Ahmedabad Steelcraft Ltd (522273)
Latest quarterly results (Q1 FY27)
In its latest reported quarter, Q1 FY27, Ahmedabad Steelcraft's revenue was ₹38.7 Cr (-9.3% year on year, -25.6% on the previous quarter), and net profit ₹1.5 Cr (-55.3% year on year); the operating margin was 5.4%.
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹38.7 | -9.3% | -25.6% |
| Operating profit | ₹2.1 | -53.7% | -48.5% |
| Net profit | ₹1.5 | -55.3% | -53.2% |
| EPS (₹) | 1.00 | -55.2% | -53.1% |
| Operating margin | 5.4% | — | — |
📢 Recent Corporate Announcements
Ahmedabad Steelcraft Limited has approved convening its 54th Annual General Meeting (AGM) on Saturday, September 26, 2026, via Video Conferencing/OAVM. The cut-off date for e-voting eligibility has been set as September 19, 2026, with the register of members closed from September 20 to September 26, 2026. The Board also recommended the re-appointment of Director Rohit Pandey (liable to retire by rotation) and appointed M/s. Nisarg Sharma & Associates as the voting Scrutinizer.
- 54th AGM scheduled for Saturday, September 26, 2026 at 01:00 PM via Video Conferencing
- Cut-off date for determining shareholder voting rights fixed as September 19, 2026
- Book closure period scheduled from September 20, 2026 to September 26, 2026
- Recommendation for re-appointment of Mr. Rohit Pandey as Director liable to retire by rotation
- Appointment of M/s. Nisarg Sharma & Associates as Scrutinizer for the AGM e-voting process
Ahmedabad Steelcraft has scheduled its 54th Annual General Meeting (AGM) for Saturday, September 26, 2026, via video conferencing. The Board approved the cut-off date as September 19, 2026, and the book closure period from September 20 to September 26, 2026, to determine shareholder voting eligibility. Additionally, the Board recommended the re-appointment of Director Rohit Pandey, who is retiring by rotation, and appointed M/s. Nisarg Sharma & Associates as the scrutinizer. The company also noted statutory notices published regarding the transfer of unclaimed shares and dividends to the IEPF.
- 54th Annual General Meeting scheduled for Saturday, September 26, 2026, at 01:00 PM via VC/OAVM
- Voting cut-off date fixed as Saturday, September 19, 2026
- Book closure period set from September 20, 2026, to September 26, 2026
- Recommendation for re-appointment of Mr. Rohit Pandey as Director liable to retire by rotation
- Appointment of M/s. Nisarg Sharma & Associates as voting scrutinizer
Ahmedabad Steelcraft Ltd announced the outcome of its board meeting held on August 31, 2026. The Board approved the Notice of the 54th Annual General Meeting (AGM) scheduled for September 26, 2026, via Video Conferencing. The record/cut-off date for AGM voting eligibility is fixed as September 19, 2026, with book closure from September 20 to September 26, 2026. Additionally, the Board recommended the re-appointment of Director Rohit Pandey, who retires by rotation, and approved the Directors' Report for FY26.
- 54th Annual General Meeting scheduled for Saturday, September 26, 2026, at 01:00 PM IST via VC/OAVM
- Voting cut-off date fixed as Saturday, September 19, 2026
- Book closure period set from September 20, 2026, to September 26, 2026
- Recommended re-appointment of Director Rohit Pandey (liable to retire by rotation)
Ahmedabad Steelcraft Ltd has approved omnibus Related Party Transactions (RPT) totaling ₹125 Cr for the financial year 2026-27, pending shareholder approval at the 54th AGM. The transactions involve promoter-group entities ABI Energy Solutions (₹100 Cr) and ABI Infratech (₹25 Cr) for the sale and purchase of goods and services. This aggregate amount is significant, representing approximately 56.5% of the company's TTM revenue of ₹221 Cr. Additionally, the company has appointed M/s Nisarg Sharma & Associates as the new Secretarial Auditor for a five-year term following a casual vacancy.
- Approved omnibus RPT with ABI Energy Solutions Limited for up to ₹100 Cr in FY 2026-27
- Approved omnibus RPT with ABI Infratech Private Limited for up to ₹25 Cr in FY 2026-27
- Total RPT limit of ₹125 Cr accounts for ~56.5% of the TTM revenue of ₹221 Cr
- Appointment of new Secretarial Auditor for a 5-year term ending March 31, 2031
- Transactions involve sale, purchase, or supply of goods and materials on an arm's length basis
Ahmedabad Steelcraft's board has approved two major omnibus Related Party Transactions (RPTs) totaling Rs 125 Cr for FY 2026-27, representing approximately 56.5% of its TTM revenue. The company also appointed M/s Nisarg Sharma & Associates as Secretarial Auditor for a five-year term (2026-2031) following the resignation of the previous auditor due to peer review certificate issues. Notably, the board approved the un-audited results for the quarter ended June 30, 2025, during this August 2026 meeting, indicating a significant reporting lag. These material transactions and management changes are subject to shareholder approval at the upcoming 54th AGM.
