Steel Authority of India Ltd

Board changes

• Change in composition of Steel Authority of India Ltd board per order dated 12 October 2026.

Appointment: Government Nominee Director

• Ms. Sarita appointed Government Nominee Director on SAIL Board by Ministry of Steel, immediate effect, until SEBI order.

Steel Authority of India Ltd closes Trading Window from October 1, 2026 till 48 hours after the declaration of Financial Results for the Quarter and Half Year ended September 30, 2026.

AGM Details

• AGM held on 24 September 2026 at 10:30 AM via VC/OAVM.
• Record date for voting rights was 17 September 2026.
• Remote e-voting opened 20 September 2026 and closed 23 September 2026.

Key Resolutions

• Adopt Audited Standalone and Consolidated Financial Statements for FY ended March 2026.
• Re-appoint Manish Raj Gupta as director.
• Re-appoint Alok Verma as director.
• Fix remuneration of Statutory Auditors for FY 2026-27.
• Declare Final Dividend for FY 2025-26 at Rs 2.35 per equity share.
• Appoint Priya Ranjan as Whole Time Director.
• Appoint T.N. Natarajan as Whole Time Director.
• Ratify remuneration of Cost Auditors for FY 2026-27.

Voting Results

• Res 1 approved with 96.41% in favour.
• Res 2 approved with 92.02% in favour.
• Res 3 approved with 92.58% in favour.
• Res 4 approved with 99.66% in favour.
• Res 5 approved with 98.27% in favour.
• Res 6 approved with 92.86% in favour.
• Res 7 approved with 92.86% in favour.
• Res 8 approved with 98.27% in favour.

Dividend

• Final dividend of Rs 2.35 per equity share approved.

Director Changes

• Manish Raj Gupta re-appointed as director.
• Alok Verma re-appointed as director.
• Priya Ranjan appointed as Whole Time Director.
• T.N. Natarajan appointed as Whole Time Director.

Auditor Appointments

• Remuneration of Statutory Auditors to be fixed for FY 2026-27.
• Remuneration of Cost Auditors for FY 2026-27 to be ratified.

MoU Details

• SAIL and BCCL signed MoU to jointly develop Indikatta Ramnagore and Damagoria coal blocks in West Bengal.

AGM Details

• Held at 10:30 hours on 24 September 2026 via VC/OAVM.
• Remote e-voting allowed 20–23 September 2026; voting at AGM.
• Scrutinizer appointed for e-voting; results to be announced on company and NSDL sites.
• Meeting concluded at 11:40 hours.

Key Resolutions & Voting Status

• Ordinary: Adopt standalone and consolidated financial statements; results pending.
• Ordinary: Re-appoint director retiring by rotation; results pending.
• Ordinary: Appoint two Whole-Time Directors; results pending.
• Ordinary: Authorise remuneration of Statutory Auditors; results pending.
• Ordinary: Propose final dividend of Rs 2.35 per equity share; results pending.
• Special: Ratify remuneration of Cost Auditors for FY 2026-27; results pending.
• Note: Voting results to be disclosed on company and NSDL websites.

Director Changes

• Directors retiring by rotation; proposals for re-appointment to be considered.
• Two individuals proposed for appointment as Whole-Time Directors.

Auditor Appointments

• Remuneration of Statutory Auditors (C&AG-appointed) to be fixed by the Board.

Material Related Party Transactions

• No material related party transactions disclosed for approval.

Other Material Approvals

• No other material approvals disclosed.

Financial Performance

• FY25-26 sales turnover Rs 109,966 crore; total income Rs 111,961 crore.
• EBITDA Rs 13,146 crore; PAT Rs 3,233 crore.
• PBT before exceptional items Rs 5,002 crore; after items Rs 4,334 crore.
• Exceptional items Rs -668 crore; tax Rs 1,100 crore; PAT Rs 3,233 crore.
• Q1 FY26 EBITDA Rs 2,925 crore; PAT Rs 685 crore.
• Q4 FY26 EBITDA Rs 4,762 crore; PAT Rs 1,680 crore.
• Q1 FY27 EBITDA Rs 4,356 crore; PAT Rs 1,636 crore.

Macro & Market Context

• World growth projections improved for 2027; EMs outpace developed economies.
• China remains >50% of global crude steel; Jan-May CY'26 down 3.8% y/y.
• Indian steel: crude production up 3%; consumption up ~8% in Q1 FY27.

Meeting Details

• Dates: 23 Sep 2026 and 24 Sep 2026; Mumbai physical roadshows.
• Type and mode: group, in-person non-deal investor roadshows.
• Purpose: investor interaction with prospective investors.
• Key company participants: GM (MO), Assistant Vice President, ED(F&A) & Company Secretary.

Rating actions

• Bank loan facilities: long-term rating upgraded; short-term rating affirmed.
• Bonds: withdrawn.
• Commercial paper: affirmed.
• Public deposits: upgraded.
• Issuer rating: upgraded.

Agency and outlook

• Agency: India Ratings and Research (Ind-Ra).
• Outlook: Stable.

Rationale and drivers

• Improved Fy26–Fy27 performance with higher volumes and lower production costs.
• Consolidated net adjusted leverage below 3.0x; debt reduced via working capital relief.
• Operationalisation of Tasra mine (Dec-2027) and Rowghat (FY28) supports raw material supply.
• Strong government support and policy actions underpin earnings and liquidity.
• High capex; execution and regulatory risks; EBITDA volatility to monitor.

Financial highlights

• FY26 revenue INR 1,108 billion; EBITDA INR 120 billion; EBITDA margin 10.8%.
• Net debt INR 357 billion; net debt/EBITDA 2.97x; interest coverage 8.4x.
• Unrestricted cash INR 0.96 billion; cash flow from operations positive FY26; DSCR 2x–2.3x FY27–28.
• Liquidity: average fund-based utilization around 65%; unutilized limits ~INR 37 billion (working capital) and ~INR 381 billion (short-term).

Sensitivity and material changes

• Positive triggers: ramp-up of capacities and higher value-added share reduce leverage below 2.0x.
• Negative triggers: capex delays, EBITDA volatility, or leverage above 3.25x.
• Material change: rating upgrade on long-term ratings; bonds withdrawn; CP affirmed.