Prakash Steelage Limited (PRAKASHSTL)
₹3.40 -0.87% last close, 16 Oct
Latest quarterly results (Q1 FY27)
In its latest reported quarter, Q1 FY27, Prakash Steelage's revenue was ₹16.8 Cr (+2.3% year on year, -32.2% on the previous quarter), and net profit ₹0.2 Cr (-57.0% year on year); the operating margin was 2.6%.
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹16.8 | +2.3% | -32.2% |
| Operating profit | ₹0.4 | -1.2% | +43.4% |
| Net profit | ₹0.2 | -57.0% | +308.8% |
| EPS (₹) | 0.01 | -50.0% | — |
| Operating margin | 2.6% | — | — |
PRAKASHSTL delivery percentage
NSE end-of-day data for
On Fri, 16 Oct 2026, 79.78% of the PRAKASHSTL shares traded on NSE were taken to delivery, against the stock's own 20-session average of 74.52%. That is close to its usual level. Turnover was only ₹2 lakh, so a handful of trades can move this figure. Volume was 0.5 times its average, well below normal.
Delivery in the last 5 sessions: 57.8% · 75.2% · 33.4% · 75.3% · 79.8%
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
Prakash Steelage Limited has submitted its quarterly compliance certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018 for the quarter ended September 30, 2026. The confirmation letter from Registrar and Transfer Agent Bigshare Services Private Limited verifies that securities received for dematerialization were processed, accepted/rejected, and listed on the exchanges. Additionally, physical certificates were mutilated and cancelled within the prescribed 15-day timeline.
- Compliance submitted under Regulation 74(5) of SEBI Regulations, 2018 for quarter ended September 30, 2026
- Confirmation received from Registrar and Transfer Agent Bigshare Services Private Limited dated October 08, 2026
- Security certificates received for dematerialization were mutilated and cancelled within 15 days of receipt
Prakash Steelage Limited has issued a statutory communication to shareholders under Regulation 36(1)(b) of SEBI LODR whose emails are not registered. The company's 35th Annual General Meeting (AGM) is scheduled for Monday, September 28, 2026, at 3:00 PM IST via video conferencing. The cut-off date to determine e-voting eligibility has been set for Monday, September 21, 2026. Remote e-voting will commence on September 25, 2026, at 9:00 AM IST and conclude on September 27, 2026, at 5:00 PM IST.
- 35th Annual General Meeting scheduled for Monday, September 28, 2026, at 3:00 PM IST via VC/OAVM
- Cut-off date for remote e-voting eligibility fixed as Monday, September 21, 2026
- Remote e-voting window runs from September 25, 2026 (9:00 AM IST) to September 27, 2026 (5:00 PM IST)
- Shareholders can register emails with RTA until 5:00 PM IST on September 21, 2026 to receive AGM materials
Prakash Steelage Limited has announced the book closure dates for its upcoming 35th Annual General Meeting (AGM). The Register of Members and Share Transfer Books will remain closed from September 21, 2026, to September 28, 2026 (both days inclusive). The AGM is scheduled to take place on September 28, 2026, at 3:00 PM IST through video conferencing. This is a standard annual statutory procedure with no financial or operational impact.
- 35th Annual General Meeting scheduled for September 28, 2026, at 3:00 PM IST via VC/OAVM
- Register of Members and Share Transfer Books closed from September 21, 2026, to September 28, 2026
- Book closure declared pursuant to Regulation 42 of SEBI LODR Regulations and Section 91 of Companies Act, 2013
Prakash Steelage Limited has issued the notice for its 35th Annual General Meeting scheduled for September 28, 2026, via Video Conferencing, alongside submitting its FY25-26 Annual Report. The agenda includes standard ordinary business such as the adoption of FY26 financial statements and director re-appointments. Special business items comprise ratifying the cost auditor's remuneration of Rs 35,000 per annum and approving the continuation of Mr. Sharad Chandra Bohra as an Independent Director beyond the age of 75 years until August 24, 2027.
- 35th Annual General Meeting scheduled for September 28, 2026, at 3:00 PM IST via VC/OAVM
- Special resolution proposed to approve continuation of directorship of Independent Director Sharad Chandra Bohra after attaining 75 years of age
- Ratification of remuneration of Rs 35,000 p.a. for Cost Auditor M/s P.K. Patwa & Co for FY 2026-27
- FY26 Net Profit Ratio stood at 0.92% compared to 1.69% in FY25 (down 45.38% YoY)
Prakash Steelage Limited has approved its un-audited standalone financial results for the quarter ended June 30, 2026. The board also recommended the continuation of Mr. Sharad C. Bohra as an Independent Director beyond the age of 75, which requires a special resolution from shareholders. The company remains a micro-cap entity with a market capitalization of ₹67 Cr and operates on extremely thin margins, with a TTM operating profit margin of just 1.9%. Investors should note that while the company is debt-free, its TTM PAT is only ₹1 Cr.
