MSP Steel & Power Limited (MSPL)
₹31.55 +0.64% last close, 16 Oct
Latest quarterly results (Q1 FY27)
In its latest reported quarter, Q1 FY27, MSP Steel's revenue was ₹827 Cr (+16.2% year on year, +1.3% on the previous quarter), and net profit ₹22.0 Cr (+22.1% year on year); the operating margin was 6.4%.
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹827 | +16.2% | +1.3% |
| Operating profit | ₹52.6 | +16.8% | -31.7% |
| Net profit | ₹22.0 | +22.1% | -74.1% |
| EPS (₹) | 0.39 | +25.8% | -74.0% |
| Operating margin | 6.4% | — | — |
MSPL delivery percentage
NSE end-of-day data for
On Fri, 16 Oct 2026, 57.96% of the MSPL shares traded on NSE were taken to delivery, against the stock's own 20-session average of 60.88%. That is close to its usual level. Volume was 0.5 times its average, well below normal.
Delivery in the last 5 sessions: 56.6% · 54.2% · 68.7% · 51.3% · 58.0%
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
MSP Steel & Power Limited has submitted its quarterly compliance certificate under Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018. The certificate from Registrar and Transfer Agent KFin Technologies covers the quarter and half-year ended September 30, 2026. KFin Technologies confirmed that dematerialization requests received between July 1, 2026, and September 30, 2026, were processed and verified within the stipulated 15-day window. This is a standard quarterly administrative filing with no financial impact.
- Regulation 74(5) certificate submitted for the quarter ended September 30, 2026
- Covers dematerialization processing from July 1, 2026 to September 30, 2026
- RTA KFin Technologies confirmed requests were addressed within the mandated 15 days
- Filing verified by RTA on October 06, 2026 and submitted on October 16, 2026
MSP Steel & Power concluded its 57th Annual General Meeting, where management outlined plans to expand manufacturing capacity with an investment of Rs 500 crore, equivalent to ~27% of its market capitalization (Rs 1,857 crore). The company also highlighted its initiation of a merger process with MSP Sponge Iron Ltd and confirmed its complete exit from the Corporate Debt Restructuring (CDR) framework via final settlement of the Right of Recompense. Additionally, CARE upgraded the company's long-term bank facilities to CARE BBB+ (Stable) and short-term facilities to CARE A2.
- Announced plans to expand manufacturing capacity with an investment of Rs 500 crores
- Initiated the process of merging manufacturing business of MSP Sponge Iron Limited with MSPL
- Credit rating upgraded by CARE to BBB+ (Stable) for long-term facilities and A2 for short-term facilities
- Secured an agreement to procure approximately 10 MWp of solar power for captive consumption
- Reported Q1 FY27 net profit of Rs 22 crores following exit from CDR and settlement of Right of Recompense
MSP Steel & Power Limited has issued the notice for its 57th Annual General Meeting (AGM) scheduled for September 30, 2026, via video conferencing. Key ordinary agenda items include the adoption of FY26 audited standalone and consolidated financial statements and the re-appointment of Mr. Suresh Kumar Agrawal as Director. Special resolutions seek approval to increase overall managerial remuneration limits up to 16% of net profits, as well as paying up to ₹3 Crore annually to Non-Executive Chairman Suresh Kumar Agrawal even in the event of inadequate profits.
- 57th AGM scheduled for September 30, 2026, at 3:00 PM IST via Video Conferencing.
- Special resolution to approve overall managerial remuneration up to 16% of net profits (exceeding standard 11% limits).
- Proposed remuneration of up to ₹3 Crores annually for Non-Executive Chairman Suresh Kumar Agrawal with effect from April 1, 2026.
- Cost Auditor remuneration for FY27 ratified at ₹1,00,000 plus applicable taxes and out-of-pocket expenses.
MSP Steel & Power's Board has approved a Scheme of Arrangement to merge the manufacturing undertaking of MSP Sponge Iron Limited into the company. Under the scheme, shareholders of MSP Sponge will receive 5 equity shares of MSPL for every 1 equity share held. The acquired manufacturing business adds Rs 546.08 Cr in net worth and reported Rs 390.66 Cr in turnover for the period ended June 30, 2026. Post-transaction, promoter shareholding will increase from 45.12% to 59.52% on a fully diluted base of 76.84 Cr shares.
