The following discussion of our financial condition and results of operations is based on, and should be read in conjunction with, our Restated Financial Information (including the schedules, notes and significant accounting policies thereto), included in the section titled Restated Financial Information beginning on page 224.
Our Restated Financial Information have been derived from our audited financial statements and restated in accordance with the SEBI ICDR Regulations and the ICAI Guidance Note. Our financial statements are prepared in accordance with IND AS, notified under the Companies (Indian Accounting Standards) Rules, 2015, and read with Section 133 of the Companies Act, 2013 to the extent applicable. IND AS differs in certain material respects from IFRS and U.S. GAAP and other accounting principles with which prospective investors may be familiar. Accordingly, the degree to which the financial statements prepared in accordance with IND AS included in this Red Herring
Prospectus will provide meaningful information is entirely dependent on the reader s level of familiarity with IND AS accounting policies. We have not attempted to quantify the impact of IFRS or U.S. GAAP on the financial information included in this Red Herring Prospectus, nor do we provide a reconciliation of our financial information to IFRS or U.S. GAAP. Any reliance by persons not familiar with IND AS accounting policies on the financial disclosures presented in this Red Herring Prospectus should accordingly be limited.
Unless otherwise indicated or the context requires otherwise, the financial information for the period ended June 30, 2026, Fiscal 2026, Fiscals 2025 and 2024 included herein have been derived from our restated balance sheets for the period ended June 30, 2026, Fiscal 2026, Fiscal 2025, Fiscal 2024 and restated statements of profit and loss, cash flows and changes in equity for the period ended June 30, 2026, fiscal years ended March 31, 2026, March 31, 2025 and March 31, 2024 of the Company, together with the statement of significant accounting policies, and other explanatory information thereon.
Unless stated otherwise, industry and market data used in this Red Herring Prospectus has been obtained or derived from the report titled Pipelines of Progress: Global and Steel Tubes & Pipes Industry dated August 11, 2026 prepared by Infomerics Analytics and Research Private Limited (the Infomerics Research Report ) and publicly available information as well as other industry publications and sources. The Report has been exclusively commissioned at the request of our Company and paid for by our Company for the purposes of this offer and is available on the website of the Company at https://jindalsupreme.com/.
Our fiscal year ends on March 31 of each year, and references to a particular fiscal period are to the 12 months ended March 31 of that year. All references to a year are to that Fiscal Year, unless otherwise noted.
Some of the information contained in this section, including information with respect to our strategies, contain forward-looking statements that involve risks and uncertainties. You should read the section titled Forward Looking Statements beginning on page 22 for a discussion of the risks and uncertainties related to those statements and also the section titled Risk Factors and Our Business beginning on pages 24 and 161, respectively, for a discussion of certain factors that may affect our business, results of operations and financial condition. The actual results of the Company may differ materially from those expressed in or implied by these forward-looking statements.
Unless otherwise stated, references to the Company , our Company , we , us , and our are to Jindal Supreme (India) Limited.
Business Overview
Our company is engaged in the manufacturing and supply of a different range of steel pipes, tubes and catering to the requirements of multiple infrastructure and industrial applications. Our product portfolio includes Mild Steel (MS) black pipes, tubes, galvanized pipes, metal beam crash barriers, and galvanized iron (GI) tubular poles. These products are manufactured in various dimensions, with range covering sizes from 0.5 inch to 10 inch, thus meeting a wide range of customer needs. Each of our products is manufactured as per the Indian Standards, ensuring consistent quality, durability, and compliance with both domestic and international benchmarks. Our products find application in various industry segments like, Water Supply and Plumbing, Infrastructure & Construction, Road & Highways, Bridges, Oil & Gas, Chemicals, Agriculture, rural electrification and others.
Our Company was established by Late Madanlal Jindal, the grandfather of Abhishek Jindal, and commenced the operations in 1974. Late Madanlal Jindal played a pivotal role in the growth and overall performance of our Company over the years. He was succeeded by his son, Sh. Janak Raj Jindal, who further strengthened the Company s operations and continued the legacy of business. He was succeeded by his son and our promoter Abhishek Jindal who has been associated with our Company since 2007 having over 18 years of experience in the MS Black and Galvanized Pipes/Tubes manufacturing industry and has played a key role in developing our product portfolio and diversification.
In Fiscal 2025, we commenced the manufacturing of metal beam crash barriers with W-beam and Thrie-beam crash barriers, which are primarily utilized for road safety and highway infrastructure projects. Following this, in Fiscal 2026, we further diversified into the production of GI tubular poles, which are commonly used for street lighting, electrification projects, and other public utility infrastructure. Over the years, we have expanded our product offerings to tap into emerging opportunities in infrastructure development projects.
For further details refer Our Business on page 161.
Key Performance Indicator
(Rs. in Lakhs)
| Particulars | For the Period Ended June 30, 2026 | Fiscal 2026 | Fiscal 2025 | Fiscal 2024 |
| Revenue from Operations | 19,093.65 | 67,538.72 | 58,639.93 | 64,543.98 |
| Total Income | 19,108.65 | 67,594.04 | 60,474.07 | 65,087.68 |
| EBITDA 1 | 1,375.50 | 4,162.90 | 2,592.17 | 2,110.86 |
| EBIT 2 | 1,299.80 | 3,875.49 | 4,112.07 | 2,277.89 |
| EBT 3 | 1,103.45 | 3,015.45 | 3,239.12 | 1,507.47 |
| PAT 4 | 827.58 | 2,252.91 | 2,426.84 | 1,287.28 |
| EBITDA Margin 5 | 7.20% | 6.16% | 4.42% | 3.27% |
| EBIT Margin 6 | 6.80% | 5.73% | 6.80% | 3.50% |
| EBT Margin 7 | 5.77% | 4.46% | 5.36% | 2.32% |
| PAT Margin 8 | 4.33% | 3.33% | 4.01% | 1.98% |
| EPS (Basic/Diluted) 9 | 2.05 | 5.59 | 6.02 | 3.20 |
| Debt / Equity 10 | 0.88 | 1.24 | 1.28 | 2.09 |
| Return on Equity 11 | 8.20% | 26.28% | 38.85% | 27.98% |
| Return on Capital Employed 12 | 6.14% | 16.78% | 22.37% | 13.92% |
1. EBITDA (Earnings Before Interest, Tax, Depreciation and Amortization) is calculated as sum of Profit Before Tax, Finance Cost & Depreciation and Amortization excluding Other Income
2. EBIT (Earnings Before Interest & Tax) is calculated as EBITDA less Depreciation plus other income
3. EBT (Earning Before Tax) is calculated as EBIT less Finance Cost
4. PAT (Profit After Tax) is calculated as EBT less Tax
5. EBITDA Margin is calculated as EBITDA divided by Revenue from operation
6. EBIT Margin is calculated as EBIT divided by Total Income
7. EBT Margin is calculated as EBT divided by Total Income
8. PAT Margin is calculated as PAT divided by Total Income
9. EPS is calculated as PAT divided by weighted number of outstanding equity shares
10. Debt / Equity is calculated as total debt divided by net worth
11. RoE (Return on Equity) is calculated as PAT divided by average net worth
12. RoCE (Return on Capital Employed) is calculated as EBIT divided by Capital Employed (Net Worth Plus, Total Debt, Total Lease Liability, Deferred Tax Liability)
Basis of Preparation Restated Financial Statement
The financial statements have been prepared in accordance with Indian Accounting Standards (Ind AS) notified under the Companies (Indian Accounting Standards) Rules, 2015 as amended, Companies Accounting Standard (Amendment Rules 2016), read with section 133 of the Companies Act, 2013. Company s standalone financial statements are presented in Indian Rupees ( ) which is also its functional currency, and all values are rounded to the nearest lakhs (00,000) except when otherwise indicated.
The Company s functional and presentation currency is Indian Rupees (INR). Unless otherwise stated, figures are rounded to the nearest lakh with two decimals in line with Schedule III to the Companies Act, 2013.
Preparation of Financial Statements
1. Basis of Accounting:
The financial statements of the Company have been prepared in accordance with Indian Accounting Standards (Ind AS) notified under the Companies (Indian Accounting Standards) Rules 2015 read with Section 133 of Companies Act, 2013 as amended from time to time. The financial statements have been prepared on an accrual basis and under the historical cost convention, except for the certain financial instruments which are measured at fair value, presentation and classification follow Schedule III (Division II). Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date regardless of whether that price is directly observable or estimated using another valuation technique. In estimating the fair value of an asset or a liability the Company takes into account the characteristics of the asset or liability if market participants would take those characteristics into account when pricing the asset or liability at the measurement date. Fair value for measurement and/ or disclosure purposes in these financial statements is determined on such basis except for measurements that have some similarities to fair value but are not fair value such as net realizable value in Ind AS 2.
2. Significant Accounting Judgments Estimates and Assumptions:
The preparation of the Company s financial statements in conformity with Ind AS requires the management to make judgments estimates and assumptions that affect the reported amounts of revenues expenses assets and liabilities and the accompanying disclosures and the disclosure of contingent liabilities. Uncertainty about these assumptions and estimates could result in outcomes that require a material adjustment to the carrying amount of assets or liabilities affected in future periods. The management believes that the estimates used in preparation of financial statements are prudent and reasonable. Estimates and underlying assumptions are reviewed at each reporting date. Revisions to accounting estimates are recognized in the period in which the estimate is revised, and future period is affected.
3. (A) Current/ Non-Current Classification:
The Company presents assets and liabilities in the balance sheet based on current/ non-current classification.
An asset is treated as current when it is:
a) Expected to be realized or intended to be sold or consumed in normal operating cycle.
b) Held primarily for the purpose of trading.
c) Expected to be realized within twelve months after the reporting period or
d) There is no unconditional right to defer the settlement of the liability for at least twelve months after the reporting period The Company classifies all other liabilities as non-current.
(B) Property, Plant, and Equipment
Freehold land is measured at cost and not depreciated. All other items of property plant and equipment are stated at cost less accumulated depreciation and impairment loss if any. Cost includes cost of acquisition installation or construction other direct expenses incurred to bring the assets to its working condition and finance costs incurred up to the date the asset is ready for its intended use and excludes GST eligible for credit / setoff.
Such cost includes the cost of replacing part of the plant and equipment costs of dismantling and removing the item and restoring the site on which it is located and borrowing costs for long-term construction projects if the recognition criteria are met. When significant parts of plant and equipment are required to be replaced at intervals the same were depreciated separately based on their specific useful lives.
All other repair and maintenance costs are recognized in the statement of profit or loss as incurred.
