent Director by Board on Sept 7, 2026.
• Meets independence criteria per Section 149(6) and Regulation 16(1)(b).

Candidate background

• Experience: 34+ years in financial management, debt syndication, M&A.
• Education: B.Com; CWA; not related to Company.
• Shareholding: Nil as of Sep 7, 2026.

Voting timeline/outcome

• e-Voting period: Sept 19, 2026 to Oct 18, 2026.
• Results to be announced by Oct 21, 2026.

Appointment of Additional Independent Director

• Appointment of Mr. Ajay Kirtane as an Additional Independent Director.
• Appointed for five years from Sep 7, 2026 to Sep 6, 2031.
• Subject to member approval by postal ballot.
• Board approved based on NRC recommendation via circular resolution.
• Qualified Cost & Works Accountant with 34+ years' financial management experience.
• Experience includes debt syndication, M&A, and private equity.
• Founder and Associate Member of Shah & Kirtane; retired 31 March 2025.
• Not related to any Director of the Company.
• Not debarred from director duties by SEBI or others.

AGM Details

• Date and time: 27 August 2026, 11:00 AM.
• Mode: VC/OAVM (video conferencing).
• Cut-off for voting eligibility: 20 August 2026.

Resolutions & Outcomes

• Ordinary Resolution 1: Adopt audited standalone and Consolidated Financial Statements; passed 99.9998%.
• Ordinary Resolution 2: Declare dividend on equity shares; passed 99.9997%.
• Ordinary Resolution 3: Re-appoint M.U. Takale as Director; passed 90.04%.
• Special Resolution 4: Re-appoint B.N. Kalyani as Director; passed 91.5015%.
• Ordinary Resolution 5: Approve material related party transactions with Bharat Forge Limited; passed 99.9927%.
• Ordinary Resolution 6: Approve material related party transactions with Kalyani Technoforge Limited; passed 99.9927%.
• Ordinary Resolution 7: Ratify remuneration of Cost Auditors; passed 99.9998%.

AGM Details

• AGM held on 27 August 2026 at 11:00 IST via VC/OAVM.
• Meeting concluded at 11:55 IST.

Key Resolutions

• Adopt standalone and consolidated financial statements for the year ended 31 March 2026 (Ordinary).
• Declare dividend on equity shares for the year ended 31 March 2026 (Ordinary).
• Appoint M.U. Takale as Director on retirement by rotation (Ordinary).
• Re-appoint B.N. Kalyani as Director (Special).
• Approve material related party transactions with Bharat Forge Limited (Ordinary).
• Approve material related party transactions with Kalyani Technoforge Limited (Ordinary).
• Ratify remuneration of the Cost Auditors (Ordinary).

Voting Results

• Outcome for all resolutions not disclosed in the filing.

Financial performance

• Standalone revenue ₹4,645.80m; PAT ₹676.06m; EPS ₹15.49.
• Consolidated revenue ₹4,803.84m; PAT ₹682.49m; EPS ₹15.63.
• Standalone total income ₹4,795.21m; Consolidated ₹4,803.84m.
• Unaudited results; board approved August 7, 2026.
• Hospet Steels joint operation shows Nil revenue and profit; expenditure ₹195m.
• Labour Code impact referenced; Rs 79.26m exceptional item booked in prior year.