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STEELXIND - Steel Exchange

📊 NSE: STEELXIND 🏢 Steel - Medium / Small 📅 Last Updated: 12/14/2025 13:43

📢 Recent Corporate Announcements

Steel Exchange India Pays ₹1.81 Crore Interest on Secured NCDs

🟢 POSITIVE ⭐ 4/10

ROUTINE 📅 09 Mar 2026, 11:25 AM

Steel Exchange India Limited has successfully fulfilled its monthly interest payment obligation for its Secured Non-Convertible Debentures. The company paid a total interest amount of ₹1.81 crore on the due date of March 07, 2026. This payment pertains to an NCD issue size of ₹382.8 crore under ISIN INE503B07044. Timely servicing of debt obligations demonstrates the company's liquidity position and commitment to its creditors.

Total interest payment of ₹1,80,78,368 made on the due date of March 07, 2026
The payment corresponds to a total NCD issue size of ₹382.80 crore
Interest is paid on a monthly frequency, with the previous payment made on February 07, 2026
Compliance confirmed under Regulation 57(1) of SEBI LODR Regulations

💡 Investors should take confidence in the company's ability to meet its debt obligations on time. No immediate action is required, but this supports a stable outlook for the company's financial health.

Steel Exchange India Sets March 23 Cut-off Date for EGM Scheduled on March 30, 2026

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 06 Mar 2026, 07:28 PM

Steel Exchange India Limited has announced its 1st Extra-Ordinary General Meeting (EGM) for the financial year 2025-26, scheduled for March 30, 2026. The company has fixed March 23, 2026, as the cut-off date to determine shareholder eligibility for voting on proposed resolutions. Furthermore, the share transfer books and register of members will remain closed from March 24 to March 30, 2026. The meeting will be conducted virtually through video conferencing in compliance with MCA and SEBI guidelines.

1st EGM for FY 2025-26 is scheduled to take place on March 30, 2026.
March 23, 2026, established as the cut-off date for voting eligibility.
Book closure period set from March 24, 2026, to March 30, 2026, inclusive.
The meeting will be held via Video Conferencing or other Audio-Visual means.

💡 Investors should review the upcoming EGM notice to understand the specific resolutions being proposed. No immediate trading action is required based on this procedural announcement.

Steel Exchange India to Raise Rs 341.58 Cr via Preferential Issue of 36.14 Cr Warrants

🟢 POSITIVE ⭐ 8/10

FUNDRAISE 📅 06 Mar 2026, 07:16 PM

Steel Exchange India Limited has called an Extraordinary General Meeting (EGM) on March 30, 2026, to approve a preferential issue of 36.14 crore convertible warrants. The warrants are priced at Rs 9.45 each, aiming to raise approximately Rs 341.58 crores from a mix of promoter and non-promoter entities. Major non-promoter participants, India Coke and Power and IMR Steel, are set to contribute Rs 150 crores each. This significant capital infusion requires a 25% upfront payment, with the remaining 75% payable upon conversion within 18 months.

Issuance of up to 36,14,60,300 convertible equity warrants at a price of Rs 9.45 per warrant.
Total fundraise estimated at Rs 341.58 crores to strengthen the company's capital base.
Non-promoter entities India Coke and Power and IMR Steel to subscribe to warrants worth Rs 150 crores each.
Promoter group entity Satyatej Vyapaar Private Limited to invest Rs 21.73 crores for 2.3 crore warrants.
Warrants carry an 18-month conversion period with a mandatory 25% upfront subscription amount.

💡 Investors should view this as a positive signal of liquidity and external confidence in the company, though they should remain mindful of the eventual equity dilution upon warrant conversion.

Steel Exchange India to Raise ₹350 Cr; IMR Group to Invest ₹300 Cr via Preferential Issue

🟢 POSITIVE ⭐ 9/10

FUNDRAISE 📅 05 Mar 2026, 10:47 AM

Steel Exchange India Limited (SEIL) has announced a fundraise of ₹350 crores through a preferential issue, with the Switzerland-based IMR Group committing ₹300 crores via share warrants. This strategic investment is intended to optimize the company's debt structure and accelerate forward integration in the steel sector. IMR Group will leverage its global sourcing expertise in raw materials like metallurgical coke and ferrous scrap to enhance SEIL's operational efficiency. The partnership aims to capitalize on India's growing steel demand while expanding SEIL's international marketing reach.

