Panchmahal Steel Ltd

GST appeal details

• Filed an appeal with GST Appellate Tribunal Ahmedabad against two State Tax orders.
• Order No. 288 (07/07/2026) under Section 73.
• Reference No. ZD240726034913A (13/07/2026).
• Appeal ARN AD240324058081I (dated 14/03/2024).
• Order No. 289 (07/07/2026) under Section 74.
• Reference No. ZD2407260348380 (13/07/2026).
• Appeal ARN AD240722008501M (dated 22/07/2022).
• GSTAT Ahmedabad; related to CGST/IGST and SGST.

AGM Details

• 53rd AGM held on 25 September 2026 at 11:00 AM via VC/OAVM.
• Cut-off date for voting: 18 September 2026.

Key Resolutions

• Adopt audited financial statements for year ended 31 March 2026.
• Re-appoint Suchita Shah as director retiring by rotation.
• Re-appoint Ashok Malhotra as Chairman & Managing Director; approve managerial remuneration.
• Continue Suchita Shah as Non-Executive Non-Independent Director beyond age 75.
• Ratify remuneration payable to Cost Auditors.

Voting Results

• Item 1 passed; in-favour 99.99996%, against 0.00004%.
• Item 2 passed; in-favour 99.99996%, against 0.00004%.
• Item 3 passed; in-favour 99.99996%, against 0.00004%.
• Item 4 passed; in-favour 99.99996%, against 0.00004%.
• Item 5 passed; in-favour 99.99996%, against 0.00004%.

Directors / Management Changes

• Re-appointment of Ashok Malhotra as Chairman & MD approved.
• Continuation of Suchita Shah as Non-Executive Non-Independent Director beyond age 75.

Auditors

• Remuneration payable to Cost Auditors ratified.

AGM Details

• Date and time: 25 September 2026 at 11:00 A.M. IST.
• Mode: Video Conference for the AGM.
• Meeting commenced at 11:00 and concluded at 11:35 A.M., including e-voting.

Key Resolutions

• Adopt audited standalone financial statements and reports.
• Reappoint Suchita Shah by rotation.
• Appoint Ashok Malhotra as Chairman and Managing Director; approve remuneration.
• Continue Suchita Shah as Non-Executive Non-Independent Director post age 75.
• Ratify Cost Auditor remuneration for FY 2026-27.

Voting Results

• All resolutions deemed to have been passed at AGM.
• Formal voting results to be filed separately.

Directors / Appointments

• Suchita Shah reappointed by rotation; to continue as NED post age 75.

Auditor matters

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

Panchmahal Steel Ltd – Trading Window closed from 1 October 2026 for Q ended 30 September 2026 unaudited results, reopening 48 hours after the announcement

L1 bid update with BHEL via GeM

• Panchmahal Steel declared Lowest Bidder (L1) in a BHEL GeM bid.
• L1 status is subject to issuance of the Letter of Award by the buyer.
• Order value approx Rs 38.70 crores for supply of SS wire to Boiler Auxiliaries Plant, Ranipet.
• Nature of order: supply of SS wire per contract; delivery per schedule.
• No promoter/group interest in the awarding entity; no related party transactions.
• Domestic entity status; delivery timeline as per the Delivery Schedule.

AGM notices and access

• Letters dispatched to members without registered emails contain web-links to AGM notice and Annual Report.
• 53rd AGM scheduled for 25 September 2026 at 11:00 IST via VC/OAVM.
• Remote e-voting window: starts Sept 22, ends Sept 24, with cut-off Sept 18.
• KYC details reminder and update process via RTA/DP.

AGM Details

• AGM date/time/mode: held via VC/OAVM; exact time disclosed in the notice.
• Book closure: records closed for AGM as per notice.
• Cut-off date for remote e-voting specified in the notice.
• Proxy facility not available for this AGM.