The Company records a provision for dismantling cost towards Plant and Machinery wherever applicable. Dismantling costs are provided at the present value of future expenditure using the current pre-tax rate expected to be incurred to fulfil dismantling obligation and are recognized as part of the cost of the underlined asset. Any change in the present value of expenditure other than unwinding of discount on the provision is reflected as adjustment to the provision and the corresponding asset. The change in the provision due to the unwinding of discount is recognized in the statement of profit and loss.
Capital work-in-progress in respect of assets which are not ready for their intended use are carried at cost comprising of direct costs related incidental expenses and attributable interest. Depreciation is not recorded on capital work-in-progress until construction and installation is complete and the asset is ready for its intended use. The company does not have any Capital work-in-progress as on the reporting date.
Advances paid towards the acquisition of fixed assets outstanding (if any) at each balance sheet date are disclosed as Capital Advances under other non-current assets.
Property plant and equipment are eliminated from financial statements either on disposal or when retired from active use. Losses arising in the case of the retirement of property plant and equipment and gains or losses arising from disposal of property plant and equipment are recognized in the statement of profit and loss in the year of occurrence.
Depreciable amount for assets is the cost of an asset or other amount substituted for cost less its estimated residual value. Property Plant and Equipment is provided on straight-line method over the useful life of the assets as specified in Schedule II to the Companies Act 2013. Any Capital Expenditure costing 5000 or less are treated as a Revenue Expenditure and recognized in the statement of profit and loss in the year in which it is incurred.
(C) Intangible Assets
Intangible assets are recognized when it is probable that the future economic benefits that are attributable to the assets will flow to the Company and the cost of the assets can be measured reliably.
Intangible assets are stated at cost or acquisition less accumulated amortization and impairment loss if any.
Intangible assets including software is amortized over their estimated useful life on straight line basis from the date they are available for intended use subject to impairment test.
The estimated useful life and the amortization period of the intangible assets are reviewed at the end of each financial year, and the amortization period is revised to reflect the changed pattern if any.
Development expenditures on an individual product/ project are recognized as an intangible asset when the Company can demonstrate the technical feasibility of completing the intangible asset so that the asset will be available for use or sale its intention to complete and use or sell the asset its ability to use or sell the asset how the asset will generate future economic benefits the availability of resources to complete the asset and the availability to measure reliably the expenditure during development.
The company does not have any intangible assets as on the reporting date.
Subsequent costs incurred for replacement of a major component of an asset are included in the asset s carrying cost or recognized as a separate asset as appropriate. The carrying values of the replaced components are recognized to statement of Profit and Loss when replaced.
De-recognition: An item of property plant and equipment and any significant part initially recognized is derecognized upon disposal or when no future economic benefits are expected from its use or disposal. Any gain or loss arising on de-recognition of the asset (calculated as the difference between the net disposal proceeds and the carrying amount of the asset) is included in the income statement when the asset is derecognized.
Gains or losses arising from de-recognition of an intangible assets are measured as the difference between the net disposal proceeds and the carrying amount of the asset and are recognized in the statement of profit and loss when the asset is derecognized.
(D) Investment Property
Properties that are held for long-term rental yields and/ or for capital appreciation are classified as investment properties. Investment properties are stated at cost of acquisition or construction less accumulated depreciation and impairment if any. Depreciation is recognized using the straight-line method so as to amortize the cost of investment properties over their useful lives as specified in Schedule II of the Companies Act 2013. Transfers to or from investment properties are made at the carrying amount when and only when there is a change in use. An item of investment property is derecognized upon disposal or when no future economic benefits are expected to arise from the continued use of asset. Any gain or loss arising on the disposal or retirement of an item of investment property is determined as the difference between the sales proceeds and the carrying amount of the property and is recognized in the Statement of Profit and Loss. The company does not have any investment property as on the reporting date.
4. Impairment of Non-Financial Assets
An asset is treated as impaired when the carrying cost of asset exceeds its recoverable value. An impairment loss is charged to the Statement of Profit and Loss in the year in which an asset is identified as impaired. The impairment loss recognized in prior accounting period is reversed if there has been a change in the estimate of recoverable amount.
Assessment for impairment is done at each Balance Sheet date as to whether there is any indication that an asset (tangible and intangible) may be impaired. For the purpose of assessing impairment, the smallest identifiable group of assets that generates cash inflows from continuing use that are largely independent of the cash inflows from other assets or groups of assets is considered as a cash generating unit. If any such indication exists an estimate of the recoverable amount of the individual asset/cash generating unit is made.
An impairment loss is reversed in the statement of profit and loss if there has been a change in the estimates used to determine the recoverable amount. The carrying amount of the asset is increased to its revised recoverable amount provided that this amount does not exceed the carrying amount that would have been determined (net of any accumulated amortization or depreciation) had no impairment loss been recognized for the asset in prior years.
5. Revenue Recognition
Revenue is recognized in accordance with Ind AS 115 by identifying the contract, performance obligations, transaction price (including variable consideration subject to the constraint), and allocation to performance obligations, and recognizing revenue when (or as) control transfers.
The control is transferred upon shipment of goods to the customer or when the goods is made available to the customer provided transfer of title to the customer occurs and the Company has not retained any significant risks of ownership or future obligations with respect to the goods shipped.
Revenue from rendering of services is recognized over the time by measuring the progress towards complete satisfaction of performance obligations at the reporting period. While in case of Job work services, the same is recognized after the completion of service.
Revenue towards satisfaction of a performance obligation is measured at the amount of transaction price (net of variable consideration) allocated to that performance obligation. The transaction price of goods sold, and services rendered is net of variable consideration on account of various discounts offered by the company as part of the contract. Variable considerations are determined based on the most likely amount. Consideration is due upon satisfaction of performance obligations, and a receivable is recognized when it becomes unconditional.
Payment terms agreed with a customer are as per business practice and there is no financing component involved in the transaction price.
Interest income: Interest Income from financial asset is recognized when it is probable that the economic benefits flow to the Company and the amount of income can be measured reliably. Interest income is accrued on a time basis by reference to the principal outstanding and at the effective interest applicable which is the rate that exactly discounts estimated future cash receipts through the expected life of the financial asset to the assets net carrying amount on initial recognition.
Other Income: Revenue in respect of other income is recognized when a reasonable certainty as to its realization exists.
6. Investments:
Investments are classified into current and non-current investments. Investments that are readily realizable and intended to be held for not more than a year from the date of acquisition are classified as current investments. All other investments are classified as non-current investments. However, that part of long-term investments which are expected to be realized within twelve months from Balance Sheet date is also presented under Current Investment under Current portion of long-term investments in consonance with the current/ noncurrent classification of Schedule III of the Act.
7. Inventories:
Inventories include raw material, work in progress, finished goods, scrap and stores, spares and consumables. Raw Materials are valued at cost on FIFO basis. Semi-finished are valued at estimated cost basis. Finished goods are valued at Cost or Net Realizable Value whichever is less. Stores and Consumables are valued at Cost.
The cost of inventories is computed to include all cost of purchases cost of conversion standard overheads and other related cost incurred in bringing the inventories to their present condition.
Net realizable value is the estimated selling price in the ordinary course of business less the estimated cost of completion and the estimated costs necessary to make the sale.
8. Cash and Cash Equivalents:
Cash and cash equivalents comprise cash on hand, balances with banks, and short-term deposits with original maturities of three months or less that are readily convertible to known amounts of cash and subject to insignificant risk of changes in value. Bank deposits with original maturities of more than three months are presented as other bank balances.
9. Employee Benefits
Short Term Employee Benefits: All employee benefits payable wholly within twelve months after the end of the annual reporting period in which the employees render the related services, are classified as short term employee benefits. Benefits such as salaries, wages, short-term compensated absences, performance incentives etc., and the expected cost of bonus, ex-gratia are recognized during the period in which the employee renders related service. Short term employee benefits are recognized on an undiscounted basis whereas long term employee benefits are recognized on a discounted basis.
Post Employee Benefits:
a) Defined Contribution Plan: Payments to defined contribution retirement benefit plans are recognized as an expense when employees have rendered the service entitling them to the contributions. Contribution as per Employee s Provident Funds and Miscellaneous Provisions Act 1952 towards Provident Fund and Family Pension Fund are provided for and payments in respect thereof are made to the relevant authorities on actual basis.
b) Defined Benefit Plan: The cost of providing benefits under the defined benefit plan is determined using the projected unit credit method with the actuarial valuations being carried out at the end of each annual reporting period.
Gratuity: In accordance with applicable Indian Laws the Company provides gratuity a defined benefit retirement plan (the Gratuity Plan) covering eligible employees. The gratuity plan provides a lump sum payment to vested employees at retirement or termination of employment an amount based on the respective employee s last drawn salary and the years of employment with the Company. Liability with regard to Gratuity Plan is accrued based on actuarial valuation at the Balance Sheet date.
Past service costs are recognized in profit or loss on the earlier of:
? The date of the plan amendment or curtailment and
? The date that the Company recognizes related restructuring costs.
? Net interest is calculated by applying the discount rate to the net defined benefit liability or asset. The Company recognizes the following changes in the net defined benefit obligation as an expense in the statement of profit and loss:
? Service costs comprising current service costs past service costs gains and losses on curtailments and non-routine Settlements; and Net interest expense or income.
Termination Benefits: In case of employee s early retirement/ termination/ resignation/ withdrawal, the normal retirement benefit will be paid based on the service up to the date of exit.
10. Borrowings Cost
Borrowing costs which are directly attributable to the acquisition/construction or production of a qualifying asset which are the assets that necessarily takes substantial period of time to get ready for intended use or sale till the time such assets are ready for intended use are capitalized as part of the costs of such assets. Other Borrowing costs are recognized as expenses in the year in which they are incurred. Borrowing cost includes interest amortization of ancillary costs incurred in connection with the arrangement of borrowings and exchange differences arising from foreign currency borrowings to the extent they are regarded as an adjustment to the interest cost if any.
11. Earnings Per Share
The basic earnings per share ( EPS ) is computed by dividing the net profit after tax for the period attributable to equity shareholders (after deducting preference dividends and attributable taxes) by weighted average number of equities shares outstanding during the year. For the purpose of calculating diluted earnings per share the net profit after tax for the period attributable to equity shareholders and the weighted average number of shares outstanding during the year are adjusted for the effects of all dilutive potential equity shares. The dilutive potential equity shares are deemed to be converted as of the beginning of the year unless they have been issued at a later date. Potential equity shares are deemed to be dilutive only if their conversion to equity shares would decrease the net profit per share from continuing ordinary operations. Potential dilutive equity shares are deemed to be converted as at the beginning of the period unless they have been issued at a later date. The dilutive potential equity shares are adjusted for the proceeds receivable had the shares been actually issued at fair value (i.e. average market value of the outstanding shares). Dilutive potential equity shares are determined independently for each period presented. The number of equity shares and potentially dilutive equity shares are adjusted for share splits / reverse share splits and bonus shares as appropriate.
