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Steelco Gujarat Ltd (500399)

📊 BSE: 500399 🏢 Iron & Steel Products 📢 Latest filing: 28 Sep 2026

Latest quarterly results (Q1 FY27)

In its latest reported quarter, Q1 FY27, Steelco Gujarat's revenue was ₹52.2 Cr, and net profit ₹-15.0 Cr (a bigger loss than a year earlier); the operating margin was -8.1%.

Q1 FY27 (₹ Cr)	Value	YoY vs Q1 FY26	QoQ
Revenue	₹52.2	—	+53.5%
Operating profit	₹-4.2	loss widened	loss narrowed
Net profit	₹-15.0	loss widened	loss narrowed
EPS (₹)	-28.25	loss widened	loss widened
Operating margin	-8.1%	—	—

Full quarterly financials → Results calendar →

📢 Recent Corporate Announcements

Steelco Gujarat Approves T R Chadha & Co as Auditor for 5 Years and Appoints New Director

🟡 NEUTRAL ⭐ 3/10

MANAGEMENT 📅 28 Sep 2026, 09:25 PM

Steelco Gujarat Limited reported that shareholders approved key resolutions at the 36th AGM held on September 25, 2026. M/s. T R Chadha & Co LLP was appointed as Statutory Auditors for a 5-year term from the 36th AGM to the 41st AGM, following their initial casual vacancy appointment on August 15, 2026, due to the resignation of M/s. M Sahu & Co. Additionally, Mr. Sudeep Saxena was confirmed as an Independent Director for a 2-year term effective August 13, 2026, to August 12, 2028. These changes strengthen governance at a company currently operating with weak profitability and high financial leverage.

Shareholders approved the appointment of M/s. T R Chadha & Co LLP as Statutory Auditors for a 5-year term at the 36th AGM
T R Chadha & Co LLP was earlier appointed on August 15, 2026, to fill a casual vacancy after M/s. M Sahu & Co resigned
Mr. Sudeep Saxena appointed as Non-Executive Independent Director for a 2-year tenure from August 13, 2026, to August 12, 2028
AGM concluded on September 25, 2026, with the regulatory filing completed on September 28, 2026

💡 Track the upcoming quarterly financial results and auditor commentary under the newly appointed statutory auditors to assess balance sheet health and any restatements.

Steelco Gujarat Issues FY26 Annual Report; 36th AGM Scheduled for September 25, 2026

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 27 Aug 2026, 06:45 PM

Steelco Gujarat Limited has published its Annual Report for FY 2025-26 and convened its 36th Annual General Meeting (AGM) for September 25, 2026. Key agenda items include the adoption of FY26 financial statements and the appointment of M/s T R Chadha & Co LLP as statutory auditors for a 5-year term. Key accounting ratios reported for FY26 show a Debt-to-Equity ratio of 83.47 and a negative Return on Capital Employed (ROCE) of -8.10%, reflecting continuing operational losses and high financial leverage.

36th Annual General Meeting convened for Friday, September 25, 2026 via Video Conferencing
Debt-to-Equity ratio surged to 83.47 in FY26 compared to 2.28 in the previous period
Return on Capital Employed (ROCE) remained negative at -8.10% versus -0.33% previously
Proposed appointment of M/s T R Chadha & Co LLP as Statutory Auditors for a 5-year term from 36th to 41st AGM
Current ratio improved to 5.37 from 0.58 primarily due to higher current assets

💡 Track voting outcomes at the upcoming AGM on September 25, 2026, and monitor quarterly operational recovery to see if debt servicing and negative operating profitability improve.

Steelco Gujarat Convenes 36th AGM on Sept 25, 2026; Proposes 5-Year Auditor Appointment

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 27 Aug 2026, 06:40 PM

Steelco Gujarat Ltd has issued a notice convening its 36th Annual General Meeting (AGM) on September 25, 2026, via video conferencing. Key resolutions include the adoption of FY2025-26 audited financial statements, reappointment of Director Mukta Jain, and appointment of Sudeep Saxena as an Independent Director for 2 years. Additionally, shareholders will vote to appoint M/s. T R Chadha & Co LLP as statutory auditors for a 5-year term, following the resignation of previous auditors to meet Debenture Trust Deed requirements.

36th AGM scheduled for Friday, September 25, 2026 at 12:00 noon via Video Conferencing.
Cut-off date for e-voting eligibility set for Friday, September 18, 2026.
Remote e-voting period runs from September 22, 2026 (9:00 AM) to September 24, 2026 (5:00 PM).
Appointment of M/s. T R Chadha & Co LLP as statutory auditors proposed for 5 years up to the 41st AGM.
Appointment of Mr. Sudeep Saxena as Independent Director for a 2-year tenure effective August 13, 2026.

