Abha Power and Steel Limited (ABHAPOWER)
Latest quarterly results (H2 FY26)
In its latest reported quarter, H2 FY26, Abha Power's revenue was ₹27.6 Cr (-22.7% year on year, -20.0% on the previous half-year), and net profit ₹0.4 Cr (-86.4% year on year); the operating margin was 6.4%.
| H2 FY26 (₹ Cr) | Value | YoY vs H2 FY25 | vs prev. half |
|---|---|---|---|
| Revenue | ₹27.6 | -22.7% | -20.0% |
| Operating profit | ₹1.8 | -67.1% | -50.1% |
| Net profit | ₹0.4 | -86.4% | -78.8% |
| EPS (₹) | 0.23 | -86.5% | -78.9% |
| Operating margin | 6.4% | — | — |
ABHAPOWER delivery percentage
NSE end-of-day data for
On Fri, 16 Oct 2026, 100.0% of the ABHAPOWER shares traded on NSE were taken to delivery, against the stock's own 20-session average of 84.34%. That is close to its usual level. Turnover was only ₹1 lakh, so a handful of trades can move this figure.
Delivery in the last 5 sessions: 100.0% · 0.0% · 80.0% · 100.0% · 100.0%
A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed
📢 Recent Corporate Announcements
Abha Power and Steel Limited has secured a domestic purchase order worth ₹1.27 crore from a reputed Railway OEM for the supply of castings. The order represents approximately 0.96% of its TTM revenue of ₹132 crore and is scheduled for execution quickly by October 31, 2026. Following this win, the company's total order book stands at approximately ₹19 crore as of October 10, 2026.
- Secured supply order worth ₹1,26,66,120 (~₹1.27 crore) from a domestic Railway OEM
- Tight execution timeline with completion scheduled by October 31, 2026
- Total order book reaches approximately ₹19 crore as of October 10, 2026
Abha Power and Steel Limited has released the voting results and scrutinizer's report for its 22nd Annual General Meeting held on September 29, 2026. All six resolutions were approved unanimously with 100% of the polled votes cast in favor, representing 13,501,430 total valid votes (72.64% of outstanding shares). Key approvals included the adoption of standalone financial statements for FY26, the re-appointment of Atish Agrawal as Managing Director for 3 years, and the re-appointment of Satish Kumar Shah as Whole-time Director for 3 years. The appointment of statutory auditors was also ratified.
- All 6 resolutions passed with 100% valid votes in favor (1,35,01,430 votes polled)
- Overall turnout represented 72.6359% of total outstanding shares (1,85,87,830 shares)
- Re-appointment of Managing Director Atish Agrawal approved for a term of 3 consecutive years
- Re-appointment of Whole-time Director Satish Kumar Shah approved for a term of 3 consecutive years
- Total of 1,724 shareholders were on record as of the September 22, 2026 record date
Abha Power and Steel Limited has notified the exchange regarding the closure of its trading window pursuant to SEBI Insider Trading regulations. The trading window for designated persons will remain closed starting October 1, 2026. The closure will continue until 48 hours following the declaration of unaudited financial results for the half year ended September 30, 2026. The board meeting date to approve these results will be intimated in due course.
- Trading window closure begins on 1st October, 2026
- Window remains closed until 48 hours post declaration of half-year results
- Results pertain to the half year ended 30th September, 2026
- Applicable to all Designated Persons under SEBI (Prohibition of Insider Trading) Regulations, 2015
Abha Power and Steel Limited has secured a new purchase order worth ₹2.74 crore (exact value ₹2,73,83,552) from a reputed domestic railway OEM for the supply of castings. Following this win, the company's total order book stands at approximately ₹24 crore as of September 6, 2026. The new order represents approximately 2.1% of the company's TTM revenue of ₹132 crore. Execution will occur on a monthly basis subject to technical drawings, inspection, and quality approval.
- Secured domestic casting supply order valued at ₹2,73,83,552 (~₹2.74 Cr)
- Total order book reached approximately ₹24 Cr as on September 6, 2026
- Order to be executed on a monthly supply schedule subject to standard inspection and quality approvals
- Order size represents ~2.1% of TTM revenue (₹132 Cr)
Abha Power and Steel Limited announced the mid-term resignation of its statutory auditor, M/s N B T & Co., Chartered Accountants (FRN: 140489W), effective September 05, 2026. The firm was appointed at the Annual General Meeting held on September 30, 2024, to serve until the 2029 AGM. The auditor cited pre-occupation with other professional commitments as the rationale, confirming there are no other material reasons or shareholder concerns.