12. Segment Reporting
Segments are identified in line with Indian Accounting Standards (Ind AS) 108 Operating Segments , taking into consideration the internal organization and management structure. Operating Segments are components of the Group whose operating results are regularly reviewed by the Chief Operating Decision Maker (CODM) to make decisions about resources to be allocated to the segment and assesses its performance and for which discreet information is available. The company has identified its Managing Director as the Chief Operating Decision Maker (CODM).
The Company has considered only one business segment as the primary segments for disclosure i.e., Manufacturing and Selling of Steel Tubes. Segment information can be viewed in Note No. 25.4.
13. Provisions and Contingencies:
The Company creates a provision when there exists a present obligation as a result of a past event that probably requires an outflow of resources, and a reliable estimate can be made of the amount of the obligation. A disclosure for a contingent liability is made when there is a possible obligation or a present obligation that may but probably will not require an outflow of resources. When there is a possible obligation or a present obligation in respect of which likelihood of outflow of resources is remote no provision or disclosure is made. The expenses relating to a provision is presented in the Statement of Profit & Loss net of any reimbursement.
14. Taxation
Current Income Tax: Current income tax assets and liabilities are measured at the amount expected to be recovered from or paid to the taxation authorities. The tax rates and tax laws used to compute the amount are those that are enacted or substantively enacted at the reporting date in the countries where the Company operates and generates taxable income.
Deferred Tax: Deferred tax is provided using the liability method on temporary differences between the tax bases of assets and liabilities and their carrying amounts for financial reporting purposes at the reporting date. Deferred tax liabilities are recognized for all taxable temporary differences, except:
? When the deferred tax liability arises from the initial recognition of goodwill or an asset or liability in a transaction that is not a business combination and, at the time of the transaction, affects neither the accounting profit nor taxable profit or loss,
? In respect of taxable temporary differences associated with investments in subsidiaries, associates and interests in joint ventures, when the timing of the reversal of the temporary differences can be controlled and it is probable that the temporary differences will not reverse in the foreseeable future
The carrying amount of deferred tax assets is reviewed at each reporting date and reduced to the extent that it is no longer probable that sufficient taxable profit will be available to allow all or part of the deferred tax asset to be utilized. Unrecognized deferred tax assets are reassessed at each reporting date and are recognized to the extent that it has become probable that future taxable profits will allow the deferred tax asset to be recovered. Deferred tax relating to items recognized outside profit or loss is recognized outside profit or loss (either in other comprehensive income or in equity). Deferred tax items are recognized in correlation to the underlying transaction either in OCI or directly in equity. Deferred tax assets and deferred tax liabilities are offset if a legally enforceable right exists to set off current tax assets against current tax liabilities and the deferred taxes relate to the same taxable entity and the same taxation authority.
15. Financial Instruments:
a) Financial Assets
Initial Recognition and Measurement: All financial assets are initially recognized at fair value. Transaction costs that are directly attributable to the acquisition or issue of financial assets, which are not at Fair Value Through Profit or Loss, are adjusted to the fair value on initial recognition. Purchases or sales of financial assets that require delivery of assets within a time frame established by regulation or convention in the marketplace (regular way trades) are recognized on the trade date i.e. the date that the Company commits to purchase or sell the asset.
However, Trade Receivables that do not contain significant financing components are measured at transaction price.
Subsequent Measurement:
? For purposes of subsequent measurement financial assets are classified in four categories:
? Debt instruments at amortized cost
? Debt instruments at fair value through other comprehensive income (FVTOCI)
? Debt instruments derivatives and equity instruments at fair value through profit or loss (FVTPL)
? Equity instruments measured at fair value through other comprehensive income (FVTOCI)
Debt Instruments at Amortized Cost
A debt instrument is measured at the amortized cost if both the following conditions are met:
? The asset is held within a business model whose objective is to hold assets for collecting contractual cash flows and
? Contractual terms of the asset give rise on specified dates to cash flows that are solely payments of principal and interest (SPPI) on the principal amount outstanding.
Equity Investments
All equity investments in scope of Ind AS 109 are measured at fair value. Equity instruments which are held for trading and contingent consideration recognized by an acquirer in a business combination to which Ind AS 103 applies are classified as at FVTPL. For all other equity instruments the Company may make an irrevocable election to present in other comprehensive income subsequent changes in the fair value. The Company makes such election on an instrument by- instrument basis. The classification is made on initial recognition and is irrevocable.
If the Company decides to classify an equity instrument as at FVTOCI then all fair value changes on the instrument excluding dividends are recognized in the OCI. There is no recycling of the amounts from OCI to P&L even on sale of investment. However, the Company may transfer the cumulative gain or loss within equity.
Derecognition
A financial liability is derecognized when the obligation under the liability is discharged or cancelled or expires. When an existing financial liability is replaced by another from the same lender on substantially different terms or the terms of an existing liability are substantially modified such an exchange or modification is treated as the derecognition of the original liability and the recognition of a new liability. The difference in the respective carrying amounts is recognized in the statement of profit or loss.
Fair Value Measurement
Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date regardless of whether that price is directly observable or estimated using another valuation technique. In estimating the fair value of an asset or a liability the Company takes into account the characteristics of the asset or liability if market participants would take those characteristics into account when pricing the asset or liability at the measurement date. Fair value for measurement and / or disclosure purposes in these financial statements is determined on such basis except for measurements that have some similarities to fair value but are not fair value such as net realizable value in Ind AS 2.
Levels of Risk in Fair Value Measurement:
Level I: The fair value of financial instruments quoted in active markets is based on their quoted closing price at the balance sheet date.
Level II: The fair value of financial instruments that are not traded in an active market is determined by using valuation techniques using observable market data. Such valuation techniques include discounted cash flows, standard valuation models based on market parameters for interest rates, yield curves or foreign exchange rates, dealer quotes for similar instruments and use of comparable arm s length transactions.
Level III: The fair value of financial instruments that are measured on the basis of entity specific valuations using inputs that are not based on observable market data (unobservable inputs).
16. Foreign Exchange Transactions
Foreign currency transactions during the year are recorded at the rate of exchange prevailing at the date of transaction. Monetary asset and liabilities related to foreign currency transactions remaining unsettled are translated at the year-end rate. All exchange differences are dealt with in the Statement of Profit and Loss for the year.
17. Leases
The Company as a Lessee: As per Ind AS-116 the Company has recognised lease liabilities and corresponding equivalent right-of-use assets. The Company s lease asset primarily consists of leases for Land, Buildings, Plant & Machinery and Vehicles. The Company assesses whether a contract contains a lease at inception of a contract. A contract is or contains a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration.
To assess whether a contract conveys the right to control the use of an identified asset the Company assesses whether
? The contract involves the use of an identified asset.
? The Company has substantially all the economic benefits from use of the asset through the period of the lease and ? The Company has the right to direct the use of the asset
At the date of commencement of the lease the Company recognises a Right-of-Use (ROU) asset and a corresponding lease liability for all lease arrangements in which it is a lessee except for leases with a term of 12 months or less (short-term leases) and low value leases.
For these short-term and low-value leases the Company recognises the lease payments as an operating expense. Certain lease arrangements include the options to extend or terminate the lease before the end of the lease term. ROU assets and lease liabilities includes these options when it is reasonably certain that they will be exercised. The lease liability is initially measured at amortised cost at the present value of the future lease payments. The lease payments are discounted using the interest rate implicit in the lease or if not readily determinable using the incremental borrowing rates in the country of domicile of these leases. ROU assets are depreciated from the commencement date on a straight-line basis over the shorter of the lease term and useful life of the underlying asset. ROU assets are evaluated for recoverability whenever events or changes in circumstances indicate that their carrying amounts may not be recoverable. For the purpose of impairment testing the recoverable amount (i.e. the higher of the fair value less cost to sell and the value-in-use) is determined on an individual asset basis unless the asset does not generate cash flows that are largely independent of those from other assets. In such cases the recoverable amount is determined for the Cash Generating Unit (CGU) to which the asset belongs. Lease liability and ROU assets have been separately presented in the Balance Sheet and lease payments have been classified as financing cash flows.
18. Exceptional Items
Exceptional items are disclosed separately in the financial statements where it is necessary to do so to provide further understanding of the financial performance of the Company. These are material items of income or expense that have to be shown separately due to their nature or incidence.
19. Other Notes
In the opinion of the Board, the current assets, loans and advances have a value on realization in the ordinary course of business at least equal to the amounts at which they are stated in the Balance Sheet and that the provision for known liability is adequate and not in excess of amount reasonably necessary.
Principal Components of Income and Expenditure
1. Total Revenue
Our total revenue consists of (i) Revenue from Sale of Products and (ii) Other Income, which are set forth given in the below table. Our total revenue for the three months period ended June 30, 2026, fiscal 2026, fiscal 2025, and fiscal 2024 amounted to 19,108.65 lakhs, 67,594.04 lakhs, 60,474.07 lakhs, and 65,087.68 lakhs respectively.
Total Revenue
(Rs. in Lakhs)
| Particulars | For the Period Ended June 30, 2026 | Fiscal 2026 | Fiscal 2025 | Fiscal 2024 |
| Revenue from Operations | 19,093.65 | 67,538.72 | 58,639.93 | 64,543.98 |
| As % of Total Revenue | 99.92% | 99.92% | 96.97% | 99.16% |
| Other Income | 15.00 | 55.32 | 1,834.15 | 543.71 |
| As % of Total Revenue | 0.08% | 0.08% | 3.03% | 0.84% |
| Total Revenue | 19,108.65 | 67,594.04 | 60,474.07 | 65,087.68 |
2. Revenue from Operations
Revenue from Operations comprises of (i) Income from Sale of Products and (ii) Other Operating Income, which are set forth given in the below table. Company has generated revenue from operations amounting to 19,093.65 lakhs, 67,538.72 lakhs, 58,639.93 lakhs, and 64,543.98 lakhs for the period ended June 30, 2026, fiscal 2026, fiscal 2025, and fiscal 2024 respectively. Revenue from operations is 99.92%, 99.92%, 96.97% and 99.16% of the total revenue, for the three month s period ended June 30, 2026, fiscal 2026, fiscal 2025 and fiscal 2024 respectively.
