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Latest filing: 2026-09-23 11:26
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Infomerics Places Salasar's ₹831.73 Cr Bank Facilities on Rating Watch with Negative Implications
Infomerics Valuation and Rating Ltd. has reaffirmed Salasar Techno Engineering's credit ratings but revised the outlook to 'Rating Watch with Negative Implications' (RWNI). The review covers total bank loan facilities of ₹831.73 crore, reaffirming long-term facilities at 'IVR A/RWNI' (from IVR A/Stable) and short-term facilities at 'IVR A1/RWNI' (from IVR A1). The rated debt quantum of ₹831.73 crore exceeds the company's total reported balance sheet debt of ₹412 crore and market cap of ₹753 crore, highlighting significant exposure to credit-line renegotiation risks. The rating rationale took into account FY26 operational performance and unaudited Q1 FY27 figures.
Confidence: HIGH
What changedCredit rating agency Infomerics moved Salasar's long-term and short-term bank facility ratings from a Stable outlook to 'Rating Watch with Negative Implications'.
Why it mattersA potential rating downgrade could elevate borrowing costs, constrain working capital limits (total facilities of ₹831.73 cr), and impact margin performance given TTM PAT of only ₹14 cr.
Total bank facilities rated: Rs. 831.73 CroreRated facilities vs Market Cap: ~110.5%Rated facilities vs TTM Revenue: ~55.5%Previous long-term rating: IVR A/ StableCurrent long-term rating: IVR A/ RWNI
📅 Short termNegative sentiment overhang is likely until Infomerics releases its rationale detailing the specific triggers that caused the negative watch.
📈 Long termIf resolved with an actual downgrade, it would increase finance costs and restrict non-fund and fund-based credit line expansion critical for large EPC infrastructure projects.
⚠ Risk flags
- Risk of credit rating downgrade upon resolution of the negative watch.
- High working capital dependence relative to thin TTM net margins (TTM PAT of ₹14 Cr on ₹1498 Cr revenue).
Key Highlights
Infomerics revised outlook to Rating Watch with Negative Implications (RWNI) across ₹831.73 crore of bank facilities.
Long-term bank facilities reaffirmed at IVR A but revised from 'Stable' to 'RWNI'.
Short-term bank facilities reaffirmed at IVR A1 and placed on 'RWNI'.
Rated facilities include ₹320.00 crore in existing cash credit limits, ₹290.00 crore in bank guarantees, and ₹155.00 crore in proposed limits.
👀 What to Watch
Track the forthcoming detailed rating press release from Infomerics to understand the exact operational or financial triggers behind the Negative Watch, as well as upcoming Q2 FY27 earnings for debt servicing trends.
ED Attaches ₹98.31 Cr Assets of Salasar Techno Under PMLA for 180 Days
The Directorate of Enforcement (ED) has issued a Provisional Attachment Order under PMLA attaching immovable properties of Salasar Techno Engineering worth ₹98.31 crore. The attached assets represent ~12.3% of the company's net worth (₹799 crore) and ~13.5% of its market capitalization (₹729 crore). The properties include parts of the Bhilai manufacturing plant (₹40.95 crore attached) and a Solar Power Plant from merged entity EMC Ltd (₹57.36 crore attached). The company clarified that neither Salasar nor its directors are named as accused in the prosecution complaint, and regular business operations remain undisrupted.
Confidence: HIGH
What changedThe ED provisionally attached ₹98.31 crore worth of key immovable properties of Salasar Techno Engineering for 180 days following earlier search proceedings in April 2025.
Why it mattersThe attached assets form a significant portion (~12.3%) of company net worth, restricting asset transfers or monetization and raising governance concerns despite no reported operational halts.
Total attached value: ₹98,31,25,000/-Attached value vs Net worth: ~12.3%Attached value vs Market cap: ~13.5%Bhilai plant attached value: ₹40,95,00,000/-Solar plant attached value: ₹57,36,25,000/-Attachment duration: 180 days
📅 Short termLikely to place negative pressure on market sentiment and scrip price due to regulatory scrutiny and enforcement action.
📈 Long termMaterial legal overhang depending on whether the attachment is confirmed or quashed, potentially complicating banking credit facilities and asset collateralization.
