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Salasar Techno Engineering Limited (SALASAR)

₹4.19 -2.33% last close, 16 Oct

📊 NSE: SALASAR 🏢 Steel - Medium / Small 📢 Latest filing: 01 Oct 2026 📝 Analysis written: 14 Dec 2025

Latest quarterly results (Q1 FY27)

In its latest reported quarter, Q1 FY27, Salasar Techno's revenue was ₹296 Cr (-1.5% year on year, -33.6% on the previous quarter), and net profit ₹5.1 Cr (-41.5% year on year); the operating margin was 7.4%.

Q1 FY27 (₹ Cr)	Value	YoY vs Q1 FY26	QoQ
Revenue	₹296	-1.5%	-33.6%
Operating profit	₹21.9	-26.7%	+56.7%
Net profit	₹5.1	-41.5%	from loss
EPS (₹)	0.03	-40.0%	from loss
Operating margin	7.4%	—	—

Full quarterly financials → Results calendar →

SALASAR delivery percentage

NSE end-of-day data for Fri, 16 Oct 2026

On Fri, 16 Oct 2026, 56.12% of the SALASAR shares traded on NSE were taken to delivery, against the stock's own 20-session average of 56.31%. That is close to its usual level.

56.12%Delivery, 16 Oct

56.31%Own 20-session average

0.6×Volume vs its average

₹4.19NSE close · -2.33%

Delivery in the last 5 sessions: 41.9% · 38.5% · 43.3% · 54.9% · 56.1%

Delivery across the market →

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

Salasar Techno Engineering Shareholders Approve All 10 AGM Resolutions With Over 99% Majority

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 01 Oct 2026, 06:12 PM

Salasar Techno Engineering submitted its Scrutinizer's Report and voting results for the 25th Annual General Meeting held on September 30, 2026. All 10 resolutions were approved by shareholders with the requisite majority, with overall votes cast in favour exceeding 99.9% for key items. Key resolutions passed include the adoption of FY26 financial statements, reappointment of Managing Director Mr. Shashank Agarwal, and approvals for borrowing powers under Section 180(1)(c) and charge creation under Section 180(1)(a). Total votes polled represented approximately 43.94% of outstanding shares (76,80,68,887 votes polled on 174,79,50,290 shares).

All 10 AGM resolutions approved by shareholders with over 99.9% overall favourable votes
Total votes polled were 76,80,68,887 out of 174,79,50,290 outstanding shares (43.94% turnout)
Promoter group cast 75,74,68,621 votes (98.70% of promoter holding) with 100% in favour across resolutions
Borrowing limits under Section 180(1)(c) approved with 99.98% votes in favour (76,78,79,621 votes)

💡 Track the upcoming Q2 FY27 earnings release to evaluate revenue and margin performance amid recent quarterly volatility.

Salasar Techno Concludes 25th AGM; Resolutions Put to E-Voting

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 30 Sep 2026, 06:11 PM

Salasar Techno Engineering Limited conducted its 25th Annual General Meeting on September 30, 2026, via Video Conferencing. A total of 10 resolutions were proposed, including the adoption of FY26 financial statements, re-appointment of executive directors, and special resolutions to borrow money and create security interests under Section 180 of the Companies Act, 2013. Remote e-voting was held from September 26 to September 29, 2026, alongside an e-voting window during the AGM. Formal voting results scrutinized by Deepika Madhwal & Associates are awaited.

25th Annual General Meeting concluded on September 30, 2026
10 resolutions submitted for shareholder approval covering ordinary and special business
Key proposals include borrowing limits and asset charge creation under Sections 180(1)(c) and 180(1)(a)
Remote e-voting took place from September 26, 2026 (09:00 AM) to September 29, 2026 (05:00 PM)

💡 Track the forthcoming scrutinizer's report and formal voting results to confirm approval of the borrowing limits and director appointments.