💡 Eligible shareholders holding shares on September 18, 2026 can cast their votes between September 22 and September 24, 2026. Watch for AGM voting results and commentary on debt obligations by September 29, 2026.

Steelco Gujarat reports zero deviation in utilization of ₹14.89 cr Rights Issue proceeds

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 13 Aug 2026, 08:34 PM

Steelco Gujarat Limited has filed its quarterly statement of deviation for the period ended June 30, 2026, regarding its recent Rights Issue. The company confirmed that there has been no deviation or variation in the utilization of the ₹14.89 crore raised. The equity shares for this issue were allotted on June 6, 2026, and the monitoring agency, Infomerics Valuation and Rating Limited, has reviewed the utilization for the quarter.

Total Rights Issue size confirmed at ₹14.89 crore
Zero deviation reported in the utilization of net proceeds as of June 30, 2026
Equity shares under the Rights Issue were allotted on June 6, 2026
Monitoring Agency Agreement for the issue was executed on February 12, 2026

💡 Investors should monitor subsequent quarterly filings to ensure the remaining funds are deployed according to the 'Objects of the Issue' stated in the offer document.

Steelco Gujarat appoints banking veteran Sudeep Saxena as Independent Director for 2-year term

🟡 NEUTRAL ⭐ 4/10

MANAGEMENT 📅 13 Aug 2026, 08:22 PM

Steelco Gujarat has appointed Mr. Sudeep Saxena as an Additional and Non-Executive Independent Director effective August 13, 2026. Mr. Saxena brings over 37 years of experience in corporate banking and risk management, having held senior positions at Axis Bank and State Bank of Patiala. This appointment is significant given the company's stressed financial position, characterized by a high debt of ₹227 Cr and a thin net worth of ₹3 Cr. The appointment is for a two-year term and is subject to shareholder approval within three months.

Appointment of Mr. Sudeep Saxena as Independent Director for a 2-year term starting August 13, 2026
Appointee brings 37+ years of experience in banking, housing finance, and risk management
Company reports a high Debt/Equity ratio of 75.67 with total debt of ₹227 Cr
TTM losses stand at ₹38 Cr against a TTM revenue of ₹59 Cr
Appointment requires shareholder approval at the next General Meeting or within 3 months

💡 Investors should monitor if the addition of a banking and risk management expert to the board leads to any concrete debt restructuring plans or improvements in financial governance.

Steelco Gujarat Appoints TR Chadha & Co. LLP as Statutory Auditor Following Resignation

🟡 NEUTRAL ⭐ 4/10

MANAGEMENT 📅 13 Aug 2026, 08:16 PM

Steelco Gujarat has appointed M/s. TR Chadha & Co. LLP as Statutory Auditors effective August 15, 2026, to fill a casual vacancy. This vacancy arose from the resignation of the previous auditor, M/s. M Sahu & Co. The new firm, established in 1946, is well-established with over 80 years of experience and is empanelled with major regulators like SEBI and RBI. This change comes at a critical time as the company faces severe financial stress, with a TTM loss of ₹38 Cr and a high Debt-to-Equity ratio of 75.67.

Appointment of M/s. TR Chadha & Co. LLP effective from August 15, 2026
Fills casual vacancy caused by the resignation of M/s. M Sahu & Co.
New auditor has over 80 years of professional experience since its establishment in 1946
Company reports a thin Net Worth of only ₹3 Cr against a total Debt of ₹227 Cr
Promoter holding recently decreased from 94.64% to 74.65% as of June 2026

💡 Investors should monitor the next set of audited financial results for any 'Emphasis of Matter' or qualifications, particularly regarding the company's ability to continue as a 'going concern' given its ₹227 Cr debt.

Steelco Gujarat Q1 Revenue Surges to ₹52.18 Cr; Net Loss Widens to ₹14.98 Cr

🔴 NEGATIVE ⭐ 7/10

EARNINGS 📅 13 Aug 2026, 07:34 PM

Steelco Gujarat reported a massive jump in Q1 FY27 revenue to ₹52.18 Cr, compared to just ₹0.33 Cr in the same quarter last year, representing ~88% of its total FY26 TTM revenue in a single quarter. Despite the top-line growth, the company remains deeply unprofitable with a net loss of ₹14.98 Cr, primarily due to high finance costs of ₹10.00 Cr. The company's financial health remains critical with a debt-to-equity ratio of 97.47 and a thin net worth of only ₹2.33 Cr. A rights issue was completed during the quarter to bolster capital, though the company continues to face severe interest coverage issues.