- Board approved un-audited standalone financial results for the quarter ended June 30, 2026
- Proposed continuation of Independent Director Sharad C. Bohra beyond the age of 75 years
- The board meeting was conducted in a 30-minute window from 1:00 PM to 1:30 PM
- Company maintains a debt-free status with a D/E ratio of 0.05 as per latest context
- TTM Revenue of ₹91 Cr is approximately 1.35x the current market capitalization of ₹67 Cr
Prakash Steelage Limited has filed its quarterly compliance certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018. The filing confirms that share certificates received for dematerialization during the quarter ended June 30, 2026, were processed, mutilated, and cancelled by their Registrar, Bigshare Services Private Limited. This is a standard procedural requirement for all listed companies to ensure the integrity of electronic shareholding records. The filing has no impact on the company's financial performance or business operations.
- Compliance certificate issued for the quarter ended June 30, 2026
- Confirmation that securities were processed and substituted in the register within 15 days of receipt
- Registrar and Transfer Agent (RTA) confirmed as Bigshare Services Private Limited
- Filing pertains to the company's TTM revenue base of Rs 91 Cr and net worth of Rs 10 Cr
Prakash Steelage Limited has announced the closure of its trading window starting July 01, 2026, in compliance with SEBI Insider Trading regulations. This closure is a standard procedure ahead of the declaration of the unaudited financial results for the quarter ending June 30, 2026. The window will remain shut for all designated persons, including directors and employees, until 48 hours after the results are officially announced. The specific date for the board meeting to approve these results will be communicated to the exchanges at a later date.
- Trading window closure begins on July 01, 2026, for the quarter ending June 30, 2026.
- Closure applies to all Directors, Employees, and their immediate relatives under SEBI PIT Regulations.
- The window will reopen 48 hours after the announcement of the Unaudited Financial Results.
- The date for the Board Meeting to declare results will be intimated in due course.
Prakash Steelage Limited has approved its audited standalone financial results for the quarter and year ended March 31, 2026. The company has appointed M/s. Luniya & Co. as Internal Auditors and M/s. P.K. Patwa & Co. as Cost Accountants for the 2026-27 fiscal year. Notably, the company submitted a 'Statement on Impact of Audit Qualification,' indicating that the auditors have raised specific concerns regarding the financial statements. This suggests potential accounting or reporting issues that investors need to scrutinize.
- Approved audited standalone financial results for the quarter and full year ended March 31, 2026.
- Appointed M/s. Luniya & Co. as Internal Auditors for FY 2026-27 to strengthen internal oversight.
- Appointed M/s. P.K. Patwa & Co. as Cost Accountants for FY 2026-27, subject to shareholder ratification.
- Submitted a formal 'Statement on Impact of Audit Qualification' alongside the financial results.
- The Board Meeting commenced at 1:00 p.m. and concluded at 2:30 p.m. on May 28, 2026.
Prakash C. Kanugo, the promoter of Prakash Steelage Limited, has submitted a formal declaration under SEBI (SAST) Regulations for the financial year ended March 31, 2026. The filing confirms that the promoter group, along with persons acting in concert, did not create any encumbrance or pledge on their shareholding during the year. This is a mandatory annual compliance disclosure that ensures transparency regarding the status of promoter holdings. It indicates that the promoter's equity remains free from any third-party liens or debt-related obligations.
- Declaration submitted under Regulation 31(4) of SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011.
- Promoters and Promoter Group confirm zero shares were encumbered during the FY ended March 31, 2026.
- The disclosure covers all shares held by the Promoter Group and Persons Acting in Concert (PAC).
- Filing submitted to both BSE and NSE on April 4, 2026, following the close of the financial year.
Prakash Steelage Limited has received a Show Cause Notice (SCN) from SEBI dated April 21, 2026, regarding alleged violations of multiple Listing Obligations and Disclosure Requirements (LODR) regulations. The notice cites violations of Regulations 4, 23(9), 33, and 34, which generally pertain to corporate governance, related party disclosures, and financial reporting standards. This action is a continuation of an ongoing SEBI investigation that was previously disclosed by the company on March 28, 2024. The company is currently preparing a formal response to the Adjudicating Officer.
- Received SEBI Show Cause Notice dated April 21, 2026, under Rule 4(1) of SEBI Rules, 1995.
- Alleged violations involve multiple LODR sections including Regulation 23(9) for related party disclosures and Regulation 33 for financial results.
- The notice is part of an ongoing investigation first intimated to exchanges on March 28, 2024.
- Company is required to furnish a response within permitted timelines to the Chief General Manager & Adjudicating Officer.