⚠ Risk flags
- PMLA regulatory enforcement risk and legal litigation overhang
- Restriction on transfer, disposition, or collateralization of core assets
- Inherited legal and operational liabilities from the merger of EMC Ltd
Key Highlights
ED issued a Provisional Attachment Order attaching immovable properties worth ₹98,31,25,000 for 180 days under Section 5(1) of PMLA.
Attached assets include ₹40,95,00,000 of the Bhilai manufacturing plant (total value ₹66,46,60,000).
Attached assets also include ₹57,36,25,000 of a Solar Power Plant owned by merged EMC Ltd (total value ₹101,53,20,000).
Attached asset value of ₹98.31 crore equals ~12.3% of the company's net worth of ₹799 crore.
👀 What to Watch
Track the Adjudicating Authority's proceedings within the 180-day provisional window and monitor any legal challenges or appeals initiated by the company.
Salasar Q1 FY27: Net Profit Drops 41.5% YoY to ₹5.14 Cr; EPC Revenue Contracts
Salasar Techno Engineering reported a weak start to FY27, with consolidated revenue declining 1.5% YoY to ₹295.54 Cr. Net profit saw a sharp contraction of 41.5% YoY, falling to ₹5.14 Cr from ₹8.80 Cr in the year-ago period, primarily due to a 31% drop in EPC segment revenue and rising finance costs. The company has formally integrated the EMC Limited merger in this quarter's financials following NCLT approval in May 2026. Despite the merger, consolidated margins remain thin with a Profit Before Tax (PBT) margin of just 1.2%.
Confidence: HIGH
What changedThe company has officially given effect to the merger of EMC Limited in its financial statements for the quarter ended June 30, 2026.
Why it mattersThe sharp decline in profitability and EPC revenue suggests execution headwinds or higher integration costs post-merger, which is critical for a company with a high P/E of 55.3.
Consolidated Revenue (Q1): ₹295.54 CrConsolidated Net Profit (Q1): ₹5.14 CrYoY Profit Change: -41.5%Finance Costs: ₹15.24 CrQ1 Revenue vs TTM Revenue: 19.6%
📅 Short termThe stock may face downward pressure in the short term due to the significant bottom-line miss and the contraction in the high-value EPC segment.
📈 Long termLong-term value depends on the company's ability to leverage the EMC acquisition to win larger international EPC projects and improve its operating margins from the current 7.5% level.
⚠ Risk flags
- High finance costs relative to operating profit
- Significant contraction in EPC segment revenue
- Thin net profit margins (1.7%)
Key Highlights
Consolidated Net Profit fell 41.5% YoY to ₹5.14 Cr from ₹8.80 Cr in Q1 FY26.
Consolidated Revenue from operations stood at ₹295.54 Cr, down from ₹300.17 Cr YoY.
EPC Projects segment revenue declined significantly by 31.2% YoY to ₹95.55 Cr.
Finance costs increased to ₹15.24 Cr, representing 5.1% of total revenue.
Steel Structures segment showed resilience with revenue growing 21.4% YoY to ₹206.89 Cr.
👀 What to Watch
Investors should monitor the execution timeline of the EPC segment and the interest coverage ratio, as finance costs are eating into thin margins. Watch for management commentary on the synergy benefits expected from the now-integrated EMC Limited merger.
99.75% Shareholders Approve Merger of Hill View Infrabuild with Salasar Techno Engineering
Shareholders of Salasar Techno Engineering have overwhelmingly approved the Scheme of Amalgamation with Hill View Infrabuild Limited in an NCLT-convened meeting held on August 08, 2026. The resolution received 99.75% support from total voters and 98.11% from public shareholders, satisfying SEBI's requirement that public votes in favor exceed those against. This 'de novo' meeting was conducted following specific NCLT Allahabad Bench directions from June 2026. The merger is a key step in the company's consolidation strategy, following its recent large-scale acquisition of EMC Ltd.
Confidence: HIGH
What changedShareholders have formally ratified the merger with Hill View Infrabuild in a fresh court-mandated meeting, clearing a major regulatory hurdle.
Why it mattersThis represents a structural consolidation for the company; however, investors should monitor if this merger helps improve the current low OPM of 7.5% and ROCE of 10.0%.