- Approved omnibus Related Party Transaction with ABI Energy Solutions Ltd for up to Rs 100 Cr
- Approved omnibus Related Party Transaction with ABI Infratech Pvt Ltd for up to Rs 25 Cr
- Total approved RPTs of Rs 125 Cr account for ~56.5% of the company's TTM revenue of Rs 221 Cr
- Appointed M/s Nisarg Sharma & Associates as Secretarial Auditor for a 5-year term until March 2031
- Previous auditor SJV & Associates resigned effective August 13, 2026, citing lack of Peer Review Certificate renewal
Ahmedabad Steelcraft has approved massive omnibus related party transactions (RPTs) totaling ₹125 crore for FY 2026-27, which represents approximately 56.5% of its TTM revenue. The company also appointed M/s Nisarg Sharma & Associates as Secretarial Auditor for a five-year term following the resignation of the previous auditor due to a lack of a Peer Review Certificate. Additionally, the board approved the un-audited financial results for the quarter ended June 30, 2025.
- Approved ₹100 crore in related party transactions with ABI Energy Solutions Limited for FY 2026-27
- Approved ₹25 crore in related party transactions with ABI Infratech Private Limited for FY 2026-27
- New Secretarial Auditor appointed for a 5-year term from April 1, 2026, to March 31, 2031
- Previous auditor SJV & Associates resigned effective August 13, 2026, citing lack of Peer Review Certificate renewal
- Total approved RPT limits of ₹125 crore exceed 50% of the company's TTM revenue of ₹221 crore
Ahmedabad Steelcraft's board has approved significant Related Party Transactions (RPTs) totaling Rs 125 crore for FY 2026-27, which is approximately 56.5% of its TTM revenue. The company also replaced its secretarial auditor, M/s SJV & Associates, with M/s Nisarg Sharma & Associates because the former lacked a renewed Peer Review Certificate. Additionally, the board approved the un-audited financial results for the quarter ended June 30, 2025, and set a 5-year term for the new auditor through March 2031.
- Approved omnibus Related Party Transactions with ABI Energy Solutions Ltd for up to Rs 100 Cr
- Approved omnibus Related Party Transactions with ABI Infratech Private Ltd for up to Rs 25 Cr
- Total RPT authorization of Rs 125 Cr represents ~56.5% of the company's TTM revenue of Rs 221 Cr
- M/s SJV & Associates resigned as Secretarial Auditor effective August 13, 2026, due to non-renewal of Peer Review Certificate
- M/s Nisarg Sharma & Associates appointed for a 5-year term from April 1, 2026, to March 31, 2031
Ahmedabad Steelcraft reported a weak set of results for Q1 FY27, with revenue declining 9.3% YoY to ₹38.72 Cr. Net profit saw a sharper contraction, falling 55.3% YoY to ₹1.50 Cr as margins were squeezed. A significant development is the board's approval of omnibus related party transactions (RPT) totaling ₹125 Cr for FY27, which is exceptionally high at ~56% of the company's TTM revenue. Additionally, the company replaced its secretarial auditor following a resignation.
- Net Profit for Q1 FY27 fell 55.3% YoY to ₹1.50 Cr compared to ₹3.36 Cr in Q1 FY26.
- Revenue from operations decreased 9.3% YoY to ₹38.72 Cr from ₹42.68 Cr.
- Board approved ₹125 Cr in omnibus related party transactions for FY27 with promoter-group entities.
- Earnings Per Share (EPS) dropped significantly to ₹1.00 from ₹3.46 in the year-ago quarter.
- Total expenses as a percentage of revenue rose to 95.3% in Q1 FY27 from 89.5% in Q1 FY26.
Ahmedabad Steelcraft held a board meeting on August 14, 2026, to approve the standalone unaudited financial results for the quarter ended June 30, 2026. A major highlight is the approval of omnibus Related Party Transactions (RPTs) totaling ₹125 crore for FY 2026-27, which represents approximately 56.5% of the company's TTM revenue. Additionally, the company announced the resignation of its Secretarial Auditor and the appointment of M/s Nisarg Sharma & Associates for a five-year term starting from FY 2026-27.
- Approved standalone unaudited financial results for the quarter ended June 30, 2026.
- Authorized a ₹100 crore omnibus RPT limit with ABI Energy Solutions Limited (Promoter group entity) for FY 2026-27.
- Authorized a ₹25 crore omnibus RPT limit with ABI Infratech Private Limited for FY 2026-27.
- Total approved RPT limits of ₹125 crore represent ~56.5% of the TTM revenue of ₹221 crore.
- Appointed M/s Nisarg Sharma & Associates as Secretarial Auditor for a 5-year term (FY27 to FY31).
