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Panchmahal Steel Ltd (513511)

📊 BSE: 513511 🏢 Iron & Steel Products 📢 Latest filing: 16 Oct 2026 📝 Analysis written: 13 Nov 2025

Latest quarterly results (Q1 FY27)

In its latest reported quarter, Q1 FY27, Panchmahal Steel's revenue was ₹94.0 Cr (+7.3% year on year, -11.3% on the previous quarter), and net profit ₹4.3 Cr (against a loss a year earlier); the operating margin was 8.7%.

Q1 FY27 (₹ Cr)	Value	YoY vs Q1 FY26	QoQ
Revenue	₹94.0	+7.3%	-11.3%
Operating profit	₹8.2	from loss	+117.7%
Net profit	₹4.3	from loss	from loss
EPS (₹)	2.27	from loss	from loss
Operating margin	8.7%	—	—

Full quarterly financials → Results calendar →

📢 Recent Corporate Announcements

Panchmahal Steel Wins Rs 25.25 Cr Purchase Order from BHEL for SS Wires

🟢 POSITIVE ⭐ 6/10

OTHER 📅 16 Oct 2026, 01:44 PM

Panchmahal Steel has received a formal Purchase Order valued at INR 25,25,33,820 (Rs 25.25 crore) from Bharat Heavy Electricals Limited (BHEL) - Boiler Auxiliaries Plant, Ranipet. This order follows its prior declaration as the L1 bidder on September 19, 2026, through the GeM portal. The contract entails the supply of stainless steel wires. Relative to the company's TTM revenue of Rs 391 crore, this single order represents approximately 6.5% of annual revenue.

Received Purchase Order valued at INR 25,25,33,820 (Rs 25.25 cr) from BHEL
Contract is for the supply of SS Wire (TDC:RTE: 259/06) to BHEL Ranipet
Award follows L1 bidder status disclosed previously on September 19, 2026
Order size constitutes approximately 6.5% of TTM revenue (Rs 391 cr)

💡 Track upcoming quarterly results to observe order execution schedules and revenue conversion from this order.

Panchmahal Steel Files Appeal Before GSTAT Ahmedabad Against GST Orders

🔵 WATCH ⭐ 4/10

LEGAL 📅 30 Sep 2026, 05:24 PM

Panchmahal Steel has filed an appeal before the Goods and Services Tax Appellate Tribunal (GSTAT), Ahmedabad, challenging two Order-in-Appeal decisions passed by the Deputy Commissioner of State Tax, Vadodara. The dispute stems from Order No. 288 (dated July 7, 2026 under Section 73) and Order No. 289 (dated July 7, 2026 under Section 74). This filing follows the company's prior disclosure dated July 14, 2026. The exact tax demand and penalty amounts under contest were not disclosed in the announcement.

Appeals filed before GSTAT Ahmedabad against Order-in-Appeal passed by Deputy Commissioner of State Tax, Vadodara
Pertains to Order No. 288 dtd. 07.07.2026 under Section 73 (Appeal ARN AD240324058081I)
Pertains to Order No. 289 dtd. 07.07.2026 under Section 74 (Appeal ARN AD240722008501M)
Follows earlier corporate communication dated 14th July, 2026

💡 Track subsequent disclosures for quantification of the disputed tax liability and any interim stay or hearing dates granted by GSTAT Ahmedabad.

Panchmahal Steel Shareholders Approve All 53rd AGM Resolutions with Over 99.99% Majority

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 26 Sep 2026, 02:00 PM

Panchmahal Steel has submitted the voting results and scrutinizer's report for its 53rd Annual General Meeting held on September 25, 2026. All five resolutions were passed with 99.99996% of valid votes cast in favour, representing 1,59,47,636 shares. Key resolutions approved include the adoption of FY26 financial statements, the re-appointment of Chairman & Managing Director Ashok Ramlubhaya Malhotra, and the continuation of directorship of Ms. Suchita Shah past 75 years of age. Only 6 votes were recorded against each resolution across 4 members.

All 5 resolutions approved with 99.99996% majority of valid votes cast
A total of 1,59,47,636 votes cast in favour across 31 members via remote e-voting
Only 6 votes were cast against the resolutions by 4 members
Approval granted for the re-appointment and remuneration of Chairman & MD Ashok Ramlubhaya Malhotra
Continuation of directorship approved for Ms. Suchita Shah after attaining the age of 75

💡 This is a routine annual general meeting disclosure; track subsequent quarterly earnings filings for operational performance updates.