Total capital infusion of ₹350 crores through a preferential issue of shares and warrants.
IMR Group to invest ₹300 crores via its Indian subsidiaries, India Coke and Power and IMR Steel.
Funds earmarked for debt optimization and strengthening integrated steel plant operations.
Strategic partnership provides access to IMR's global sourcing network for critical raw materials.
SEIL maintains a production capacity of 357,000 TPA for TMT/Rebars and 60 MW of captive power.

💡 This is a significant positive trigger as it addresses capital needs and provides a strategic global partner for raw material security. Investors should monitor the improvement in debt metrics and operational margins following the capital infusion.

Steel Exchange India to Raise Rs 350 Crore via Preferential Issue of Convertible Warrants

🟢 POSITIVE ⭐ 8/10

FUNDRAISE 📅 04 Mar 2026, 12:01 PM

Steel Exchange India Limited has approved a significant fundraise of up to Rs 350 crore through the issuance of 36.14 crore convertible warrants. These warrants are priced at Rs 9.45 each and will be issued on a preferential basis to seven investors, including one from the promoter group. Additionally, the company has modified the terms of its listed Non-Convertible Debentures (NCDs), upgrading the security charge on current assets to a first-ranking status. The warrants carry a conversion period of 18 months from the date of allotment.

Issuance of up to 36,14,60,300 convertible warrants at an issue price of Rs 9.45 per warrant.
Total aggregate consideration for the preferential issue not to exceed Rs 350 crore.
Major non-promoter investors include India Coke and Power Private Limited and IMR Steel Private Limited, each taking 15.87 crore warrants.
NCD security structure modified from a second-ranking charge to a first-ranking pari passu charge on current assets.
Warrants are convertible into equity shares within a maximum period of 18 months.

💡 Investors should monitor the upcoming Extraordinary General Meeting for shareholder approval and track how the Rs 350 crore infusion is utilized for growth or debt reduction. While the fundraise is positive for liquidity, be mindful of the potential equity dilution upon warrant conversion.

Steel Exchange India Q3 Net Profit Drops 85% YoY to ₹2.28 Crore; Revenue Declines 26% YoY

🔴 NEGATIVE ⭐ 8/10

EARNINGS 📅 14 Feb 2026, 02:01 PM

Steel Exchange India Limited reported a sharp year-on-year decline in financial performance for the quarter ended December 31, 2025. Net profit plummeted to ₹2.28 crore from ₹15.86 crore in the same quarter last year, while revenue from operations fell 26.6% YoY to ₹240.35 crore. Although sequential performance showed a marginal 7.8% increase in profit, the power segment remains a concern, reporting a loss of ₹2.54 crore this quarter. A positive development is the reduction of interest rates on NCDs to 14.06% following a takeover by Kotak Credit Opportunities Fund.

Net Profit fell 85.6% YoY to ₹227.90 Lakhs compared to ₹1,586.47 Lakhs in Q3 FY25.
Revenue from operations decreased 26.6% YoY to ₹24,035.05 Lakhs, though it grew 3.7% on a sequential basis.
The Power segment reported a loss of ₹254.21 Lakhs, significantly higher than the ₹34.21 Lakhs loss in the year-ago period.
Finance costs for the nine-month period stood at ₹5,187.85 Lakhs, reflecting high debt servicing requirements despite recent restructuring.
Debt-Equity ratio improved to 0.45 as of December 31, 2025, compared to 0.51 in the previous year.

💡 Investors should exercise caution given the significant erosion in year-on-year profitability and the continued losses in the power segment. While debt restructuring provides some relief, the company needs to demonstrate a recovery in steel margins and operational efficiency before a bullish outlook can be maintained.