Votes in Favour: 99.75%Public Shareholder Favour: 98.11%Total Valid Votes: 87,30,62,285Meeting Date: August 08, 2026
📅 Short termPositive sentiment is expected as the merger process moves forward without significant shareholder opposition.
📈 Long termThe merger's long-term success depends on operational integration and the company's ability to manage its ₹412 Cr debt while scaling revenue.
⚠ Risk flags
- Integration risks
- Potential equity dilution
- Historical margin pressure from acquisitions
Key Highlights
99.75% of total valid votes (87.08 Cr shares) were cast in favor of the amalgamation scheme
98.11% of public shareholders (11.34 Cr shares) voted in favor, fulfilling SEBI compliance requirements
The meeting was attended by 164 shareholders virtually on August 08, 2026
Only 0.25% of total votes (21.88 lakh shares) were cast against the proposal
👀 What to Watch
Watch for the final NCLT order to formalize the merger and subsequent disclosures regarding the share exchange ratio and the impact on consolidated margins.
Salasar Shareholders Meet to Approve Amalgamation of Hill View Infrabuild Limited
Salasar Techno Engineering Limited held a fresh (de novo) meeting of equity shareholders on August 08, 2026, as directed by the NCLT Allahabad Bench. The meeting was convened to approve the Scheme of Amalgamation of Hill View Infrabuild Limited with the company. Remote e-voting was conducted between August 04 and August 07, 2026, with final results pending the Scrutinizer's report. This merger follows the company's recent acquisition of EMC Ltd, which added Rs 1,447.43 Cr to consolidated revenue but significantly impacted FY25 profitability.
Confidence: HIGH
What changedThe company has completed the NCLT-mandated shareholder meeting for the proposed merger with Hill View Infrabuild Limited.
Why it mattersThis amalgamation represents a structural change in the company's asset base; however, given the recent negative PAT impact from the EMC acquisition, investors must verify if this merger is margin-accretive.
Meeting Date: August 08, 2026TTM Revenue: Rs 1,503 CrFY25 PAT Impact (EMC Acquisition): Rs -32.44 CrPromoter Holding: 47.23%
📅 Short termNeutral; the market will wait for the final voting results and NCLT's final approval before pricing in the merger impact.
📈 Long termStructural; the success of the merger depends on the integration of Hill View Infrabuild and its contribution to the company's 26% expected growth rate.
⚠ Risk flags
- Equity dilution risk
- Integration risk of new entity
- Margin pressure (current OPM 7.5%)
Key Highlights
Fresh (de novo) meeting held on August 08, 2026, following NCLT orders dated April 06 and June 11, 2026
Remote e-voting period concluded on August 07, 2026, at 5:00 P.M. IST
The meeting focused on the approval of the Scheme of Amalgamation with Hill View Infrabuild Limited
Company reported TTM revenue of Rs 1,503 Cr and a thin OPM of 7.5% as of FY26
Acquisition of EMC Ltd previously impacted FY25 PAT by Rs -32.44 Cr
👀 What to Watch
Monitor the upcoming disclosure of voting results and the specific swap ratio or valuation for Hill View Infrabuild to assess potential equity dilution.
Aug 08 Meeting: Salasar to Hold Fresh Shareholder Vote on Hill View Infrabuild Amalgamation
Salasar Techno Engineering is convening a fresh (de novo) meeting of equity shareholders on August 8, 2026, as directed by the NCLT Allahabad Bench. This meeting supersedes a previous one held on June 5, 2026, regarding the scheme of amalgamation with Hill View Infrabuild Limited. Shareholders as of the August 1, 2026 cut-off date can participate in remote e-voting from August 4 to August 7. This procedural reset indicates a court-mandated restart of the approval process for the merger.
Confidence: HIGH
What changedThe company is required to restart the formal shareholder approval process for its merger with Hill View Infrabuild Limited following specific directions from the NCLT.
Why it mattersWhile the merger is part of the company's growth strategy, a 'de novo' meeting implies procedural delays in the legal consolidation process, which may postpone any expected operational synergies.
Meeting Date: August 8, 2026Cut-off Date: August 1, 2026TTM Revenue: ₹1503 CrMarket Cap: ₹976 Cr
📅 Short termThe stock may see neutral to cautious sentiment as investors digest the procedural delay and the requirement for a fresh vote.