Key Resolutions

• Adoption of Audited Financial Statements.
• Re-appointment of director by rotation.
• Re-appoint CMD for term; remuneration approved.
• Continuation of a Non-Executive Director beyond age 75.
• Remuneration of Cost Auditors to be ratified.

Dividend & Governance Notes

• Dividend: no dividend proposed or declared.
• Explanatory statement outlines re-appointment and remuneration terms.

Financial snapshot

• Revenue from operations: ₹38,424.12 Lakhs.
• Total income: ₹38,722.37 Lakhs.
• PAT: ₹-226.34 Lakhs; EPS: ₹-1.19.
• Dividend per share: ₹0; no dividend declared for FY25-26.
• EBITDA before interest/tax/depr: ₹1,114.66 Lakhs.
• Operating expenses: ₹38,648.75 Lakhs; EBITDA largely offset by costs.
• Cash from operations: ₹2,856.04 Lakhs.
• Equity share capital: ₹1,907.83 Lakhs; Net worth: ₹15,069.49 Lakhs.

Revenue mix & geography

• Domestic revenue: ₹32,594.03 Lakhs; exports: ₹5,637.04 Lakhs.
• Job work revenue: ₹110.40 Lakhs.
• Export incentives: ₹82.65 Lakhs; total export-related income modest.
• Export revenue contributed to overall revenue; no single customer dominant (>10%).
• No PPE outside India; operations centered in India.

Profitability & margins

• Profit after tax: negative ₹226.34 Lakhs; prior year ₹332.53 Lakhs.
• Net comprehensive loss: ₹387.92 Lakhs; OCI impact from actuarial & other items.
• EBITDA: ₹1,114.66 Lakhs; depreciation ₹797.99 Lakhs; finance costs ₹541.29 Lakhs.
• Tax expense: ₹299.96 Lakhs; tax credit reversal influenced PAT.

Balance sheet & liquidity

• PPE net: ₹5,182.75 Lakhs; inventories ₹12,042.62 Lakhs.
• Trade receivables ₹4,753.47 Lakhs; cash & cash equivalents ₹29.23 Lakhs.
• Borrowings ₹3,522.27 Lakhs; current liabilities higher due to working capital.
• Equity: ₹1,907.83 Lakhs; total equity ₹15,069.49 Lakhs.

Capital allocation & dividends

• Board did not declare dividend for FY2025-26; profits retained in P&L.
• Management focusing on value-added products and cost controls for future improvement.
• Retained earnings balance: ₹4,973.24 Lakhs at year-end.

Governance & board changes

• Ashok R. Malhotra re-appointed CMD for 3-year term from 1 Apr 2027; remuneration proposed.
• Suchita Shah to continue as Non-Executive Non-Independent post 75th birthday; special resolution.
• Nilesh Shah resigned as CFO; Kunal Thakrar appointed CFO from 01 Jun 2026.
• 6-director board; committee structure: Audit, NRC, SRC; independent directors listed.

Remuneration & related party disclosures

• MD remuneration for FY2025-26: ₹170.58 Lakhs; salary ₹147.00; perquisites ₹10.62; PF ₹12.96.
• Non-executive directors receive increased sitting fees from ₹10k to ₹25k per meeting.
• Related party transactions with Honeyvick Enterprises; all arm's length and in ordinary course.
• KMP remuneration totaled ₹233.29 Lakhs; MD and executives disclosed in Corporate Governance.

Audits, controls & compliance

• Statutory auditors: CNK & Associates LLP; internal auditors: Keyur Patel & Co.
• Secretarial Auditor: Niraj Trivedi; no material secretarial reservations.
• SOP fine of ₹1,32,160 paid to BSE for LODR non-compliance during Q4 FY24-25.
• Internal controls deemed adequate; going concern assumption not challenged.

Outlook & risks

• Management expects FY2026-27 revenue to improve with cost and finance revenues under control.
• Macro-economic, geopolitical, and raw material volatility cited as key risks.
• Company focusing on value-added products and expanding customer base to build resilience.