Revenue from Operations
( Rs.in Lakhs)
| Particulars | For the Period Ended June 30, 2026 | Fiscal 2026 | Fiscal 2025 | Fiscal 2024 |
| Income from Sale of Products | ||||
| Pipe Sales Black | 8,680.83 | 29,026.45 | 27,151.44 | 31,746.85 |
| Pipe Sales Galvanised | 4,787.38 | 17,941.92 | 20,962.97 | 28,801.26 |
| Metal Beam Crash Barrier | 2,942.80 | 11,770.24 | 6,230.62 | - |
| GI Tubular Poles | 1,222.21 | 3,149.20 | - | - |
| Total Income from Sale of Products | 17,633.21 | 61,887.82 | 54,345.03 | 60,548.11 |
| As % of Revenue from Operations | 92.35% | 91.63% | 92.68% | 93.81% |
| As % of Total Revenue | 92.28% | 91.56% | 89.87% | 93.03% |
| Other Operating Revenue | ||||
| Scrap Sale | 497.72 | 1,874.70 | 1,796.94 | 2,202.66 |
| Zinc Dross | 610.96 | 2,130.10 | 1,888.44 | 1,513.14 |
| Strip sale | 134.24 | 1,088.74 | 161.03 | 41.34 |
| Zinc Ash | 150.17 | 487.37 | 233.37 | 195.28 |
| Store Sale | 59.85 | 25.43 | 7.22 | 3.07 |
| Carbon Sale | 7.50 | 14.80 | 18.58 | 26.59 |
| Unwrought Zinc | - | 21.07 | 30.55 | 13.79 |
| LSHS | - | 8.70 | - | - |
| Zinc Scrap | - | - | 158.76 | - |
| Total Other Operating Revenue | 1,460.44 | 5,650.90 | 4,294.89 | 3,995.87 |
| As % of Revenue from Operations | 7.65% | 8.37% | 7.32% | 6.19% |
| As % of Total Revenue | 7.64% | 8.36% | 7.10% | 6.14% |
| Revenue from Operations | 19,093.65 | 67,538.72 | 58,639.93 | 64,543.98 |
| As % of Total Revenue | 99.92% | 99.92% | 96.97% | 99.16% |
| Total Revenue | 19,108.65 | 67,594.04 | 60,474.07 | 65,087.68 |
Income from Sale of Products: Company has reported Income from Sale of Products for three month s period ended June 30, 2026, fiscal 2026, fiscal 2025, and fiscal 2024, amounting to 17,633.21 lakhs, 61,887.82 lakhs, 54,345.03 lakhs, and 60,548.11 lakhs respectively. Income from Sale of Products comprises of revenue from sale of black pipes, sale of galvanised pipes, sale of GI Tubular Poles and Sale of Metal beam crash barriers.
Income from Sale of Products contributed 92.35%, 91.63%, 92.68%, and 93.81% to revenue from operations for the three month s period ended June 30, 2026, fiscal 2026, fiscal 2025, and fiscal 2024 respectively.
Other Operating Income: For the three month s period ended June 30, 2026, fiscal 2025, and fiscal 2024, our other operating income was amounted to 1,460.44 lakhs, 5,650.90 lakhs, 4,294.89 lakhs, and 3,995.87 lakhs respectively. Other Operating Income contributed 7.65%, 8.37%, 7.32%, and 6.19% to revenue from operations for the three month s period ended June 30, 2026, fiscal 2026, fiscal 2025 and fiscal 2024 respectively.
3. Other Income
For the three month s period ended June 30, 2026, fiscal 2026, fiscal 2025, and fiscal 2024, our other income was amounted to 15.00 lakhs, 55.32 lakhs, 1,834.15 lakhs, and 543.71 lakhs respectively. Other income contributed to 0.08%, 0.08%, 3.03%, and 0.84% to the total revenue for the three month s period ended June 30, 2026, fiscal 2026, fiscal 2025, and fiscal 2024 respectively.
4. Expenditure
Our expenditure comprises of
(i) Cost of Materials Consumed,
(ii) Changes in Inventories of Finished Goods,
(iii) Employee Benefits Expense,
(iv) Finance Cost,
(v) Depreciation and Amortization Expense, and
(vi) Other Expenses. Our total expenditure for the three month s period ended June 30, 2026, fiscal 2026, fiscal 2025, and fiscal 2024 was reported at 18,005.21 lakhs, 64,578.59 lakhs, 57,234.95 lakhs, and 63,580.22 lakhs respectively. Total expenses contributed 94.23%, 95.54%, 94.64%, and 97.68%to the total revenue for the three month s period ended June 30, 2026, fiscal 2026, fiscal 2025, and fiscal 2024 respectively.
Results of Operations
Income Statement
(Rs. in Lakhs)
| Particulars | For the Period Ended June 30, 2026 | Fiscal 2026 | Fiscal 2025 | Fiscal 2024 |
| Revenue from Operations | 19,093.65 | 67,538.72 | 58,639.93 | 64,543.98 |
| As % of Total Revenue | 99.92% | 99.92% | 96.97% | 99.16% |
| Other Income | 15.00 | 55.32 | 1,834.15 | 543.71 |
| As % of Total Revenue | 0.08% | 0.08% | 3.03% | 0.84% |
| Total Revenue | 19,108.65 | 67,594.04 | 60,474.07 | 65,087.68 |
| Cost of Materials Consumed | 16,284.58 | 57,860.36 | 52,026.07 | 58,742.41 |
| As % of Total Revenue | 85.22% | 85.60% | 86.03% | 90.25% |
| Changes in inventories of finished goods, work-in-progress, and stock-in-trade | (158.49) | (376.23) | (273.55) | (282.59) |
| As % of Total Revenue | -0.83% | -0.56% | -0.45% | -0.43% |
| Employee Benefits Expense | 172.74 | 703.29 | 674.29 | 926.14 |
| As % of Total Revenue | 0.90% | 1.04% | 1.12% | 1.42% |
| Finance costs | 196.35 | 860.04 | 872.95 | 770.42 |
| As % of Total Revenue | 1.03% | 1.27% | 1.44% | 1.18% |
| Depreciation and amortization expense | 90.71 | 342.73 | 314.24 | 376.68 |
| As % of Total Revenue | 0.47% | 0.51% | 0.52% | 0.58% |
| Other Expenses | 1,419.32 | 5,188.40 | 3,620.95 | 3,047.15 |
| As % of Total Revenue | 7.43% | 7.68% | 5.99% | 4.68% |
| Total Expenses | 18,005.21 | 64,578.59 | 57,234.95 | 63,580.22 |
| As % of Total Revenue | 94.23% | 95.54% | 94.64% | 97.68% |
| Profit before Exceptional Items and Tax | 1,103.45 | 3,015.45 | 3,239.12 | 1,507.47 |
| Exceptional items | - | - | - | - |
| Profit Before Tax | 1,103.45 | 3,015.45 | 3,239.12 | 1,507.47 |
| As % of Total Revenue | 5.77% | 4.46% | 5.36% | 2.32% |
| Current Tax | 262.05 | 660.61 | 295.30 | 133.75 |
| Deferred Tax | 13.82 | 101.93 | 516.98 | 86.43 |
| Prior Period Taxes | - | - | - | - |
| Total Tax Expense | 275.87 | 762.54 | 812.27 | 220.18 |
| As % of Total Revenue | 1.44% | 1.13% | 1.34% | 0.34% |
| Profit/(Loss) for the Year/Period | 827.58 | 2,252.91 | 2,426.84 | 1,287.28 |
| As % of Total Revenue | 4.33% | 3.33% | 4.01% | 1.98% |
| Other Comprehensive Income (OCI) | ||||
| - Remeasurements of the defined benefit plans | -10.53 | 17.21 | 7.47 | 4.14 |
| - Changes in Fair Value of Investment (non-reclassifable) | - | - | 0.26 | 13.09 |
| - Income tax relating to above items (non- reclassifable) | 2.65 | -4.33 | -1.94 | -4.34 |
| Total Other Comprehensive Income | -7.88 | 12.88 | 5.78 | 12.90 |
| Total Comprehensive Income for the Period/ Year | 819.70 | 2,265.78 | 2,432.63 | 1,300.18 |
| Earning Per Equity Shares ( ) | ||||
| Basic | 2.05 | 5.59 | 6.02 | 3.20 |
| Particulars | For the Period Ended June 30, 2026 | Fiscal 2026 | Fiscal 2025 | Fiscal 2024 |
| Diluted | 2.05 | 5.59 | 6.02 | 3.20 |
Comparison of Results of Operations
For the Period Ended June 30, 2026
1. Total Revenue
The companys total revenue three month s period ended June 30, 2026 amounted to 19,108.65 lakhs, comprising revenue from operations and other income. Revenue from operations stood at 19,093.65 lakhs, while other income contributed 15.00 lakhs. Accordingly, revenue from operations accounted for 99.92% of the total revenue, with other income making up the remaining 0.08%.
2. Revenue from Operations
Revenue from operations three month s period ended June 30, 2026 was reported at 19,093.65 lakhs and 99.92% of the total revenue, comprising of income from sale of products amounted to 17,633.21 lakhs and other operating income of 1460.44 lakhs. Accordingly, revenue from income from sale of product and other operating income accounted 92.28% and 7.64% of the total revenue respectively.
Income from sale of products comprised of sale of black pipes for 8,680.83 lakhs (45.46% of revenue from operations), sale of galvanised pipe for 4,787.38 lakhs (25.07% of revenue from operations), sale of metal beam crash barrier for 2,942.80 lakhs (15.41% of revenue from operations) and GI Tubular Poles for 1,222.21 lakhs (7.65% of revenue from operations).
Other operating income comprise of sale of various scrap product and was reported at 1,460.44 lakhs (7.65% of revenue from operations) for the three month s period ended June 30, 2026 , component of other operating income was comprised of scrap sale for 497.72 lakhs, Zinc dross for 610.96 lakhs, strip sale for 134.24 lakhs, Zinc ash for 150.17 lakhs, store sale for 59.85 lakhs and carbon sale for 7.50 lakhs.
3. Other Income
Our Company has reported the other income of 15.00 lakhs which was 0.08% of the total revenue. Other income comprises of Interest Received for 5.69 lakhs, Miscellaneous income of 9.18 lakhs, and Interest on Lease Deposit of 0.13 lakhs.
