Sunflag Iron And Steel Company Limited (SUNFLAG)
₹430.40 +1.64% last close, 16 Oct
Latest quarterly results (Q1 FY27)
In its latest reported quarter, Q1 FY27, Sunflag Iron's revenue was ₹1,079 Cr (+5.5% year on year, +7.8% on the previous quarter), and net profit ₹66.0 Cr (+4.8% year on year); the operating margin was 11.1%.
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹1,079 | +5.5% | +7.8% |
| Operating profit | ₹119 | -0.6% | -3.8% |
| Net profit | ₹66.0 | +4.8% | +94.3% |
| EPS (₹) | 3.66 | +5.5% | +92.6% |
| Operating margin | 11.1% | — | — |
SUNFLAG delivery percentage
NSE end-of-day data for
On Fri, 16 Oct 2026, 45.21% of the SUNFLAG shares traded on NSE were taken to delivery, against the stock's own 20-session average of 49.97%. That is close to its usual level. Volume was 0.2 times its average, well below normal. It closed at a price band (circuit) on 5 sessions in about the last 20.
Delivery in the last 5 sessions: 56.1% · 52.5% · 59.1% · 55.5% · 45.2%
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
Sunflag Iron And Steel Company Limited has submitted the quarterly certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018. The certificate was issued by Registrar and Share Transfer Agent M/s Bigshare Services Private Limited on 12th October 2026. It confirms that all securities received for dematerialization during the second quarter ended 30th September 2026 were duly confirmed and processed. This is a standard procedural filing with no operational or financial impact.
- Regulation 74(5) compliance confirmed for the quarter ended 30th September, 2026
- Issued by RTA Bigshare Services Private Limited on 12/10/2026
- Filing submitted to BSE and NSE on 13th October, 2026
Sunflag Iron And Steel Company Limited responded on 30th September, 2026 to an NSE query dated 29th September, 2026 regarding significant price movement. The company stated that it is fully compliant with Regulation 30 of the SEBI LODR Regulations, 2015 and has disclosed all necessary information in a timely manner. Management affirmed that there is no pending undisclosed material event or information impacting trading, and that recent price and volume movements are purely market-driven.
- Response submitted on 30th September, 2026 to NSE surveillance email dated 29th September, 2026
- Company confirmed compliance with Regulation 30 of SEBI LODR Regulations, 2015
- Confirmed zero undisclosed price-sensitive information or announcements pending
- Stated that recent share price and volume changes are purely market-driven
Sunflag Iron And Steel Company Limited has announced the closure of its trading window for dealing in company securities effective from October 1, 2026. The closure is in compliance with SEBI (Prohibition of Insider Trading) Regulations, 2015 for the second quarter (Q2) ending September 30, 2026. The window will remain shut until 48 hours after the declaration and public announcement of the Q2 financial results.
- Trading window closes on 1st October, 2026
- Applies to Q2 ending 30th September, 2026 financial results
- Trading window reopens 48 hours after financial results announcement
- Communication circulated to all designated persons, directors, officers, and employees
Sunflag Iron and Steel Company Limited has issued the notice convening its 40th Annual General Meeting (AGM) on September 25, 2026, via Video Conferencing. Key agenda items include the approval of the audited financial statements for FY26 and the declaration of a final dividend of ₹1.00 per equity share (10% on face value of ₹10). Shareholders will also vote on the appointment of Mr. Mukund Prabhakar Chaudhari as an Independent Director for 40 months and the re-appointment of Mr. Ramchandra Vasant Dalvi as Director (Technical) for three years.
- 40th AGM scheduled for September 25, 2026 at 12:00 PM IST via VC/OAVM
- Proposed final dividend of 10% (₹1.00 per share of face value ₹10) for FY 2025-26
- Appointment of Mr. Mukund Prabhakar Chaudhari as Independent Director for 40 months up to December 10, 2029
- Re-appointment of Mr. Ramchandra Vasant Dalvi as Director (Technical) for 3 years from August 14, 2026
- Ratification of ₹2,40,000 cost auditor remuneration for FY 2026-27
Sunflag Iron And Steel Company Limited has scheduled its 40th Annual General Meeting (AGM) for September 25, 2026. The company has fixed September 11, 2026, as the record date to determine shareholder eligibility for the final dividend for FY 2025-26. This follows a fiscal year where the company reported a TTM revenue of ₹1,915.46 Cr and a PAT of ₹105.48 Cr. The dividend payout remains subject to shareholder approval at the upcoming AGM.