Steel Exchange India Limited CFO Brahmaiah Telaprolu Resigns Effective February 11, 2026

🔵 WATCH ⭐ 7/10

MANAGEMENT 📅 11 Feb 2026, 06:39 PM

Steel Exchange India Limited has announced the resignation of Mr. Brahmaiah Telaprolu from the position of Chief Financial Officer (CFO). The resignation is effective from the close of business hours on February 11, 2026, citing medical reasons for the departure. The company has officially stated there are no other reasons for his resignation and has accepted the same. Investors should note that the CFO is a Key Managerial Personnel, and the company will need to appoint a successor to ensure financial leadership continuity.

Mr. Brahmaiah Telaprolu resigned as CFO effective February 11, 2026.
The resignation is attributed to medical reasons with no other undisclosed factors.
The management has formally accepted the resignation and placed on record appreciation for his tenure.
The company is required to fill this Key Managerial Personnel (KMP) vacancy as per SEBI regulations.

💡 Investors should monitor future filings for the announcement of a new CFO to assess the continuity of the company's financial management and strategy.

Steel Exchange India Pays ₹1.99 Crore Monthly Interest on NCDs

🟢 POSITIVE ⭐ 4/10

ROUTINE 📅 09 Feb 2026, 12:50 PM

Steel Exchange India Limited has successfully fulfilled its monthly interest payment obligation for its Secured Non-Convertible Debentures (NCDs). The company paid a total interest amount of ₹1,99,80,414 on the scheduled due date of February 7, 2026. This payment pertains to an NCD issue size of ₹382.80 Crores under ISIN INE503B07044. Timely servicing of debt obligations indicates stable liquidity and adherence to financial commitments.

Total interest payment of ₹1,99,80,414 made to NCD holders on February 7, 2026.
The payment relates to a total NCD issue size of ₹382.80 Crores.
Interest payment was made exactly on the due date, maintaining a clean repayment track record.
The frequency of interest payment for this specific instrument is monthly.
Last interest payment was successfully completed on January 7, 2026.

💡 Investors should take this as a positive sign of the company's creditworthiness and liquidity management. No immediate action is required as this is a routine financial obligation met on time.

Steel Exchange India Redeems ₹3.55 Crore Worth of Secured NCDs; Outstanding Debt at ₹195 Crore

🟢 POSITIVE ⭐ 4/10

ROUTINE 📅 08 Jan 2026, 05:38 PM

Steel Exchange India Limited has successfully completed a scheduled partial redemption of its Secured Non-Convertible Debentures (NCDs) on January 7, 2026. The company disbursed ₹35,456,850 to debenture holders, which was executed through a reduction in the face value of the instruments. Following this payment, the total outstanding amount for this specific NCD series stands at approximately ₹195.01 crore. This timely fulfillment of debt obligations reflects the company's current liquidity management and adherence to its repayment schedule.

Partial redemption of ₹35,456,850 completed on January 7, 2026
Redemption executed via face value reduction from 518,700 to 509,438 per unit
Total outstanding debt for ISIN INE503B07044 remains at ₹195,01,28,664
The final maturity date for these debentures is scheduled for October 6, 2030

💡 Investors should view the timely debt servicing as a sign of financial discipline. No immediate action is required, but shareholders should continue to monitor the company's overall leverage and interest coverage ratios.

Steel Exchange India Redeems ₹3.55 Cr NCDs via Partial Face Value Reduction

🟢 POSITIVE ⭐ 4/10

ROUTINE 📅 08 Jan 2026, 05:34 PM

Steel Exchange India Limited has successfully executed a partial redemption of its Secured Non-Convertible Debentures (NCDs) on January 7, 2026. The company redeemed a total amount of ₹35,456,850, which resulted in the reduction of the face value of the NCDs from 518,700 to 509,438. Following this payment, the outstanding debt for this specific ISIN stands at ₹195.01 crore. This scheduled redemption and concurrent interest payment reflect the company's commitment to its debt servicing obligations.

Partial redemption of Secured NCDs amounting to ₹3.55 crore completed on January 7, 2026
Face value of NCDs reduced from 518,700 to 509,438 per unit
Total outstanding amount on the debentures now stands at ₹195,01,28,664
Final maturity for the debentures is scheduled for October 6, 2030
Company confirmed the payment of interest to holders on the same date

💡 Investors should take note of the company's consistent debt servicing as a sign of stable liquidity. No immediate action is required, though the overall debt levels should be monitored against quarterly earnings.