- Approved demerger of manufacturing undertaking of MSP Sponge Iron into MSP Steel & Power Ltd
- Share swap ratio set at 5 equity shares of Rs 10 each in MSPL for every 1 equity share held in MSP Sponge Iron
- Demerged undertaking brings Rs 546.08 Cr net worth, Rs 693.87 Cr assets, and Rs 390.66 Cr period turnover (as of June 30, 2026)
- Post-merger equity base will expand to 76.84 Cr shares (fully diluted), taking promoter stake from 45.12% to 59.52%
- AGM convened for September 30, 2026, alongside appointments of Internal and Cost Auditors for FY27
MSP Steel & Power Limited's (MSPL) Board has approved a Scheme of Arrangement to merge the manufacturing business of promoter entity MSP Sponge Iron Limited into MSPL. For every 1 share held in MSP Sponge, shareholders will receive 5 shares of MSPL. The undertaking being merged generated a turnover of ₹390.66 crore and had a net worth of ₹546.08 crore as of June 30, 2026 (relative to MSPL's ₹829.07 crore turnover and ₹1,049.49 crore net worth). Following the transaction, MSPL's total equity base expands to 76.84 crore shares (diluted), with promoter shareholding rising from 45.12% to 59.52%.
- Swap ratio fixed at 5 equity shares of MSPL (₹10 face value) for every 1 share of MSP Sponge Iron Limited.
- Demerged business brings ₹546.08 crore in net worth and ₹693.87 crore in total assets to MSPL.
- Demerged undertaking reported ₹390.66 crore turnover for the period ended June 30, 2026 (vs MSPL's ₹829.07 crore).
- Promoter holding in MSPL will increase from 45.12% pre-scheme to 59.52% post-scheme on a fully diluted basis.
MSP Steel & Power Limited's Board has approved a Scheme of Arrangement to absorb the manufacturing business undertaking of MSP Sponge Iron Limited into MSPL. Eligible shareholders of MSP Sponge Iron will receive 5 equity shares of MSPL (face value Rs 10) for every 1 equity share held. As of June 30, 2026, the demerged undertaking reported a turnover of Rs 390.66 Cr and a net worth of Rs 546.08 Cr, compared to MSPL's own turnover of Rs 829.07 Cr and net worth of Rs 1,049.49 Cr. Post-scheme, MSPL's promoter holding will increase from 45.12% to 59.52% on a fully diluted equity base of 76.84 Cr shares.
- Share exchange ratio set at 5 fully paid equity shares of MSPL for every 1 equity share of MSP Sponge Iron Limited
- Demerged undertaking brings Rs 390.66 Cr turnover and Rs 546.08 Cr net worth (as on June 30, 2026)
- Promoter shareholding in MSPL increases from 45.12% to 59.52% on a fully diluted basis
- Total share count expands from 56.68 Cr to 76.84 Cr shares post-demerger
MSP Steel & Power Limited (MSPL) approved its unaudited standalone and consolidated financial results for the quarter ended June 30, 2026, during its board meeting on July 31, 2026. Crucially, the company reported zero defaults on loans, revolving facilities, and unlisted debt securities for the quarter. The board also reviewed a statement regarding the deviation or variation of proceeds from previous fundraises. The meeting lasted two hours, concluding at 7:00 PM.
- Approved unaudited financial results for the quarter ended 30th June 2026
- Reported 0 defaults on loans and revolving facilities from banks
- Reported 0 defaults on unlisted debt securities (NCDs and NCRPS)
- Board meeting concluded at 7:00 P.M. after starting at 5:00 P.M.
MSP Steel & Power (MSPL) reported a steady Q1 FY27 with revenue from operations increasing 16.3% YoY to ₹826.52 Cr. Profit Before Tax (PBT) showed robust growth of 38.5% YoY, reaching ₹29.82 Cr, driven by improved operational performance and a 34% QoQ reduction in finance costs. The company has fully utilized the initial ₹24.50 Cr raised via preferential warrants for debt repayment and plant modernization. While Net Profit fell QoQ to ₹21.97 Cr, this was primarily due to a high base in Q4 FY26 which benefited from significant tax credits.
- Revenue from operations grew 16.3% YoY to ₹826.52 Cr, representing ~29% of TTM revenue.