Panchmahal Steel Convenes 53rd AGM on Sept 25, 2026; Seeks 3-Yr Term Extension for CMD

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 01 Sep 2026, 09:32 AM

Panchmahal Steel Limited has issued the notice for its 53rd Annual General Meeting scheduled for September 25, 2026. Key agenda items include the adoption of FY26 financial statements and the re-appointment of Promoter-Director Mr. Ashok Ramlubhaya Malhotra as Chairman & Managing Director for a 3-year term starting April 1, 2027. Additionally, shareholder approval is sought for the continuation of Non-Executive Director Ms. Suchita Shah past the age of 75 and the ratification of ₹2,00,000 remuneration for cost auditors for FY27.

53rd AGM scheduled for Friday, September 25, 2026 at 11:00 a.m. via Video Conferencing.
Proposed re-appointment of Mr. Ashok Ramlubhaya Malhotra (holding 28,95,804 shares) as CMD for 3 years from April 1, 2027 to March 31, 2030.
Proposed approval for continuation of Ms. Suchita Shah as Non-Executive Director beyond 75 years of age.
Ratification of ₹2,00,000 remuneration plus taxes and expenses to M/s. Kiran J. Mehta & Co. as Cost Auditors for FY 2026-27.

💡 Shareholders can review the detailed AGM resolutions and participate in e-voting ahead of the meeting on September 25, 2026.

Panchmahal Steel Releases FY26 Annual Report; 53rd AGM Scheduled for Sept 25, 2026

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 01 Sep 2026, 09:27 AM

Panchmahal Steel has submitted its 53rd Annual Report for FY 2025-26 along with the notice for its Annual General Meeting scheduled for September 25, 2026. For FY 2025-26, the company reported total sales of ₹38,424.12 lakhs and a net loss of ₹226.34 lakhs (compared to a net profit of ₹332.53 lakhs in FY 2024-25). Consequently, the Board has not proposed any dividend for FY26 (versus ₹3.00 per share in FY25). Key AGM resolutions include the re-appointment of CMD Mr. Ashok R. Malhotra for a 3-year term commencing April 1, 2027.

53rd AGM scheduled to be held on September 25, 2026 via VC/OAVM.
Reported FY26 net loss of ₹226.34 lakhs vs a net profit of ₹332.53 lakhs in FY25.
Proposed dividend for FY26 is ₹ Nil per share compared to ₹3.00 per share in FY25.
Debt-to-equity ratio improved to 0.23x in FY26 from 0.31x in FY25.
Special resolution proposed to re-appoint CMD Mr. Ashok R. Malhotra for 3 years from April 1, 2027 to March 31, 2030.

💡 Track voting outcomes and discussions during the AGM on September 25, 2026, alongside upcoming Q2 FY27 operational earnings to monitor margin recovery.

Panchmahal Steel Mandates KYC Updates for Physical Shareholders per SEBI Norms

🟡 NEUTRAL ⭐ 2/10

REGULATORY 📅 07 Aug 2026, 10:51 AM

Panchmahal Steel has issued a formal notice to shareholders holding shares in physical form to update their KYC details, including PAN, Aadhaar, and bank account information. This action follows the SEBI Master Circular dated February 6, 2026, which simplifies norms for processing investor service requests. Shareholders with incomplete KYC will be ineligible for dividend payments or service requests until compliance is met. Additionally, the company reiterated that share transfers have been restricted to dematerialized form since April 1, 2019.

Mandatory compliance with SEBI Master Circular No: HO/38/13/(4)2026-MIRSD-POD/I/4298/2026 dated February 6, 2026
Dividends and interest payments will only be processed electronically for KYC-compliant folios
Physical share transfers have been prohibited since April 1, 2019, requiring dematerialization for transactions
Compulsory linking of PAN and Aadhaar is required for a folio to be considered KYC compliant
Shareholders must submit Form ISR-1, ISR-2, and SH-13/ISR-3 to the RTA for updation

💡 Physical shareholders should immediately submit the required KYC forms to MCS Share Transfer Agent Limited to avoid freezing of their folios and ensure receipt of future dividends.

Ind-RA Affirms Credit Rating at IND BBB-/Stable for Rs 97 Cr Bank Facilities

🟡 NEUTRAL ⭐ 4/10

ROUTINE 📅 03 Aug 2026, 03:52 PM

India Ratings & Research (Ind-RA) has reaffirmed Panchmahal Steel's credit rating for its bank loan facilities totaling Rs 97 crore. The long-term rating is maintained at 'IND BBB-' with a 'Stable' outlook, and the short-term rating is 'IND A3'. This affirmation occurs against a backdrop of a TTM net loss of Rs 2 crore and a low operating margin of 2.9%. The rated facility amount of Rs 97 crore is significant, representing approximately 64% of the company's net worth of Rs 151 crore.