- Record date for final dividend eligibility fixed as September 11, 2026
- 40th Annual General Meeting (AGM) to be held on September 25, 2026
- Book closure period set from September 12, 2026, to September 25, 2026
- Cut-off date for e-voting eligibility established as September 18, 2026
Sunflag Iron and Steel reported a steady Q1 FY27 with standalone revenue of ₹1,078.95 Cr, marking a 6.5% YoY growth. While net profit grew marginally by 3.1% YoY to ₹63.96 Cr, it showed a significant sequential recovery of 88.4% from the ₹33.95 Cr reported in Q4 FY26. A notable reduction in finance costs (down 31.8% YoY) and a mark-to-market gain of ₹32.32 Cr on strategic investments in Lloyds Metals and Energy Ltd bolstered the overall financial position.
- Standalone Revenue from operations reached ₹1,078.95 Cr, up 6.5% from ₹1,012.81 Cr in the year-ago quarter.
- Net Profit after tax stood at ₹63.96 Cr, a sharp recovery from ₹33.95 Cr in the preceding quarter.
- Finance costs decreased significantly to ₹14.01 Cr from ₹20.54 Cr in Q1 FY26.
- Other Comprehensive Income included a ₹32.32 Cr gain from the fair value adjustment of equity shares in Lloyds Metals.
- Basic EPS for the quarter improved to ₹3.55 compared to ₹1.88 in the previous quarter.
Sunflag Iron and Steel reported a steady Q1 FY27 with standalone revenue growing 6.5% YoY to ₹1,078.95 Cr. Standalone Net Profit saw a marginal increase of 3.1% YoY to ₹63.96 Cr, while EPS rose to ₹3.55 from ₹3.44. A significant non-cash gain of ₹2,761.55 Cr was recorded in Other Comprehensive Income (OCI), driven by Mark-to-Market (MTM) gains on its strategic investment in Lloyds Metal & Energy Limited. Finance costs decreased significantly by 31.8% YoY to ₹14.01 Cr, aiding the bottom line.
- Standalone Revenue from operations increased to ₹1,078.95 Cr in Q1 FY27 from ₹1,012.81 Cr in Q1 FY26.
- Standalone Net Profit for the quarter stood at ₹63.96 Cr, up from ₹62.04 Cr in the previous year's corresponding quarter.
- Other Comprehensive Income (OCI) reached ₹2,761.55 Cr, primarily due to MTM gains on equity shares of Lloyds Metal & Energy Limited.
- Finance costs were reduced by 31.8% YoY, falling from ₹20.54 Cr to ₹14.01 Cr.
- Standalone Basic and Diluted EPS improved to ₹3.55 for the quarter.
Sunflag Iron and Steel Company Limited has filed its quarterly compliance certificate under Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018. The document, issued by Bigshare Services Private Limited, confirms that all share certificates received for dematerialization during the quarter ended June 30, 2026, were processed within the mandated 15-day period. This process includes the mutilation and cancellation of physical certificates and updating the register of members. This is a standard administrative filing with no impact on the company's financial health or business operations.
- Compliance certificate issued for the first quarter (Q1) ended 30th June 2026
- Confirmation that dematerialization requests were processed within 15 days of receipt
- Registrar and Share Transfer Agent (RTA) confirmed as Bigshare Services Private Limited
- Physical certificates were mutilated and cancelled after due verification by the depository participant
Pranav Ravi Bhardwaj, a member of the promoter group of Sunflag Iron and Steel Company Limited, has submitted an annual disclosure under Regulation 31(4) of SEBI Takeover Regulations. He confirmed holding 16,12,140 equity shares as of the financial year ended March 31, 2026. The declaration states that these shares are entirely free from any encumbrance and no pledges were made during the year.
- Annual disclosure submitted under Regulation 31(4) of SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011.
- Promoter Pranav Ravi Bhardwaj holds a total of 16,12,140 equity shares in the company.
- Confirmation provided that no direct or indirect encumbrance was created on the shares during the financial year 2025-26.
- The filing serves as a transparency measure to confirm the absence of promoter share pledging.
Sunflag Iron And Steel Company Limited has announced the closure of its trading window for all designated persons starting July 1, 2026. This closure is in relation to the upcoming financial results for the first quarter (Q1) ending June 30, 2026. The window will remain closed until 48 hours after the financial results are approved and made public. This is a standard regulatory procedure in compliance with SEBI (Prohibition of Insider Trading) Regulations, 2015.
- Trading window closure commences on July 1, 2026, for the quarter ending June 30, 2026.
- The restriction applies to all designated persons, including Directors, Officers, and Employees.
- Window will reopen 48 hours (two calendar days) after the announcement of Q1 financial results.