Prakash Steelage Limited has filed its compliance certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018. The filing covers the quarter and financial year ended March 31, 2026, confirming the processing of dematerialization requests. The company's Registrar and Transfer Agent, Bigshare Services Private Limited, verified that physical certificates were mutilated and cancelled within the 15-day regulatory timeframe. This is a standard procedural update ensuring the integrity of the company's share registry.
- Compliance certificate submitted for the quarter and financial year ended March 31, 2026
- Registrar Bigshare Services confirmed all dematerialization requests were processed within 15 days
- Physical security certificates were mutilated and cancelled after due verification
- Confirms that the name of depositories has been substituted in the register of members as registered owners
Prakash Steelage Limited has announced the closure of its trading window starting April 1, 2026, in compliance with SEBI insider trading regulations. This closure is ahead of the declaration of the audited financial results for the quarter and financial year ending March 31, 2026. The window will remain closed for all designated persons, including directors and employees, until 48 hours after the results are officially announced. The specific date for the board meeting to approve these results will be communicated to the exchanges at a later date.
- Trading window closure effective from April 1, 2026.
- Closure pertains to the audited financial results for the quarter and year ending March 31, 2026.
- Restriction applies to all Directors, Employees, and their immediate relatives.
- Window will reopen 48 hours after the financial results are declared to the stock exchanges.
Prakash Steelage Limited has received a tax demand notice of Rs 49.29 crore from the Income Tax Department for the Assessment Year 2024-25. The demand arises from the disallowance of certain expenditure claims and deductions, specifically related to the reversal of provisions. The company has stated its intention to file an appeal before Higher Appellate Forums, asserting that it has strong legal grounds to contest the order. While the company expects the demand to be deleted, the significant amount necessitates close monitoring by shareholders.
- Total tax demand of Rs 49.29 crore including applicable interest for AY 2024-25.
- Order issued by the Faceless Assessment Unit under Section 143(3) and Section 156 of the Income Tax Act.
- Demand is based on disallowances of certain expenditures and reversal of provisions claimed by the company.
- Company is in the process of filing an appeal with Higher Appellate Forums to challenge the assessment.
- Management believes there are adequate factual grounds to substantiate their position and expects no final financial impact.
Prakash Steelage reported a 27.1% year-on-year growth in revenue from operations, reaching ₹2,445.12 Lakhs for the quarter ended December 31, 2025. Despite the revenue growth, Net Profit after Tax (PAT) fell significantly by 50.5% YoY to ₹33.46 Lakhs, down from ₹67.58 Lakhs in the same period last year. This decline is largely attributed to a sharp increase in the cost of materials consumed, which rose to ₹1,921.71 Lakhs from ₹930.37 Lakhs YoY. However, on a sequential basis, the company showed a recovery in profitability compared to the ₹8.72 Lakhs PAT reported in Q2 FY26.
- Revenue from operations increased to ₹2,445.12 Lakhs in Q3 FY26 from ₹1,924.20 Lakhs in Q3 FY25.
- Net Profit after Tax (PAT) stood at ₹33.46 Lakhs, a decline from ₹67.58 Lakhs in the year-ago quarter.
- Cost of materials consumed surged to ₹1,921.71 Lakhs, representing nearly 78% of total revenue.
- Nine-month (9M FY26) revenue grew to ₹6,504.01 Lakhs compared to ₹5,526.20 Lakhs in 9M FY25.
- Basic and Diluted EPS for the quarter decreased to ₹0.02 from ₹0.04 YoY.
Prakash Steelage reported a mixed performance for the quarter ended December 31, 2025, with revenue from operations growing 27% year-on-year to ₹2,445.12 lakhs. However, net profit after tax saw a sharp decline of 50.5% YoY, falling to ₹33.46 lakhs from ₹67.58 lakhs in the previous year's corresponding quarter. On a sequential basis, the company showed a recovery in profitability compared to the ₹8.72 lakhs reported in Q2 FY26. The bottom line was primarily pressured by a significant increase in the cost of materials consumed, which rose to ₹1,921.71 lakhs.
- Revenue from operations increased to ₹2,445.12 lakhs in Q3 FY26 from ₹1,924.20 lakhs in Q3 FY25.
- Net profit after tax stood at ₹33.46 lakhs, a decline from ₹67.58 lakhs YoY but an improvement from ₹8.72 lakhs QoQ.
- Total expenses rose significantly to ₹2,401.89 lakhs, driven by higher raw material costs of ₹1,921.71 lakhs.
- Earnings Per Share (EPS) for the quarter was ₹0.02, down from ₹0.04 in the same period last year.
- Nine-month total income reached ₹6,618.78 lakhs compared to ₹5,666.95 lakhs in the previous year.