Infomerics Places Salasar's ₹831.73 Cr Bank Facilities on Rating Watch with Negative Implications

🔵 WATCH ⭐ 9/10

OTHER 📅 23 Sep 2026, 11:26 AM

Infomerics Valuation and Rating Ltd. has reaffirmed Salasar Techno Engineering's credit ratings but revised the outlook to 'Rating Watch with Negative Implications' (RWNI). The review covers total bank loan facilities of ₹831.73 crore, reaffirming long-term facilities at 'IVR A/RWNI' (from IVR A/Stable) and short-term facilities at 'IVR A1/RWNI' (from IVR A1). The rated debt quantum of ₹831.73 crore exceeds the company's total reported balance sheet debt of ₹412 crore and market cap of ₹753 crore, highlighting significant exposure to credit-line renegotiation risks. The rating rationale took into account FY26 operational performance and unaudited Q1 FY27 figures.

Infomerics revised outlook to Rating Watch with Negative Implications (RWNI) across ₹831.73 crore of bank facilities.
Long-term bank facilities reaffirmed at IVR A but revised from 'Stable' to 'RWNI'.
Short-term bank facilities reaffirmed at IVR A1 and placed on 'RWNI'.
Rated facilities include ₹320.00 crore in existing cash credit limits, ₹290.00 crore in bank guarantees, and ₹155.00 crore in proposed limits.

💡 Track the forthcoming detailed rating press release from Infomerics to understand the exact operational or financial triggers behind the Negative Watch, as well as upcoming Q2 FY27 earnings for debt servicing trends.

ED Attaches ₹98.31 Cr Assets of Salasar Techno Under PMLA for 180 Days

🔴 NEGATIVE ⭐ 9/10

LEGAL 📅 15 Sep 2026, 07:57 PM

The Directorate of Enforcement (ED) has issued a Provisional Attachment Order under PMLA attaching immovable properties of Salasar Techno Engineering worth ₹98.31 crore. The attached assets represent ~12.3% of the company's net worth (₹799 crore) and ~13.5% of its market capitalization (₹729 crore). The properties include parts of the Bhilai manufacturing plant (₹40.95 crore attached) and a Solar Power Plant from merged entity EMC Ltd (₹57.36 crore attached). The company clarified that neither Salasar nor its directors are named as accused in the prosecution complaint, and regular business operations remain undisrupted.

ED issued a Provisional Attachment Order attaching immovable properties worth ₹98,31,25,000 for 180 days under Section 5(1) of PMLA.
Attached assets include ₹40,95,00,000 of the Bhilai manufacturing plant (total value ₹66,46,60,000).
Attached assets also include ₹57,36,25,000 of a Solar Power Plant owned by merged EMC Ltd (total value ₹101,53,20,000).
Attached asset value of ₹98.31 crore equals ~12.3% of the company's net worth of ₹799 crore.

💡 Track the Adjudicating Authority's proceedings within the 180-day provisional window and monitor any legal challenges or appeals initiated by the company.

Salasar Techno Engineering Submits FY26 Annual Report and Dispatches AGM Notices

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 05 Sep 2026, 11:43 PM

Salasar Techno Engineering Limited has submitted its Annual Report for the financial year 2025-26 pursuant to Regulations 30 and 34 of SEBI LODR Regulations. The company confirmed the dispatch of web-link letters to shareholders whose email addresses are not registered with the company, depository participants, or RTA. The filing is a standard annual compliance requirement ahead of the upcoming Annual General Meeting.

Annual Report for FY 2025-26 submitted under SEBI Listing Regulations 30 and 34
Web-link letters dispatched to unregistered email shareholders under Regulation 36(1)(b)
Total workforce reported at over 1,300 employees across business operations
Company footprint spans exports to over 25 countries across Asia, Africa, and the Middle East

💡 Shareholders should review the full FY26 Annual Report and AGM notice for voting resolutions and corporate governance disclosures ahead of the AGM.