- Profit Before Tax (PBT) increased 38.5% YoY to ₹29.82 Cr from ₹21.53 Cr in the year-ago period.
- Finance costs declined significantly to ₹10.95 Cr from ₹16.63 Cr in the preceding quarter.
- Fully utilized ₹24.50 Cr (25% upfront payment) of the ₹98 Cr warrant issue for debt repayment and maintenance.
- Raw material costs remained high at ₹649.68 Cr, accounting for 78.6% of total revenue.
MSP Steel & Power Limited has submitted its quarterly compliance certificate under Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018. The document, issued by KFin Technologies Limited, confirms that all dematerialization requests received between April 1, 2026, and June 30, 2026, were processed within the mandated 15-day timeframe. This is a routine administrative filing confirming the integrity of the company's share registry. There are no financial or operational updates included in this announcement.
- Compliance certificate covers the first quarter ended June 30, 2026
- Dematerialization requests were confirmed or rejected within 15 days of receipt
- Registrar KFin Technologies confirmed the mutilation and cancellation of physical security certificates
- The filing was submitted to exchanges on July 20, 2026
MSP Steel & Power Limited (MSPL) has secured shareholder approval to vary the objects of its previous preferential issue. The special resolution was passed with an overwhelming 99.996% majority during the Extraordinary General Meeting (EGM) held on July 14, 2026. A total of 33.10 crore shares were voted, indicating strong alignment between the management and voting shareholders. This procedural step allows the company to reallocate capital raised through the preferential issue to different business needs than originally planned.
- Special resolution for variation in fund utilization objects passed with 99.996% approval
- Total of 33,10,42,653 valid votes cast, representing a significant portion of the equity base
- Remote e-voting dominated the process with 33,10,29,011 shares participating
- Only 14,670 votes (0.004%) were cast against the resolution
- The voting eligibility was determined based on the cut-off date of July 7, 2026
MSP Steel & Power Limited (MSPL) held an Extraordinary General Meeting (EGM) on July 14, 2026, where shareholders approved a special resolution to vary the objects of utilization for funds raised via preferential warrants issued to the Promoter Group. This procedural change allows the company to redirect balance proceeds, though the specific new allocation amounts were not detailed in the meeting summary. The move follows a significant deleveraging period where the company reduced debt from Rs 1,020 Cr to approximately Rs 333 Cr. Investors should note the increasing promoter stake, which rose from 35.24% in September 2025 to 40.22% by March 2026.
- Shareholders passed a Special Resolution on July 14, 2026, to vary the objects of fund utilization from a Preferential Issue.
- Promoter holding increased to 40.22% as of March 2026, up from 35.24% in September 2025.
- Company has successfully reduced debt from Rs 1,020 Cr to Rs 333 Cr to improve cash flow.
- The EGM was attended by 44 members via video conferencing and other audio-visual means.
- The variation in fund usage was previously vetted by the Audit Committee and the Board of Directors.
Mr. Saket Agrawal, a promoter of MSP Steel & Power Limited, has submitted a formal declaration under Regulation 31(4) of SEBI (SAST) Regulations. The disclosure, dated April 6, 2026, confirms that the promoter group and Persons Acting in Concert (PAC) did not create any new encumbrances on their shares during the financial year 2025-26, other than those already disclosed. This is a routine annual compliance filing intended to provide transparency regarding promoter shareholding and any potential liens on their equity.
- Declaration covers the entire financial year 2025-26 ending March 31, 2026
- Disclosure submitted by promoter Mr. Saket Agrawal on behalf of the promoter group
- Compliance with Regulation 31(4) of SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011
- Confirmation provided as of the disclosure date of 6th April 2026
MSP Steel & Power Limited (MSPL) has announced the closure of its trading window for all designated persons starting July 1, 2026. This action is in compliance with SEBI (Prohibition of Insider Trading) Regulations, 2015, ahead of the announcement of unaudited financial results for the quarter ended June 30, 2026. The window will remain closed until 48 hours after the results are declared. This is a standard administrative procedure and does not reflect on the company's operational performance.
- Trading window closure effective from July 1, 2026.
- Closure pertains to the unaudited financial results for the quarter ended June 30, 2026.
- Window to reopen 48 hours after the official publication of results.
- Company reported a significant PAT of Rs 85.0 Cr in the most recent quarter (Mar 2026).