Credit rating for bank loan facilities affirmed at IND BBB-/Stable/IND A3
Total size of the rated bank loan facilities is INR 970 million (Rs 97 crore)
The rated amount represents approximately 25.3% of the TTM revenue of Rs 384 crore
The rated facility is equivalent to 64.2% of the company's current net worth of Rs 151 crore
Rating action was communicated by Ind-RA on August 3, 2026

💡 Investors should monitor the company's upcoming quarterly results to see if operational margins improve from the current 2.9%, as sustained losses could pressure this 'BBB-' (lower investment grade) rating in the future.

Panchmahal Steel Re-appoints Ashok Malhotra as CMD for 3-Year Term Starting April 2027

🟡 NEUTRAL ⭐ 4/10

MANAGEMENT 📅 03 Aug 2026, 03:44 PM

The Board of Panchmahal Steel has approved the re-appointment of Mr. Ashok R. Malhotra as Chairman & Managing Director for a three-year term effective April 1, 2027. Additionally, the board recommended the continuation of Ms. Suchita Shah as a Non-Executive Director beyond the age of 75, effective December 22, 2027. These leadership decisions are subject to shareholder approval at the upcoming 53rd AGM scheduled for September 25, 2026. The company currently operates with thin margins (2.9% OPM) and reported a TTM net loss of Rs 2 Cr.

Re-appointment of Mr. Ashok R. Malhotra as CMD for a 3-year term starting April 1, 2027
Continuation of Ms. Suchita Shah as Non-Executive Director effective December 22, 2027, post attaining 75 years
53rd Annual General Meeting (AGM) scheduled for September 25, 2026, via video conferencing
Board approved Unaudited Financial Results for the quarter ended June 30, 2026
Promoter holding remains stable at 73.81% as of June 2026

💡 Investors should monitor the 53rd AGM voting results for management continuity and review the detailed Q1 FY27 results to assess if the company is recovering from its recent quarterly loss of Rs 2.12 Cr.

Panchmahal Steel Ltd Schedules 53rd AGM for September 25, 2026; Book Closure Announced

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 03 Aug 2026, 03:36 PM

Panchmahal Steel Ltd has announced its 53rd Annual General Meeting (AGM) will be held on September 25, 2026, via video conferencing. The company has fixed the book closure period from September 18, 2026, to September 25, 2026, to determine shareholder eligibility for the meeting. This administrative update follows a fiscal year where the company reported a TTM revenue of Rs 384 crore and a net loss of Rs 2 crore. Promoter holding remains significant and stable at 73.81%.

53rd Annual General Meeting scheduled for Friday, September 25, 2026, at 11:00 a.m.
Book closure period defined from September 18, 2026, to September 25, 2026 (both days inclusive).
Company reported a TTM net loss of Rs 2 crore against a TTM revenue of Rs 384 crore.
Promoter holding remains unchanged at 73.81% as of the June 2026 quarter.

💡 Investors should monitor the release of the full Annual Report for FY26 to understand management's plan to improve the operating profit margin, which stood at 2.9% TTM.

Panchmahal Steel Schedules 53rd AGM for Sept 25, 2026; Book Closure Announced

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 03 Aug 2026, 03:23 PM

Panchmahal Steel Ltd has scheduled its 53rd Annual General Meeting (AGM) for September 25, 2026, to be conducted via video conferencing. The company will close its register of members and share transfer books from September 18 to September 25, 2026, for this purpose. This is a routine administrative filing for the company, which has a market capitalization of Rs 578 Cr. Investors should note the company reported a TTM revenue of Rs 384 Cr and a net loss of Rs 2 Cr for FY26.

53rd Annual General Meeting scheduled for September 25, 2026, at 11:00 AM
Book closure period of 8 days from September 18, 2026, to September 25, 2026
Company reported TTM revenue of Rs 384 Cr and a net loss of Rs 2 Cr
Promoter holding remains steady at 73.81% as of June 2026

💡 Investors should review the upcoming Annual Report for FY26 to assess the company's plan to reverse the current net loss and improve the 2.9% operating margin.

Panchmahal Steel Schedules 53rd AGM for September 25, 2026

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 03 Aug 2026, 03:19 PM

Panchmahal Steel Ltd has announced its 53rd Annual General Meeting (AGM) will be held on September 25, 2026, via video conferencing. The company has also fixed the book closure period from September 18 to September 25, 2026. This administrative filing follows a challenging FY26 where the company reported a net loss of ₹2 crore on a revenue of ₹384 crore. The meeting will serve as the primary forum for shareholders to review the company's performance and future outlook.