- The intimation was filed with BSE and NSE on June 20, 2026, under SEBI Insider Trading regulations.
Sunflag Iron and Steel Company Limited has recommended a final dividend of ₹1.00 per equity share (10% of face value) for the financial year ended March 31, 2026. The company demonstrated significant deleveraging, with outstanding qualified borrowings reducing from ₹270.20 crores at the start of the year to ₹154.97 crores by year-end. The Board also approved audited financial results for Q4 and FY26, which received an unmodified opinion from statutory auditors. The company maintains a strong credit profile with a Crisil rating of AA-.
- Recommended a final dividend of ₹1.00 per equity share of face value ₹10 each for FY 2025-26.
- Reduced total outstanding qualified borrowings by approximately 42.6% to ₹154.97 crores.
- Maintained a high credit rating of AA- (Crisil) for unsupported bank borrowings.
- Approved audited standalone and consolidated financial results for the quarter and year ended March 31, 2026.
- Re-appointed M/s. G. R. Paliwal & Company as Cost Auditors and M/s. VTSA and Company as Tax Auditors.
Sunflag Iron and Steel Company Limited has approved its audited financial results for the fiscal year ended March 31, 2026. The Board recommended a final dividend of ₹1.00 per share (10% of face value), pending shareholder approval. A significant highlight of the year is the reduction in outstanding qualified borrowings, which dropped from ₹270.20 crores at the start of the year to ₹154.97 crores by year-end. The company continues to maintain a strong credit rating of AA- from Crisil Ratings.
- Recommended a final dividend of 10.00% (₹1.00 per equity share) for the financial year 2025-26.
- Reduced outstanding qualified borrowings by approximately 42.6%, from ₹270.20 crores to ₹154.97 crores.
- Maintained a high credit rating of AA- (Crisil Ratings Limited) for unsupported bank borrowings.
- Statutory auditors issued an unmodified opinion on both standalone and consolidated financial results for FY26.
- Re-appointed M/s. G. R. Paliwal & Company as Cost Auditors for FY 2026-27 and M/s. VTSA and Company as Tax Auditors.
Promoters Zedra Corporate Officers (Jersey) and Zedra Directors (Jersey) Limited have submitted their annual disclosure for the financial year ended March 31, 2026. They confirmed a holding of 6,52,53,582 equity shares in Sunflag Iron and Steel Company Limited. The promoters declared that these shares are entirely free from any encumbrance or pledges. This filing confirms that no direct or indirect encumbrances were created during the reporting period, indicating stable promoter holdings.
- Promoters hold 6,52,53,582 equity shares as of the financial year ended March 31, 2026.
- Declaration made pursuant to Regulation 31(4) of SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011.
- Confirmed zero encumbrances or pledges on the held shares, both directly and indirectly.
- The disclosure has been submitted to both the National Stock Exchange (NSE) and Bombay Stock Exchange (BSE).
Sunflag Iron and Steel Company Limited has been officially declared the successful bidder for the Tambia South Coal Block in Madhya Pradesh. The allocation was made by the Ministry of Coal under the 12th tranche of commercial mining auctions. This strategic win is expected to provide long-term fuel security and cost optimization for the company's steel manufacturing operations. The official communication from the Nominated Authority was received on May 14, 2026.
- Declared Successful Bidder for the Tambia South Coal Block (Commercial Mining) in Madhya Pradesh.
- Allocation secured under the 12th tranche of auctions held by the Ministry of Coal.
- Official communication received from the Nominated Authority on May 14, 2026.
- The move strengthens backward integration and reduces reliance on external coal procurement.
Sunflag Iron and Steel Company Limited has responded to a clarification request from the National Stock Exchange regarding a recent significant increase in trading volume. The company officially stated that it is in full compliance with SEBI (LODR) Regulations, 2015, and has disclosed all material information to the exchanges. Management clarified that there is no pending undisclosed information that could impact the stock's price or volume behavior. The company maintains that the recent trading activity is purely market-driven and due to prevailing market conditions.
- NSE sought clarification on May 5, 2026, regarding a spurt in the company's security volume.
- Company confirms adherence to Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
- Management states no undisclosed information exists that would have a bearing on price or volume behavior.
- The recent increase in share volume is attributed entirely to market-driven factors.
- Official response submitted by Company Secretary Ashutosh Mishra on May 6, 2026.
Financial Performance
Revenue Growth by Segment
The company derives 70-75% of its revenue from the Automobile OEM segment and 25-30% from the non-auto segment. Revenue from operations for Q2 FY26 stood at INR 972.99 Cr.