Three promoter group entities of MSP Steel & Power Limited (MSPL) have collectively purchased 21,00,849 equity shares from the open market. The acquisitions were made by Ginny Traders Private Limited (7.30 lakh shares), Sampat Marketing Company Pvt Ltd (12.04 lakh shares), and Ilex Private Limited (1.66 lakh shares). These transactions took place between June 19 and June 22, 2026. Such open market purchases by promoters are generally viewed as a strong signal of management's confidence in the company's long-term value.
- Total of 21,00,849 equity shares purchased by three promoter group entities via open market.
- Sampat Marketing Company Pvt Ltd made the largest acquisition of 12,04,000 shares on June 19 and 22.
- Ginny Traders Private Limited acquired 7,30,000 shares on June 19, 2026.
- Ilex Private Limited purchased 1,66,849 shares on June 22, 2026.
- Disclosures were made under Regulation 7(2) of SEBI (Prohibition of Insider Trading) Regulations.
MSP Steel & Power Limited (MSPL) has scheduled an Extraordinary General Meeting (EGM) on July 14, 2026, to seek approval for varying the use of proceeds from a ₹98 crore preferential warrant issue. The company proposes to redirect ₹73.50 crore, originally earmarked for unsecured debt repayment, toward general working capital requirements. This shift occurs because the company decided to settle the identified debt using internal accruals following lender demands for earlier repayment than the warrant conversion timeline allowed.
- EGM called for July 14, 2026, to pass a special resolution for varying the objects of the ₹98 crore preferential issue.
- ₹73.50 crore originally intended for unsecured debt repayment is being reallocated to funding working capital requirements.
- The funds pertain to 2,80,00,000 convertible warrants issued to promoter group entity M.A. Hire Purchase Private Limited at ₹35 per warrant.
- Company has already received 25% (₹24.50 crore) of the issue price, with the remaining 75% receivable upon warrant exercise.
- Management stated that the original debt will be discharged through internal accruals and existing banking lines instead of issue proceeds.
Financial Performance
Revenue Growth by Segment
Total Operating Income (TOI) reached INR 2,905.51 Cr in FY25, a marginal growth of 1.09% YoY from INR 2,875.33 Cr in FY24. While specific segment percentages are not disclosed, growth was driven by increased sales volumes in pellets, sponge iron, billets, and TMT bars, offsetting a moderation in average sales realizations.
Geographic Revenue Split
The company primarily operates in Eastern India, specifically Chhattisgarh and Odisha. While exact regional percentages are not disclosed, its proximity to mineral-rich states allows it to serve the infrastructure and housing sectors in these hubs efficiently.
Profitability Margins
Operating margin (PBILDT) improved from 4.41% in FY24 to 4.60% in FY25 due to a sharper decline in raw material costs relative to finished goods prices. However, the company reported a net loss margin of -0.99% in FY25 (INR 28.71 Cr loss) compared to a profit margin of 0.50% in FY24 (INR 14.39 Cr profit), primarily due to a one-time MAT balance write-off of INR 26.49 Cr.
EBITDA Margin
EBITDA margin stood at 4.60% in FY25 (INR 133.75 Cr), up from 4.41% (INR 126.89 Cr) in FY24. This 19 bps improvement reflects better absorption of fixed costs and improved operational efficiency despite market volatility.
Capital Expenditure
No major debt-funded capex is planned for the medium term. The company is focusing on liquidity, with a planned payment of INR 43 Cr for the 'right of recompense' to lenders by September 2025, funded through INR 35 Cr in promoter infusions and internal accruals.
Credit Rating & Borrowing
Ratings were upgraded in September 2025 to CARE BBB; Stable (Long-term) and CARE A3+ (Short-term). Borrowing costs have significantly decreased following the conversion of INR 357.26 Cr of OCDs into equity, which improved the interest coverage ratio from 1.45x in FY24 to 4.39x in Q1FY26.
Operational Drivers
Raw Materials
Iron ore and Coal are the primary raw materials, collectively accounting for approximately 85% of the total cost of sales in FY25.
Import Sources
Raw materials are sourced domestically from the mineral-rich states of Odisha and Jharkhand.
Key Suppliers
Procurement is managed through the open market, government-led e-auctions, and private traders, as the company lacks captive mines for iron ore and coal.