- M/s N B T & Co. tendered resignation as Statutory Auditor effective September 05, 2026
- Auditor tenure was originally approved from 30 September 2024 AGM until the AGM in 2029
- Reason cited was pre-occupation with other professional commitments
- Firm confirmed no other material reasons or undisclosed matters to report
Abha Power and Steel Limited announced that its statutory auditor, M/s N B T & Co., Chartered Accountants, has resigned effective September 5, 2026. The firm was originally appointed at the AGM on September 30, 2024, to serve until the AGM in 2029. The auditor cited pre-occupation with other professional commitments and confirmed that there are no other material reasons or shareholder concerns. The company will be required to appoint a new statutory auditor to fill the casual vacancy.
- Resignation of M/s N B T & Co. (FRN: 140489W) effective from September 05, 2026
- Auditor had been appointed for a 5-year term from the AGM on 30 September 2024 until the 2029 AGM
- Firm cited pre-occupation with other professional commitments as the sole reason for resignation
- Auditor confirmed no other material concerns or issues requiring shareholder or regulatory attention
Abha Power and Steel Limited informed the exchanges that its Board of Directors approved the appointment of M/s Sushil & Surendra, Chartered Accountants, as the Internal Auditor for FY 2026-27 at a meeting held on September 5, 2026. The appointed firm holds an established track record of approximately 37 years across internal audits, taxation, and accounting. This constitutes a standard regulatory compliance and corporate governance process with no direct financial impact.
- Board approved appointment of M/s Sushil & Surendra as Internal Auditor on September 5, 2026
- Term of appointment covers Financial Year 2026-27
- Appointed audit firm holds an operating track record of nearly 37 years
Abha Power and Steel Limited announced that its Board of Directors approved the appointment of M/s Sushil & Surendra, Chartered Accountants, as the Internal Auditor for FY 2026-27 in a meeting held on September 5, 2026. The appointed audit firm brings an established track record of nearly 37 years across statutory and internal audits, corporate taxation, and management consultancy. This represents a routine compliance appointment under SEBI LODR Regulations and has no direct impact on the company's financial figures or core manufacturing operations.
- Board approved appointment of M/s Sushil & Surendra as Internal Auditor on September 5, 2026
- Term of appointment covers the entire Financial Year 2026-27
- Appointed chartered accountancy firm possesses a track record of ~37 years in auditing and consultancy services
Abha Power and Steel Limited announced that its Board of Directors approved the appointment of M/s Sushil & Surendra, Chartered Accountants, as the Internal Auditor for FY 2026-27 on September 5, 2026. The appointed firm has a track record of approximately 37 years in auditing and consultancy services. This is a standard statutory compliance appointment with no direct financial impact on the company's operational trajectory.
- Board approved internal auditor appointment on September 5, 2026
- M/s Sushil & Surendra appointed for the Financial Year 2026-27
- Appointed audit firm holds an operating track record of nearly 37 years
Abha Power and Steel Limited has issued the notice for its 22nd Annual General Meeting (AGM) scheduled for September 29, 2026, via video conferencing. The key agenda items include the formal 5-year appointment of M/s V.K. Patawari & Co. as statutory auditors, following a casual vacancy caused by the resignation of M/s N B T & Co. on September 5, 2026. Shareholders will also vote on the re-appointment of Managing Director Atish Agrawal for a 3-year term starting April 1, 2027, at a monthly remuneration of Rs 2,50,000 plus perquisites, alongside the re-appointment of Whole-time Director Satish Kumar Shah.
- 22nd Annual General Meeting scheduled for September 29, 2026, via Video Conferencing.
- Proposed appointment of M/s V.K. Patawari & Co. as Statutory Auditors for a 5-year term until the 2031 AGM.
- Ratification of casual vacancy auditor appointment following the resignation of M/s N B T & Co.
- Re-appointment of Managing Director Atish Agrawal for 3 years effective April 1, 2027, at a monthly salary of Rs 2,50,000.