Steel Exchange India Nominee Director Nagoji Ram Mohan Resigns Effective January 2026

🟡 NEUTRAL ⭐ 3/10

MANAGEMENT 📅 03 Jan 2026, 12:57 PM

Steel Exchange India Limited has announced that Mr. Nagoji Ram Mohan will step down from his role as Nominee Director effective January 02, 2026. The resignation is a direct result of the withdrawal of his nomination by the lender, Vishwa Samudra Holdings Private Limited. This transition appears to be a routine administrative change related to lending arrangements rather than internal management issues. The company has formally acknowledged the resignation and expressed appreciation for his contributions during his tenure.

Mr. Nagoji Ram Mohan (DIN: 02895361) to cease being a Director from closing hours of January 02, 2026
Resignation triggered by the withdrawal of nomination by lender Vishwa Samudra Holdings Private Limited
Disclosure made under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015
No other material reasons or conflicts were cited for the departure

💡 This is a routine board-level change involving a nominee director and requires no immediate action from investors. Monitor for any further updates regarding the company's relationship with its lenders.

Steel Exchange India Limited Nominee Director Nagoji Ram Mohan Resigns Effective Jan 2, 2026

🟡 NEUTRAL ⭐ 3/10

MANAGEMENT 📅 03 Jan 2026, 12:51 PM

Steel Exchange India Limited has announced the resignation of Mr. Nagoji Ram Mohan from his role as a Nominee Director. The resignation became effective at the close of business on January 2, 2026, following the withdrawal of his nomination by the lender, Vishwa Samudra Holdings Private Limited. This is a routine board change triggered by the lender's decision rather than internal company issues. The company has formally acknowledged the resignation and filed the necessary disclosures with the stock exchanges.

Mr. Nagoji Ram Mohan (DIN: 02895361) resigned as Nominee Director effective January 2, 2026.
The resignation follows the withdrawal of nomination by the lender, Vishwa Samudra Holdings Private Limited.
The company confirmed the change under Regulation 30 of SEBI Listing Regulations on January 3, 2026.
No material concerns or internal conflicts were reported regarding the departure.

💡 This is a routine administrative update regarding board composition and does not require any immediate portfolio action. Investors should continue to focus on the company's operational performance and steel price trends.

Steel Exchange India to Raise ₹700 Cr; Achieves Investment-Grade Credit Rating Upgrade

🟢 POSITIVE ⭐ 8/10

FUNDRAISE 📅 02 Jan 2026, 01:04 PM

Steel Exchange India Limited's board has approved a significant fundraise of up to ₹700 crore through various instruments including equity and debt to strengthen its balance sheet. In a major financial milestone, the company has also achieved an investment-grade credit rating of IVR BBB-/Stable from Infomerics, upgrading from its previous BB+ status. This upgrade covers facilities totaling ₹398.56 crore and is expected to significantly lower borrowing costs. The capital will be utilized for refinancing high-cost debt and supporting expansion into specialty steel products under the government's PLI scheme.

Board approved a capital raise of up to ₹700 crore via equity, NCDs, or convertible securities.
Credit rating upgraded to investment grade (IVR BBB-/Stable) for bank facilities and NCDs totaling ₹398.56 crore.
Short-term rating for Letter of Credit (₹40 crore) upgraded from IVR A4+ to IVR A3.
Funds targeted for expansion into value-added steel products under the Production Linked Incentive (PLI) Scheme.
Management expects to refinance existing high-cost debt to improve cash flows and interest coverage.

💡 Investors should monitor the terms of the upcoming fundraise and the impact of lower interest costs on the company's bottom line. The rating upgrade and PLI scheme participation signal a transition toward a more stable and higher-margin business model.