Salasar Re-Appoints MD & 2 WTDs for 5 Years; Appoints 2 Independent Directors

🟡 NEUTRAL ⭐ 3/10

MANAGEMENT 📅 05 Sep 2026, 11:23 PM

Salasar Techno Engineering's Board approved the re-appointment of Managing Director Shashank Agarwal and Whole-Time Directors Shalabh Agarwal and Tripti Gupta for 5-year terms from December 10, 2026, to December 09, 2031, subject to shareholder approval. The company also appointed Mr. Aashish Sharma and Ms. Nidhi Jain as Non-Executive Independent Directors for 2-year terms ending September 04, 2028. Additionally, board committees were reconstituted and M/s S. Shekhar & Co. was appointed as Cost Auditor for FY 2026-27. These decisions maintain executive continuity and support corporate governance standards.

Re-appointment of MD Shashank Agarwal for a 5-year term from December 10, 2026, to December 09, 2031
Re-appointment of Whole-time Directors Shalabh Agarwal and Tripti Gupta for 5-year terms ending December 09, 2031
Induction of 2 Independent Directors (Aashish Sharma and Nidhi Jain) for 2-year terms ending September 04, 2028
Appointment of M/s S. Shekhar & Co. as Cost Auditors for FY 2026-27

💡 Track shareholder voting outcomes for these board appointments at the company's upcoming 25th Annual General Meeting.

Salasar Techno Releases FY26 Annual Report Highlighting EMC Merger & Orders

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 05 Sep 2026, 11:12 PM

Salasar Techno Engineering Limited has submitted its Annual Report for the financial year 2025-26 pursuant to Regulation 34 of SEBI LODR. The report outlines key corporate milestones, including the completion of the merger of EMC Limited (originally acquired for ₹178 crore in 2025) and recent order wins totaling ₹273.51 crore. The company maintains an integrated footprint across telecom, power transmission, and infrastructure with a global export presence across 25+ countries.

Published Annual Report for FY 2025-26 along with AGM notice to shareholders
Highlights successful merger of EMC Limited (acquired for ₹178 crore in 2025) to boost EPC capabilities
Noted major recent orders worth ₹273.51 crore, including ₹223.27 crore UPPTCL line and ₹50.24 crore RRVPNL project
Current workforce stands at over 1,300 employees with product exports reaching more than 25 countries

💡 Investors should review the detailed statutory reports and notes to accounts within the full Annual Report for insights on EPC execution timelines and working capital trends.

Salasar Techno Submits FY26 Annual Report and BRSR Disclosures

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 05 Sep 2026, 09:57 PM

Salasar Techno Engineering Limited has submitted its Integrated Annual Report along with the Business Responsibility and Sustainability Report (BRSR) for FY 2025-26 pursuant to SEBI regulations. The disclosures highlight the company's operational footprint spanning 1,300+ employees and exports across 25+ countries. Environmental metrics reflect total Scope 1 emissions of 3,781.06 MT CO2e and Scope 2 emissions of 4,608.70 MT CO2e, alongside Zero Liquid Discharge practices across its three Hapur plants. The filing represents a routine statutory disclosure with no new financial or commercial transaction announced.

Annual Report and BRSR for FY 2025-26 filed under Regulation 30 and 34 of SEBI LODR Regulations.
Reported total workforce strength of 1,300+ employees across manufacturing and EPC operations.
Export footprint covers over 25 countries across Asia, Africa, and the Middle East.
Total Scope 1 emissions stood at 3,781.06 MT CO2e and Scope 2 emissions at 4,608.70 MT CO2e for FY 2025-26.
Zero Liquid Discharge (ZLD) mechanism operational across all 3 manufacturing units in Hapur, Uttar Pradesh.

💡 Track upcoming Annual General Meeting (AGM) voting resolutions and monitor Q2 FY27 financial performance for signs of margin recovery.

Salasar Techno Engineering Sets 25th AGM for Sep 30, 2026; Book Closure from Sep 24

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 05 Sep 2026, 09:52 PM

Salasar Techno Engineering Limited has scheduled its 25th Annual General Meeting (AGM) for Wednesday, September 30, 2026, at 11:30 AM IST via Video Conferencing. In connection with the AGM, the Register of Members and Share Transfer Books will be closed from September 24, 2026, to September 30, 2026 (both days inclusive). This is a standard annual regulatory compliance filing with no operational or financial impact.