Abha Power and Steel Limited has appointed M/s V.K. Patawari & Co., Chartered Accountants (FRN: 324476E), as its Statutory Auditor effective September 5, 2026. The appointment fills the casual vacancy arising from the resignation of outgoing auditor M/s N B T & Co. Additionally, the Board has recommended appointing V.K. Patawari & Co. for a 5-year term from the 22nd AGM (scheduled for September 29, 2026) to the 27th AGM in 2031, subject to shareholder approval.
- Appointed M/s V.K. Patawari & Co. (FRN: 324476E) as Statutory Auditor effective September 5, 2026
- Fills casual vacancy caused by the resignation of M/s N B T & Co. (FRN: 140489W)
- Recommended a 5-year tenure spanning from the 22nd AGM (2026) to the 27th AGM (2031)
- 22nd Annual General Meeting scheduled for September 29, 2026, for shareholder approval
Abha Power and Steel Limited has appointed M/s V.K. Patawari & Co., Chartered Accountants, as its Statutory Auditor effective September 5, 2026. The appointment fills a casual vacancy caused by the resignation of M/s N B T & Co. The new auditor will hold office until the 22nd AGM on September 29, 2026, and the board has recommended their appointment for a full 5-year term through the 27th AGM in 2031, subject to shareholder approval.
- M/s V.K. Patawari & Co. appointed as Statutory Auditor effective September 5, 2026
- Casual vacancy created due to the resignation of outgoing auditor M/s N B T & Co.
- Proposed for a 5-year term from the 22nd AGM (September 29, 2026) to the 27th AGM in 2031
- Appointment and term extension are subject to shareholder approval at the upcoming AGM
Abha Power and Steel Limited has announced the resignation of its statutory auditor, M/s N B T & Co., Chartered Accountants, effective September 05, 2026. The auditor was originally appointed at the AGM on September 30, 2024, for a five-year term ending in 2029. The firm cited pre-occupation with other professional commitments as the primary reason and confirmed there are no other material reasons or concerns to report. The outgoing auditor completed the statutory audit for the financial year ended March 31, 2026, issuing their report on May 28, 2026.
- Resignation effective from September 05, 2026
- Auditor was originally appointed on September 30, 2024, for a 5-year term scheduled to end at the AGM in 2029
- Latest audit report completed for FY ended March 31, 2026, and submitted on May 28, 2026
- Auditor cited pre-occupation with other professional commitments and reported no unresolved audit concerns
Abha Power and Steel Limited's Board of Directors met on September 05, 2026, and approved convening its 22nd Annual General Meeting (AGM) on September 29, 2026. The Board noted the mid-term resignation of statutory auditor M/s N B T & Co. due to professional pre-occupations, with no material issues reported. M/s V.K. Patawari & Co. has been appointed as the new Statutory Auditor for a 5-year term until the 2031 AGM, subject to shareholder approval. Additionally, the Board recommended 3-year term extensions for Managing Director Atish Agrawal and Whole-time Director Satish Kumar Shah starting April 1, 2027.
- 22nd AGM scheduled for September 29, 2026 via Video Conference; book closure set from September 23 to 29, 2026.
- Statutory auditor M/s N B T & Co. resigned with effect from September 05, 2026, citing pre-occupation with other commitments.
- M/s V.K. Patawari & Co. appointed as Statutory Auditor to fill casual vacancy and for a full 5-year term until 2031 AGM.
- Re-appointment of MD Atish Agrawal and Whole-time Director Satish Kumar Shah approved for a 3-year term from April 1, 2027 to March 31, 2030.
Abha Power and Steel Limited has been approved by the Research Designs & Standards Organisation (RDSO), Ministry of Railways, for inclusion in its Vendor Directory on September 1, 2026. The approval covers 'Striker Casting (B.G.) with Wear Plate', a key component of Upgraded High Tensile Centre Buffer Couplers for freight wagons. This approval expands the company's product offering for Indian Railways, augmenting revenue prospects against its TTM revenue base of ₹132 Cr. Commercial supply will be executed from its 319,200 sq. ft. Bilaspur manufacturing facility.
- RDSO approval received on September 1, 2026 for inclusion in Vendor Directory for freight wagon coupler components.
- Approved product is 'Striker Casting (B.G.) with Wear Plate' catering to the domestic Indian Railways market.
- Manufacturing supported by the company's 319,200 sq. ft. certified facility at Silpahri Industrial Area, Bilaspur.
- Operations supported by a 3 MW captive solar power plant saving 3,400 MT of CO2 emissions annually.