53rd Annual General Meeting scheduled for September 25, 2026, at 11:00 a.m.
Book closure period set for 8 days from September 18, 2026, to September 25, 2026
Meeting to be conducted through Video Conferencing or Other Audio Video Means
Company reported a TTM net loss of ₹2 crore against a revenue of ₹384 crore

💡 Investors should monitor the release of the full Annual Report for management's strategy to improve the current 2.9% operating margin and address the net loss.

Panchmahal Steel Re-appoints CMD for 3-Year Term; Schedules 53rd AGM for Sept 25, 2026

🟡 NEUTRAL ⭐ 4/10

MANAGEMENT 📅 03 Aug 2026, 03:02 PM

Panchmahal Steel has approved the re-appointment of Mr. Ashok R. Malhotra as Chairman & Managing Director for a three-year term effective April 1, 2027. The board also recommended the continuation of Ms. Suchita Shah as a Non-Executive Director beyond the age of 75, effective December 2027. These leadership decisions, along with the Q1 FY27 financial results, will be presented to shareholders at the 53rd AGM on September 25, 2026. The company currently faces financial pressure, reporting a TTM loss of ₹2 Cr on revenue of ₹384 Cr.

Re-appointment of Mr. Ashok R. Malhotra as CMD for a 3-year term starting April 1, 2027
53rd Annual General Meeting (AGM) scheduled for September 25, 2026
Continuation of Ms. Suchita Shah as Director post-75 years of age effective December 22, 2027
Board meeting concluded within 75 minutes (1:30 p.m. to 2:45 p.m.)
Promoter holding remains stable at 73.81% as of June 2026

💡 Investors should review the detailed Q1 FY27 financial results to assess if the company is recovering from the ₹2.12 Cr net loss reported in the March 2026 quarter.

Rs 1.32 Lakh Fine: BSE Rejects Panchmahal Steel's Waiver Request for Committee Non-Compliance

🟡 NEUTRAL ⭐ 3/10

REGULATORY 📅 21 Jul 2026, 03:33 PM

BSE Limited has rejected Panchmahal Steel's request to waive a Standard Operating Procedure (SOP) fine of Rs 1,32,160. The penalty was originally levied for non-compliance with SEBI regulations regarding the constitution of the Nomination and Remuneration Committee during the quarter ended March 31, 2025. The company received the rejection notice on July 20, 2026, and has already paid the fine. Given the company's TTM revenue of Rs 384 Cr, the financial impact is negligible at less than 0.01%.

Fine of Rs 1,32,160 (inclusive of GST) upheld by BSE's Internal Regulatory Oversight and Review Group
Non-compliance pertains to Regulation 19(1)/19(2) regarding Nomination and Remuneration Committee composition
Violation occurred during a part of the quarter ended March 31, 2025
The company has confirmed the full payment of the fine to BSE Limited

💡 Investors should treat this as a minor administrative matter; however, it is advisable to monitor future governance disclosures to ensure full compliance with SEBI LODR regulations.

₹33.89 Lakh GST Demand Upheld in Appeal Orders for Panchmahal Steel

🟡 NEUTRAL ⭐ 3/10

LEGAL 📅 14 Jul 2026, 04:23 PM

Panchmahal Steel has received orders from the Deputy Commissioner of State Tax regarding two GST appeals for the period July 2017 to March 2018. In the first appeal, the company received significant relief of ₹76.92 lakh, leaving a pending demand of only ₹2.26 lakh. However, a second appeal involving a demand of ₹31.63 lakh was rejected in its entirety. The total net pending demand across both orders is approximately ₹33.89 lakh, which the company classifies as non-material to its operations.

Total tax demand across two appeals amounted to ₹1.11 crore
Relief of ₹76.92 lakh granted in the first appeal (ARN AD240324058081I)
Pending demand of ₹31.63 lakh upheld in the second appeal (ARN AD240722008501M)
Disputes relate to Input Tax Credit (ITC) disallowance for FY 2017-18
Company is currently evaluating further legal steps for the rejected appeal

💡 Investors should note this as a routine tax matter; the primary action is to watch for any further appeals by the company in higher tax tribunals.

Aug 3 Board Meeting to Approve Q1 FY27 Unaudited Financial Results

🟡 NEUTRAL ⭐ 2/10

BOARD_MEETING 📅 10 Jul 2026, 03:49 PM

Panchmahal Steel Ltd has scheduled a board meeting on August 3, 2026, to consider and approve the unaudited financial results for the quarter ended June 30, 2026. This is a standard regulatory filing under Regulation 29 of SEBI (LODR). The trading window for insiders has been closed since July 1, 2026, and will remain closed until August 5, 2026, in compliance with insider trading regulations.