Revenue from operations surged to ₹52.18 Cr from ₹0.33 Cr in the year-ago period.
Net loss widened significantly to ₹14.98 Cr from ₹4.64 Cr YoY.
Finance costs reached ₹10.00 Cr, consuming nearly 19% of the total quarterly revenue.
Debt-to-equity ratio deteriorated to 97.47 from 83.47 in the previous quarter.
Net worth declined to ₹2.33 Cr as of June 30, 2026, from ₹2.72 Cr in March 2026.

💡 Investors should monitor the company's ability to sustain this higher revenue run-rate and achieve operational break-even, as current interest costs are unsustainable relative to margins. Watch for any further capital infusion or debt restructuring plans given the critical leverage levels.

Steelco Gujarat Appoints TR Chadha & Co as Auditors; Sudeep Saxena Joins Board

🟡 NEUTRAL ⭐ 6/10

BOARD_MEETING 📅 13 Aug 2026, 07:19 PM

Steelco Gujarat Ltd has approved its Q1 FY27 financial results and announced a change in statutory auditors to comply with a Debenture Trust Deed dated December 3, 2025. M/s. M Sahu & Co. resigned to facilitate the appointment of M/s. TR Chadha & Co. LLP, a firm with over 80 years of experience. Additionally, the company appointed Mr. Sudeep Saxena, a veteran banker with 37 years of experience, as an Independent Director for a two-year term. These governance changes occur as the company manages a high debt load of ₹227 Cr against a thin net worth of ₹3 Cr.

Resignation of M/s. M Sahu & Co. as Statutory Auditors effective August 14, 2026, to comply with Clause 7.13 of the Debenture Trust Deed.
Appointment of M/s. TR Chadha & Co. LLP as the new Statutory Auditor to fill the casual vacancy.
Appointment of Mr. Sudeep Saxena, former Group Head at Axis Bank, as Independent Director for a 2-year term.
Company reported a TTM loss of ₹38 Cr and an operating profit margin of -32.2%.
Debt stands at ₹227 Cr, which is significantly high relative to the TTM revenue of ₹59 Cr.

💡 Investors should review the detailed Q1 FY27 financial results to check for any improvement in operating margins. The change in auditors due to debt covenants suggests tight lender oversight, which warrants monitoring of future debt repayment schedules.

Steelco Gujarat Statutory Auditor Resigns to Comply with Dec 2025 Debenture Trust Deed

🟡 NEUTRAL ⭐ 4/10

MANAGEMENT 📅 07 Aug 2026, 07:03 PM

M Sahu & Co. has resigned as the Statutory Auditor of Steelco Gujarat effective August 14, 2026. The resignation is a procedural requirement to comply with Clause 7.13 of a Debenture Trust Deed dated December 3, 2025, which mandates the appointment of an auditor acceptable to the Debenture Trustee and holders. The outgoing auditor has explicitly confirmed there are no concerns regarding management conduct, audit scope, or financial reporting. This change highlights the significant oversight by lenders, given the company's high debt of ₹227 cr against a net worth of just ₹3 cr.

Resignation effective from the close of business hours on August 14, 2026
Change triggered by Clause 7.13 of the Debenture Trust Deed dated December 3, 2025
Auditor confirms no reportable concerns or limitations on audit scope
Company reported a net loss of ₹37 cr for FY26 with a negative OPM of 32%
Debt-to-Equity ratio stands at a critical 75.67 based on ₹227 cr debt and ₹3 cr net worth

💡 Monitor the announcement of the successor auditor to ensure compliance with the Debenture Trust Deed and continuity in financial reporting.

Steelco Gujarat Board Meeting on Aug 13, 2026, to Approve Q1 FY27 Results

🟡 NEUTRAL ⭐ 3/10

BOARD_MEETING 📅 06 Aug 2026, 03:33 PM

Steelco Gujarat has scheduled a board meeting for August 13, 2026, to approve unaudited financial results for the quarter ended June 30, 2026. The company is currently under severe financial stress, reporting a TTM loss of ₹38 crore on a TTM revenue of ₹59 crore. With a debt of ₹227 crore against a net worth of just ₹3 crore, the upcoming results are critical for assessing solvency. Investors should also note the recent reduction in promoter holding from 94.64% to 74.65% as of June 2026.

Board meeting scheduled for August 13, 2026, to review Q1 FY27 performance
Company reported a TTM net loss of ₹38 crore as of March 2026
Debt-to-equity ratio stands at a high 75.67 with total debt of ₹227 crore
Promoter holding decreased significantly to 74.65% in the June 2026 quarter
Operating profit margin remains deeply negative at -32.2% for the trailing twelve months

💡 Monitor the financial results on August 13 to see if the revenue momentum from Q4 FY26 (₹34 crore) continues and if there is any improvement in the negative operating margins.

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