4. Expenses
Our total expenses three month s period ended June 30, 2026 was amounted to 18,005.21 lakhs, which was 94.23% of the total revenue. Expenses includes cost of material consumed for 16,284.58 lakhs (85.22% of the total revenue), Changes in inventories of finished goods, work-in-progress, and stock-in-trade was negative to the extent of 158.49 lakhs, Employee Benefits Expense for 172.74 lakhs (0.90% of the total revenue), Finance cost for 196.35 lakhs (1.03% of the total revenue), Depreciation and amortization for 90.71 lakhs (0.47% of the total revenue), and Other expenses for 1,419.32 lakhs (7.43% of the total revenue).
5. Cost of Material Consumed
Cost of material consumed was 16,284.58 lakhs and 85.22% of the total revenue, opening stock of raw material was amounted to 5,754.67 lakhs, Purchases for the period was 14327.02 lakhs, adjusting the closing stock of raw material was 3,797.11 lakhs.
6. Changes in Inventories of Finished Goods, Work-in-Progress, and Stock-in-Trade
Changes in Inventories of Finished Goods, Work-in-Progress, and Stock-in-Trade was negative to the extent of 158.49 lakhs. Opening stock of Finished Goods, Work-in-Progress, and Stock-in-Trade was 3893.78 lakhs adjusted for closing stock 4,052.27 lakhs.
7. Employee Benefits Expense
Employee benefit expenses three month s period ended June 30, 2026 stands at 172.74 lakhs and accounted for 0.90% of the total revenue. Employee benefit expenses comprises of Salary and Wages of 156.60 lakhs,
Bonus of 3.28 lakhs, Contribution to Provident Fund/ESIC of 7.23 lakhs, Staff Welfare Expense of 0.45 lakhs and Gratuity of 5.18 lakhs. Major expenses were Salary and Wages which contributed 90.65% to the total employee benefit expenses.
8. Finance Cost
Finance cost three month s period ended June 30, 2026 stands at 196.35 lakhs and accounted for 1.03% of the total revenue. Finance Cost consists of Interest expenses of 174.35 lakhs, Interest on lease liability of 5.66 lakhs, and bank charges of 16.34 lakhs.
9. Depreciation and Amortization Expenses
Depreciation and amortization expenses for the three month s period ended June 2026 came at 90.71 lakhs and was 0.47% of the total revenue. Depreciation on Property plants and equipment s of 82.18 lakhs which comprised of 7.63 lakhs for Shed & Building, 4.60 lakhs for cranes, 43.81 lakhs for Plant & Machinery, 0.87 lakhs for electrical installation, 2.58 lakhs for furniture s & fixtures, 3.28 lakhs on trucks, 14.99 lakhs for Cars/scooters, 3.44 lakhs for office equipment, 0.89 lakhs for computers, and 0.09 lakhs for Miscellaneous assets. Right on Use of Assets was 8.53 lakhs.
10. Other Expenses
Other expenses three month s period ended June 30, 2026 was 1,419.32 lakhs and accounted for 7.43% of the total revenue. Component of other expenses are Power & fuel expense of 74.17 lakhs, Repairs to Buildings of 0.28 lakhs, Repairs to Machinery of 26.67 lakhs, Consumption of Stores and Spare parts of 627.79 lakhs, Carriage Inward of 362.10 lakhs, weighing for 1.00 lakhs, Insurance for 3.77 lakhs, Legal and Professional of 1.72 lakhs, Postage and Telephone for 1.19 lakhs, Printing and Stationary of 0.82 lakhs, Travelling and Conveyance of 26.32 lakhs, Vehicle Upkeep expenses of 8.82 lakhs, Maintenance expenses of 0.58 lakhs, Auditors Remuneration of 1.50 lakhs, Fees & Subscription for 5.56lakhs, Cost Audit Fees for 5.56 lakhs, Loss on Sale of Car for 2.27 lakhs, Rates and Taxes for 1.14 lakhs, other expenses of 4.42 lakhs, , Sales Promotion expenses of 9.36 lakhs Impairment Loss on Trade Receivables of 9.14 lakhs, GST/ Vat Taxes for 0.29 and Freight and Forwarding (Carriage Outward ) for 248.81 lakhs.
Major components of other expenses are Power & fuel expense, Consumption of Stores and Spare parts, Carriage Inward, and Freight and Forwarding (Carriage Outward), which collectively amounted to 1,312.87 lakhs and constitute 92.50% of the total other expenses.
11. Profit Before Tax
Profit before tax three month s period ended June 30, 2026 was amounted to 1,103.45 lakhs with margin of 5.77%.
12. Tax Expenses
Total tax expenses for the three month s period ended June 30, 2026 , was amounted to 275.87 lakhs, of which 262.05 lakhs was towards current taxes and 13.82 lakhs was on account of deferred tax. Total tax expenses were 1.44% of the total revenue.
13. Profit for the Period
Profit after tax stood at 827.58 lakhs with profit margin of 4.33%. profit margin was improved if compared to 3.33% reported in fiscal 2026. This was primarily driven by fall in total expenses from 95.54% of the total revenue in fiscal 2026 to 94.23% three month s period ended June 30, 2026. Higher Average realisation per ton has also contributed to improved margins.
Fiscal 2026 Compared with Fiscal 2025
1. Total Revenue
Total revenue for fiscal 2026 was amounting to 67,594.04 lakhs which has increased by 7,119.96 lakhs and by 11.77% compared to 60,474.07 lakhs in fiscal 2025. Increase in total revenue was primarily on account of increase in revenue from operations which increased by 15.18% on account of increase in overall volumes of product sold. Other income for the fiscal 2026 was 55.32 lakhs.
2. Revenue from Operations
Revenue from operations for fiscal 2026 was amounting to 67,538.72 lakhs which has increased by 8,898.79 lakhs and by 15.18% compared to 58,639.93 lakhs in fiscal 2025. Increase in revenue was primarily on account strong volumes delivered in fiscal 2026. Collectively company has sold 101,100 MT of product in fiscal 2026 compared to 96,400 MT in fiscal 2025. Revenue from operations contributed 99.92% to the total revenue.
Product wise, company has booked the black pipe sales of 29,026.45 lakhs (increased by 6.91% from last fiscal), galvanised pipe sale of 17,941.92 lakhs (fallen by 14.41% from last fiscal) and metal beam crash barrier, which generated the sales of 3,149.20 lakhs. Collectively, the total revenue from sale of products amounted to 61887.82 lakhs which has increased by 7542.78 lakhs and by 13.88% compared to 54,345.03 lakhs in fiscal 2025. Income from sale of product contributed to 91.56% to the total revenue.
During the year company has sold 101,100 MT of steel product (including Black & galvanised pipes, metal beam crash barriers and GI Tubular Poles). Collective quantity sold has increased by 4699.70 MT and by 4.88% compared to 96,400 MT in fiscal 2025. This increase in volume was followed by higher realisation per metric ton of steel product. The average realisation per metric ton for black pipes and galvanised pipe has fallen by 1.01% and 2.60% respectively. However, ramp up in sales of metal beam crash barrier was major contributor, revenue from metal beam crash barrier increased to 11,770.24 lakhs and by 88.91% compared to 6,230.62 lakhs in fiscal 2025.
Other operating income has increased by 31.57% to 5,650.90 lakhs in fiscal 2026 compared to 34,294.89 lakhs in fiscal 2025. This was primarily due to increase in sale of Zinc dross, strip sale, and Zinc ash. Component of other operating income is sale of scrap for 1,874.70 lakhs (increased by 4.33% from last year), Zinc dross for 2,130.10 lakhs (increased by 12.80% from last year), strip sale for 1,088.74 lakhs (increased by 576.10% from last year), Zinc ash sale of 487.37 lakhs (increased by 108.84% from last year), store sales of 25.43 lakhs (increased by 252.03% from last year), carbon sale of 14.80 lakhs (declined by 20.35% from last year), sale of unwrought zinc for 21.07 lakhs (declined by 31.03% from last year) and LSHS sale for 8.70 lakhs. Other operating income has contributed 8.36% to the total revenue.
3. Other Income
Our company has reported the other income of 55.32 lakhs which declined by 1778.83 lakhs and by 96.98% compared to 1,834.15 lakhs in fiscal 2025. As such there is no major decline on apple to apple basis comparison, actually there was a gain on disposal of building amounted to 1,660.30 which solely responsible for significant amount of other income in fiscal 2025.
4. Expenses
Total expenses for fiscal 2025 was registered at 64578.59 lakhs which increased by 7343.64 and by 12.83% compared to 57,234.95 lakhs in fiscal 2025. Increase in total expenses was primarily on account of rise in cost of material consumed, employee benefit expenses and other expenses. Total expenses formed 95.54% to the total revenue.
5. Cost of Material Consumed
During the fiscal 2025 company has reported the cost of material consumed amounting to 57,860.36 lakhs which increased by 5,834.29 lakhs and by 11.21% compared to 52,026.07 lakhs in fiscal 2025. This was in line with higher production volumes during the fiscal 2026, production of black pipes saw a flat increase of 1.11% from last year, production of galvanised pipes volume dropped by 16.24% while newly started metal beam crash barrier added 15,647 MT to the production volumes and GI tubular poles added 4017 MT. Collectively production has increased by 6.53% and by 6,465 MT from the last fiscal 2025. Primarily purchases of raw material during the fiscal 2026 was 61,094.67 lakhs (increased by 12.60% from fiscal 2025). Cost of material consumed were 85.60% to the total revenue.
6. Changes in Inventories of Finished Goods, Work-in-Progress, and Stock-in-Trade
Change in inventories for fiscal 2026 was negative to the extent of 376.23 lakhs. Total opening inventories 3,517.55 lakhs which was adjusted for closing inventories of 3,893.78 lakhs resulting in negative change in inventory.
7. Employee Benefits Expense
Our company has recorded the employee benefit expenses of 703.29 lakhs, which increased by 29.00 lakhs and by 4.30% compared to 674.29 lakhs in fiscal 2025. Employee expenses consists of Salary and Wages of 597.80 lakhs, bonus of 13.05 lakhs, Contribution to Provident Fund/ESIC of 41.45 lakhs, Staff Welfare Expense of 17.30 lakhs and gratuity expense of 33.69 lakhs. Employee expenses were 1.04% to the total revenue. There was net increase of 9 employees during the year.
8. Finance Cost
Company has incurred the total finance cost of 860.04 lakhs which marginally declined by 12.91 lakhs and by 1.48% compared to 872.95 lakhs in fiscal 2025. Finance cost comprise of 789.70 towards interest expenses, 24.52 lakhs towards interest on lease liability and bank charges of 45.82 lakhs. Decrease in finance cost was primarily on account of decrease in long term borrowings. Finance cost were 1.27% to the total revenue.