📈 Long termThe long-term impact depends on the successful integration of Hill View Infrabuild and its contribution to the bottom line, especially given the recent PAT impact from the EMC Ltd acquisition.
⚠ Risk flags
- Procedural delays in NCLT approval
- Execution risk associated with amalgamation
- Potential for further legal/regulatory queries
Key Highlights
Fresh (de novo) shareholder meeting scheduled for August 8, 2026, at 12:30 P.M. IST
Cut-off date for determining voting eligibility is set for August 1, 2026
Remote e-voting period runs from August 4, 2026 (9:00 A.M.) to August 7, 2026 (5:00 P.M.)
The meeting is being held per NCLT orders dated June 11, 2026, and April 6, 2026
This meeting replaces and supersedes the earlier shareholder meeting held on June 5, 2026
👀 What to Watch
Monitor the voting results of the August 8 meeting and subsequent NCLT filings to confirm if the merger process is back on track without further legal hurdles.
Salasar Shareholders and Creditors Approve Amalgamation with Hill View Infrabuild
Salasar Techno Engineering Limited has received overwhelming approval from its equity shareholders, secured creditors, and unsecured creditors for the Scheme of Amalgamation with Hill View Infrabuild Limited. In the NCLT-convened meetings, 100% of the voting secured creditors (representing ₹34,715.87 Lakh) and 100% of the voting unsecured creditors (representing ₹51,943.54 Lakh) voted in favor of the merger. The scheme involves a significant share swap and the issuance of preference shares to the shareholders of the transferor company.
Key Highlights
100% of voting secured creditors (₹34,715.87 Lakh) and unsecured creditors (₹51,943.54 Lakh) approved the merger.
Swap ratio: 2,87,430 equity shares of Salasar (₹1 each) for every 100 equity shares of Hill View Infrabuild (₹10 each).
Additional issuance of 8,358 (5%) Non-cumulative Compulsorily Redeemable Preference Shares for every 100 Hill View shares.
The merger includes the transfer of all assets, liabilities, and employees on a going-concern basis.
The meeting was conducted via Video Conferencing following NCLT Allahabad Bench directions dated April 06, 2026.
👀 What to Watch
Investors should view this as a positive step toward corporate consolidation; however, they should monitor the final NCLT approval and the subsequent impact on the company's equity dilution and debt-to-equity ratio.
Salasar Techno Convenes Meetings for Amalgamation with Hill View Infrabuild Limited
Salasar Techno Engineering Limited conducted NCLT-convened meetings on June 05, 2026, for its equity shareholders, secured creditors, and unsecured creditors. The meetings were held to approve the Scheme of Amalgamation of Hill View Infrabuild Limited with the company. This follows the directions of the Hon’ble NCLT, Allahabad Bench, issued on April 06, 2026. While the meetings have concluded, the final voting results are pending the Scrutinizer’s Report and will be declared in due course.
Key Highlights
NCLT-convened meetings held on June 05, 2026, for shareholders and creditors regarding the merger.
The proposed scheme involves the amalgamation of Hill View Infrabuild Limited into Salasar Techno Engineering Limited.
Remote e-voting was conducted from June 01 to June 04, 2026, with additional voting provided during the meeting.
The proceedings were overseen by NCLT-appointed chairpersons and a scrutinizer to ensure compliance.
Final voting results will be disseminated on stock exchange websites once the Scrutinizer’s Report is received.
👀 What to Watch
Investors should monitor the upcoming announcement of the voting results and the final NCLT approval to assess the impact of the merger on the company's capital structure and operational scale.
Salasar Techno Engineering FY26 Revenue Grows to ₹1,459 Cr; Q4 Revenue Dips 6.9% YoY
Salasar Techno Engineering reported a standalone revenue of ₹1,459.16 crore for the full year ended March 31, 2026, representing a modest 3.3% growth over the previous fiscal year. However, the Q4 FY26 revenue of ₹437.92 crore showed a decline compared to ₹470.75 crore in the corresponding quarter of the previous year. On a positive note, the company witnessed a strong sequential recovery with revenue jumping 40.9% from Q3 FY26. The statutory auditors have provided a clean, unmodified opinion on the financial statements.