Steel Exchange India Receives Credit Rating Upgrade to IVR BBB- for Rs 398.56 Cr Facilities

🟢 POSITIVE ⭐ 7/10

ROUTINE 📅 31 Dec 2025, 01:59 PM

Steel Exchange India Limited has received a credit rating upgrade from Infomerics Valuation and Rating Limited for its debt instruments totaling approximately Rs 398.56 crore. The rating for Non-Convertible Debentures (NCDs) of Rs 198.56 crore was upgraded to IVR BBB-/Stable from CARE BB+/Stable. Additionally, Rs 150 crore in term loans were assigned a new IVR BBB-/Stable rating, while cash credit and bank guarantees also saw upgrades. This shift to investment grade reflects the company's improved financial profile and enhanced credit risk management.

NCDs worth Rs 198.56 crore upgraded to IVR BBB-/Stable from CARE BB+/Stable
New rating of IVR BBB-/Stable assigned to Long Term Term Loans worth Rs 150 crore
Cash Credit facilities of Rs 10 crore upgraded to IVR BBB-/Stable from IVR BB+
Short Term Bank Guarantee facilities of Rs 40 crore upgraded to IVR A3 from IVR A4+

💡 The upgrade to investment grade is a positive signal for long-term investors as it may lead to lower cost of capital and improved access to funding. Shareholders should monitor if this translates into reduced interest expenses in future earnings reports.

Steel Exchange India Credit Rating Upgraded to Investment Grade BBB-

🟢 POSITIVE ⭐ 7/10

REGULATORY 📅 31 Dec 2025, 01:56 PM

Steel Exchange India Limited has received a significant credit rating upgrade from Infomerics Valuation and Rating Limited. The rating for Non-Convertible Debentures (NCDs) worth Rs 198.56 crore and Cash Credit facilities of Rs 10 crore has been upgraded from BB+ to BBB- with a Stable outlook. Additionally, Short-Term Bank Facilities of Rs 40 crore were upgraded to IVR A3 from IVR A4+. This transition to investment grade reflects the company's improving financial profile and debt-servicing capabilities.

NCD rating upgraded from CARE BB+/Stable to IVR BBB-/Stable for Rs 198.56 crore
Short-term bank facilities of Rs 40 crore upgraded from IVR A4+ to IVR A3
Cash Credit facilities of Rs 10 crore upgraded from IVR BB+/Stable to IVR BBB-/Stable
New rating of IVR BBB-/Stable assigned to Long-Term Bank Term Loans worth Rs 150 crore

💡 Investors should view this upgrade as a positive signal of the company's strengthening balance sheet and potential for lower future borrowing costs. Monitor the impact on interest coverage ratios in the upcoming quarterly results.

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💰 Financial Performance

Revenue Growth by Segment

Total operating income grew by 14.53% YoY in Q1 FY26, reaching INR 304.95 Cr compared to INR 266.26 Cr in Q1 FY25. For the full year FY25, revenue grew by approximately 5% to INR 1,144.02 Cr, driven by higher rebar sales volumes and a favorable product mix following capacity expansions.

Geographic Revenue Split

The company primarily operates in Southern India, with a deepening presence in Andhra Pradesh and Telangana. Specific regional percentage splits are not disclosed, but the brand is heavily integrated into regional infrastructure projects like the Machilipatnam and Mulapeta Ports.

Profitability Margins

Net profit margin expanded significantly by 238 basis points to 3.35% in Q1 FY26 from 0.97% in Q1 FY25. PAT for Q1 FY26 was INR 10.23 Cr, a 296.3% increase YoY. FY25 saw a turnaround with a PAT of INR 25.52 Cr compared to a loss of INR 33.47 Cr in FY24, representing a recovery driven by operational efficiencies and debt refinancing.

EBITDA Margin

EBITDA margin improved to 11.92% in Q1 FY26, up 163 basis points from 10.29% in the previous year. Absolute EBITDA for the quarter was INR 36.35 Cr, up 32.66% YoY. The company targets an annual EBITDA of INR 170-180 Cr for FY26, representing a projected growth of 37-45% over FY25 levels.

Capital Expenditure

The company completed a capex of INR 74.11 Cr in FY25, which expanded TMT capacity to 357,000 TPA and Billet capacity to 362,000 TPA. This investment allows for in-house production of 8mm and 10mm rebars, which is expected to reduce outsourcing costs and improve margins starting in FY26.