Capacity Expansion
Current operations include a 87.5 MW captive power plant (comprising 24 MW waste heat recovery and 52-63.5 MW thermal units) and a fly ash brick unit with a capacity of 48,600 TPA. No immediate expansion of primary steel capacity is disclosed.
Raw Material Costs
Raw material costs represent 85% of total sales costs. Profitability is highly sensitive to these inputs; for instance, the PBILDT margin improved in FY25 because raw material price reductions outpaced the decline in steel realizations.
Manufacturing Efficiency
Capacity utilization has improved, contributing to a 12.74% revenue growth in FY24. The semi-integrated nature of the plant allows for the conversion of intermediate sponge iron and billets into higher-value TMT bars.
Logistics & Distribution
Logistics are optimized via the captive railway siding, which reduces distribution lead times and costs for transporting heavy steel products to customers in Eastern India.
Strategic Growth
Expected Growth Rate
12.74%
Growth Strategy
Growth is targeted through the significant deleveraging of the balance sheet (reducing debt from INR 1,020 Cr to INR 333 Cr), which lowers interest burdens and frees up cash flow. The strategy focuses on increasing capacity utilization of existing semi-integrated facilities and enhancing the sales volume of value-added products like TMT bars and structural steel.
Products & Services
The company sells pellets, sponge iron, MS billets, TMT bars, structural steel products, and fly ash bricks.
Brand Portfolio
MSP Steel & Power.
Market Expansion
Focus remains on strengthening the market position in Eastern India, leveraging the proximity to raw material sources and existing logistics infrastructure.
Market Share & Ranking
Not disclosed; however, it is identified as a key player in the secondary steel segment in Chhattisgarh.
Strategic Alliances
The company operates two subsidiaries: MSP Cement Ltd (100% holding) and Prateek Mines & Minerals Private Limited (63.69% holding), though both currently have negligible operations.
External Factors
Industry Trends
The Indian secondary steel industry is growing but remains highly fragmented and cyclical. There is an increasing trend toward semi-integration (like MSPL's captive power and railway siding) to survive margin pressures from unorganized players.
Competitive Landscape
Intense competition from a large number of unorganized players in the secondary steel segment, leading to thin margins and high price sensitivity.
Competitive Moat
The company's moat lies in its semi-integrated operations and logistics (railway siding), which provide a cost advantage over non-integrated competitors. This is sustainable as long as captive power generation remains cheaper than grid power.
Macro Economic Sensitivity
Highly sensitive to GDP growth and inflation, as steel demand is directly linked to government infrastructure spending and the health of the real estate sector.
Consumer Behavior
Demand is shifting toward branded and certified TMT bars for construction, favoring organized players like MSPL over smaller unorganized mills.
Geopolitical Risks
Geopolitical tensions and trade barriers are monitored as they can disrupt the global supply-demand balance of steel and raw material pricing.
Regulatory & Governance
Industry Regulations
Operations are subject to environmental pollution norms and mining regulations governing the procurement of iron ore and coal from Odisha and Jharkhand.
Environmental Compliance
The company operates a 24 MW waste heat recovery plant, which serves as an ESG-compliant power source by utilizing industrial exhaust to generate electricity.
Taxation Policy Impact
The company transitioned to a new tax regime in FY25, resulting in a one-time write-off of MAT credit amounting to INR 26.49 Cr, which caused the reported net loss.
Legal Contingencies
The company is obligated to pay INR 43 Cr as 'right of recompense' to lenders following its exit from Corporate Debt Restructuring (CDR), with payments scheduled by September 2025.
Risk Analysis
Key Uncertainties
The primary uncertainty is the volatility of raw material prices (85% of costs) and the cyclical nature of the steel industry, which can swing the company from profit to loss rapidly.
Geographic Concentration Risk
High geographic concentration with manufacturing facilities located solely in Raigarh, Chhattisgarh, making it vulnerable to local regulatory or industrial relations issues.
Third Party Dependencies
Critical dependency on external suppliers for iron ore and coal due to the lack of captive mines.
Technology Obsolescence Risk
The company is focusing on digital transformation through a risk management framework, though specific technology risks are not detailed.
Credit & Counterparty Risk
Receivables management is efficient with a turnover ratio of 40.36x, suggesting low credit risk from customers.