Ahmedabad Steelcraft Ltd has scheduled a board meeting for August 14, 2026, to approve its standalone un-audited financial results for the quarter ended June 30, 2026. The company enters this quarter following a FY26 performance that saw revenue grow to Rs 221 Cr from Rs 172 Cr in FY25. The trading window for insiders has been closed since July 1, 2026, and will reopen 48 hours after the results are declared. Investors will be monitoring if the company can sustain its TTM operating margin of 11.5% and its ROCE of 22.0%.
- Board meeting scheduled for August 14, 2026, to approve Q1 FY27 results.
- Trading window for designated persons closed from July 1, 2026.
- Company reported a TTM revenue of Rs 221 Cr and PAT of Rs 19 Cr.
- Promoter holding remains stable at 71.41% as of June 2026.
- Latest quarterly revenue (Mar 2026) stood at Rs 52.02 Cr with an EPS of Rs 2.13.
Financial Performance
Revenue Growth by Segment
Revenue from EPC and Infrastructure Construction segments grew by approximately 22,338% YoY, reaching INR 171.88 Cr in FY25 compared to INR 0.77 Cr in FY24.
Geographic Revenue Split
The company operates both within India (specifically Jharkhand) and internationally; specific percentage split by region is not disclosed in available documents.
Profitability Margins
Net Profit Margin improved significantly to 6.23% in FY25 from -298.48% in FY24, driven by a 102.09% increase in sales and profit efficiency.
EBITDA Margin
EBITDA Margin stood at 7.01% in FY25, a turnaround from -155.97% in FY24, representing a 357.18% increase in operating profitability.
Capital Expenditure
The company raised INR 79.20 Cr through the issuance of warrants at INR 62 per warrant to Promoter and Non-Promoter groups to fund growth and expansion.
Credit Rating & Borrowing
The company maintains a Debt-Equity Ratio of 0.0, indicating it is debt-free with no outstanding term loans or borrowing costs reported.
Operational Drivers
Raw Materials
Steel, transmission towers, conductors, insulators, and electrical equipment for 132 KV DC transmission lines.
Capacity Expansion
Scaling operations through new turnkey contracts, including a recent INR 59.27 Cr project for 20.5 KM of transmission lines.
Raw Material Costs
Raw material costs are a primary driver for EPC projects; specific percentage of revenue is not disclosed, but margins are sensitive to global demand-supply conditions.
Strategic Growth
Growth Strategy
Growth is targeted through the acquisition of large-scale turnkey EPC contracts in the power sector, such as the INR 59.27 Cr JUSNL project, and capital infusion of INR 79.20 Cr via warrants.
Products & Services
EPC (Engineering, Procurement, and Construction) services, Infrastructure Construction, and Power Transmission & Distribution services (132 KV DC lines).
Brand Portfolio
Ahmedabad Steel Craft Limited.
New Products/Services
Turnkey commissioning of 132 KV DC Chandankiyari - ITI More, Chas Transmission Line (20.5 KM).
Market Expansion
Targeting challenging infrastructure ventures across the globe and major power transmission projects within India.
External Factors
Industry Trends
The power transmission and distribution industry is evolving toward turnkey EPC models for major infrastructure projects, with the company positioning itself for global ventures.
Competitive Landscape
Operates in the competitive EPC and infrastructure construction sector, primarily bidding for government-led power transmission projects.
Competitive Moat
Moat is built on expertise in transmission and distribution of power in challenging ventures; sustainability is supported by a debt-free balance sheet and a robust risk management framework.
Macro Economic Sensitivity
Highly sensitive to government infrastructure spending and domestic demand-supply conditions in the steel and power sectors.
Consumer Behavior
Not applicable as the company operates in the B2B and B2G (Business-to-Government) infrastructure space.
Geopolitical Risks
Faces risks from international operations and evolving global regulatory landscapes.
Regulatory & Governance
Industry Regulations
Operations are subject to government regulations, tax regimes, and infrastructure policies; compliant with Companies Act 2013 and SEBI (LODR) Regulations.
Legal Contingencies
Unclaimed dividend of INR 1,29,165 pending transfer to IEPF for FY 2016-17; pending litigations are disclosed in Note 34 of the financial statements.
Risk Analysis
Key Uncertainties
Volatility in raw material costs and availability, litigation risks, and industrial relations could impact long-term success.
Geographic Concentration Risk
Significant revenue concentration in Jharkhand due to the INR 59.27 Cr JUSNL contract.
Third Party Dependencies
High dependency on government power utilities for large-scale EPC contract awards.
Technology Obsolescence Risk
Technology is viewed as a strategic asset; the company is investing in digital solutions to enhance agility and efficiency.
Credit & Counterparty Risk
High credit exposure with Debtors turnover of 260 days, indicating potential liquidity risks if project payments are delayed.