Credit Rating & Borrowing

Ratings were upgraded in October 2025 to CARE BB+; Stable from CARE BB-; Stable. The company successfully refinanced INR 350 Cr of debt, including NCDs and term loans, to reduce interest costs. Lower-cost debt is currently pegged at approximately 13.18%.

⚙️ Operational Drivers

Raw Materials

Key raw materials include iron ore and coal, which are essential for the production of sponge iron and billets. These commodities represent a significant portion of the cost structure, though specific percentage breakdowns per material are not disclosed.

Import Sources

Sourced through global supply chains; pricing is heavily influenced by government policies in China and geopolitical dynamics in Russia and Ukraine.

Key Suppliers

RINL (Rashtriya Ispat Nigam Limited) is a major strategic partner, providing a conversion contract valued at INR 210 Cr for 1.2 lakh TPA of billets.

Capacity Expansion

Current installed capacities are: Sponge Iron at 220,000 TPA, Billets at 362,000 TPA, and TMT bars at 357,000 TPA. The company also operates an 11.84 MW gas-based power plant and a 60 MW thermal power plant to ensure energy self-sufficiency.

Raw Material Costs

Raw material costs are susceptible to high volatility; however, Q1 FY26 benefited from 'under control' raw material prices. The company uses an integrated plant model to mitigate costs by controlling the value chain from sponge iron to finished TMT bars.

Manufacturing Efficiency

The Re-Bar plant is expected to operate at over 90% capacity utilization in FY26. In-house production of smaller diameter rebars (8mm/10mm) post-capex eliminates previous outsourcing needs.

Logistics & Distribution

Strategically located 20-30 km from major ports with own railway sidings. Proximity to the Bharatmala express highway (2-3 km) is expected to further reduce distribution lead times by early 2026.

📈 Strategic Growth

Expected Growth Rate

22-31%

Growth Strategy

Growth will be driven by: 1) A conversion contract with RINL contributing INR 27 Cr incremental EBITDA annually; 2) Expansion into logistics via the new subsidiary SEIL Infra Logistics Ltd; 3) Increased volume from the upgraded 3.57 lakh TPA TMT plant; and 4) Leasing 100 acres of land for logistics operations.

Products & Services

TMT bars (specifically 8mm to 32mm), steel billets, ingots, sponge iron, and infrastructure/logistics services.

Brand Portfolio

SIMHADRI TMT

New Products/Services

Logistics and warehousing services through SEIL Infra Logistics Ltd, expected to contribute INR 14-15 Cr in net profit annually.

Market Expansion

Deepening penetration in the infrastructure segment, specifically targeting NHAI projects and port developments (Machilipatnam and Mulapeta).

Market Share & Ranking

Not disclosed in available documents, though identified as a prominent player in the Southern Indian steel market.

Strategic Alliances

Conversion contract with RINL (Vizag Steel) for converting 1.2 lakh TPA of billets into TMT bars.

🌍 External Factors

Industry Trends

The steel industry is currently seeing robust domestic demand but faces declining net sales realizations (NSR) due to international price drops. The industry is evolving toward integrated models to capture higher value-add margins.

Competitive Landscape

Intense competition from numerous regional and national players manufacturing TMT bars and steel products.

Competitive Moat

The moat is built on: 1) Brand equity of 'SIMHADRI TMT'; 2) Integrated manufacturing (sponge iron to TMT); and 3) Strategic logistics assets (railway sidings and proximity to ports). These are sustainable due to the high capital intensity required to replicate such infrastructure.

Macro Economic Sensitivity

Highly sensitive to the cyclicality of the real estate and construction sectors, which drive demand for TMT bars.

Consumer Behavior

Shift toward branded, quality-certified TMT bars for large-scale government infrastructure projects.

Geopolitical Risks

Exposure to global commodity volatility caused by the Russia-Ukraine and Israel-Hamas conflicts, which impacts the cost of imported coal and iron.

⚖️ Regulatory & Governance

Industry Regulations

Subject to environmental and pollution norms for steel manufacturing and thermal power plants; also impacted by government trade policies and import duties on steel and coal.