Geographic Revenue Split
Operations are primarily concentrated in India with the main manufacturing facility located in Bhandara, Maharashtra, which provides strategic access to both raw material sources and domestic customers.
Profitability Margins
Operating Profit Margin for FY 24-25 was 7.97% compared to 8.06% in FY 23-24. Net Profit Margin was 4.15% in FY 24-25 compared to 4.57% in FY 23-24, reflecting slight compression due to industry volatility.
EBITDA Margin
Historical operating margins have ranged between 10-14%, though they are currently around 7.97-8.06%. Management expects margins to stabilize around 11-12% over the medium term as capacity utilization improves.
Capital Expenditure
The company has recently completed capacity expansion for its blooming mill and super-alloy plant. Planned discretionary capex is focused on the development of new mines, with INR 116 Cr allocated for gross debt repayments in FY25.
Credit Rating & Borrowing
The company maintains a credit rating of CARE A+; Stable for long-term facilities and CARE A1+ for short-term facilities. Interest coverage ratio stands at 2.88x as of FY 24-25.
Operational Drivers
Raw Materials
Primary raw materials include Iron Ore and Coal, which are used to produce intermediate Pig Iron and Sponge Iron. These integrated inputs are critical for the production of alloy and mild steel.
Import Sources
Raw materials are primarily sourced domestically, leveraging the plant's strategic location in Maharashtra for proximity to mines and local supply chains.
Capacity Expansion
Recently completed expansion of the blooming mill and super-alloy plant. Current operations are fully integrated from pig iron/sponge iron manufacturing to final steel products.
Raw Material Costs
Integrated operations support a stable operating margin of 10-14% historically. The company uses backward integration into pig iron and sponge iron to mitigate the impact of raw material price fluctuations.
Manufacturing Efficiency
Integrated nature of operations allows for better control over the value chain, though it requires higher inventory levels to ensure continuous production.
Logistics & Distribution
The Bhandara facility is strategically located to optimize distribution to major automobile OEMs and government entities.
Strategic Growth
Growth Strategy
Growth is targeted through the expansion of high-value product lines like super-alloys and blooming mill capacity, alongside the development of new mines to secure raw material self-sufficiency and reduce costs.
Products & Services
Mild-steel products, alloy steel products, carbon steel products, and super-alloys supplied to OEMs and ordnance factories.
Brand Portfolio
Sunflag Steel
New Products/Services
Super-alloy products from the newly expanded plant are expected to contribute to higher-margin revenue streams.
Market Expansion
Targeting increased contribution from the non-auto segment (currently 25-30%) and government entities like ordnance factories.
Strategic Alliances
The company operates with various subsidiaries and joint ventures, including a significant investment in Lloyds Metals and Energy Ltd.
External Factors
Industry Trends
The industry is seeing a shift toward high-performance alloys and integrated manufacturing to combat margin volatility. Demand is currently driven by a recovery in the automotive sector.
Competitive Landscape
Competes with other major alloy steel producers in India, maintaining an edge through specialized super-alloy capabilities.
Competitive Moat
The moat is built on 50 years of promoter experience, deep-rooted relationships with major auto OEMs, and a fully integrated manufacturing setup that provides cost leadership.
Macro Economic Sensitivity
Highly sensitive to GDP growth and industrial production cycles, particularly in the automotive and infrastructure sectors.
Consumer Behavior
Automotive OEMs are increasingly demanding specialized alloy steels for high-performance and lightweight applications.
Geopolitical Risks
Susceptible to international trade barriers on steel and global commodity price fluctuations.
Regulatory & Governance
Industry Regulations
Operations are subject to pollution control norms and SEBI Listing Obligations and Disclosure Requirements (LODR) 2015.
Environmental Compliance
The company maintains a Quality, Environment, Health, and Safety policy and a Whistleblower policy to ensure ESG compliance.
Taxation Policy Impact
The company follows standard Indian corporate tax laws; Net Profit Margin of 4.15% is reported after tax provisions.
Risk Analysis
Key Uncertainties
Volatility in steel prices and raw material costs (coal/iron ore) poses a significant risk to the 11-12% target operating margins.
Geographic Concentration Risk
High concentration of manufacturing assets in Bhandara, Maharashtra.
Third Party Dependencies
High dependency on the automotive industry for 75% of total sales volume.
Technology Obsolescence Risk
The company mitigates technology risk by upgrading to modern blooming mills and super-alloy plants.
Credit & Counterparty Risk
Receivables quality is strong with a Debtors Turnover Ratio of 9.87x, reflecting timely payments from OEM clients.