Key Highlights
Annual standalone revenue from operations increased to ₹1,45,916.59 Lakh in FY26 from ₹1,41,261.04 Lakh in FY25.
Q4 FY26 standalone revenue stood at ₹43,791.92 Lakh, a 6.9% decrease compared to ₹47,075.43 Lakh in Q4 FY25.
Quarter-on-quarter revenue showed significant growth of 40.9% from ₹31,068.90 Lakh in Q3 FY26.
Total annual income for FY26 reached ₹1,46,508.72 Lakh versus ₹1,41,762.80 Lakh in the previous year.
Statutory auditors VAPS & Co. issued an unmodified opinion for both standalone and consolidated results.
👀 What to Watch
Investors should monitor the company's ability to sustain the sequential growth momentum seen in Q4 and investigate the causes behind the year-on-year quarterly revenue dip. The modest annual growth suggests a period of consolidation, making the upcoming management commentary on the order book critical.
NCLT Kolkata Approves Amalgamation of EMC Limited with Salasar Techno Engineering
Salasar Techno Engineering Limited (STEL) has received approval from the NCLT Kolkata Bench for the Scheme of Amalgamation of EMC Limited into STEL. This follows a prior approval from the NCLT Allahabad Bench, clearing the path for the final merger process. The appointed date for the scheme is retrospectively set as October 23, 2024. Upon filing the certified order with the Registrar of Companies, EMC Limited will stand dissolved, effectively consolidating its operations into Salasar.
Key Highlights
NCLT Kolkata Bench sanctioned the merger of EMC Limited with Salasar Techno Engineering on May 22, 2026.
The appointed date for the amalgamation scheme is fixed as October 23, 2024.
NCLT Allahabad Bench has already granted its approval for the merger petition.
EMC Limited will be dissolved without winding up once the certified order is filed with the ROC.
The merger is expected to consolidate Salasar's position in the engineering and infrastructure sector.
👀 What to Watch
Investors should view this as a positive growth move that expands the company's scale; monitor upcoming quarterly results for synergy benefits and integration costs.
Salasar Techno to Hold NCLT-Convened Meetings for Hill View Infrabuild Amalgamation on June 05
Salasar Techno Engineering Limited has scheduled NCLT-convened meetings on June 05, 2026, to seek approval for the amalgamation of Hill View Infrabuild Limited. The meetings will be held for equity shareholders, secured creditors, and unsecured creditors via video conferencing. The cut-off date for shareholder voting eligibility is May 29, 2026, while for creditors, it is December 31, 2025. This move follows the NCLT Allahabad Bench order dated April 06, 2026, as part of the company's ongoing consolidation strategy.
Key Highlights
Meetings for shareholders and creditors scheduled for June 05, 2026, starting at 12:00 PM.
Amalgamation involves merging Hill View Infrabuild Limited into Salasar Techno Engineering.
Cut-off date for equity shareholder voting eligibility is fixed as May 29, 2026.
Remote e-voting period will run from June 01, 2026, to June 04, 2026.
Creditor voting rights are based on outstanding amounts as of the December 31, 2025, cut-off date.
👀 What to Watch
Investors should monitor the outcome of the June 05 meeting and review the scheme of amalgamation to assess the impact on share value and company structure. Shareholders on record as of May 29, 2026, are encouraged to participate in the e-voting process.
Salasar Techno Reports Operational Disruption Due to LPG Supply Shortage and Gulf Conflict
Salasar Techno Engineering has announced a disruption in operations caused by a force majeure restriction on LPG supply. The shortage stems from the Middle East conflict, impacting global fuel supplies and the company's production and EPC business. Furthermore, exports to the Gulf region have been hampered by the geopolitical situation. The company is currently evaluating the financial quantum of the loss while coordinating with Oil Marketing Companies for supply restoration.
Key Highlights
Force majeure declared due to LPG supply restrictions linked to Middle East conflict
Production, material delivery, and EPC business operations are adversely impacted
Exports to the Gulf region are facing direct disruption due to regional instability
Management is coordinating with OMCs and government bodies to secure essential fuel
Total financial impact is yet to be quantified and is under active evaluation
👀 What to Watch
Investors should monitor the duration of the supply disruption as prolonged issues could significantly impact quarterly revenue and margins. Watch for further updates regarding the restoration of LPG supply and the stabilization of export routes.