Financial Performance
Revenue Growth by Segment
Total revenue from operations for FY25 was INR 7,656.86 Lakh, representing a 27.61% decline compared to INR 10,577.46 Lakh in FY24. However, H1 FY26 (April-September 2025) showed a recovery with revenue of INR 4,172.27 Lakh, an 11.59% increase over H1 FY25 (INR 3,739.03 Lakh).
Profitability Margins
Net Profit Margin for FY25 was 1.69% (INR 129.57 Lakh profit on INR 7,656.86 Lakh revenue). This is a sharp decline from FY24's reported profit of INR 5,788.73 Lakh, though FY24 results were heavily inflated by non-recurring items including a reversal of provision for doubtful debts (INR 3,476.91 Lakh) and sundry balances written back (INR 2,089.37 Lakh). H1 FY26 net margin stands at 1.12%.
EBITDA Margin
Operating Profit before working capital changes for FY25 was INR 171.64 Lakh (2.24% margin), compared to a loss of INR 382.91 Lakh in FY24. The shift to positive operating profit indicates improved core operational efficiency despite lower top-line revenue.
Capital Expenditure
Property, Plant and Equipment stood at INR 527.60 Lakh as of March 31, 2025. Capital Work-in-Progress was reduced to zero from INR 35.19 Lakh in the previous year, suggesting the completion of minor ongoing projects.
Credit Rating & Borrowing
Current borrowings were reduced significantly by 49.19% from INR 390.32 Lakh in March 2025 to INR 198.32 Lakh by September 30, 2025. Finance costs for FY25 were INR 9.75 Lakh, down 49.9% from INR 19.46 Lakh in FY24, reflecting lower debt servicing requirements.
Operational Drivers
Raw Materials
Stainless steel coils, billets, and scrap (implied by industry focus) represent the primary cost of goods sold. Specific percentage of total cost is not disclosed.
Raw Material Costs
Not disclosed as a specific line item, but total operating profit before working capital changes was INR 171.64 Lakh in FY25. Procurement strategies are focused on managing inventory which stood at INR 1,628.95 Lakh as of March 2025.
Manufacturing Efficiency
Depreciation and amortization expenses were INR 92.66 Lakh in FY25, a slight increase of 8.17% YoY, suggesting stable utilization of the existing asset base.
Strategic Growth
Expected Growth Rate
11.60%
Growth Strategy
The company is focusing on top-line recovery as evidenced by the 11.59% YoY revenue growth in H1 FY26. Strategy involves stabilizing the core stainless steel business, reducing current liabilities (down 49% in 6 months), and improving operating margins through better working capital cycles.
Products & Services
Stainless steel pipes, tubes, and U-tubes used in industrial applications.
Brand Portfolio
Prakash Steelage.
External Factors
Industry Trends
The stainless steel industry is seeing a shift toward higher-grade alloys for specialized industrial use. The company's positioning is currently focused on maintaining liquidity and reducing debt to navigate cyclical downturns.
Competitive Landscape
Competes with other domestic stainless steel pipe and tube manufacturers in a highly fragmented market.
Competitive Moat
The company lacks a significant brand or technology moat, operating primarily as a cost-competitive manufacturer in the fragmented stainless steel piping segment. Its sustainability relies on efficient working capital management and debt reduction.
Macro Economic Sensitivity
Highly sensitive to industrial CAPEX cycles and global steel price trends.
Consumer Behavior
Industrial demand is shifting toward sustainable and long-lasting piping solutions, favoring stainless steel over traditional carbon steel.
Geopolitical Risks
Trade barriers on steel imports or exports could impact the procurement of raw materials or the competitiveness of finished goods in international markets.
Regulatory & Governance
Industry Regulations
Operations are subject to environmental pollution norms for steel processing and Bureau of Indian Standards (BIS) certifications for stainless steel products.
Taxation Policy Impact
Total tax expenses for FY25 were INR 67.07 Lakh, representing an effective tax rate of approximately 34% on profit before tax of INR 196.64 Lakh.
Legal Contingencies
The company has disclosed the impact of pending litigations in Note 26 of its financial statements, though the specific INR value of these contingencies is not provided in the summary documents.
Risk Analysis
Key Uncertainties
The primary uncertainty is the volatility of raw material prices which can lead to inventory write-downs or margin compression. The company's negative 'Other Equity' of INR 859.66 Lakh as of March 2025 indicates historical accumulated losses that constrain the balance sheet.
Third Party Dependencies
Dependency on steel mills for consistent supply of high-quality stainless steel coils.
Technology Obsolescence Risk
Low risk of immediate technology obsolescence in basic steel piping, but risk exists if competitors adopt more advanced automated manufacturing processes.
Credit & Counterparty Risk
Trade receivables stood at INR 1,164.55 Lakh as of March 2025. The company previously had significant issues with doubtful debts, as evidenced by the massive INR 3,476.91 Lakh provision reversal in FY24.