9. Depreciation and Amortization Expense
During the fiscal 2026, company has charged the depreciation and amortization expenses to the extent of 342.73 lakhs. Depreciation comprised of 308.62 lakhs towards Property, Plant & Machinery which includes 30.51 lakhs towards office building, Shed & Buildings, 191.18 lakhs towards cranes, plant & machinery, 3.47 lakhs towards electrical installations, 7.99 lakhs towards furniture s & fixtures, 59.85 lakhs towards vehicles, 12.15 lakhs towards office equipment s, 2.97 lakhs towards computers and software s, and miscellaneous expenses of 0.49 lakhs. Also, 34.11 lakhs were amortized towards ROU assets. Depreciation and amortization expenses were 0.51% to the total revenue.
10. Other Expenses
Other Expenses of 5,188.40 lakhs were charged to income statement for fiscal 2026, which increased by 1,567.45 lakhs and by 43.29%. Components of other expenses were power & fuel expenses for 474.95 lakhs, Repairs to Buildings of 0.85 lakhs, Repairs to Machinery of 72.98 lakhs, Consumption of Stores and Spare parts of 1,861.89 lakhs, Carriage Inward of 1,504.73 lakhs, Weighing Expenses of 8.11 lakhs, Insurance of 9.55 lakhs, Legal and Professional fees for 13.42 lakhs, Postage and Telephone expenses for 5.28 lakhs, Printing and Stationary expenses for 3.88 lakhs, Travelling and Conveyance of 35.76 lakhs, Vehicle Upkeep expenses of 48.52 lakhs, Maintenance expenses of 17.64 lakhs, auditors remunerations of 5.00 lakhs, Fees & Subscription of 15.78 lakhs, Cost Audit Fees of 0.69 lakhs, Rates and Taxes of 1.25 lakhs, CSR Expense of 33.50 lakhs, Other Expenses of 15.61 lakhs, Impairment Loss on Trade Receivables 0.42 lakhs, Sales Promotion of 21.12 lakhs and Freight and Forwarding (Carriage Outward) for 1033.75 lakhs.
Major component of other expenses was power & fuel expenses, consumption of stores and spare parts, carriage inwards, and Freight and Forwarding (Carriage Outward) which collectively amounted to 4875.32 lakhs. These expenses collectively accounted for 93.97% of other expenses.
11. Profit Before Tax
Company has generated the profit before tax of 3,015.45 lakhs, which declined by 223.67 lakhs and by 6.91% compared to 3,239.12 lakhs in fiscal 2025. Profits has decreased primarily on fall in other income, increase in other expenses and increase in purchase of raw material and this collectively impacted the margin which stood at 4.46% in fiscal 2026 compared to 5.36% in fiscal 2025.
12. Tax Expenses
Total tax expenses during the fiscal 2026 was 762.54 lakhs which comprised of 660.61 lakhs towards current tax and 101.93 lakhs towards deferred tax. Total tax expenses have decreased by 49.74 lakhs and by 6.12%.
13. Profit After Tax
Net profit for the year was reported at 2,252.91 lakhs with profit margin of 3.33%. rise in total expenditure, primarily on account of increase in purchases of raw material and other expenses has dragged the margins.
Fiscal 2025 Compared with Fiscal 2024
1. Total Revenue
Total revenue for fiscal 2025 was amounting to 60,474.07 lakhs which has decreased by 4,613.61 lakhs and by 7.09% compared to 65,087.68 lakhs in fiscal 2024. Decline in total revenue was primarily on account of fall in revenue from operations which declined by 9.15% on account of weak steel prices and lower volumes.
Other income for the fiscal 2025 was 1,834.15 lakhs which increased by 1,290.44 lakhs and by 237.34%.
2. Revenue from Operations
Revenue from operations for fiscal 2025 was amounting to 58,639.93 lakhs which has decreased by 5,904.05 lakhs and by 9.15% compared to 64,543.98 lakhs in fiscal 2024. Decline in revenue was primarily on account of weak steel prices and lower volumes. This was resulted from slower growth pace in demand from infra & construction industry, in fiscal 2025 infra & construction industry has grown by 6.6% compared to 9.7% in fiscal 2024 (source: Infomerics research report). Revenue from operations contributed 96.97% to the total revenue.
Product wise, company has booked the black pipe sales of 27,151.44 lakhs (decline by 14.48% from last fiscal), galvanised pipe sale of 20,962.97 lakhs (fallen by 27.22% from last fiscal) and introduced metal beam crash barrier, which generated the sales of 6,230.62 lakhs. Collectively, the total revenue from sale of products accounted for 54,345.03 lakhs which has fallen by 6,203.08 lakhs and by 10.24% compared to 60,548.11 lakhs in fiscal 2024. Income from sale of product contributed to 89.87% to the total revenue.
During the year company has sold 96,400 MT of steel product (including Black & galvanised pipes, metal beam crash barriers and GI Tubular Poles). Collective quantity sold has declined by 1,951 MT and by 1.98% compared to 98,351 MT in fiscal 2024. This decline in volume was followed by lower realisation per metric ton of steel product. The average realisation per metric ton for black pipes and galvanised pipe has fallen by 7.01% and 4.63% respectively. However, company has started production and sales of metal beam crash barrier from April 2024 which added 6,230.62 lakhs to the revenue.
Other operating income has increased by 7.48% to 4,294.89 lakhs in fiscal 2025 compared to 3,995.87 lakhs in fiscal 2024. This was primarily due to increase in sale of Zinc dross, strip sale, unwrought zinc and Zinc scrap. Component of other operating income is sale of scrap for 1,796.94 lakhs (declined by 18.42% from last year), Zinc dross for 1,888.44 lakhs (increased by 24.80% from last year), strip sale for 161.03 lakhs (increased by 289.51% from last year), Zinc ash sale of 233.37 lakhs (increased by 19.51% from last year), store sales of 7.22 lakhs (increased by 135.26% from last year), carbon sale of 18.58 lakhs (declined by 30.13% from last year), sale of unwrought zinc for 30.55 lakhs (increased by 121.59% from last year) and Zinc scrap for 158.76 lakhs. Other operating income has contributed 7.10% to the total revenue.
3. Other Income
Our company has reported the other income of 1,834.15 lakhs which increased by 1,290.44 lakhs and by 237.34% compared to 543.71 lakhs in fiscal 2024, the significant increase in other income was primarily on account of gain on disposal of building amounting to 1,660.30 lakhs, Company has sold Buildings for 1,722.00 lakhs whose WDV was 61.70 lakhs, generating one-time gain of 1,660.30 lakhs, there was no related party transaction involved in the transaction. Moreover, the strategic decision to sell the buildings was undertaken to fund the capital expenditure towards Metal Beam Crash Barriers and GI Tubular Poles, bridge the working capital requirements through internal accruals, and simultaneously repay a portion of the short-term borrowings. Consequently, the debt-equity ratio improved from 2.09x in Fiscal 2024 to 1.28x in Fiscal 2025 resulting in lower leverage. Other income contributed 3.03% to the total revenue.
4. Expenses
Total expenses for fiscal 2025 was registered at 57,234.95 lakhs which decreased by 6,345.26 and by 9.98% compared to 63,580.22 lakhs in fiscal 2024. Decline in total expenses was primarily on account of fall in cost of material consumed, employee benefit expenses and depreciation and amortization expenses. Total expenses were 94.64% to the total revenue.
5. Cost of Material Consumed
During the fiscal 2025 company has reported the cost of material consumed amounting to 52,026.07 lakhs which declined by 6,716.34 lakhs and by 11.43% compared to 58,742.41 lakhs in fiscal 2024. This was in line with subdued production volumes during the fiscal 2025, production of black pipes was flat, production of galvanised pipes volume dropped by 23.88% while newly started metal beam crash barrier added 8,587 MT to the production volumes. Collectively production has fallen by 2.24% and by 2,271 MT from the last fiscal.
Primarily purchases of raw material during the fiscal 2025 was 53,459.93 lakhs (declined by 9.36% from last fiscal). Cost of material consumed were 86.03% to the total revenue.
6. Changes in Inventories of Finished Goods, Work-in-Progress, and Stock-in-Trade
Change in inventories for fiscal 2025 was negative to the extent of 273.55 lakhs. Total opening inventories 3,244.00 lakhs which was adjusted for closing inventories of 3,517.55 lakhs resulting in negative change in inventory.
7. Employee Benefits Expense
Our company has recorded the employee benefit expenses of 674.29 lakhs, which declined by 251.86 lakhs and by 27.19% compared to 926.14 lakhs in fiscal 2024. Employee expenses consists of Salary and Wages of 603.37 lakhs, bonus of 9.47 lakhs, Contribution to Provident Fund/ESIC of 38.12 lakhs, Staff Welfare Expense of 8.28 lakhs and gratuity expense of 15.05 lakhs. Employee expenses were 1.12% to the total revenue.
8. Finance Cost
Company has incurred the total finance cost of 872.95 lakhs which increased by 102.53 lakhs and by 13.31% compared to 770.42 lakhs in fiscal 2024. Finance cost comprise of 838.97 lakhs towards interest expenses, 26.21 lakhs towards interest on lease liability and bank charges of 7.77 lakhs. Increase in finance cost was primarily on account of increase in long term borrowings and utilization of working capital limits. Finance cost were 1.44% to the total revenue.
9. Depreciation and Amortization Expense
During the fiscal 2025, company has charged the depreciation and amortization expenses to the extent of 314.24 lakhs. Depreciation comprised of 280.13 lakhs towards Property, Plant & Machinery which includes 31.68 lakhs towards Shed & Buildings, 176.96 lakhs towards plant & machinery, 3.47 lakhs towards electrical installations, 6.96 lakhs towards furniture s & fixtures, 48.50 towards vehicles, 8.78 lakhs towards office equipment s, 2.86 lakhs towards computers, and miscellaneous expenses of 0.68 lakhs. Also, 34.11 lakhs were amortized towards ROU assets. Depreciation and amortization expenses were 0.52% to the total revenue.