Financial Performance
Revenue Growth by Segment
Single business segment (Iron and Steel manufacturing); Revenue grew 0.5% YoY to INR 34.57 Cr in H1 FY26 from INR 34.40 Cr in H1 FY25.
Geographic Revenue Split
100% of revenue is generated from the manufacturing facility located in Bilaspur, Chhattisgarh.
Profitability Margins
Gross Margin improved to 42.3% in H1 FY26 from 41.8% in H1 FY25. However, PAT Margin declined to 5.9% in H1 FY26 from 8.9% in H1 FY25 due to project-related operational expenses.
EBITDA Margin
EBITDA Margin was 10.3% in H1 FY26, a significant decline from 15.5% in H1 FY25, primarily due to higher operating expenses and capacity mismatches during facility upgradation.
Capital Expenditure
Planned modernization capex of INR 16.39 Cr; INR 12.66 Cr (77%) utilized as of September 30, 2025, for facility upgradation and a new Electric Arc Furnace (EAF).
Credit Rating & Borrowing
Not disclosed in available documents; however, finance costs were INR 0.94 Cr in H1 FY26, representing 2.7% of revenue.
Operational Drivers
Raw Materials
Iron ore, scrap, and alloys; total raw material consumption cost was INR 19.28 Cr, representing 55.8% of total revenue in H1 FY26.
Import Sources
Sourced locally within Chhattisgarh and India to support the Bilaspur manufacturing facility.
Capacity Expansion
Current SG Iron unit utilization is >80%, while the steel plant is at 20-30%. Planned modernization aims to reach 70-80% overall efficiency within 2 years.
Raw Material Costs
Raw material costs were INR 19.28 Cr in H1 FY26, down 15.8% from INR 22.89 Cr in H1 FY25, reflecting improved procurement or lower input prices.
Manufacturing Efficiency
Capacity utilization for SG Iron units is high at >80%, but steel plant efficiency is low at 20-30% due to downstream capacity mismatches.
Strategic Growth
Expected Growth Rate
10%
Growth Strategy
Modernization of the Bilaspur facility using INR 16.39 Cr IPO proceeds to fix capacity mismatches between furnaces and downstream processing, adding a new Electric Arc Furnace (EAF), and moving into higher value-chain items at a mass production scale.
Products & Services
Precision-engineered castings, specialty iron and steel products, SG Iron, and steel plant accessories.
Brand Portfolio
Abha Power and Steel.
New Products/Services
Successful completion of a new product under development with an OEM, expected to enhance revenue recognition potential.
Market Expansion
Expansion of product portfolio through facility modernization in Bilaspur, Chhattisgarh.
Strategic Alliances
Strategic partnership with an OEM for the development of specialized products.
External Factors
Industry Trends
The steel industry is shifting toward integrated setups to act as one-stop solutions; SME listing on NSE provides capital for modernization to move up the value chain.
Competitive Landscape
Operates in the competitive iron and steel casting sector; positioning for higher value-chain items to differentiate from commodity players.
Competitive Moat
Decades of expertise in iron and steel manufacturing and an integrated setup in Bilaspur provide a 'one-stop shop' advantage; high SG Iron utilization (>80%) indicates strong existing market demand.
Macro Economic Sensitivity
Sensitive to steel and iron market price fluctuations and industrial demand in the infrastructure sector.
Consumer Behavior
Shift toward precision-engineered and specialty castings in industrial manufacturing.
Regulatory & Governance
Industry Regulations
Subject to pollution control norms and manufacturing standards for iron and steel castings.
Taxation Policy Impact
Effective tax rate of 27.2% (INR 0.76 Cr tax on INR 2.79 Cr PBT) in H1 FY26.
Legal Contingencies
Pending litigation disclosed in Note 24 of the financial statements; specific case values not provided in the text.
Risk Analysis
Key Uncertainties
Volatility in market prices for steel and the 2-year timeline required to achieve 70-80% utilization efficiency at the upgraded facility.
Geographic Concentration Risk
100% revenue concentration in Bilaspur, Chhattisgarh.
Third Party Dependencies
Dependency on OEM partners for the successful launch and revenue recognition of new products.
Technology Obsolescence Risk
Ongoing modernization of furnace infrastructure to replace older, less efficient technology with Electric Arc Furnaces (EAF).
Credit & Counterparty Risk
Trade receivables increased by INR 2.92 Cr in H1 FY26, suggesting a need for careful monitoring of receivables quality.