25th Annual General Meeting scheduled for September 30, 2026, at 11:30 AM IST via VC/OAVM
Share transfer books and register of members closed from September 24, 2026, to September 30, 2026
Filing is a routine procedural compliance under listing regulations

💡 Shareholders can review the upcoming AGM notice and annual report resolutions once circulated; track upcoming Q2 FY27 operational and financial updates.

Salasar Techno Engineering to Hold 25th AGM on September 30, 2026

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 05 Sep 2026, 09:09 PM

Salasar Techno Engineering Limited has scheduled its 25th Annual General Meeting (AGM) for Wednesday, September 30, 2026, at 11:30 AM IST via Video Conferencing. The cut-off date to determine shareholder eligibility for remote e-voting is set for Wednesday, September 23, 2026. Remote e-voting will commence on September 26, 2026, and conclude on September 29, 2026. This is a standard statutory corporate filing with no direct impact on the company's financials.

25th Annual General Meeting to take place on September 30, 2026, at 11:30 AM IST via VC/OAVM
Cut-off date for remote e-voting eligibility fixed as September 23, 2026
Remote e-voting window opens September 26, 2026 (9:00 AM IST) and ends September 29, 2026 (5:00 PM IST)
Bigshare engaged to manage the e-voting facility for shareholders

💡 Eligible shareholders on the record as of September 23, 2026, can cast their votes on AGM agenda items between September 26 and September 29, 2026.

Salasar Q1 FY27: Net Profit Drops 41.5% YoY to ₹5.14 Cr; EPC Revenue Contracts

🔴 NEGATIVE ⭐ 7/10

EARNINGS 📅 13 Aug 2026, 07:50 PM

Salasar Techno Engineering reported a weak start to FY27, with consolidated revenue declining 1.5% YoY to ₹295.54 Cr. Net profit saw a sharp contraction of 41.5% YoY, falling to ₹5.14 Cr from ₹8.80 Cr in the year-ago period, primarily due to a 31% drop in EPC segment revenue and rising finance costs. The company has formally integrated the EMC Limited merger in this quarter's financials following NCLT approval in May 2026. Despite the merger, consolidated margins remain thin with a Profit Before Tax (PBT) margin of just 1.2%.

Consolidated Net Profit fell 41.5% YoY to ₹5.14 Cr from ₹8.80 Cr in Q1 FY26.
Consolidated Revenue from operations stood at ₹295.54 Cr, down from ₹300.17 Cr YoY.
EPC Projects segment revenue declined significantly by 31.2% YoY to ₹95.55 Cr.
Finance costs increased to ₹15.24 Cr, representing 5.1% of total revenue.
Steel Structures segment showed resilience with revenue growing 21.4% YoY to ₹206.89 Cr.

💡 Investors should monitor the execution timeline of the EPC segment and the interest coverage ratio, as finance costs are eating into thin margins. Watch for management commentary on the synergy benefits expected from the now-integrated EMC Limited merger.

99.75% Shareholders Approve Merger of Hill View Infrabuild with Salasar Techno Engineering

🟢 POSITIVE ⭐ 7/10

M&A 📅 11 Aug 2026, 05:43 PM

Shareholders of Salasar Techno Engineering have overwhelmingly approved the Scheme of Amalgamation with Hill View Infrabuild Limited in an NCLT-convened meeting held on August 08, 2026. The resolution received 99.75% support from total voters and 98.11% from public shareholders, satisfying SEBI's requirement that public votes in favor exceed those against. This 'de novo' meeting was conducted following specific NCLT Allahabad Bench directions from June 2026. The merger is a key step in the company's consolidation strategy, following its recent large-scale acquisition of EMC Ltd.