10. Other Expenses
Other Expenses of 3,620.95 lakhs were charged to income statement for fiscal 2025, which increased by 573.80 lakhs and by 18.83%. Components of other expenses were power & fuel expenses for 369.60 lakhs, Repairs to Buildings of 0.46 lakhs, Repairs to Machinery of 32.81 lakhs, Consumption of Stores and Spare parts of 1,373.35 lakhs, Carriage Inward of 921.13 lakhs, Weighing Expenses of 13.69 lakhs, Insurance of 8.23 lakhs, Legal and Professional fees for 17.23 lakhs, Postage and Telephone expenses for 5.12 lakhs, Printing and Stationary expenses for 3.50 lakhs, Travelling and Conveyance of 6.66 lakhs, Vehicle Upkeep expenses of 25.35 lakhs, Maintenance expenses of 1.01 lakhs, auditors remunerations of 6.72 lakhs, Fees & Subscription of 13.83 lakhs, Cost Audit Fees of 0.73 lakhs, Rates and Taxes of 1.30 lakhs, CSR Expense of 29.00 lakhs, Other Expenses of 19.96 lakhs, Impairment Loss on Trade Receivables 7.77 lakhs, Sales Promotion of 16.69 lakhs and Freight and Forwarding (Carriage Outward) for 746.80 lakhs.
Major component of other expenses was power & fuel expenses for 369.60 lakhs, consumption of stores and spare parts for 1,373.35 lakhs, carriage inwards for 921.13 lakhs, Freight and Forwarding (Carriage Outward) of 746.80 lakhs, Legal and Professional fees for 17.23 lakhs, Vehicle Upkeep expenses for 25.35 lakhs and fees & subscription expenses for 13.83 lakhs. These expenses collectively accounted for 95.76% of other expenses.
Total other expenses were 5.99% to the total revenue.
11. Profit Before Tax
Company has generated the profit before tax of 3,239.12 lakhs, which increased by 1,731.65 lakhs and by 114.87% compared to 1,507.47 lakhs in fiscal 2024. Profits has increased primarily on account of gain on sale of building amounting to 1,660.30 lakhs. Profits accounted for 5.36% of the total revenue.
12. Tax Expenses
Total tax expenses during the fiscal 2025 was 812.27 lakhs which comprised of 295.30 lakhs towards current tax and 516.98 lakhs towards deferred tax. Total tax expenses have increased by 592.09 lakhs and by 268.91%.
13. Profit After Tax
PAT has increased by 88.52% to 2,432.63 lakhs in fiscal 2025 compared to 1,287.28 lakhs in fiscal 2024.
Jump in profitability was resulted from fall in cost of material consumed as percent of revenue to 86.03% in fiscal 2025 compared to 90.25% in fiscal 2024. Cooling of steel prices in fiscal 2025 has translated to fall in cost of material. Also, increase in other income, driven by Gain on Disposal of Building to the extent of 1,660.30 lakhs. Collectively, cheaper raw material cost and increase in other income has translated to higher profitability compared to fiscal 2024.
Non GAAP Financial Measures
Our financial statements are prepared in accordance with generally accepted accounting principles in India (Indian GAAP) to comply with the Accounting Standards as specified under section 133 of the Companies Act, 2013 (the Act) read with the Companies (Accounting Standards) Rules, 2021 and other accounting principles generally accepted in India. In addition to our results determined in accordance with Indian GAAP, following non-GAAP measures are useful to investors in evaluating our operating performance. We use the following non-GAAP financial information to evaluate our ongoing operations and for internal planning and forecasting purposes. Non-GAAP financial information, when taken collectively with financial measures prepared in accordance Indian GAAP, may be helpful to investors because it provides an additional tool for investors to use in evaluating our ongoing operating results and trends.
Non-GAAP financial information is presented for supplemental informational purposes only, has limitations as an analytical tool and should not be considered in isolation or as a substitute for financial information presented in accordance with Indian GAAP. Non-GAAP financial information may be different from similarly titled non-GAAP measures used by other companies. A reconciliation is provided below for each non-GAAP financial measure to the most directly comparable financial measure prepared in accordance with Ind GAAP. Investors are encouraged to review the related Indian GAAP financial measures and the reconciliation of non-GAAP financial measures and to not rely on any single financial measure to evaluate our business.
The table set forth below reconciles, Profit for the Period (PAT) Margin, EBITDA (excluding Other Income), EBIT (Excluding Other Income), EBITDA Margin and EBIT Margin
(Rs. in Lakhs)
| Particulars | For the Period Ended June 30, 2026 | Fiscal 2026 | Fiscal 2025 | Fiscal 2024 |
| Revenue from Operations | 19,093.65 | 67,538.72 | 58,639.93 | 64,543.98 |
| Total Income | 19,108.65 | 67,594.04 | 60,474.07 | 65,087.68 |
| Profit After Tax (PAT) | 827.58 | 2,252.91 | 2,426.84 | 1,287.28 |
| Add: Tax Expenses | 275.87 | 762.54 | 812.27 | 220.18 |
| Profit Before Tax | 1,103.45 | 3,015.45 | 3,239.12 | 1,507.47 |
| Add: Finance Cost | 196.35 | 860.04 | 872.95 | 770.42 |
| EBIT(Including Other Income) 1 | 1,299.80 | 3,875.49 | 4,112.07 | 2,277.89 |
| Less: Other Income | 15.00 | 55.32 | 1,834.15 | 543.71 |
| EBIT (Excluding Other Income) 2 | 1,284.80 | 3,820.17 | 2,277.92 | 1,734.18 |
| Add: Depreciation & Amortization Expense | 90.71 | 342.73 | 314.24 | 376.68 |
| EBITDA (Excluding Other Income) 3 | 1,375.50 | 4,162.90 | 2,592.17 | 2,110.86 |
| PAT Margin 4 | 4.33% | 3.33% | 4.01% | 1.98% |
| EBIT Margin 5 | 6.80% | 5.73% | 6.80% | 3.50% |
| EBITDA Margin 6 | 7.20% | 6.16% | 4.42% | 3.27% |
1. EBIT (Including Other Income) is calculated as profit before tax for the period / year plus Finance costs.
2. EBIT (Excluding Other Income) is calculated as profit before tax for the period / year plus finance costs less other income.
3. EBITDA (Excluding Other Income) is calculated as profit before tax for the period / year plus finance costs plus depreciation and amortization expense less other income.
4. Profit for the Period/Year Margin (PAT) is defined as profit after tax for the Period/Year as a percentage of total income
5. EBIT Margin (Including Other Income) is calculated as EBIT (Including Other Income) as a percentage of total income.
6. EBITDA Margin (Excluding Other Income) is calculated as EBITDA (Excluding Other Income) as a percentage of revenue from operations.
The Table Set Forth Below Reconciles, Capital Employed and Return on Capital Employed:
(Rs. in Lakhs)
| Particulars | For the Period Ended June 30, 2026 | Fiscal 2026 | Fiscal 2025 | Fiscal 2024 |
| Total Equity/Net Worth | 10,502.18 | 9,682.48 | 7,463.71 | 5,031.09 |
| Add: Total Borrowings | 9,246.07 | 11,986.82 | 9,584.02 | 10,491.84 |
| Add: Total Lease Liabilities | 266.09 | 271.67 | 292.15 | 310.94 |
| Add: Deferred tax Liabilities | 1,160.86 | 1,149.69 | 1,043.43 | 524.51 |
| Capital Employed 1 | 21,175.20 | 23,090.66 | 18,383.31 | 16,358.37 |
| Profit After Tax | 827.58 | 2,252.91 | 2,426.84 | 1,287.28 |
| Add: Tax Expenses | 275.87 | 762.54 | 812.27 | 220.18 |
| Profit Before Tax | 1,103.45 | 3,015.45 | 3,239.12 | 1,507.47 |
| Add: Finance Cost | 196.35 | 860.04 | 872.95 | 770.42 |
| EBIT (including Other Income) | 1,299.80 | 3,875.49 | 4,112.07 | 2,277.89 |
| Return on Capital Employed 2 | 6.14% | 16.78% | 22.37% | 13.92% |
1. Capital employed is calculated by adding total debt (Short Term plus Long Term), total Lease Liability, deferred tax liabilities and net worth.
2. Return on capital employed is calculated as EBIT (including other income) as percent of Capital employed.
The Table Set Forth Below Reconciles, Net Worth and Return on Net Worth / Equity:
(Rs. in Lakhs)
| Particulars | For the Period Ended June 30, 2026 | Fiscal 2026 | Fiscal 2025 | Fiscal 2024 |
| Equity Share Capital 1 | 4,028.26 | 4,028.26 | 191.82 | 191.82 |
| Other Equity | 6,473.92 | 5,654.22 | 7,271.89 | 4,839.27 |
| Total Equity/Net Worth 2 | 10,502.18 | 9,682.48 | 7,463.71 | 5,031.09 |
| Profit After Tax | 827.58 | 2,252.91 | 2,426.84 | 1,287.28 |
| Return on Equity/Net Worth 3 | 8.20% | 26.28% | 38.85% | 27.98% |
1. Change in Equity Share Capital: Face Value per share of 100.00 was split off into 10.00 per share. Post-split, company has issued 3,83,64,400 number of bonus shares of face value 10.00 each in the ratio of 20:1 (20 bonus shares for each share held) resulting to increase in share capital by 3,836.44 lakhs.
2. Net Worth is calculated by adding Equity share capital and other equity.
3. Return on net worth is calculated as profit after tax as percent of average net worth.
Analysis of Cash Flow Statement
(Rs. in Lakhs)
| Particulars | For the Period Ended June 30, 2026 | Fiscal 2026 | Fiscal 2025 | Fiscal 2024 |
| Net Cash Earned from/ (used in) Operating Activities | 3,245.15 | (568.73) | 573.98 | 2,020.02 |
| Net Cash Generated from/ (used in) Investing Activities | (135.16) | (985.79) | 1,188.71 | (4,304.55) |
| Net Cash Generated from/ (used in) Financing Activities | (3,095.03) | 1,554.38 | (1,765.58) | 2,287.46 |
| Net Increase/(Decrease) in Cash and Cash Equivalents | 14.96 | (0.14) | (2.89) | 2.92 |
| Opening Cash and Cash Equivalents | 1.20 | 1.34 | 4.23 | 1.31 |
| Closing Cash and Cash Equivalents | 16.16 | 1.20 | 1.34 | 4.23 |
1. Net Cash Earned from/ (used in) Operating Activities:
For the period ended June 30, 2026: During the three month s period ended June 30, 2026, company has generated 1,528.77 lakhs of operating profit before working capital change and cash generated from operations was 3,245.15 lakhs. Such differences were due to net decrease in current asset by 1,639.14 lakhs which was adjusted for net cash inflow on account of current liabilities to the extent of 339.29 lakhs. Post adjustment of taxes of 262.05 lakhs, net cash generated from operating activities was positive.