Salasar Reports Zero Deviation in Utilization of ₹255.67 Cr Preferential Issue Proceeds
Salasar Techno Engineering has confirmed zero deviation in the utilization of ₹255.67 crores raised through a preferential issue of shares and warrants. The company utilized the majority of the funds, approximately ₹179.27 crores, for the acquisition of EMC Limited which was under liquidation. Another ₹76.19 crores were deployed toward working capital requirements to support operations. Notably, some warrants from the non-promoter group were not converted into equity as the market price remained below the exercise price of ₹14.40.
Key Highlights
Raised ₹255.67 crores out of a planned ₹290.77 crores through preferential allotment of shares and warrants.
Deployed ₹179.27 crores for the acquisition of EMC Limited, including EMD and interest payments.
Utilized ₹76.19 crores for working capital requirements against an original allocation of ₹95 crores.
Warrants worth approximately ₹35 crores remained unexercised as the stock price traded below the ₹14.40 exercise price.
Audit Committee and Monitoring Agency (CARE Ratings) confirmed no deviations from the revised objects of the issue.
👀 What to Watch
Investors should monitor the integration and performance of the newly acquired EMC Limited assets, which was the primary use of the raised capital. The non-conversion of warrants suggests that the ₹14.40 level is a key psychological and technical benchmark for the stock.
Salasar Techno Q3 Net Profit Drops 65% YoY to ₹4.38 Cr; Revenue Down 16.5%
Salasar Techno Engineering reported a weak performance for Q3 FY26, with standalone net profit falling 65.4% year-on-year to ₹4.38 crore. Revenue from operations declined by 16.5% to ₹310.69 crore, primarily driven by a sharp 41.7% drop in the EPC Projects segment. While the nine-month revenue shows a growth of 8.4% YoY reaching ₹1,021.25 crore, the quarterly margins were significantly compressed. Additionally, the company forfeited ₹11.70 crore following the non-exercise of 3.25 crore warrants by non-promoters.
Key Highlights
Standalone Net Profit plummeted 65.4% YoY to ₹4.38 crore in Q3 FY26 from ₹12.65 crore in Q3 FY25.
Total Income for the quarter decreased 16.6% YoY to ₹312.47 crore compared to ₹374.61 crore last year.
EPC Projects segment revenue saw a significant decline of 41.7% YoY, falling to ₹100.42 crore.
The company forfeited ₹11.70 crore as 3.25 crore warrants held by non-promoters remained unexercised after the 18-month period.
Nine-month revenue grew 8.4% YoY to ₹1,021.25 crore, though nine-month PAT remained nearly flat at ₹30.96 crore.
👀 What to Watch
Investors should exercise caution due to the sharp decline in quarterly profitability and execution headwinds in the EPC segment. Monitor management commentary for updates on the order book and margin recovery strategies.
Salasar Techno Receives NSE/BSE No-Objection for Hill View Infrabuild Amalgamation
Salasar Techno Engineering has received the formal 'No Objection' letters from both BSE and NSE on February 04, 2026, regarding its proposed merger with Hill View Infrabuild Limited. This regulatory clearance is a critical milestone, allowing the company to proceed with filing the scheme before the National Company Law Tribunal (NCLT). The stock exchanges have mandated extensive disclosures, including pre- and post-merger shareholding patterns and a detailed cost-benefit analysis for shareholders. The observation letter remains valid for six months, within which the company must initiate the NCLT process.
Key Highlights
Received 'No Objection' letters from BSE and NSE on February 04, 2026, for the proposed amalgamation.
The observation letter is valid for 6 months for the company to file the scheme with the NCLT.
Mandatory disclosure of all ongoing adjudication and enforcement actions against promoters and directors required.
Company must provide detailed synergy rationale and impact on revenue generating capacity to public shareholders.
Financials considered for the valuation report must not be more than 6 months old at the time of filing.
👀 What to Watch
Investors should view this as a positive step toward consolidation; however, they should carefully review the upcoming NCLT disclosures regarding the merger's synergy and cost-benefit analysis.