99.75% of total valid votes (87.08 Cr shares) were cast in favor of the amalgamation scheme
98.11% of public shareholders (11.34 Cr shares) voted in favor, fulfilling SEBI compliance requirements
The meeting was attended by 164 shareholders virtually on August 08, 2026
Only 0.25% of total votes (21.88 lakh shares) were cast against the proposal

💡 Watch for the final NCLT order to formalize the merger and subsequent disclosures regarding the share exchange ratio and the impact on consolidated margins.

Salasar Shareholders Meet to Approve Amalgamation of Hill View Infrabuild Limited

🔵 WATCH ⭐ 7/10

M&A 📅 08 Aug 2026, 06:13 PM

Salasar Techno Engineering Limited held a fresh (de novo) meeting of equity shareholders on August 08, 2026, as directed by the NCLT Allahabad Bench. The meeting was convened to approve the Scheme of Amalgamation of Hill View Infrabuild Limited with the company. Remote e-voting was conducted between August 04 and August 07, 2026, with final results pending the Scrutinizer's report. This merger follows the company's recent acquisition of EMC Ltd, which added Rs 1,447.43 Cr to consolidated revenue but significantly impacted FY25 profitability.

Fresh (de novo) meeting held on August 08, 2026, following NCLT orders dated April 06 and June 11, 2026
Remote e-voting period concluded on August 07, 2026, at 5:00 P.M. IST
The meeting focused on the approval of the Scheme of Amalgamation with Hill View Infrabuild Limited
Company reported TTM revenue of Rs 1,503 Cr and a thin OPM of 7.5% as of FY26
Acquisition of EMC Ltd previously impacted FY25 PAT by Rs -32.44 Cr

💡 Monitor the upcoming disclosure of voting results and the specific swap ratio or valuation for Hill View Infrabuild to assess potential equity dilution.

Salasar Techno Engineering Submits Quarterly Share Dematerialization Certificate for Q1 FY27

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 14 Jul 2026, 07:36 PM

Salasar Techno Engineering Limited has submitted its quarterly compliance certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018. The certificate, provided by Bigshare Services Pvt. Ltd. (the RTA), covers the quarter ended June 30, 2026. This is a standard procedural filing confirming that share certificates received for dematerialization were processed and the depositories' names were updated in the company's records. It has no impact on the company's financial performance or business operations.

Compliance certificate submitted for the quarter ended June 30, 2026
Certificate issued by Registrar and Share Transfer Agent (RTA) Bigshare Services Pvt. Ltd.
Filing submitted to both NSE and BSE on July 14, 2026
Confirms adherence to SEBI (Depositories and Participants) Regulations, 2018

💡 This is a routine administrative filing. Investors should monitor the company's upcoming Q1 FY27 financial results for insights into operational performance.

Aug 08 Meeting: Salasar to Hold Fresh Shareholder Vote on Hill View Infrabuild Amalgamation

🔵 WATCH ⭐ 6/10

M&A 📅 04 Jul 2026, 04:21 PM

Salasar Techno Engineering is convening a fresh (de novo) meeting of equity shareholders on August 8, 2026, as directed by the NCLT Allahabad Bench. This meeting supersedes a previous one held on June 5, 2026, regarding the scheme of amalgamation with Hill View Infrabuild Limited. Shareholders as of the August 1, 2026 cut-off date can participate in remote e-voting from August 4 to August 7. This procedural reset indicates a court-mandated restart of the approval process for the merger.

Fresh (de novo) shareholder meeting scheduled for August 8, 2026, at 12:30 P.M. IST
Cut-off date for determining voting eligibility is set for August 1, 2026
Remote e-voting period runs from August 4, 2026 (9:00 A.M.) to August 7, 2026 (5:00 P.M.)
The meeting is being held per NCLT orders dated June 11, 2026, and April 6, 2026
This meeting replaces and supersedes the earlier shareholder meeting held on June 5, 2026

💡 Monitor the voting results of the August 8 meeting and subsequent NCLT filings to confirm if the merger process is back on track without further legal hurdles.