Fiscal 2026: Operating profit before working capital change was 4,143.29 lakhs and cash used for operations was 568.73 lakhs. Cash generated was negative primarily on account of net decrease in current assets by 4,143.41 lakhs which was adjusted of 92.00 lakhs as net increase in current liabilities and post-tax payment of 660.61 lakhs the resulting cash was negative by 568.73 lakhs.
Fiscal 2025: Operating profit before working capital change was 2,730.33 lakhs and cash generated from operations was 573.98 lakhs. This difference was primarily due to cash outflow of 1,750.70 lakhs on account of increase in current assets which was adjusted for decrease in current liabilities by 110.35 lakhs and tax payment of 295.30 lakhs has resulted in cash generated from operations of 573.98 lakhs.
Fiscal 2024: Operating profit before working capital change was 2,255.71 lakhs and cash generated from operations was 2,020.02 lakhs. This difference was primarily due to cash outflow of 324.35 lakhs on account of increase in current assets which was adjusted for cash inflow from increase in current liabilities by 259.72lakhs and tax payment of 171.07 lakhs.
2. Net Cash Generated from/ (used in) Investing Activities:
For the period ended June 30, 2026: Net cash used in investing activities was 135.16 lakhs. This was on account of net purchase of Property, Plant and Equipment s of 85.90 lakhs, investment in capital WIP of 63.57 lakhs, increase in deposits, advances by 0.87 lakhs and interest earned of 5.82 lakhs.
Fiscal 2026: Net cash used in investing activities was 985.79 lakhs, company has invested in property, plant and equipment s for 256.65 lakhs, increase in capital WIP by 668.94 lakhs, sale of property, plant and equipment s for 7.50 lakhs, change in fair value of properties, equity shares of 76.00 lakhs, decrease in deposits, loans and advances by 160.23 lakhs and interest earned of 16.53 lakhs.
Fiscal 2025: Net cash generated from investing activities was 1,188.71 lakhs. This was on account of net purchase of Property, Plant and Equipment s of 1,101.60 lakhs, decrease in investment in capital WIP by 556.60 lakhs, cash generated from sale of property, plant and equipment s for 1,722.00 lakhs, change in fair value of properties, equity shares by 0.26 lakhs, increase in deposits, loans and advances by 0.32 lakhs, adjusted for interest income of 12.29 lakhs.
Fiscal 2024: Net cash used in investing activities was 4,304.55 lakhs. This was on account of net purchase of Property, Plant and Equipment s of 5,205.43 lakhs, increase in ROU assets by 297.49 lakhs, decrease in capital WIP by 672.02 lakhs, sale of property, plant and equipment s for 430.19 lakhs, change in fair value of properties, equity shares by 1.59 lakhs, decrease in deposits, loans and advances by 82.74 lakhs and interest earned of 15.01 lakhs.
3. Net Cash Generated from / (used in) Financing Activities:
For the period ended June 30, 2026: Net cash used in financing activities was 3,095.03 lakhs. This was on account of repayment of long term borrowings of 205.23 lakhs, decrease in short term borrowings by 2,535.52 lakhs, proceeds from short term lease liabilities of 5.59 lakhs, Interest on borrowings for 348.70 lakhs.
Fiscal 2026: Net cash generated from financing activities was reported at 1,554.38 lakhs. This was on account of repayment of long term borrowings of 965.25 lakhs, net proceeds from short term borrowings of 3,368.05 lakhs, proceeds from short term lease liabilities of 20.48 lakhs, Interest paid on borrowings for 789.70 lakhs and transaction costs related to equity instruments of 38.25 lakhs.
Fiscal 2025: Net cash used in financing activities was 1,765.58 lakhs. This was on account of increase of long term borrowings by 98.85 lakhs, repayment of short term borrowings of 1,006.67 lakhs, repayment of long term lease liabilities of 18.79 lakhs and Interest on borrowings for 838.97 lakhs.
Fiscal 2024: Net cash generated from financing activities was 2,287.46 lakhs. This was on account of increase of long term borrowings by 1,207.76 lakhs, increase in short term borrowings by 1,982.91 lakhs, proceeds from short term lease liabilities by 42.00 lakhs, proceeds from long term lease liabilities by 237.72 lakhs, cash outflow from buy back of shares (including securities premium) for 439.05 lakhs and Interest paid on borrowings for 743.87 lakhs.
Capital Management
The management policy is to maintain a strong capital base so as to maintain investor and creditor confidence and to sustain future development of the business. The Company s management monitor the return on capital employed. The Following table summarize the capital of the Company-
(Rs. in Lakhs)
| Particulars | For the period ended June 30, 2026 | Fiscal 2026 | Fiscal 2025 | Fiscal 2024 |
| Short Term Debt | 7,409.92 | 9,945.44 | 6,577.39 | 7,584.06 |
| Long Term Debt | 1,836.15 | 2,041.38 | 3,006.63 | 2,907.78 |
| Total Debt | 9,246.07 | 11,986.82 | 9,584.02 | 10,491.84 |
| Total Equity | 10,502.18 | 9,682.48 | 7,463.71 | 5,031.09 |
| Total Capital | 19,748.25 | 21,669.30 | 17,047.73 | 15,522.93 |
Financial Risk Management, Objectives and Policies
The Company s principal financial liabilities comprise borrowings, security deposits, trade and other payables, etc. The main purpose of these financial liabilities is to finance the Company s operations. The Company s principal financial assets include trade receivable, security deposit, cash and cash equivalents, etc. that derive directly from its operations.
The Company is exposed to market risk, credit risk and liquidity risk. The management oversees the management of these risks. The management is responsible for formulating an appropriate financial risk governance framework for the Company and periodically reviewing the same. The management ensures that financial risks are identified, measured and managed in accordance with the Company s policies and risk objectives. The management reviews and agrees policies for managing each of these risks, which are summarized below.
1. Market Risk
Market risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market prices. Market prices comprise three types of risk: interest rate risk, foreign currency risk, and equity price risk.
a) Interest Rate Risk
Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market interest rates. Since the Company has borrowings based on both fixed and floating rates, it is exposed to such risk on borrowings with floating rates.
(Rs. in Lakhs)
| Sensitivity Analysis of the Interest Rate | For the period ended June 30, 2026 | Fiscal 2026 | Fiscal 2025 | Fiscal 2024 |
| Impact of the change in Interest Rates | ||||
| Interest cost for the reporting Period | 174.40 | 740.09 | 736.08 | 598.32 |
| Impact due to increase/Decrease of 1.00% | 1.74 | 7.40 | 7.36 | 5.98 |
b) Foreign Currency Risk
The Indian Rupee is the Company s most significant currency. As a consequence, the Company s results are presented in Indian Rupee, and exposures are managed against the Indian Rupee accordingly. The Company is not exposed to any foreign transactions; hence, it does not have any foreign currency risk.
c) Equity Price Risk
The Company s does not have investment in shares hence the company is not exposed to such risk.
2. Credit risk
The maximum exposure to credit risks is represented by the total carrying amount of these financial assets in the balance sheet
(Rs. in Lakhs)
| Particulars | For the period ended June 30, 2026 | Fiscal 2026 | Fiscal 2025 | Fiscal 2024 |
| Trade Receivables | 3,299.10 | 3,324.39 | 2,167.17 | 2,225.39 |
| Other Financial Assets | 163.55 | 163.42 | 5.46 | 5.01 |
Credit risk is the risk of financial loss to the Company if a customer or counterparty to a financial instrument fails to meet its contractual obligations. Credit risk arises mainly from loans, trade receivables and financial assets. The Company maintains a defined credit policy and monitors the exposures to these credit risks on an on-going basis.
On adoption of Ind AS 109, the Company uses the expected credit loss model to assess the impairment loss or gain. Based on internal assessment, which is driven by historical experience and current facts available in relation to default and delays in collection thereof, the expected credit loss for trade receivables has been provided, which has been disclosed in Note 8A of the financial statements.
The carrying amount of financial assets represents the maximum credit exposure. The Company monitors credit risk very closely. The management s impact analysis shows the credit risk and impact assessment as low.
3. Liquidity Risk
Liquidity risk is the risk that the Company will encounter difficulty in meeting the obligations associated with its financial liabilities that are settled by delivering cash or another financial asset. The Company s approach to managing liquidity is to ensure, as far as possible, that it will have sufficient liquidity to meet its liabilities when they fall due, under both normal and stressed conditions, without incurring unacceptable losses or risking damage to the Company s reputation.
The following are the contractual maturities of the financial liabilities, including estimated interest payments as at 30 th June 2026:
(Rs. in Lakhs)
| Particulars | Carrying Amount | Contractual Cash Flows | |||
| 0-1 Year | 1-5 Years | > 5 Years | Total | ||
| Borrowings | 9,246.07 | 7,409.92 | 1,836.15 | - | 9,246.07 |
| Trade Payables | 767.33 | 767.33 | - | - | 767.33 |
The following are the contractual maturities of the financial liabilities, including estimated interest payments as at 31 st March 2026:
(Rs. in Lakhs)
| Particulars | Carrying Amount | Contractual Cash Flows | |||
| 0-1 Year | 1-5 Years | > 5 Years | Total | ||
| Borrowings | 11,986.82 | 9,945.44 | 1,348.16 | 693.22 | 11,986.82 |
| Trade Payables | 1,103.61 | 1,103.61 | - | - | 1,103.61 |
The following are the contractual maturities of the financial liabilities, including estimated interest payments as at 31 st March 2025:
(Rs. in Lakhs)
| Particulars | Carrying Amount | Contractual Cash Flows | |||
| 0-1 Year | 1-5 Years | > 5 Years | Total | ||
| Borrowings | 9,584.02 | 6,577.39 | 1,484.60 | 1,522.03 | 9,584.02 |
| Trade Payables | 673.84 | 671.69 | 2.15 | - | 673.84 |
The following are the contractual maturities of the financial liabilities, including estimated interest payments as at 31 st March 2024:
(Rs. in Lakhs)
| Particulars | Carrying Amount | Contractual Cash Flows | |||
| 0-1 Year | 1-5 Years | > 5 Years | Total | ||
| Borrowings | 10,491.84 | 7,584.06 | 1,240.04 | 1,667.74 | 10,491.84 |
| Trade Payables | 874.37 | 874.37 | - | - | 874.37 |
IIFL Customer Care Number
(Gold/NCD/NBFC/Insurance/NPS)
1860-267-3000 / 7039-050-000
IIFL Capital Services Support WhatsApp Number
+91 9892691696
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