View All SALASAR Announcements on Live Market Tracking →

💰 Financial Performance

Revenue Growth by Segment

Consolidated revenue for H1 FY26 reached INR 727.33 Cr, a 26.38% increase YoY. Steel Structures grew 21.01% YoY to INR 434.87 Cr, while EPC Projects grew 32.19% YoY to INR 307.45 Cr. FY25 consolidated revenue was INR 1,447.43 Cr, up 19.78% from FY24.

Geographic Revenue Split

The company maintains a strong presence in both Indian and international markets. While specific regional percentages are not disclosed, international operations contribute significantly to the EPC and Steel Fabrication segments.

Profitability Margins

Operating Profit Margin declined to 5.82% in FY25 from 10.13% in FY24. Net Profit Margin fell to 1.32% in FY25 from 4.38% in FY24, primarily due to the consolidation of EMC Ltd, which reported a loss of INR 32.44 Cr. H1 FY26 PAT margin improved to 3.61% (INR 26.29 Cr PAT on INR 727.33 Cr revenue).

EBITDA Margin

Operating Profit Margin was 5.82% in FY25, down from 10.13% in FY24. This 425 bps compression was largely driven by a 23.36% increase in total expenses (INR 1,406.1 Cr) following the EMC Ltd acquisition.

Capital Expenditure

Property, Plant and Equipment (PPE) stood at INR 206.20 Cr as of September 30, 2025, compared to INR 204.43 Cr as of March 31, 2025, indicating ongoing maintenance and minor capacity investments.

Credit Rating & Borrowing

Infomerics reaffirmed a long-term rating of IVR A (Stable) and a short-term rating of IVR A1. Total consolidated borrowings as of September 30, 2025, were INR 341.26 Cr, with finance costs for H1 FY26 at INR 26.03 Cr.

⚙️ Operational Drivers

Raw Materials

Primary raw materials include galvanized and non-galvanized steel structures. Cost of revenue from operations accounted for 86.01% of total income in H1 FY26 (INR 625.55 Cr).

Raw Material Costs

Cost of revenue from operations was INR 1,173.36 Cr in FY25, representing 81.06% of total revenue. In H1 FY26, this increased to 86.01% of revenue, reflecting higher input costs or project mix shifts.

📈 Strategic Growth

Expected Growth Rate

26%

Growth Strategy

Growth is driven by the consolidation of EMC Ltd, expansion in power transmission and railway electrification sectors, and increasing international EPC project execution. The company leverages its integrated fabrication and EPC capabilities to secure large-scale infrastructure contracts.

Products & Services

Power transmission towers, railway electrification structures, telecom towers, and steel structures for infrastructure projects.

Brand Portfolio

Salasar

Market Expansion

Targeting growth in international markets and domestic infrastructure sectors including power transmission and railway electrification.

Strategic Alliances

Joint Ventures include Salasar RVNL JV, Salasar REW JV, Salasar Adorus Infra LLP, STEL-ME-JV, and Sikka Salasar JV.

🌍 External Factors

Industry Trends

The infrastructure sector is growing due to increased government focus on power transmission and railway modernization. Salasar is positioning itself as an integrated player to capture this demand.

Competitive Landscape

Operates in a competitive landscape with other EPC and steel fabrication firms, though specific competitors are not named.

Competitive Moat

Moat is built on a diversified product portfolio, established track record in EPC, and integrated manufacturing capabilities, which provide cost and execution advantages.

Macro Economic Sensitivity

Highly sensitive to government infrastructure spending and industrial development cycles in India and international markets.

Consumer Behavior

Not applicable as the company operates in B2B and B2G infrastructure sectors.

Geopolitical Risks

Exposure to international markets introduces risks related to trade barriers, regional instability, and varying regulatory environments.

⚖️ Regulatory & Governance

Industry Regulations

Operations are subject to the Companies Act 2013, SEBI regulations, and sector-specific standards for power and railway infrastructure.

Taxation Policy Impact

Tax expenses for FY25 were INR 20.47 Cr on a PBT of INR 39.60 Cr.

Legal Contingencies

The Enforcement Directorate (ED) conducted an investigation against the company/promoters; however, no further orders have been passed, and operations remain undisrupted.